XML 94 R15.htm IDEA: XBRL DOCUMENT v2.4.0.8
Accrued Interest Receivable and Other Assets
3 Months Ended
Mar. 31, 2014
Accrued Interest Receivable And Other Assets [Abstract]  
Other Assets Disclosure [Text Block]

NOTE 8 ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS

 

Accrued interest receivable at March 31, 2014 and December 31, 2013 consists of the following:

 March 31, December 31,
 2014 2013
 (In thousands)
Non-covered loans$ 14,440 $ 13,378
Investments  4,529   5,356
 $ 18,969 $ 18,734

Other assets at March 31, 2014 and December 31, 2013 consist of the following:

  March 31,  December 31,
 2014 2013
 (In thousands)
Prepaid expenses$ 15,531 $ 15,439
Core deposit and customer relationship intangibles  11,370   11,912
Other repossessed assets  13,964   12,583
Mortgage tax credits  8,706   8,706
Investment in Statutory Trust  1,083   1,083
Accounts receivable and other assets  43,689   48,717
 $ 94,343 $ 98,440

Prepaid expenses amounting to $15.5 million and $15.4 million at March 31, 2014 and December 31, 2013, respectively, include prepaid municipal, property and income taxes aggregating to $9.0 million and $9.6 million, respectively.

 

As part of the FDIC-assisted acquisition of Eurobank and BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At March 31, 2014 and December 31, 2013, this core deposit intangible amounted to $7.5 million and $7.8 million, respectively. In addition, as part of the BBVAPR Acquisition on December 18, 2012, the Company recorded a customer relationship intangible amounting to $5.0 million representing the value of customer relationships acquired in the broker-dealer and insurance subsidiaries as of December 31, 2012. At March 31, 2014 and December 31, 2013, this customer relationship intangible amounted to $3.9 million and $4.1million, respectively.

 

Other repossessed assets totaled $14.0 million and $12.6 million at March 31, 2013 and December 31, 2013, respectively, include repossessed automobiles amounting to $13.7 million and $12.3 million, respectively.

 

At March 31, 2014 and December 31, 2013, tax credits for the Company amounted $8.7 million. These tax credits do not have an expiration date.