Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v3.21.1
OTHER REAL ESTATE OWNED
3 Months Ended
Mar. 31, 2021
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,
2021
   
Year
Ended
December 31,
2020
   
Three
Months Ended
March 31,
2020
 
Beginning balance
 
$
2,731
   
$
3,112
   
$
3,112
 
Additions, transfers from loans
   
     
     
 
Proceeds from sales of other real estate owned
   
(148
)
   
(192
)
   
(91
)
Valuation allowance reversal upon sale
   
(94
)
   
(202
)
   
 
Gain / (loss) on sales of other real estate owned
   
(14
)
   
13
     
 
     
2,475
     
2,731
     
3,021
 
Less: valuation allowance
   
(104
)
   
(194
)
   
(395
)
Ending balance
 
$
2,371
   
$
2,537
   
$
2,626
 

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

   
Three
Months Ended
March 31,
2021
   
Three
Months Ended
March 31,
2020
 
Beginning balance
 
$
194
   
$
364
 
Additions charged to expense
   
4
     
31
 
Reversals upon sale
   
(94
)
   
 
Ending balance
 
$
104
   
$
395