Receivable from FDIC for Loss Share Agreements

6 Months Ended

Jun. 30, 2011

Receivable from FDIC for Loss Share Agreements

Receivable from FDIC for Loss Share Agreements

Note 7—Receivable from FDIC for Loss Share Agreements

The following table provides changes in the receivable from the FDIC for the periods ended June 30, 2011 and June 30, 2010:

(Dollars in thousands)
Balance, December 31, 2010	$	212,103
FDIC loss share receivable recorded for Habersham agreement	87,418
Increase in expected losses on indemnified assets	24,268
Claimable losses on OREO covered under loss share agreements	8,829
Reimbursable expenses claimed	6,489
Accretion of discounts and premiums, net	(3,534		)
Reimbursements from FDIC	(36,373		)
Balance, June 30, 2011	$	299,200

(Dollars in thousands)
Balance, December 31, 2009	$	—
FDIC loss share receivable recorded for CBT agreement	276,789
Accretion of discounts and premiums, net	936
Reimbursements from FDIC	(11,835		)
Balance, June 30, 2010	$	265,890

The FDIC receivable for loss share agreements is measured separately from the related covered assets and is recorded at fair value. The fair value was estimated using projected cash flows related to the loss share agreements based on the expected reimbursements for losses and the applicable loss share percentages. At June 30, 2011, the Company estimated that $76.2 million was currently receivable from the FDIC.  Subsequent to June 30, 2011, the Company received payments of $18.4 million, including reimbursable expenses.