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FDIC Indemnification Asset and True-up Payment Obligation | 3 Months Ended
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Mar. 31, 2018
Banking and Thrift [Abstract] |
FDIC Indemnification Asset and True-up Payment Obligation [Text Block] | NOTE 7- FDIC INDEMNIFICATION ASSET AND TRUE-UP PAYMENT OBLIGATION On February 6, 2017, the Bank and the FDIC agreed to terminate the single family and commercial shared-loss agreements related to the FDIC assisted acquisition of Eurobank on April 30, 2010. As part of the loss share termination transaction, the Bank made a payment of $10.1 million to the FDIC and recorded a net benefit of $1.4 million. Such termination payment took into account the anticipated reimbursements ove r the life of the shared-loss agreements and the true-up payment liability of the Bank anticipated at the end of the ten-year term of the single family shared-loss agreement. All rights and obligations of the parties under the shared-loss agreements termin ated as of the closing date of the agreement. Pursuant to the terms of the shared-loss agreements, the FDIC would reimburse the Bank for 80% of all qualifying losses with respect to assets covered by such agreements, and the Bank would reimburse the FDIC f or 80% of qualifying recoveries with respect to losses for which the FDIC reimbursed the Bank. The single family shared-loss agreement provided for FDIC loss sharing and the Bank’s reimbursement to the FDIC to last for ten years, and the commercial shared-loss agreement provided f or FDIC loss sharing and the Bank’s reimbursement to the FDIC to last for five years, with additional recovery sharing for three years thereafter. The following table presents the activity in the FDIC indemnification asset and tru e-up payment obligation for the quarters ended March 31, 2018 and 2017:
| Quarter Ended March 31,
| 2018 |  | 2017
| (In thousands)
FDIC indemnification asset: |  |  |  |  |
Balance at beginning of year | $ | - |  | $ | 14,411
FDIC indemnification asset benefit |  | - |  |  | 1,403
Shared-loss termination settlement |  | - |  |  | (15,814)
True-up payment obligation: |  |  |  |  |
Balance at beginning of year | $ | - |  | $ | 26,786
Shared-loss termination settlement |  | - |  |  | (26,786)
Balance at end of year | $ | - |  | $ | 26,786

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- Definition The FDIC indemnification asset represents the present value of losses on covered assets to be reimbursed by the FDIC under the loss share agreements. + References No definition available. + Details
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- References No definition available. + Details
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