Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED (Tables)

v2.4.0.8
OTHER REAL ESTATE OWNED (Tables)
9 Months Ended
Sep. 30, 2013
OTHER REAL ESTATE OWNED [Abstract]  
Period-end other real estate owned
Other real estate owned was as follows (dollars in thousands):
 
 
 
Nine
   
Year
   
Nine
 
 
 
Months Ended
   
Ended
   
Months Ended
 
 
 
September 30,
   
December 31,
   
September 30,
 
 
 
2013
   
2012
   
2012
 
Beginning balance
 
$
69,743
   
$
83,663
   
$
83,663
 
Additions, transfers from loans and fixed assets
   
3,170
     
9,168
     
9,002
 
Proceeds from sales of other real estate owned
   
(10,545
)
   
(18,729
)
   
(13,426
)
Valuation allowance reversal upon sale
   
(2,794
)
   
(4,300
)
   
(2,962
)
Gain (loss) on sale of other real estate owned
   
1,004
     
(59
)
   
11
 
 
   
60,578
     
69,743
     
76,288
 
Less: valuation allowance
   
(17,782
)
   
(18,161
)
   
(18,510
)
Ending balance
 
$
42,796
   
$
51,582
   
$
57,778
 
Activity in valuation allowance
Activity in the valuation allowance was as follows (dollars in thousands):
 
 
Nine Months
 
Nine Months
 
 
Ended
 
Ended
 
 
September 30,
 
September 30,
 
 
2013
 
2012
 
Beginning balance
 
$
18,161
   
$
17,225
 
Additions charged to expense
   
2,415
     
4,247
 
Reversals upon sale
   
(2,794
)
   
(2,962
)
Ending balance
 
$
17,782
   
$
18,510