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Other Real Estate Owned

9 Months Ended

Sep. 30, 2018

Other Real Estate

Other Real Estate Owned

Note 13 – Other real estate owned

The following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters 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

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