Accrued Interest Receivable and Other Assets

3 Months Ended

Mar. 31, 2016

Accrued Interest Receivable And Other Assets [Abstract]

NOTE 9 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS

Accrued interest receivable at March 31, 2016 and December 31, 2015 consists of the following:

	March 31,		December 31,
	2016		2015
	(In thousands)
Loans, excluding acquired loans	$	14,829	$	16,020
Investments		3,563		4,617
	$	18,392	$	20,637

Other assets at March 31, 2016 and December 31, 2015 consist of the following:

	March 31,		December 31,
	2016		2015
	(In thousands)
Prepaid expenses		10,363		11,762
Other repossessed assets		4,408		6,226
Core deposit and customer relationship intangibles		7,418		7,838
Mortgage tax credits		6,277		6,277
Investment in Statutory Trust		1,083		1,083
Accounts receivable and other assets		44,781		42,786
	$	74,330	$	75,972

Prepaid expenses amounting to $10.4 million and $11.8 million at March 31, 2016 and December 31, 2015, respectively, include prepaid municipal, property and income taxes aggregating to $5.7 million and $7.0 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 March 31, 2016 and December 31, 2015 this core deposit intangible amounted to $5.0 million and $5.3 million, respectively. In addition, the Company recorded a customer relationship intangible representing the value of customer relationships acquired with the acquisition of the securities broker-dealer and insurance agency in the BBVAPR Acquisition. At March 31, 2016 and December 31, 2015 this customer relationship intangible amounted to $2.4 million and $2.5 million, respectively.

Other repossessed assets totaled $4.4 million at March 31, 2016 and $6.2 million at December 31, 2015, include repossessed automobiles amounting to $4.2 million and $5.5 million, respectively, which are recorded at their net realizable value.

At March 31, 2016 and December 31, 2015, mortgage tax credits for the Company totaled $6.3 million for both periods. These tax credits do not have an expiration date.