Note 7—Other Real Estate Owned
The following is a summary of information pertaining to OREO at December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
OREO |
|
Covered
OREO |
|
Total |
|
Balance, December 31, 2010 |
|
$ |
17,264 |
|
$ |
69,317 |
|
$ |
86,581 |
|
Acquired in Habersham acquisition |
|
|
— |
|
|
14,493 |
|
|
14,493 |
|
Acquired in BankMeridian acquisition |
|
|
— |
|
|
4,826 |
|
|
4,826 |
|
Additions, net |
|
|
21,342 |
|
|
39,793 |
|
|
61,135 |
|
Writedowns |
|
|
(7,665 |
) |
|
(21,345 |
) |
|
(29,010 |
) |
Sold |
|
|
(12,919 |
) |
|
(41,235 |
) |
|
(54,154 |
) |
|
|
|
|
|
|
|
|
Balance, December 31, 2011 |
|
$ |
18,022 |
|
$ |
65,849 |
|
$ |
83,871 |
|
|
|
|
|
|
|
|
|
The following is a summary of information pertaining to OREO at December 31, 2010:
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands)
|
|
OREO |
|
Covered
OREO |
|
Total |
|
Balance, December 31, 2009 |
|
$ |
3,102 |
|
$ |
— |
|
$ |
3,102 |
|
Acquired in CBT Acquisition |
|
|
— |
|
|
25,876 |
|
|
25,876 |
|
Additions |
|
|
25,585 |
|
|
55,947 |
|
|
81,532 |
|
Writedowns |
|
|
(2,773 |
) |
|
— |
|
|
(2,773 |
) |
Sold |
|
|
(8,650 |
) |
|
(12,506 |
) |
|
(21,156 |
) |
|
|
|
|
|
|
|
|
Balance, December 31, 2010 |
|
$ |
17,264 |
|
$ |
69,317 |
|
$ |
86,581 |
|
|
|
|
|
|
|
|
|
The covered OREO above is covered pursuant to the FDIC loss share agreement which is discussed in Note 2—Mergers and Acquisitions. |