Other Real Estate Owned and Other Repossessed Assets

3 Months Ended

Mar. 31, 2014

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Other Real Estate Owned and Other Repossessed Assets

8. OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS

Real estate owned and other repossessed assets at March 31, 2014 and December 31, 2013 were as follows:

March 31, 2014			December 31, 2013
	(Dollars in thousands)
Real estate owned and other repossessed assets	$	8,288		$	10,400
Valuation allowance		(3,588	)		(4,059	)
End of period	$	4,700		$	6,341

Activity in the valuation allowance was as follows:

	March 31, 2014			March 31, 2013
	(Dollars in thousands)
Beginning of year	$	4,059		$	6,796
Additions charged to expense		292			323
Reductions due to sales		(763	)		(912	)
End of period	$	3,588		$	6,207

Expenses related to foreclosed and repossessed assets include:

	Three Months Ended March 31, 2014		Three Months Ended March 31, 2013
	(Dollars in thousands)
Net loss on sales	$	91	$	108
Provision for unrealized losses, net		292		323
Operating expenses, net of rental income		213		493
Total expenses	$	596	$	924