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