Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v2.4.0.6
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2012
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):
 
 
 
2012
 
 
2011
 
Beginning balance
 
$
83,663
 
 
$
68,388
 
Additions, transfers from loans
 
 
9,168
 
 
 
38,358
 
Proceeds from sales of other real estate owned
 
 
(18,729
)
 
 
(21,540
)
Valuation allowance reversal upon sale
 
 
(4,300
)
 
 
(3,058
)
Gain (loss) on sale of other real estate owned
 
 
(59
)
 
 
1,515
  
 
 
 
69,743
 
 
 
83,663
 
Less: valuation allowance
 
 
(18,161
)
 
 
(17,225
)
Ending balance
 
$
51,582
 
 
$
66,438
 

Activity in the valuation allowance was as follows:
 
 
2012
 
 
2011
 
                 
                 
Beginning balance
 
$
17,225
 
 
$
10,404
 
Additions charged to expense
 
 
5,236
 
 
 
9,879
 
Reversals upon sale
 
 
(4,300
)
 
 
(3,058
)
Ending balance
 
$
18,161
 
 
$
17,225