Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED (Tables)

v2.4.0.8
OTHER REAL ESTATE OWNED (Tables)
6 Months Ended
Jun. 30, 2013
OTHER REAL ESTATE OWNED [Abstract]  
Period-end 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 valuation allowance
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