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ACQUISITIONS AND FDIC INDEMNIFICATION ASSET: | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
ACQUISITIONS AND FDIC INDEMNIFICATION ASSET | ACQUISITIONS, DIVESTITURES AND FDIC INDEMNIFICATION ASSET: The Bank is party to a loss sharing agreement with the Federal Deposit Insurance Corporation (“FDIC”) as a result of a 2009 acquisition. Under the loss-sharing agreement (“LSA”), the Bank will share in the losses on assets covered under the agreement (referred to as covered assets). On losses up to $29 million, the FDIC agreed to reimburse the Bank for 80% of the losses. On losses exceeding $29 million, the FDIC agreed to reimburse the Bank for 95% of the losses. The loss-sharing agreement is subject to following servicing procedures as specified in the agreement with the FDIC. Loans acquired that are subject to the loss-sharing agreement with the FDIC are referred to as covered loans for disclosure purposes. Since the acquisition date the Bank has been reimbursed $24.3 million for losses and carrying expenses. In 2014 the non-single family (NSF) loss period ended eliminating future loss reimbursements only to the extent of recoveries received. There is no estimate for the loans subject to the loss-sharing agreement identified in the allowance for loan loss evaluation as future potential losses at December 31, 2018. Loans covered by the loss share agreement excluding AS 310-30 loans at December 31, 2018 and 2017 totaled $3.2 million and $4.3 million, respectively. FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, applies to a loan with evidence of deterioration of credit quality since origination, acquired by completion of a transfer for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable. FASB ASC 310-30 prohibits carrying over or creating an allowance for loan losses upon initial recognition. The carrying amount of loans accounted for in accordance with FASB ASC 310-30 at December 31, 2018 and 2017, are shown in the following tables:
|  |  |  |  |  | 2018
(Dollar amounts in thousands) |  | Commercial |  | Consumer |  | Total
Beginning balance |  | $ | 1,896 |  |  | $ | — |  |  | $ | 1,896 |
Discount accretion |  | — |  |  | — |  |  | — |
Disposals |  | (366 | ) |  | — |  |  | (366 | )
ASC 310-30 Loans |  | $ | 1,530 |  |  | $ | — |  |  | $ | 1,530 |
|  |  |  |  |  | 2017
(Dollar amounts in thousands) |  | Commercial |  | Consumer |  | Total
Beginning balance |  | $ | 3,451 |  |  | $ | 1,430 |  |  | $ | 4,881 |
Discount accretion |  | — |  |  | — |  |  | — |
Disposals |  | (1,555 | ) |  | (1,430 | ) |  | (2,985 | )
ASC 310-30 Loans |  | $ | 1,896 |  |  | $ | — |  |  | $ | 1,896 |
During the quarter ended March 31, 2016 the Corporation sold a significant portion of the assets and liabilities of the insurance operation for a gain of $12.8 million. Settlement of the transaction has been completed and the original gain was reduced by $199 thousand during the third quarter of 2016. The total assets, total revenues and net income of the insurance operation for 2015 were $13.0 million, $7.6 million and $168 thousand, respectively. For 2014 they were $15.8 million, $8.3 million and $544 thousand, respectively. The Corporation has chosen to focus its resources on the core banking activities. The sale of the insurance operations eliminated the goodwill of $5.1 million from the original acquisition.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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