Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v2.4.1.9
OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2015
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):
 
   
Three
Months Ended
March 31,
2015
    
Year
Ended
December 31,
2014
    
Three
Months Ended
March 31,
2014
  
Beginning balance
  
$
43,071
    
$
53,501
    
$
53,501
  
Additions, transfers from loans
    
699
      
4,932
      
554
  
Proceeds from sales of other real estate owned
    
(1,452
)
    
(12,487
)
    
(3,501
)
Valuation allowance reversal upon sale
    
(447
)
    
(3,499
)
    
(1,948
)
Gain (loss) on sale of other real estate owned
    
67
      
624
      
484
  
     
41,938
      
43,071
      
49,090
  
Less: valuation allowance
    
(14,900
)
    
(14,829
)
    
(15,055
)
Ending balance
  
$
27,038
    
$
28,242
    
$
34,035
  
 
Activity in the valuation allowance was as follows (dollars in thousands):
 
   
Three Months
Ended
March 31,
2015
    
Three Months
Ended
March 31,
2014
  
Beginning balance
  
$
14,829
    
$
16,705
  
Additions charged to expense
    
518
      
298
  
Reversals upon sale
    
(447
)
    
(1,948
)
Ending balance
  
$
14,900
    
$
15,055