Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v2.4.0.6
OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2013
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,
2013
 
 
Year
Ended
December 31,
2012
 
 
Three
Months Ended
March 31,
2012
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
69,743
 
 
$
83,663
 
 
$
83,663
 
Additions, transfers from loans and fixed assets
 
 
2,271
 
 
 
9,168
 
 
 
5,811
 
Proceeds from sales of other real estate owned
 
 
(2,201
)
 
 
(18,729
)
 
 
(4,417
)
Valuation allowance reversal upon sale
 
 
(651
)
 
 
(4,300
)
 
 
(1,463
)
Gain (loss) on sale of other real estate owned
 
 
320
 
 
 
(59
)
 
 
94
 
 
 
69,482
 
 
 
69,743
 
 
 
83,688
 
Less: valuation allowance
 
 
(17,889
)
 
 
(18,161
)
 
 
(17,452
)
Ending balance
 
$
51,593
 
 
$
51,582
 
 
$
66,236
 
 
Activity in the valuation allowance was as follows (dollars in thousands):
 
 
Three Months
Ended
March 31,
2013
 
 
Three Months
Ended
March 31,
2012
 
Beginning balance
 
$
18,161
 
 
$
17,225
 
Additions charged to expense
 
 
379
 
 
 
1,690
 
Reversals upon sale
 
 
(651
)
 
 
(1,463
)
Ending balance
$
17,889
$
17,452