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Acquired SJB Assets and FDIC Loss Sharing Asset | 12 Months Ended
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Dec. 31, 2014
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Acquired SJB Assets and FDIC Loss Sharing Asset | 6. ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET FDIC Assisted Acquisition On October 16, 2009, the Bank acquired SJB and entered into a loss sharing agreements with the FDIC that is more fully discussed in the Significant Accounting Policies (Note 3) included herein. The acquisition has been accounted for under the purchase method of accounting. The assets and liabilities were recorded at their estimated fair values as of the October 16, 2009 acquisition date. The acquired loans were accounted for as PCI loans. The application of the purchase method of accounting resulted in an after-tax gain of $12.3 million which was included in 2009 earnings. The gain was the negative goodwill resulting from the acquired assets and liabilities recognized at fair value. At December 31, 2014, the remaining discount associated with the PCI loans approximated $7.1 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $4.6 million of the related discount is expected to accrete into interest income over the remaining average lives of the respective pools and individual loans, which approximates 4 years and 0.3 years, respectively. The loss sharing agreement for commercial loans expired October 16, 2014. The FDIC loss sharing asset of $299,000 at December 31, 2014 reflects the amount for which we expect reimbursement from the FDIC. The following tables provide a summary of PCI loans and lease finance receivables by type and their credit quality indicators as of December 31, 2014 and 2013, respectively:
|  | December 31, 2014 |  |  | December 31, 2013 |
|  | (Dollars in thousands) |
Commercial and industrial |  | $ | 14,605 |  |  | $ | 19,047 |
SBA |  |  | 1,110 |  |  |  | 1,414 |
Real estate: |  |  |  |  |  |  |  |
Commercial real estate |  |  | 109,350 |  |  |  | 141,141 |
Construction |  |  | — |  |  |  | 644 |
SFR mortgage |  |  | 205 |  |  |  | 313 |
Dairy & livestock and agribusiness |  |  | 4,890 |  |  |  | 6,000 |
Municipal lease finance receivables |  |  | — |  |  |  | — |
Consumer and other loans |  |  | 3,336 |  |  |  | 4,545 |
Gross PCI loans |  |  | 133,496 |  |  |  | 173,104 |
Less: Purchase accounting discount |  |  | (7,129 | ) |  |  | (12,789 | )
Gross PCI loans, net of discount |  |  | 126,367 |  |  |  | 160,315 |
Less: Allowance for PCI loan losses |  |  | — |  |  |  | — |
Net PCI loans |  | $ | 126,367 |  |  | $ | 160,315 |
Credit Quality Indicators The following table summarizes PCI loans by internal risk ratings by loan class as of December 31, 2014 and 2013:
|  | December 31, 2014 |  |  | December 31, 2013 |
|  | (Dollars in thousands) |
Pass |  | $ | 26,706 |  |  | $ | 38,961 |
Watch list |  |  | 77,371 |  |  |  | 74,369 |
Special mention |  |  | 8,203 |  |  |  | 15,492 |
Substandard |  |  | 21,216 |  |  |  | 44,241 |
Doubtful & loss |  |  | — |  |  |  | 41 |
Total PCI gross loans |  | $ | 133,496 |  |  | $ | 173,104 |
Allowance for Loan Losses The Company’s Credit Management Division is responsible for regularly reviewing the ALLL methodology for PCI loans. The ALLL for PCI loans is determined separately, and is based on expectations of future cash flows from the underlying pools of loans or individual loans in accordance with ASC 310-30, as more fully discussed in Note 3 — Summary of Significant Accounting Policies. As of December 31, 2014 and 2013, the Company had zero allowance for loan losses recorded for PCI loans. FDIC Loss Sharing Asset The following table summarizes the activity related to the FDIC loss sharing asset for the years ended December 31, 2014 and 2013:
|  | For the Year Ended December 31, |
|  | 2014 |  |  | 2013 |
|  | (Dollars in thousands) |
Balance, beginning of period |  | $ | 4,764 |  |  | $ | 18,489 |
FDIC share of additional losses, net of recoveries |  |  | 342 |  |  |  | (81 | )
Cash paid to (received from) FDIC, net |  |  | 1,134 |  |  |  | (4 | )
Net amortization (1) |  |  | (3,932 | ) |  |  | (12,779 | )
Other reductions, net |  |  | (2,009 | ) |  |  | (861 | )
Balance, end of period |  | $ | 299 |  |  | $ | 4,764 |
(1) | Net amortization included accelerated amortization as a result of loans being paid off in full, sold, or transferred to OREO.
Through December 31, 2014, the Bank has submitted claims to the FDIC for net losses on PCI loans totaling $122.0 million.

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- Definition Disclosure of assets covered under a loss sharing agreement with the FDIC. These are assets resulting from an FDIC assisted acquisition. Covered assets are guaranteed by the FDIC for 80% reimbursement for losses, and recoveries of claimed losses are shared with the FDIC at the same rate, up to certain thresholds, and through certain dates. The FDIC loss sharing asset is representative of the net present value of the amount expected to be received from the FDIC in relation to the related loss share agreement. + References No definition available. + Details
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