Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.10.0.1
OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 2018
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,
2018
    
Year
Ended
December 31,
2017
    
Six
Months Ended
June 30,
2017
  
Beginning balance
  
$
9,140
    
$
22,864
    
$
22,864
  
Additions, transfers from loans
    
293
      
120
      
60
  
Proceeds from sales of other real estate owned
    
(1,765
)
    
(7,034
)
    
(5,601
)
Valuation allowance reversal upon sale
    
(2,508
)
    
(7,367
)
    
(6,395
)
Gain / (loss) on sales of other real estate owned
    
(132
)
    
557
      
470
  
     
5,028
      
9,140
      
11,398
  
Less: valuation allowance
    
(1,156
)
    
(3,373
)
    
(4,301
)
Ending balance
  
$
3,872
    
$
5,767
    
$
7,097
  

Activity in the valuation allowance was as follows (dollars in thousands):
 
   
Six
Months Ended
June 30,
2018
    
Six
Months Ended
June 30,
2017
  
Beginning balance
  
$
3,373
    
$
10,611
  
Additions charged to expense
    
291
      
85
  
Reversals upon sale
    
(2,508
)
    
(6,395
)
Ending balance
  
$
1,156
    
$
4,301