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Other Real Estate Owned | 9 Months Ended
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Sep. 30, 2018
Other Real Estate |
Other Real Estate Owned | Note 13 – Other real estate owned The following table s present the activity related to Other Real Estate Owned (“OREO”), for the quarter s and nine months ended September 30, 2018 and 2017.
|  | For the quarter ended September 30, 2018
|  | Non-covered |  | Non-covered |  |
|  | OREO |  | OREO |  |
(In thousands) |  | Commercial/ Construction |  | Mortgage |  | Total
Balance at beginning of period | $ | 25,262 | $ | 116,801 | $ | 142,063
Write-downs in value |  | (487) |  | (2,584) |  | (3,071)
Additions |  | 2,006 |  | 11,517 |  | 13,523
Sales |  | (1,309) |  | (17,296) |  | (18,605)
Other adjustments |  | - |  | (130) |  | (130)
Ending balance | $ | 25,472 | $ | 108,308 | $ | 133,780
|  | For the nine months ended September 30, 2018
|  | Non-covered |  | Non-covered |  | Covered |  |
|  | OREO |  | OREO |  | OREO |  |
(In thousands) |  | Commercial/ Construction |  | Mortgage |  | Mortgage |  | Total
Balance at beginning of period | $ | 21,411 | $ | 147,849 | $ | 19,595 | $ | 188,855
Write-downs in value |  | (1,889) |  | (9,123) |  | (287) |  | (11,299)
Additions |  | 9,047 |  | 17,047 |  | - |  | 26,094
Sales |  | (3,932) |  | (62,051) |  | (3,282) |  | (69,265)
Other adjustments |  | 835 |  | (747) |  | (693) |  | (605)
Transfer to non-covered status[1] |  | - |  | 15,333 |  | (15,333) |  | -
Ending balance | $ | 25,472 | $ | 108,308 | $ | - | $ | 133,780
[1] Represents the reclassification of OREOs to the non-covered category, pursuant to the Termination Agreement of all shared-loss agreements with the Federal Deposit Insurance Corporation related to loans acquired from Westernbank, that was completed on May 22, 2018.
|  | For the quarter ended September 30, 2017
|  | Non-covered |  | Non-covered |  | Covered |  |
|  | OREO |  | OREO |  | OREO |  |
(In thousands) |  | Commercial/ Construction |  | Mortgage |  | Mortgage |  | Total
Balance at beginning of period | $ | 23,949 | $ | 157,147 | $ | 25,350 | $ | 206,446
Write-downs in value[1] |  | (2,702) |  | (2,856) |  | (234) |  | (5,792)
Additions |  | 982 |  | 18,669 |  | 1,560 |  | 21,211
Sales |  | (743) |  | (18,185) |  | (4,395) |  | (23,323)
Other adjustments |  | - |  | 467 |  | (736) |  | (269)
Ending balance | $ | 21,486 | $ | 155,242 | $ | 21,545 | $ | 198,273
[1] Includes $2.7 million related to the damages from Hurricane Maria, of which $1.3 million were for commercial and $1.4 million for residential.
|  | For the nine months ended September 30, 2017
|  | Non-covered |  | Non-covered |  | Covered |  |
|  | OREO |  | OREO |  | OREO |  |
(In thousands) |  | Commercial/ Construction |  | Mortgage |  | Mortgage |  | Total
Balance at beginning of period | $ | 20,401 | $ | 160,044 | $ | 32,128 | $ | 212,573
Write-downs in value[1] |  | (4,681) |  | (14,715) |  | (2,980) |  | (22,376)
Additions |  | 8,604 |  | 69,585 |  | 9,775 |  | 87,964
Sales |  | (2,707) |  | (61,068) |  | (15,184) |  | (78,959)
Other adjustments |  | (131) |  | 1,396 |  | (2,194) |  | (929)
Ending balance | $ | 21,486 | $ | 155,242 | $ | 21,545 | $ | 198,273
[1] Includes $2.7 million related to the damages from Hurricane Maria, of which $1.3 million were for commercial and $1.4 million for residential.

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18551-111553 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176060&loc=d3e18511-111553 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=82891408&loc=d3e4437-111522 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
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