Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.7.0.1
OTHER REAL ESTATE OWNED
3 Months Ended
Mar. 31, 2017
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED
NOTE 4 – OTHER REAL ESTATE OWNED

Other real estate owned was as follows (dollars in thousands):
 
   
Three
Months Ended
March 31,
2017
   
Year
Ended
December 31,
2016
   
Three
Months Ended
March 31,
2016
 
Beginning balance
 
$
22,864
   
$
28,377
   
$
28,377
 
Additions, transfers from loans
   
56
     
339
     
102
 
Proceeds from sales of other real estate owned
   
(320
)
   
(5,339
)
   
(1,475
)
Valuation allowance reversal upon sale
   
(250
)
   
(1,158
)
   
(251
)
Gain on sales of other real estate owned
   
149
     
645
     
92
 
     
22,499
     
22,864
     
26,845
 
Less: valuation allowance
   
(10,425
)
   
(10,611
)
   
(10,683
)
Ending balance
 
$
12,074
   
$
12,253
   
$
16,162
 

Activity in the valuation allowance was as follows (dollars in thousands):

   
Three
Months Ended
March 31,
2017
   
Three
Months Ended
March 31,
2016
 
Beginning balance
 
$
10,611
   
$
10,805
 
Additions charged to expense
   
64
     
129
 
Reversals upon sale
   
(250
)
   
(251
)
Ending balance
 
$
10,425
   
$
10,683