Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.7.0.1
OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 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):

   
Six
Months Ended
June 30,
2017
    
Year
Ended
December 31,
2016
    
Six
Months Ended
June 30,
2016
  
Beginning balance
  
$
22,864
    
$
28,377
    
$
28,377
  
Additions, transfers from loans
    
60
      
339
      
102
  
Proceeds from sales of other real estate owned
    
(5,601
)
    
(5,339
)
    
(3,313
)
Valuation allowance reversal upon sale
    
(6,395
)
    
(1,158
)
    
(334
)
Gain on sales of other real estate owned
    
470
      
645
      
260
  
     
11,398
      
22,864
      
25,092
  
Less: valuation allowance
    
(4,301
)
    
(10,611
)
    
(11,026
)
Ending balance
  
$
7,097
    
$
12,253
    
$
14,066
  

Activity in the valuation allowance was as follows (dollars in thousands):
 
   
Six
Months Ended
June 30,
2017
    
Six
Months Ended
June 30,
2016
  
Beginning balance
  
$
10,611
    
$
10,805
  
Additions charged to expense
    
85
      
555
  
Reversals upon sale
    
(6,395
)
    
(334
)
Ending balance
  
$
4,301
    
$
11,026