REAL ESTATE ACQUIRED THROUGH FORECLOSURE

3 Months Ended

Mar. 31, 2014

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

5. REAL ESTATE ACQUIRED THROUGH FORECLOSURE

A summary of the real estate acquired through foreclosure activity is as follows:

	March 31,		December 31,
(Dollars in thousands)	2014		2013
Beginning balance, January 1,	$	11,657	$	22,286
Additions		954		8,713
Net proceeds from sale of properties		(348)		(17,076)
Writedowns		(3)		(2,185)
Change in valuation allowance		-		(81)
Ending balance	$	12,260	$	11,657

A summary of the real estate acquired through foreclosure valuation allowance activity is as follows:

	March 31,		December 31,
(Dollars in thousands)	2014		2013
Beginning balance	$	581	$	500
Provision		-		427
Writedowns and loss on sale		-		(346)
Ending balance	$	581	$	581

Real estate acquired through foreclosure expense which consists primarily of property management expenses was $86,000 and $294,000 for the periods ended March 31, 2014 and 2013, respectively.