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