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FDIC Shared-Loss Agreements | 12 Months Ended
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Dec. 31, 2018
Banking [Abstract] |
FDIC Shared-Loss Agreements | NOTE 8- FDIC SHARED-LOSS AGREEMENTS 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 over the life of the shared-loss agreements and the true-up payment liability of the Bank anticipat ed 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 terminated as of the closing date of the agreemen t. The following table presents the activity in the F DIC indemnification asset and true-up payment obligation for the years ended December 31, 2018, 2017, and 2016:
| Year Ended December 31,
| 2018 |  | 2017 |  | 2016
| (In thousands)
FDIC indemnification asset: |  |  |  |  |  |  |  |
Balance at beginning of year | $ | - |  | $ | 14,411 |  | $ | 22,599
Shared-loss agreements reimbursements from the FDIC |  | - |  |  | - |  |  | (1,573)
Increase in expected credit losses to be covered under shared-loss agreements, net |  | - |  |  | - |  |  | 3,391
FDIC indemnification asset benefit (expense) |  | - |  |  | 1,403 |  |  | (8,040)
Net expenses incurred under shared-loss agreements |  | - |  |  | - |  |  | (1,966)
Shared-loss termination settlement |  | - |  |  | (15,814) |  |  | -
Balance at end of year | $ | - |  | $ | - |  | $ | 14,411
True-up payment obligation: |  |  |  |  |  |  |  |
Balance at beginning of year | $ | - |  | $ | 26,786 |  | $ | 24,658
Change in true-up payment obligation |  | - |  |  | - |  |  | 2,128
Shared-loss termination settlement |  | - |  |  | (26,786) |  |  | -
Balance at end of year | $ | - |  | $ | - |  | $ | 26,786
Oriental recognized an FDIC shared-loss (benefit) expense, net in the consolidated statements of operations, which consists of the following, for the years ended December 31, 2018, 2017 and 2016:
|  | Year Ended December 31,
|  | 2018 |  | 2017 |  | 2016
|  | (In thousands)
FDIC indemnification asset (benefit) expense |  | $ | - |  | $ | (1,403) |  | $ | 8,040
Change in true-up payment obligation |  |  | - |  |  | - |  |  | 2,128
Reimbursement to FDIC for recoveries |  |  | - |  |  | - |  |  | 3,413
Total FDIC shared-loss (benefit) expense, net |  | $ | - |  | $ | (1,403) |  | $ | 13,581

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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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