FDIC loss share expense

9 Months Ended

Sep. 30, 2019

Disclosure Text Block

FDIC Loss Share (Expense) Income

Note 30 – FDIC loss share incomeOn May 22, 2018, the Corporation entered into a Termination Agreement with the FDIC to terminate all loss-share arrangements in connection with the Westernbank FDIC-assisted transaction. Refer to Note 10 for additional information of the Termination Agreement with the FDIC. The caption of FDIC loss-share income in the Consolidated Statements of Operations consists of the following major categories:

		Nine months ended
(In thousands)		September 30, 2018
Amortization			$	(934)
80% mirror accounting on credit impairment losses				104
80% mirror accounting on reimbursable expenses				537
80% mirror accounting on recoveries on covered assets, including rental income on OREOs, subject to reimbursement to the FDIC				(1,658)
Change in true-up payment obligation				(6,112)
Gain on FDIC loss-share Termination Agreement[1]				102,752
Other				36
Total FDIC loss-share income			$	94,725
[1]	Refer to Note 10 for additional information of the Termination Agreement with the FDIC.