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FDIC Shared-Loss Receivable | 6 Months Ended
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Jun. 30, 2017
FDIC Shared-Loss Receivable [Abstract] |
FDIC Shared-Loss Receivable | FDIC SHARED-LOSS RECEIVABLE AND PAYABLE BancShares completed six FDIC-assisted transactions with shared-loss agreements during the period beginning in 2009 through 2011. Prior to its merger into BancShares, First Citizens Bancorporation, Inc. (Bancorporation) completed three FDIC-assisted transactions with shared-loss agreements: Georgian Bank (acquired in 2009); Williamsburg First National Bank (acquired in 2010); and Atlantic Bank & Trust (acquired in 2011). During the first quarter of 2017, FCB entered into an agreement with the FDIC to terminate the shared-loss agreement for Venture Bank (VB). Under the terms of the agreement, FCB made a payment of $285 thousand to the FDIC as consideration for early termination of the shared-loss agreement. The early termination resulted in a reduction of $240 thousand to the FDIC shared-loss receivable and a $45 thousand loss on the termination of the shared-loss agreement. In addition to the shared-loss agreement termination for VB, FCB terminated five shared-loss agreements in 2016, including Temecula Valley Bank, Sun American Bank, Williamsburg First National Bank, Atlantic Bank & Trust and Colorado Capital Bank. As of June 30, 2017, shared-loss protection has expired or has been terminated for all non-single family residential loans. Shared-loss protection remains only for $73.2 million of single family residential loans acquired from United Western Bank and Georgian Bank. The following table provides changes in the receivable from the FDIC for the three and six months ended June 30, 2017 and June 30, 2016.
| Three months ended June 30 |  | Six months ended June 30
(Dollars in thousands) | 2017 |  | 2016 |  | 2017 |  | 2016
Beginning balance | $ | 3,981 |  |  | $ | 7,474 |  |  | $ | 4,172 |  |  | $ | 4,054 |
Amortization | (422 | ) |  | (867 | ) |  | (1,022 | ) |  | (3,242 | )
Net cash payments to FDIC | 2,437 |  |  | 3,631 |  |  | 5,197 |  |  | 13,502 |
Post-acquisition adjustments | (2,230 | ) |  | (3,495 | ) |  | (4,821 | ) |  | (7,571 | )
Termination of FDIC shared-loss agreements | — |  |  | (1,462 | ) |  | 240 |  |  | (1,462 | )
Ending balance | $ | 3,766 |  |  | $ | 5,281 |  |  | $ | 3,766 |  |  | $ | 5,281 |

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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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- Definition FDIC Shared-Loss Receivable [Abstract] + References No definition available. + Details
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