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Other Real Estate and Property Acquired in Settlement of Loans
 12 Months Ended
Dec. 31, 2017
Real Estate [Abstract]  
Other Real Estate and Property Acquired in Settlement of Loans
Other Real Estate and Property Acquired in the Settlement of Loans
The following table summarizes ORE and personal property acquired in the settlement of loans, the latter of which is included in other assets on the Consolidated Balance Sheets. There were no ORE amounts covered under Loss Share Agreements with the FDIC at December 31, 2017. At December 31, 2016, the amounts reported included ORE covered under Loss Share Agreements with the FDIC of $573,000.
 
 
December 31,
(in thousands)
 
2017
 
2016
ORE, net
 
$
7,621

 
$
14,814

Personal property acquired in the settlement of loans
 
2,392

 
2,274

Total
 
$
10,013

 
$
17,088


The following table segregates the ORE by type:
 
 
December 31,
(in thousands)
 
2017
 
2016
Commercial
 
$
1,422

 
$
6,625

Residential
 
258

 
1,514

Undeveloped property
 
5,941

 
6,675

Total ORE, net
 
$
7,621

 
$
14,814


The following table summarizes the changes in ORE for 2017, and 2016:
 
 
For the Year Ended
December 31,
(in thousands)
 
2017
 
2016
Beginning balance
 
$
14,814

 
$
18,677

ORE acquired in acquisition
 
—

 
809

Transfers of loans to ORE
 
2,127

 
7,120

Sales
 
(8,262
)
 
(10,702
)
Write-downs
 
(1,058
)
 
(1,090
)
Ending balance
 
$
7,621

 
$
14,814


The recorded investment of residential mortgage loans held for investment formally in the process of foreclosure proceedings was approximately $3.0 million, and $2.0 million, at December 31, 2017, and 2016, respectively.