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Acquired SJB Assets and FDIC Loss Sharing Asset

6 Months Ended

Jun. 30, 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 June 30, 2018, the remaining discount associated with the PCI loans was zero. The loss sharing agreement for commercial loans expired October 16, 2014. The loss sharing agreement with the FDIC for single-family residential loans, which would have expired on October 16, 2019, was terminated by the Bank on July 20, 2018.

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.

		June 30, 2018				December 31, 2017
		(Dollars in thousands)
Commercial and industrial		$	562			$	934
SBA			1,311				1,383
Real estate:
Commercial real estate			17,214				27,431
Construction			-				-
SFR mortgage			154				162
Dairy & livestock and agribusiness			-				770
Municipal lease finance receivables			-				-
Consumer and other loans			185				228
Gross PCI loans			19,426				30,908
Less: Purchase accounting discount			-				(2,026	)
Gross PCI loans, net of discount			19,426				28,882
Less: Allowance for PCI loan losses			(216	)			(367	)
Net PCI loans		$	19,210			$	28,515

Credit Quality Indicators

The following table summarizes gross PCI loans by internal risk ratings for the periods indicated.

		June 30, 2018				December 31, 2017
		(Dollars in thousands)
Pass		$	18,137			$	26,439
Special mention			1,044				1,088
Substandard			245				3,381
Doubtful & loss			-				-
Total gross PCI loans		$	19,426			$	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.

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