Other Real Estate Owned

6 Months Ended

Jun. 30, 2016

Other Real Estate

Other Real Estate Owned

Note 14 – 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 30,2016and 2015.During the second quarter of 2015, the corporation completed a bulk sale of $37 million of covered OREOs.

		For the quarter ended June 30, 2016
		Non-covered		Non-covered		Covered
		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Mortgage		Total
Balance at beginning of period	$	30,354	$	135,606	$	36,397	$	202,357
Write-downs in value		(561)		(1,621)		(366)		(2,548)
Additions		1,302		31,624		5,240		38,166
Sales		(6,985)		(12,403)		(3,307)		(22,695)
Other adjustments		-		(291)		20		(271)
Ending balance	$	24,110	$	152,915	$	37,984	$	215,009

		For the six months ended June 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		(2,278)		(3,630)		(866)		(6,774)
Additions		3,112		55,900		9,723		68,735
Sales		(8,580)		(20,903)		(6,956)		(36,439)
Other adjustments		(615)		(1,212)		(602)		(2,429)
Ending balance	$	24,110	$	152,915	$	37,984	$	215,009

		For the quarter ended June 30, 2015
		Non-covered		Non-covered		Covered		Covered
		OREO		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Commercial/ Construction		Mortgage		Total
Balance at beginning of period	$	25,608	$	102,562	$	70,573	$	42,984	$	241,727
Write-downs in value		(4,162)		(2,463)		(10,955)		(1,393)		(18,973)
Additions		2,793		18,532		5,623		8,879		35,827
Sales		(4,868)		(14,243)		(50,285)		(13,806)		(83,202)
Other adjustments		850		50		(452)		(68)		380
Transfer to non-covered status[1]		14,504		3,092		(14,504)		(3,092)		-
Ending balance	$	34,725	$	107,530	$	-	$	33,504	$	175,759
[1] Represents the reclassification of OREOs to the non-covered category, pursuant to the expiration of the commercial and consumer shared-loss arrangement with the FDIC related to loans acquired from Westernbank, on June 30, 2015.

		For the six months ended June 30, 2015
		Non-covered		Non-covered		Covered		Covered
		OREO		OREO		OREO		OREO
(In thousands)		Commercial/ Construction		Mortgage		Commercial/ Construction		Mortgage		Total
Balance at beginning of period	$	38,983	$	96,517	$	85,394	$	44,872	$	265,766
Write-downs in value		(10,049)		(3,835)		(20,350)		(2,675)		(36,909)
Additions		4,828		39,607		9,661		14,260		68,356
Sales		(14,295)		(27,329)		(59,749)		(19,628)		(121,001)
Other adjustments		754		(522)		(452)		(233)		(453)
Transfer to non-covered status[1]		14,504		3,092		(14,504)		(3,092)		-
Ending balance	$	34,725	$	107,530	$	-	$	33,504	$	175,759
[1] Represents the reclassification of OREOs to the non-covered category, pursuant to the expiration of the commercial and consumer shared-loss arrangement with the FDIC related to loans acquired from Westernbank, on June 30, 2015.