XML 64 R15.htm IDEA: XBRL DOCUMENT v3.20.1
Note 7 - FDIC Indemnification Asset
 3 Months Ended
Mar. 31, 2020
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 (“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 March 31,
  
   
2020
    
2019
  
(Amounts in thousands)
  
 
 
 
  
 
 
 
Beginning balance
   $
2,883
     $
5,108
  
Reimbursable expenses to the FDIC
    
-
      
-
  
Net amortization
    
(486
 )    
(552
 )
Payments to the FDIC
    
36
      
22
  
Ending balance
   $
2,433
     $
4,578