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Acquired SJB Assets and FDIC Loss Sharing Asset | 3 Months Ended
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Mar. 31, 2018
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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 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, 2017. 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. At March 31, 2018, the remaining discount associated with the PCI loans approximated $1.1 million. The loss sharing agreement for commercial loans expired October 16, 2014 and will expire for single-family residential loans on October 16, 2019. 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 indicated.
|  | March 31, 2018 |  |  | December 31, 2017 |
|  | (Dollars in thousands) |
Commercial and industrial |  | $ | 908 |  |  | $ | 934 |
SBA |  |  | 1,356 |  |  |  | 1,383 |
Real estate: |  |  |  |  |  |  |  |
Commercial real estate |  |  | 24,275 |  |  |  | 27,431 |
Construction |  |  | - |  |  |  | - |
SFR mortgage |  |  | 158 |  |  |  | 162 |
Dairy & livestock and agribusiness |  |  | 10 |  |  |  | 770 |
Municipal lease finance receivables |  |  | - |  |  |  | - |
Consumer and other loans |  |  | 228 |  |  |  | 228 |
Gross PCI loans |  |  | 26,935 |  |  |  | 30,908 |
Less: Purchase accounting discount |  |  | (1,074) |  |  |  | (2,026) |
Gross PCI loans, net of discount |  |  | 25,861 |  |  |  | 28,882 |
Less: Allowance for PCI loan losses |  |  | (312) |  |  |  | (367) |
Net PCI loans |  | $ | 25,549 |  |  | $ | 28,515 |
Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods indicated.
|  | March 31, 2018 |  |  | December 31, 2017 |
|  | (Dollars in thousands) |
Pass |  | $ | 22,892 |  |  | $ | 26,439 |
Special mention |  |  | 1,066 |  |  |  | 1,088 |
Substandard |  |  | 2,977 |  |  |  | 3,381 |
Doubtful & loss |  |  | - |  |  |  | - |
Total gross PCI loans |  | $ | 26,935 |  |  | $ | 30,908 |

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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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