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ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022 consists of the following:
December 31,
20232022
(In thousands)
Loans$63,526 $58,144 
Investments7,874 4,258 
$71,400 $62,402 
Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $20.2 million at December 31, 2023, of which $18.2 million corresponded to loans in current status. Accrued interest receivable on loans that participated in the Hurricane Fiona and Covid-19 deferral programs amounted to $21.8 million at December 31, 2022, of which $20.7 million corresponded to loans in current status. OFG estimates 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 December 31, 2023 and 2022, the ACL for accrued interest receivable for loans that participated in moratorium programs amounted to $85 thousand and $144 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition.
Other assets at December 31, 2023 and 2022 consist of the following:
December 31,
20232022
(In thousands)
Prepaid expenses$63,040 $54,875 
Other repossessed assets4,032 4,617 
Accounts receivable and other assets47,859 61,420 
$114,931 $120,912 
Prepaid expenses amounting to $63.0 million at December 31, 2023, include prepaid municipal, property and income taxes aggregating to $54.7 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 $4.0 million and $4.6 million at December 31, 2023 and 2022, respectively, and consist of repossessed automobiles, which are recorded at their net realizable value.