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FDIC Indemnification Asset | 3 Months Ended
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Mar. 31, 2016
FDIC Indemnification Asset |
Note 7. | FDIC Indemnification Asset
In connection with the FDIC-assisted acquisition of Waccamaw Bank (“Waccamaw”) in 2012, the Company entered into loss share agreements with the FDIC that covered $76.54 million of loans and $2.28 million of OREO as of March 31, 2016, and covered $83.04 million of loans and $4.03 million of OREO at December 31, 2015. Under the loss share agreements, the FDIC agrees to cover 80% of most loan and foreclosed real estate losses and reimburse certain expenses incurred in relation to these covered assets. The Company’s consolidated statements of income include the expense on covered assets net of estimated reimbursements. The indemnification asset represents the estimated amount the Company expects to receive from the FDIC for losses incurred on covered assets. The following table presents activity in the FDIC indemnification asset in the periods indicated:
|  | Three Months Ended March 31, |
|  | 2016 |  |  | 2015 |
(Amounts in thousands) |  |  |  |  |  |
Beginning balance |  | $ | 20,844 |  |  | $ | 27,900 |
Increase in estimated losses on covered loans |  |  | 9 |  |  |  | 46 |
Increase in estimated losses on covered OREO |  |  | 273 |  |  |  | 69 |
Reimbursable expenses from the FDIC |  |  | 7 |  |  |  | 291 |
Net amortization |  |  | (1,159 | ) |  |  | (1,565 | )
Reimbursements from the FDIC |  |  | (1,187 | ) |  |  | (688 | )
Ending balance |  | $ | 18,787 |  |  | $ | 26,053 |

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- Definition FDIC loss share agreement receivable. + References No definition available. + Details
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