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Note 7 - FDIC Indemnification Asset
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
FDIC Loss Share Agreement Receivable [Text Block]
Note
7
.
FDIC
Indemnification Asset
 
In connection with the FDIC-assisted acquisition of Waccamaw Bank in
2012,
the Company entered into loss share agreements with the FDIC in which the FDIC agrees to cover
80%
of most loan and foreclosed real estate losses and reimburse certain expenses incurred in relation to those covered assets. Loss share coverage on commercial loans expired
June 30, 2017,
with recoveries continuing until
June 30, 2019.
Loss share coverage on single family loans will expire
June 30, 2022.
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 and total covered loans and OREO for the periods indicated:
 
   
Year Ended December 31,
 
   
2018
    
2017
  
(Amounts in thousands)
  
 
 
 
  
 
 
 
Beginning balance
   $
7,161
     $
12,173
  
Increase in estimated losses on covered OREO
    
-
      
81
  
Reimbursable expenses (to) from the FDIC
    
(23
 )    
112
  
Net amortization
    
(2,181
 )    
(3,517
 )
Payments to (reimbursements from) the FDIC
    
151
      
(1,688
 )
Ending balance
   $
5,108
     $
7,161
  
                 
Covered loans
   $
18,815
     $
27,948
  
Covered OREO
    
32
      
105