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, 2012
OTHER REAL ESTATE OWNED [Abstract]  
OTHER REAL ESTATE OWNED
NOTE 4 - OTHER REAL ESTATE OWNED
 
Period-end other real estate owned was as follows (dollars in thousands):
 
 
 
Three
Months Ended
March 31,
2012
 
 
Year
Ended
December 31,
2011
 
 
Three
Months Ended
March 31,
2011
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
 
$
83,663
 
 
$
68,388
 
 
$
68,388
 
Additions, transfers from loans and fixed assets
 
 
5,811
 
 
 
38,358
 
 
 
14,479
 
Proceeds from sales of other real estate owned
 
 
(4,417
)
 
 
(21,540
)
 
 
(4,984
)
Valuation allowance reversal upon sale
 
 
(1,463
)
 
 
(3,058
)
 
 
(1,083
)
Gain (loss) on sale of other real estate owned
 
 
94
 
 
 
1,515
  
 
 
212
  
 
 
 
83,688
 
 
 
83,663
 
 
 
77,012
 
Less: valuation allowance
 
 
(17,452
)
 
 
(17,225
)
 
 
(12,020
)
Ending balance
 
$
66,236
 
 
$
66,438
 
 
$
64,992
 
 
Activity in the valuation allowance was as follows (dollars in thousands):
 
 
 
Three Months
Ended
March 31,
2012
 
 
Three Months
Ended
March 31,
2011
 
Beginning balance
 
$
17,225
 
 
$
10,404
 
Additions charged to expense
 
 
1,690
 
 
 
2,699
 
Reversals upon sale
 
 
(1,463
)
 
 
(1,083
)
Ending balance
  
$
17,452
    
$
12,020