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FDIC Indemnification Asset | 12 Months Ended
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Dec. 31, 2016
FDIC Indemnification Asset |
Note 7. | FDIC Indemnification Asset
In connection with the FDIC-assisted acquisition of Waccamaw in 2012, the Company entered into loss share agreements with the FDIC that covered $56.99 million of loans and $276 thousand of OREO as of December 31, 2016, compared to $83.04 million of loans and $4.03 million of OREO as of 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. Loss share coverage will expire June 30, 2017, for commercial loans, with recoveries continuing until June 30, 2019. Loss share coverage will expire June 30, 2022, for single family loans. The Company’s consolidated statements of income include the expense on covered assets net of estimated reimbursements. The following table presents the changes in the FDIC indemnification asset during the periods indicated:
|  | Year Ended December 31, |
(Amounts in thousands) |  | 2016 |  |  | 2015 |
Beginning balance |  | $ | 20,844 |  |  | $ | 27,900 |
Decrease in estimated losses on covered loans |  |  | (1 | ) |  |  | (28 | )
Increase in estimated losses on covered OREO |  |  | 1,045 |  |  |  | 1,489 |
Reimbursable expenses from the FDIC |  |  | 162 |  |  |  | 545 |
Net amortization |  |  | (5,474 | ) |  |  | (6,379 | )
Reimbursements from the FDIC |  |  | (4,403 | ) |  |  | (2,683 | )
Ending balance |  | $ | 12,173 |  |  | $ | 20,844 |

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