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Receivable from FDIC for Loss Share Agreements | 12 Months Ended
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Dec. 31, 2014
Receivable From FDIC For Loss Share Agreements [Abstract] |
Receivable from FDIC for Loss Share Agreements | FDIC LOSS SHARE RECEIVABLE The following table provides changes in the receivable from the FDIC for the years ended December 31, 2014, 2013 and 2012:
| Year ended December 31
(Dollars in thousands) | 2014 |  | 2013 |  | 2012
Balance at January 1 | $ | 93,397 |  |  | $ | 270,192 |  |  | $ | 617,377 |
Additional receivable from Bancorporation acquisition | 5,106 |  |  | — |  |  | — |
Amortization | (43,422 | ) |  | (85,651 | ) |  | (102,394 | )
Cash payments to (from) the FDIC | 1,286 |  |  | (19,373 | ) |  | (251,972 | )
Post-acquisition adjustments | (27,666 | ) |  | (71,771 | ) |  | 7,181 |
Balance at December 31 | $ | 28,701 |  |  | $ | 93,397 |  |  | $ | 270,192 |
The receivable from the FDIC for loss share agreements is measured separately from the related covered assets and is recorded at fair value at the acquisition date using projected cash flows based on the expected reimbursements for losses and the applicable loss share percentages. See Note T for information related to BancShares' recorded payable to the FDIC for loss share agreements. Historically, BancShares has had six FDIC-assisted transactions executed in 2009 through 2011. Three additional transactions were assumed as a result of the merger with FCB-SC: Georgian Bank of Atlanta, Georgia (acquired 2009); Williamsburg First National Bank of Williamsburg, South Carolina (acquired 2010); and Atlantic Bank & Trust of Charleston, South Carolina (acquired 2011). The fair value of the FDIC receivable and the activity since the merger are included in the table above. Amortization reflects changes in the FDIC loss share receivable due to improvements in expected cash flows that are being recognized over the remaining term of the loss share agreement. Cash payments to (from) the FDIC represent the net impact of loss share loan recoveries, charge-offs and related expenses as calculated and reported in FDIC loss share certificates. Post-acquisition adjustments represent the net change in loss estimates related to acquired loans and covered OREO as a result of changes in expected cash flows and the ALLL related to those covered loans. For loans covered by loss share agreements, subsequent decreases in the amount expected to be collected from the borrower or collateral liquidation result in a provision for loan and lease losses, an increase in the ALLL and a proportional adjustment to the receivable from the FDIC for the estimated amount to be reimbursed. Subsequent increases in the amount expected to be collected from the borrower or collateral liquidation result in the reversal of some or all previously recorded provision for loan and lease losses, a decrease in the related ALLL and a proportional adjustment to the receivable from the FDIC, or prospective adjustment to the accretable yield and the related receivable from the FDIC if no provision for loan and lease losses had been recorded previously. The loss share agreements for non-single family residential loans acquired from Temecula Valley Bank and Venture Bank expired during the third quarter of 2014. Georgian Bank's, a bank acquired through the merger with Bancorporation, loss share agreements for non-single family residential loans also expired in the third quarter of 2014. During the first quarter of 2015, the loss share agreements for First Regional Bank and non-single family residential loans acquired from Sun American Bank will expire. The loss share agreements for non-single family residential loans for Williamsburg First National Bank will expire in the third quarter of 2015.

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- Definition Represents the fair value of the receivable from the FDIC resulting from FDIC-assisted transactions. Fair value estimated using projected cash flows included in loss share agreements based on expected reimbursements for losses and applicable loss share percentages. Updated as changes in estimates made and payments received from the FDIC + References No definition available. + Details
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