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ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS
 3 Months Ended
Mar. 31, 2022
Accrued Interest Receivable and Other Assets [Abstract]  
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS
Accrued interest receivable at March 31, 2022 and December 31, 2021 consists of the following:
March 31,December 31,
20222021
(In thousands)
Loans$53,427 $54,794 
Investments2,670 1,766 
$56,097 $56,560 
Accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $23.6 million at March 31, 2022 (December 31, 2021 - $23.9 million), of which $21.8 million (December 31, 2021 - $21.5 million) corresponds to loans in current status. 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 March 31, 2022 and December 31, 2021, the allowance for credit losses for accrued interest receivable for loans that participated in the Covid-19 deferral programs amounted to $146 thousand and $161 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition.
Other assets at March 31, 2022 and December 31, 2021 consist of the following:
March 31,December 31,
20222021
(In thousands)
Prepaid expenses$56,931 $61,061 
Other repossessed assets2,625 1,945 
Investment in Statutory Trust— 1,083 
Accounts receivable and other assets82,686 88,756 
$142,242 $152,845 
Prepaid expenses amounting to $56.9 million at March 31, 2022, include prepaid municipal, property and income taxes aggregating to $51.5 million. At December 31, 2021 prepaid expenses amounted to $61.1 million, including prepaid municipal, property and income taxes aggregating to $54.6 million.
Other repossessed assets totaled $2.6 million and $1.9 million at March 31, 2022 and December 31, 2021, respectively, that consist mainly of repossessed automobiles, which are recorded at their net realizable value.