Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED (Tables)

v2.4.0.8
OTHER REAL ESTATE OWNED (Tables)
12 Months Ended
Dec. 31, 2013
OTHER REAL ESTATE OWNED [Abstract]  
Year-end 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 valuation allowance
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