Other Real Estate Owned

9 Months Ended

Sep. 30, 2019

Other Real Estate [Abstract]

Other Real Estate Owned

Note 13 – Other real estate ownedThe following tables present the activity related to Other Real Estate Owned (“OREO”), for the quarters and nine months ended September 30, 2019 and 2018.

		For the quarter ended September 30, 2019
		Non-covered		Non-covered
		OREO		OREO
(In thousands)		Commercial/Construction		Mortgage		Total
Balance at beginning of period	$	18,548	$	100,303	$	118,851
Write-downs in value		(348)		(745)		(1,093)
Additions		1,080		16,572		17,652
Sales		(2,069)		(15,182)		(17,251)
Other adjustments		-		(231)		(231)
Ending balance	$	17,211	$	100,717	$	117,928

		For the nine months ended September 30, 2019
		Non-covered		Non-covered
		OREO		OREO
(In thousands)		Commercial/Construction		Mortgage		Total
Balance at beginning of period	$	21,794	$	114,911	$	136,705
Write-downs in value		(1,327)		(3,896)		(5,223)
Additions		4,259		41,042		45,301
Sales		(7,515)		(50,742)		(58,257)
Other adjustments		-		(598)		(598)
Ending balance	$	17,211	$	100,717	$	117,928

		For the quarter ended September 30, 2018
		Non-covered		Non-covered
		OREO		OREO
(In thousands)		Commercial/Construction		Mortgage		Total
Balance at beginning of period	$	25,262	$	116,801	$	142,063
Write-downs in value		(487)		(2,584)		(3,071)
Additions		2,006		11,517		13,523
Sales		(1,309)		(17,296)		(18,605)
Other adjustments		-		(130)		(130)
Ending balance	$	25,472	$	108,308	$	133,780

			For the nine months ended September 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			(1,889)		(9,123)		(287)		(11,299)
Additions			9,047		17,047		-		26,094
Sales			(3,932)		(62,051)		(3,282)		(69,265)
Other adjustments			835		(747)		(693)		(605)
Transfer to non-covered status[1]			-		15,333		(15,333)		-
Ending balance		$	25,472	$	108,308	$	-	$	133,780
[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.