Acquired and Covered Loans |
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Acquired Loans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired and Covered Loans | ACQUIRED AND COVERED LOANS Covered loans consist of loans acquired by the Company in FDIC-assisted transactions which are covered by the FDIC Agreements. Acquired loans consist of all other loans that were acquired in business combinations that are not covered by the FDIC Agreements. Both acquired and covered loans are included in loans in the Consolidated Statements of Financial Condition. The significant accounting policies related to acquired and covered loans, which are classified as PCI and Non-PCI, and the related FDIC indemnification asset, are presented in Note 1, "Summary of Significant Accounting Policies." Non-residential mortgage loans related to FDIC-assisted transactions are no longer covered under the FDIC Agreements. These non-residential loans, which totaled $12.7 million and $14.9 million as of December 31, 2017 and 2016, respectively, are included in acquired loans and no longer classified as covered loans. The losses on residential mortgage loans will continue to be covered under the FDIC Agreements through various dates between December 31, 2019 and September 30, 2020. The following table presents acquired and covered PCI and Non-PCI loans as of December 31, 2017 and 2016. Acquired and Covered Loans (Dollar amounts in thousands)
The outstanding balance of PCI loans was $210.7 million and $84.8 million as of December 31, 2017 and 2016, respectively. Acquired non-PCI loans that are renewed are no longer classified as acquired loans. These loans totaled $366.0 million and $117.6 million as of December 31, 2017 and 2016, respectively. In connection with the FDIC Agreements, the Company recorded an indemnification asset. To maintain eligibility for the loss share reimbursement, the Company is required to follow certain servicing procedures as specified in the FDIC Agreements. The Company was in compliance with those requirements as of December 31, 2017, 2016, and 2015. A rollforward of the carrying value of the FDIC indemnification asset for the three years ended December 31, 2017 is presented in the following table. Changes in the FDIC Indemnification Asset (Dollar amounts in thousands)
Changes in the accretable yield for acquired and covered PCI loans were as follows. Changes in Accretable Yield (Dollar amounts in thousands)
Total accretion on acquired and covered PCI and non-PCI loans for December 31, 2017, 2016, and 2015 was $33.9 million, $14.6 million, and $16.3 million, respectively. |