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