| OTHER REAL ESTATE OWNED |
NOTE 4 – OTHER REAL ESTATE OWNED
Other real estate owned was as follows (dollars in thousands):
|
|
Six |
|
|
Year |
|
|
Six |
|
|
|
Months Ended |
|
|
Ended |
|
|
Months Ended |
|
|
|
June 30, |
|
|
December 31, |
|
|
June 30, |
|
|
|
2014 |
|
|
2013 |
|
|
2013 |
|
Beginning balance |
|
$ |
53,501 |
|
|
$ |
69,743 |
|
|
$ |
69,743 |
|
Additions, transfers from loans |
|
|
2,274 |
|
|
|
3,539 |
|
|
|
2,754 |
|
Proceeds from sales of other real estate owned |
|
|
(7,362 |
) |
|
|
(16,501 |
) |
|
|
(8,138 |
) |
Valuation allowance reversal upon sale |
|
|
(2,564 |
) |
|
|
(4,378 |
) |
|
|
(2,308 |
) |
Gain on sale of other real estate owned |
|
|
476 |
|
|
|
1,098 |
|
|
|
614 |
|
|
|
|
46,325 |
|
|
|
53,501 |
|
|
|
62,665 |
|
Less: valuation allowance |
|
|
(14,802 |
) |
|
|
(16,705 |
) |
|
|
(16,820 |
) |
Ending balance |
|
$ |
31,523 |
|
|
$ |
36,796 |
|
|
$ |
45,845 |
|
Activity in the valuation allowance was as follows (dollars in thousands):
|
|
Six Months |
|
|
Six Months |
|
|
|
Ended |
|
|
Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2014 |
|
|
2013 |
|
Beginning balance |
|
$ |
16,705 |
|
|
$ |
18,161 |
|
Additions charged to expense |
|
|
661 |
|
|
|
967 |
|
Reversals upon sale |
|
|
(2,564 |
) |
|
|
(2,308 |
) |
Ending balance |
|
$ |
14,802 |
|
|
$ |
16,820 |
|
|