Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.4.0.3
OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2016
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,
2016
    
Year
Ended
December 31,
2015
    
Three
Months Ended
March 31,
2015
  
Beginning balance
  
$
28,377
    
$
43,071
    
$
43,071
  
Additions, transfers from loans
    
102
      
2,520
      
699
  
Proceeds from sales of other real estate owned
    
(1,475
)
    
(11,540
)
    
(1,452
)
Valuation allowance reversal upon sale
    
(251
)
    
(4,748
)
    
(447
)
Gain (loss) on sales of other real estate owned
    
92
      
(926
)
    
67
  
     
26,845
      
28,377
      
41,938
  
Less: valuation allowance
    
(10,683
)
    
(10,805
)
    
(14,900
)
Ending balance
  
$
16,162
    
$
17,572
    
$
27,038
  

Activity in the valuation allowance was as follows (dollars in thousands):
 
   
Three
Months Ended
March 31,
2016
    
Three
Months Ended
March 31,
2015
  
Beginning balance
  
$
10,805
    
$
14,829
  
Additions charged to expense
    
129
      
518
  
Reversals upon sale
    
(251
)
    
(447
)
Ending balance
  
$
10,683
    
$
14,900