Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v2.4.0.8
OTHER REAL ESTATE OWNED
 6 Months Ended
Jun. 30, 2013
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,
2013
    
Year
Ended
December 31,
2012
    
Six
Months Ended
June 30,
2012
  
 
  
   
   
 
Beginning balance
  
$
69,743
    
$
83,663
    
$
83,663
  
Additions, transfers from loans and fixed assets
    
2,754
      
9,168
      
7,725
  
Proceeds from sales of other real estate owned
    
(8,138
)
    
(18,729
)
    
(8,587
)
Valuation allowance reversal upon sale
    
(2,308
)
    
(4,300
)
    
(1,998
)
Gain (loss) on sale of other real estate owned
    
614
      
(59
)
    
20
  
 
    
62,665
      
69,743
      
80,823
  
Less: valuation allowance
    
(16,820
)
    
(18,161
)
    
(18,777
)
Ending balance
  
$
45,845
    
$
51,582
    
$
62,046
  

Activity in the valuation allowance was as follows (dollars in thousands):

 
  
Six Months
Ended
June 30,
2013
    
Six Months
Ended
June 30,
2012
  
Beginning balance
  
$
18,161
    
$
17,225
  
Additions charged to expense
    
967
      
3,550
  
Reversals upon sale
    
(2,308
)
    
(1,998
)
Ending balance
  
$
16,820
    
$
18,777