Other Assets

9 Months Ended

Sep. 30, 2014

Accrued Interest Receivable And Other Assets [Abstract]

Other Assets Disclosure [Text Block]

NOTE 8—ACCRUED INTEREST RECEIVABLE ANDOTHER ASSETS

Accrued interest receivable at September 30, 2014 and December 31, 2013 consists of the following:

	September 30,		December 31,
	2014		2013
	(In thousands)
Non-covered loans	$	15,260	$	13,378
Investments		4,405		5,356
	$	19,665	$	18,734

Other assets at September 30, 2014 and December 31, 2013 consist of the following:

		September 30,		December 31,
	2014		2013
	(In thousands)
Prepaid expenses	$	18,375	$	15,439
Core deposit and customer relationship intangibles		10,285		11,912
Other repossessed assets		21,733		12,583
Mortgage tax credits		8,706		8,706
Investment in Statutory Trust		1,083		1,083
Accounts receivable and other assets		37,243		48,717
	$	97,425	$	98,440

Prepaid expenses amounting to $18.4 million and $15.4 million at September 30, 2014 and December 31, 2013, respectively, include prepaid municipal, property and income taxes aggregating to $12.8million and $8.6million, respectively.

In connection with the FDIC-assisted acquisition and the BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At September 30, 2014 and December 31, 2013, this core deposit intangible amounted to $6.8million and $7.8million, respectively. In addition, the Company recorded a customer relationship intangible amounting to $5.0 million representing the value of customer relationships acquired with the acquisition of the securities broker-dealer and insurance agency in the BBVAPR Acquisition as of December 31, 2012. At September 30, 2014 and December 31, 2013, this customer relationship intangible amounted to $3.5million and $4.1million, respectively.

Other repossessed assets totaled $21.7 million and $12.6 million atSeptember 30, 2014 and December 31, 2013, respectively, include repossessed automobilesamounting to $21.0millionand $12.3million, respectively, which are recorded at their net realizable value.

At bothSeptember 30, 2014 and December 31, 2013, tax credits for the Companytotaled$8.7 million.These tax credits do not have an expiration date.