Other Real Estate Owned (Tables)

12 Months Ended

Dec. 31, 2013

Other real estate owned ("OREO") covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs

The following table provides details of the Company’s other real estate owned (“OREO”) covered and not covered under a loss-share agreement, net of valuation allowances and direct write-downs, as of the dates presented:



	Covered OREO		Not Covered OREO		Total OREO
December 31, 2013
Residential real estate	$	2,133	$	6,767	$	8,900
Commercial real estate	3,598		8,984		12,582
Residential land development	1,161		12,334		13,495
Commercial land development	6,050		11,860		17,910
Other	—		—		—
Total	$	12,942	$	39,945	$	52,887
December 31, 2012
Residential real estate	$	8,778	$	7,842	$	16,620
Commercial real estate	14,368		7,779		22,147
Residential land development	5,005		22,490		27,495
Commercial land development	17,383		6,221		23,604
Other	$	—	$	385	$	385
Total	$	45,534	$	44,717	$	90,251

Changes in OREO covered and not covered under a loss-share agreement

Changes in the Company’s OREO covered and not covered under a loss-share agreement were as follows:



	Covered OREO			Not Covered OREO			Total OREO
Balance at December 31, 2011	$	43,156		$	70,079		$	113,235
Transfers of loans	38,977			9,683			48,660
Capitalized improvements	—			507			507
Impairments⁽¹⁾	(9,722		)	(5,328		)	(15,050		)
Dispositions	(27,430		)	(30,410		)	(57,840		)
Other	553			186			739
Balance at December 31, 2012	$	45,534		$	44,717		$	90,251
Acquired OREO	—			13,527			13,527
Transfers of loans	7,302			11,164			18,466
Capitalized improvements	—			—			—
Impairments⁽¹⁾	(7,623		)	(1,434		)	(9,057		)
Dispositions	(32,214		)	(28,027		)	(60,241		)
Other	(57		)	(2		)	(59		)
Balance at December 31, 2013	$	12,942		$	39,945		$	52,887

(1)

Of the total impairment charges of $9,722 recorded for covered OREO in 2012, $1,944 was included in the Consolidated Statements of Income for the year ended December 31, 2012, while the remaining $7,778 increased the FDIC loss-share indemnification asset. Of the total impairment charges of $7,623 recorded for covered OREO in 2013, $1,525 was included in the Consolidated Statements of Income for the year ended December 31, 2013, while the remaining $6,098 increased the FDIC loss-share indemnification asset.

Components of "Other real estate owned" in the Consolidated Statements of Income

Components of the line item “Other real estate owned” in the Consolidated Statements of Income were as follows:



	Year Ended December 31,
	2013			2012			2011
Repairs and maintenance	$	2,191		$	2,996		$	2,427
Property taxes and insurance	1,272			1,678			1,980
Impairments	3,270			7,272			8,224
Net losses on OREO sales	590			2,096			3,073
Rental income	(357		)	(446		)	(378		)
Total	$	6,966		$	13,596		$	15,326