| OTHER REAL ESTATE OWNED |
NOTE 4 – OTHER REAL ESTATE OWNED
Period-end other real estate owned was as follows (dollars in thousands):
| |
|
Nine
Months Ended
September 30,
2011
|
|
|
Year
Ended
December 31,
2010
|
|
|
Nine
Months Ended
September 30,
2010
|
|
| |
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
68,388 |
|
|
$ |
41,987 |
|
|
$ |
41,987 |
|
Additions, transfers from loans and fixed assets |
|
|
32,015 |
|
|
|
45,248 |
|
|
|
36,221 |
|
Proceeds from sales of other real estate owned |
|
|
(16,370 |
) |
|
|
(16,003 |
) |
|
|
(13,527 |
) |
Valuation allowance reversal upon sale |
|
|
(2,031 |
) |
|
|
(2,677 |
) |
|
|
(2,163 |
) |
Gain (loss) on sale of other real estate owned |
|
|
1,191 |
|
|
|
(167 |
) |
|
|
(167 |
) |
| |
|
|
83,193 |
|
|
|
68,388 |
|
|
|
62,351 |
|
Less: valuation allowance |
|
|
(16,709 |
) |
|
|
(10,404 |
) |
|
|
(8,369 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance |
|
$ |
66,484 |
|
|
$ |
57,984 |
|
|
$ |
53,982 |
|
Activity in the valuation allowance was as follows (dollars in thousands):
| |
|
Three Months
Ended
September 30,
2011
|
|
|
Three Months
Ended
September 30,
2010
|
|
|
Nine Months
Ended
September 30,
2011
|
|
|
Nine Months
Ended
September 30,
2010
|
|
Beginning balance |
|
$ |
14,025 |
|
|
$ |
7,951 |
|
|
$ |
10,404 |
|
|
$ |
4,804 |
|
Additions charged to expense |
|
|
2,985 |
|
|
|
1,465 |
|
|
|
8,336 |
|
|
|
5,729 |
|
Reversals upon sale |
|
|
(301 |
) |
|
|
(1,047 |
) |
|
|
(2,031 |
) |
|
|
(2,164 |
) |
Ending balance |
|
$ |
16,709 |
|
|
$ |
8,369 |
|
|
$ |
16,709 |
|
|
$ |
8,369 |
|
Net realized gains on sales of other real estate were $440,000 and $1.2 million, respectively, for the three and nine month periods ended September 30, 2011. Net realized gains on sales of other real estate were $50,000 for the three month period ended September 30, 2010. For the nine month period ended September 30, 2010, the Company had net realized losses on sales of other real estate of $167,000.
|