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OTHER REAL ESTATE OWNED
 12 Months Ended
Dec. 31, 2013
OTHER REAL ESTATE OWNED  
OTHER REAL ESTATE OWNED

NOTE 6 — OTHER REAL ESTATE OWNED

       Activity in the real estate owned assets, which are included in interest receivable and other assets in the consolidated balance sheets, was as follows:

 
   2013
   2012
   2011
  
   

Beginning Balance

   $ 6,677   $ 15,456   $ 11,453  

Transfer to other real estate owned

     4,005     5,286     23,093  

Sale — Out of other real estate owned

     (5,708 )   (12,089 )   (16,125 )

Write-down

     (854 )   (1,976 )   (2,965 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending Balance

   $ 4,120   $ 6,677   $ 15,456  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
       

       The value of the sale amount above is the carrying value of the property when it was sold.

       Activity in the valuation account for other real estate was as follows:

 
   2013
   2012
   2011
  
   

Beginning Balance — January 1

   $ (1,672 ) $ (2,279 ) $ (779 )

Impairments during year

     (854 )   (1,976 )   (2,965 )

Recovery on impairments

     —     —     —  

Reductions

     1,198     2,583     1,465  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ending Balance — December 31

   $ (1,328 ) $ (1,672 ) $ (2,279 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
       

       Net loss on OREO activity which is included in non-interest income and expenses related to foreclosed assets included in other expenses in the consolidated statements of income, were as follows:

 
   2013
   2012
   2011
  
   

Write-downs

   $ 854   $ 1,976   $ 2,965  

Losses/(gains)on sales

     (315 )   (617 )   (221 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss

   $ 539   $ 1,359   $ 2,744  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Operating expenses

     417     624     1,152  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​