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Other Real Estate Owned
 6 Months Ended
Jun. 30, 2019
Other Real Estate [Abstract]  
Other Real Estate Owned Note 13 – Other real estate ownedThe following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters and six months ended June 30, 2019 and 2018.

 

 

For the quarter ended June 30, 2019

 

 

Non-covered

 

Non-covered

 

 

 

 

OREO

 

OREO

 

 

(In thousands)

 

Commercial/Construction

 

Mortgage

 

Total

Balance at beginning of period

$

20,879

$

104,599

$

125,478

Write-downs in value

 

(408)

 

(1,541)

 

(1,949)

Additions

 

2,009

 

16,706

 

18,715

Sales

 

(3,932)

 

(19,227)

 

(23,159)

Other adjustments

 

-

 

(234)

 

(234)

Ending balance

$

18,548

$

100,303

$

118,851

 

 

For the six months ended June 30, 2019

 

 

Non-covered

 

Non-covered

 

 

 

 

OREO

 

OREO

 

 

(In thousands)

 

Commercial/Construction

 

Mortgage

 

Total

Balance at beginning of period

$

21,794

$

114,911

$

136,705

Write-downs in value

 

(979)

 

(3,151)

 

(4,130)

Additions

 

3,179

 

24,470

 

27,649

Sales

 

(5,446)

 

(35,560)

 

(41,006)

Other adjustments

 

-

 

(367)

 

(367)

Ending balance

$

18,548

$

100,303

$

118,851

 

 

 

For the quarter ended June 30, 2018

 

 

 

Non-covered

 

Non-covered

 

Covered

 

 

 

 

 

OREO

 

OREO

 

OREO

 

 

(In thousands)

 

Commercial/Construction

 

Mortgage

 

Mortgage

 

Total

Balance at beginning of period

$

25,635

$

127,426

$

15,333

$

168,394

Write-downs in value

 

(748)

 

(4,025)

 

-

 

(4,773)

Additions

 

2,638

 

2,546

 

-

 

5,184

Sales

 

(2,234)

 

(24,450)

 

-

 

(26,684)

Other adjustments

 

(29)

 

(29)

 

-

 

(58)

Transfer to non-covered status[1]

 

-

 

15,333

 

(15,333)

 

-

Ending balance

$

25,262

$

116,801

$

-

$

142,063

[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 six months ended June 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

 

(1,402)

 

(6,539)

 

(287)

 

(8,228)

Additions

 

7,041

 

5,530

 

-

 

12,571

Sales

 

(2,623)

 

(44,755)

 

(3,282)

 

(50,660)

Other adjustments

 

835

 

(617)

 

(693)

 

(475)

Transfer to non-covered status[1]

 

-

 

15,333

 

(15,333)

 

-

Ending balance

$

25,262

$

116,801

$

-

$

142,063

[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.