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Acquired SJB Assets and FDIC Loss Sharing Asset | 9 Months Ended
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Sep. 30, 2015
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Acquired SJB Assets and FDIC Loss Sharing Asset |
5. | ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET
FDIC Assisted Acquisition On October 16, 2009, the Bank acquired San Joaquin Bank (“SJB”) and entered into loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) that is more fully discussed in Note 3—Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014. 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 Purchase Credit Impaired (“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 is the negative goodwill resulting from the acquired assets and liabilities recognized at fair value. At September 30, 2015, the remaining discount associated with the PCI loans approximated $4.8 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $2.8 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 3.2 years and 0.9 years, respectively. The loss sharing agreement for commercial loans expired October 16, 2014. The following table provides a summary of PCI loans and lease finance receivables by type and their credit quality indicators for the periods indicated.
|  | September 30, 2015 |  |  | December 31, 2014 |
|  | (Dollars in thousands) |
Commercial and industrial |  | $ | 8,062 |  |  | $ | 14,605 |
SBA |  |  | 414 |  |  |  | 1,110 |
Real estate: |  |  |  |  |  |  |  |
Commercial real estate |  |  | 87,522 |  |  |  | 109,350 |
Construction |  |  | - |  |  |  | - |
SFR mortgage |  |  | 198 |  |  |  | 205 |
Dairy & livestock and agribusiness |  |  | 523 |  |  |  | 4,890 |
Municipal lease finance receivables |  |  | - |  |  |  | - |
Consumer and other loans |  |  | 2,466 |  |  |  | 3,336 |
Gross PCI loans |  |  | 99,185 |  |  |  | 133,496 |
Less: Purchase accounting discount |  |  | (4,754 | ) |  |  | (7,129 | )
Gross PCI loans, net of discount |  |  | 94,431 |  |  |  | 126,367 |
Less: Allowance for PCI loans losses |  |  | - |  |  |  | - |
Net PCI loans |  | $ | 94,431 |  |  | $ | 126,367 |
Credit Quality Indicators The following table summarizes PCI loans by internal risk ratings for the periods indicated.
|  | September 30, 2015 |  |  | December 31, 2014 |
|  | (Dollars in thousands) |
Pass |  | $ | 22,108 |  |  | $ | 26,706 |
Watch list |  |  | 57,308 |  |  |  | 77,371 |
Special mention |  |  | 13,379 |  |  |  | 8,203 |
Substandard |  |  | 6,390 |  |  |  | 21,216 |
Doubtful & loss |  |  | - |  |  |  | - |
Total PCI gross loans |  | $ | 99,185 |  |  | $ | 133,496 |
Allowance for Loan Losses (“ALLL”) 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 from total loans, 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 described in Note 3— Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014. As of September 30, 2015 and December 31, 2014, there were no allowances for loan losses recorded for PCI loans.

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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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