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, 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):

   
Nine
   
Year
   
Nine
 
   
Months Ended
   
Ended
   
Months Ended
 
   
September 30,
   
December 31,
   
September 30,
 
   
2014
   
2013
   
2013
 
Beginning balance
 
$
53,501
   
$
69,743
   
$
69,743
 
Additions, transfers from loans
   
2,565
     
3,539
     
3,170
 
Proceeds from sales of other real estate owned
   
(9,964
)
   
(16,501
)
   
(10,545
)
Valuation allowance reversal upon sale
   
(3,409
)
   
(4,378
)
   
(2,794
)
Gain on sale of other real estate owned
   
475
     
1,098
     
1,004
 
     
43,168
     
53,501
     
60,578
 
Less: valuation allowance
   
(14,405
)
   
(16,705
)
   
(17,782
)
Ending balance
 
$
28,763
   
$
36,796
   
$
42,796
 

  Activity in the valuation allowance was as follows (dollars in thousands):
 
   
Nine Months
   
Nine Months
 
   
Ended
   
Ended
 
   
September 30,
   
September 30,
 
   
2014
   
2013
 
Beginning balance
 
$
16,705
   
$
18,161
 
Additions charged to expense
   
1,109
     
2,415
 
Reversals upon sale
   
(3,409
)
   
(2,794
)
Ending balance
 
$
14,405
   
$
17,782