Quarterly report pursuant to Section 13 or 15(d)

OTHER REAL ESTATE OWNED

v2.4.0.8
OTHER REAL ESTATE OWNED
 3 Months Ended
Mar. 31, 2014
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
    
Year
    
Three
  
 
  
Months Ended
    
Ended
    
Months Ended
  
 
  
March 31,
    
December 31,
    
March 31,
  
 
  
2014
    
2013
    
2013
  
Beginning balance
  
$
53,501
    
$
69,743
    
$
69,743
  
Additions, transfers from loans and fixed assets
    
554
      
3,539
      
2,271
  
Proceeds from sales of other real estate owned
    
(3,501
)
    
(16,501
)
    
(2,201
)
Valuation allowance reversal upon sale
    
(1,948
)
    
(4,378
)
    
(651
)
Gain (loss) on sale of other real estate owned
    
484
      
1,098
      
320
  
 
    
49,090
      
53,501
      
69,482
  
Less: valuation allowance
    
(15,055
)
    
(16,705
)
    
(17,889
)
Ending balance
  
$
34,035
    
$
36,796
    
$
51,593
  

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

 
Three Months
  
Three Months
  
 
Ended
  
Ended
  
 
March 31,
  
March 31,
  
 
2014
  
2013
  
Beginning balance
  
$
16,705
    
$
18,161
  
Additions charged to expense
    
298
      
379
  
Reversals upon sale
    
(1,948
)
    
(651
)
Ending balance
  
$
15,055
    
$
17,889