Quarterly report pursuant to Section 13 or 15(d)

Other Real Estate Owned

 v2.3.0.11
Other Real Estate Owned
 6 Months Ended
Jun. 30, 2011
Other Real Estate Owned [Abstract]  
Other Real Estate Owned
NOTE 4 – OTHER REAL ESTATE OWNED

Period-end other real estate owned was as follows (dollars in thousands):

   
Six
Months Ended
June 30,
2011
    
Year
Ended
December 31,
2010
    
Six
Months Ended
June 30,
2010
  
                   
Beginning balance
   $ 68,388     $ 41,987     $ 41,987  
Additions, transfers from loans
     23,384       45,248       26,584  
Proceeds from sales of other real estate owned
     (11,330 )     (16,003 )     (10,613 )
Valuation allowance reversal upon sale
     (1,730 )     (2,677 )     (1,117 )
Gain (loss) on sale of other real estate owned
     745       (167 )     (218 )
      79,457       68,388       56,623  
Less: valuation allowance
     (14,025 )     (10,404 )     (7,951 )
                         
Ending balance
   $ 65,432     $ 57,984     $ 48,672  

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

   
Three Months Ended
June 30,
2011
    
Three Months Ended
June 30,
2010
    
Six Months Ended
June 30,
2011
    
Six Months Ended
June 30,
2010
  
Beginning balance
   $ 12,020     $ 7,610     $ 10,404     $ 4,804  
Additions charged to expense
     2,653       749       5,351       4,264  
Reversals upon sale
     (648 )     (408 )     (1,730 )     (1,117 )
Ending balance
   $ 14,025     $ 7,951     $ 14,025     $ 7,951  

Net realized gains on sales of other real estate were $533,000 and $745,000, respectively, for the three and six month periods ended June 30, 2011.  Net realized losses on sales of other real estate were $98,000 and $218,000, respectively, for the three and six month period ended June 30, 2010.