Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v2.4.0.8
OTHER REAL ESTATE OWNED
 9 Months Ended
Sep. 30, 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):
 
 
  
Nine
    
Year
    
Nine
  
 
  
Months Ended
    
Ended
    
Months Ended
  
 
  
September 30,
    
December 31,
    
September 30,
  
 
  
2013
    
2012
    
2012
  
Beginning balance
  
$
69,743
    
$
83,663
    
$
83,663
  
Additions, transfers from loans and fixed assets
    
3,170
      
9,168
      
9,002
  
Proceeds from sales of other real estate owned
    
(10,545
)
    
(18,729
)
    
(13,426
)
Valuation allowance reversal upon sale
    
(2,794
)
    
(4,300
)
    
(2,962
)
Gain (loss) on sale of other real estate owned
    
1,004
      
(59
)
    
11
  
 
    
60,578
      
69,743
      
76,288
  
Less: valuation allowance
    
(17,782
)
    
(18,161
)
    
(18,510
)
Ending balance
  
$
42,796
    
$
51,582
    
$
57,778
  
 
Activity in the valuation allowance was as follows (dollars in thousands):
 
 
Nine Months
  
Nine Months
  
 
Ended
  
Ended
  
 
September 30,
  
September 30,
  
 
2013
  
2012
  
Beginning balance
  
$
18,161
    
$
17,225
  
Additions charged to expense
    
2,415
      
4,247
  
Reversals upon sale
    
(2,794
)
    
(2,962
)
Ending balance
  
$
17,782
    
$
18,510