Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v2.4.0.8
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 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):
 
 
  
2013
    
2012
    
2011
  
Beginning balance
  
$
69,743
    
$
83,663
    
$
68,388
  
Additions, transfers from loans and fixed assets
    
3,539
      
9,168
      
38,358
  
Proceeds from sales of other real estate owned
    
(16,501
)
    
(18,729
)
    
(21,540
)
Valuation allowance reversal upon sale
    
(4,378
)
    
(4,300
)
    
(3,058
)
Gain (loss) on sale of other real estate owned
    
1,098
      
(59
)
    
1,515
  
 
    
53,501
      
69,743
      
83,663
  
Less: valuation allowance
    
(16,705
)
    
(18,161
)
    
(17,225
)
Ending balance
  
$
36,796
    
$
51,582
    
$
66,438
  
 
Activity in the valuation allowance was as follows (dollars in thousands):
 
 
  
2013
    
2012
    
2011
  
Beginning balance
  
$
18,161
    
$
17,225
    
$
10,404
  
Additions charged to expense
    
2,922
      
5,236
      
9,879
  
Reversals upon sale
    
(4,378
)
    
(4,300
)
    
(3,058
)
Ending balance
  
$
16,705
    
$
18,161
    
$
17,225