OTHER REAL ESTATE OWNED

9 Months Ended

Sep. 30, 2011

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,
	2011			2010			2010
	(In thousands)
Balance at beginning of period	$	133,412		$	59,265		$	59,265
Additions to foreclosed properties
New foreclosed properties		88,726			67,113			129,796
Reductions in foreclosed properties
Sales		(47,799	)		(36,688	)		(45,217	)
Writedowns		(11,653	)		(7,043	)		(10,432	)
Balance at end of period	$	162,686		$	82,647		$	133,412

 The following table presents the other real estate owned by geographical location, segment and class at September 30, 2011:

	Alabama								Greater
	and Florida								Memphis				Texas and
	Panhandle		Arkansas*		Mississippi*		Missouri		Area		Tennessee*		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		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 $6.1 million and $4.9 million for the three months ended September 30, 2011 and 2010, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $4.5 million and $4.1 million for the three months ended September 30, 2011 and 2010, respectively.  The Company incurred total foreclosed property expenses of $17.0 million and $12.3 million for the nine months ended September 30, 2011 and 2010, respectively.  Realized net losses on dispositions and holding losses on valuations of these properties, a component of total foreclosed property expenses, were $12.0 million and $10.0 million for the nine months ended September 30, 2011 and 2010, respectively.