FDIC Loss Sharing Assets and Other Assets

12 Months Ended

Dec. 31, 2011

FDIC Loss Sharing Assets and Other Assets [Abstract]

FDIC LOSS SHARING ASSETS AND OTHER ASSETS

7. FDIC LOSS SHARING ASSET AND OTHER ASSETS

The following table summarizes the activity related to the FDIC loss sharing asset for the years indicated:

	For the Year Ended December 31,
	2011			2010
	(Dollars in thousands)
Balance, beginning of period	$	101,461		$	133,258
Acquisitions		—			—
Accretion		3,750			5,217
Net reductions		(3,579	)		(21,073	)
Payments received from the FDIC		(42,179	)		(15,941	)
Balance, end of period	$	59,453		$	101,461

Net reductions to the FDIC loss share asset are related to covered loan payoffs, partial payments and transfers to Other Real Estate Owned, which resulted in lower actual losses on the loans than was originally estimated at the acquisition date. This was offset by increases to the FDIC loss share asset for covered loans and OREO that were resolved at higher actual losses than was originally estimated at the acquisition date. Through December 31, 2011, we have submitted claims to the FDIC for losses on covered loans totaling $101.0 million.

Other Assets consist of:

	As of December 31,
	2011		2010
	(Dollars in thousands)
Prepaid Expenses	$	16,699	$	22,083
Interest Rate Swaps		20,497		9,127
Other Assets		7,477		8,876
	$	44,673	$	40,086

Included in prepaid expenses are prepaid FDIC insurance assessments of $12.2 million and $17.5 million at December 31, 2011 and 2010, respectively.