Other Real Estate Owned

6 Months Ended

Jun. 30, 2018

Other Real Estate

Other Real Estate Owned

Note 12 – Other real estate owned

The following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters and six months ended June 30,2018and 2017.

		For the quarter ended June 30, 2018
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	25,635	$	127,426	$	15,333	$	168,394
Write-downs in value		(748)		(4,025)		-		(4,773)
Additions		2,638		2,546		-		5,184
Sales		(2,234)		(24,450)		-		(26,684)
Other adjustments		(29)		(29)		-		(58)
Transfer to non-covered status[1]		-		15,333		(15,333)		-
Ending balance	$	25,262	$	116,801	$	-	$	142,063
[1] Represents the reclassification of OREOs to the non-covered category, pursuant to the Termination Agreement of all shared-loss agreements with the Federal Deposit Insurance Corporation related to loans acquired from Westernbank, that was completed on May 22, 2018.

		For the six months ended June 30, 2018
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	21,411	$	147,849	$	19,595	$	188,855
Write-downs in value		(1,402)		(6,539)		(287)		(8,228)
Additions		7,041		5,530		-		12,571
Sales		(2,623)		(44,755)		(3,282)		(50,660)
Other adjustments		835		(617)		(693)		(475)
Transfer to non-covered status[1]		-		15,333		(15,333)		-
Ending balance	$	25,262	$	116,801	$	-	$	142,063
[1] Represents the reclassification of OREOs to the non-covered category, pursuant to the Termination Agreement of all shared-loss agreements with the Federal Deposit Insurance Corporation related to loans acquired from Westernbank, that was completed on May 22, 2018.

		For the quarter ended June 30, 2017
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	22,554	$	163,282	$	29,926	$	215,762
Write-downs in value		(720)		(9,104)		(1,974)		(11,798)
Additions		3,084		24,662		4,106		31,852
Sales		(971)		(22,474)		(5,392)		(28,837)
Other adjustments		2		781		(1,316)		(533)
Ending balance	$	23,949	$	157,147	$	25,350	$	206,446

		For the six months ended June 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		(1,979)		(11,859)		(2,746)		(16,584)
Additions		7,622		50,916		8,215		66,753
Sales		(1,964)		(42,883)		(10,789)		(55,636)
Other adjustments		(131)		929		(1,458)		(660)
Ending balance	$	23,949	$	157,147	$	25,350	$	206,446