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Other Real Estate Owned
 12 Months Ended
Dec. 31, 2019
Other Real Estate [Abstract]  
Other Real Estate Owned Note 14 – Other real estate ownedThe following tables present the activity related to Other Real Estate Owned (“OREO”), for the years ended December 31, 2019, 2018 and 2017.

 

 

For the year ended December 31, 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

 

(1,584)

 

(4,541)

 

(6,125)

Additions

 

6,801

 

62,630

 

69,431

Sales

 

(9,892)

 

(67,137)

 

(77,029)

Other adjustments

 

(160)

 

(750)

 

(910)

Ending balance

$

16,959

$

105,113

$

122,072

 

 

 

For the year ended December 31, 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

 

(2,974)

 

(10,380)

 

(287)

 

(13,641)

Additions

 

10,688

 

41,167

 

-

 

51,855

Sales

 

(8,108)

 

(78,330)

 

(3,282)

 

(89,720)

Other adjustments

 

777

 

(728)

 

(693)

 

(644)

Transfer to non-covered status[1]

 

-

 

15,333

 

(15,333)

 

-

Ending balance

$

21,794

$

114,911

$

-

$

136,705

[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 year ended December 31, 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]

 

(5,011)

 

(16,876)

 

(3,311)

 

(25,198)

Additions

 

8,918

 

70,763

 

9,912

 

89,593

Sales

 

(2,765)

 

(68,145)

 

(16,273)

 

(87,183)

Other adjustments

 

(132)

 

2,063

 

(2,861)

 

(930)

Ending balance

$

21,411

$

147,849

$

19,595

$

188,855

[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.