Other Real Estate Owned

9 Months Ended

Sep. 30, 2017

Other Real Estate

Other Real Estate Owned

Note 13 – Other real estate owned

The following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters and nine months ended September 30,2017and 2016.

		For the quarter ended September 30, 2017
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	23,949	$	157,147	$	25,350	$	206,446
Write-downs in value(1)		(2,702)		(2,856)		(234)		(5,792)
Additions		982		18,669		1,560		21,211
Sales		(743)		(18,185)		(4,395)		(23,323)
Other adjustments		-		467		(736)		(269)
Ending balance	$	21,486	$	155,242	$	21,545	$	198,273
(1) Includes $2.7 million related to the damages from Hurricane Maria, of which $1.3 million were for commercial and $1.4 million for residential.

		For the nine months ended September 30, 2017
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	20,401	$	160,044	$	32,128	$	212,573
Write-downs in value(1)		(4,681)		(14,715)		(2,980)		(22,376)
Additions		8,604		69,585		9,775		87,964
Sales		(2,707)		(61,068)		(15,184)		(78,959)
Other adjustments		(131)		1,396		(2,194)		(929)
Ending balance	$	21,486	$	155,242	$	21,545	$	198,273
(1) Includes $2.7 million related to the damages from Hurricane Maria, of which $1.3 million were for commercial and $1.4 million for residential.

		For the quarter ended September 30, 2016
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	24,110	$	152,915	$	37,984	$	215,009
Write-downs in value		(255)		(2,859)		(667)		(3,781)
Additions		2,388		27,355		4,212		33,955
Sales		(5,052)		(13,866)		(3,803)		(22,721)
Other adjustments		-		92		(312)		(220)
Ending balance	$	21,191	$	163,637	$	37,414	$	222,242

		For the nine months ended September 30, 2016
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	32,471	$	122,760	$	36,685	$	191,916
Write-downs in value		(2,533)		(6,489)		(1,533)		(10,555)
Additions		5,500		83,255		13,935		102,690
Sales		(13,632)		(34,769)		(10,759)		(59,160)
Other adjustments		(615)		(1,120)		(914)		(2,649)
Ending balance	$	21,191	$	163,637	$	37,414	$	222,242