Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.19.2
OTHER REAL ESTATE OWNED
6 Months Ended
Jun. 30, 2019
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):

   
Six
Months Ended
June 30,
2019
   
Year
Ended
December 31,
2018
   
Six
Months Ended
June 30,
2018
 
Beginning balance
 
$
4,183
   
$
9,140
   
$
9,140
 
Additions, transfers from loans
   
     
293
     
293
 
Proceeds from sales of other real estate owned
   
(382
)
   
(2,212
)
   
(1,765
)
Valuation allowance reversal upon sale
   
(171
)
   
(2,893
)
   
(2,508
)
Gain / (loss) on sales of other real estate owned
   
79
     
(145
)
   
(132
)

   
3,709
     
4,183
     
5,028
 
Less: valuation allowance
   
(642
)
   
(803
)
   
(1,156
)
Ending balance
 
$
3,067
   
$
3,380
   
$
3,872
 

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


 
Six
Months Ended
June 30,
2019
   
Six
Months Ended
June 30,
2018
 
Beginning balance
 
$
803
   
$
3,373
 
Additions charged to expense
   
10
     
291
 
Reversals upon sale
   
(171
)
   
(2,508
)
Ending balance
 
$
642
   
$
1,156