Other Real Estate Owned

3 Months Ended

Mar. 31, 2017

Other Real Estate Owned

Other Real Estate Owned

Note 8—Other Real Estate Owned

The following is a summary of information pertaining to OREO:

	Three Months Ended March 31,
	2017						2016
			Covered						Covered
(Dollars in thousands)	OREO		OREO		Total		OREO		OREO		Total
Beginning balance	$	18,316	$	—	$	18,316	$	24,803	$	5,751	$	30,554
Acquired in Southeastern Bank acquisition		550		—		550		—		—		—
Additions		4,284		—		4,284		2,124		2,151		4,275
Writedowns		(936)		—		(936)		(667)		(2,131)		(2,798)
Sold		(2,207)		—		(2,207)		(4,529)		(1,549)		(6,078)
Ending Balance	$	20,007	$	—	$	20,007	$	21,731	$	4,222	$	25,953

On June 23, 2016, the Bank entered into an early termination agreement with the FDIC with respect to all of its outstanding loss share agreements.  OREO previously classified as covered became uncovered during the second quarter of 2016, which consisted of 17 properties with a carrying value of $4.2 million as of March 31, 2016. 

At March 31, 2017, there were a total of 101 properties included in OREO.  This compares to 132 properties included in OREO, with 115 uncovered and 17 covered by loss share agreements with the FDIC, at March 31, 2016. At March 31, 2017, the Company had $1.4 million in residential real estate included in OREO and $6.4 million in residential real estate consumer mortgage loans in the process of foreclosure.