Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v2.4.1.9
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2014
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):
 
   
2014
    
2013
    
2012
  
Beginning balance
  
$
53,501
    
$
69,743
    
$
83,663
  
Additions, transfers from loans
    
4,932
      
3,539
      
9,168
  
Proceeds from sales of other real estate owned
    
(12,487
)
    
(16,501
)
    
(18,729
)
Valuation allowance reversal upon sale
    
(3,499
)
    
(4,378
)
    
(4,300
)
Gain (loss) on sale of other real estate owned
    
624
      
1,098
      
(59
)
     
43,071
      
53,501
      
69,743
  
Less: valuation allowance
    
(14,829
)
    
(16,705
)
    
(18,161
)
Ending balance
  
$
28,242
    
$
36,796
    
$
51,582
  

Activity in the valuation allowance was as follows (dollars in thousands):
 
   
2014
    
2013
    
2012
  
Beginning balance
  
$
16,705
    
$
18,161
    
$
17,225
  
Additions charged to expense
    
1,623
      
2,922
      
5,236
  
Reversals upon sale
    
(3,499
)
    
(4,378
)
    
(4,300
)
Ending balance
  
$
14,829
    
$
16,705
    
$
18,161