Other Real Estate Owned

12 Months Ended

Dec. 31, 2012

NOTE 11 – OTHER REAL ESTATE OWNED

Other real estate owned consists of the following at December 31:


(Dollars in thousands)	2012		2011
Real estate owned acquired by foreclosure	$	110,864	$	119,320
Real estate acquired for development or resale		9,199		5,722
Other foreclosed property		1,473		4

Total other real estate owned and foreclosed property	$	121,536	$	125,046

At December 31, 2012 and 2011, other real estate is segregated into covered and non-covered properties as follows:


(Dollars in thousands)
December 31, 2012	Non-covered properties		Covered properties		Total
Real estate owned acquired by foreclosure	$	35,080	$	75,784	$	110,864
Real estate acquired for development or resale		9,199		—		9,199
Other foreclosed property		14		1,459		1,473

Total other real estate owned and foreclosed property	$	44,293	$	77,243	$	121,536


(Dollars in thousands)
December 31, 2011	Non-covered properties		Covered properties		Total
Real estate owned acquired by foreclosure	$	34,770	$	84,550	$	119,320
Real estate acquired for development or resale		5,722		—		5,722
Other foreclosed property		4		—		4

Total other real estate owned and foreclosed property	$	40,496	$	84,550	$	125,046

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

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+ Details