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ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS | 9 Months Ended
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Sep. 30, 2023
Accrued Interest Receivable and Other Assets [Abstract] |
ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS | ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS Accrued interest receivable at September 30, 2023 and December 31, 2022 consists of the following:
| September 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Loans | $ | 59,909 |  |  | $ | 58,144 |
Investments | 7,959 |  |  | 4,258 |
| $ | 67,868 |  |  | $ | 62,402 |
Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $20.5 million at September 30, 2023, of which $19.5 million corresponded to loans in current status. Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral program amounted to $21.8 million at December 31, 2022, of which $20.7 million corresponded to loans in current status. OFG estim ates expected credit losses on accrued interest receivable for loans that participated in moratorium 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 September 30, 2023 and December 31, 2022, the allowance for credit losses for accrued interest receivable for loans that participated in moratorium programs amounted to $153 thousand and $144 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition. Other assets at September 30, 2023 and December 31, 2022 consist of the following:
| September 30, |  | December 31,
| 2023 |  | 2022
| (In thousands)
Prepaid expenses | $ | 67,545 |  |  | $ | 54,875 |
Other repossessed assets | 4,432 |  |  | 4,617 |
Accounts receivable and other assets | 48,096 |  |  | 61,420 |
| $ | 120,073 |  |  | $ | 120,912 |
Prepaid expenses amounting to $67.5 million at September 30, 2023, include prepaid municipal, property and income taxes aggregating to $56.8 million. At December 31, 2022 prepaid expenses amounted to $54.9 million, including prepaid municipal, property and income taxes aggregating to $47.2 million. Other repossessed assets totaled $4.4 million and $4.6 million at September 30, 2023 and December 31, 2022, respectively, and consist of repossessed automobiles, which are recorded at their net realizable value.

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- Definition The entire disclosure for other assets. This disclosure includes other current assets and other noncurrent assets. + References No definition available. + Details
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