| OTHER REAL ESTATE OWNED |
NOTE 4 – 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, |
|
| |
|
2014 |
|
|
2013 |
|
|
2013 |
|
Beginning balance |
|
$ |
53,501 |
|
|
$ |
69,743 |
|
|
$ |
69,743 |
|
Additions, transfers from loans |
|
|
2,565 |
|
|
|
3,539 |
|
|
|
3,170 |
|
Proceeds from sales of other real estate owned |
|
|
(9,964 |
) |
|
|
(16,501 |
) |
|
|
(10,545 |
) |
Valuation allowance reversal upon sale |
|
|
(3,409 |
) |
|
|
(4,378 |
) |
|
|
(2,794 |
) |
Gain on sale of other real estate owned |
|
|
475 |
|
|
|
1,098 |
|
|
|
1,004 |
|
| |
|
|
43,168 |
|
|
|
53,501 |
|
|
|
60,578 |
|
Less: valuation allowance |
|
|
(14,405 |
) |
|
|
(16,705 |
) |
|
|
(17,782 |
) |
Ending balance |
|
$ |
28,763 |
|
|
$ |
36,796 |
|
|
$ |
42,796 |
|
Activity in the valuation allowance was as follows (dollars in thousands):
| |
|
Nine Months |
|
|
Nine Months |
|
| |
|
Ended |
|
|
Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2014 |
|
|
2013 |
|
Beginning balance |
|
$ |
16,705 |
|
|
$ |
18,161 |
|
Additions charged to expense |
|
|
1,109 |
|
|
|
2,415 |
|
Reversals upon sale |
|
|
(3,409 |
) |
|
|
(2,794 |
) |
Ending balance |
|
$ |
14,405 |
|
|
$ |
17,782 |
|
|