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Other Real Estate Owned and Property Acquired in Settlement of Loans
 12 Months Ended
Dec. 31, 2012
Repossessed Assets [Abstract]  
Other Real Estate Owned and Property Acquired in Settlement of Loans
Other Real Estate Owned and Property Acquired in Settlement of Loans
OREO represents properties acquired through foreclosure or deed in lieu thereof. The property is classified as held for sale. The property is initially carried at fair value based on recent appraisals, less estimated costs to sell. Declines in the fair value of properties included in other real estate below carrying value are recognized by a charge to income.
Total OREO and foreclosed assets decreased $47.3 million from $110.4 million at December 31, 2011, to $63.1 million at December 31, 2012, which represents 44.3% of total nonperforming assets. At December 31, 2011, OREO and foreclosed assets represented 51.0% of total nonperforming assets.
The following table summarizes real estate acquired in settlement of loans and personal property acquired in settlement of loans, the latter of which is included within the other assets financial statement line item on the Consolidated Balance Sheet at the dates indicated. 
(dollars in thousands)
 
December 31, 2012
 
December 31, 2011
Real estate acquired in settlement of loans
 
$
62,796

 
$
110,009

Personal property acquired in settlement of loans
 
335

 
377

Total property acquired in settlement of loans
 
$
63,131

 
$
110,386


The following table summarizes the changes in real estate acquired in settlement of loans at the periods indicated. 
 
 
For Twelve Months Ended
(dollars in thousands)
 
December 31, 2012
 
December 31, 2011
Real estate acquired in settlement of loans, beginning of period
 
$
110,009

 
$
62,058

Plus: New real estate acquired in settlement of loans
 
32,565

 
132,546

Plus: Real estate acquired in BOGC acquisition
 
—

 
18,436

Less: Sales of real estate acquired in settlement of loans
 
(57,991
)
 
(58,782
)
Less: Write-downs and net loss on sales charged to expense
 
(21,787
)
 
(44,249
)
Real estate acquired in settlement of loans, end of period
 
$
62,796

 
$
110,009

`
At December 31, 2012, 35 assets with a net carrying amount of $22.0 million were under contract for sale and are primarily expected to close in the first quarter of 2013. Estimated losses with these sales have been recognized in the Consolidated Statements of Operations for 2012. At December 31, 2011, 25 assets with a net carrying amount of $21.3 million were under contract for sale and closed in the first quarter of 2012. Estimated losses with these sales have been recognized in the Consolidated Statements of Operations for 2011.