Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.8.0.1
OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2018
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):
 
   
Three
    
Year
    
Three
  
   
Months Ended
    
Ended
    
Months Ended
  
   
March 31,
    
December 31,
    
March 31,
  
   
2018
    
2017
    
2017
  
Beginning balance
  
$
9,140
    
$
22,864
    
$
22,864
  
Additions, transfers from loans
    
293
      
120
      
56
  
Proceeds from sales of other real estate owned
    
(431
)
    
(7,034
)
    
(320
)
Valuation allowance reversal upon sale
    
(1,787
)
    
(7,367
)
    
(250
)
Gain / (loss) on sales of other real estate owned
    
(126
)
    
557
      
149
  
     
7,089
      
9,140
      
22,499
  
Less: valuation allowance
    
(1,866
)
    
(3,373
)
    
(10,425
)
Ending balance
  
$
5,223
    
$
5,767
    
$
12,074
  

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

 
Three
  
Three
  
 
Months Ended
  
Months Ended
  
 
March 31,
  
March 31,
  
 
2018
  
2017
  
Beginning balance
  
$
3,373
    
$
10,611
  
Additions charged to expense
    
280
      
64
  
Reversals upon sale
    
(1,787
)
    
(250
)
Ending balance
  
$
1,866
    
$
10,425