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FDIC Indemnification Asset | 9 Months Ended
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Sep. 30, 2015
Fdic Indemnification Asset [Abstract] |
FDIC Indemnification Asset | Note 9 – FDIC Indemnification Asset The FDIC indemnification asset is the estimated amount that the Company will receive from the FDIC under loss share agreements associated with two FDIC-assisted failed bank acquisitions. See page 40 of the Company's 2014 Annual Report on Form 10-K for a detailed explanation of this asset. The FDIC indemnification asset was comprised of the following components as of the dates shown:
($ in thousands) |  | September 30, 2015 |  | December 31, 2014 |  | September 30, 2014 |
Receivable (payable) related to loss claims incurred (recoveries), not yet reimbursed, net |  | $ | (2,427 | ) |  | 6,899 |  |  | 5,957 |
Receivable related to estimated future claims on loans |  |  | 9,522 |  |  | 14,933 |  |  | 17,932 |
Receivable related to estimated future claims on foreclosed real estate |  |  | 554 |  |  | 737 |  |  | 1,439 |
FDIC indemnification asset |  | $ | 7,649 |  |  | 22,569 |  |  | 25,328 |
Included in the receivable related to loss claims incurred, not yet reimbursed, at December 31, 2014, was $1.2 million related to two claims involving the same borrower. The FDIC initially denied both claims because the FDIC disagreed with the collection strategy that the Company undertook. During the second quarter of 2015, the Company and the FDIC reached an agreement to resolve this matter, as follows. One of the two claims amounting to $324,000 was accepted by the FDIC and the related loan remains subject to the loss share agreement, which provides that any future recoveries realized prior to June 30, 2017 are to be split on an 80%/20% basis with the FDIC (the FDIC receives 80%). For the other claim amounting to $886,000, the FDIC paid the Company $480,000 and the related loan was removed from the provisions of the loss share agreement. This will result in the Company retaining 100% of any future recoveries. As a result of this negotiated agreement, during the second quarter of 2015, the Company wrote off the $406,000 portion of the claim not being reimbursed by the FDIC, which is reflected in the “Other gains (losses)” line item in the Consolidated Statements of Income. The following presents a rollforward of the FDIC indemnification asset since December 31, 2014.
($ in thousands) |  |
Balance at December 31, 2014 |  | $ | 22,569 |
Decrease related to favorable changes in loss estimates |  |  | (2,526 | )
Increase related to reimbursable expenses |  |  | 1,031 |
Cash received |  |  | (8,758 | )
Decrease related to accretion of loan discount |  |  | (4,558 | )
Decrease related to settlement of disputed claims |  |  | (406 | )
Other |  |  | 297 |
Balance at September 30, 2015 |  | $ | 7,649 |

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