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Accrued Interest Receivable and Other Assets
 12 Months Ended
Dec. 31, 2021
Accrued Interest Receivable and Other Assets [Abstract]  
Accrued Interest Receivable and Other Assets ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS
Accrued interest receivable at December 31, 2021 and 2020 consists of the following:
December 31,
20212020
(In thousands)
Loans$54,794 $64,465 
Investments1,766 1,082 
$56,560 $65,547 
OFG estimates expected credit losses on accrued interest receivable for loans that participated in the Covid-19 deferral programs. An allowance has been established for loans with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. At December 31, 2021 and 2020, the allowance for credit losses for accrued interest receivable for loans that participated in the Covid-19 deferral programs amounted to $161 thousand and $711 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition.
Other assets at December 31, 2021 and 2020 consist of the following:
December 31,
20212020
(In thousands)
Prepaid expenses$61,061 $61,332 
Other repossessed assets1,945 1,816 
Investment in Statutory Trust1,083 1,083 
Accounts receivable and other assets88,756 78,845 
$152,845 $143,076 
Prepaid expenses amounting to $61.1 million at December 31, 2021, include prepaid municipal, property and income taxes aggregating to $54.6 million. At December 31, 2020 prepaid expenses amounted to $61.3 million, including prepaid municipal, property and income taxes aggregating to $54.3 million.
Other repossessed assets totaled $1.9 million and $1.8 million at December 31, 2021 and 2020, respectively, that consist mainly of repossessed automobiles, which are recorded at their net realizable value.