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Accrued Interest Receivable and Other Assets
6 Months Ended
Jun. 30, 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 June 30, 2014 and December 31, 2013 consists of the following:

 June 30, December 31,
 2014 2013
 (In thousands)
Non-covered loans$ 18,098 $ 13,378
Investments  4,410   5,356
 $ 22,508 $ 18,734

Other assets at June 30, 2014 and December 31, 2013 consist of the following:

  June 30,  December 31,
 2014 2013
 (In thousands)
Prepaid expenses$ 17,423 $ 15,439
Core deposit and customer relationship intangibles  10,829   11,912
Other repossessed assets  16,875   12,583
Mortgage tax credits  2,621   8,706
Investment in Statutory Trust  1,083   1,083
Accounts receivable and other assets  41,165   48,717
 $ 89,996 $ 98,440

Prepaid expenses amounting to $19.6 million and $15.4 million at June 30, 2014 and December 31, 2013, respectively, include prepaid municipal, property and income taxes aggregating to $14.2 million and $9.6 million, respectively.

 

In connection with the FDIC-assisted acquisition and the BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At June 30, 2014 and December 31, 2013, this core deposit intangible amounted to $7.1 million and $7.8 million, respectively. In addition, the Company recorded a customer relationship intangible amounting to $5.0 million representing the value of customer relationships acquired with the acquisition of the securities broker-dealer and insurance agency in the BBVAPR Acquisition as of December 31, 2012. At June 30, 2014 and December 31, 2013, this customer relationship intangible amounted to $3.7 million and $4.1million, respectively.

 

Other repossessed assets totaled $16.9 million and $12.6 million at June 30, 2014 and December 31, 2013, respectively, include repossessed automobiles amounting to $16.8 million and $12.3 million, respectively.

 

At June 30, 2014 and December 31, 2013, tax credits for the Company totaled $2.6 million and $8.7 million, respectively. These tax credits do not have an expiration date.