Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.2.0.727
OTHER REAL ESTATE OWNED
6 Months Ended
Jun. 30, 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):
 
 
Six
Months Ended
June 30,
2015
 
Year
Ended
December 31,
2014
 
Six
Months Ended
June 30,
2014
 
Beginning balance
 
$
43,071
   
$
53,501
   
$
53,501
 
Additions, transfers from loans
   
1,442
     
4,932
     
2,274
 
Proceeds from sales of other real estate owned
   
(2,962
)
   
(12,487
)
   
(7,362
)
Valuation allowance reversal upon sale
   
(427
)
   
(3,499
)
   
(2,564
)
Gain (loss) on sale of other real estate owned
   
205
     
624
     
476
 
     
41,329
     
43,071
     
46,325
 
Less: valuation allowance
   
(15,026
)
   
(14,829
)
   
(14,802
)
Ending balance
 
$
26,303
   
$
28,242
   
$
31,523
 

Activity in the valuation allowance was as follows (dollars in thousands):
 
 
Six Months
Ended
June 30,
2015
 
Six Months
Ended
June 30,
2014
 
Beginning balance
 
$
14,829
   
$
16,705
 
Additions charged to expense
   
624
     
661
 
Reversals upon sale
   
(427
)
   
(2,564
)
Ending balance
 
$
15,026
   
$
14,802