The following is a summary of the activity in various nonperforming asset and troubled debt restructuring categories for the quarter ended Dec. 31, 2011:

         
(in thousands)

Balances

Sept. 30, 2011

Payments, Sales and Reductions
Foreclosures Inflows Balances

Dec. 31, 2011
Troubled debt restructurings:
Residential construction and development $ - $ - $ - $ - $ -
Commercial construction and development - - - - -
Other   18,187     (3,150 )     -       8,379     23,416
Totals   18,187     (3,150 )     -       8,379     23,416
Nonperforming loans:
Residential construction and development 9,651 (3,140 ) (1,046 ) 2,655 8,120
Commercial construction and development 13,890 (3,291 ) (4,293 ) 686 6,991
Other   31,099     (12,607 )     (2,093 )     16,345     32,744
Totals   54,640     (19,038 )     (7,432 )     19,685     47,855
Other real estate:
Residential construction and development 13,601 (738 ) 1,046 - 13,909
Commercial construction and development 24,943 (9,139 ) 4,293 - 20,097
Other   6,956     (3,341 )     2,093       -     5,708
Totals   45,500     (13,218 )     7,432       -     39,714

Total nonperforming assets and troubled debt restructurings
$ 118,327   $ (35,406 )   $ -     $ 28,064   $ 110,985
  • Noninterest expense
    • Noninterest expense for the quarter ended Dec. 31, 2011, was $34.37 million, compared to $36.45 million in the fourth quarter of 2010, and $35.68 million in the third quarter of 2011.
    • Included in noninterest expense for the fourth quarter of 2011 was $4.19 million in other real estate expenses, compared to $7.87 million in the fourth quarter of 2010, and $5.08 million in the third quarter of 2011.

Carpenter said that compensation costs in 2011 increased by approximately $9.8 million over 2010 and that the increase was primarily attributable to the payment of annual incentive awards to participants in the firm’s incentive plans. Carpenter stated that in 2010 no cash incentives were paid and thus, excluding annual cash incentives, compensation costs in 2011 would have approximated the amount in 2010. Incentive payouts for all associates other than the executive officers during 2011 are based on achievement of predetermined targets for soundness and operating results. Executive officers are not eligible for any cash incentives as long as the Company is a TARP participant.

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