FORECLOSED PROPERTY

3 Months Ended

Mar. 31, 2013

NOTE 6 – FORECLOSED PROPERTY

Non-covered foreclosed property at March 31, 2013 consists of a $10.4 million completed office complex project consisting of 12 buildings in Ventura County and $2.8 million of unimproved property consisting of 161 acres located in an unincorporated section of western Los Angeles County known as Liberty Canyon. The remainder represents one multifamily property and one single-family residence.

The following table presents the activity of our non-covered foreclosed property for the periods indicated.

	Three months ended March 31,
	2013					2012
	# of Properties		$ Amount			# of Properties			$ Amount
	(dollars in thousands)

Beginning balance		4	$	14,895			7		$	20,349
New properties added		—		—			—			—
Valuation allowances		—		—			—			—
Partial sale proceeds received		—		(730	)		—			—
Sales of properties		—		—			(2	)		(1,640	)
Ending balance		4	$	14,165			5		$	18,709

Covered foreclosed property was $2.9 million at March 31, 2013 and $3.9 million at December 31, 2012. We acquired these properties as part of the FDIC-assisted WCB and SLTB acquisitions.

The following table presents the activity of our covered foreclosed property for the periods indicated.

	Three months ended March 31,
	2013						2012
	# of Properties			$ Amount			# of Properties			$ Amount
	(dollars in thousands)

Beginning balance		11		$	3,900			49		$	14,616
New properties added		2			341			5			3,907
Sales of properties		(3	)		(1,322	)		(20	)		(5,655	)
Ending balance		10		$	2,919			34		$	12,868

- 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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+ Details

First California Financial Group, Inc. 10-Q