Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.20.1
OTHER REAL ESTATE OWNED
3 Months Ended
Mar. 31, 2020
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
Months Ended
March 31,
2020
   
Year
Ended
December 31,
2019
   
Three
Months Ended
March 31,
2019
 
Beginning balance
 
$
3,112
   
$
4,183
   
$
4,183
 
Additions, transfers from loans
   
     
     
 
Proceeds from sales of other real estate owned
   
(91
)
   
(589
)
   
(154
)
Valuation allowance reversal upon sale
   
     
(453
)
   
(77
)
Gain / (loss) on sales of other real estate owned
   
     
(29
)
   
45
 
     
3,021
     
3,112
     
3,997
 
Less: valuation allowance
   
(395
)
   
(364
)
   
(736
)
Ending balance
 
$
2,626
   
$
2,748
   
$
3,261
 

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

   
Three
Months Ended
March 31,
2020
   
Three
Months Ended
March 31,
2019
 
Beginning balance
 
$
364
   
$
803
 
Additions charged to expense
   
31
     
10
 
Reversals upon sale
   
     
(77
)
Ending balance
 
$
395
   
$
736