Other Real Estate Owned

3 Months Ended

Mar. 31, 2013

NOTE 10 – OTHER REAL ESTATE OWNED

Other real estate owned consists of the following at March 31, 2013 and December 31, 2012:


(Dollars in thousands)	March 31, 2013		December 31, 2012
Real estate owned acquired by foreclosure	$	121,262	$	110,864
Real estate acquired for development or resale		9,199		9,199
Other foreclosed property		1,375		1,473

Total other real estate owned and foreclosed property	$	131,836	$	121,536

At March 31, 2013 and December 31, 2012, other real estate owned is segregated into covered and non-covered properties as follows:


(Dollars in thousands)
March 31, 2013	Non-covered properties		Covered properties		Total
Real estate owned acquired by foreclosure	$	33,391	$	87,871	$	121,262
Real estate acquired for development or resale		9,199		—		9,199
Other foreclosed property		48		1,327		1,375

Total other real estate owned and foreclosed property	$	42,638	$	89,198	$	131,836


(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

- 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

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-Publisher OTS

-Name Federal Regulation (FR)

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+ Details