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Note 6 - FDIC Indemnification Asset
 3 Months Ended
Mar. 31, 2017
Notes to Financial Statements  
FDIC Loss Share Agreement Receivable [Text Block]
Note
6.
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
$52.50
million of loans and
$241
thousand of OREO as of
March
31,
2017,
compared to
$56.99
million of loans and
$276
thousand of OREO as of
December
31,
2016.
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 condensed 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:
 
 
 
Three Months Ended March 31,
 
 
 
2017
 
 
2016
 
(Amounts in thousands)
 
 
 
 
 
 
 
 
Beginning balance
   $
12,173
    $
20,844
 
Increase in estimated losses on covered loans
    
-
     
9
 
Increase in estimated losses on covered OREO
    
6
     
273
 
Reimbursable expenses from the FDIC
    
(98
 )    
7
 
Net amortization
    
(1,332
 )    
(1,159
 )
Reimbursements from the FDIC
    
(818
 )    
(1,187
 )
Ending balance
   $
9,931
    $
18,787