Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.8.0.1
OTHER REAL ESTATE OWNED
 9 Months Ended
Sep. 30, 2017
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):
 
   
Nine
    
Year
    
Nine
  
   
Months Ended
    
Ended
    
Months Ended
  
   
September 30,
    
December 31,
    
September 30,
  
   
2017
    
2016
    
2016
  
Beginning balance
  
$
22,864
    
$
28,377
    
$
28,377
  
Additions, transfers from loans
    
60
      
339
      
102
  
Proceeds from sales of other real estate owned
    
(6,227
)
    
(5,339
)
    
(4,155
)
Valuation allowance reversal upon sale
    
(7,003
)
    
(1,158
)
    
(533
)
Gain on sales of other real estate owned
    
660
      
645
      
365
  
     
10,354
      
22,864
      
24,156
  
Less: valuation allowance
    
(3,693
)
    
(10,611
)
    
(11,046
)
Ending balance
  
$
6,661
    
$
12,253
    
$
13,110
  

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

 
Nine
  
Nine
  
 
Months Ended
  
Months Ended
  
 
September 30,
  
September 30,
  
 
2017
  
2016
  
Beginning balance
  
$
10,611
    
$
10,805
  
Additions charged to expense
    
85
      
774
  
Reversals upon sale
    
(7,003
)
    
(533
)
Ending balance
  
$
3,693
    
$
11,046