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Accrued Interest Receivable and Other Assets
12 Months Ended
Dec. 31, 2014
Accrued Interest Receivable And Other Assets [Abstract]  
Other Assets Disclosure [Text Block]

NOTE 11 ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS

 

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

 December 31,
 2014 2013
 (In thousands)
Non-covered loans$ 17,005 $ 13,378
Investments  4,340   5,356
 $ 21,345 $ 18,734

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

 December 31,
 2014 2013
 (In thousands)
Prepaid expenses$ 16,018 $ 15,439
Core deposit and customer relationship intangibles  9,743   11,912
Other repossessed assets  21,800   12,583
Mortgage tax credits  6,277   8,706
Investment in Statutory Trust  1,083   1,083
Accounts receivable and other assets  53,804   48,717
 $ 108,725 $ 98,440

Prepaid expenses amounting to $16.0 million and $15.4 million at December 31, 2014 and 2013, respectively, include prepaid municipal, property and income taxes aggregating to $9.6 million and $8.6 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 December 31, 2014 and 2013, this core deposit intangible amounted to $6.5 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 December 31, 2014 and 2013, this customer relationship intangible amounted to $3.3 million and $4.1 million, respectively.

 

Other repossessed assets totaled $21.8 million and $12.6 million at December 31, 2014 and 2013, respectively, include repossessed automobiles amounting to $20.7 million and $12.3 million, respectively, which are recorded at their net realizable value.

 

At December 31, 2014 and 2013, tax credits for the Company totaled $6.3 million and $8.7 million, respectively. These tax credits do not have an expiration date.