Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v3.19.3.a.u2
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2019
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):

   
2019
    
2018
  
Beginning balance
  
$
4,183
    
$
9,140
  
Additions, transfers from loans
    
—
      
293
  
Proceeds from sales of other real estate owned
    
(589
)
    
(2,212
)
Valuation allowance reversal upon sale
    
(453
)
    
(2,893
)
Gain (loss) on sales of other real estate owned
    
(29
)
    
(145
)
     
3,112
      
4,183
  
Less: valuation allowance
    
(364
)
    
(803
)
Ending balance
  
$
2,748
    
$
3,380
  

Activity in the valuation allowance was as follows (dollars in thousands):

   
2019
    
2018
  
Beginning balance
  
$
803
    
$
3,373
  
Additions charged to expense
    
14
      
323
  
Reversals upon sale
    
(453
)
    
(2,893
)
Ending balance
  
$
364
    
$
803
  

At December 31, 2019, the balance of other real estate owned included no foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.  At December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $0.