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Other Real Estate Owned

12 Months Ended

Dec. 31, 2020

Other Real Estate [Abstract]

Other Real Estate Owned

Note 12 – Other real estate ownedThe following tables present the activity related to Other Real Estate Owned (“OREO”), for the years ended December 31, 2020, 2019 and 2018.

		For the year ended December 31, 2020
		OREO		OREO
(In thousands)		Commercial/Construction		Mortgage		Total
Balance at beginning of period	$	16,959	$	105,113	$	122,072
Write-downs in value		(1,564)		(3,060)		(4,624)
Additions		2,223		17,785		20,008
Sales		(4,359)		(49,797)		(54,156)
Other adjustments		(45)		(109)		(154)
Ending balance	$	13,214	$	69,932	$	83,146

		For the year ended December 31, 2019
		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.