Other Real Estate Owned

12 Months Ended

Dec. 31, 2017

Other Real Estate Owned

Other Real Estate Owned

Note 6—Other Real Estate Owned

The following is a summary of the changes in the carrying value of OREO:

			Covered
(Dollars in thousands)	OREO		OREO		Total
Balance, December 31, 2014	$	26,499	$	16,227	$	42,726
Transfers		2,245		(2,245)		—
Additions, net		21,419		9,283		30,702
Writedowns		(3,163)		(6,265)		(9,428)
Sold		(22,197)		(11,249)		(33,446)
Balance, December 31, 2015		24,803		5,751		30,554
Transfers		4,222		(4,222)		—
Additions, net		11,842		2,151		13,993
Writedowns		(2,270)		(2,131)		(4,401)
Sold		(20,281)		(1,549)		(21,830)
Balance, December 31, 2016	$	18,316	$	—	$	18,316
Acquired in Southeastern Bank Financial Corp. acquisition		385		—		385
Acquired in Park Sterling Corp. acquisition		2,046		—		2,046
Additions, net		11,558		—		11,558
Writedowns		(2,249)		—		(2,249)
Sold		(18,853)		—		(18,853)
Balance, December 31, 2017	$	11,203	$	—	$	11,203

As noted above, 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.  The covered OREO shown above was presented net of the related fair value discount, and the activity reflected for the covered assets is prior to the early termination of the FDIC loss share agreements.  All remaining 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 December 31, 2017, there were a total of 82 properties included in OREO which compares to 90 properties included in OREO, at December 31, 2016.  At December 31, 2017, the Company had $2.6 million in residential real estate included in OREO and $6.1 million in residential real estate consumer mortgage loans in the process of foreclosure.