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Acquired SJB Assets and FDIC Loss Sharing Asset | 12 Months Ended
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Dec. 31, 2016
Text Block [Abstract] |
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 Note 3 — Summary of Significant Accounting Policies 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 is the negative goodwill resulting from the acquired assets and liabilities recognized at fair value. At December 31, 2016, the remaining discount associated with the PCI loans approximated $1.5 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $1.0 million of the related discount is expected to accrete into interest income over the remaining average lives of the respective pools, which approximates 2.5 years. 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 by internal risk ratings (credit quality indicators) for the periods presented.
|  | December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Commercial and industrial |  | $ | 2,309 |  |  | $ | 7,473 |
SBA |  |  | 327 |  |  |  | 393 |
Real estate: |  |  |  |  |  |  |  |
Commercial real estate |  |  | 67,594 |  |  |  | 81,786 |
Construction |  |  | - |  |  |  | - |
SFR mortgage |  |  | 178 |  |  |  | 193 |
Dairy & livestock and agribusiness |  |  | 1,216 |  |  |  | 1,429 |
Municipal lease finance receivables |  |  | - |  |  |  | - |
Consumer and other loans |  |  | 1,469 |  |  |  | 2,438 |
Gross PCI loans |  |  | 73,093 |  |  |  | 93,712 |
Less: Purchase accounting discount |  |  | (1,508) |  |  |  | (3,872) |
Gross PCI loans, net of discount |  |  | 71,585 |  |  |  | 89,840 |
Less: Allowance for PCI loan losses |  |  | (1,219) |  |  |  | - |
Net PCI loans |  | $ | 70,366 |  |  | $ | 89,840 |
Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods presented.
|  | December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Pass |  | $ | 59,409 |  |  | $ | 76,401 |
Special mention |  |  | 1,162 |  |  |  | 11,142 |
Substandard |  |  | 12,522 |  |  |  | 6,169 |
Doubtful & loss |  |  | - |  |  |  | - |
Total gross PCI loans |  | $ | 73,093 |  |  | $ | 93,712 |
FDIC Loss Sharing Liability The following table summarizes the activity related to the FDIC loss sharing liability for the periods presented.
|  | For the Year Ended December 31, |
|  | 2016 |  |  | 2015 |
|  | (Dollars in thousands) |
Balance, beginning of period |  | $ | (229) |  |  | $ | 299 |
FDIC share of recoveries, net of charge-offs |  |  | (5) |  |  |  | (902) |
Cash paid to (received from) FDIC, net |  |  | 514 |  |  |  | 1,089 |
Net amortization (1) |  |  | - |  |  |  | - |
Other |  |  | (782) |  |  |  | (715) |
Balance, end of period |  | $ | (502) |  |  | $ | (229) |
| (1) | Net amortization included accelerated amortization as a result of loans being paid off in full, sold, or transferred to OREO.
Through December 31, 2016, the Bank has submitted claims to the FDIC for net losses on PCI loans totaling $119.1 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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