Annual report pursuant to Section 13 and 15(d)

OTHER REAL ESTATE OWNED

v3.3.1.900
OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 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):

   
2015
    
2014
    
2013
  
Beginning balance
  
$
43,071
    
$
53,501
    
$
69,743
  
Additions, transfers from loans
    
2,520
      
4,932
      
3,539
  
Proceeds from sales of other real estate owned
    
(11,540
)
    
(12,487
)
    
(16,501
)
Valuation allowance reversal upon sale
    
(4,748
)
    
(3,499
)
    
(4,378
)
Gain (loss) on sale of other real estate owned
    
(926
)
    
624
      
1,098
  
     
28,377
      
43,071
      
53,501
  
Less: valuation allowance
    
(10,805
)
    
(14,829
)
    
(16,705
)
Ending balance
  
$
17,572
    
$
28,242
    
$
36,796
  

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

   
2015
    
2014
    
2013
  
Beginning balance
  
$
14,829
    
$
16,705
    
$
18,161
  
Additions charged to expense
    
724
      
1,623
      
2,922
  
Reversals upon sale
    
(4,748
)
    
(3,499
)
    
(4,378
)
Ending balance
  
$
10,805
    
$
14,829
    
$
16,705
  
 
At December 31, 2015, the balance of other real estate owned includes $736,000 of foreclosed residential real estate properties recorded as a result of obtaining physical possession of the property.  At December 31, 2015, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process is $0.