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Note 6 - FDIC Indemnification Asset
 9 Months Ended
Sep. 30, 2019
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 Bank (“Waccamaw”) 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 for commercial loans expired
June 30, 2017,
with recoveries ending
June 30, 2020.
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:
 
   
Three Months Ended September 30,
    
Nine Months Ended September 30,
  
   
2019
    
2018
    
2019
    
2018
  
(Amounts in thousands)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Beginning balance
   $
4,020
     $
6,390
     $
5,108
     $
7,161
  
Reimbursable expenses to the FDIC
    
-
      
(2
 )    
-
      
(23
 )
Net amortization
    
(719
 )    
(645
 )    
(1,787
 )    
(1,602
 )
(Payments to), reimbursements from the FDIC
    
157
      
(90
 )    
137
      
117
  
Ending balance
   $
3,458
     $
5,653
     $
3,458
     $
5,653