Accrued Interest Receivable and Other Assets

6 Months Ended

Jun. 30, 2019

Accrued Interest Receivable And Other Assets [Abstract]

Accrued Interest Receivable And Other Assets

NOTE 9 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS

Accrued interest receivable at June 30, 2019 and December 31, 2018 consists of the following:

	June 30,		December 31,
	2019		2018
	(In thousands)
Loans, excluding acquired loans	$	31,386	$	30,409
Investments		2,523		3,845
	$	33,909	$	34,254

Other assets at June 30, 2019 and December 31, 2018 consist of the following:

	June 30,		December 31,
	2019		2018
	(In thousands)
Prepaid expenses	$	11,613	$	9,788
Other repossessed assets		2,507		2,986
Core deposit and customer relationship intangibles		2,784		3,369
Tax credits		277		2,277
Investment in Statutory Trust		1,083		1,083
Accounts receivable and other assets		37,443		37,842
	$	55,707	$	57,345

Prepaid expenses amounting to $11.6 million and $9.8 million at June 30, 2019 and December 31, 2018, respectively, include prepaid municipal, property and income taxes aggregating to $8.8 million and $5.5 million, respectively.

Other repossessed assets totaled $2.5 million and $3.0 million at June 30, 2019 and December 31, 2018, respectively, that consist mainly of repossessed automobiles, which are recorded at their net realizable value.

In connection with the FDIC-assisted acquisition and the BBVAPR Acquisition, Oriental recorded a core deposit intangible representing the value of checking and savings deposits acquired. At June 30, 2019 and December 31, 2018 this core deposit intangible amounted to $2.1 million and $2.5 million, respectively. In addition, Oriental 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 June 30, 2019 and December 31, 2018, this customer relationship intangible amounted to $704 thousand and $888 thousand, respectively.

At June 30, 2019 and December 31, 2018, tax credits for Oriental totaled $277 thousand and $2.3 million, respectively. These tax credits do not have an expiration date.