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FDIC LOSS SHARING ASSET
 3 Months Ended
Mar. 31, 2014
FDIC LOSS SHARING ASSET  
FDIC LOSS SHARING ASSET

NOTE 8—FDIC LOSS SHARING ASSET

        We are party to four loss sharing agreements with the FDIC. Such agreements cover a substantial portion of losses incurred on covered loans, other real estate owned, and certain investment securities.

        The following table presents the changes in the FDIC loss sharing asset for the period indicated:

 
   FDIC
Loss Sharing
Asset		  
 
   (In thousands)
  

Balance, December 31, 2013

   $ 45,524  

FDIC share of recoveries, net of losses

     (2,601 )

Cash received from FDIC

     (383 )

Net amortization

     (7,912 )
       
​ ​ ​ ​ ​

Balance, March 31, 2014

   $ 34,628  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​
       

        The following table presents information about the composition of the FDIC loss sharing asset, the true-up liability, and the non-single family and the single family covered assets as of the date indicated:

 
   March 31, 2014  
 
   Affinity Bank   Los Padres Bank   Western
Commercial Bank		   San Luis
Trust Bank		   Total  
 
   (In thousands)
  

FDIC loss sharing asset

   $ 4,868   $ 17,827   $ 1,783   $ 10,150   $ 34,628  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

True-up liability

     N/A     N/A   $ 1,539   $ 5,196   $ 6,735  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Non-single family covered assets(1)

   $ 167,456   $ 115,460   $ 16,007   $ 41,297   $ 340,220  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Single family covered assets

   $ 14,277   $ 72,887     N/A   $ 33,607   $ 120,771  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Loss sharing expiration dates:

                                

Non-single family

     3rd Quarter 2014     3rd Quarter 2015     4th Quarter 2015     1st Quarter 2016        

Single family

    
3rd Quarter 2019		    
3rd Quarter 2020		    

N/A

    
1st Quarter 2021		        

Loss recovery expiration dates:

    
 		    
 		    
 		    
 		    
 		  

Non-single family

     3rd Quarter 2017     3rd Quarter 2018     4th Quarter 2018     1st Quarter 2019        

Single family

    
3rd Quarter 2019		    
3rd Quarter 2020		    

N/A

    
1st Quarter 2021		        
(1)
Excludes securities.