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FDIC Loss Share Agreement Receivable

9 Months Ended

Sep. 30, 2012

FDIC Loss Share Agreement Receivable [Abstract]

Note 7. FDIC Loss Share Agreements Receivable

On June 8, 2012, the Company entered into a purchase and assumption agreement with loss share arrangements with the FDIC to purchase certain assets and assume substantially all of the customer deposits and certain liabilities of Waccamaw Bank. Under the loss share agreements, the FDIC has agreed to cover 80% of most loan and foreclosed real estate losses. The following table presents changes in the receivable from the FDIC for the nine months ended September 30, 2012:


(Amounts in thousands)
Beginning balance, January 1, 2012	$	—
FDIC loss share receivable recorded in Waccamaw acquisition		49,755
Increase in expected losses on loans		—
Additional losses on OREO		(475	)
Reimbursable expenses		—
Amortization of discounts and premiums, net		197
Reimbursements from the FDIC		—

Ending balance, September 30, 2012	$	49,477