FDIC loss share expense

12 Months Ended

Dec. 31, 2019

Disclosure Text Block

FDIC Loss Share (Expense) Income

Note 36 – FDIC loss share income (expense)

On 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 (expense) in the Consolidated Statements of Operations consists of the following major categories:

		Years ended December 31,
(In thousands)			2018		2017
Amortization		$	(934)	$	(469)
80% mirror accounting on credit impairment losses			104		3,136
80% mirror accounting on reimbursable expenses			537		2,454
80% mirror accounting on recoveries on covered assets, including rental income
	on OREOs, subject to reimbursement to the FDIC		(1,658)		2,405
Change in true-up payment obligation			(6,112)		(11,700)
Gain on FDIC loss-share Termination Agreement[1]			102,752		-
Other			36		(5,892)
Total FDIC loss share income (expense)		$	94,725	$	(10,066)
[1] Refer to Note 10 for additional information of the Termination Agreement with the FDIC.