OTHER REAL ESTATE OWNED

9 Months Ended

Sep. 30, 2012

OTHER REAL ESTATE OWNED [Abstract]

OTHER REAL ESTATE OWNED

NOTE 4 – OTHER REAL ESTATE OWNED

The following table presents the activity in other real estate owned for the periods indicated:

	Nine months ended						Year ended
	September 30,						December 31,
	2012			2011			2011
	(In thousands)
Balance at beginning of period	$	173,805		$	133,412		$	133,412
Additions to foreclosed properties
New foreclosed properties		23,938			88,726			125,234
Reductions in foreclosed properties
Sales		(53,328	)		(47,799	)		(64,488	)
Writedowns		(16,204	)		(11,653	)		(20,353	)
Balance at end of period	$	128,211		$	162,686		$	173,805

The following tables present the other real estate owned by geographical location, segment and class as of the dates indicated:

	September 30, 2012
	Alabama and Florida Panhandle		Arkansas*		Mississippi*		Missouri		Greater Memphis Area		Tennessee*		Texas and Louisiana		Other		Total
	(In thousands)
Commercial and industrial	$	411	$	94	$	105	$	-	$	797	$	-	$	-	$	-	$	1,407
Real estate
Consumer mortgages		2,621		251		2,645		71		1,350		634		290		4,084		11,946
Home equity		-		-		216		-		-		-		-		-		216
Agricultural		876		-		-		-		1,130		2,303		-		-		4,309
Commercial and industrial-owner occupied		533		69		1,510		-		375		50		146		-		2,683
Construction, acquisition and development		16,953		1,647		15,800		880		41,732		13,929		2,163		523		93,627
Commercial real estate		826		1,548		2,219		362		7,014		245		226		-		12,440
All other		46		16		224		113		1,152		-		-		32		1,583
Total	$	22,266	$	3,625	$	22,719	$	1,426	$	53,550	$	17,161	$	2,825	$	4,639	$	128,211
* Excludes the Greater Memphis Area.

	December 31, 2011
	Alabama and Florida Panhandle		Arkansas*		Mississippi*		Missouri		Greater Memphis Area		Tennessee*		Texas and Louisiana		Other		Total
	(In thousands)
Commercial and industrial	$	436	$	17	$	-	$	-	$	940	$	-	$	-	$	-	$	1,393
Real estate
Consumer mortgages		3,816		448		3,400		-		5,199		4,160		733		2,889		20,645
Home equity		-		-		51		-		600		-		-		-		651
Agricultural		899		-		275		-		4,542		-		-		-		5,716
Commercial and industrial-owner occupied		1,022		303		1,972		76		2,371		426		174		-		6,344
Construction, acquisition and development		19,318		2,241		18,850		1,974		69,822		6,918		2,763		-		121,886
Commercial real estate		1,121		1,605		3,604		-		7,672		753		232		-		14,987
All other		276		83		220		193		1,358		-		53		-		2,183
Total	$	26,888	$	4,697	$	28,372	$	2,243	$	92,504	$	12,257	$	3,955	$	2,889	$	173,805
* Excludes the Greater Memphis Area.

	September 30, 2011
	Alabama and Florida Panhandle		Arkansas*		Mississippi*		Missouri		Greater Memphis Area		Tennessee*		Texas and Louisiana		Other		Total
	(In thousands)
Commercial and industrial	$	439	$	17	$	-	$	-	$	946	$	-	$	-	$	-	$	1,402
Real estate
Consumer mortgages		5,368		475		3,533		-		5,259		2,090		821		1,976		19,522
Home equity		-		63		155		-		-		368		100		-		686
Agricultural		951		-		968		-		4,233		-		78		-		6,230
Commercial and industrial-owner occupied		1,093		109		2,216		77		3,225		525		378		-		7,623
Construction, acquisition and development		11,355		2,384		18,890		2,706		70,189		6,072		2,998		-		114,594
Commercial real estate		2,939		1,631		1,266		451		2,601		848		234		-		9,970
All other		68		87		276		195		1,980		-		53		-		2,659
Total	$	22,213	$	4,766	$	27,304	$	3,429	$	88,433	$	9,903	$	4,662	$	1,976	$	162,686
* Excludes the Greater Memphis Area.

The Company incurred total foreclosed property expenses of $8.8 million and $6.1 million for the three months ended September 30, 2012 and 2011, respectively. Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $7.0 million and $4.5 million for the three months ended September 30, 2012 and 2011, respectively. The Company incurred total foreclosed property expenses of $27.4 and $17.0 million for the nine months ended September 30, 2012 and 2011, respectively. Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $20.4 and $12.0 million for the nine months ended September 30, 2012 and 2011, respectively.