Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v2.4.1.9
OTHER REAL ESTATE OWNED
12 Months Ended
Dec. 31, 2014
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):
 
   
2014
   
2013
   
2012
 
Beginning balance
 
$
53,501
   
$
69,743
   
$
83,663
 
Additions, transfers from loans
   
4,932
     
3,539
     
9,168
 
Proceeds from sales of other real estate owned
   
(12,487
)
   
(16,501
)
   
(18,729
)
Valuation allowance reversal upon sale
   
(3,499
)
   
(4,378
)
   
(4,300
)
Gain (loss) on sale of other real estate owned
   
624
     
1,098
     
(59
)
     
43,071
     
53,501
     
69,743
 
Less: valuation allowance
   
(14,829
)
   
(16,705
)
   
(18,161
)
Ending balance
 
$
28,242
   
$
36,796
   
$
51,582
 

Activity in the valuation allowance was as follows (dollars in thousands):
 
   
2014
   
2013
   
2012
 
Beginning balance
 
$
16,705
   
$
18,161
   
$
17,225
 
Additions charged to expense
   
1,623
     
2,922
     
5,236
 
Reversals upon sale
   
(3,499
)
   
(4,378
)
   
(4,300
)
Ending balance
 
$
14,829
   
$
16,705
   
$
18,161