Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'OFG BANCORP | ' |
Entity Central Index Key | '0001030469 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 45,660,537 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and cash equivalents | ' | ' |
Cash and due from banks | $645,869 | $855,490 |
Money market investments | 11,651 | 13,205 |
Total cash and cash equivalents | 657,520 | 868,695 |
Securities purchased under agreements to resell | 85,000 | 80,000 |
Investments: | ' | ' |
Trading Securities | 2,124 | 495 |
Investment securities available-for-sale, at fair value | 1,677,248 | 2,194,286 |
Investment securities held-to-maturity, at amortized cost | 0 | 0 |
Federal Home Loan Bank (FHLB) stock, at cost | 24,470 | 38,411 |
Other investments | 65 | 73 |
Total investments | 1,703,907 | 2,233,265 |
Securities sold but not yet delivered | 0 | 0 |
Loans: | ' | ' |
Mortgage loans held-for-sale, at lower of cost or fair value | 47,085 | 64,145 |
Non-covered loans | 4,720,174 | 4,698,185 |
Loans covered under shared-loss agreements with the FDIC, net of allowance for loan and lease losses | 361,564 | 395,307 |
Total loans, net | 5,128,823 | 5,157,637 |
FDIC shared-loss indemnification asset | 207,908 | 286,799 |
Foreclosed real estate covered under shared-loss agreements with the FDIC | 28,022 | 22,283 |
Foreclosed real estate not covered under shared-loss agreements with the FDIC | 56,432 | 51,890 |
Accrued interest receivable | 19,456 | 14,654 |
Deferred tax asset, net | 147,968 | 126,652 |
Premises and equipment, net | 83,145 | 84,997 |
CustomersLiabilityForAcceptancesNet | 31,881 | 26,996 |
Servicing Assets | 13,651 | 10,795 |
Derivative assets | 21,345 | 21,889 |
Goodwill | 86,069 | 86,069 |
Other assets | 109,098 | 123,641 |
Total assets | 8,380,225 | 9,196,262 |
Deposits: | ' | ' |
Demand deposits | 2,177,090 | 2,447,151 |
Savings accounts | 1,083,953 | 634,819 |
Tme Deposits | 2,349,394 | 2,608,597 |
Total deposits | 5,610,437 | 5,690,567 |
Borrowings: | ' | ' |
Short term borrowings | 0 | 92,210 |
AdvancesFromFederalHomeLoanBanks | 336,578 | 536,542 |
Securities sold under agreements to repurchase | 1,267,423 | 1,695,247 |
Subordinated capital notes | 99,486 | 146,038 |
Other borrowings | 16,634 | 16,627 |
Total borrowings | 1,720,121 | 2,486,664 |
Derivative liabilities | 16,741 | 26,260 |
Bank Acceptances Executed And Outstanding | 31,881 | 26,996 |
Accrued expenses and other liabilities | 121,319 | 102,169 |
Total liabilities | 7,500,499 | 8,332,656 |
Stockholders' equity: | ' | ' |
Preferred Stock | 92,000 | 92,000 |
Convertible Preferred Stock | 84,000 | 84,000 |
Common stock | 52,691 | 52,671 |
Additional paid-in capital | 538,231 | 537,453 |
Legal surplus | 59,867 | 52,143 |
Retained earnings | 122,747 | 70,734 |
Treasury stock, at cost | -80,642 | -81,275 |
Accumulated other comprehensive income, net of tax, Total | 10,832 | 55,880 |
Total stockholders' equity | 879,726 | 863,606 |
Total liabilities and stockholders' equity | $8,380,225 | $9,196,262 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Amortized cost of trading securities | $2,606,000 | $508,000 |
Amortized cost of investment securities available-for-sale | 1,654,133,000 | 2,118,825,000 |
Allowance for loan and lease losses | 49,614,000 | 39,921,000 |
Loans And Leases Receivable Allowance Covered | 56,555,000 | 54,124,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, liquidation value | 25 | 25 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,690,623 | 52,670,878 |
Common stock, shares outstanding | 45,660,522 | 45,580,281 |
Treasury stock, at cost, shares | 7,030,101 | 7,090,597 |
Tax effect on accumulated other comprehensive income (loss) | -786,000 | 1,802,000 |
Series A Preferred Stock | ' | ' |
Preferred stock, shares outstanding | 1,340,000 | 1,340,000 |
Series B Preferred Stock | ' | ' |
Preferred stock, shares outstanding | 1,380,000 | 1,380,000 |
Series C Convertible Preferred Stock | ' | ' |
Preferred stock, shares outstanding | 84,000 | 84,000 |
Preferred stock, liquidation value | $1,000 | $1,000 |
Series D | ' | ' |
Preferred stock, shares outstanding | 960,000 | 960,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income: | ' | ' | ' | ' |
Loans Not Covered Under Shared Loss Agreements With Fdic | $87,196 | $17,964 | $258,070 | $53,308 |
LoansCoveredUnderLossSharingAgreements | 21,657 | 22,283 | 65,884 | 64,167 |
Total interest income from loans | 108,853 | 40,247 | 323,954 | 117,475 |
Mortgage-backed securities | 9,662 | 23,986 | 29,559 | 73,622 |
Investment securities and other | 2,127 | 1,453 | 6,564 | 5,296 |
Total interest income | 120,642 | 65,686 | 360,077 | 196,393 |
Interest expense: | ' | ' | ' | ' |
Deposits | 11,334 | 6,714 | 30,756 | 22,592 |
Securities sold under agreements to repurchase | 7,211 | 15,344 | 21,569 | 49,414 |
Advances from FHLB and other borrowings | 2,321 | 2,561 | 6,275 | 8,595 |
FDIC-guaranteed term notes | 0 | 0 | 0 | 909 |
Subordinated capital notes | 1,144 | 323 | 3,973 | 972 |
Total interest expense | 22,010 | 24,942 | 62,573 | 82,482 |
Net interest income | 98,632 | 40,744 | 297,504 | 113,911 |
Provision for Non Covered Loan and Lease Losses | 9,900 | 3,600 | 55,343 | 10,400 |
Provision for Covered Loan and Lease Losses | 3,074 | 221 | 4,957 | 8,845 |
Total provision for loan and lease losses | 12,974 | 3,821 | 60,300 | 19,245 |
Net interest income after provision for loan and lease losses | 85,658 | 36,923 | 237,204 | 94,666 |
Non-interest income: | ' | ' | ' | ' |
Banking service revenues | 12,642 | 3,006 | 38,358 | 9,231 |
Mortgage banking activities | 2,098 | 2,204 | 7,776 | 7,142 |
Financial Service Revenues | 7,394 | 6,042 | 23,084 | 17,835 |
Total Banking and Financial Service Revenues | 22,134 | 11,252 | 69,218 | 34,208 |
FDIC shared-loss expense, net | -15,965 | -8,096 | -48,801 | -18,505 |
Net gain (loss) on: | ' | ' | ' | ' |
Sale of securities | 0 | 36,366 | 0 | 55,703 |
Derivatives | -574 | -1,811 | -224 | -2,944 |
Early extinguishment of debt | 0 | -24,312 | 1,061 | -24,312 |
Other | -1,774 | 982 | 574 | 199 |
Total non-interest income, net | 3,821 | 14,381 | 21,828 | 44,349 |
Non-interest expense: | ' | ' | ' | ' |
Compensation and employee benefits | 22,590 | 11,323 | 69,927 | 32,873 |
Professional and service fees | 7,138 | 5,844 | 23,970 | 16,488 |
Occupancy and equipment | 8,270 | 4,197 | 25,552 | 12,698 |
Insurance | 1,828 | 1,594 | 7,229 | 4,856 |
Electronic banking charges | 3,729 | 1,415 | 11,551 | 4,581 |
Advertising, business promotion, and strategic initiatives | 1,471 | 1,594 | 4,550 | 4,006 |
Merger and restructuring charges | 2,252 | 0 | 13,060 | 0 |
Foreclosure, repossession and other real estate expenses | 2,178 | 1,060 | 5,839 | 2,745 |
Loan servicing and clearing expenses | 2,133 | 607 | 5,493 | 2,530 |
Taxes, other than payroll and income taxes | 4,024 | 1,091 | 11,778 | 2,158 |
Loss on sale foreclosed real estate and other repossesed asset | 3,561 | 1,203 | 7,134 | 2,485 |
Communication | 782 | 391 | 2,481 | 1,172 |
Printing, postage, stationary and supplies | 824 | 299 | 2,841 | 929 |
Director and investors relations | 230 | 158 | 843 | 809 |
Other | 2,263 | 873 | 6,655 | 2,426 |
Total non-interest expense | 63,273 | 31,649 | 198,903 | 90,756 |
Income before income taxes | 26,206 | 19,655 | 60,129 | 48,259 |
Income tax expense (benefit) | 6,585 | 1,894 | -18,223 | 4,888 |
Net income | 19,621 | 17,761 | 78,352 | 43,371 |
Dividends on preferred stock | -3,465 | -3,039 | -10,396 | -5,440 |
Income available to common shareholders | $16,156 | $14,722 | $67,956 | $37,931 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.35 | $0.36 | $1.49 | $0.93 |
Diluted | $0.34 | $0.35 | $1.39 | $0.92 |
Average common shares outstanding and equivalents | 53,322 | 47,978 | 53,053 | 43,316 |
Cash dividends per share of common stock | $0.06 | $0.06 | $0.18 | $0.18 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ' | ' | ' | ' |
Net income | $19,621 | $17,761 | $78,352 | $43,371 |
OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract | ' | ' | ' | ' |
Unrealized gain (loss) on securities available-for-sale | -5,779 | 25,220 | -52,346 | 34,220 |
Realized gain on investment securities included in net income | 0 | -36,366 | 0 | -55,703 |
Unrealized gain (loss) on cash flow hedges | 233 | -2,052 | 4,711 | -10,844 |
Other comprehensive loss before taxes | -5,546 | -13,198 | -47,635 | -32,327 |
Income tax effect | 611 | 999 | 2,587 | 4,259 |
Other Comprehensive Income Loss After taxes | -4,935 | -12,199 | -45,048 | -28,068 |
Comprehensive income | $14,686 | $5,562 | $33,304 | $15,303 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Preferred Stock Issuance Cost [Member] | Common Stock Issuance Cost [Member] | Legal Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||||||
Beginning Balance at Dec. 31, 2011 | ' | $152,000 | $47,809 | $499,096 | ' | ' | $50,178 | $68,149 | ($74,808) | $37,131 |
Stock-based compensation expense | ' | ' | ' | 1,159 | ' | ' | ' | ' | ' | ' |
Exercised Stock Options | ' | ' | 33 | 361 | ' | ' | ' | ' | ' | ' |
Stock Issuance Cost | ' | ' | ' | ' | 0 | -4,978 | ' | ' | ' | ' |
Transfer from/to legal surplus | ' | ' | ' | ' | ' | ' | 4,229 | -4,229 | ' | ' |
Net income | 43,371 | ' | ' | ' | ' | ' | ' | 43,371 | ' | ' |
Cash dividends declared on common stock | ' | ' | ' | ' | ' | ' | ' | -7,331 | ' | ' |
Cash dividends declared on preferred stock | ' | ' | ' | ' | ' | ' | ' | -5,440 | ' | ' |
Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | -7,022 | ' |
Lapsed restricted stock units | ' | ' | ' | -483 | ' | ' | ' | ' | 483 | ' |
Stock used to match defined contribution plan | ' | ' | ' | ' | ' | ' | ' | ' | 47 | ' |
Other comprehensive loss, net of tax | -28,068 | ' | ' | ' | ' | ' | ' | ' | ' | -28,068 |
Ending Balance at Sep. 30, 2012 | 771,687 | 152,000 | 47,842 | 495,155 | ' | ' | 54,407 | 94,520 | -81,300 | 9,063 |
Beginning Balance at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised Stock Options | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' |
Net income | 17,761 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock purchased | 7,022 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive loss, net of tax | -12,199 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | 771,687 | 152,000 | 47,842 | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 863,606 | 176,000 | 52,671 | 537,453 | ' | ' | 52,143 | 70,734 | -81,275 | 55,880 |
Stock-based compensation expense | ' | ' | ' | 1,360 | ' | ' | ' | ' | ' | ' |
Exercised Stock Options | ' | ' | 20 | 187 | ' | ' | ' | ' | ' | ' |
Stock Issuance Cost | ' | ' | ' | ' | -16 | -25 | ' | ' | ' | ' |
Transfer from/to legal surplus | ' | ' | ' | ' | ' | ' | 7,724 | -7,724 | ' | ' |
Net income | 78,352 | ' | ' | ' | ' | ' | ' | 78,352 | ' | ' |
Cash dividends declared on common stock | ' | ' | ' | ' | ' | ' | ' | -8,219 | ' | ' |
Cash dividends declared on preferred stock | ' | ' | ' | ' | ' | ' | ' | -10,396 | ' | ' |
Stock purchased | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Lapsed restricted stock units | ' | ' | ' | -728 | ' | ' | ' | ' | 556 | ' |
Stock used to match defined contribution plan | ' | ' | ' | ' | ' | ' | ' | ' | 77 | ' |
Other comprehensive loss, net of tax | -45,048 | ' | ' | ' | ' | ' | ' | ' | ' | -45,048 |
Ending Balance at Sep. 30, 2013 | 879,726 | 176,000 | 52,691 | 538,231 | ' | ' | 59,867 | 122,747 | -80,642 | 10,832 |
Beginning Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercised Stock Options | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' |
Net income | 19,621 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock purchased | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive loss, net of tax | -4,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | $879,726 | $176,000 | $52,691 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $78,352 | $43,371 |
Adjustments to reconcile net income to net cash provied by (used in) operating activities: | ' | ' |
Amortization of deferred loan origination fees, net of costs | 733 | 462 |
Amortization of fair value premiums on acquired deposits | 8,239 | 0 |
Amortization of investment securities premiums, net of accretion of discounts | 17,116 | 33,480 |
Amortization of core deposit and customer relationship intangibles | 1,932 | 107 |
Amortization of discount to fair market value of acquired loan | 12,032 | 0 |
FDIC Loss Share (Expense) Income | 48,801 | 18,505 |
Amortization of prepaid FDIC assesment | 0 | 3,894 |
(Gain) loss on: | ' | ' |
Sale of securities | 0 | -55,703 |
Sale of mortgage loans held for sale | -2,009 | -4,658 |
Derivatives | 224 | 2,944 |
Early extinguishment of debt | -1,061 | 24,312 |
Foreclosed real estate | 5,321 | 2,493 |
Sale of other repossessed asset | 1,813 | -8 |
Sale of premises and equipment | 0 | -85 |
Originations of loans held-for-sale | -239,804 | -140,925 |
Proceeds from sale of loans held-for-sale | 125,245 | 74,815 |
Net (increase) decrease in: | ' | ' |
Trading securities | -1,629 | -1,334 |
Accrued interest receivable | -4,802 | 5,247 |
Servicing Assets | -2,856 | -188 |
Other assets | 15,984 | -254 |
Net increase (decrease) in: | ' | ' |
Accrued interest on deposits and borrowings | -1,658 | -8,227 |
Accrued expenses and other liabilities | 13,937 | -8,578 |
Other impairments on securities | 8 | 0 |
Depreciation and amortization of premises and equipment | 7,703 | 3,424 |
Deferred income taxes, net | -18,816 | -785 |
Provision for covered and non-covered loan and lease losses, net | 60,300 | 19,245 |
Stock-based compensation | 1,360 | 1,159 |
Net cash provided by (used in) operating activities | 126,465 | 12,713 |
Purchases of: | ' | ' |
Investment securities available-for-sale | -32,874 | -1,102,606 |
Investment securities held-to-maturity | 0 | -119,026 |
FHLB stock | -32,562 | -454 |
Swap Option | 0 | -6,755 |
Maturities and Redemptions of [Abstract] | ' | ' |
Investment securities available-for-sale | 477,610 | 691,246 |
Investment securities held-to-maturity | 0 | 160,502 |
FHLB Stock | 46,503 | 1,368 |
Proceeds from sale of: | ' | ' |
Investment securities available for sale | 120,526 | 1,145,555 |
Foreclosed real estate and other repossessed assets | 44,754 | 13,593 |
Premises and equipment | 896 | 369 |
Origination and purchase of loans, excluding loans held-for-sale | -911,443 | -172,376 |
Principal repayment of loans, including covered loans | 806,676 | 195,336 |
Reimbursements from the FDIC on shared-loss agreements | 32,732 | 63,272 |
Additions to premises and equipment | -6,747 | -1,457 |
Net change in securities purchased under agreements to resell | -5,000 | -270,000 |
Net cash provided by investing activities | 541,071 | 598,567 |
Net increase (decrease) in: | ' | ' |
Deposits | -96,552 | -222,408 |
Short Term Borrowings | -92,210 | 0 |
Securities sold under agreements to repurchase | -427,931 | -424,312 |
FHLB advances | -199,731 | 5,013 |
Subordinated capital notes | -45,491 | 0 |
FDIC-guaranteed term notes | 0 | -105,000 |
Exercise of stock options | 207 | 394 |
Issuance of preferred stock | -25 | 79,022 |
Issuance Of Common Stock | -16 | 0 |
Purchase of treasury stock | 0 | -7,022 |
Termination of derivative instruments | 1,483 | -125 |
Dividends paid on preferred stock | -10,226 | -5,440 |
Dividends paid on common stock | -8,219 | -7,331 |
Net cash used in financing activities | -878,711 | -687,209 |
Net change in cash and cash equivalents | -211,175 | -75,929 |
Cash and cash equivalents at beginning of period | 868,695 | 591,487 |
Cash and cash equivalents at end of period | 657,520 | 515,558 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | ' | ' |
Interest paid | 64,272 | 63,266 |
Income Taxes Paid | 378 | 8,031 |
Mortgage loans securitized into mortgage-backed securities | 117,687 | 37,730 |
Transfer from loans to foreclosed real estate and other repossessed assets | $65,716 | $11,723 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation [Abstract] | ' |
BASIS OF PRESENTATION | ' |
NOTE 1 – ORGANIZATION, CONSOLIDATION AND BASIS OF PRESENTATION | |
Nature of Operations | |
OFG Bancorp (the “Company”) is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. The Company operates through various subsidiaries including, a commercial bank, Oriental Bank (or the “Bank”), a securities broker-dealer, Oriental Financial Services Corp. (“Oriental Financial Services”), an insurance agency, Oriental Insurance, Inc. (“Oriental Insurance”) and a retirement plan administrator, Caribbean Pension Consultants, Inc. (“CPC”). The Company also has a special purpose entity, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”). Through these subsidiaries and their respective divisions, the Company provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, leasing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. On April 25, 2013, the Company changed its corporate name from Oriental Financial Group Inc. to OFG Bancorp. | |
On December 18, 2012, the Company purchased from Banco Bilbao Vizcaya Argentaria, S. A. (“BBVA”), all of the outstanding common stock of each of (i) BBVAPR Holding Corporation (“BBVAPR Holding”), the sole shareholder of Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR Bank”), a Puerto Rico chartered commercial bank, and BBVA Seguros, Inc. (“BBVA Seguros”), an insurance agency, and (ii) BBVA Securities of Puerto Rico, Inc. (“BBVA Securities”), a registered broker-dealer. This transaction is referred to as the BBVAPR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as the “BBVAPR Companies” or “BBVAPR.” | |
Basis of Presentation and Use of Estimates | |
The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“GAAP”) and to banking industry practices. | |
The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the audited consolidated financial statements in our annual report on Form 10-K for the year ended December 31, 2012 (the “ 2012 Form 10-K”). All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited statements are, in the opinion of management, a fair statement of the results for the periods reported and include all necessary adjustments, all of a normal recurring nature, for a fair statement of such results. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. Interim period results are not necessarily indicative of the results to be expected for the full year. | |
Certain reclassifications have been made to 2012 unaudited consolidated financial statements and notes to the financial statements to conform to the 2013 presentation, relating to remeasurement adjustments from the BBVAPR Acquisition in December 18, 2012. | |
Significant Accounting Policies | |
We provide a summary of our significant accounting policies in our 2012 Form 10-K under “Notes to Consolidated Financial Statements—Note 1—Summary of Significant Accounting Policies.” During the quarter ended September 30, 2013, management changed the methodology of the general reserve calculation in order to adapt the calculation to the new Company structure after the BBVAPR Acquisition, and better capture the risk characteristics of the different portfolio segments. Principal changes are concentrated in the commercial, consumer and auto and leasing portfolios, as follows: | |
The commercial portfolio was further segmented by business line (corporate, institutional, middle market, corporate retail, floor plan, and real estate), by collateral type (secured by real estate and other commercial and industrial), and by risk rating/classification (pass, special mention, substandard, doubtful, and individually measured for impairment). The loss factor used for the general valuation reserve (“GVA”) of these loans is established considering the Bank's past twelve-month historical loss experience of each segment and the consideration of environmental factors. The sum of the loss experience factors and the environmental factors will be the GVA factor to be used for the determination of the allowance for loan and lease losses on each category. | |
The consumer portfolio consists of smaller retail loans such as retail credit cards, overdrafts, unsecured personal lines of credit, and personal unsecured loans. The allowance factor, consisting of the historical loss factors and the environmental risk factors will be calculated for each sub-class of loans by delinquency bucket. | |
The allowance factor on auto and leasing portfolio is impacted by the historical losses, the environmental risk factors and by delinquency buckets. For the determination of the allowance factor, the portfolio will be segmented by FICO score. | |
The methodology explained before will apply to originated and other loans and to acquired loans accounted for under ASC 310-20. | |
Below we describe recent accounting changes: | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income - In February 2013, the Financial Accounting Standards Board (the “FASB”) issued an amendment to enhance current disclosure requirements of reclassifications out of accumulated other comprehensive income and their corresponding effect on net income to be presented, in one place, information about significant amounts reclassified and, in some cases, cross-reference to related footnote disclosures. Previously, this information was presented in different places throughout the financial statements. The amendments require disclosure of information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires the presentation, either on the face of the statement where net income is presented or in the notes, of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amended guidance was effective for annual and interim reporting periods beginning on or after December 15, 2012, prospectively. Our adoption of the guidance is presented in “Note 14 – Stockholders' Equity and Earnings per Common Share.” | |
Testing Indefinite-Lived Intangible Assets for Impairment - In July 2012, the FASB issued Accounting Standard Update ( ASU) No. 2012-02, Intangibles— | |
Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The ASU is intended to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. Some examples of intangible assets subject to the guidance include indefinite-lived trademarks, licenses and distribution rights. The ASU allows companies to perform a qualitative assessment about the likelihood of impairment of an indefinite-lived intangible asset to determine whether further impairment testing is necessary, similar in approach to the goodwill impairment test. The ASU became effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Our adoption of the guidance had no effect on our unaudited consolidated financial statements. | |
Offsetting Financial Assets and Liabilities - In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU is intended to enhance current disclosure requirements on offsetting financial assets and liabilities. The new disclosures enable financial statement users to compare balance sheets prepared under GAAP and IFRS, which are subject to different offsetting models. The guidance requires disclosure of both gross and net information about instruments and transactions eligible for offset in the balance sheet as well as instruments and transactions subject to an agreement similar to a master netting arrangement. The disclosures are required irrespective of whether such instruments are presented gross or net on the balance sheet. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarify that the scope of this guidance applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The amended guidance was effective for annual and interim reporting periods beginning on or after January 1, 2013, with comparative retrospective disclosures required for all periods presented. We adopted the guidance in the first quarter of 2013. Our adoption of the guidance had no effect on our financial condition, results of operations or liquidity since it only impacts disclosures only. The new disclosures required by the amended guidance are included in “Note 11 – Offsetting of Financial Assets and Liabilities” hereto. | |
Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution— FASB ASU 2012-06, “Business Combinations” (Topic 805) was issued in October 2012. This update addresses the diversity in practice about how to interpret the terms “on the same basis” and “contractual limitations” when subsequently measuring an indemnification asset recognized in a government-assisted (Federal Deposit Insurance Corporation) acquisition of a financial institution that includes a loss-sharing agreement (indemnification agreement). When a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and subsequently the cash flows expected to be collected on the indemnification asset change as a result of a change in cash flows expected to be collected on the assets subject to indemnification, the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement, that is, the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments in this update are effective for fiscal years and interim periods within those years, beginning on or after December 15, 2012. The adoption of this guidance did not have a material effect on the unaudited consolidated financial statements, since the Company already followed the same basis approach. | |
Future Application of Accounting Standards | |
Accounting for Financial Instruments—Credit Losses - In December 2012, the FASB issued a proposed ASU, Financial Instruments—Credit Losses. This proposed ASU, or exposure draft, was issued for public comment in order to allow stakeholders the opportunity to review the proposal and provide comments to the FASB, and does not constitute accounting guidance until a final ASU is issued. The exposure draft contains proposed guidance developed by the FASB with the goal of improving financial reporting about expected credit losses on loans, securities and other financial assets held by banks, financial institutions, and other public and private organizations. The exposure draft proposes a new accounting model intended to require earlier recognition of credit losses, while also providing additional transparency about credit risk. The FASB's proposed model would utilize a single “expected credit loss” measurement objective for the recognition of credit losses, replacing the multiple existing impairment models in GAAP which generally require that a loss be “incurred” before it is recognized. The FASB's proposed model represents a significant departure from existing GAAP, and may result in material changes to the Company's accounting for financial instruments. The impact of the FASB's final ASU to the Company's financial statements will be assessed when it is issued. The exposure draft does not contain a proposed effective date. This would be included in the final ASU, when issued. | |
Other Potential Amendments to Current Accounting Standards - The FASB and International Accounting Standards Board, either jointly or separately, are currently working on several major projects, including amendments to existing accounting standards governing financial instruments, leases, and consolidation and investment companies. As part of the joint financial instruments project, the FASB has issued a proposed ASU that would result in significant changes to the guidance for recognition and measurement of financial instruments, in addition to the proposed ASU that would change the accounting for credit losses on financial instruments discussed above. The FASB is also working on a joint project that would require substantially all leases to be capitalized on the balance sheet. Additionally, the FASB has issued a proposal on principal-agent considerations that would change the way the Company needs to evaluate whether to consolidate Variable Interest Entities (“VIE”) and non-VIE partnerships. Furthermore, the FASB has issued a proposed ASU that would change the criteria used to determine whether an entity is subject to the accounting and reporting requirements of an investment company. The principal-agent consolidation proposal would require all VIEs, including those that are investment companies, to be evaluated for consolidation under the same requirements. All of these projects may have significant impacts for the Company. Upon completion of the standards, the Company will need to reevaluate its accounting and disclosures. However, due to ongoing deliberations of the standard setters, the Company is currently unable to determine the effect of future amendments or proposals. |
Business_Combinations
Business Combinations | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Business Combination, Description | ' | ||||||||||||||
Business Combination Disclosure [Text Block] | ' | ||||||||||||||
NOTE 2 – BUSINESS COMBINATIONS | |||||||||||||||
BBVAPR Acquisition | |||||||||||||||
On December 18, 2012, the Company purchased from BBVA, all of the outstanding common stock of each of BBVAPR Holding and BBVA Securities for an aggregate purchase price of $500 million. Immediately following the closing of the BBVAPR Acquisition, the Company merged BBVAPR Bank with and into Oriental Bank, with Oriental Bank continuing as the surviving entity. On August 1, 2013, BBVA Securities was merged with and into Oriental Financial Services, which continued as the surviving entity. | |||||||||||||||
The assets acquired and liabilities assumed as of December 18, 2012 were presented at their fair value. In many cases, the determination of these fair values required management to make estimates about discount rates, expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. During the nine-month period ended September 30, 2013, the Company recorded retrospective adjustments to the preliminary estimated fair values of certain acquired loans, foreclosed real estate, deferred income taxes, and other assets acquired, to reflect new information obtained during the measurement period (as defined by ASC Topic 805), about facts and circumstances that existed as of the acquisition date that, if known, would have affected the acquisition-date fair value measurements. As detailed in the table below, the main adjustment occurred in the loans acquired. The adjustment resulted from in-depth reviews of the actual loans terms and amortization schedules. The original cash flows were revised to reflect the results of this review. | |||||||||||||||
Measurement | |||||||||||||||
Period | Fair Value | ||||||||||||||
Adjustments, | as | ||||||||||||||
Book Value at | Fair Value | Fair Value at | net at | Remeasured at | |||||||||||
December 18, | Adjustments, | December 18, | December 18, | December 18, | |||||||||||
2012 | net | 2012 | 2018 | 2012 | |||||||||||
(In thousands) | |||||||||||||||
Assets | |||||||||||||||
Cash and cash equivalents | $ | 394,638 | $ | - | $ | 394,638 | $ | - | $ | 394,638 | |||||
Investments | 561,623 | - | 561,623 | - | 561,623 | ||||||||||
Loans | 3,678,979 | -118,913 | 3,560,066 | -26,635 | 3,533,431 | ||||||||||
Accrued interest receivable | 19,133 | -18,252 | 881 | - | 881 | ||||||||||
Foreclosed real estate | 44,853 | -8,896 | 35,957 | -1,932 | 34,025 | ||||||||||
Deferred tax asset, net | 35,327 | 50,005 | 85,332 | 9,455 | 94,787 | ||||||||||
Premises and equipment | 37,412 | 29,067 | 66,479 | - | 66,479 | ||||||||||
Legacy goodwill | 116,353 | -116,353 | - | - | - | ||||||||||
Core deposit intangible | - | 8,473 | 8,473 | - | 8,473 | ||||||||||
Customer relationship intangible | - | 5,060 | 5,060 | - | 5,060 | ||||||||||
Other assets | 119,286 | -7,663 | 111,623 | -2,936 | 108,687 | ||||||||||
Total assets acquired | 5,007,604 | -177,472 | 4,830,132 | -22,048 | 4,808,084 | ||||||||||
Liabilities | |||||||||||||||
Deposits | 3,472,951 | 21,489 | 3,494,440 | - | 3,494,440 | ||||||||||
Securities sold under agreements to repurchase | 338,020 | 20,465 | 358,485 | - | 358,485 | ||||||||||
Other borrowings | 348,624 | 1,108 | 349,732 | - | 349,732 | ||||||||||
Subordinated capital notes | 117,000 | -7,159 | 109,841 | - | 109,841 | ||||||||||
Accrued expenses and other liabilities | 80,392 | -1,438 | 78,954 | - | 78,954 | ||||||||||
Total liabilities assumed | 4,356,987 | 34,465 | 4,391,452 | - | 4,391,452 | ||||||||||
Net assets acquired | $ | 650,617 | $ | -211,937 | $ | 438,680 | $ | -22,048 | $ | 416,632 | |||||
Cash consideration | $ | 500,000 | $ | - | $ | 500,000 | $ | - | $ | 500,000 | |||||
Goodwill | $ | 61,320 | $ | 22,048 | $ | 83,368 | |||||||||
Merger and Restructuring Charges | |||||||||||||||
Merger and restructuring charges are recorded in the unaudited consolidated statements of operations and include incremental costs to integrate the operations of the Company and BBVAPR. These charges represent costs associated with these one-time activities and do not represent ongoing costs of the fully integrated combined organization. | |||||||||||||||
The following table presents severance and employee-related charges, systems integrations and other merger-related charges in connection with the BBVAPR Acquisition for the quarter and nine-month period ended September 30, 2013: | |||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Severance and employee-related charges | $ | 248 | $ | 1,398 | |||||||||||
Systems integrations and related charges | 1,719 | 4,896 | |||||||||||||
Other-contract cancellation fee | 285 | 6,766 | |||||||||||||
Total merger and restructuring charges | $ | 2,252 | $ | 13,060 | |||||||||||
Restructuring Reserve | |||||||||||||||
Restructuring reserves are established by a charge to merger and restructuring charges, and the restructuring charges are included in the merger and restructuring charges table. | |||||||||||||||
The following table presents the changes in restructuring reserves for the quarter and nine-month period ended September 30, 2013: | |||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Balance at the beginning of the period | $ | 276 | $ | 4,202 | |||||||||||
Merger and restructuring charges | 2,252 | 13,060 | |||||||||||||
Cash payments and other | -1,437 | -16,171 | |||||||||||||
Balance at the end of the period | $ | 1,091 | $ | 1,091 | |||||||||||
Payments under merger and restructuring reserves associated with the BBVAPR Acquisition are expected to continue in the fourth quarter of 2013 and will be accounted under applicable accounting guidance to the cost being incurred. |
Investments
Investments | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments [Abstract] | ' | |||||||||||||
INVESTMENTS | ' | |||||||||||||
NOTE 3 – SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL AND INVESTMENTS | ||||||||||||||
Money Market Investments | ||||||||||||||
The Company considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less at the date of acquisition. At September 30, 2013 and December 31, 2012, money market instruments included as part of cash and cash equivalents amounted to $11.7 million and $13.2 million, respectively. | ||||||||||||||
Securities Purchased Under Agreements to Resell | ||||||||||||||
Securities purchased under agreements to resell consist of short-term investments and are carried at the amounts at which the assets will be subsequently resold as specified in the respective agreements. At September 30, 2013 and December 31, 2012, securities purchased under agreements to resell amounted to $85.0 million and $80.0 million, respectively. | ||||||||||||||
The amounts advanced under those agreements are reflected as assets in the consolidated statements of financial condition. It is the Company's policy to take possession of securities purchased under agreements to resell. Agreements with third parties specify the Company's right to request additional collateral based on its monitoring of the fair value of the underlying securities on a daily basis. The fair value of the collateral securities held by the Company on these transactions as of September 30, 2013 and December 31, 2012 was approximately $87.7 million and $82.1 million, respectively. | ||||||||||||||
Investment Securities | ||||||||||||||
The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by the Company at September 30, 2013 and December 31, 2012 were as follows: | ||||||||||||||
30-Sep-13 | ||||||||||||||
Gross | Gross | Weighted | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | Average | ||||||||||
Cost | Gains | Losses | Value | Yield | ||||||||||
(In thousands) | ||||||||||||||
Available-for-sale | ||||||||||||||
Mortgage-backed securities | ||||||||||||||
FNMA and FHLMC certificates | $ | 1,253,599 | $ | 39,733 | $ | 3,859 | $ | 1,289,473 | 2.89% | |||||
GNMA certificates | 8,895 | 465 | 24 | 9,336 | 4.90% | |||||||||
CMOs issued by US Government sponsored agencies | 233,904 | 76 | 6,303 | 227,677 | 1.78% | |||||||||
Total mortgage-backed securities | 1,496,398 | 40,274 | 10,186 | 1,526,486 | 2.76% | |||||||||
Investment securities | ||||||||||||||
Obligations of US Government sponsored agencies | 12,381 | - | 41 | 12,340 | 1.20% | |||||||||
Obligations of Puerto Rico Government and political subdivisions | 121,012 | - | 6,647 | 114,365 | 4.39% | |||||||||
Other debt securities | 24,342 | 209 | 494 | 24,057 | 3.46% | |||||||||
Total investment securities | 157,735 | 209 | 7,182 | 150,762 | 4.00% | |||||||||
Total securities available for sale | $ | 1,654,133 | $ | 40,483 | $ | 17,368 | $ | 1,677,248 | 2.83% | |||||
31-Dec-12 | ||||||||||||||
Gross | Gross | Weighted | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | Average | ||||||||||
Cost | Gains | Losses | Value | Yield | ||||||||||
(In thousands) | ||||||||||||||
Available-for-sale | ||||||||||||||
Mortgage-backed securities | ||||||||||||||
FNMA and FHLMC certificates | $ | 1,622,037 | $ | 71,411 | $ | 1 | $ | 1,693,447 | 3.06% | |||||
GNMA certificates | 14,177 | 995 | 8 | 15,164 | 4.89% | |||||||||
CMOs issued by US Government sponsored agencies | 288,409 | 3,784 | 793 | 291,400 | 1.85% | |||||||||
Total mortgage-backed securities | 1,924,623 | 76,190 | 802 | 2,000,011 | 2.89% | |||||||||
Investment securities | ||||||||||||||
US Treasury securities | 26,498 | - | 2 | 26,496 | 0.71% | |||||||||
Obligations of US Government sponsored agencies | 21,623 | 224 | - | 21,847 | 1.35% | |||||||||
Obligations of Puerto Rico Government and political subdivisions | 120,950 | 9 | 438 | 120,521 | 3.82% | |||||||||
Other debt securities | 25,131 | 280 | - | 25,411 | 3.46% | |||||||||
Total investment securities | 194,202 | 513 | 440 | 194,275 | 2.99% | |||||||||
Total securities available-for-sale | $ | 2,118,825 | $ | 76,703 | $ | 1,242 | $ | 2,194,286 | 2.90% | |||||
The amortized cost and fair value of the Company's investment securities at September 30, 2013, by contractual maturity, are shown in the next table. Securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||
30-Sep-13 | ||||||||||||||
Available-for-sale | ||||||||||||||
Amortized Cost | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||
Mortgage-backed securities | ||||||||||||||
Due after 5 to 10 years | ||||||||||||||
FNMA and FHLMC certificates | $ | 29,982 | $ | 30,589 | ||||||||||
Total due after 5 to 10 years | 29,982 | 30,589 | ||||||||||||
Due after 10 years | ||||||||||||||
FNMA and FHLMC certificates | 1,223,617 | 1,258,884 | ||||||||||||
GNMA certificates | 8,895 | 9,336 | ||||||||||||
CMOs issued by US Government sponsored agencies | 233,904 | 227,677 | ||||||||||||
Total due after 10 years | 1,466,416 | 1,495,897 | ||||||||||||
Total mortgage-backed securities | 1,496,398 | 1,526,486 | ||||||||||||
Investment securities | ||||||||||||||
Due in less than one year | ||||||||||||||
Other debt securities | 20,000 | 19,506 | ||||||||||||
Total due in less than one year | 20,000 | 19,506 | ||||||||||||
Due from 1 to 5 years | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | 11,859 | 10,292 | ||||||||||||
Total due from 1 to 5 years | 11,859 | 10,292 | ||||||||||||
Due after 5 to 10 years | ||||||||||||||
Obligations of US Government and sponsored agencies | 12,381 | 12,340 | ||||||||||||
Total due after 5 to 10 years | 12,381 | 12,340 | ||||||||||||
Due after 10 years | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | 109,153 | 104,073 | ||||||||||||
Other debt securities | 4,342 | 4,551 | ||||||||||||
Total due after 10 years | 113,495 | 108,624 | ||||||||||||
Total investment securities | 157,735 | 150,762 | ||||||||||||
Total securities available-for-sale | $ | 1,654,133 | $ | 1,677,248 | ||||||||||
Obligations of Puerto Rico Government and political subdivisions include a $98.7 million bond at September 30, 2013 with maturity date of July 1, 2024, that is subject to mandatory tender offer for purchase by the end of the third year anniversary of the closing date, which is June 1, 2014. | ||||||||||||||
The Company, as part of its asset/liability management, may purchase U.S. Treasury securities and U.S. government sponsored agency discount notes close to their maturities as alternatives to cash deposits at correspondent banks or as a short term vehicle to reinvest the proceeds of sale transactions until investment securities with attractive yields can be purchased. During the nine-month period ended September 30, 2013, the Company did not execute any sale of securities from its portfolio other than $120.5 million of available-for-sale GNMA certificates that were sold as part of its recurring mortgage loan origination and securitization activities. These sales produced a nominal gain during such period. | ||||||||||||||
The BBVAPR Acquisition and the related deleverage of the investment securities portfolio that the Company completed during the second half of 2012 reduced the interest rate risk profile of the Company. For the nine-month period ended September 30, 2012, the Company recorded a net gain on sale of securities of $55.7 million. The table below presents the gross realized gains by category for such period: | ||||||||||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||
Book Value | ||||||||||||||
Description | Sale Price | at Sale | Gross Gains | Gross Losses | ||||||||||
(In thousands) | ||||||||||||||
Sale of securities available-for-sale | ||||||||||||||
Mortgage-backed securities and CMOs | ||||||||||||||
FNMA and FHLMC certificates | $ | 936,779 | $ | 881,834 | $ | 54,945 | $ | - | ||||||
GNMA certificates | 62,639 | 62,638 | 1 | - | ||||||||||
CMOs issued by US Government sponsored agencies | 19,725 | 18,372 | 1,353 | - | ||||||||||
Total mortgage-backed securities and CMOs | 1,019,143 | 962,844 | 56,299 | - | ||||||||||
Investment securities | ||||||||||||||
Obligations of U.S. Government sponsored agencies | 80,000 | 80,000 | - | - | ||||||||||
Obligations of Puerto Rico Government and political subdivisions | 35,882 | 36,478 | 32 | 628 | ||||||||||
Structured credit investments | 10,530 | 10,530 | - | - | ||||||||||
Total investment securities | 126,412 | 127,008 | 32 | 628 | ||||||||||
Total | $ | 1,145,555 | $ | 1,089,852 | $ | 56,331 | $ | 628 | ||||||
The following tables show the Company's gross unrealized losses and fair value of investment securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2013 and December 31, 2012: | ||||||||||||||
30-Sep-13 | ||||||||||||||
12 months or more | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
CMOs issued by US Government sponsored agencies | $ | 4,150 | $ | 397 | $ | 3,753 | ||||||||
Obligations of Puerto Rico Government and political subdivisions | 1,734 | 185 | 1,549 | |||||||||||
GNMA certificates | 81 | 11 | 70 | |||||||||||
$ | 5,965 | $ | 593 | $ | 5,372 | |||||||||
Less than 12 months | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
CMOs issued by US Government sponsored agencies | $ | 228,092 | $ | 5,906 | $ | 222,186 | ||||||||
FNMA and FHLMC certificates | 209,370 | 3,859 | 205,511 | |||||||||||
Obligations of Puerto Rico Government and political subdivisions | 119,278 | 6,462 | 112,816 | |||||||||||
Other debt securities | 20,000 | 494 | 19,506 | |||||||||||
Obligations of US government and sponsored agencies | 12,381 | 41 | 12,340 | |||||||||||
GNMA certificates | 123 | 13 | 110 | |||||||||||
$ | 589,244 | $ | 16,775 | $ | 572,469 | |||||||||
Total | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
CMOs issued by US Government sponsored agencies | $ | 232,242 | $ | 6,303 | $ | 225,939 | ||||||||
FNMA and FHLMC certificates | 209,370 | 3,859 | 205,511 | |||||||||||
Obligations of Puerto Rico Government and political subdivisions | 121,012 | 6,647 | 114,365 | |||||||||||
Other debt securities | 20,000 | 494 | 19,506 | |||||||||||
Obligations of US government and sponsored agencies | 12,381 | 41 | 12,340 | |||||||||||
GNMA certificates | 204 | 24 | 180 | |||||||||||
$ | 595,209 | $ | 17,368 | $ | 577,841 | |||||||||
31-Dec-12 | ||||||||||||||
12 months or more | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | $ | 1,673 | $ | 12 | $ | 1,661 | ||||||||
CMOs issued by US Government sponsored agencies | 2,194 | 178 | 2,016 | |||||||||||
$ | 3,867 | $ | 190 | $ | 3,677 | |||||||||
Less than 12 months | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | $ | 19,086 | $ | 426 | $ | 18,660 | ||||||||
CMOs issued by US Government sponsored agencies | 10,671 | 615 | 10,056 | |||||||||||
US Treasury securities | 11,498 | 2 | 11,496 | |||||||||||
GNMA certificates | 84 | 8 | 76 | |||||||||||
FNMA and FHLMC certificates | 68 | 1 | 67 | |||||||||||
$ | 41,407 | $ | 1,052 | $ | 40,355 | |||||||||
Total | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | $ | 20,759 | $ | 438 | $ | 20,321 | ||||||||
CMOs issued by US Government sponsored agencies | 12,865 | 793 | 12,072 | |||||||||||
US Treasury securities | 11,498 | 2 | 11,496 | |||||||||||
GNMA certificates | 84 | 8 | 76 | |||||||||||
FNMA and FHLMC certificates | 68 | 1 | 67 | |||||||||||
$ | 45,274 | $ | 1,242 | $ | 44,032 | |||||||||
The valuations of the investment securities are performed on a monthly basis. Moreover, the Company conducts quarterly reviews to identify and evaluate each investment in an unrealized loss position for other-than-temporary impairment. Any portion of a decline in value associated with credit loss is recognized in income with the remaining noncredit-related component recognized in other comprehensive income. A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered by comparing the present value of cash flows expected to be collected from the security, discounted at the rate equal to the yield used to accrete current and prospective beneficial interest for the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is considered to be the “credit loss.” Other-than-temporary impairment analysis is based on estimates that depend on market conditions and are subject to further change over time. In addition, while the Company believes that the methodology used to value these exposures is reasonable, the methodology is subject to continuing refinement, including those made as a result of market developments. Consequently, it is reasonably possible that changes in estimates or conditions could result in the need to recognize additional other-than-temporary impairment charges in the future. | ||||||||||||||
Investments in an unrealized loss position at September 30, 2013 mostly ($454.2 million, or 76%) consisted of securities issued or guaranteed by the U.S. Treasury or U.S. Government sponsored agencies, all of which are highly liquid securities that have a large and efficient secondary market, and their aggregate losses, and their variability from period to period, are the result of changes in market conditions, and not due to the repayment capacity or creditworthiness of the US agencies that either issued or guaranteed the investments. The remaining investments in an unrealized loss position at September 30, 2013 ($141.0 million, or 24%) consisted of obligations issued or collateralized by the Government of Puerto Rico and its political subdivisions or instrumentalities. The recent decline in the market value of these securities is mainly related to an increase in volatility that is the result of changes in market conditions, and not a result of deterioration in the creditworthiness of the issuer or guarantor. The securities are rated as “investment grade” or are considered by management to be the credit equivalent of investment grade. At September 30, 2013, the Company does not have the intent to sell any of the investments in an unrealized loss position. | ||||||||||||||
Loans_Receivable
Loans Receivable | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Loans Receivable [Abstract] | ' | ||||||||||||||||||||
LOANS RECEIVABLE | ' | ||||||||||||||||||||
NOTE 4 - LOANS | |||||||||||||||||||||
The Company's loan portfolio is composed of covered loans and non-covered loans. The Company presents loans subject to the loss sharing agreements as “covered loans” in the information below, and loans that are not subject to FDIC loss sharing agreements as “non-covered loans.” The risks of the Eurobank FDIC-assisted acquisition acquired loans are significantly different from those loans not covered under the FDIC loss sharing agreements because of the loss protection provided by the FDIC. Also, loans acquired in the BBVAPR Acquisition are included as non-covered loans in the unaudited consolidated statements of financial condition. Non-covered loans are further segregated between originated loans, acquired loans accounted for under ASC 310-20 (loans with revolving feature and/or acquired at a premium) and acquired loans accounted for under ASC 310-30 (loans acquired with deteriorated credit quality, including those by analogy). | |||||||||||||||||||||
For a summary of the accounting policy related to loans, interest recognition and allowance for loan and lease losses, please refer to the summary of significant accounting policies included in Note 1 of our 2012 Form 10-K under “Notes to Consolidated Financial Statements”. | |||||||||||||||||||||
The composition of the Company's loan portfolio at September 30, 2013 and December 31, 2012 was as follows: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Loans not covered under shared-loss agreements with FDIC: | |||||||||||||||||||||
Originated and other loans and leases held for investment: | |||||||||||||||||||||
Mortgage | $ | 742,046 | $ | 805,292 | |||||||||||||||||
Commercial | 1,173,215 | 349,075 | |||||||||||||||||||
Auto and leasing | 313,701 | 37,577 | |||||||||||||||||||
Consumer | 113,509 | 46,667 | |||||||||||||||||||
2,342,471 | 1,238,611 | ||||||||||||||||||||
Acquired loans: | |||||||||||||||||||||
Accounted for under ASC 310-20 (Loans with revolving feature and/or | |||||||||||||||||||||
acquired at a premium) | |||||||||||||||||||||
Commercial | 97,099 | 329,463 | |||||||||||||||||||
Commercial secured by real estate | 25,398 | 20,779 | |||||||||||||||||||
Auto | 335,528 | 470,601 | |||||||||||||||||||
Consumer | 59,817 | 70,347 | |||||||||||||||||||
517,842 | 891,190 | ||||||||||||||||||||
Accounted for under ASC 310-30 (Loans acquired with deteriorated | |||||||||||||||||||||
credit quality, including those by analogy) | |||||||||||||||||||||
Mortgage | 731,376 | 801,024 | |||||||||||||||||||
Commercial | 548,995 | 940,402 | |||||||||||||||||||
Construction | 131,976 | 193,442 | |||||||||||||||||||
Auto | 416,579 | 553,075 | |||||||||||||||||||
Consumer | 80,429 | 123,825 | |||||||||||||||||||
1,909,355 | 2,611,768 | ||||||||||||||||||||
4,769,668 | 4,741,569 | ||||||||||||||||||||
Deferred loan cost (fees), net | 120 | -3,463 | |||||||||||||||||||
Loans receivable | 4,769,788 | 4,738,106 | |||||||||||||||||||
Allowance for loan and lease losses on non-covered loans | -49,614 | -39,921 | |||||||||||||||||||
Loans receivable, net | 4,720,174 | 4,698,185 | |||||||||||||||||||
Mortgage loans held-for-sale | 47,085 | 64,145 | |||||||||||||||||||
Total loans not covered under shared-loss agreements with FDIC, net | 4,767,259 | 4,762,330 | |||||||||||||||||||
Loans covered under shared-loss agreements with FDIC: | |||||||||||||||||||||
Loans secured by 1-4 family residential properties | 122,001 | 128,811 | |||||||||||||||||||
Construction and development secured by 1-4 family residential properties | 16,674 | 15,969 | |||||||||||||||||||
Commercial and other construction | 272,129 | 289,070 | |||||||||||||||||||
Leasing | 542 | 7,088 | |||||||||||||||||||
Consumer | 6,773 | 8,493 | |||||||||||||||||||
Total loans covered under shared-loss agreements with FDIC | 418,119 | 449,431 | |||||||||||||||||||
Allowance for loan and lease losses on covered loans | -56,555 | -54,124 | |||||||||||||||||||
Total loans covered under shared-loss agreements with FDIC, net | 361,564 | 395,307 | |||||||||||||||||||
Total loans, net | $ | 5,128,823 | $ | 5,157,637 | |||||||||||||||||
Non-covered Loans | |||||||||||||||||||||
Originated and Other Loans and Leases Held for Investment | |||||||||||||||||||||
The Company's originated and other held for investment loan transactions are encompassed within four portfolio segments: mortgage, commercial, consumer, and auto and leasing. | |||||||||||||||||||||
The following tables present the aging of the recorded investment in gross originated and other loans held for investment as of September 30, 2013 and December 31, 2012 by class of loans. Mortgage loans past due included delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option. | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Loans 90+ | |||||||||||||||||||||
Days Past | |||||||||||||||||||||
Due and | |||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | |||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | |||||||||||||||
(In thousands) | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||
Traditional (by origination year): | |||||||||||||||||||||
Up to the year 2002 | $ | - | $ | 2,232 | $ | 3,984 | $ | 6,216 | $ | 79,093 | $ | 85,309 | $ | 23 | |||||||
Years 2003 and 2004 | - | 4,919 | 3,715 | 8,634 | 114,014 | 122,648 | - | ||||||||||||||
Year 2005 | - | 1,342 | 1,933 | 3,275 | 62,766 | 66,041 | - | ||||||||||||||
Year 2006 | - | 3,737 | 2,796 | 6,533 | 84,429 | 90,962 | - | ||||||||||||||
Years 2007, 2008 and 2009 | - | 2,099 | 2,589 | 4,688 | 99,862 | 104,550 | 46 | ||||||||||||||
Years 2010, 2011, 2012 and 2013 | - | 796 | 1,643 | 2,439 | 106,963 | 109,402 | 215 | ||||||||||||||
- | 15,125 | 16,660 | 31,785 | 547,127 | 578,912 | 284 | |||||||||||||||
Non-traditional | - | 1,720 | 1,580 | 3,300 | 40,947 | 44,247 | - | ||||||||||||||
Loss mitigation program | - | 6,148 | 14,471 | 20,619 | 65,036 | 85,655 | 1,071 | ||||||||||||||
- | 22,993 | 32,711 | 55,704 | 653,110 | 708,814 | 1,355 | |||||||||||||||
Home equity secured personal loans | 126 | - | 12 | 138 | 583 | 721 | - | ||||||||||||||
GNMA's buy-back option program | - | - | 32,511 | 32,511 | - | 32,511 | - | ||||||||||||||
126 | 22,993 | 65,234 | 88,353 | 653,693 | 742,046 | 1,355 | |||||||||||||||
Commercial | |||||||||||||||||||||
Commercial secured by real estate | 1,993 | 1,038 | 19,131 | 22,162 | 371,768 | 393,930 | - | ||||||||||||||
Other commercial and industrial | 1,256 | 273 | 3,559 | 5,088 | 774,197 | 779,285 | - | ||||||||||||||
3,249 | 1,311 | 22,690 | 27,250 | 1,145,965 | 1,173,215 | - | |||||||||||||||
Consumer | 1,414 | 569 | 425 | 2,408 | 111,101 | 113,509 | - | ||||||||||||||
Auto and leasing | 16,682 | 4,504 | 2,636 | 23,822 | 289,879 | 313,701 | - | ||||||||||||||
Total | $ | 21,471 | $ | 29,377 | $ | 90,985 | $ | 141,833 | $ | 2,200,638 | $ | 2,342,471 | $ | 1,355 | |||||||
31-Dec-12 | |||||||||||||||||||||
Loans 90+ | |||||||||||||||||||||
Days Past | |||||||||||||||||||||
Due and | |||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | |||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | |||||||||||||||
(In thousands) | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||
Traditional (by origination year): | |||||||||||||||||||||
Up to the year 2002 | $ | 6,906 | $ | 2,116 | $ | 11,363 | $ | 20,385 | $ | 80,883 | $ | 101,268 | $ | - | |||||||
Years 2003 and 2004 | 12,048 | 5,206 | 18,162 | 35,416 | 114,446 | 149,862 | - | ||||||||||||||
Year 2005 | 4,983 | 1,746 | 8,860 | 15,589 | 65,312 | 80,901 | - | ||||||||||||||
Year 2006 | 9,153 | 3,525 | 15,363 | 28,041 | 85,045 | 113,086 | - | ||||||||||||||
Years 2007, 2008 and 2009 | 2,632 | 1,682 | 8,965 | 13,279 | 108,358 | 121,637 | - | ||||||||||||||
Years 2010, 2011 and 2012 | 632 | 769 | 1,162 | 2,563 | 64,434 | 66,997 | - | ||||||||||||||
36,354 | 15,044 | 63,875 | 115,273 | 518,478 | 633,751 | - | |||||||||||||||
Non-traditional | 2,850 | 1,067 | 11,160 | 15,077 | 42,742 | 57,819 | - | ||||||||||||||
Loss mitigation program | 8,933 | 4,649 | 19,989 | 33,571 | 53,739 | 87,310 | |||||||||||||||
48,137 | 20,760 | 95,024 | 163,921 | 614,959 | 778,880 | - | |||||||||||||||
Home equity secured personal loans | - | - | 10 | 10 | 726 | 736 | - | ||||||||||||||
GNMA's buy-back option program | - | - | 25,676 | 25,676 | - | 25,676 | - | ||||||||||||||
48,137 | 20,760 | 120,710 | 189,607 | 615,685 | 805,292 | - | |||||||||||||||
Commercial | |||||||||||||||||||||
Commercial secured by real estate | 9,062 | 271 | 15,335 | 24,668 | 226,606 | 251,274 | - | ||||||||||||||
Other commercial and industrial | 345 | 189 | 2,378 | 2,912 | 94,889 | 97,801 | - | ||||||||||||||
9,407 | 460 | 17,713 | 27,580 | 321,495 | 349,075 | - | |||||||||||||||
Consumer | 747 | 92 | 409 | 1,248 | 45,419 | 46,667 | - | ||||||||||||||
Auto and leasing | 251 | 129 | 131 | 511 | 37,066 | 37,577 | - | ||||||||||||||
Total | $ | 58,542 | $ | 21,441 | $ | 138,963 | $ | 218,946 | $ | 1,019,665 | $ | 1,238,611 | $ | - | |||||||
Delinquency is based on calendar days. This may cause fluctuations from quarter to quarter in the delinquency of mortgage loans, depending in the amount of days each month. | |||||||||||||||||||||
During the quarter ended June 30, 2013, the Company transferred $55.0 million of non-performing residential mortgage loans held-for-investment to held-for-sale at a fair value of $27.0 million. The difference between fair value and book value was recorded as charge-offs to the mortgage portfolio. The provision for loan and lease losses during the quarter and six-month period ended June 30, 2013 increased to provide the coverage necessary under the allowance policy for the remaining mortgage loans, following the effects that the aforementioned reclassification had on the mortgage portfolio allowance level. | |||||||||||||||||||||
During the quarter ended September 30, 2013, the Company sold originated performing and non-performing residential mortgage loans held-for-sale with unpaid principal balance of $62.0 million and recorded a realized loss on the transaction of $1.4 million. | |||||||||||||||||||||
Increase in delinquencies of the consumer and the auto and leasing portfolios compared to December 31, 2012 is mainly attributed to the fact that during the BBVAPR Acquisition a substantial portion of the acquired non-performing loans were accounted for under ASC 310-30. At September 30, 2013 such portfolios are increasing as new originations are ramping up the balances outstanding. After almost 10 months from the BBVPR Acquisition, those portfolios are beginning to reflect normal delinquency levels as seasoned portfolios. | |||||||||||||||||||||
In addition, during the quarter ended September 30, 2013, the Company sold $27.3 million non-performing residential mortgage loans acquired in the BBVAPR Acquisition which were accounted for under ASC 310-30, loans acquired with deteriorated credit quality. No realized gain or loss was recorded in the transaction. | |||||||||||||||||||||
Acquired Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) | |||||||||||||||||||||
Credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium as part of the BBVAPR Acquisition are accounted for under the guidance of ASC 310-20, which requires that any contractually required loan payment receivable in excess of the Company's initial investment in the loans be accreted into interest income on a level-yield basis over the life of the loan. Loans accounted for under ASC 310-20 are placed on non-accrual status when past due in accordance with the Company's non-accrual policy and any accretion of discount or amortization of premium is discontinued. Loans acquired in the BBVAPR Acquisition that were accounted for under the provisions of ASC 310-20, which had fully amortized their premium or discount, recorded at the date of acquisition, are removed from the acquired loan category at the end of the reporting period. | |||||||||||||||||||||
The following table presents the aging of the recorded investment in gross acquired loans accounted for under ASC 310-20 as of September 30, 2013 and December 31, 2012 by class of loans: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Loans 90+ | |||||||||||||||||||||
Days Past | |||||||||||||||||||||
Due and | |||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | |||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | |||||||||||||||
(In thousands) | |||||||||||||||||||||
Commercial | $ | 1,607 | $ | 767 | $ | 762 | $ | 3,136 | $ | 93,963 | $ | 97,099 | $ | - | |||||||
Commercial secured by real estate | 229 | 395 | - | 624 | 24,774 | 25,398 | - | ||||||||||||||
Auto | 11,186 | 2,698 | 847 | 14,731 | 320,797 | 335,528 | - | ||||||||||||||
Consumer | 1,463 | 46 | 1,293 | 2,802 | 57,015 | 59,817 | - | ||||||||||||||
Total | $ | 14,485 | $ | 3,906 | $ | 2,902 | $ | 21,293 | $ | 496,549 | $ | 517,842 | $ | - | |||||||
31-Dec-12 | |||||||||||||||||||||
Loans 90+ | |||||||||||||||||||||
Days Past | |||||||||||||||||||||
Due and | |||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | |||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | |||||||||||||||
(In thousands) | |||||||||||||||||||||
Commercial | $ | 715 | $ | 76 | $ | 193 | $ | 984 | $ | 328,479 | $ | 329,463 | $ | - | |||||||
Commercial secured by real estate | 315 | - | - | 315 | 20,464 | 20,779 | - | ||||||||||||||
Auto | 6,753 | 1,023 | 275 | 8,051 | 462,550 | 470,601 | - | ||||||||||||||
Consumer | 982 | - | 1,095 | 2,077 | 68,270 | 70,347 | - | ||||||||||||||
Total | $ | 8,765 | $ | 1,099 | $ | 1,563 | $ | 11,427 | $ | 879,763 | $ | 891,190 | $ | - | |||||||
Acquired Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) | |||||||||||||||||||||
Loans acquired as part of the BBVAPR Acquisition, except for credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium, are accounted for by the Company in accordance with ASC 310-30. | |||||||||||||||||||||
The carrying amount corresponding to non-covered loans acquired with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Contractual required payments receivable | $3,064,418 | $3,982,063 | |||||||||||||||||||
Less: Non-accretable discount | 635,920 | 714,462 | |||||||||||||||||||
Cash expected to be collected | 2,428,498 | 3,267,601 | |||||||||||||||||||
Less: Accretable yield | 519,143 | 655,833 | |||||||||||||||||||
Carrying amount | $1,909,355 | $2,611,768 | |||||||||||||||||||
The following tables describe the accretable yield and non-accretable discount activity of acquired loans accounted for under ASC 310-30 for the quarter and nine-month period ended September 30, 2013 | |||||||||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Accretable Yield Activity | |||||||||||||||||||||
Balance at beginning of period | $ | 561,485 | $ | 655,833 | |||||||||||||||||
Accretion | -48,352 | -150,447 | |||||||||||||||||||
Transfer from non-accretable discount | 6,010 | 13,757 | |||||||||||||||||||
Balance at end of period | $ | 519,143 | $ | 519,143 | |||||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Non-Accretable Discount Activity | |||||||||||||||||||||
Balance at beginning of period | $ | 686,231 | $ | 714,462 | |||||||||||||||||
Principal losses | -44,301 | -64,785 | |||||||||||||||||||
Transfer to accretable yield | -6,010 | -13,757 | |||||||||||||||||||
Balance at end of period | $ | 635,920 | $ | 635,920 | |||||||||||||||||
Covered Loans | |||||||||||||||||||||
The carrying amount of covered loans at September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Contractual required payments receivable | $ | 748,091 | $ | 874,994 | |||||||||||||||||
Less: Non-accretable discount | 161,427 | 237,555 | |||||||||||||||||||
Cash expected to be collected | 586,664 | 637,439 | |||||||||||||||||||
Less: Accretable yield | 168,545 | 188,008 | |||||||||||||||||||
Carrying amount, gross | 418,119 | 449,431 | |||||||||||||||||||
Less: Allowance for covered loan and lease losses | 56,555 | 54,124 | |||||||||||||||||||
Carrying amount, net | $ | 361,564 | $ | 395,307 | |||||||||||||||||
The following tables describe the accretable yield and non-accretable discount activity of covered loans for the quarters and nine-month periods ended September 30, 2013 and 2012: | |||||||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Accretable yield activity | |||||||||||||||||||||
Balance at beginning of period | $ | 167,132 | $ | 177,248 | $ | 188,008 | $ | 188,822 | |||||||||||||
Accretion | -21,657 | -22,283 | -65,884 | -64,167 | |||||||||||||||||
Transfer from non-accretable discount | 23,070 | 28,868 | 46,421 | 59,178 | |||||||||||||||||
Balance at end of period | $ | 168,545 | $ | 183,833 | $ | 168,545 | $ | 183,833 | |||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | ||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Non-accretable discount activity | |||||||||||||||||||||
Balance at beginning of period | $ | 192,259 | $ | 314,404 | $ | 237,555 | $ | 412,170 | |||||||||||||
Principal losses | -7,762 | -21,533 | -29,707 | -88,989 | |||||||||||||||||
Transfer to accretable yield | -23,070 | -28,868 | -46,421 | -59,178 | |||||||||||||||||
Balance at end of period | $ | 161,427 | $ | 264,003 | $ | 161,427 | $ | 264,003 | |||||||||||||
Non-accrual Loans | |||||||||||||||||||||
The following table presents the recorded investment in loans in non-accrual status by class of loans as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Originated and other loans and leases held for investment | |||||||||||||||||||||
Mortgage | |||||||||||||||||||||
Traditional (by origination year): | |||||||||||||||||||||
Up to the year 2002 | $ | 4,709 | $ | 11,362 | |||||||||||||||||
Years 2003 and 2004 | 2,967 | 18,162 | |||||||||||||||||||
Year 2005 | 3,844 | 8,859 | |||||||||||||||||||
Year 2006 | 3,206 | 15,363 | |||||||||||||||||||
Years 2007, 2008 and 2009 | 1,990 | 8,967 | |||||||||||||||||||
Years 2010, 2011, 2012 and 2013 | 2,866 | 1,162 | |||||||||||||||||||
19,582 | 63,875 | ||||||||||||||||||||
Non-traditional | 1,580 | 11,160 | |||||||||||||||||||
Loss mitigation program | 21,860 | 39,957 | |||||||||||||||||||
43,022 | 114,992 | ||||||||||||||||||||
Home equity secured personal loans | 12 | 10 | |||||||||||||||||||
43,034 | 115,002 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||
Commercial secured by real estate | 25,312 | 26,517 | |||||||||||||||||||
Other commercial and industrial | 5,526 | 2,989 | |||||||||||||||||||
30,838 | 29,506 | ||||||||||||||||||||
Consumer | 490 | 442 | |||||||||||||||||||
Auto and leasing | 2,661 | 131 | |||||||||||||||||||
77,023 | 145,081 | ||||||||||||||||||||
Acquired loans accounted under ASC 310-20 | |||||||||||||||||||||
Commercial | 762 | 193 | |||||||||||||||||||
Auto | 847 | 275 | |||||||||||||||||||
Consumer | 1,293 | 1,095 | |||||||||||||||||||
2,902 | 1,563 | ||||||||||||||||||||
Total non-accrual loans | $ | 79,925 | $ | 146,644 | |||||||||||||||||
Loans accounted for under ASC 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. | |||||||||||||||||||||
Effective April 24, 2013, delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are placed in non-accrual when they become 18 months or more past due, since they are insured loans. Before that date, they were placed in non-accrual when they became 90 days or more past due. | |||||||||||||||||||||
At September 30, 2013 and December 31, 2012, loans whose terms have been extended and which are classified as troubled-debt restructurings that are not included in non-accrual loans amounted to $61.0 million and $42.2 million, respectively. |
Allowance_for_Loan_and_Lease_L
Allowance for Loan and Lease Losses | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Loans Receivable [Abstract] | ' | |||||||||||||||||||||||
Allowance For Credit Losses Text Block | ' | |||||||||||||||||||||||
NOTE 5 - ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||
Non-Covered Loans | ||||||||||||||||||||||||
The Company maintains an allowance for loan and lease losses at a level that management considers adequate to provide for probable losses based upon an evaluation of known and inherent risks. The Company's allowance for loan and lease losses policy provides for a detailed quarterly analysis of probable losses. The analysis includes a review of historical loan loss experience, value of underlying collateral, current economic conditions, financial condition of borrowers and other pertinent factors. While management uses available information in estimating probable loan losses, future additions to the allowance may be required based on factors beyond the Company's control. We also maintain an allowance for loan losses on acquired loans when: (i) for loans accounted for under ASC 310-30, there is deterioration in credit quality subsequent to acquisition, and (ii) for loans accounted for under ASC 310-20, the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition. | ||||||||||||||||||||||||
Originated and Other Loans and Leases Held for Investment | ||||||||||||||||||||||||
The following tables present the activity in our allowance for loan and lease losses and the related recorded investment of the associated loans for our originated and other loans held for investment portfolio by segment for the periods indicated: | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Auto and Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 21,375 | $ | 17,624 | $ | 2,341 | $ | 3,641 | $ | 720 | $ | 45,701 | ||||||||||||
Charge-offs | -1,758 | -2,234 | -465 | -1,305 | - | -5,762 | ||||||||||||||||||
Recoveries | - | 28 | 37 | 639 | - | 704 | ||||||||||||||||||
Provision for non-covered loan and lease losses | 1,374 | -703 | 2,915 | 3,143 | 201 | 6,930 | ||||||||||||||||||
Balance at end of period | $ | 20,991 | $ | 14,715 | $ | 4,828 | $ | 6,118 | $ | 921 | $ | 47,573 | ||||||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||||||
Auto and | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 21,092 | $ | 17,072 | $ | 856 | $ | 533 | $ | 368 | $ | 39,921 | ||||||||||||
Charge-offs | -33,465 | -5,678 | -1,034 | -2,105 | - | -42,282 | ||||||||||||||||||
Recoveries | - | 291 | 143 | 855 | - | 1,289 | ||||||||||||||||||
Provision for non-covered loan and lease losses | 33,364 | 3,030 | 4,863 | 6,835 | 553 | 48,645 | ||||||||||||||||||
Balance at end of period | $ | 20,991 | $ | 14,715 | $ | 4,828 | $ | 6,118 | $ | 921 | $ | 47,573 | ||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Auto and Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,333 | $ | 818 | $ | - | $ | - | $ | - | $ | 10,151 | ||||||||||||
Collectively evaluated for impairment | 11,658 | 13,897 | 4,828 | 6,118 | 921 | 37,422 | ||||||||||||||||||
Total ending allowance balance | $ | 20,991 | $ | 14,715 | $ | 4,828 | $ | 6,118 | $ | 921 | $ | 47,573 | ||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 82,631 | $ | 36,048 | $ | - | $ | - | $ | - | $ | 118,679 | ||||||||||||
Collectively evaluated for impairment | 659,415 | 1,137,167 | 113,509 | 313,701 | - | 2,223,792 | ||||||||||||||||||
Total ending loan balance | $ | 742,046 | $ | 1,173,215 | $ | 113,509 | $ | 313,701 | $ | - | $ | 2,342,471 | ||||||||||||
Provision for non-covered loan losses for the quarter and nine-month period ended September 30, 2013 increased $6.3 million and $44.9 million, respectively, when compared to the same periods in 2012. The increase during the nine months period is mostly due to the net impact of $21.0 million in additional provision for loan and lease losses due to reclassification to held-for-sale of non-performing residential mortgage loans with unpaid principal balance of $ 62.0 million which were sold during the quarter ended September 30, 2013 and the increase in loan average balances in 2013. | ||||||||||||||||||||||||
Quarter Ended September 30, 2012 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 19,788 | $ | 15,978 | $ | 998 | $ | 197 | $ | 441 | $ | 37,402 | ||||||||||||
Charge-offs | -1,752 | -65 | -198 | -75 | - | -2,090 | ||||||||||||||||||
Recoveries | 131 | 28 | 46 | 3 | - | 208 | ||||||||||||||||||
Provision for (recapture of) non-covered loan and lease losses | 2,886 | -502 | 328 | 119 | 769 | 3,600 | ||||||||||||||||||
Balance at end of period | $ | 21,053 | $ | 15,439 | $ | 1,174 | $ | 244 | $ | 1,210 | $ | 39,120 | ||||||||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 21,652 | $ | 12,548 | $ | 1,423 | $ | 845 | $ | 542 | $ | 37,010 | ||||||||||||
Charge-offs | -4,621 | -3,423 | -563 | -104 | - | -8,711 | ||||||||||||||||||
Recoveries | 131 | 129 | 153 | 8 | - | 421 | ||||||||||||||||||
Provision for (recapture of) non-covered loan and lease losses | 3,891 | 6,185 | 161 | -505 | 668 | 10,400 | ||||||||||||||||||
Balance at end of period | $ | 21,053 | $ | 15,439 | $ | 1,174 | $ | 244 | $ | 1,210 | $ | 39,120 | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Auto and Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,334 | $ | 4,121 | $ | - | $ | - | $ | - | $ | 9,455 | ||||||||||||
Collectively evaluated for impairment | 15,758 | 12,951 | 856 | 533 | 368 | 30,466 | ||||||||||||||||||
Total ending allowance balance | $ | 21,092 | $ | 17,072 | $ | 856 | $ | 533 | $ | 368 | $ | 39,921 | ||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 74,783 | $ | 46,199 | $ | - | $ | - | $ | - | $ | 120,982 | ||||||||||||
Collectively evaluated for impairment | 730,159 | 307,731 | 48,136 | 50,720 | - | 1,136,746 | ||||||||||||||||||
Total ending loans balance | $ | 804,942 | $ | 353,930 | $ | 48,136 | $ | 50,720 | $ | - | $ | 1,257,728 | ||||||||||||
Acquired Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) | ||||||||||||||||||||||||
The following tables present the activity in our allowance for loan losses and related recorded investment of the associated loans in our non-covered acquired loan portfolio, excluding loans accounted for under ASC 310-30, for the quarter and nine-month period ended September 30, 2013: | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | Auto | Unallocated | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 924 | $ | - | $ | - | $ | - | $ | 924 | ||||||||||||||
Charge-offs | - | -1,233 | -1,598 | - | -2,831 | |||||||||||||||||||
Recoveries | 6 | 88 | 884 | - | 978 | |||||||||||||||||||
Provision for non-covered loan and lease losses | 431 | 1,145 | 1,394 | - | 2,970 | |||||||||||||||||||
Balance at end of period | $ | 1,361 | $ | - | $ | 680 | $ | - | $ | 2,041 | ||||||||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | Auto | Unallocated | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | - | $1 | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Charge-offs | -25 | -3,847 | -4,723 | - | -8,595 | |||||||||||||||||||
Recoveries | 6 | 932 | 3,000 | - | 3,938 | |||||||||||||||||||
Provision for non-covered loan and lease losses | 1,380 | 2,915 | 2,403 | - | 6,698 | |||||||||||||||||||
Balance at end of period | $ | 1,361 | $ | - | $ | 680 | $ | - | $ | 2,041 | ||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Commercial | Consumer | Auto | Unallocated | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Collectively evaluated for impairment | 1,361 | - | 680 | - | 2,041 | |||||||||||||||||||
Total ending allowance balance | $ | 1,361 | $ | - | $ | 680 | $ | - | $ | 2,041 | ||||||||||||||
Loans: | ||||||||||||||||||||||||
Collectively evaluated for impairment | 122,497 | 59,817 | 335,528 | - | 517,842 | |||||||||||||||||||
Total ending loan balance | $ | 122,497 | $ | 59,817 | $ | 335,528 | $ | - | $ | 517,842 | ||||||||||||||
Impaired Loans | ||||||||||||||||||||||||
The Company evaluates all loans, some individually and others as homogeneous groups, for purposes of determining impairment. The total investment in impaired commercial loans was $36.0 million and $46.2 million at September 30, 2013 and December 31, 2012, respectively. The impaired commercial loans were measured based on the fair value of collateral or the present value of cash flows method, including those identified as troubled-debt restructurings. The valuation allowance for impaired commercial loans amounted to approximately $818 thousand and $4.1 million at September 30, 2013 and December 31, 2012, respectively. The total investment in impaired mortgage loans was $82.6 million and $74.8 million at September 30, 2013 and December 31, 2012, respectively. Impairment on mortgage loans assessed as troubled-debt restructurings was measured using the present value of cash flows. The valuation allowance for impaired mortgage loans amounted to approximately $9.3 million and $5.3 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
The Company's recorded investment in commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, and the related allowance for loan and lease losses at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
Originated and Other Loans and Leases Held for Investment | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Unpaid | Recorded | Related | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with specific allowance: | ||||||||||||||||||||||||
Commercial | $ | 8,158 | $ | 6,556 | $ | 818 | 12% | |||||||||||||||||
Residential troubled-debt restructuring | 86,249 | 82,631 | 9,333 | 11% | ||||||||||||||||||||
Impaired loans with no specific allowance: | ||||||||||||||||||||||||
Commercial | 34,008 | 29,492 | N/A | N/A | ||||||||||||||||||||
Total investment in impaired loans | $ | 128,415 | $ | 118,679 | $ | 10,151 | 9% | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unpaid | Recorded | Related | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with specific allowance | ||||||||||||||||||||||||
Commercial | $ | 16,666 | $ | 14,570 | $ | 4,121 | 28% | |||||||||||||||||
Residential troubled-debt restructuring | 76,859 | 74,783 | 5,334 | 7% | ||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 36,293 | 31,629 | N/A | N/A | ||||||||||||||||||||
Total investment in impaired loans | $ | 129,818 | $ | 120,982 | $ | 9,455 | 8% | |||||||||||||||||
Acquired Loans Accounted for under ASC-310-20 (Loans with revolving feature and/or acquired at a premium) | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Unpaid | Recorded | Specific | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 229 | 229 | N/A | N/A | ||||||||||||||||||||
Total investment in impaired loans | $ | 229 | $ | 229 | $ | - | 0% | |||||||||||||||||
The following table presents the interest recognized in commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, for the quarters and nine-month periods ended September 30, 2013 | ||||||||||||||||||||||||
Quarter Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with specific allowance | ||||||||||||||||||||||||
Commercial | $ | 5 | $ | 9,039 | $ | 40 | $ | 9,027 | ||||||||||||||||
Residential troubled-debt restructuring | 712 | 82,388 | 510 | 65,932 | ||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 146 | 28,805 | 83 | 28,475 | ||||||||||||||||||||
Total interest income from impaired loans | $ | 863 | $ | 120,232 | $ | 633 | $ | 103,434 | ||||||||||||||||
Nine-Month Period Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | |||||||||||||||||||||
Impaired loans with specific allowance | ||||||||||||||||||||||||
Commercial | $ | 16 | $ | 14,872 | $ | 163 | $ | 16,686 | ||||||||||||||||
Residential troubled-debt restructuring | 1,942 | 81,406 | 1,344 | 61,622 | ||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 438 | 26,471 | 261 | 24,068 | ||||||||||||||||||||
Total interest income from impaired loans | $ | 2,396 | $ | 122,749 | $ | 1,768 | $ | 102,376 | ||||||||||||||||
Modifications | ||||||||||||||||||||||||
The following table presents the troubled-debt restructurings during the quarters and nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 21 | $ | 2,887 | 6.74% | 352 | $ | 3,066 | 6.74% | 351 | |||||||||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 102 | $ | 12,828 | 6.43% | 334 | $ | 13,685 | 5.15% | 393 | |||||||||||||||
Commercial loans | 2 | 1,842 | 8.99% | 87 | 1,842 | 4.00% | 66 | |||||||||||||||||
Quarter Ended September 30, 2012 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 58 | $ | 9,006 | 6.32% | 308 | $ | 9,789 | 4.65% | 405 | |||||||||||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 155 | $ | 23,701 | 6.44% | 310 | $ | 25,385 | 4.86% | 400 | |||||||||||||||
Commercial loans | 7 | 6,981 | 6.13% | 46 | 6,550 | 6.17% | 46 | |||||||||||||||||
The following table presents troubled-debt restructurings for which there was a payment default during the twelve-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Twelve-Month Period Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 30 | $ | 3,097 | 37 | $ | 5,029 | ||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||
The Company categorizes non-covered originated and acquired loans accounted for under ASC 310-20 into risk categories based on relevant information about the ability of borrowers to service their debt, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans. | ||||||||||||||||||||||||
The Company uses the following definitions for risk ratings: | ||||||||||||||||||||||||
Special Mention: Loans classified as “special mention” have a potential weakness that deserves management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution's credit position at some future date. | ||||||||||||||||||||||||
Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. | ||||||||||||||||||||||||
Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable. | ||||||||||||||||||||||||
Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be affected in the future. | ||||||||||||||||||||||||
Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of gross non-covered originated and acquired loans accounted for under ASC 310-20 subject to risk rating by class of loans is as follows: | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Risk Ratings | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Special | Measured for | ||||||||||||||||||||||
Outstanding | Pass | Mention | Substandard | Doubtful | Impairment | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial - originated and other loans held for investment | ||||||||||||||||||||||||
Commercial secured by real estate: | ||||||||||||||||||||||||
Corporate | $ | 58,388 | $ | 58,388 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Institutional | 3,857 | 3,857 | - | - | - | - | ||||||||||||||||||
Middle market | 177,309 | 151,714 | 13,369 | 118 | - | 12,108 | ||||||||||||||||||
Retail | 141,925 | 119,707 | 1,926 | 1,468 | - | 18,824 | ||||||||||||||||||
Floor plan | 1,000 | 1,000 | - | - | - | - | ||||||||||||||||||
Real estate | 10,919 | 10,919 | - | - | - | - | ||||||||||||||||||
393,398 | 345,585 | 15,295 | 1,586 | - | 30,932 | |||||||||||||||||||
Other commercial and industrial: | ||||||||||||||||||||||||
Corporate | 25,171 | 25,171 | - | - | - | - | ||||||||||||||||||
Institutional | 643,555 | 643,555 | - | - | - | - | ||||||||||||||||||
Middle market | 53,337 | 46,471 | 3,615 | - | - | 3,251 | ||||||||||||||||||
Retail | 52,206 | 49,883 | 162 | 296 | - | 1,865 | ||||||||||||||||||
Floor plan | 5,548 | 5,548 | - | - | - | - | ||||||||||||||||||
779,817 | 770,628 | 3,777 | 296 | - | 5,116 | |||||||||||||||||||
Total | 1,173,215 | 1,116,213 | 19,072 | 1,882 | - | 36,048 | ||||||||||||||||||
Commercial - acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Commercial secured by real estate: | ||||||||||||||||||||||||
Corporate | 12,114 | 11,664 | - | 450 | - | - | ||||||||||||||||||
Retail | 10,627 | 9,318 | 443 | 866 | - | - | ||||||||||||||||||
Floor plan | 2,657 | 2,556 | - | 101 | - | - | ||||||||||||||||||
25,398 | 23,538 | 443 | 1,417 | - | - | |||||||||||||||||||
Other commercial and industrial: | ||||||||||||||||||||||||
Corporate | 11,923 | 11,825 | - | 98 | - | - | ||||||||||||||||||
Institutional | 1,700 | 1,700 | - | - | - | - | ||||||||||||||||||
Retail | 36,050 | 34,859 | 450 | 741 | - | - | ||||||||||||||||||
Floor plan | 47,426 | 46,978 | 320 | 128 | - | - | ||||||||||||||||||
97,099 | 95,362 | 770 | 967 | - | - | |||||||||||||||||||
Total | 122,497 | 118,900 | 1,213 | 2,384 | - | - | ||||||||||||||||||
Total | $ | 1,295,712 | $ | 1,235,113 | $ | 20,285 | $ | 4,266 | $ | - | $ | 36,048 | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Risk Ratings | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Special | Measured for | ||||||||||||||||||||||
Outstanding | Pass | Mention | Substandard | Doubtful | Impairment | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial - originated and other loans held for investment | ||||||||||||||||||||||||
Commercial secured by real estate | $ | 251,274 | $ | 183,033 | $ | 23,928 | $ | 2,127 | $ | 99 | $ | 42,087 | ||||||||||||
Other commercial and industrial | 97,801 | 80,951 | 8,569 | 4,169 | - | 4,112 | ||||||||||||||||||
349,075 | 263,984 | 32,497 | 6,296 | 99 | 46,199 | |||||||||||||||||||
Commercial - acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Construction and commercial real estate | 20,779 | 20,143 | 245 | 391 | - | - | ||||||||||||||||||
Commercial and industrial | 329,463 | 326,916 | 213 | 2,334 | - | - | ||||||||||||||||||
350,242 | 347,059 | 458 | 2,725 | - | - | |||||||||||||||||||
Total | $ | 699,317 | $ | 611,043 | $ | 32,955 | $ | 9,021 | $ | 99 | $ | 46,199 | ||||||||||||
At September 30, 2013, we had approximately $839.2 million of credit facilities granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities, of which $810.4 million was outstanding as of such date. A substantial portion of our credit exposure to the government of Puerto Rico consists of collateralized loans or obligations that have a specific source of income or revenues identified for its repayment. Some of these obligations consist of senior and subordinated loans to public corporations that obtain revenues from rates charged for services or products, such as water and electric power utilities. Public corporations have varying degrees of independence from the central government and many receive appropriations or other payments from it. We also have loans to various municipalities for which the good faith, credit and unlimited taxing power of the applicable municipality has been pledged to their repayment. These municipalities are required by law to levy special property taxes in such amounts as shall be required for the payment of all of its general obligation bonds and notes. Another portion of these loans consists of special obligations of various municipalities that are payable from the basic real and personal property taxes collected within such municipalities. The good faith and credit obligations of the municipalities have a first lien on the basic property taxes. | ||||||||||||||||||||||||
For residential and consumer loan classes, the Company evaluates credit quality based on the delinquency status of the loan. As of September 30, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of non-covered gross originated loans and acquired loans accounted for under ASC 310-20 not subject to risk rating by class of loans is as follows: | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Delinquency | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Measured for | |||||||||||||||||||||||
Outstanding | 0-29 days | 30-59 days | 60-89 days | 90-119 days | 120-364 days | 365+ days | Impairment | |||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Originated and other loans and leases held for investment | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year) | ||||||||||||||||||||||||
Up to the year 2002 | $ | 85,309 | $ | 79,655 | $ | - | $ | 2,232 | $ | 963 | $ | 781 | $ | 1,072 | $ | 606 | ||||||||
Years 2003 and 2004 | 122,648 | 113,887 | - | 4,919 | 1,945 | 1,166 | 515 | 216 | ||||||||||||||||
Year 2005 | 66,041 | 62,661 | - | 1,342 | 610 | 972 | 352 | 104 | ||||||||||||||||
Year 2006 | 90,962 | 84,398 | - | 3,668 | 972 | 834 | 795 | 295 | ||||||||||||||||
Years 2007, 2008 and 2009 | 104,550 | 99,285 | - | 2,020 | - | 1,735 | 676 | 834 | ||||||||||||||||
Years 2010, 2011, 2012 and 2013 | 109,402 | 104,011 | - | 691 | 335 | 585 | 723 | 3,057 | ||||||||||||||||
578,912 | 543,897 | - | 14,872 | 4,825 | 6,073 | 4,133 | 5,112 | |||||||||||||||||
Non-traditional | 44,247 | 40,947 | - | 1,720 | 327 | 262 | 843 | 148 | ||||||||||||||||
Loss mitigation program | 85,655 | 7,047 | - | 240 | 59 | 91 | 847 | 77,371 | ||||||||||||||||
708,814 | 591,891 | - | 16,832 | 5,211 | 6,426 | 5,823 | 82,631 | |||||||||||||||||
Home equity secured personal loans | 721 | 583 | 126 | - | - | - | 12 | - | ||||||||||||||||
GNMA's buy-back option program | 32,511 | - | - | - | 5,486 | 15,735 | 11,290 | - | ||||||||||||||||
742,046 | 592,474 | 126 | 16,832 | 10,697 | 22,161 | 17,125 | 82,631 | |||||||||||||||||
Consumer | 113,509 | 110,953 | 1,416 | 568 | 281 | 113 | 33 | 145 | ||||||||||||||||
Auto and Leasing | 313,701 | 289,879 | 16,682 | 4,504 | 1,904 | 732 | - | - | ||||||||||||||||
1,169,256 | 993,306 | 18,224 | 21,904 | 12,882 | 23,006 | 17,158 | 82,776 | |||||||||||||||||
Acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Auto | 335,528 | 320,797 | 11,186 | 2,698 | 630 | 217 | - | - | ||||||||||||||||
Consumer | 59,817 | 57,015 | 1,463 | 46 | 1,281 | 12 | - | - | ||||||||||||||||
395,345 | 377,812 | 12,649 | 2,744 | 1,911 | 229 | - | - | |||||||||||||||||
Total | $ | 1,564,601 | $ | 1,371,118 | $ | 30,873 | $ | 24,648 | $ | 14,793 | $ | 23,235 | $ | 17,158 | $ | 82,776 | ||||||||
31-Dec-12 | ||||||||||||||||||||||||
Delinquency | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Measured for | |||||||||||||||||||||||
Outstanding | 0-29 days | 30-59 days | 60-89 days | 90-119 days | 120-364 days | 365+ days | Impairment | |||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Originated and other loans and leases held for investment | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year): | ||||||||||||||||||||||||
Up to the year 2002 | $ | 101,268 | $ | 80,715 | $ | 6,907 | $ | 2,116 | $ | 886 | $ | 3,720 | $ | 6,442 | $ | 482 | ||||||||
Years 2003 and 2004 | 149,862 | 114,341 | 12,048 | 5,206 | 2,082 | 3,994 | 11,533 | 658 | ||||||||||||||||
Year 2005 | 80,900 | 65,245 | 4,983 | 1,746 | 1,202 | 1,846 | 5,727 | 151 | ||||||||||||||||
Year 2006 | 113,086 | 84,926 | 9,012 | 3,525 | 1,530 | 5,103 | 8,695 | 295 | ||||||||||||||||
Years 2007, 2008 and 2009 | 121,639 | 108,357 | 2,632 | 1,682 | 641 | 2,532 | 5,732 | 63 | ||||||||||||||||
Years 2010, 2011 and 2012 | 66,996 | 64,434 | 632 | 769 | 249 | 452 | 460 | - | ||||||||||||||||
633,751 | 518,018 | 36,214 | 15,044 | 6,590 | 17,647 | 38,589 | 1,649 | |||||||||||||||||
Non-traditional | 57,819 | 42,742 | 2,850 | 1,067 | 455 | 2,287 | 8,418 | - | ||||||||||||||||
Loss mitigation program | 87,310 | 9,595 | 606 | 128 | 102 | 253 | 3,492 | 73,134 | ||||||||||||||||
778,880 | 570,355 | 39,670 | 16,239 | 7,147 | 20,187 | 50,499 | 74,783 | |||||||||||||||||
Home equity secured personal loans | 736 | 726 | - | - | - | - | 10 | - | ||||||||||||||||
GNMA's buy back option program | 25,676 | - | - | - | 6,064 | 10,659 | 8,953 | - | ||||||||||||||||
805,292 | 571,081 | 39,670 | 16,239 | 13,211 | 30,846 | 59,462 | 74,783 | |||||||||||||||||
Consumer | 46,667 | 45,419 | 747 | 92 | 188 | 218 | 3 | - | ||||||||||||||||
Auto and leasing | 37,577 | 37,066 | 251 | 129 | 46 | 85 | - | - | ||||||||||||||||
889,536 | 653,566 | 40,668 | 16,460 | 13,445 | 31,149 | 59,465 | 74,783 | |||||||||||||||||
Acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Auto | 470,601 | 462,550 | 6,753 | 1,023 | 264 | 11 | - | - | ||||||||||||||||
Consumer | 70,347 | 68,270 | 982 | - | 1,089 | 4 | 2 | - | ||||||||||||||||
540,948 | 530,820 | 7,735 | 1,023 | 1,353 | 15 | 2 | - | |||||||||||||||||
Total | $ | 1,430,484 | $ | 1,184,386 | $ | 48,403 | $ | 17,483 | $ | 14,798 | $ | 31,164 | $ | 59,467 | $ | 74,783 | ||||||||
The reduction in mortgage loans over 90 days past due from December 31, 2012 is due to the reclassification of certain non-performing residential mortgage loans originated before 2010, with a net book value of $59.2 million, to the loan held-for-sale category during the quarter ended June 30, 2013, most of them were later sold during the quarter ended September 30, 2013. | ||||||||||||||||||||||||
Non-covered Acquired Loans Accounted under ASC 310-30 | ||||||||||||||||||||||||
Loans acquired in the BBVAPR Acquisition accounted for under ASC 310-30 were recognized at fair value as of December 18, 2012, which included the impact of expected credit losses, and therefore, no allowance for credit losses was recorded at the acquisition date. To the extent credit deterioration occurs after the date of acquisition, the Company would record an allowance for loan and lease losses. As part of the evaluation of actual versus expected cash flows, the Company assesses on a quarterly basis the credit quality of these loans based on delinquency, severity factors and risk rating, among other assumptions. Migration and credit quality trends are assessed at the pool and individual loan levels, as applicable by comparing information from the latest evaluation period through the end of the reporting period. Management determined that there was no need to record an allowance for loan and lease losses on loans acquired in the BBVAPR Acquisition accounted for under ASC 310-30 as of September 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||
Covered Loans | ||||||||||||||||||||||||
For covered loans, as part of the evaluation of actual versus expected cash flows, the Company assesses on a quarterly basis the credit quality of these loans based on delinquency, severity factors and risk ratings, among other assumptions. Migration and credit quality trends are assessed at the pool level, by comparing information from the latest evaluation period through the end of the reporting period. | ||||||||||||||||||||||||
The changes in the allowance for loan and lease losses on covered loans for the quarters and nine-month periods ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Balance at beginning of the period | $ | 53,992 | $ | 58,628 | $ | 54,124 | $ | 37,256 | ||||||||||||||||
Provision for covered loan and lease losses, net | 3,074 | 221 | 4,956 | 8,845 | ||||||||||||||||||||
FDIC shared-loss portion of provision for (recapture of) | ||||||||||||||||||||||||
covered loan and lease losses, net | -511 | -1,984 | -2,525 | 10,764 | ||||||||||||||||||||
Balance at end of the period | $ | 56,555 | $ | 56,865 | $ | 56,555 | $ | 56,865 | ||||||||||||||||
FDIC shared-loss portion of provision for (recapture of) covered loans and lease losses net, represents the credit impairment losses to be covered under the FDIC loss-share agreement which is increasing (decreasing) the FDIC loss-share indemnification asset. | ||||||||||||||||||||||||
Provision for covered loan losses for the quarter and nine-month period ended September 30, 2013 increased $2.9 million and decreased $3.9 million, respectively, when compared to the same periods ended in 2012. During the third quarter of 2013, an agricultural loan pool and loans secured by 1-4 single family residential properties registered impairment due to delayed estimated timing of the cash flows on these pools from delayed foreclosure efforts and particular customers declaring bankruptcy. | ||||||||||||||||||||||||
The Company's recorded investment in covered loan pools that have recorded impairments and their related allowance for covered loan and lease losses as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Unpaid | Recorded | Specific | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired covered loan pools with specific allowance | ||||||||||||||||||||||||
Loans secured by 1-4 family residential properties | $ | 54,515 | $ | 38,684 | $ | 11,021 | 28% | |||||||||||||||||
Construction and development secured by 1-4 family residential properties | 67,148 | 16,674 | 6,789 | 41% | ||||||||||||||||||||
Commercial and other construction | 228,848 | 115,363 | 38,130 | 33% | ||||||||||||||||||||
Consumer | 12,351 | 6,513 | 615 | 9% | ||||||||||||||||||||
Total investment in impaired covered loan pools | $ | 362,862 | $ | 177,234 | $ | 56,555 | 32% | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unpaid | Recorded | Specific | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired covered loan pools with specific allowance | ||||||||||||||||||||||||
Loans secured by 1-4 family residential properties | $ | 45,208 | $ | 29,482 | $ | 4,986 | 17% | |||||||||||||||||
Construction and development secured by 1-4 family residential properties | 68,255 | 15,185 | 6,137 | 40% | ||||||||||||||||||||
Commercial and other construction | 252,373 | 121,237 | 42,323 | 35% | ||||||||||||||||||||
Consumer | 14,494 | 8,493 | 678 | 8% | ||||||||||||||||||||
Total investment in impaired covered loan pools | $ | 380,330 | $ | 174,397 | $ | 54,124 | 31% |
FDIC_Loss_Share_Asset_and_True
FDIC Loss Share Asset and True-up Payment Obligation | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Banking and Thrift [Abstract] | ' | |||||
FDIC Share Loss Indemnification Asset and True-up Payment Obligation [Text Block] | ' | |||||
NOTE 6- FDIC LOSS SHARE ASSET AND TRUE-UP PAYMENT OBLIGATION | ||||||
As part of the Purchase and Assumption Agreement between the Bank and the FDIC (the “Purchase and Assumption Agreement”), the Bank and the FDIC entered into shared-loss agreements whereby the FDIC in connection with the Eurobank acquisition, covers a substantial portion of any losses on loans (and related unfunded loan commitments), foreclosed real estate and other repossessed properties. | ||||||
The acquired loans, foreclosed real estate, and other repossessed properties subject to the shared-loss agreements are collectively referred to as “covered assets.” Under the terms of the shared-loss agreements, the FDIC absorbs 80% of losses and shares in 80% of loss recoveries on covered assets. The term of the shared-loss agreement covering single family residential mortgage loans is ten years with respect to losses and loss recoveries, while the term of the shared-loss agreement covering commercial loans is five years with respect to losses and eight years with respect to loss recoveries, from the April 30, 2010 acquisition date. The shared-loss agreements also provide for certain costs directly related to the collection and preservation of covered assets to be reimbursed at an 80% level. The indemnification asset represents the portion of estimated losses covered by the shared-loss agreements between the Bank and the FDIC. | ||||||
The following table presents the activity in the FDIC loss share asset for the nine-month periods ended September 30, 2013 and 2012: | ||||||
Nine-Month Period Ended September 30, | ||||||
2013 | 2012 | |||||
(In thousands) | ||||||
Balance at beginning of period | $ | 286,799 | $ | 392,367 | ||
Shared-loss agreements reimbursements from the FDIC | -32,732 | -63,272 | ||||
Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net | -2,525 | 10,764 | ||||
FDIC shared-loss expense, net | -48,801 | -18,505 | ||||
Incurred expenses to be reimbursed under shared-loss agreements | 5,167 | 7,219 | ||||
Balance at end of period | $ | 207,908 | $ | 328,573 | ||
The FDIC shared-loss expense increased as the Company continues to forecast better performance and cash flows from covered loans than previously expected resulting in a minor increase in the amortization of the FDIC shared-loss indemnification asset, | ||||||
The FDIC shared-loss expense of $48.8 million for the nine-month period ended September 30, 2013 compared to $18.5 million for the same period in 2012, resulted from the ongoing evaluation of expected cash flows of the covered loan portfolio, which resulted in reduced projected losses expected to be collected from the FDIC and the improved accretable yield on the covered loans. Forecasted losses show a decreasing trend during the nine-month period ended September 30, 2013 as compared to the projections in 2012.The reduction in claimable losses amortizes the shared-loss indemnification asset through shorter of the life of the shared loss agreement or the loan holding period. This amortization is net of the accretion of the discount recorded to reflect the expected claimable loss at its net present value. During the quarter and nine-month period ended September 30, 2013, the net amortization included $3.3 million and $10.5 million, respectively, of additional amortization of the FDIC indemnification asset from stepped up cost recoveries on certain construction and leasing loan pools. Additional amortization of the FDIC indemnification asset may be recorded, should the Company continues to experience reduced expected losses. The majority of the FDIC indemnification asset is recorded for projected claimable losses on non-single family loans whose loss share period ends by the second quarter of 2015, although the recovery share period extends for an additional three year period. | ||||||
The Bank agreed to make a true-up payment, also known as clawback liability, to the FDIC on the date that is 45 days following the last day (such day, the “True-Up Measurement Date”) of the final shared-loss month, or upon the final disposition of all covered assets under the shared-loss agreements in the event losses thereunder fail to reach expected levels. Under the shared-loss agreements, the Bank will pay to the FDIC 50% of the excess, if any, of: (i) 20% of the Intrinsic Loss Estimate of $906.0 million (or $181.2 million) (as determined by the FDIC) less (ii) the sum of: (A) 25% of the asset discount (per bid) (or $227.5 million); plus (B) 25% of the cumulative shared-loss payments (defined as the aggregate of all of the payments made or payable to the Bank minus the aggregate of all of the payments made or payable to the FDIC); plus (C) the sum of the period servicing amounts for every consecutive twelve-month period prior to and ending on the True-Up Measurement Date in respect of each of the shared-loss agreements during which the shared-loss provisions of the applicable shared-loss agreement is in effect (defined as the product of the simple average of the principal amount of shared-loss loans and shared-loss assets at the beginning and end of such period times 1%). The true-up payment represents an estimated liability of $17.7 million and $15.5 million, net of discount, as of September 30, 2013 and December 31, 2012, respectively. This estimated liability is accounted for as a reduction of the indemnification asset |
Derivative_Activities
Derivative Activities | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Derivative Activities [Abstract] | ' | |||||||||||||
DERIVATIVE ACTIVITIES | ' | |||||||||||||
NOTE 7 — DERIVATIVE ACTIVITIES | ||||||||||||||
During the quarter and nine-month period ended September 30, 2013, losses of $574 thousand and $224 thousand, respectively, were recognized and reflected as “Derivative Activities” in the unaudited consolidated statements of operations, which were mainly related to the mortgage hedging activities. During the quarter and nine-month period ended September 30, 2012, losses of $1.8 million and $2.9 million, respectively, were recognized and were mainly related to the amortization of premiums paid on options purchased in July 2012 to enter into interest rate swaps, not designated as cash flow hedges, with an aggregate notional amount of $200.0 million. | ||||||||||||||
The following table details “Derivative Assets” and “Derivative Liabilities” as reflected in the unaudited consolidated statements of financial condition at September 30, 2013 and December 31, 2012: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Derivative assets: | ||||||||||||||
Options tied to S&P 500 Index | $ | 17,941 | $ | 13,233 | ||||||||||
Interest rate swaps designated as cash flow hedges | 29 | - | ||||||||||||
Interest rate swaps not designated as hedges | 3,154 | 8,426 | ||||||||||||
Interest rate caps | 221 | 230 | ||||||||||||
$ | 21,345 | $ | 21,889 | |||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate swaps designated as cash flow hedges | $ | 12,983 | $ | 17,665 | ||||||||||
Interest rate swaps not designated as hedges | 3,154 | 8,365 | ||||||||||||
Interest rate caps | 221 | 230 | ||||||||||||
Other | 383 | - | ||||||||||||
$ | 16,741 | $ | 26,260 | |||||||||||
Interest Rate Swaps | ||||||||||||||
The Company enters into interest rate swap contracts to hedge the variability of future interest cash flows of forecasted wholesale borrowings, attributable to changes in a predetermined variable index rate. The interest rate swaps effectively fix the Company's interest payments on an amount of forecasted interest expense attributable to the variable index rate corresponding to the swap notional stated rate. These swaps are designated as cash flow hedges for the forecasted wholesale borrowing transactions and are properly documented as such, and therefore, qualify for cash flow hedge accounting. Any gain or loss associated with the effective portion of our cash flow hedges was recognized in other comprehensive income and is subsequently reclassified into earnings in the period during which the hedged forecasted transactions affect earnings. Changes in the fair value of these derivatives are recorded in accumulated other comprehensive income to the extent there is no significant ineffectiveness in the cash flow hedging relationships. Currently, the Company does not expect to reclassify any amount included in other comprehensive income related to these interest rate swaps to earnings in the next twelve months. | ||||||||||||||
The following table shows a summary of these swaps and their terms at September 30, 2013: | ||||||||||||||
Notional | Fixed | Variable | Trade | Settlement | Maturity | |||||||||
Type | Amount | Rate | Rate Index | Date | Date | Date | ||||||||
(In thousands) | ||||||||||||||
Interest Rate Swaps | $ | 25,000 | 2.44% | 1-Month LIBOR | 5/5/11 | 5/4/12 | 5/4/16 | |||||||
25,000 | 2.62% | 1-Month LIBOR | 5/5/11 | 7/24/12 | 7/24/16 | |||||||||
25,000 | 2.64% | 1-Month LIBOR | 5/5/11 | 7/30/12 | 7/30/16 | |||||||||
50,000 | 2.66% | 1-Month LIBOR | 5/5/11 | 8/10/12 | 8/10/16 | |||||||||
100,000 | 2.68% | 1-Month LIBOR | 5/5/11 | 8/16/12 | 8/16/16 | |||||||||
40,898 | 2.42% | 1-Month LIBOR | 7/3/13 | 7/3/13 | 8/1/23 | |||||||||
$ | 265,898 | |||||||||||||
An unrealized loss of $13.0 million was recognized in accumulated other comprehensive income related to the valuation of these swaps at September 30, 2013, and the related liability is being reflected in the accompanying unaudited consolidated statements of financial condition. | ||||||||||||||
At September 30, 2013 and December 31, 2012, interest rate swaps not designated as hedging instruments that were offered to clients represented an asset of $3.2 million and $8.4 million, respectively, and were included as part of derivative assets in the unaudited consolidated statements of financial position. The credit risk to these clients stemming from these derivatives, if any, is not material. At September 30, 2013 and December 31, 2012, interest rate swaps not designated as hedging instruments that are the mirror-images of the derivatives offered to clients represented a liability of $3.2 million and $8.4 million, respectively, and were included as part of derivative liabilities in the unaudited consolidated statements of financial condition. | ||||||||||||||
The following table shows a summary of these interest rate swaps not designated as hedging instruments and their terms at September 30, 2013: | ||||||||||||||
Notional | Fixed | Variable | Settlement | Maturity | ||||||||||
Type | Amount | Rate | Rate Index | Date | Date | |||||||||
(In thousands) | ||||||||||||||
Interest Rate Swaps - Derivatives Offered to Clients | $ | 4,186 | 5.13% | 1-Month LIBOR | 7/3/06 | 7/3/16 | ||||||||
12,500 | 5.51% | 1-Month LIBOR | 4/11/09 | 4/11/19 | ||||||||||
1,131 | 5.15% | 3-Month LIBOR | 10/24/08 | 10/24/13 | ||||||||||
$ | 17,817 | |||||||||||||
Interest Rate Swaps - Mirror Image Derivatives | $ | 4,186 | 5.13% | 1-Month LIBOR | 7/3/06 | 7/3/16 | ||||||||
12,500 | 5.51% | 1-Month LIBOR | 4/11/09 | 4/11/19 | ||||||||||
1,131 | 4.96% | 3-Month LIBOR | 10/24/08 | 10/24/13 | ||||||||||
$ | 17,817 | |||||||||||||
Options Tied to Standard & Poor's 500 Stock Market Index | ||||||||||||||
The Company has offered its customers certificates of deposit with an option tied to the performance of the S&P 500 Index. The Company uses option agreements with major broker-dealers to manage its exposure to changes in this index. Under the terms of the option agreements, the Company receives the average increase in the month-end value of the index in exchange for a fixed premium. The changes in fair value of the option agreements used to manage the exposure in the stock market in the certificates of deposit are recorded in earnings. At September 30, 2013 and December 31, 2012, the purchased options used to manage exposure to the S&P 500 Index on stock indexed deposits represented an asset of $17.9 million (notional amount of $33.3 million) and $13.2 million (notional amount of $66.6 million), respectively, and the options sold to customers embedded in the certificates of deposit and recorded as deposits in the unaudited consolidated statements of financial condition, represented a liability of $17.2 million (notional amount of $32.0 million) and $12.7 million (notional amount of $62.3 million), respectively. | ||||||||||||||
Interest rate caps | ||||||||||||||
The Company has entered into interest rate cap transactions with various clients with floating-rate debt who wish to protect their financial results against increases in interest rates. In these cases, the Company simultaneously enters into mirror-image interest rate cap transactions with financial counterparties. None of these cap transactions qualify for hedge accounting; therefore, they are marked to market through earnings. The outstanding total notional amount of interest rate caps was $94.0 million at both September 30, 2013 and December 31, 2012. At September 30, 2013, the interest rate caps sold to clients represented a liability of $221 thousand and were included as part of derivative liabilities in the unaudited consolidated statements of financial condition. At September 30, 2013, the interest rate caps purchased as mirror-images represented an asset of $221 thousand and were included as part of derivative assets in the unaudited consolidated statements of financial condition. | ||||||||||||||
Other_Assets
Other Assets | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other asset | ' | |||||
Other Assets Disclosure [Text Block] | ' | |||||
NOTE 8 —OTHER ASSETS | ||||||
Other assets at September 30, 2013 and December 31, 2012 consist of the following: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In thousands) | ||||||
Other prepaid expenses | $ | 16,967 | $ | 19,597 | ||
Prepaid FDIC insurance | - | 6,451 | ||||
Core deposit and customer relationship intangibles | 12,557 | 14,490 | ||||
Other repossessed assets | 9,631 | 6,084 | ||||
Mortgage tax credits | 8,706 | 8,706 | ||||
Investment in Statutory Trust | 1,086 | 1,086 | ||||
Servicing advances | - | 7,976 | ||||
Accounts receivable and other assets | 60,151 | 59,251 | ||||
$ | 109,098 | $ | 123,641 | |||
Other prepaid expenses amounting to $17.0 million and $19.6 million at September 30, 2013 and December 31, 2012, respectively, include prepaid municipal, property and income taxes aggregating to $10.4 million and $12.0 million, respectively. | ||||||
On November 12, 2009, the FDIC adopted a final rule requiring insured depository institutions to prepay on December 31, 2009 their estimated quarterly risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011, and 2012, along with each institution's risk-based deposit insurance assessment for the third quarter of 2009. The prepayment balance of the assessment amounted to $6.5 million at December 31, 2012. Pursuant to guidelines issued by the FDIC, the assessment due for the first quarter of 2013 paid on June 28, 2013 was offset by the amount of the credit for prepaid assessments. | ||||||
As part of the FDIC-assisted acquisition of Eurobank and the recent BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At September 30, 2013 and December 31, 2012, this core deposit intangible amounted to $8.2 million and $9.5 million, respectively. In addition, as part of the BBVAPR Acquisition on December 18, 2012, the Company recorded a customer relationship intangible amounting to $5.0 million representing the value of customer relationships acquired in the broker-dealer and insurance subsidiaries as of December 31, 2012. At September 30, 2013, this customer relationship intangible amounted to $4.3 million. | ||||||
Other repossessed assets totaled $9.6 million and $6.1 million at September 30, 2013 and December 31, 2012, respectively. Repossessed auto loans acquired as part of the BBVAPR Acquisition amounted to $9.4 million and $5.9 million at September 30, 2013 and December 31, 2012, respectively. | ||||||
At September 30, 2013 and December 31, 2012, tax credits for the Company amounted $8.7 million. Mortgage loan tax credits acquired as part of the BBVAPR Acquisition amounted to $6.3 million and $7.4 million at September 30, 2013 and December 31, 2012, respectively. These tax credits do not have an expiration date. | ||||||
Servicing advances amounting to $8.0 million at December 31, 2012, represent the advances made to Bayview Loan Servicing, LLC in order to service some of the loans acquired in the FDIC-assisted acquisition of Eurobank. This servicing agreement was terminated effective May 31, 2013. |
Deposits_and_Related_Interest
Deposits and Related Interest | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Deposits and Related Interest [Abstract] | ' | |||||||||||
DEPOSITS AND RELATED INTEREST | ' | |||||||||||
NOTE 9 — DEPOSITS AND RELATED INTEREST | ||||||||||||
Total deposits as of September 30, 2013 and December 31, 2012 consist of the following: | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
(In thousands) | ||||||||||||
Non-interest bearing demand deposits | $ | 764,467 | $ | 799,667 | ||||||||
Interest-bearing savings and demand deposits | 2,399,995 | 2,282,305 | ||||||||||
Individual retirement accounts | 349,925 | 377,618 | ||||||||||
Retail certificates of deposit | 665,649 | 699,983 | ||||||||||
Institutional certificates of deposits | 635,729 | 602,828 | ||||||||||
Total core deposits | 4,815,765 | 4,762,401 | ||||||||||
Brokered deposits | 794,672 | 928,166 | ||||||||||
Total deposits | $ | 5,610,437 | $ | 5,690,567 | ||||||||
The weighted average interest rate of the Company's deposits was 0.73% at September 30, 2013 and 1.33% at December 31, 2012, inclusive of non-interest bearing deposits of $764.5 million and $799.7 million, respectively. Interest expense for the quarters and the nine-month periods ended September 30, 2013 and 2012 was as follows: | ||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In thousands) | (In thousands) | |||||||||||
Demand and savings deposits | $ | 5,596 | $ | 2,547 | $ | 16,993 | $ | 8,570 | ||||
Certificates of deposit | 5,738 | 4,167 | 13,763 | 14,022 | ||||||||
$ | 11,334 | $ | 6,714 | $ | 30,756 | $ | 22,592 | |||||
At September 30, 2013 and December 31, 2012, demand and interest-bearing deposits and certificates of deposit included deposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $92.6 million and $101.5 million, respectively, with a weighted average rate of 0.77% in both periods, and were collateralized with investment securities with a fair value of $69.8 million and $80.3 million, respectively. | ||||||||||||
At September 30, 2013 and December 31, 2012, time deposits in denominations of $100 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $1.21 billion and $1.87 billion, including public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $190.1 million and $78.3 million, respectively, at a weighted average rate of 0.45% at September 30, 2013 and 0.72% at December 31, 2012. | ||||||||||||
At September 30, 2013 and December 31, 2012, public fund deposits from various Puerto Rico government agencies were collateralized with investment securities with a fair value of $97.0 million and $114.6 million, respectively, and with commercial loans amounting to $680.0 million at September 30, 2013 and $485.8 million at December 31, 2012. | ||||||||||||
The scheduled maturities of certificates of deposit at September 30, 2013 are as follows: | ||||||||||||
30-Sep-13 | ||||||||||||
(In thousands) | ||||||||||||
Within one year: | ||||||||||||
Three (3) months or less | $ | 693,379 | ||||||||||
Over 3 months through 1 year | 577,003 | |||||||||||
1,270,382 | ||||||||||||
Over 1 through 2 years | 406,241 | |||||||||||
Over 2 through 3 years | 226,403 | |||||||||||
Over 3 through 4 years | 138,832 | |||||||||||
Over 4 through 5 years | 54,193 | |||||||||||
$ | 2,096,051 | |||||||||||
The aggregate amount of overdraft in demand deposit accounts that were reclassified to loans amounted to $1.0 million and $2.8 million as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||
Borrowings
Borrowings | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||
BORROWINGS | ' | |||||||||||
NOTE 10 — BORROWINGS | ||||||||||||
Short term borrowings | ||||||||||||
At September 30, 2013, no short term borrowings were outstanding, compared to December 31, 2012 when such borrowings totaled $92.2 million and mainly consisted of unsecured fixed rate borrowings with a weighted average rate of 0.30%. | ||||||||||||
Securities Sold under Agreements to Repurchase | ||||||||||||
At September 30, 2013, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to the Company the same or similar securities at the maturity of the agreements. | ||||||||||||
At September 30, 2013 and December 31, 2012, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $2.4 million at both dates, were as follows: | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Fair Value of | Fair Value of | |||||||||||
Borrowing | Underlying | Borrowing | Underlying | |||||||||
Balance | Collateral | Balance | Collateral | |||||||||
(In thousands) | ||||||||||||
UBS Financial Services Inc. | $ | 500,000 | $ | 593,914 | $ | 500,000 | $ | 616,751 | ||||
JP Morgan Chase Bank NA | 255,000 | 273,143 | 412,837 | 443,436 | ||||||||
Credit Suisse Securities (USA) LLC | 255,000 | 272,235 | 255,000 | 269,943 | ||||||||
Deutsche Bank | 255,000 | 272,334 | 255,000 | 273,288 | ||||||||
Citigroup Global Markets Inc. | - | - | 150,000 | 162,652 | ||||||||
Barclays Bank | - | - | 68,650 | 77,521 | ||||||||
Wells Fargo | - | - | 51,444 | 54,943 | ||||||||
Total | $ | 1,265,000 | $ | 1,411,626 | $ | 1,692,931 | $ | 1,898,534 | ||||
The following table shows a summary of the Company's repurchase agreements and their terms, excluding accrued interest in the amount of $2.4 million, at September 30, 2013: | ||||||||||||
Weighted- | ||||||||||||
Borrowing | Average | Maturity | ||||||||||
Year of Maturity | Balance | Coupon | Settlement Date | Date | ||||||||
(In thousands) | ||||||||||||
2014 | $ | 255,000 | 0.50% | 12/13/12 | 1/7/14 | |||||||
85,000 | 0.68% | 12/3/12 | 12/3/14 | |||||||||
340,000 | ||||||||||||
2015 | 255,000 | 0.84% | 12/10/12 | 6/13/15 | ||||||||
255,000 | ||||||||||||
2016 | 170,000 | 1.50% | 12/6/12 | 12/8/16 | ||||||||
170,000 | ||||||||||||
2017 | 500,000 | 4.67% | 3/2/07 | 3/2/17 | ||||||||
$ | 1,265,000 | 2.36% | ||||||||||
The $255.0 million repurchase agreement maturing on June 13, 2015 and the $170.0 million repurchase agreement maturing on December 8, 2016 were modified during the quarter ended September 30, 2013. They were originally set to mature on June 13, 2014 and December 8, 2014, respectively. | ||||||||||||
Advances from the Federal Home Loan Bank | ||||||||||||
Advances are received from the FHLB under an agreement whereby the Company is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2013 and December 31, 2012, these advances were secured by mortgage and commercial loans amounting to $1.3 billion at both dates. Also, at September 30, 2013, the Company had an additional borrowing capacity with the FHLB of $681.0 million. At September 30, 2013 and December 31, 2012, the weighted average remaining maturity of FHLB's advances was 11.9 months and 3.5 months, respectively. The original terms of these advances range between one month and seven years, and the FHLB does not have the right to exercise put options at par on any advances outstanding as of September 30, 2013.The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $328 thousand, at September 30, 2013: | ||||||||||||
Weighted- | ||||||||||||
Borrowing | Average | Maturity | ||||||||||
Year of Maturity | Balance | Coupon | Settlement Date | Date | ||||||||
(In thousands) | ||||||||||||
2013 | $ | 25,000 | 0.34% | 9/4/13 | 10/4/13 | |||||||
50,000 | 0.34% | 9/10/13 | 10/10/13 | |||||||||
100,000 | 0.34% | 9/16/13 | 10/16/13 | |||||||||
25,000 | 0.03% | 9/24/13 | 10/24/13 | |||||||||
25,000 | 0.33% | 9/30/13 | 10/30/13 | |||||||||
40,898 | 0.34% | 9/3/13 | 10/1/13 | |||||||||
265,898 | ||||||||||||
2017 | 4,787 | 1.24% | 4/3/12 | 4/3/17 | ||||||||
4,787 | ||||||||||||
2018 | 30,000 | 2.19% | 1/16/13 | 1/16/18 | ||||||||
25,000 | 2.18% | 1/16/13 | 1/16/18 | |||||||||
55,000 | ||||||||||||
2020 | 10,565 | 2.59% | 7/19/13 | 7/20/20 | ||||||||
10,565 | ||||||||||||
$ | 336,250 | 0.72% | ||||||||||
All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. | ||||||||||||
Subordinated Capital Notes | ||||||||||||
Subordinated capital notes amounted to $99.5 million and $146.0 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||
In August 2003, the Statutory Trust II, a special purpose entity of the Company, was formed for the purpose of issuing trust redeemable preferred securities. In September 2003, $35.0 million of trust redeemable preferred securities were issued by the Statutory Trust II as part of a pooled underwriting transaction. | ||||||||||||
The proceeds from this issuance were used by the Statutory Trust II to purchase a like amount of a floating rate junior subordinated deferrable interest debenture issued by the Company. The subordinated deferrable interest debenture has a par value of $36.1 million, bears interest based on 3-month LIBOR plus 295 basis points (3.20% at September 30, 2013; 3.26% at December 31, 2012), is payable quarterly, and matures on September 17, 2033. It may be called at par after five years and quarterly thereafter (next call date December 2013). The trust redeemable preferred securities have the same maturity and call provisions as the subordinated deferrable interest debenture. The subordinated deferrable interest debenture issued by the Company is accounted for as a liability denominated as a subordinated capital note on the unaudited consolidated statements of financial condition. . Under the Dodd-Frank Act, and the capital rules adopted in July 2013, the Company is permitted to continue to include its existing trust preferred securities as Tier 1 capital. | ||||||||||||
Following are the outstanding subordinated capital notes assumed as part of the BBVAPR Acquisition on December 18, 2012: | ||||||||||||
Subordinated capital notes issued in September 2006 amounting to $37.0 million at a fixed rate of 5.76% through September 29, 2011, and three-month LIBOR plus 1.56% thereafter (1.80% at September 30, 2013; 1.87% at December 31, 2012), due September 29, 2016. Interest on these subordinated notes is payable quarterly during the floating-rate period. The Bank has the option to redeem these subordinated capital notes in whole or in part from time to time before maturity at 100% of the principal amount plus any accrued but unpaid interest to the date of redemption, beginning September 29, 2011, and at each payment date thereafter. | ||||||||||||
Subordinated capital notes issued in September 2006 amounting to $30.0 million at a variable rate of three-month LIBOR plus 1.56% thereafter (1.80% at September 30, 2013; 1.87% at December 31, 2012), due September 29, 2016. Interest on these subordinated notes is payable quarterly. The Bank has the option to redeem these subordinated capital notes in whole or in part from time to time before maturity at 100% of the principal amount plus any accrued but unpaid interest to the date of redemption, beginning September 29, 2011, and at each payment date thereafter. | ||||||||||||
These notes qualify as Tier 2 capital at a discounted rate, which totals $26.8 million at September 30, 2013 and $50.2 million at December 31, 2012. Generally speaking, subordinated notes are included as Tier 2 capital if they have an original weighted average maturity of at least 5 years and comply with certain other requirements. As the notes approach maturity, they begin to take on characteristics of a short term obligation. For this reason, the outstanding amount eligible for inclusion in Tier 2 capital is reduced, or discounted, as the instruments approach maturity: one fifth of the outstanding amount is excluded each year during the instruments last five years before maturity. When the remaining maturity is less than one year, the instrument is excluded from Tier 2 capital. | ||||||||||||
Under the requirements of Puerto Rico Banking Act, the Bank must establish a redemption fund for the subordinated capital notes by transferring from undivided profits pre-established amounts as follows: | ||||||||||||
Redemption fund | ||||||||||||
(In thousands) | ||||||||||||
2013 | $ | 28,475 | ||||||||||
2014 | 6,700 | |||||||||||
2015 | 6,700 | |||||||||||
2016 | 5,025 | |||||||||||
$ | 46,900 | |||||||||||
Other borrowings | ||||||||||||
Other borrowings, presented in the unaudited consolidated statements of financial condition amounted to $16.6 million at both September 30, 2013 and December 31, 2012. These borrowings mainly consists of federal funds purchased of $13.2 million and $9.9 million at September 30, 2013 and December 31, 2012, respectively, with a weighted average interest rate of 0.30% at both dates, and unsecured fixed-rate borrowings of $3.4 million and $6.7 million at September 30, 2013 and December 31, 2012, respectively, with a weighted average interest rate of 0.67% at both dates. | ||||||||||||
Offsetting_Arrangements
Offsetting Arrangements | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Balance sheet Offsetting [Text Block] | ' | ||||||||||||||||||
NOTE 11 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||||
The following table presents the potential effect of rights of set-off associated with the Company's recognized financial assets and liabilities at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Gross Amounts | Net Amount of | ||||||||||||||||||
Offset in the | Assets Presented | ||||||||||||||||||
Gross Amount | statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Assets | Condition | Condition | Instruments | Received | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 21,345 | $ | - | $ | 21,345 | $ | 1,999 | $ | - | $ | 19,346 | |||||||
Securities purchased under agreements to resell | 85,000 | - | 85,000 | 87,667 | - | -2,667 | |||||||||||||
Total | $ | 106,345 | $ | - | $ | 106,345 | $ | 89,666 | $ | - | $ | 16,679 | |||||||
31-Dec-12 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Gross Amounts | Net amount of | ||||||||||||||||||
Offset in the | Assets Presented | ||||||||||||||||||
Gross Amount | statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Assets | Condition | Condition | Instruments | Received | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 21,889 | $ | - | $ | 21,889 | $ | 2,016 | $ | 1,380 | $ | 18,493 | |||||||
Securities purchased under agreements to resell | 80,000 | - | 80,000 | 82,100 | - | -2,100 | |||||||||||||
Total | $ | 101,889 | $ | - | $ | 101,889 | $ | 84,116 | $ | 1,380 | $ | 16,393 | |||||||
30-Sep-13 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Net Amount of | |||||||||||||||||||
Gross Amounts | Liabilities | ||||||||||||||||||
Offset in the | Presented | ||||||||||||||||||
Gross Amount | Statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Liabilities | Condition | Condition | Instruments | Provided | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 20,957 | $ | - | $ | 20,957 | $ | 8,198 | $ | 3,780 | $ | 8,979 | |||||||
Securities sold under agreements to repurchase | 1,265,000 | - | 1,265,000 | 1,411,626 | - | -146,626 | |||||||||||||
Total | $ | 1,285,957 | $ | - | $ | 1,285,957 | $ | 1,419,824 | $ | 3,780 | $ | -137,647 | |||||||
31-Dec-12 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Net Amount of | |||||||||||||||||||
Gross Amounts | Liabilities | ||||||||||||||||||
Offset in the | Presented | ||||||||||||||||||
Gross Amount | Statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Liabilities | Condition | Condition | Instruments | Provided | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 21,302 | $ | - | $ | 21,302 | $ | 11,456 | $ | 12,770 | $ | -2,924 | |||||||
Securities sold under agreements to repurchase | 1,692,931 | - | 1,692,931 | 1,898,534 | - | -205,603 | |||||||||||||
Total | $ | 1,714,233 | $ | - | $ | 1,714,233 | $ | 1,909,990 | $ | 12,770 | $ | -208,527 | |||||||
The Company's derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, the Company's securities purchased under agreements to resell and securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the Master Repurchase Agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to a tri-party Account Control Agreement. | |||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
RELATED PARTY TRANSACTIONS | ' | |||||||||||
NOTE 12 — RELATED PARTY TRANSACTIONS | ||||||||||||
The Bank grants loans to its directors, executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. As of September 30, 2013 and December 31, 2012, these loan balances amounted to $19.0 million and $6.1 million, respectively. The activity and balance of these loans for the quarters and nine-month periods ended September 30, 2013 and 2012 were as follows: | ||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In thousands) | (In thousands) | |||||||||||
Balance at the beginning of period | $ | 8,031 | $ | 5,058 | $ | 6,055 | $ | 3,772 | ||||
New loans | 14,264 | - | 18,498 | 1,396 | ||||||||
Repayments | -3,289 | -17 | -5,315 | -93 | ||||||||
Credits of persons no longer considered related parties | - | -23 | -232 | -57 | ||||||||
Balance at the end of period | $ | 19,006 | $ | 5,018 | $ | 19,006 | $ | 5,018 |
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
INCOME TAXES | ' | |||||||||
NOTE 13 — INCOME TAXES | ||||||||||
On June 30, 2013 the Governor signed Act No. 40-2013, known as “Ley de Redistribución y Ajuste de la Carga Contributiva” (Act of Redistribution and Adjustment of Tax Burden), as amended. This Act, along with others signed by the Governor, comprises the budget of the Commonwealth of Puerto Rico for 2013-2014. The main purpose of the Act is to increase government collections in order to alleviate the structural deficit. The most relevant provisions of the Act, as applicable to the Company, and effective for taxable years beginning after December 31,2012 are as follows: (1) the maximum Corporate Income Tax rate was increased from 30% to 39%; (2) the allowance deduction for determining the income subject to surtax was reduced from $750,000 to $25,000 (which must be allocated among the members of a controlled group of corporations: (3) the allowable Net Operating Loss (“NOL”) deduction was reduced to (i) 90% of the corporation's net income subject to regular tax, for purposes of computing the regular income tax and (ii) 80% of the alternative minimum taxable income for purposes of computing the alternative minimum tax (“AMT”); (4) the NOL carryover period was extended from 10 to 12 years for NOLs incurred in taxable years beginning after December 31, 2004 and before January 1, 2013, and from 7 to 10 years for losses incurred in taxable years beginning after December 31, 2012; (5) a new special tax based on gross income (the “Special Tax”) was added to the Puerto Rico Internal Revenue Code of 2011, as further described below; and (6) a special tax of 1% on insurance premiums earned after June 30, 2013. | ||||||||||
In the case of non-financial institutions, the Special Tax is paid as part of the AMT and thus is accounted for under the provisions of ASC 740. The applicable rate for non-financial institutions increases gradually from 0.2% for gross income equal to or in excess of $1.0 million up to 0.85% for gross income in excess of $1.5 billion. In the case of a controlled group of corporations, the tax rate for all members of the group is determined by the aggregate gross income of all members in the group. In the case of financial institutions, the Special Tax is not part of the AMT calculation thus is accounted for as other tax not subject to the provisions of ASC 740 since the same is based on gross income. The applicable rate for financial institutions is 1%, of which fifty percent (50%) may be claimed as a credit against the financial institution's applicable income tax. | ||||||||||
At September 30, 2013 and December 31, 2012, the Company's net deferred tax asset amounted to $148.0 million and $126.7 million, respectively | ||||||||||
At September 30, 2013 and December 31, 2012, Oriental International Bank Inc. (“ OIB”), the Bank's international banking entity subsidiary, had $379 thousand and $504 thousand, respectively, in income tax effect of unrecognized gain on available-for-sale securities included in other comprehensive income. Following the change in OIB's applicable tax rate from 5% to 0% as a result of a Puerto Rico law adopted in 2011, this remaining tax balance will flow through income as these securities are repaid or sold in future periods. During the quarters ended September 30, 2013 and 2012, $36 thousand and $166 thousand, respectively, related to this residual tax effect from OIB was reclassified from accumulated other comprehensive income into income tax provision. During the nine-month periods ended September 30, 2013 and 2012, $126 thousand and $1.8 million, respectively, related to this residual effect from OIB was reclassified from accumulated other comprehensive income to income tax provision. | ||||||||||
The Company maintained an effective tax rate for the nine-month period ended September 30, 2013 lower than the new maximum marginal statutory rate of 39.00%. The reconciliation of the enacted tax rate and the effective income tax rate for the nine-month periods ended September 30, 2013 and 2012 follows: | ||||||||||
Nine-Month Period Ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Amount | Rate | Amount | Rate | |||||||
(Dollars in thousands) | ||||||||||
Tax at statutory rates | $ | 23,450 | 39.00% | $ | 14,478 | 30.00% | ||||
Tax effect of exempt income, net | -2,400 | -4.00% | -10,853 | -22.49% | ||||||
Effect in deferred taxes due to increase in tax rates | ||||||||||
from 30.00% to 39.00% | -38,731 | -64.41% | - | 0.00% | ||||||
Effect of change in tax of IBE | - | 0.00% | 1,776 | 3.68% | ||||||
Other items, net | -542 | -0.90% | -513 | -1.06% | ||||||
Income tax benefit | $ | -18,223 | -30.32% | $ | 4,888 | 10.13% | ||||
The Company classifies unrecognized tax benefits in income taxes payable. These gross unrecognized tax benefits would affect the effective tax rate if realized. The balance of unrecognized tax benefits at September 30, 2013 was $4.0 million (December 31, 2012 - $5.3 million). The Company had accrued $1.2 million at September 30, 2013 (December 31, 2012 - $1.4 million) for the payment of interest and penalties relating to unrecognized tax benefits. This amount includes unrecognized tax benefits amounting to $2.4 million at September 30, 2013 and $3.9 million December 31, 2012 from the BBVAPR Acquisition. There is also $307 thousand (December 31, 2012 - $665 thousand) in accrued payment of interest and penalties relating to unrecognized tax benefits from this acquisition | ||||||||||
Income tax expense was $6.6 million for the quarter ended September 30, 2013, compared to $1.9 million for the same periods in 2012. Income tax benefit of $18.2 million for the nine-month period ended September 30, 2013 compared to an income tax expense of $4.9 million for the same period in 2012. The income tax benefit of $18.2 million for the nine-month period ended September 30, 2013 results from the second quarter 2013 amendment to the Puerto Rico tax Code that resulted in a $38.6 million benefit from an increase in the Company's deferred tax asset as a result of the increase in corporate income taxes to 39% from 30% partially offset by the Company's resulting higher effective rate of 36%. The same increase in enacted tax rate from 30% to 39% resulted in the increased quarterly income tax expense for this quarter as compared to the same quarter of 2012. Also during this quarter, the Company recorded a reversal of an income tax contingency of $1.5 million as a result of ending the statute of limitations of certain unrecognized tax benefits at the Bank. | ||||||||||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stockholders' Equity [Abstract] | ' | |||||||||||||||||
STOCKHOLDERS' EQUITY | ' | |||||||||||||||||
NOTE 14 — STOCKHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE | ||||||||||||||||||
Regulatory Capital Requirements | ||||||||||||||||||
The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Pursuant to the Dodd-Frank Act, federal banking regulators have adopted new capital rules that are scheduled to become effective January 1, 2014 for advanced approaches banking organizations and January 1, 2015 for all other covered organizations (subject to certain phase-in periods through January 1, 2019) and that will replace their general risk-based capital rules, advanced approaches rule, market risk rule, and leverage rules. | ||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy currently require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations) and of Tier 1 capital to average assets (as defined in the regulations). As of September 30, 2013 and December 31, 2012, the Company and the Bank met all capital adequacy requirements to which they are subject. As of September 30, 2013 and December 31, 2012, the Bank is “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the following tables. | ||||||||||||||||||
Regulatory ratios and balances for December 31, 2012 do not reflect any changes as a result of the BBVAPR Acquisition remeasurement adjustments, since an institution is not required to amend previously filed regulatory reports for retrospective adjustments made to provisional amounts during the measurement period. | ||||||||||||||||||
The Company's and the Bank's actual capital amounts and ratios as of September 30, 2013 and December 31, 2012 are as follows | ||||||||||||||||||
Minimum Capital | ||||||||||||||||||
Actual | Requirement | |||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Company Ratios | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 804,721 | 16.03% | $ | 401,565 | 8.00% | ||||||||||||
Tier 1 capital to risk-weighted assets | $ | 714,629 | 14.24% | $ | 200,782 | 4.00% | ||||||||||||
Tier 1 capital to total assets | $ | 714,629 | 8.74% | $ | 327,072 | 4.00% | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 808,188 | 15.40% | $ | 419,942 | 8.00% | ||||||||||||
Tier 1 capital to risk-weighted assets | $ | 692,017 | 13.18% | $ | 209,971 | 4.00% | ||||||||||||
Tier 1 capital to total assets | $ | 692,017 | 6.55% | $ | 422,862 | 4.00% | ||||||||||||
Minimum to be Well | ||||||||||||||||||
Capitalized Under Prompt | ||||||||||||||||||
Minimum Capital | Corrective Action | |||||||||||||||||
Actual | Requirement | Provisions | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Bank Ratios | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 749,060 | 14.98% | $ | 399,924 | 8.00% | $ | 499,905 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | $ | 659,221 | 13.19% | $ | 199,962 | 4.00% | $ | 299,943 | 6.00% | |||||||||
Tier 1 capital to total assets | $ | 659,221 | 8.12% | $ | 324,953 | 4.00% | $ | 406,102 | 5.00% | |||||||||
As of December 31, 2012 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 719,676 | 13.97% | $ | 412,245 | 8.00% | $ | 515,307 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | $ | 604,997 | 11.74% | $ | 206,123 | 4.00% | $ | 309,184 | 6.00% | |||||||||
Tier 1 capital to total assets | $ | 604,997 | 5.76% | $ | 420,406 | 4.00% | $ | 525,507 | 5.00% | |||||||||
Additional paid-in capital | ||||||||||||||||||
Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of costs of the issuance. As of September 30, 2013, accumulated issuance costs charged against additional paid in capital amounted to $10.1 million and $13.6 million for preferred and common stock, respectively. | ||||||||||||||||||
Legal Surplus | ||||||||||||||||||
The Puerto Rico Banking Act requires that a minimum of 10% of the Bank's net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid in capital on common and preferred stock. At September 30, 2013 and December 31, 2012, the Bank's legal surplus amounted to $59.9 million and $52.1 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. | ||||||||||||||||||
Earnings per Common Share | ||||||||||||||||||
The calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||
Net income | $ | 19,621 | $ | 17,761 | $ | 78,352 | $ | 43,371 | ||||||||||
Less: Dividends on preferred stock | ||||||||||||||||||
Non-Convertible Preferred Stock (Series A, B, and D) | -1,628 | -1,201 | -4,884 | -3,602 | ||||||||||||||
Convertible preferred stock (Series C) | -1,837 | -1,838 | -5,512 | -1,838 | ||||||||||||||
Income available to common shareholders | $ | 16,156 | $ | 14,722 | $ | 67,956 | $ | 37,931 | ||||||||||
Effect of assumed conversion of the Convertible ' 'Preferred Stock | 1,837 | 1,838 | 5,512 | 1,838 | ||||||||||||||
Income available to common shareholders assuming conversion | $ | 17,993 | $ | 16,560 | $ | 73,468 | $ | 39,769 | ||||||||||
Weighted average common shares and share equivalents: | ||||||||||||||||||
Average common shares outstanding | 45,927 | 40,738 | 45,717 | 40,828 | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||
Average potential common shares-options | 257 | 102 | 198 | 109 | ||||||||||||||
Average potential common shares-assuming ' 'conversion of convertible preferred stock | 7,138 | 7,138 | 7,138 | 2,379 | ||||||||||||||
Total weighted average common shares ' 'outstanding and equivalents | 53,322 | 47,978 | 53,053 | 43,316 | ||||||||||||||
Earnings per common share - basic | $ | 0.35 | $ | 0.36 | $ | 1.49 | $ | 0.93 | ||||||||||
Earnings per common share - diluted | $ | 0.34 | $ | 0.35 | $ | 1.39 | $ | 0.92 | ||||||||||
In computing diluted earnings per common share, the 84,000 shares of convertible preferred stock, which remain outstanding at September 30, 2013, with a conversion rate, subject to certain conditions, of 84.9798 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted earnings per common share, the dividends declared during the quarter and nine-month period ended September 30, 2013 on the convertible preferred stock were added back as income available to common shareholders. | ||||||||||||||||||
For the quarters ended September 30, 2013 and 2012, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 196,425 and 708,976, respectively. For the nine-month periods ended September 30, 2013 and 2012, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 233,775 and 707,976 respectively | ||||||||||||||||||
Treasury Stock | ||||||||||||||||||
Repurchased common stock is held by the Company as treasury shares. The Company records treasury stock purchases under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. | ||||||||||||||||||
The activity in connection with common shares held in treasury by the Company for the nine-month periods ended September 30, 2013 and 2012 is set forth below: | ||||||||||||||||||
Nine-Month Period Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Dollar | Dollar | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
(In thousands, except shares data) | ||||||||||||||||||
Beginning of period | 7,090,597 | $ | 81,275 | 6,564,124 | $ | 74,808 | ||||||||||||
Common shares used upon lapse of restricted stock units | -53,178 | -556 | -46,210 | -483 | ||||||||||||||
Common shares repurchased as part of the stock repurchase program | - | - | 603,000 | 7,022 | ||||||||||||||
Common shares used to match defined contribution plan, net | -7,318 | -77 | -25,249 | -47 | ||||||||||||||
End of period | 7,030,101 | $ | 80,642 | 7,095,665 | $ | 81,300 | ||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||
Accumulated other comprehensive income, net of income tax, as of September 30, 2013 and December 31, 2012 consisted of: | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | $ | 23,000 | $ | 75,347 | ||||||||||||||
Income tax effect of unrealized gain on securities available-for-sale | -2,676 | -7,102 | ||||||||||||||||
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | 20,324 | 68,245 | ||||||||||||||||
Unrealized loss on cash flow hedges | -12,954 | -17,664 | ||||||||||||||||
Income tax effect of unrealized loss on cash flow hedges | 3,462 | 5,299 | ||||||||||||||||
Net unrealized loss on cash flow hedges | -9,492 | -12,365 | ||||||||||||||||
Accumulated other comprehensive income, net of taxes | $ | 10,832 | $ | 55,880 | ||||||||||||||
The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarter and the nine-month period ended September 30, 2013: | ||||||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | |||||||||||||||||
Net unrealized | Net unrealized | Accumulated | Net unrealized | Net unrealized | Accumulated | |||||||||||||
gains on | loss on | other | gains on | loss on | other | |||||||||||||
securities | cash flow | comprehensive | securities | cash flow | comprehensive | |||||||||||||
available-for-sale | hedges | income | available-for-sale | hedges | income | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Beginning balance | $ | 25,400 | $ | -9,634 | $ | 15,766 | $ | 68,245 | $ | -12,365 | $ | 55,880 | ||||||
Other comprehensive income before reclassifications | -5,113 | -1,509 | -6,622 | -48,047 | -1,530 | -49,577 | ||||||||||||
Amounts reclassified out of accumulated other comprehensive income | 37 | 1,651 | 1,688 | 126 | 4,403 | 4,529 | ||||||||||||
Other comprehensive income (loss) | -5,076 | 142 | -4,934 | -47,921 | 2,873 | -45,048 | ||||||||||||
Ending balance | $ | 20,324 | $ | -9,492 | $ | 10,832 | $ | 20,324 | $ | -9,492 | $ | 10,832 | ||||||
The following table presents reclassifications out of accumulated other comprehensive income for the quarter and nine-month period ended September 30, 2013: | ||||||||||||||||||
Amount reclassified out of accumulated other comprehensive income | ||||||||||||||||||
Nine-Month Period | Affected Line Item in | |||||||||||||||||
Quarter Ended | Ended | Consolidated Statement | ||||||||||||||||
30-Sep-13 | 30-Sep-13 | of Operations | ||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||
Interest-rate contracts | $ | 1,651 | $ | 4,403 | Net interest expense | |||||||||||||
Available-for-sale securities: | ||||||||||||||||||
Residual tax effect from OIB's change in applicable tax rate | 37 | 126 | Income tax expense | |||||||||||||||
$ | 1,688 | $ | 4,529 | |||||||||||||||
At September 30, 2013 and December 31, 2012, OIB had $379 thousand and $504 thousand, respectively, in the income tax effect of unrecognized gain on available-for-sale securities included in other comprehensive income. Following the change in OIB's applicable tax rate from 5% to 0% as a result of a new Puerto Rico law adopted in 2011, this remaining tax balance will flow through income as these securities are repaid or sold in future periods |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2013 | |
Guarantees [Abstract] | ' |
Guarantees [Text Block] | ' |
NOTE 15 – GUARANTEES | |
At September 30, 2013 the unamortized balance of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $24.0 million (December 31, 2012 - $69.8 million). | |
As part of the BBVAPR Acquisition, on December 18, 2012, the Company assumed a liability for residential mortgage loans sold by BBVAPR subject to credit recourse, principally loans associated with FNMA residential mortgage loan sales and securitization programs. At September 30, 2013, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $173.3 million. In the event of any customer default, pursuant to the credit recourse provided, the Company is required to repurchase the loan or reimburse the third party investor for the incurred loss. The maximum potential amount of future payments that the Company would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During the quarter and nine months ended September 30, 2013, the Company repurchased approximately $3.3 million and $6.5 million, respectively, of unpaid principal balance in mortgage loans subject to the credit recourse provisions. In the event of nonperformance by the borrower, the Company has rights to the underlying collateral securing the mortgage loan. The Company suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. At September 30, 2013 the Company's liability established to cover the estimated credit loss exposure related to loans sold with credit recourse amounted to $2.5 million (December 31, 2012 – $2.5 million). | |
The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (categorized in the line item “adjustments (expense) to indemnity reserves on loans sold” in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, foreclosure rate, estimated future defaults and the probability that a loan would be delinquent. Statistical methods are used to estimate the recourse liability. The expected loss, which represents the amount expected to be lost on a given loan, considers the probability of default and loss severity. The probability of default represents the probability that a loan in good standing would become 90 days delinquent within the following twelve-month period. | |
When the Company sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. The Company's mortgage operations division groups conforming mortgage loans into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA or other private investors for cash. As required under the such mortgage backed securities programs, quality review procedures are performed by the Company to ensure that asset guideline qualifications are met. To the extent the loans do not meet specified characteristics, the Company may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. Repurchases under the Company's representation and warranty arrangements approximated $3.7 million and $7.9 million, in unpaid principal balance during the quarter and nine month period ended September 30, 2013, respectively, (September 30, 2012 - $4.4 million and $8.0 million, respectively). A substantial amount of these loans reinstate to performing status or have mortgage insurance, and thus the ultimate losses on the loans are not deemed significant. | |
During the nine-month period ended September 30, 2013, the Company recognized $477 thousand in losses from the repurchase of residential mortgage loans sold, subject and not subject, to credit recourse. | |
Servicing agreements relating to the mortgage-backed securities programs of FNMA and GNMA, and to mortgage loans sold or serviced to certain other investors, including FHLMC, require the Company to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At September 30, 2013, the Company serviced $1.9 billion in mortgage loans for third-parties. The Company generally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantees programs. However, in the meantime, the Company must absorb the cost of the funds it advances during the time the advance is outstanding. The Company must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and the Company would not receive any future servicing income with respect to that loan. At September 30, 2013, the outstanding balance of funds advanced by the Company under such mortgage loan servicing agreements was approximately $515 thousand (December 31, 2012 - $107 thousand). To the extent the mortgage loans underlying the Company's servicing portfolio experience increased delinquencies, the Company would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
COMMITMENTS | ' | |||||
NOTE 16 — COMMITMENTS AND CONTINGENCIES | ||||||
Loan Commitments | ||||||
In the normal course of business, the Company becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial guarantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the unaudited consolidated statements of financial condition. The contract or notional amount of those instruments reflects the extent of the Company's involvement in particular types of financial instruments. | ||||||
The Company's exposure to credit losses in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit, including commitments under credit card arrangements, and commercial letters of credit is represented by the contractual notional amounts of those instruments, which do not necessarily represent the amounts potentially subject to risk. In addition, the measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are identified. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | ||||||
Summarized credit-related financial instruments at September 30, 2013 and December 31, 2012 were as follows: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In thousands) | ||||||
Commitments to extend credit | $ | 436,172 | $ | 591,679 | ||
Commercial letters of credit | 1,658 | 2,918 | ||||
Commitments from loans acquired as part of the BBVAPR Acquisition amounted to $349.3 million and $461.6 million at September 30, 2013 and December 31, 2012, respectively. Commitments to extend credit represent agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Company upon the extension of credit, is based on management's credit evaluation of the counterparty. | ||||||
At September 30, 2013 and December 31, 2012, commitments to extend credit consisted mainly of undisbursed available amounts on commercial lines of credit, construction loans, and revolving credit card arrangements. Since many of the unused commitments are expected to expire unused or be only partially used, the total amount of these unused commitments does not necessarily represent future cash requirements. These lines of credit had a reserve of $900 thousand at September 30, 2013 and $362 thousand at December 31, 2012. | ||||||
Commercial letters of credit are issued or confirmed to guarantee payment of customers' payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts. | ||||||
The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor's accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at September 30, 2013 and December 31, 2012, is as follows: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In thousands) | ||||||
Standby letters of credit and financial guarantees | $ | 24,002 | $ | 69,789 | ||
Loans sold with recourse | 173,327 | 172,492 | ||||
Commitments to sell or securitize mortgage loans | 55,872 | 83,663 | ||||
Standby letters of credit and financial guarantees are written conditional commitments issued by the Company to guarantee the payment and/or performance of a customer to a third party (“beneficiary”). If the customer fails to comply with the agreement, the beneficiary may draw on the standby letter of credit or financial guarantee as a remedy. The amount of credit risk involved in issuing letters of credit in the event of nonperformance is the face amount of the letter of credit or financial guarantee. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the customer. The Company does not expect any significant losses under these obligations. As part of the BBVAPR Acquisition, the Company assumed $65.9 million of standby letters of credit and $169.3 million of loans sold without recourse commitments at December 31, 2012 | ||||||
Lease Commitments | ||||||
The Company has entered into various operating lease agreements for branch facilities and administrative offices. Rent expense for the quarters ended September 30, 2013 and 2012 amounted to $2.5 million and $1.6 million, respectively, and is included in the “occupancy and equipment” caption in the unaudited consolidated statements of operations. For the nine-month periods ended September 30, 2013 and 2012, rent expense amounted to $7.7 million and $4.9 million, respectively. Future rental commitments under leases in effect at September 30, 2013, exclusive of taxes, insurance, and maintenance expenses payable by the Company, are summarized as follows: | ||||||
Year Ending September 30, | Minimum Rent | |||||
(In thousands) | ||||||
2013 | $ | 2,173 | ||||
2014 | 8,402 | |||||
2015 | 8,116 | |||||
2016 | 7,492 | |||||
2017 | 7,965 | |||||
Thereafter | 24,755 | |||||
$ | 58,903 | |||||
CONTINGENCIES | ' | |||||
Contingencies | ||||||
The Company and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, the Company and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of the Company, including the Bank (and its subsidiary OIB), Oriental Financial Services, and Oriental Insurance, are subject to regulation by various U.S., Puerto Rico and other regulators. | ||||||
The Company seeks to resolve all litigation and regulatory matters in the manner management believes is in the best interests of the Company and its shareholders, and contests allegations of liability or wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. | ||||||
Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of the Company's management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters would not be likely to have a material adverse effect on the unaudited consolidated statements of financial condition of the Company. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on the Company's consolidated results of operations or cash flows in particular quarterly or annual periods. The Company has evaluated all litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. The Company has determined that the estimate of the reasonably possible loss is not significant. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||||||
NOTE 17 - FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
The Company follows the fair value measurement framework under GAAP. | |||||||||||||||||||||
Fair Value Measurement | |||||||||||||||||||||
The fair value measurement framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This framework also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs previously described that may be used to measure fair value. | |||||||||||||||||||||
Money market investments | |||||||||||||||||||||
The fair value of money market investments is based on the carrying amounts reflected in the unaudited consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. | |||||||||||||||||||||
Investment securities | |||||||||||||||||||||
The fair value of investment securities is based on quoted market prices, when available, or market prices provided by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument. The Company holds two securities categorized as other debt that are classified as Level 3. The estimated fair value of the other debt securities is determined by using a third-party model to calculate the present value of projected future cash flows. The assumptions are highly uncertain and include primarily market discount rates, current spreads, and an indicative pricing. The assumptions used are drawn from similar securities that are actively traded in the market and have similar characteristics as the collateral underlying the debt securities being evaluated. The valuation is performed on a monthly basis. | |||||||||||||||||||||
Derivative instruments | |||||||||||||||||||||
The fair value of the interest rate swaps is largely a function of the financial market's expectations regarding the future direction of interest rates. Accordingly, current market values are not necessarily indicative of the future impact of derivative instruments on earnings. This will depend, for the most part, on the shape of the yield curve, the level of interest rates, as well as the expectations for rates in the future. The fair value of most of these derivative instruments is based on observable market parameters, which include discounting the instruments' cash flows using the U.S. dollar LIBOR-based discount rates, and also applying yield curves that account for the industry sector and the credit rating of the counterparty and/or the Company. | |||||||||||||||||||||
Certain other derivative instruments with limited market activity are valued using externally developed models that consider unobservable market parameters. Based on their valuation methodology, derivative instruments are classified as Level 2 or Level 3. The Company has offered its customers certificates of deposit with an option tied to the performance of the S&P Index and uses equity indexed option agreements with major broker-dealers to manage its exposure to changes in this index. Their fair value is obtained through the use of an external based valuation that was thoroughly evaluated and adopted by management as its measurement tool for these options. The payoff of these options is linked to the average value of the S&P Index on a specific set of dates during the life of the option. The methodology uses an average rate option or a cash-settled option whose payoff is based on the difference between the expected average value of the S&P Index during the remaining life of the option and the strike price at inception. The assumptions, which are uncertain and require a degree of judgment, include primarily S&P Index volatility, forward interest rate projections, estimated index dividend payout, and leverage. | |||||||||||||||||||||
Servicing assets | |||||||||||||||||||||
Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a discounted cash flow model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3. | |||||||||||||||||||||
Loans receivable considered impaired that are collateral dependent | |||||||||||||||||||||
The impairment is measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC 310-10-35. Currently, the associated loans considered impaired are classified as Level 3. | |||||||||||||||||||||
Foreclosed real estate | |||||||||||||||||||||
Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, broker price option or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. | |||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and non-recurring basis, including financial liabilities for which the Company has elected the fair value option, are summarized below: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Investment securities available-for-sale | $ | - | $ | 1,657,742 | $ | 19,506 | $ | 1,677,248 | |||||||||||||
Securities purchased under agreements to resell | - | 85,000 | - | 85,000 | |||||||||||||||||
Money market investments | 11,651 | - | - | 11,651 | |||||||||||||||||
Derivative assets | - | 3,404 | 17,941 | 21,345 | |||||||||||||||||
Servicing assets | - | - | 13,651 | 13,651 | |||||||||||||||||
Derivative liabilities | - | -16,741 | -17,199 | -33,940 | |||||||||||||||||
$ | 11,651 | $ | 1,729,405 | $ | 33,899 | $ | 1,774,955 | ||||||||||||||
Non-recurring fair value measurements: | |||||||||||||||||||||
Impaired commercial loans | $ | - | $ | - | $ | 36,048 | $ | 36,048 | |||||||||||||
Foreclosed real estate | - | - | 48,407 | 48,407 | |||||||||||||||||
$ | - | $ | - | $ | 84,455 | $ | 84,455 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Investment securities available-for-sale | $ | - | $ | 2,174,274 | $ | 20,012 | $ | 2,194,286 | |||||||||||||
Securities purchased under agreements to resell | - | 80,000 | - | 80,000 | |||||||||||||||||
Money market investments | 13,205 | - | - | 13,205 | |||||||||||||||||
Derivative assets | - | 8,656 | 13,233 | 21,889 | |||||||||||||||||
Servicing assets | - | - | 10,795 | 10,795 | |||||||||||||||||
Derivative liabilities | - | -26,260 | -12,707 | -38,967 | |||||||||||||||||
$ | 13,205 | $ | 2,236,670 | $ | 31,333 | $ | 2,281,208 | ||||||||||||||
Non-recurring fair value measurements: | |||||||||||||||||||||
Impaired commercial loans | $ | - | $ | - | $ | 46,199 | $ | 46,199 | |||||||||||||
Foreclosed real estate | - | - | 75,447 | 75,447 | |||||||||||||||||
$ | - | $ | - | $ | 121,646 | $ | 121,646 | ||||||||||||||
The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and the nine-month periods ended September 30, 2013 and 2012: | |||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
Other | asset | liability | |||||||||||||||||||
debt | (S&P | (S&P | |||||||||||||||||||
securities | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | available-for-sale | Options) | assets | Options) | Total | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 20,058 | $ | 16,020 | $ | 12,994 | $ | -15,315 | $ | 33,757 | |||||||||||
Gains (losses) included in earnings | - | 1,921 | - | -1,994 | -73 | ||||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | -552 | - | - | - | -552 | ||||||||||||||||
New instruments acquired | - | - | 704 | - | 704 | ||||||||||||||||
Principal repayments | - | - | -309 | - | -309 | ||||||||||||||||
Amortization | - | - | - | 110 | 110 | ||||||||||||||||
Changes in fair value of servicing assets | - | - | 262 | - | 262 | ||||||||||||||||
Balance at end of period | $ | 19,506 | $ | 17,941 | $ | 13,651 | $ | -17,199 | $ | 33,899 | |||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||
Investment securities | |||||||||||||||||||||
available-for-sale | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
asset | liability | ||||||||||||||||||||
Other | (S&P | (S&P | |||||||||||||||||||
debt | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | CLOs | securities | Options) | assets | Options) | Total | |||||||||||||||
Balance at beginning of period | $ | 27,280 | $ | 10,016 | $ | 11,367 | $ | 10,776 | $ | -10,912 | $ | 48,527 | |||||||||
Gains (losses) included in earnings | - | - | 1,721 | - | -1,707 | 14 | |||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | 1,705 | 1 | - | - | - | 1,706 | |||||||||||||||
New instruments acquired | - | - | - | 487 | - | 487 | |||||||||||||||
Principal repayments | - | - | - | -307 | - | -307 | |||||||||||||||
Amortization | 17 | - | - | - | 50 | 67 | |||||||||||||||
Changes in fair value of servicing assets | - | - | - | -314 | - | -314 | |||||||||||||||
Balance at end of period | $ | 29,002 | $ | 10,017 | $ | 13,088 | $ | 10,642 | $ | -12,569 | $ | 50,180 | |||||||||
Nine-Month Period Ended September 30, 2013 | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
Other | asset | liability | |||||||||||||||||||
debt | (S&P | (S&P | |||||||||||||||||||
securities | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | available-for-sale | Options) | assets | Options) | Total | ||||||||||||||||
Balance at beginning of period | $ | 20,012 | $ | 13,233 | $ | 10,795 | $ | -12,707 | $ | 31,333 | |||||||||||
Gains (losses) included in earnings | - | 4,708 | - | -4,807 | -99 | ||||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | -506 | - | - | - | -506 | ||||||||||||||||
New instruments acquired | - | - | 2,659 | - | 2,659 | ||||||||||||||||
Principal repayments | - | - | -855 | - | -855 | ||||||||||||||||
Amortization | - | - | - | 315 | 315 | ||||||||||||||||
Changes in fair value of servicing assets | - | - | 1,052 | - | 1,052 | ||||||||||||||||
Balance at end of period | $ | 19,506 | $ | 17,941 | $ | 13,651 | $ | -17,199 | $ | 33,899 | |||||||||||
Nine-Month Period Ended September 30, 2012 | |||||||||||||||||||||
Investment securities available-for-sale | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
asset | liability | ||||||||||||||||||||
Other | (S&P | (S&P | |||||||||||||||||||
debt | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | CDOs | CLOs | securities | Options) | assets | Options) | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 10,530 | $ | 26,758 | $ | 10,024 | $ | 9,317 | $ | 10,454 | $ | -9,362 | $ | 57,721 | |||||||
Gains (losses) included in earnings | - | - | - | 3,771 | - | -3,742 | 29 | ||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | - | 2,193 | -6 | - | - | - | 2,187 | ||||||||||||||
New instruments acquired | - | - | - | - | 1,407 | - | 1,407 | ||||||||||||||
Principal repayments | - | - | - | - | -783 | - | -783 | ||||||||||||||
Amortization | - | 51 | -1 | - | - | 535 | 585 | ||||||||||||||
Sales of instruments | -10,530 | - | - | - | - | - | -10,530 | ||||||||||||||
Changes in fair value of servicing assets | - | - | - | - | -436 | - | -436 | ||||||||||||||
Balance at end of period | $ | - | $ | 29,002 | $ | 10,017 | $ | 13,088 | $ | 10,642 | $ | -12,569 | $ | 50,180 | |||||||
During the quarters and the nine-month periods ended September 30, 2013 and 2012, there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. There were no transfers into and out of Level 1 and Level 2 fair value measurements during such periods. | |||||||||||||||||||||
The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at September 30, 2013: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Other debt securities | $ | 19,506 | Market comparable bonds | Indicative pricing | 91.75% - 95.43% | ||||||||||||||||
Option adjusted spread | 992.1% - 1188.0% | ||||||||||||||||||||
Yield to maturity | 10.201% - 11.970% | ||||||||||||||||||||
Spread to maturity | 994.0% - 1182.0% | ||||||||||||||||||||
Derivative assets (S&P Purchased Options) | $ | 17,941 | Option pricing model | Implied option volatility | 22.193% - 41.037% | ||||||||||||||||
Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) | 91.160% - 133.97% | ||||||||||||||||||||
Servicing assets | $ | 13,651 | Cash flow valuation | Constant prepayment rate | 5.78% - 11.46% | ||||||||||||||||
Discount rate | 10.00% - 12.00% | ||||||||||||||||||||
Derivative liability (S&P Embedded Options) | $ | -17,199 | Option pricing model | Implied option volatility | 22.193% - 41.03% | ||||||||||||||||
Counterparty credit risk (based on 5-year CDS spread) | 91.160% - 133.97% | ||||||||||||||||||||
Collateral dependant impaired loans | $ | 36,048 | Fair value of property or collateral | Appraised value less disposable costs | 18.30% - 30.00% | ||||||||||||||||
Information about Sensitivity to Changes in Significant Unobservable Inputs | |||||||||||||||||||||
Other debt securities – The significant unobservable inputs used in the fair value measurement of one of the Company's other debt securities are indicative comparable pricing, option adjusted spread (“OAS”), yield to maturity, and spread to maturity. Significant changes in any of those inputs in isolation would result in a significantly different fair value measurement. Generally, a change in the assumption used for indicative comparable pricing is accompanied by a directionally opposite change in the assumption used for OAS and a directionally, although not equally proportional, opposite change in the assumptions used for yield to maturity and spread to maturity. | |||||||||||||||||||||
Derivative asset (S&P Purchased Options) – The significant unobservable inputs used in the fair value measurement of the Company's derivative assets related to S&P purchased options are implied option volatility and counterparty credit risk. Significant changes in any of those inputs in isolation would result in a significantly different fair value measurement. Generally, a change in the assumption used for implied option volatility is not necessarily accompanied by directionally similar or opposite changes in the assumption used for counterparty credit risk. | |||||||||||||||||||||
Servicing assets – The significant unobservable inputs used in the fair value measurement of the Company's servicing assets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the unaudited consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. | |||||||||||||||||||||
Derivative liability (S&P Embedded Options) – The significant unobservable inputs used in the fair value measurement of the Company's derivative liability related to S&P purchased options are implied option volatility and counterparty credit risk. Significant changes in any of those inputs in isolation would result in a significantly different fair value measurement. Generally, a change in the assumption used for implied option volatility is not necessarily accompanied by directionally similar or opposite changes in the assumption used for counterparty credit risk. | |||||||||||||||||||||
The table below presents a detail of investment securities available-for-sale classified as Level 3 at September 30, 2013: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Amortized | Unrealized | Average | Principal | ||||||||||||||||||
Type | Cost | Gains (Losses) | Fair Value | Yield | Protection | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other debt securities | $ | 20,000 | $ | -494 | $ | 19,506 | 3.50% | N/A | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The aggregate fair value amounts presented do not necessarily represent management's estimate of the underlying value of the Company. | |||||||||||||||||||||
The estimated fair value is subjective in nature, involves uncertainties and matters of significant judgment, and therefore, cannot be determined with precision. Changes in assumptions could affect these fair value estimates. The fair value estimates do not take into consideration the value of future business and the value of assets and liabilities that are not financial instruments. Other significant tangible and intangible assets that are not considered financial instruments are the value of long-term customer relationships of retail deposits, and premises and equipment. | |||||||||||||||||||||
The estimated fair value and carrying value of the Company's financial instruments at September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Level 1 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 657,520 | $ | 657,520 | $ | 868,695 | $ | 868,695 | |||||||||||||
Level 2 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Securities purchased under agreements to resell | 85,000 | 85,000 | 80,000 | 80,000 | |||||||||||||||||
Trading securities | 2,124 | 2,124 | 495 | 495 | |||||||||||||||||
Investment securities available-for-sale | 1,657,742 | 1,657,742 | 2,174,274 | 2,174,274 | |||||||||||||||||
Federal Home Loan Bank (FHLB) stock | 24,470 | 24,470 | 38,411 | 38,411 | |||||||||||||||||
Derivative assets | 3,404 | 3,404 | 8,656 | 8,656 | |||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Derivative liabilities | 16,741 | 16,741 | 26,260 | 26,260 | |||||||||||||||||
Short term borrowings | - | - | 92,210 | 92,210 | |||||||||||||||||
Level 3 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Investment securities available-for-sale | 19,506 | 19,506 | 20,012 | 20,012 | |||||||||||||||||
Total loans (including loans held-for-sale) | |||||||||||||||||||||
Non-covered loans, net | 4,856,251 | 4,767,259 | 4,766,179 | 4,762,330 | |||||||||||||||||
Covered loans, net | 429,660 | 361,564 | 489,885 | 395,307 | |||||||||||||||||
Derivative assets | 17,941 | 17,941 | 13,233 | 13,233 | |||||||||||||||||
FDIC shared-loss indemnification asset | 162,333 | 207,908 | 204,646 | 286,799 | |||||||||||||||||
Accrued interest receivable | 19,456 | 19,456 | 14,654 | 14,654 | |||||||||||||||||
Servicing assets | 13,651 | 13,651 | 10,795 | 10,795 | |||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | 5,632,569 | 5,610,437 | 5,797,097 | 5,690,567 | |||||||||||||||||
Securities sold under agreements to repurchase | 1,323,257 | 1,267,423 | 1,741,272 | 1,695,247 | |||||||||||||||||
Advances from FHLB | 335,721 | 336,578 | 538,355 | 536,542 | |||||||||||||||||
Federal funds purchased | 13,302 | 13,302 | 9,901 | 9,901 | |||||||||||||||||
Term notes | 2,709 | 2,734 | 7,912 | 6,726 | |||||||||||||||||
Subordinated capital notes | 97,929 | 99,486 | 146,415 | 146,038 | |||||||||||||||||
Accrued expenses and other liabilities | 121,319 | 121,319 | 102,169 | 102,169 | |||||||||||||||||
The following methods and assumptions were used to estimate the fair values of significant financial instruments at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||
• Cash and cash equivalents (including money market investments and time deposits with other banks), accrued interest receivable, securities purchased under agreements to resell, securities sold but not yet delivered, accrued expenses and other liabilities have been valued at the carrying amounts reflected in the unaudited consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. | |||||||||||||||||||||
• Investments in FHLB stock are valued at their redemption value. | |||||||||||||||||||||
• The fair value of investment securities, including trading securities, is based on quoted market prices, when available, or market prices provided by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument. The estimated fair value of the structured credit investments is determined by using a third-party cash flow valuation model to calculate the present value of projected future cash flows. The assumptions used which are highly uncertain and require a high degree of judgment, include primarily market discount rates, current spreads, duration, leverage, default, home price depreciation, and loss rates. The assumptions used are drawn from a wide array of data sources, including the performance of the collateral underlying each deal. The external-based valuation, which is obtained at least on a quarterly basis, is analyzed and its assumptions are evaluated and incorporated in either an internal-based valuation model when deemed necessary, or compared to counterparties' prices and agreed by management. | |||||||||||||||||||||
• The fair value of the FDIC shared-loss indemnification asset represents the present value of the estimated cash payments (net of amounts owed to the FDIC) expected to be received from the FDIC for future losses on covered assets based on the credit assumptions on estimated cash flows for each covered asset pool and the loss sharing percentages. The ultimate collectability of the FDIC shared-loss indemnification asset is dependent upon the performance of the underlying covered loans, the passage of time and claims paid by the FDIC which are impacted by the Bank's adherence to certain guidelines established by the FDIC. | |||||||||||||||||||||
• The fair value of servicing assets is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. | |||||||||||||||||||||
• The fair values of the derivative instruments are provided by valuation experts and counterparties. Certain derivatives with limited market activity are valued using externally developed models that consider unobservable market parameters. The Company has offered its customers certificates of deposit with an option tied to the performance of the S&P Index, and uses equity indexed option agreements with major broker-dealers to manage its exposure to changes in this index. Their fair value is obtained through the use of an external based valuation that was thoroughly evaluated and adopted by management as its measurement tool for these options. The payoff of these options is linked to the average value of the S&P Index on a specific set of dates during the life of the option. The methodology uses an average rate option or a cash-settled option whose payoff is based on the difference between the expected average value of the S&P Index during the remaining life of the option and the strike price at inception. The assumptions, which are uncertain and require a degree of judgment, include primarily S&P Index volatility, forward interest rate projections, estimated index dividend payout, and leverage. | |||||||||||||||||||||
• Fair value of derivative liabilities, which include interest rate swaps and forward-settlement swaps, are based on the net discounted value of the contractual projected cash flows of both the pay-fixed receive-variable legs of the contracts. The projected cash flows are based on the forward yield curve, and discounted using current estimated market rates. | |||||||||||||||||||||
• The fair value of the covered and non-covered loan portfolio (including loans held-for-sale) is estimated by segregating by type, such as mortgage, commercial, consumer, and leasing. Each loan segment is further segmented into fixed and adjustable interest rates and by performing and non-performing categories. The fair value of performing loans is calculated by discounting contractual cash flows, adjusted for prepayment estimates (voluntary and involuntary), if any, using estimated current market discount rates that reflect the credit and interest rate risk inherent in the loan. This fair value is not currently an indication of an exit price as that type of assumption could result in a different fair value estimate. | |||||||||||||||||||||
• The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is based on the discounted value of the contractual cash flows, using estimated current market discount rates for deposits of similar remaining maturities. | |||||||||||||||||||||
• For short term borrowings and federal funds purchased, the carrying amount is considered a reasonable estimate of fair value. The fair value of long-term borrowings, which include securities sold under agreements to repurchase, advances from FHLB, FDIC-guaranteed term notes, other term notes, and subordinated capital notes, is based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates. | |||||||||||||||||||||
• The fair value of commitments to extend credit and unused lines of credit is based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standings. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
SEGMENT REPORTING | ' | |||||||||||||||||
NOTE 18 – BUSINESS SEGMENTS | ||||||||||||||||||
The Company segregates its businesses into the following major reportable segments of business: Banking, Financial Services, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as the Company's organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. The Company measures the performance of these reportable segments based on pre-established goals of different financial parameters such as net income, net interest income, loan production, and fees generated. The Company's methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant. | ||||||||||||||||||
Banking includes the Bank's branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. Mortgage banking activities are carried out by the Bank's mortgage banking division, whose principal activity is to originate mortgage loans for the Company's own portfolio. As part of its mortgage banking activities, the Company may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities. | ||||||||||||||||||
Financial Services is comprised of the Bank's trust division, Oriental Financial Services, Oriental Insurance, and CPC. The core operations of this segment are financial planning, money management and investment banking, brokerage services, insurance sales activity, corporate and individual trust and retirement services, as well as pension plan administration services. | ||||||||||||||||||
The Treasury segment encompasses all of the Company's asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. | ||||||||||||||||||
Following are the results of operations and the selected financial information by operating segment as of and for the quarters and the nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 108,852 | $ | 95 | $ | 11,695 | $ | 120,642 | $ | - | $ | 120,642 | ||||||
Interest expense | -10,994 | - | -11,016 | -22,010 | - | -22,010 | ||||||||||||
Net interest income | 97,858 | 95 | 679 | 98,632 | - | 98,632 | ||||||||||||
Provision for non-covered loan and lease losses | -9,900 | - | - | -9,900 | - | -9,900 | ||||||||||||
Provision for covered loan and lease losses | -3,074 | - | - | -3,074 | - | -3,074 | ||||||||||||
Non-interest income (loss) | -3,462 | 7,114 | 169 | 3,821 | - | 3,821 | ||||||||||||
Non-interest expenses | -52,654 | -6,168 | -4,451 | -63,273 | - | -63,273 | ||||||||||||
Intersegment revenue | 562 | - | - | 562 | -562 | - | ||||||||||||
Intersegment expenses | - | -461 | -101 | -562 | 562 | - | ||||||||||||
Income before income taxes | $ | 29,330 | $ | 580 | $ | -3,704 | $ | 26,206 | $ | - | $ | 26,206 | ||||||
Total assets | $ | 7,581,357 | $ | 40,994 | $ | 2,172,315 | $ | 9,794,666 | $ | -1,414,441 | $ | 8,380,225 | ||||||
Quarter Ended September 30, 2012 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 40,247 | $ | - | $ | 25,439 | $ | 65,686 | $ | - | $ | 65,686 | ||||||
Interest expense | -4,787 | - | -20,155 | -24,942 | - | -24,942 | ||||||||||||
Net interest income | 35,460 | - | 5,284 | 40,744 | - | 40,744 | ||||||||||||
Provision for non-covered loan and lease losses | -3,600 | - | - | -3,600 | - | -3,600 | ||||||||||||
Provision for covered loan and lease losses, net | -221 | - | - | -221 | - | -221 | ||||||||||||
Non-interest income(loss) | -2,401 | 6,072 | 10,710 | 14,381 | - | 14,381 | ||||||||||||
Non-interest expenses | -24,250 | -2,540 | -4,859 | -31,649 | - | -31,649 | ||||||||||||
Intersegment revenue | 343 | - | - | 343 | -343 | - | ||||||||||||
Intersegment expenses | - | -265 | -78 | -343 | 343 | - | ||||||||||||
Income before income taxes | $ | 5,331 | $ | 3,267 | $ | 11,057 | $ | 19,655 | $ | - | $ | 19,655 | ||||||
Total assets | $ | 3,157,599 | $ | 16,370 | $ | 3,590,836 | $ | 6,764,805 | $ | -713,148 | $ | 6,051,657 | ||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 323,935 | $ | 277 | $ | 35,865 | $ | 360,077 | $ | - | $ | 360,077 | ||||||
Interest expense | -31,489 | - | -31,084 | -62,573 | - | -62,573 | ||||||||||||
Net interest income | 292,446 | 277 | 4,781 | 297,504 | - | 297,504 | ||||||||||||
Provision for non-covered loan and lease losses | -55,343 | - | - | -55,343 | - | -55,343 | ||||||||||||
Provision for covered loan and lease losses, net | -4,957 | - | - | -4,957 | - | -4,957 | ||||||||||||
Non-interest income (loss) | -5,286 | 22,915 | 4,199 | 21,828 | - | 21,828 | ||||||||||||
Non-interest expenses | -168,487 | -18,945 | -11,471 | -198,903 | - | -198,903 | ||||||||||||
Intersegment revenue | 1,524 | - | - | 1,524 | -1,524 | - | ||||||||||||
Intersegment expenses | - | -1,247 | -277 | -1,524 | 1,524 | - | ||||||||||||
Income before income taxes | $ | 59,897 | $ | 3,000 | $ | -2,768 | $ | 60,129 | $ | - | $ | 60,129 | ||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 117,475 | $ | - | $ | 78,918 | $ | 196,393 | $ | - | $ | 196,393 | ||||||
Interest expense | -15,856 | - | -66,626 | -82,482 | - | -82,482 | ||||||||||||
Net interest income | 101,619 | - | 12,292 | 113,911 | - | 113,911 | ||||||||||||
Provision for non-covered loan and lease losses | -10,400 | - | - | -10,400 | - | -10,400 | ||||||||||||
Provision for covered loan and lease losses, net | -8,845 | - | - | -8,845 | - | -8,845 | ||||||||||||
Non-interest income | -2,726 | 17,803 | 29,272 | 44,349 | - | 44,349 | ||||||||||||
Non-interest expenses | -71,845 | -13,050 | -5,861 | -90,756 | - | -90,756 | ||||||||||||
Intersegment revenue | 1,187 | - | - | 1,187 | -1,187 | - | ||||||||||||
Intersegment expenses | - | -870 | -317 | -1,187 | 1,187 | - | ||||||||||||
Income before income taxes | $ | 8,990 | $ | 3,883 | $ | 35,386 | $ | 48,259 | $ | - | $ | 48,259 |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 19 – SUBSEQUENT EVENTS | |
On October 10, 2013 Oriental Bank, the Company's banking subsidiary, successfully completed the conversion of BBVAPR's operations and technology platform to the Company's platform. The Company acquired BBVA's PR operations in December 2012. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
Basis of Presentation and Use of Estimates | |
The accounting and reporting policies of the Company conform with U.S. generally accepted accounting principles (“GAAP”) and to banking industry practices. | |
The unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the audited consolidated financial statements in our annual report on Form 10-K for the year ended December 31, 2012 (the “ 2012 Form 10-K”). All significant intercompany balances and transactions have been eliminated in consolidation. These unaudited statements are, in the opinion of management, a fair statement of the results for the periods reported and include all necessary adjustments, all of a normal recurring nature, for a fair statement of such results. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. Management believes that the disclosures made are adequate to make the information presented not misleading. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and related disclosures. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgment, actual amounts or results could differ from these estimates. Interim period results are not necessarily indicative of the results to be expected for the full year. | |
Certain reclassifications have been made to 2012 unaudited consolidated financial statements and notes to the financial statements to conform to the 2013 presentation, relating to remeasurement adjustments from the BBVAPR Acquisition in December 18, 2012. | |
Significant Accounting Policies | |
We provide a summary of our significant accounting policies in our 2012 Form 10-K under “Notes to Consolidated Financial Statements—Note 1—Summary of Significant Accounting Policies.” During the quarter ended September 30, 2013, management changed the methodology of the general reserve calculation in order to adapt the calculation to the new Company structure after the BBVAPR Acquisition, and better capture the risk characteristics of the different portfolio segments. Principal changes are concentrated in the commercial, consumer and auto and leasing portfolios, as follows: | |
The commercial portfolio was further segmented by business line (corporate, institutional, middle market, corporate retail, floor plan, and real estate), by collateral type (secured by real estate and other commercial and industrial), and by risk rating/classification (pass, special mention, substandard, doubtful, and individually measured for impairment). The loss factor used for the general valuation reserve (“GVA”) of these loans is established considering the Bank's past twelve-month historical loss experience of each segment and the consideration of environmental factors. The sum of the loss experience factors and the environmental factors will be the GVA factor to be used for the determination of the allowance for loan and lease losses on each category. | |
The consumer portfolio consists of smaller retail loans such as retail credit cards, overdrafts, unsecured personal lines of credit, and personal unsecured loans. The allowance factor, consisting of the historical loss factors and the environmental risk factors will be calculated for each sub-class of loans by delinquency bucket. | |
The allowance factor on auto and leasing portfolio is impacted by the historical losses, the environmental risk factors and by delinquency buckets. For the determination of the allowance factor, the portfolio will be segmented by FICO score. | |
The methodology explained before will apply to originated and other loans and to acquired loans accounted for under ASC 310-20. | |
New Accounting Pronouncements Policy [Policy Text Block] | ' |
Below we describe recent accounting changes: | |
Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income - In February 2013, the Financial Accounting Standards Board (the “FASB”) issued an amendment to enhance current disclosure requirements of reclassifications out of accumulated other comprehensive income and their corresponding effect on net income to be presented, in one place, information about significant amounts reclassified and, in some cases, cross-reference to related footnote disclosures. Previously, this information was presented in different places throughout the financial statements. The amendments require disclosure of information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, it requires the presentation, either on the face of the statement where net income is presented or in the notes, of significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, the Company is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. The amended guidance was effective for annual and interim reporting periods beginning on or after December 15, 2012, prospectively. Our adoption of the guidance is presented in “Note 14 – Stockholders' Equity and Earnings per Common Share.” | |
Testing Indefinite-Lived Intangible Assets for Impairment - In July 2012, the FASB issued Accounting Standard Update ( ASU) No. 2012-02, Intangibles— | |
Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. The ASU is intended to simplify the guidance for testing the decline in the realizable value (impairment) of indefinite-lived intangible assets other than goodwill. Some examples of intangible assets subject to the guidance include indefinite-lived trademarks, licenses and distribution rights. The ASU allows companies to perform a qualitative assessment about the likelihood of impairment of an indefinite-lived intangible asset to determine whether further impairment testing is necessary, similar in approach to the goodwill impairment test. The ASU became effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Our adoption of the guidance had no effect on our unaudited consolidated financial statements. | |
Offsetting Financial Assets and Liabilities - In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. The ASU is intended to enhance current disclosure requirements on offsetting financial assets and liabilities. The new disclosures enable financial statement users to compare balance sheets prepared under GAAP and IFRS, which are subject to different offsetting models. The guidance requires disclosure of both gross and net information about instruments and transactions eligible for offset in the balance sheet as well as instruments and transactions subject to an agreement similar to a master netting arrangement. The disclosures are required irrespective of whether such instruments are presented gross or net on the balance sheet. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarify that the scope of this guidance applies to derivatives accounted for in accordance with Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement. The amended guidance was effective for annual and interim reporting periods beginning on or after January 1, 2013, with comparative retrospective disclosures required for all periods presented. We adopted the guidance in the first quarter of 2013. Our adoption of the guidance had no effect on our financial condition, results of operations or liquidity since it only impacts disclosures only. The new disclosures required by the amended guidance are included in “Note 11 – Offsetting of Financial Assets and Liabilities” hereto. | |
Subsequent Accounting for an Indemnification Asset Recognized at the Acquisition Date as a Result of a Government-Assisted Acquisition of a Financial Institution— FASB ASU 2012-06, “Business Combinations” (Topic 805) was issued in October 2012. This update addresses the diversity in practice about how to interpret the terms “on the same basis” and “contractual limitations” when subsequently measuring an indemnification asset recognized in a government-assisted (Federal Deposit Insurance Corporation) acquisition of a financial institution that includes a loss-sharing agreement (indemnification agreement). When a reporting entity recognizes an indemnification asset as a result of a government-assisted acquisition of a financial institution and subsequently the cash flows expected to be collected on the indemnification asset change as a result of a change in cash flows expected to be collected on the assets subject to indemnification, the reporting entity should subsequently account for the change in the measurement of the indemnification asset on the same basis as the change in the assets subject to indemnification. Any amortization of changes in value should be limited to the contractual term of the indemnification agreement, that is, the lesser of the term of the indemnification agreement and the remaining life of the indemnified assets. The amendments in this update are effective for fiscal years and interim periods within those years, beginning on or after December 15, 2012. The adoption of this guidance did not have a material effect on the unaudited consolidated financial statements, since the Company already followed the same basis approach. | |
Future Application of Accounting Standards | |
Accounting for Financial Instruments—Credit Losses - In December 2012, the FASB issued a proposed ASU, Financial Instruments—Credit Losses. This proposed ASU, or exposure draft, was issued for public comment in order to allow stakeholders the opportunity to review the proposal and provide comments to the FASB, and does not constitute accounting guidance until a final ASU is issued. The exposure draft contains proposed guidance developed by the FASB with the goal of improving financial reporting about expected credit losses on loans, securities and other financial assets held by banks, financial institutions, and other public and private organizations. The exposure draft proposes a new accounting model intended to require earlier recognition of credit losses, while also providing additional transparency about credit risk. The FASB's proposed model would utilize a single “expected credit loss” measurement objective for the recognition of credit losses, replacing the multiple existing impairment models in GAAP which generally require that a loss be “incurred” before it is recognized. The FASB's proposed model represents a significant departure from existing GAAP, and may result in material changes to the Company's accounting for financial instruments. The impact of the FASB's final ASU to the Company's financial statements will be assessed when it is issued. The exposure draft does not contain a proposed effective date. This would be included in the final ASU, when issued. | |
Other Potential Amendments to Current Accounting Standards - The FASB and International Accounting Standards Board, either jointly or separately, are currently working on several major projects, including amendments to existing accounting standards governing financial instruments, leases, and consolidation and investment companies. As part of the joint financial instruments project, the FASB has issued a proposed ASU that would result in significant changes to the guidance for recognition and measurement of financial instruments, in addition to the proposed ASU that would change the accounting for credit losses on financial instruments discussed above. The FASB is also working on a joint project that would require substantially all leases to be capitalized on the balance sheet. Additionally, the FASB has issued a proposal on principal-agent considerations that would change the way the Company needs to evaluate whether to consolidate Variable Interest Entities (“VIE”) and non-VIE partnerships. Furthermore, the FASB has issued a proposed ASU that would change the criteria used to determine whether an entity is subject to the accounting and reporting requirements of an investment company. The principal-agent consolidation proposal would require all VIEs, including those that are investment companies, to be evaluated for consolidation under the same requirements. All of these projects may have significant impacts for the Company. Upon completion of the standards, the Company will need to reevaluate its accounting and disclosures. However, due to ongoing deliberations of the standard setters, the Company is currently unable to determine the effect of future amendments or proposals. |
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Restructuring Charges | ' | |||||
Schedule of Restructuring and Related Costs [Table Text Block] | ' | |||||
The following table presents severance and employee-related charges, systems integrations and other merger-related charges in connection with the BBVAPR Acquisition for the quarter and nine-month period ended September 30, 2013: | ||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | |||||
(In thousands) | (In thousands) | |||||
Severance and employee-related charges | $ | 248 | $ | 1,398 | ||
Systems integrations and related charges | 1,719 | 4,896 | ||||
Other-contract cancellation fee | 285 | 6,766 | ||||
Total merger and restructuring charges | $ | 2,252 | $ | 13,060 | ||
The following table presents the changes in restructuring reserves for the quarter and nine-month period ended September 30, 2013 | ||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | |||||
(In thousands) | (In thousands) | |||||
Balance at the beginning of the period | $ | 276 | $ | 4,202 | ||
Merger and restructuring charges | 2,252 | 13,060 | ||||
Cash payments and other | -1,437 | -16,171 | ||||
Balance at the end of the period | $ | 1,091 | $ | 1,091 |
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Investments [Abstract] | ' | |||||||||||||
Available for sale securities | ' | |||||||||||||
30-Sep-13 | ||||||||||||||
Gross | Gross | Weighted | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | Average | ||||||||||
Cost | Gains | Losses | Value | Yield | ||||||||||
(In thousands) | ||||||||||||||
Available-for-sale | ||||||||||||||
Mortgage-backed securities | ||||||||||||||
FNMA and FHLMC certificates | $ | 1,253,599 | $ | 39,733 | $ | 3,859 | $ | 1,289,473 | 2.89% | |||||
GNMA certificates | 8,895 | 465 | 24 | 9,336 | 4.90% | |||||||||
CMOs issued by US Government sponsored agencies | 233,904 | 76 | 6,303 | 227,677 | 1.78% | |||||||||
Total mortgage-backed securities | 1,496,398 | 40,274 | 10,186 | 1,526,486 | 2.76% | |||||||||
Investment securities | ||||||||||||||
Obligations of US Government sponsored agencies | 12,381 | - | 41 | 12,340 | 1.20% | |||||||||
Obligations of Puerto Rico Government and political subdivisions | 121,012 | - | 6,647 | 114,365 | 4.39% | |||||||||
Other debt securities | 24,342 | 209 | 494 | 24,057 | 3.46% | |||||||||
Total investment securities | 157,735 | 209 | 7,182 | 150,762 | 4.00% | |||||||||
Total securities available for sale | $ | 1,654,133 | $ | 40,483 | $ | 17,368 | $ | 1,677,248 | 2.83% | |||||
31-Dec-12 | ||||||||||||||
Gross | Gross | Weighted | ||||||||||||
Amortized | Unrealized | Unrealized | Fair | Average | ||||||||||
Cost | Gains | Losses | Value | Yield | ||||||||||
(In thousands) | ||||||||||||||
Available-for-sale | ||||||||||||||
Mortgage-backed securities | ||||||||||||||
FNMA and FHLMC certificates | $ | 1,622,037 | $ | 71,411 | $ | 1 | $ | 1,693,447 | 3.06% | |||||
GNMA certificates | 14,177 | 995 | 8 | 15,164 | 4.89% | |||||||||
CMOs issued by US Government sponsored agencies | 288,409 | 3,784 | 793 | 291,400 | 1.85% | |||||||||
Total mortgage-backed securities | 1,924,623 | 76,190 | 802 | 2,000,011 | 2.89% | |||||||||
Investment securities | ||||||||||||||
US Treasury securities | 26,498 | - | 2 | 26,496 | 0.71% | |||||||||
Obligations of US Government sponsored agencies | 21,623 | 224 | - | 21,847 | 1.35% | |||||||||
Obligations of Puerto Rico Government and political subdivisions | 120,950 | 9 | 438 | 120,521 | 3.82% | |||||||||
Other debt securities | 25,131 | 280 | - | 25,411 | 3.46% | |||||||||
Total investment securities | 194,202 | 513 | 440 | 194,275 | 2.99% | |||||||||
Total securities available-for-sale | $ | 2,118,825 | $ | 76,703 | $ | 1,242 | $ | 2,194,286 | 2.90% | |||||
30-Sep-13 | ||||||||||||||
Available-for-sale | ||||||||||||||
Amortized Cost | Fair Value | |||||||||||||
(In thousands) | ||||||||||||||
Mortgage-backed securities | ||||||||||||||
Due after 5 to 10 years | ||||||||||||||
FNMA and FHLMC certificates | $ | 29,982 | $ | 30,589 | ||||||||||
Total due after 5 to 10 years | 29,982 | 30,589 | ||||||||||||
Due after 10 years | ||||||||||||||
FNMA and FHLMC certificates | 1,223,617 | 1,258,884 | ||||||||||||
GNMA certificates | 8,895 | 9,336 | ||||||||||||
CMOs issued by US Government sponsored agencies | 233,904 | 227,677 | ||||||||||||
Total due after 10 years | 1,466,416 | 1,495,897 | ||||||||||||
Total mortgage-backed securities | 1,496,398 | 1,526,486 | ||||||||||||
Investment securities | ||||||||||||||
Due in less than one year | ||||||||||||||
Other debt securities | 20,000 | 19,506 | ||||||||||||
Total due in less than one year | 20,000 | 19,506 | ||||||||||||
Due from 1 to 5 years | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | 11,859 | 10,292 | ||||||||||||
Total due from 1 to 5 years | 11,859 | 10,292 | ||||||||||||
Due after 5 to 10 years | ||||||||||||||
Obligations of US Government and sponsored agencies | 12,381 | 12,340 | ||||||||||||
Total due after 5 to 10 years | 12,381 | 12,340 | ||||||||||||
Due after 10 years | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | 109,153 | 104,073 | ||||||||||||
Other debt securities | 4,342 | 4,551 | ||||||||||||
Total due after 10 years | 113,495 | 108,624 | ||||||||||||
Total investment securities | 157,735 | 150,762 | ||||||||||||
Total securities available-for-sale | $ | 1,654,133 | $ | 1,677,248 | ||||||||||
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Table Text Block] | ' | |||||||||||||
30-Sep-13 | ||||||||||||||
12 months or more | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
CMOs issued by US Government sponsored agencies | $ | 4,150 | $ | 397 | $ | 3,753 | ||||||||
Obligations of Puerto Rico Government and political subdivisions | 1,734 | 185 | 1,549 | |||||||||||
GNMA certificates | 81 | 11 | 70 | |||||||||||
$ | 5,965 | $ | 593 | $ | 5,372 | |||||||||
Less than 12 months | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
CMOs issued by US Government sponsored agencies | $ | 228,092 | $ | 5,906 | $ | 222,186 | ||||||||
FNMA and FHLMC certificates | 209,370 | 3,859 | 205,511 | |||||||||||
Obligations of Puerto Rico Government and political subdivisions | 119,278 | 6,462 | 112,816 | |||||||||||
Other debt securities | 20,000 | 494 | 19,506 | |||||||||||
Obligations of US government and sponsored agencies | 12,381 | 41 | 12,340 | |||||||||||
GNMA certificates | 123 | 13 | 110 | |||||||||||
$ | 589,244 | $ | 16,775 | $ | 572,469 | |||||||||
Total | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
CMOs issued by US Government sponsored agencies | $ | 232,242 | $ | 6,303 | $ | 225,939 | ||||||||
FNMA and FHLMC certificates | 209,370 | 3,859 | 205,511 | |||||||||||
Obligations of Puerto Rico Government and political subdivisions | 121,012 | 6,647 | 114,365 | |||||||||||
Other debt securities | 20,000 | 494 | 19,506 | |||||||||||
Obligations of US government and sponsored agencies | 12,381 | 41 | 12,340 | |||||||||||
GNMA certificates | 204 | 24 | 180 | |||||||||||
$ | 595,209 | $ | 17,368 | $ | 577,841 | |||||||||
31-Dec-12 | ||||||||||||||
12 months or more | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | $ | 1,673 | $ | 12 | $ | 1,661 | ||||||||
CMOs issued by US Government sponsored agencies | 2,194 | 178 | 2,016 | |||||||||||
$ | 3,867 | $ | 190 | $ | 3,677 | |||||||||
Less than 12 months | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | $ | 19,086 | $ | 426 | $ | 18,660 | ||||||||
CMOs issued by US Government sponsored agencies | 10,671 | 615 | 10,056 | |||||||||||
US Treasury securities | 11,498 | 2 | 11,496 | |||||||||||
GNMA certificates | 84 | 8 | 76 | |||||||||||
FNMA and FHLMC certificates | 68 | 1 | 67 | |||||||||||
$ | 41,407 | $ | 1,052 | $ | 40,355 | |||||||||
Total | ||||||||||||||
Amortized | Unrealized | Fair | ||||||||||||
Cost | Loss | Value | ||||||||||||
(In thousands) | ||||||||||||||
Securities available-for-sale | ||||||||||||||
Obligations of Puerto Rico Government and political subdivisions | $ | 20,759 | $ | 438 | $ | 20,321 | ||||||||
CMOs issued by US Government sponsored agencies | 12,865 | 793 | 12,072 | |||||||||||
US Treasury securities | 11,498 | 2 | 11,496 | |||||||||||
GNMA certificates | 84 | 8 | 76 | |||||||||||
FNMA and FHLMC certificates | 68 | 1 | 67 | |||||||||||
$ | 45,274 | $ | 1,242 | $ | 44,032 | |||||||||
Schedule of sale of securities [Table Text Block] | ' | |||||||||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||
Book Value | ||||||||||||||
Description | Sale Price | at Sale | Gross Gains | Gross Losses | ||||||||||
(In thousands) | ||||||||||||||
Sale of securities available-for-sale | ||||||||||||||
Mortgage-backed securities and CMOs | ||||||||||||||
FNMA and FHLMC certificates | $ | 936,779 | $ | 881,834 | $ | 54,945 | $ | - | ||||||
GNMA certificates | 62,639 | 62,638 | 1 | - | ||||||||||
CMOs issued by US Government sponsored agencies | 19,725 | 18,372 | 1,353 | - | ||||||||||
Total mortgage-backed securities and CMOs | 1,019,143 | 962,844 | 56,299 | - | ||||||||||
Investment securities | ||||||||||||||
Obligations of U.S. Government sponsored agencies | 80,000 | 80,000 | - | - | ||||||||||
Obligations of Puerto Rico Government and political subdivisions | 35,882 | 36,478 | 32 | 628 | ||||||||||
Structured credit investments | 10,530 | 10,530 | - | - | ||||||||||
Total investment securities | 126,412 | 127,008 | 32 | 628 | ||||||||||
Total | $ | 1,145,555 | $ | 1,089,852 | $ | 56,331 | $ | 628 |
Loans_Receivable_Tables
Loans Receivable (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | |||||||||||||||||||||||
Schedule of Accrued interest receivables [Table Text Block] | ' | |||||||||||||||||||||||
The composition of the Company's loan portfolio at September 30, 2013 and December 31, 2012 was as follows | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans not covered under shared-loss agreements with FDIC: | ||||||||||||||||||||||||
Originated and other loans and leases held for investment: | ||||||||||||||||||||||||
Mortgage | $ | 742,046 | $ | 805,292 | ||||||||||||||||||||
Commercial | 1,173,215 | 349,075 | ||||||||||||||||||||||
Auto and leasing | 313,701 | 37,577 | ||||||||||||||||||||||
Consumer | 113,509 | 46,667 | ||||||||||||||||||||||
2,342,471 | 1,238,611 | |||||||||||||||||||||||
Acquired loans: | ||||||||||||||||||||||||
Accounted for under ASC 310-20 (Loans with revolving feature and/or | ||||||||||||||||||||||||
acquired at a premium) | ||||||||||||||||||||||||
Commercial | 97,099 | 329,463 | ||||||||||||||||||||||
Commercial secured by real estate | 25,398 | 20,779 | ||||||||||||||||||||||
Auto | 335,528 | 470,601 | ||||||||||||||||||||||
Consumer | 59,817 | 70,347 | ||||||||||||||||||||||
517,842 | 891,190 | |||||||||||||||||||||||
Accounted for under ASC 310-30 (Loans acquired with deteriorated | ||||||||||||||||||||||||
credit quality, including those by analogy) | ||||||||||||||||||||||||
Mortgage | 731,376 | 801,024 | ||||||||||||||||||||||
Commercial | 548,995 | 940,402 | ||||||||||||||||||||||
Construction | 131,976 | 193,442 | ||||||||||||||||||||||
Auto | 416,579 | 553,075 | ||||||||||||||||||||||
Consumer | 80,429 | 123,825 | ||||||||||||||||||||||
1,909,355 | 2,611,768 | |||||||||||||||||||||||
4,769,668 | 4,741,569 | |||||||||||||||||||||||
Deferred loan cost (fees), net | 120 | -3,463 | ||||||||||||||||||||||
Loans receivable | 4,769,788 | 4,738,106 | ||||||||||||||||||||||
Allowance for loan and lease losses on non-covered loans | -49,614 | -39,921 | ||||||||||||||||||||||
Loans receivable, net | 4,720,174 | 4,698,185 | ||||||||||||||||||||||
Mortgage loans held-for-sale | 47,085 | 64,145 | ||||||||||||||||||||||
Total loans not covered under shared-loss agreements with FDIC, net | 4,767,259 | 4,762,330 | ||||||||||||||||||||||
Loans covered under shared-loss agreements with FDIC: | ||||||||||||||||||||||||
Loans secured by 1-4 family residential properties | 122,001 | 128,811 | ||||||||||||||||||||||
Construction and development secured by 1-4 family residential properties | 16,674 | 15,969 | ||||||||||||||||||||||
Commercial and other construction | 272,129 | 289,070 | ||||||||||||||||||||||
Leasing | 542 | 7,088 | ||||||||||||||||||||||
Consumer | 6,773 | 8,493 | ||||||||||||||||||||||
Total loans covered under shared-loss agreements with FDIC | 418,119 | 449,431 | ||||||||||||||||||||||
Allowance for loan and lease losses on covered loans | -56,555 | -54,124 | ||||||||||||||||||||||
Total loans covered under shared-loss agreements with FDIC, net | 361,564 | 395,307 | ||||||||||||||||||||||
Total loans, net | $ | 5,128,823 | $ | 5,157,637 | ||||||||||||||||||||
The following table presents the aging of the recorded investment in gross acquired loans accounted for under ASC 310-20 as of September 30, 2013 and December 31, 2012 by class of loans: | ||||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following tables present the aging of the recorded investment in gross originated and other loans held for investment as of September 30, 2013 and December 31, 2012 by class of loans. Mortgage loans past due included delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Loans 90+ | ||||||||||||||||||||||||
Days Past | ||||||||||||||||||||||||
Due and | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | ||||||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year): | ||||||||||||||||||||||||
Up to the year 2002 | $ | - | $ | 2,232 | $ | 3,984 | $ | 6,216 | $ | 79,093 | $ | 85,309 | $ | 23 | ||||||||||
Years 2003 and 2004 | - | 4,919 | 3,715 | 8,634 | 114,014 | 122,648 | - | |||||||||||||||||
Year 2005 | - | 1,342 | 1,933 | 3,275 | 62,766 | 66,041 | - | |||||||||||||||||
Year 2006 | - | 3,737 | 2,796 | 6,533 | 84,429 | 90,962 | - | |||||||||||||||||
Years 2007, 2008 and 2009 | - | 2,099 | 2,589 | 4,688 | 99,862 | 104,550 | 46 | |||||||||||||||||
Years 2010, 2011, 2012 and 2013 | - | 796 | 1,643 | 2,439 | 106,963 | 109,402 | 215 | |||||||||||||||||
- | 15,125 | 16,660 | 31,785 | 547,127 | 578,912 | 284 | ||||||||||||||||||
Non-traditional | - | 1,720 | 1,580 | 3,300 | 40,947 | 44,247 | - | |||||||||||||||||
Loss mitigation program | - | 6,148 | 14,471 | 20,619 | 65,036 | 85,655 | 1,071 | |||||||||||||||||
- | 22,993 | 32,711 | 55,704 | 653,110 | 708,814 | 1,355 | ||||||||||||||||||
Home equity secured personal loans | 126 | - | 12 | 138 | 583 | 721 | - | |||||||||||||||||
GNMA's buy-back option program | - | - | 32,511 | 32,511 | - | 32,511 | - | |||||||||||||||||
126 | 22,993 | 65,234 | 88,353 | 653,693 | 742,046 | 1,355 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial secured by real estate | 1,993 | 1,038 | 19,131 | 22,162 | 371,768 | 393,930 | - | |||||||||||||||||
Other commercial and industrial | 1,256 | 273 | 3,559 | 5,088 | 774,197 | 779,285 | - | |||||||||||||||||
3,249 | 1,311 | 22,690 | 27,250 | 1,145,965 | 1,173,215 | - | ||||||||||||||||||
Consumer | 1,414 | 569 | 425 | 2,408 | 111,101 | 113,509 | - | |||||||||||||||||
Auto and leasing | 16,682 | 4,504 | 2,636 | 23,822 | 289,879 | 313,701 | - | |||||||||||||||||
Total | $ | 21,471 | $ | 29,377 | $ | 90,985 | $ | 141,833 | $ | 2,200,638 | $ | 2,342,471 | $ | 1,355 | ||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Loans 90+ | ||||||||||||||||||||||||
Days Past | ||||||||||||||||||||||||
Due and | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | ||||||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year): | ||||||||||||||||||||||||
Up to the year 2002 | $ | 6,906 | $ | 2,116 | $ | 11,363 | $ | 20,385 | $ | 80,883 | $ | 101,268 | $ | - | ||||||||||
Years 2003 and 2004 | 12,048 | 5,206 | 18,162 | 35,416 | 114,446 | 149,862 | - | |||||||||||||||||
Year 2005 | 4,983 | 1,746 | 8,860 | 15,589 | 65,312 | 80,901 | - | |||||||||||||||||
Year 2006 | 9,153 | 3,525 | 15,363 | 28,041 | 85,045 | 113,086 | - | |||||||||||||||||
Years 2007, 2008 and 2009 | 2,632 | 1,682 | 8,965 | 13,279 | 108,358 | 121,637 | - | |||||||||||||||||
Years 2010, 2011 and 2012 | 632 | 769 | 1,162 | 2,563 | 64,434 | 66,997 | - | |||||||||||||||||
36,354 | 15,044 | 63,875 | 115,273 | 518,478 | 633,751 | - | ||||||||||||||||||
Non-traditional | 2,850 | 1,067 | 11,160 | 15,077 | 42,742 | 57,819 | - | |||||||||||||||||
Loss mitigation program | 8,933 | 4,649 | 19,989 | 33,571 | 53,739 | 87,310 | ||||||||||||||||||
48,137 | 20,760 | 95,024 | 163,921 | 614,959 | 778,880 | - | ||||||||||||||||||
Home equity secured personal loans | - | - | 10 | 10 | 726 | 736 | - | |||||||||||||||||
GNMA's buy-back option program | - | - | 25,676 | 25,676 | - | 25,676 | - | |||||||||||||||||
48,137 | 20,760 | 120,710 | 189,607 | 615,685 | 805,292 | - | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial secured by real estate | 9,062 | 271 | 15,335 | 24,668 | 226,606 | 251,274 | - | |||||||||||||||||
Other commercial and industrial | 345 | 189 | 2,378 | 2,912 | 94,889 | 97,801 | - | |||||||||||||||||
9,407 | 460 | 17,713 | 27,580 | 321,495 | 349,075 | - | ||||||||||||||||||
Consumer | 747 | 92 | 409 | 1,248 | 45,419 | 46,667 | - | |||||||||||||||||
Auto and leasing | 251 | 129 | 131 | 511 | 37,066 | 37,577 | - | |||||||||||||||||
Total | $ | 58,542 | $ | 21,441 | $ | 138,963 | $ | 218,946 | $ | 1,019,665 | $ | 1,238,611 | $ | - | ||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Loans 90+ | ||||||||||||||||||||||||
Days Past | ||||||||||||||||||||||||
Due and | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | ||||||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial | $ | 1,607 | $ | 767 | $ | 762 | $ | 3,136 | $ | 93,963 | $ | 97,099 | $ | - | ||||||||||
Commercial secured by real estate | 229 | 395 | - | 624 | 24,774 | 25,398 | - | |||||||||||||||||
Auto | 11,186 | 2,698 | 847 | 14,731 | 320,797 | 335,528 | - | |||||||||||||||||
Consumer | 1,463 | 46 | 1,293 | 2,802 | 57,015 | 59,817 | - | |||||||||||||||||
Total | $ | 14,485 | $ | 3,906 | $ | 2,902 | $ | 21,293 | $ | 496,549 | $ | 517,842 | $ | - | ||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Loans 90+ | ||||||||||||||||||||||||
Days Past | ||||||||||||||||||||||||
Due and | ||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90+ Days | Total Past | Still | ||||||||||||||||||||
Past Due | Past Due | Past Due | Due | Current | Total Loans | Accruing | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial | $ | 715 | $ | 76 | $ | 193 | $ | 984 | $ | 328,479 | $ | 329,463 | $ | - | ||||||||||
Commercial secured by real estate | 315 | - | - | 315 | 20,464 | 20,779 | - | |||||||||||||||||
Auto | 6,753 | 1,023 | 275 | 8,051 | 462,550 | 470,601 | - | |||||||||||||||||
Consumer | 982 | - | 1,095 | 2,077 | 68,270 | 70,347 | - | |||||||||||||||||
Total | $ | 8,765 | $ | 1,099 | $ | 1,563 | $ | 11,427 | $ | 879,763 | $ | 891,190 | $ | - | ||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Delinquency | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Measured for | |||||||||||||||||||||||
Outstanding | 0-29 days | 30-59 days | 60-89 days | 90-119 days | 120-364 days | 365+ days | Impairment | |||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Originated and other loans and leases held for investment | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year) | ||||||||||||||||||||||||
Up to the year 2002 | $ | 85,309 | $ | 79,655 | $ | - | $ | 2,232 | $ | 963 | $ | 781 | $ | 1,072 | $ | 606 | ||||||||
Years 2003 and 2004 | 122,648 | 113,887 | - | 4,919 | 1,945 | 1,166 | 515 | 216 | ||||||||||||||||
Year 2005 | 66,041 | 62,661 | - | 1,342 | 610 | 972 | 352 | 104 | ||||||||||||||||
Year 2006 | 90,962 | 84,398 | - | 3,668 | 972 | 834 | 795 | 295 | ||||||||||||||||
Years 2007, 2008 and 2009 | 104,550 | 99,285 | - | 2,020 | - | 1,735 | 676 | 834 | ||||||||||||||||
Years 2010, 2011, 2012 and 2013 | 109,402 | 104,011 | - | 691 | 335 | 585 | 723 | 3,057 | ||||||||||||||||
578,912 | 543,897 | - | 14,872 | 4,825 | 6,073 | 4,133 | 5,112 | |||||||||||||||||
Non-traditional | 44,247 | 40,947 | - | 1,720 | 327 | 262 | 843 | 148 | ||||||||||||||||
Loss mitigation program | 85,655 | 7,047 | - | 240 | 59 | 91 | 847 | 77,371 | ||||||||||||||||
708,814 | 591,891 | - | 16,832 | 5,211 | 6,426 | 5,823 | 82,631 | |||||||||||||||||
Home equity secured personal loans | 721 | 583 | 126 | - | - | - | 12 | - | ||||||||||||||||
GNMA's buy-back option program | 32,511 | - | - | - | 5,486 | 15,735 | 11,290 | - | ||||||||||||||||
742,046 | 592,474 | 126 | 16,832 | 10,697 | 22,161 | 17,125 | 82,631 | |||||||||||||||||
Consumer | 113,509 | 110,953 | 1,416 | 568 | 281 | 113 | 33 | 145 | ||||||||||||||||
Auto and Leasing | 313,701 | 289,879 | 16,682 | 4,504 | 1,904 | 732 | - | - | ||||||||||||||||
1,169,256 | 993,306 | 18,224 | 21,904 | 12,882 | 23,006 | 17,158 | 82,776 | |||||||||||||||||
Acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Auto | 335,528 | 320,797 | 11,186 | 2,698 | 630 | 217 | - | - | ||||||||||||||||
Consumer | 59,817 | 57,015 | 1,463 | 46 | 1,281 | 12 | - | - | ||||||||||||||||
395,345 | 377,812 | 12,649 | 2,744 | 1,911 | 229 | - | - | |||||||||||||||||
Total | $ | 1,564,601 | $ | 1,371,118 | $ | 30,873 | $ | 24,648 | $ | 14,793 | $ | 23,235 | $ | 17,158 | $ | 82,776 | ||||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Acquired During Period [Table Text Block] | ' | |||||||||||||||||||||||
The carrying amount corresponding to non-covered loans acquired with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Contractual required payments receivable | $3,064,418 | $3,982,063 | ||||||||||||||||||||||
Less: Non-accretable discount | 635,920 | 714,462 | ||||||||||||||||||||||
Cash expected to be collected | 2,428,498 | 3,267,601 | ||||||||||||||||||||||
Less: Accretable yield | 519,143 | 655,833 | ||||||||||||||||||||||
Carrying amount | $1,909,355 | $2,611,768 | ||||||||||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Accretable Yield Activity | ||||||||||||||||||||||||
Balance at beginning of period | $ | 561,485 | $ | 655,833 | ||||||||||||||||||||
Accretion | -48,352 | -150,447 | ||||||||||||||||||||||
Transfer from non-accretable discount | 6,010 | 13,757 | ||||||||||||||||||||||
Balance at end of period | $ | 519,143 | $ | 519,143 | ||||||||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Non-Accretable Discount Activity | ||||||||||||||||||||||||
Balance at beginning of period | $ | 686,231 | $ | 714,462 | ||||||||||||||||||||
Principal losses | -44,301 | -64,785 | ||||||||||||||||||||||
Transfer to accretable yield | -6,010 | -13,757 | ||||||||||||||||||||||
Balance at end of period | $ | 635,920 | $ | 635,920 | ||||||||||||||||||||
Accretable Yield for Acquired Loans Non-covered [Table Text Block] | ' | |||||||||||||||||||||||
The following tables describe the accretable yield and non-accretable discount activity of acquired loans accounted for under ASC 310-30 for the quarter and nine-month period ended September 30, 2013 | ||||||||||||||||||||||||
Covered loans carrying amount [Table Text Block] | ' | |||||||||||||||||||||||
Covered Loans | ||||||||||||||||||||||||
The carrying amount of covered loans at September 30, 2013 and December 31, 2012 is as follows: | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Contractual required payments receivable | $ | 748,091 | $ | 874,994 | ||||||||||||||||||||
Less: Non-accretable discount | 161,427 | 237,555 | ||||||||||||||||||||||
Cash expected to be collected | 586,664 | 637,439 | ||||||||||||||||||||||
Less: Accretable yield | 168,545 | 188,008 | ||||||||||||||||||||||
Carrying amount, gross | 418,119 | 449,431 | ||||||||||||||||||||||
Less: Allowance for covered loan and lease losses | 56,555 | 54,124 | ||||||||||||||||||||||
Carrying amount, net | $ | 361,564 | $ | 395,307 | ||||||||||||||||||||
The following tables describe the accretable yield and non-accretable discount activity of covered loans for the quarters and nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Accretable yield activity | ||||||||||||||||||||||||
Balance at beginning of period | $ | 167,132 | $ | 177,248 | $ | 188,008 | $ | 188,822 | ||||||||||||||||
Accretion | -21,657 | -22,283 | -65,884 | -64,167 | ||||||||||||||||||||
Transfer from non-accretable discount | 23,070 | 28,868 | 46,421 | 59,178 | ||||||||||||||||||||
Balance at end of period | $ | 168,545 | $ | 183,833 | $ | 168,545 | $ | 183,833 | ||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Non-accretable discount activity | ||||||||||||||||||||||||
Balance at beginning of period | $ | 192,259 | $ | 314,404 | $ | 237,555 | $ | 412,170 | ||||||||||||||||
Principal losses | -7,762 | -21,533 | -29,707 | -88,989 | ||||||||||||||||||||
Transfer to accretable yield | -23,070 | -28,868 | -46,421 | -59,178 | ||||||||||||||||||||
Balance at end of period | $ | 161,427 | $ | 264,003 | $ | 161,427 | $ | 264,003 | ||||||||||||||||
Financing Receivable Recorded Investment Nonaccrual Status By Class Of Loans [Table Text Block] | ' | |||||||||||||||||||||||
Non-accrual Loans | ||||||||||||||||||||||||
The following table presents the recorded investment in loans in non-accrual status by class of loans as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Originated and other loans and leases held for investment | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year): | ||||||||||||||||||||||||
Up to the year 2002 | $ | 4,709 | $ | 11,362 | ||||||||||||||||||||
Years 2003 and 2004 | 2,967 | 18,162 | ||||||||||||||||||||||
Year 2005 | 3,844 | 8,859 | ||||||||||||||||||||||
Year 2006 | 3,206 | 15,363 | ||||||||||||||||||||||
Years 2007, 2008 and 2009 | 1,990 | 8,967 | ||||||||||||||||||||||
Years 2010, 2011, 2012 and 2013 | 2,866 | 1,162 | ||||||||||||||||||||||
19,582 | 63,875 | |||||||||||||||||||||||
Non-traditional | 1,580 | 11,160 | ||||||||||||||||||||||
Loss mitigation program | 21,860 | 39,957 | ||||||||||||||||||||||
43,022 | 114,992 | |||||||||||||||||||||||
Home equity secured personal loans | 12 | 10 | ||||||||||||||||||||||
43,034 | 115,002 | |||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Commercial secured by real estate | 25,312 | 26,517 | ||||||||||||||||||||||
Other commercial and industrial | 5,526 | 2,989 | ||||||||||||||||||||||
30,838 | 29,506 | |||||||||||||||||||||||
Consumer | 490 | 442 | ||||||||||||||||||||||
Auto and leasing | 2,661 | 131 | ||||||||||||||||||||||
77,023 | 145,081 | |||||||||||||||||||||||
Acquired loans accounted under ASC 310-20 | ||||||||||||||||||||||||
Commercial | 762 | 193 | ||||||||||||||||||||||
Auto | 847 | 275 | ||||||||||||||||||||||
Consumer | 1,293 | 1,095 | ||||||||||||||||||||||
2,902 | 1,563 | |||||||||||||||||||||||
Total non-accrual loans | $ | 79,925 | $ | 146,644 |
Allowance_for_Loan_and_Lease_L1
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Loans Receivable [Abstract] | ' | |||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The following tables present the activity in our allowance for loan and lease losses and the related recorded investment of the associated loans for our originated and other loans held for investment portfolio by segment for the periods indicated: | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Auto and Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 21,375 | $ | 17,624 | $ | 2,341 | $ | 3,641 | $ | 720 | $ | 45,701 | ||||||||||||
Charge-offs | -1,758 | -2,234 | -465 | -1,305 | - | -5,762 | ||||||||||||||||||
Recoveries | - | 28 | 37 | 639 | - | 704 | ||||||||||||||||||
Provision for non-covered loan and lease losses | 1,374 | -703 | 2,915 | 3,143 | 201 | 6,930 | ||||||||||||||||||
Balance at end of period | $ | 20,991 | $ | 14,715 | $ | 4,828 | $ | 6,118 | $ | 921 | $ | 47,573 | ||||||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||||||
Auto and | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 21,092 | $ | 17,072 | $ | 856 | $ | 533 | $ | 368 | $ | 39,921 | ||||||||||||
Charge-offs | -33,465 | -5,678 | -1,034 | -2,105 | - | -42,282 | ||||||||||||||||||
Recoveries | - | 291 | 143 | 855 | - | 1,289 | ||||||||||||||||||
Provision for non-covered loan and lease losses | 33,364 | 3,030 | 4,863 | 6,835 | 553 | 48,645 | ||||||||||||||||||
Balance at end of period | $ | 20,991 | $ | 14,715 | $ | 4,828 | $ | 6,118 | $ | 921 | $ | 47,573 | ||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Auto and Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 9,333 | $ | 818 | $ | - | $ | - | $ | - | $ | 10,151 | ||||||||||||
Collectively evaluated for impairment | 11,658 | 13,897 | 4,828 | 6,118 | 921 | 37,422 | ||||||||||||||||||
Total ending allowance balance | $ | 20,991 | $ | 14,715 | $ | 4,828 | $ | 6,118 | $ | 921 | $ | 47,573 | ||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 82,631 | $ | 36,048 | $ | - | $ | - | $ | - | $ | 118,679 | ||||||||||||
Collectively evaluated for impairment | 659,415 | 1,137,167 | 113,509 | 313,701 | - | 2,223,792 | ||||||||||||||||||
Total ending loan balance | $ | 742,046 | $ | 1,173,215 | $ | 113,509 | $ | 313,701 | $ | - | $ | 2,342,471 | ||||||||||||
Quarter Ended September 30, 2012 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 19,788 | $ | 15,978 | $ | 998 | $ | 197 | $ | 441 | $ | 37,402 | ||||||||||||
Charge-offs | -1,752 | -65 | -198 | -75 | - | -2,090 | ||||||||||||||||||
Recoveries | 131 | 28 | 46 | 3 | - | 208 | ||||||||||||||||||
Provision for (recapture of) non-covered loan and lease losses | 2,886 | -502 | 328 | 119 | 769 | 3,600 | ||||||||||||||||||
Balance at end of period | $ | 21,053 | $ | 15,439 | $ | 1,174 | $ | 244 | $ | 1,210 | $ | 39,120 | ||||||||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 21,652 | $ | 12,548 | $ | 1,423 | $ | 845 | $ | 542 | $ | 37,010 | ||||||||||||
Charge-offs | -4,621 | -3,423 | -563 | -104 | - | -8,711 | ||||||||||||||||||
Recoveries | 131 | 129 | 153 | 8 | - | 421 | ||||||||||||||||||
Provision for (recapture of) non-covered loan and lease losses | 3,891 | 6,185 | 161 | -505 | 668 | 10,400 | ||||||||||||||||||
Balance at end of period | $ | 21,053 | $ | 15,439 | $ | 1,174 | $ | 244 | $ | 1,210 | $ | 39,120 | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Mortgage | Commercial | Consumer | Auto and Leasing | Unallocated | Total | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 5,334 | $ | 4,121 | $ | - | $ | - | $ | - | $ | 9,455 | ||||||||||||
Collectively evaluated for impairment | 15,758 | 12,951 | 856 | 533 | 368 | 30,466 | ||||||||||||||||||
Total ending allowance balance | $ | 21,092 | $ | 17,072 | $ | 856 | $ | 533 | $ | 368 | $ | 39,921 | ||||||||||||
Loans: | ||||||||||||||||||||||||
Individually evaluated for impairment | $ | 74,783 | $ | 46,199 | $ | - | $ | - | $ | - | $ | 120,982 | ||||||||||||
Collectively evaluated for impairment | 730,159 | 307,731 | 48,136 | 50,720 | - | 1,136,746 | ||||||||||||||||||
Total ending loans balance | $ | 804,942 | $ | 353,930 | $ | 48,136 | $ | 50,720 | $ | - | $ | 1,257,728 | ||||||||||||
The following tables present the activity in our allowance for loan losses and related recorded investment of the associated loans in our non-covered acquired loan portfolio, excluding loans accounted for under ASC 310-30, for the quarter and nine-month period ended September 30, 2013 | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | Auto | Unallocated | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | 924 | $ | - | $ | - | $ | - | $ | 924 | ||||||||||||||
Charge-offs | - | -1,233 | -1,598 | - | -2,831 | |||||||||||||||||||
Recoveries | 6 | 88 | 884 | - | 978 | |||||||||||||||||||
Provision for non-covered loan and lease losses | 431 | 1,145 | 1,394 | - | 2,970 | |||||||||||||||||||
Balance at end of period | $ | 1,361 | $ | - | $ | 680 | $ | - | $ | 2,041 | ||||||||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | Auto | Unallocated | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Balance at beginning of period | $ | - | $1 | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Charge-offs | -25 | -3,847 | -4,723 | - | -8,595 | |||||||||||||||||||
Recoveries | 6 | 932 | 3,000 | - | 3,938 | |||||||||||||||||||
Provision for non-covered loan and lease losses | 1,380 | 2,915 | 2,403 | - | 6,698 | |||||||||||||||||||
Balance at end of period | $ | 1,361 | $ | - | $ | 680 | $ | - | $ | 2,041 | ||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Commercial | Consumer | Auto | Unallocated | Total | ||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Ending allowance balance attributable to loans: | ||||||||||||||||||||||||
Collectively evaluated for impairment | 1,361 | - | 680 | - | 2,041 | |||||||||||||||||||
Total ending allowance balance | $ | 1,361 | $ | - | $ | 680 | $ | - | $ | 2,041 | ||||||||||||||
Loans: | ||||||||||||||||||||||||
Collectively evaluated for impairment | 122,497 | 59,817 | 335,528 | - | 517,842 | |||||||||||||||||||
Total ending loan balance | $ | 122,497 | $ | 59,817 | $ | 335,528 | $ | - | $ | 517,842 | ||||||||||||||
Impaired Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
The Company's recorded investment in commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, and the related allowance for loan and lease losses at September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
Originated and Other Loans and Leases Held for Investment | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Unpaid | Recorded | Related | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with specific allowance: | ||||||||||||||||||||||||
Commercial | $ | 8,158 | $ | 6,556 | $ | 818 | 12% | |||||||||||||||||
Residential troubled-debt restructuring | 86,249 | 82,631 | 9,333 | 11% | ||||||||||||||||||||
Impaired loans with no specific allowance: | ||||||||||||||||||||||||
Commercial | 34,008 | 29,492 | N/A | N/A | ||||||||||||||||||||
Total investment in impaired loans | $ | 128,415 | $ | 118,679 | $ | 10,151 | 9% | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unpaid | Recorded | Related | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with specific allowance | ||||||||||||||||||||||||
Commercial | $ | 16,666 | $ | 14,570 | $ | 4,121 | 28% | |||||||||||||||||
Residential troubled-debt restructuring | 76,859 | 74,783 | 5,334 | 7% | ||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 36,293 | 31,629 | N/A | N/A | ||||||||||||||||||||
Total investment in impaired loans | $ | 129,818 | $ | 120,982 | $ | 9,455 | 8% | |||||||||||||||||
Acquired Loans Accounted for under ASC-310-20 (Loans with revolving feature and/or acquired at a premium) | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Unpaid | Recorded | Specific | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 229 | 229 | N/A | N/A | ||||||||||||||||||||
Total investment in impaired loans | $ | 229 | $ | 229 | $ | - | 0% | |||||||||||||||||
The following table presents the interest recognized in commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, for the quarters and nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Quarter Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired loans with specific allowance | ||||||||||||||||||||||||
Commercial | $ | 5 | $ | 9,039 | $ | 40 | $ | 9,027 | ||||||||||||||||
Residential troubled-debt restructuring | 712 | 82,388 | 510 | 65,932 | ||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 146 | 28,805 | 83 | 28,475 | ||||||||||||||||||||
Total interest income from impaired loans | $ | 863 | $ | 120,232 | $ | 633 | $ | 103,434 | ||||||||||||||||
Nine-Month Period Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | |||||||||||||||||||||
Impaired loans with specific allowance | ||||||||||||||||||||||||
Commercial | $ | 16 | $ | 14,872 | $ | 163 | $ | 16,686 | ||||||||||||||||
Residential troubled-debt restructuring | 1,942 | 81,406 | 1,344 | 61,622 | ||||||||||||||||||||
Impaired loans with no specific allowance | ||||||||||||||||||||||||
Commercial | 438 | 26,471 | 261 | 24,068 | ||||||||||||||||||||
Total interest income from impaired loans | $ | 2,396 | $ | 122,749 | $ | 1,768 | $ | 102,376 | ||||||||||||||||
FDIC shared-loss portion of provision for (recapture of) covered loans and lease losses net, represents the credit impairment losses to be covered under the FDIC loss-share agreement which is increasing (decreasing) the FDIC loss-share indemnification asset. | ||||||||||||||||||||||||
Provision for covered loan losses for the quarter and nine-month period ended September 30, 2013 increased $2.9 million and decreased $3.9 million, respectively, when compared to the same periods ended in 2012. During the third quarter of 2013, an agricultural loan pool and loans secured by 1-4 single family residential properties registered impairment due to delayed estimated timing of the cash flows on these pools from delayed foreclosure efforts and particular customers declaring bankruptcy. | ||||||||||||||||||||||||
The Company's recorded investment in covered loan pools that have recorded impairments and their related allowance for covered loan and lease losses as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Unpaid | Recorded | Specific | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired covered loan pools with specific allowance | ||||||||||||||||||||||||
Loans secured by 1-4 family residential properties | $ | 54,515 | $ | 38,684 | $ | 11,021 | 28% | |||||||||||||||||
Construction and development secured by 1-4 family residential properties | 67,148 | 16,674 | 6,789 | 41% | ||||||||||||||||||||
Commercial and other construction | 228,848 | 115,363 | 38,130 | 33% | ||||||||||||||||||||
Consumer | 12,351 | 6,513 | 615 | 9% | ||||||||||||||||||||
Total investment in impaired covered loan pools | $ | 362,862 | $ | 177,234 | $ | 56,555 | 32% | |||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Unpaid | Recorded | Specific | ||||||||||||||||||||||
Principal | Investment | Allowance | Coverage | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Impaired covered loan pools with specific allowance | ||||||||||||||||||||||||
Loans secured by 1-4 family residential properties | $ | 45,208 | $ | 29,482 | $ | 4,986 | 17% | |||||||||||||||||
Construction and development secured by 1-4 family residential properties | 68,255 | 15,185 | 6,137 | 40% | ||||||||||||||||||||
Commercial and other construction | 252,373 | 121,237 | 42,323 | 35% | ||||||||||||||||||||
Consumer | 14,494 | 8,493 | 678 | 8% | ||||||||||||||||||||
Total investment in impaired covered loan pools | $ | 380,330 | $ | 174,397 | $ | 54,124 | 31% | |||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | ' | |||||||||||||||||||||||
Modifications | ||||||||||||||||||||||||
The following table presents the troubled-debt restructurings during the quarters and nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 21 | $ | 2,887 | 6.74% | 352 | $ | 3,066 | 6.74% | 351 | |||||||||||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 102 | $ | 12,828 | 6.43% | 334 | $ | 13,685 | 5.15% | 393 | |||||||||||||||
Commercial loans | 2 | 1,842 | 8.99% | 87 | 1,842 | 4.00% | 66 | |||||||||||||||||
Quarter Ended September 30, 2012 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 58 | $ | 9,006 | 6.32% | 308 | $ | 9,789 | 4.65% | 405 | |||||||||||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||||||||||||
Number of contracts | Pre- Modification Outstanding Recorded Investment | Pre-Modification Weighted Average Rate | Pre-Modification Weighted Average Term (in Months) | Post-Modification Outstanding Recorded Investment | Post-Modification Weighted Average Rate | Post-Modification Weighted Average Term (in Months) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 155 | $ | 23,701 | 6.44% | 310 | $ | 25,385 | 4.86% | 400 | |||||||||||||||
Commercial loans | 7 | 6,981 | 6.13% | 46 | 6,550 | 6.17% | 46 | |||||||||||||||||
The following table presents troubled-debt restructurings for which there was a payment default during the twelve-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||||||||
Twelve-Month Period Ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Mortgage loans | 30 | $ | 3,097 | 37 | $ | 5,029 | ||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | ' | |||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, and based on the most recent analysis performed, the risk category of gross non-covered originated and acquired loans accounted for under ASC 310-20 subject to risk rating by class of loans is as follows: | ||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||
Risk Ratings | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Special | Measured for | ||||||||||||||||||||||
Outstanding | Pass | Mention | Substandard | Doubtful | Impairment | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial - originated and other loans held for investment | ||||||||||||||||||||||||
Commercial secured by real estate: | ||||||||||||||||||||||||
Corporate | $ | 58,388 | $ | 58,388 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Institutional | 3,857 | 3,857 | - | - | - | - | ||||||||||||||||||
Middle market | 177,309 | 151,714 | 13,369 | 118 | - | 12,108 | ||||||||||||||||||
Retail | 141,925 | 119,707 | 1,926 | 1,468 | - | 18,824 | ||||||||||||||||||
Floor plan | 1,000 | 1,000 | - | - | - | - | ||||||||||||||||||
Real estate | 10,919 | 10,919 | - | - | - | - | ||||||||||||||||||
393,398 | 345,585 | 15,295 | 1,586 | - | 30,932 | |||||||||||||||||||
Other commercial and industrial: | ||||||||||||||||||||||||
Corporate | 25,171 | 25,171 | - | - | - | - | ||||||||||||||||||
Institutional | 643,555 | 643,555 | - | - | - | - | ||||||||||||||||||
Middle market | 53,337 | 46,471 | 3,615 | - | - | 3,251 | ||||||||||||||||||
Retail | 52,206 | 49,883 | 162 | 296 | - | 1,865 | ||||||||||||||||||
Floor plan | 5,548 | 5,548 | - | - | - | - | ||||||||||||||||||
779,817 | 770,628 | 3,777 | 296 | - | 5,116 | |||||||||||||||||||
Total | 1,173,215 | 1,116,213 | 19,072 | 1,882 | - | 36,048 | ||||||||||||||||||
Commercial - acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Commercial secured by real estate: | ||||||||||||||||||||||||
Corporate | 12,114 | 11,664 | - | 450 | - | - | ||||||||||||||||||
Retail | 10,627 | 9,318 | 443 | 866 | - | - | ||||||||||||||||||
Floor plan | 2,657 | 2,556 | - | 101 | - | - | ||||||||||||||||||
25,398 | 23,538 | 443 | 1,417 | - | - | |||||||||||||||||||
Other commercial and industrial: | ||||||||||||||||||||||||
Corporate | 11,923 | 11,825 | - | 98 | - | - | ||||||||||||||||||
Institutional | 1,700 | 1,700 | - | - | - | - | ||||||||||||||||||
Retail | 36,050 | 34,859 | 450 | 741 | - | - | ||||||||||||||||||
Floor plan | 47,426 | 46,978 | 320 | 128 | - | - | ||||||||||||||||||
97,099 | 95,362 | 770 | 967 | - | - | |||||||||||||||||||
Total | 122,497 | 118,900 | 1,213 | 2,384 | - | - | ||||||||||||||||||
Total | $ | 1,295,712 | $ | 1,235,113 | $ | 20,285 | $ | 4,266 | $ | - | $ | 36,048 | ||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Risk Ratings | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Special | Measured for | ||||||||||||||||||||||
Outstanding | Pass | Mention | Substandard | Doubtful | Impairment | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Commercial - originated and other loans held for investment | ||||||||||||||||||||||||
Commercial secured by real estate | $ | 251,274 | $ | 183,033 | $ | 23,928 | $ | 2,127 | $ | 99 | $ | 42,087 | ||||||||||||
Other commercial and industrial | 97,801 | 80,951 | 8,569 | 4,169 | - | 4,112 | ||||||||||||||||||
349,075 | 263,984 | 32,497 | 6,296 | 99 | 46,199 | |||||||||||||||||||
Commercial - acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Construction and commercial real estate | 20,779 | 20,143 | 245 | 391 | - | - | ||||||||||||||||||
Commercial and industrial | 329,463 | 326,916 | 213 | 2,334 | - | - | ||||||||||||||||||
350,242 | 347,059 | 458 | 2,725 | - | - | |||||||||||||||||||
Total | $ | 699,317 | $ | 611,043 | $ | 32,955 | $ | 9,021 | $ | 99 | $ | 46,199 | ||||||||||||
Allowance For Credit Losses On Financing Receivables Covered Loans [Table Text Block] | ' | |||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
Delinquency | ||||||||||||||||||||||||
Individually | ||||||||||||||||||||||||
Balance | Measured for | |||||||||||||||||||||||
Outstanding | 0-29 days | 30-59 days | 60-89 days | 90-119 days | 120-364 days | 365+ days | Impairment | |||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Originated and other loans and leases held for investment | ||||||||||||||||||||||||
Mortgage | ||||||||||||||||||||||||
Traditional (by origination year): | ||||||||||||||||||||||||
Up to the year 2002 | $ | 101,268 | $ | 80,715 | $ | 6,907 | $ | 2,116 | $ | 886 | $ | 3,720 | $ | 6,442 | $ | 482 | ||||||||
Years 2003 and 2004 | 149,862 | 114,341 | 12,048 | 5,206 | 2,082 | 3,994 | 11,533 | 658 | ||||||||||||||||
Year 2005 | 80,900 | 65,245 | 4,983 | 1,746 | 1,202 | 1,846 | 5,727 | 151 | ||||||||||||||||
Year 2006 | 113,086 | 84,926 | 9,012 | 3,525 | 1,530 | 5,103 | 8,695 | 295 | ||||||||||||||||
Years 2007, 2008 and 2009 | 121,639 | 108,357 | 2,632 | 1,682 | 641 | 2,532 | 5,732 | 63 | ||||||||||||||||
Years 2010, 2011 and 2012 | 66,996 | 64,434 | 632 | 769 | 249 | 452 | 460 | - | ||||||||||||||||
633,751 | 518,018 | 36,214 | 15,044 | 6,590 | 17,647 | 38,589 | 1,649 | |||||||||||||||||
Non-traditional | 57,819 | 42,742 | 2,850 | 1,067 | 455 | 2,287 | 8,418 | - | ||||||||||||||||
Loss mitigation program | 87,310 | 9,595 | 606 | 128 | 102 | 253 | 3,492 | 73,134 | ||||||||||||||||
778,880 | 570,355 | 39,670 | 16,239 | 7,147 | 20,187 | 50,499 | 74,783 | |||||||||||||||||
Home equity secured personal loans | 736 | 726 | - | - | - | - | 10 | - | ||||||||||||||||
GNMA's buy back option program | 25,676 | - | - | - | 6,064 | 10,659 | 8,953 | - | ||||||||||||||||
805,292 | 571,081 | 39,670 | 16,239 | 13,211 | 30,846 | 59,462 | 74,783 | |||||||||||||||||
Consumer | 46,667 | 45,419 | 747 | 92 | 188 | 218 | 3 | - | ||||||||||||||||
Auto and leasing | 37,577 | 37,066 | 251 | 129 | 46 | 85 | - | - | ||||||||||||||||
889,536 | 653,566 | 40,668 | 16,460 | 13,445 | 31,149 | 59,465 | 74,783 | |||||||||||||||||
Acquired loans (under ASC 310-20) | ||||||||||||||||||||||||
Auto | 470,601 | 462,550 | 6,753 | 1,023 | 264 | 11 | - | - | ||||||||||||||||
Consumer | 70,347 | 68,270 | 982 | - | 1,089 | 4 | 2 | - | ||||||||||||||||
540,948 | 530,820 | 7,735 | 1,023 | 1,353 | 15 | 2 | - | |||||||||||||||||
Total | $ | 1,430,484 | $ | 1,184,386 | $ | 48,403 | $ | 17,483 | $ | 14,798 | $ | 31,164 | $ | 59,467 | $ | 74,783 | ||||||||
The changes in the allowance for loan and lease losses on covered loans for the quarters and nine-month periods ended September 30, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Balance at beginning of the period | $ | 53,992 | $ | 58,628 | $ | 54,124 | $ | 37,256 | ||||||||||||||||
Provision for covered loan and lease losses, net | 3,074 | 221 | 4,956 | 8,845 | ||||||||||||||||||||
FDIC shared-loss portion of provision for (recapture of) | ||||||||||||||||||||||||
covered loan and lease losses, net | -511 | -1,984 | -2,525 | 10,764 | ||||||||||||||||||||
Balance at end of the period | $ | 56,555 | $ | 56,865 | $ | 56,555 | $ | 56,865 |
FDIC_Loss_Share_Asset_and_True1
FDIC Loss Share Asset and True-up Payment Obligation (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Banking and Thrift [Abstract] | ' | |||||
FDIC Indemnification Asset Roll Forward [Table Text Block] | ' | |||||
The following table presents the activity in the FDIC loss share asset for the nine-month periods ended September 30, 2013 and 2012: | ||||||
Nine-Month Period Ended September 30, | ||||||
2013 | 2012 | |||||
(In thousands) | ||||||
Balance at beginning of period | $ | 286,799 | $ | 392,367 | ||
Shared-loss agreements reimbursements from the FDIC | -32,732 | -63,272 | ||||
Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net | -2,525 | 10,764 | ||||
FDIC shared-loss expense, net | -48,801 | -18,505 | ||||
Incurred expenses to be reimbursed under shared-loss agreements | 5,167 | 7,219 | ||||
Balance at end of period | $ | 207,908 | $ | 328,573 |
Derivative_Activities_Tables
Derivative Activities (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Derivative Instrument Detail [Abstract] | ' | |||||||||||||
Schedule Of Derivative Assets And Liabilities At Fair Value [Table Text Block] | ' | |||||||||||||
The following table details “Derivative Assets” and “Derivative Liabilities” as reflected in the unaudited consolidated statements of financial condition at September 30, 2013 and December 31, 2012: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
(In thousands) | ||||||||||||||
Derivative assets: | ||||||||||||||
Options tied to S&P 500 Index | $ | 17,941 | $ | 13,233 | ||||||||||
Interest rate swaps designated as cash flow hedges | 29 | - | ||||||||||||
Interest rate swaps not designated as hedges | 3,154 | 8,426 | ||||||||||||
Interest rate caps | 221 | 230 | ||||||||||||
$ | 21,345 | $ | 21,889 | |||||||||||
Derivative liabilities: | ||||||||||||||
Interest rate swaps designated as cash flow hedges | $ | 12,983 | $ | 17,665 | ||||||||||
Interest rate swaps not designated as hedges | 3,154 | 8,365 | ||||||||||||
Interest rate caps | 221 | 230 | ||||||||||||
Other | 383 | - | ||||||||||||
$ | 16,741 | $ | 26,260 | |||||||||||
The following table shows a summary of these swaps and their terms at September 30, 2013: | ||||||||||||||
Schedule of Forward-Settlement swaps and Interest rate swaps [Table Text Block] | ' | |||||||||||||
Notional | Fixed | Variable | Trade | Settlement | Maturity | |||||||||
Type | Amount | Rate | Rate Index | Date | Date | Date | ||||||||
(In thousands) | ||||||||||||||
Interest Rate Swaps | $ | 25,000 | 2.44% | 1-Month LIBOR | 5/5/11 | 5/4/12 | 5/4/16 | |||||||
25,000 | 2.62% | 1-Month LIBOR | 5/5/11 | 7/24/12 | 7/24/16 | |||||||||
25,000 | 2.64% | 1-Month LIBOR | 5/5/11 | 7/30/12 | 7/30/16 | |||||||||
50,000 | 2.66% | 1-Month LIBOR | 5/5/11 | 8/10/12 | 8/10/16 | |||||||||
100,000 | 2.68% | 1-Month LIBOR | 5/5/11 | 8/16/12 | 8/16/16 | |||||||||
40,898 | 2.42% | 1-Month LIBOR | 7/3/13 | 7/3/13 | 8/1/23 | |||||||||
$ | 265,898 | |||||||||||||
Notional | Fixed | Variable | Settlement | Maturity | ||||||||||
Type | Amount | Rate | Rate Index | Date | Date | |||||||||
(In thousands) | ||||||||||||||
Interest Rate Swaps - Derivatives Offered to Clients | $ | 4,186 | 5.13% | 1-Month LIBOR | 7/3/06 | 7/3/16 | ||||||||
12,500 | 5.51% | 1-Month LIBOR | 4/11/09 | 4/11/19 | ||||||||||
1,131 | 5.15% | 3-Month LIBOR | 10/24/08 | 10/24/13 | ||||||||||
$ | 17,817 | |||||||||||||
Interest Rate Swaps - Mirror Image Derivatives | $ | 4,186 | 5.13% | 1-Month LIBOR | 7/3/06 | 7/3/16 | ||||||||
12,500 | 5.51% | 1-Month LIBOR | 4/11/09 | 4/11/19 | ||||||||||
1,131 | 4.96% | 3-Month LIBOR | 10/24/08 | 10/24/13 | ||||||||||
$ | 17,817 |
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Other asset | ' | |||||
Schedule of Other Assets [Table Text Block] | ' | |||||
Other assets at September 30, 2013 and December 31, 2012 consist of the following | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In thousands) | ||||||
Other prepaid expenses | $ | 16,967 | $ | 19,597 | ||
Prepaid FDIC insurance | - | 6,451 | ||||
Core deposit and customer relationship intangibles | 12,557 | 14,490 | ||||
Other repossessed assets | 9,631 | 6,084 | ||||
Mortgage tax credits | 8,706 | 8,706 | ||||
Investment in Statutory Trust | 1,086 | 1,086 | ||||
Servicing advances | - | 7,976 | ||||
Accounts receivable and other assets | 60,151 | 59,251 | ||||
$ | 109,098 | $ | 123,641 |
Deposits_and_Related_Interest_
Deposits and Related Interest (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Deposits, by Component, Alternative [Abstract] | ' | |||||||||||
Deposits By Component [Table Text Block] | ' | |||||||||||
Total deposits as of September 30, 2013 and December 31, 2012 consist of the following: | ||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||
(In thousands) | ||||||||||||
Non-interest bearing demand deposits | $ | 764,467 | $ | 799,667 | ||||||||
Interest-bearing savings and demand deposits | 2,399,995 | 2,282,305 | ||||||||||
Individual retirement accounts | 349,925 | 377,618 | ||||||||||
Retail certificates of deposit | 665,649 | 699,983 | ||||||||||
Institutional certificates of deposits | 635,729 | 602,828 | ||||||||||
Total core deposits | 4,815,765 | 4,762,401 | ||||||||||
Brokered deposits | 794,672 | 928,166 | ||||||||||
Total deposits | $ | 5,610,437 | $ | 5,690,567 | ||||||||
Interest Expense Domestic Deposit Liabilities [Table Text Block] | ' | |||||||||||
Interest expense for the quarters and the nine-month periods ended September 30, 2013 and 2012 was as follows: | ||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In thousands) | (In thousands) | |||||||||||
Demand and savings deposits | $ | 5,596 | $ | 2,547 | $ | 16,993 | $ | 8,570 | ||||
Certificates of deposit | 5,738 | 4,167 | 13,763 | 14,022 | ||||||||
$ | 11,334 | $ | 6,714 | $ | 30,756 | $ | 22,592 | |||||
Maturities Of Time Deposits [Table Text Block] | ' | |||||||||||
The scheduled maturities of certificates of deposit at September 30, 2013 are as follows: | ||||||||||||
30-Sep-13 | ||||||||||||
(In thousands) | ||||||||||||
Within one year: | ||||||||||||
Three (3) months or less | $ | 693,379 | ||||||||||
Over 3 months through 1 year | 577,003 | |||||||||||
1,270,382 | ||||||||||||
Over 1 through 2 years | 406,241 | |||||||||||
Over 2 through 3 years | 226,403 | |||||||||||
Over 3 through 4 years | 138,832 | |||||||||||
Over 4 through 5 years | 54,193 | |||||||||||
$ | 2,096,051 |
Borrowings_Tables
Borrowings (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Debt Instruments [Abstract] | ' | |||||||||||
Schedule of Repurchase Agreements [Table] | ' | |||||||||||
At September 30, 2013 and December 31, 2012, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $2.4 million at both dates, were as follows | ||||||||||||
September 30, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
Fair Value of | Fair Value of | |||||||||||
Borrowing | Underlying | Borrowing | Underlying | |||||||||
Balance | Collateral | Balance | Collateral | |||||||||
(In thousands) | ||||||||||||
UBS Financial Services Inc. | $ | 500,000 | $ | 593,914 | $ | 500,000 | $ | 616,751 | ||||
JP Morgan Chase Bank NA | 255,000 | 273,143 | 412,837 | 443,436 | ||||||||
Credit Suisse Securities (USA) LLC | 255,000 | 272,235 | 255,000 | 269,943 | ||||||||
Deutsche Bank | 255,000 | 272,334 | 255,000 | 273,288 | ||||||||
Citigroup Global Markets Inc. | - | - | 150,000 | 162,652 | ||||||||
Barclays Bank | - | - | 68,650 | 77,521 | ||||||||
Wells Fargo | - | - | 51,444 | 54,943 | ||||||||
Total | $ | 1,265,000 | $ | 1,411,626 | $ | 1,692,931 | $ | 1,898,534 | ||||
Schedule of Repurchase Agreement by Maturity [Table text Block] | ' | |||||||||||
The following table shows a summary of the Company's repurchase agreements and their terms, excluding accrued interest in the amount of $2.4 million, at September 30, 2013: | ||||||||||||
Weighted- | ||||||||||||
Borrowing | Average | Maturity | ||||||||||
Year of Maturity | Balance | Coupon | Settlement Date | Date | ||||||||
(In thousands) | ||||||||||||
2014 | $ | 255,000 | 0.50% | 12/13/12 | 1/7/14 | |||||||
85,000 | 0.68% | 12/3/12 | 12/3/14 | |||||||||
340,000 | ||||||||||||
2015 | 255,000 | 0.84% | 12/10/12 | 6/13/15 | ||||||||
255,000 | ||||||||||||
2016 | 170,000 | 1.50% | 12/6/12 | 12/8/16 | ||||||||
170,000 | ||||||||||||
2017 | 500,000 | 4.67% | 3/2/07 | 3/2/17 | ||||||||
$ | 1,265,000 | 2.36% | ||||||||||
Federal Home Loan Bank Advances Maturities Summary [Table Text Block] | ' | |||||||||||
The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $328 thousand, at September 30, 2013: | ||||||||||||
Weighted- | ||||||||||||
Borrowing | Average | Maturity | ||||||||||
Year of Maturity | Balance | Coupon | Settlement Date | Date | ||||||||
(In thousands) | ||||||||||||
2013 | $ | 25,000 | 0.34% | 9/4/13 | 10/4/13 | |||||||
50,000 | 0.34% | 9/10/13 | 10/10/13 | |||||||||
100,000 | 0.34% | 9/16/13 | 10/16/13 | |||||||||
25,000 | 0.03% | 9/24/13 | 10/24/13 | |||||||||
25,000 | 0.33% | 9/30/13 | 10/30/13 | |||||||||
40,898 | 0.34% | 9/3/13 | 10/1/13 | |||||||||
265,898 | ||||||||||||
2017 | 4,787 | 1.24% | 4/3/12 | 4/3/17 | ||||||||
4,787 | ||||||||||||
2018 | 30,000 | 2.19% | 1/16/13 | 1/16/18 | ||||||||
25,000 | 2.18% | 1/16/13 | 1/16/18 | |||||||||
55,000 | ||||||||||||
2020 | 10,565 | 2.59% | 7/19/13 | 7/20/20 | ||||||||
10,565 | ||||||||||||
$ | 336,250 | 0.72% | ||||||||||
Redemtion Funds [Table Text Block] | ' | |||||||||||
Under the requirements of Puerto Rico Banking Act, the Bank must establish a redemption fund for the subordinated capital notes by transferring from undivided profits pre-established amounts as follows: | ||||||||||||
Redemption fund | ||||||||||||
(In thousands) | ||||||||||||
2013 | $ | 28,475 | ||||||||||
2014 | 6,700 | |||||||||||
2015 | 6,700 | |||||||||||
2016 | 5,025 | |||||||||||
$ | 46,900 |
Offsetting_Arrangements_Tables
Offsetting Arrangements (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Offsetting [Abstract] | ' | ||||||||||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Gross Amounts | Net Amount of | ||||||||||||||||||
Offset in the | Assets Presented | ||||||||||||||||||
Gross Amount | statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Assets | Condition | Condition | Instruments | Received | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 21,345 | $ | - | $ | 21,345 | $ | 1,999 | $ | - | $ | 19,346 | |||||||
Securities purchased under agreements to resell | 85,000 | - | 85,000 | 87,667 | - | -2,667 | |||||||||||||
Total | $ | 106,345 | $ | - | $ | 106,345 | $ | 89,666 | $ | - | $ | 16,679 | |||||||
31-Dec-12 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Gross Amounts | Net amount of | ||||||||||||||||||
Offset in the | Assets Presented | ||||||||||||||||||
Gross Amount | statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Assets | Condition | Condition | Instruments | Received | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 21,889 | $ | - | $ | 21,889 | $ | 2,016 | $ | 1,380 | $ | 18,493 | |||||||
Securities purchased under agreements to resell | 80,000 | - | 80,000 | 82,100 | - | -2,100 | |||||||||||||
Total | $ | 101,889 | $ | - | $ | 101,889 | $ | 84,116 | $ | 1,380 | $ | 16,393 | |||||||
Offsetting Liabilities [Table Text Block] | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Net Amount of | |||||||||||||||||||
Gross Amounts | Liabilities | ||||||||||||||||||
Offset in the | Presented | ||||||||||||||||||
Gross Amount | Statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Liabilities | Condition | Condition | Instruments | Provided | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 20,957 | $ | - | $ | 20,957 | $ | 8,198 | $ | 3,780 | $ | 8,979 | |||||||
Securities sold under agreements to repurchase | 1,265,000 | - | 1,265,000 | 1,411,626 | - | -146,626 | |||||||||||||
Total | $ | 1,285,957 | $ | - | $ | 1,285,957 | $ | 1,419,824 | $ | 3,780 | $ | -137,647 | |||||||
31-Dec-12 | |||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Condition | |||||||||||||||||||
Net Amount of | |||||||||||||||||||
Gross Amounts | Liabilities | ||||||||||||||||||
Offset in the | Presented | ||||||||||||||||||
Gross Amount | Statement of | in Statement | Cash | ||||||||||||||||
of Recognized | Financial | of Financial | Financial | Collateral | Net | ||||||||||||||
Liabilities | Condition | Condition | Instruments | Provided | Amount | ||||||||||||||
(In thousands) | |||||||||||||||||||
Derivatives | $ | 21,302 | $ | - | $ | 21,302 | $ | 11,456 | $ | 12,770 | $ | -2,924 | |||||||
Securities sold under agreements to repurchase | 1,692,931 | - | 1,692,931 | 1,898,534 | - | -205,603 | |||||||||||||
Total | $ | 1,714,233 | $ | - | $ | 1,714,233 | $ | 1,909,990 | $ | 12,770 | $ | -208,527 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||
The activity and balance of these loans for the quarters and nine-month periods ended September 30, 2013 and 2012 were as follows: | ||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
(In thousands) | (In thousands) | |||||||||||
Balance at the beginning of period | $ | 8,031 | $ | 5,058 | $ | 6,055 | $ | 3,772 | ||||
New loans | 14,264 | - | 18,498 | 1,396 | ||||||||
Repayments | -3,289 | -17 | -5,315 | -93 | ||||||||
Credits of persons no longer considered related parties | - | -23 | -232 | -57 | ||||||||
Balance at the end of period | $ | 19,006 | $ | 5,018 | $ | 19,006 | $ | 5,018 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock | ' | |||||||||
Nine-Month Period Ended September 30, | ||||||||||
2013 | 2012 | |||||||||
Amount | Rate | Amount | Rate | |||||||
(Dollars in thousands) | ||||||||||
Tax at statutory rates | $ | 23,450 | 39.00% | $ | 14,478 | 30.00% | ||||
Tax effect of exempt income, net | -2,400 | -4.00% | -10,853 | -22.49% | ||||||
Effect in deferred taxes due to increase in tax rates | ||||||||||
from 30.00% to 39.00% | -38,731 | -64.41% | - | 0.00% | ||||||
Effect of change in tax of IBE | - | 0.00% | 1,776 | 3.68% | ||||||
Other items, net | -542 | -0.90% | -513 | -1.06% | ||||||
Income tax benefit | $ | -18,223 | -30.32% | $ | 4,888 | 10.13% |
Stockholders_Equity_Tables
Stockholders Equity (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Stockholders' Equity [Abstract] | ' | |||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | ' | |||||||||||||||||
The Company's and the Bank's actual capital amounts and ratios as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||
Minimum Capital | ||||||||||||||||||
Actual | Requirement | |||||||||||||||||
Amount | Ratio | Amount | Ratio | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Company Ratios | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 804,721 | 16.03% | $ | 401,565 | 8.00% | ||||||||||||
Tier 1 capital to risk-weighted assets | $ | 714,629 | 14.24% | $ | 200,782 | 4.00% | ||||||||||||
Tier 1 capital to total assets | $ | 714,629 | 8.74% | $ | 327,072 | 4.00% | ||||||||||||
As of December 31, 2012 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 808,188 | 15.40% | $ | 419,942 | 8.00% | ||||||||||||
Tier 1 capital to risk-weighted assets | $ | 692,017 | 13.18% | $ | 209,971 | 4.00% | ||||||||||||
Tier 1 capital to total assets | $ | 692,017 | 6.55% | $ | 422,862 | 4.00% | ||||||||||||
Minimum to be Well | ||||||||||||||||||
Capitalized Under Prompt | ||||||||||||||||||
Minimum Capital | Corrective Action | |||||||||||||||||
Actual | Requirement | Provisions | ||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
Bank Ratios | ||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 749,060 | 14.98% | $ | 399,924 | 8.00% | $ | 499,905 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | $ | 659,221 | 13.19% | $ | 199,962 | 4.00% | $ | 299,943 | 6.00% | |||||||||
Tier 1 capital to total assets | $ | 659,221 | 8.12% | $ | 324,953 | 4.00% | $ | 406,102 | 5.00% | |||||||||
As of December 31, 2012 | ||||||||||||||||||
Total capital to risk-weighted assets | $ | 719,676 | 13.97% | $ | 412,245 | 8.00% | $ | 515,307 | 10.00% | |||||||||
Tier 1 capital to risk-weighted assets | $ | 604,997 | 11.74% | $ | 206,123 | 4.00% | $ | 309,184 | 6.00% | |||||||||
Tier 1 capital to total assets | $ | 604,997 | 5.76% | $ | 420,406 | 4.00% | $ | 525,507 | 5.00% | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||||
The calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||||
Quarter Ended September 30, | Nine-Month Period Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||
Net income | $ | 19,621 | $ | 17,761 | $ | 78,352 | $ | 43,371 | ||||||||||
Less: Dividends on preferred stock | ||||||||||||||||||
Non-Convertible Preferred Stock (Series A, B, and D) | -1,628 | -1,201 | -4,884 | -3,602 | ||||||||||||||
Convertible preferred stock (Series C) | -1,837 | -1,838 | -5,512 | -1,838 | ||||||||||||||
Income available to common shareholders | $ | 16,156 | $ | 14,722 | $ | 67,956 | $ | 37,931 | ||||||||||
Effect of assumed conversion of the Convertible ' 'Preferred Stock | 1,837 | 1,838 | 5,512 | 1,838 | ||||||||||||||
Income available to common shareholders assuming conversion | $ | 17,993 | $ | 16,560 | $ | 73,468 | $ | 39,769 | ||||||||||
Weighted average common shares and share equivalents: | ||||||||||||||||||
Average common shares outstanding | 45,927 | 40,738 | 45,717 | 40,828 | ||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||
Average potential common shares-options | 257 | 102 | 198 | 109 | ||||||||||||||
Average potential common shares-assuming ' 'conversion of convertible preferred stock | 7,138 | 7,138 | 7,138 | 2,379 | ||||||||||||||
Total weighted average common shares ' 'outstanding and equivalents | 53,322 | 47,978 | 53,053 | 43,316 | ||||||||||||||
Earnings per common share - basic | $ | 0.35 | $ | 0.36 | $ | 1.49 | $ | 0.93 | ||||||||||
Earnings per common share - diluted | $ | 0.34 | $ | 0.35 | $ | 1.39 | $ | 0.92 | ||||||||||
Schedule of Treasury Stock by Class [Table Text Block] | ' | |||||||||||||||||
The activity in connection with common shares held in treasury by the Company for the nine-month periods ended September 30, 2013 and 2012 is set forth below | ||||||||||||||||||
Nine-Month Period Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Dollar | Dollar | |||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||
(In thousands, except shares data) | ||||||||||||||||||
Beginning of period | 7,090,597 | $ | 81,275 | 6,564,124 | $ | 74,808 | ||||||||||||
Common shares used upon lapse of restricted stock units | -53,178 | -556 | -46,210 | -483 | ||||||||||||||
Common shares repurchased as part of the stock repurchase program | - | - | 603,000 | 7,022 | ||||||||||||||
Common shares used to match defined contribution plan, net | -7,318 | -77 | -25,249 | -47 | ||||||||||||||
End of period | 7,030,101 | $ | 80,642 | 7,095,665 | $ | 81,300 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | ||||||||||||||||||
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | $ | 23,000 | $ | 75,347 | ||||||||||||||
Income tax effect of unrealized gain on securities available-for-sale | -2,676 | -7,102 | ||||||||||||||||
Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | 20,324 | 68,245 | ||||||||||||||||
Unrealized loss on cash flow hedges | -12,954 | -17,664 | ||||||||||||||||
Income tax effect of unrealized loss on cash flow hedges | 3,462 | 5,299 | ||||||||||||||||
Net unrealized loss on cash flow hedges | -9,492 | -12,365 | ||||||||||||||||
Accumulated other comprehensive income, net of taxes | $ | 10,832 | $ | 55,880 | ||||||||||||||
The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarter and the nine-month period ended September 30, 2013: | ||||||||||||||||||
Quarter Ended September 30, 2013 | Nine-Month Period Ended September 30, 2013 | |||||||||||||||||
Net unrealized | Net unrealized | Accumulated | Net unrealized | Net unrealized | Accumulated | |||||||||||||
gains on | loss on | other | gains on | loss on | other | |||||||||||||
securities | cash flow | comprehensive | securities | cash flow | comprehensive | |||||||||||||
available-for-sale | hedges | income | available-for-sale | hedges | income | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Beginning balance | $ | 25,400 | $ | -9,634 | $ | 15,766 | $ | 68,245 | $ | -12,365 | $ | 55,880 | ||||||
Other comprehensive income before reclassifications | -5,113 | -1,509 | -6,622 | -48,047 | -1,530 | -49,577 | ||||||||||||
Amounts reclassified out of accumulated other comprehensive income | 37 | 1,651 | 1,688 | 126 | 4,403 | 4,529 | ||||||||||||
Other comprehensive income (loss) | -5,076 | 142 | -4,934 | -47,921 | 2,873 | -45,048 | ||||||||||||
Ending balance | $ | 20,324 | $ | -9,492 | $ | 10,832 | $ | 20,324 | $ | -9,492 | $ | 10,832 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Table text block] | ' | |||||||||||||||||
Amount reclassified out of accumulated other comprehensive income | ||||||||||||||||||
Nine-Month Period | Affected Line Item in | |||||||||||||||||
Quarter Ended | Ended | Consolidated Statement | ||||||||||||||||
30-Sep-13 | 30-Sep-13 | of Operations | ||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||
Interest-rate contracts | $ | 1,651 | $ | 4,403 | Net interest expense | |||||||||||||
Available-for-sale securities: | ||||||||||||||||||
Residual tax effect from OIB's change in applicable tax rate | 37 | 126 | Income tax expense | |||||||||||||||
$ | 1,688 | $ | 4,529 |
Commitments_Tables
Commitments (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Commitments and Contingencies [Abstract] | ' | |||||
ScheduleOfGuaranteeObligationsTextBlock | ' | |||||
Summarized credit-related financial instruments at September 30, 2013 and December 31, 2012 were as follows: | ||||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In thousands) | ||||||
Commitments to extend credit | $ | 436,172 | $ | 591,679 | ||
Commercial letters of credit | 1,658 | 2,918 | ||||
September 30, | December 31, | |||||
2013 | 2012 | |||||
(In thousands) | ||||||
Standby letters of credit and financial guarantees | $ | 24,002 | $ | 69,789 | ||
Loans sold with recourse | 173,327 | 172,492 | ||||
Commitments to sell or securitize mortgage loans | 55,872 | 83,663 | ||||
Operating Leases, Future Minimum Payments Due [Abstract] | ' | |||||
Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block] | ' | |||||
Year Ending September 30, | Minimum Rent | |||||
(In thousands) | ||||||
2013 | $ | 2,173 | ||||
2014 | 8,402 | |||||
2015 | 8,116 | |||||
2016 | 7,492 | |||||
2017 | 7,965 | |||||
Thereafter | 24,755 | |||||
$ | 58,903 |
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ' | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block] | ' | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring and non-recurring basis, including financial liabilities for which the Company has elected the fair value option, are summarized below: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Investment securities available-for-sale | $ | - | $ | 1,657,742 | $ | 19,506 | $ | 1,677,248 | |||||||||||||
Securities purchased under agreements to resell | - | 85,000 | - | 85,000 | |||||||||||||||||
Money market investments | 11,651 | - | - | 11,651 | |||||||||||||||||
Derivative assets | - | 3,404 | 17,941 | 21,345 | |||||||||||||||||
Servicing assets | - | - | 13,651 | 13,651 | |||||||||||||||||
Derivative liabilities | - | -16,741 | -17,199 | -33,940 | |||||||||||||||||
$ | 11,651 | $ | 1,729,405 | $ | 33,899 | $ | 1,774,955 | ||||||||||||||
Non-recurring fair value measurements: | |||||||||||||||||||||
Impaired commercial loans | $ | - | $ | - | $ | 36,048 | $ | 36,048 | |||||||||||||
Foreclosed real estate | - | - | 48,407 | 48,407 | |||||||||||||||||
$ | - | $ | - | $ | 84,455 | $ | 84,455 | ||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Recurring fair value measurements: | |||||||||||||||||||||
Investment securities available-for-sale | $ | - | $ | 2,174,274 | $ | 20,012 | $ | 2,194,286 | |||||||||||||
Securities purchased under agreements to resell | - | 80,000 | - | 80,000 | |||||||||||||||||
Money market investments | 13,205 | - | - | 13,205 | |||||||||||||||||
Derivative assets | - | 8,656 | 13,233 | 21,889 | |||||||||||||||||
Servicing assets | - | - | 10,795 | 10,795 | |||||||||||||||||
Derivative liabilities | - | -26,260 | -12,707 | -38,967 | |||||||||||||||||
$ | 13,205 | $ | 2,236,670 | $ | 31,333 | $ | 2,281,208 | ||||||||||||||
Non-recurring fair value measurements: | |||||||||||||||||||||
Impaired commercial loans | $ | - | $ | - | $ | 46,199 | $ | 46,199 | |||||||||||||
Foreclosed real estate | - | - | 75,447 | 75,447 | |||||||||||||||||
$ | - | $ | - | $ | 121,646 | $ | 121,646 | ||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||
The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and the nine-month periods ended September 30, 2013 and 2012: | |||||||||||||||||||||
Quarter Ended September 30, 2013 | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
Other | asset | liability | |||||||||||||||||||
debt | (S&P | (S&P | |||||||||||||||||||
securities | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | available-for-sale | Options) | assets | Options) | Total | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 20,058 | $ | 16,020 | $ | 12,994 | $ | -15,315 | $ | 33,757 | |||||||||||
Gains (losses) included in earnings | - | 1,921 | - | -1,994 | -73 | ||||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | -552 | - | - | - | -552 | ||||||||||||||||
New instruments acquired | - | - | 704 | - | 704 | ||||||||||||||||
Principal repayments | - | - | -309 | - | -309 | ||||||||||||||||
Amortization | - | - | - | 110 | 110 | ||||||||||||||||
Changes in fair value of servicing assets | - | - | 262 | - | 262 | ||||||||||||||||
Balance at end of period | $ | 19,506 | $ | 17,941 | $ | 13,651 | $ | -17,199 | $ | 33,899 | |||||||||||
Quarter Ended September 30, 2012 | |||||||||||||||||||||
Investment securities | |||||||||||||||||||||
available-for-sale | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
asset | liability | ||||||||||||||||||||
Other | (S&P | (S&P | |||||||||||||||||||
debt | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | CLOs | securities | Options) | assets | Options) | Total | |||||||||||||||
Balance at beginning of period | $ | 27,280 | $ | 10,016 | $ | 11,367 | $ | 10,776 | $ | -10,912 | $ | 48,527 | |||||||||
Gains (losses) included in earnings | - | - | 1,721 | - | -1,707 | 14 | |||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | 1,705 | 1 | - | - | - | 1,706 | |||||||||||||||
New instruments acquired | - | - | - | 487 | - | 487 | |||||||||||||||
Principal repayments | - | - | - | -307 | - | -307 | |||||||||||||||
Amortization | 17 | - | - | - | 50 | 67 | |||||||||||||||
Changes in fair value of servicing assets | - | - | - | -314 | - | -314 | |||||||||||||||
Balance at end of period | $ | 29,002 | $ | 10,017 | $ | 13,088 | $ | 10,642 | $ | -12,569 | $ | 50,180 | |||||||||
Nine-Month Period Ended September 30, 2013 | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
Other | asset | liability | |||||||||||||||||||
debt | (S&P | (S&P | |||||||||||||||||||
securities | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | available-for-sale | Options) | assets | Options) | Total | ||||||||||||||||
Balance at beginning of period | $ | 20,012 | $ | 13,233 | $ | 10,795 | $ | -12,707 | $ | 31,333 | |||||||||||
Gains (losses) included in earnings | - | 4,708 | - | -4,807 | -99 | ||||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | -506 | - | - | - | -506 | ||||||||||||||||
New instruments acquired | - | - | 2,659 | - | 2,659 | ||||||||||||||||
Principal repayments | - | - | -855 | - | -855 | ||||||||||||||||
Amortization | - | - | - | 315 | 315 | ||||||||||||||||
Changes in fair value of servicing assets | - | - | 1,052 | - | 1,052 | ||||||||||||||||
Balance at end of period | $ | 19,506 | $ | 17,941 | $ | 13,651 | $ | -17,199 | $ | 33,899 | |||||||||||
Nine-Month Period Ended September 30, 2012 | |||||||||||||||||||||
Investment securities available-for-sale | |||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||
asset | liability | ||||||||||||||||||||
Other | (S&P | (S&P | |||||||||||||||||||
debt | Purchased | Servicing | Embedded | ||||||||||||||||||
Level 3 Instruments Only | CDOs | CLOs | securities | Options) | assets | Options) | Total | ||||||||||||||
(In thousands) | |||||||||||||||||||||
Balance at beginning of period | $ | 10,530 | $ | 26,758 | $ | 10,024 | $ | 9,317 | $ | 10,454 | $ | -9,362 | $ | 57,721 | |||||||
Gains (losses) included in earnings | - | - | - | 3,771 | - | -3,742 | 29 | ||||||||||||||
Changes in fair value of investment securities available for sale included in other comprehensive income | - | 2,193 | -6 | - | - | - | 2,187 | ||||||||||||||
New instruments acquired | - | - | - | - | 1,407 | - | 1,407 | ||||||||||||||
Principal repayments | - | - | - | - | -783 | - | -783 | ||||||||||||||
Amortization | - | 51 | -1 | - | - | 535 | 585 | ||||||||||||||
Sales of instruments | -10,530 | - | - | - | - | - | -10,530 | ||||||||||||||
Changes in fair value of servicing assets | - | - | - | - | -436 | - | -436 | ||||||||||||||
Balance at end of period | $ | - | $ | 29,002 | $ | 10,017 | $ | 13,088 | $ | 10,642 | $ | -12,569 | $ | 50,180 | |||||||
30-Sep-13 | |||||||||||||||||||||
Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||
Other debt securities | $ | 19,506 | Market comparable bonds | Indicative pricing | 91.75% - 95.43% | ||||||||||||||||
Option adjusted spread | 992.1% - 1188.0% | ||||||||||||||||||||
Yield to maturity | 10.201% - 11.970% | ||||||||||||||||||||
Spread to maturity | 994.0% - 1182.0% | ||||||||||||||||||||
Derivative assets (S&P Purchased Options) | $ | 17,941 | Option pricing model | Implied option volatility | 22.193% - 41.037% | ||||||||||||||||
Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) | 91.160% - 133.97% | ||||||||||||||||||||
Servicing assets | $ | 13,651 | Cash flow valuation | Constant prepayment rate | 5.78% - 11.46% | ||||||||||||||||
Discount rate | 10.00% - 12.00% | ||||||||||||||||||||
Derivative liability (S&P Embedded Options) | $ | -17,199 | Option pricing model | Implied option volatility | 22.193% - 41.03% | ||||||||||||||||
Counterparty credit risk (based on 5-year CDS spread) | 91.160% - 133.97% | ||||||||||||||||||||
Collateral dependant impaired loans | $ | 36,048 | Fair value of property or collateral | Appraised value less disposable costs | 18.30% - 30.00% | ||||||||||||||||
Available-for-sale Securities Classified As Level 3 [Table Text Block] | ' | ||||||||||||||||||||
The table below presents a detail of investment securities available-for-sale classified as Level 3 at September 30, 2013: | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Amortized | Unrealized | Average | Principal | ||||||||||||||||||
Type | Cost | Gains (Losses) | Fair Value | Yield | Protection | ||||||||||||||||
(In thousands) | |||||||||||||||||||||
Other debt securities | $ | 20,000 | $ | -494 | $ | 19,506 | 3.50% | N/A | |||||||||||||
Fair Value By Balance Sheet Grouping [Text Block] | ' | ||||||||||||||||||||
The estimated fair value and carrying value of the Company's financial instruments at September 30, 2013 and December 31, 2012 is as follows: | |||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Level 1 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 657,520 | $ | 657,520 | $ | 868,695 | $ | 868,695 | |||||||||||||
Level 2 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Securities purchased under agreements to resell | 85,000 | 85,000 | 80,000 | 80,000 | |||||||||||||||||
Trading securities | 2,124 | 2,124 | 495 | 495 | |||||||||||||||||
Investment securities available-for-sale | 1,657,742 | 1,657,742 | 2,174,274 | 2,174,274 | |||||||||||||||||
Federal Home Loan Bank (FHLB) stock | 24,470 | 24,470 | 38,411 | 38,411 | |||||||||||||||||
Derivative assets | 3,404 | 3,404 | 8,656 | 8,656 | |||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Derivative liabilities | 16,741 | 16,741 | 26,260 | 26,260 | |||||||||||||||||
Short term borrowings | - | - | 92,210 | 92,210 | |||||||||||||||||
Level 3 | |||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||
Investment securities available-for-sale | 19,506 | 19,506 | 20,012 | 20,012 | |||||||||||||||||
Total loans (including loans held-for-sale) | |||||||||||||||||||||
Non-covered loans, net | 4,856,251 | 4,767,259 | 4,766,179 | 4,762,330 | |||||||||||||||||
Covered loans, net | 429,660 | 361,564 | 489,885 | 395,307 | |||||||||||||||||
Derivative assets | 17,941 | 17,941 | 13,233 | 13,233 | |||||||||||||||||
FDIC shared-loss indemnification asset | 162,333 | 207,908 | 204,646 | 286,799 | |||||||||||||||||
Accrued interest receivable | 19,456 | 19,456 | 14,654 | 14,654 | |||||||||||||||||
Servicing assets | 13,651 | 13,651 | 10,795 | 10,795 | |||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||
Deposits | 5,632,569 | 5,610,437 | 5,797,097 | 5,690,567 | |||||||||||||||||
Securities sold under agreements to repurchase | 1,323,257 | 1,267,423 | 1,741,272 | 1,695,247 | |||||||||||||||||
Advances from FHLB | 335,721 | 336,578 | 538,355 | 536,542 | |||||||||||||||||
Federal funds purchased | 13,302 | 13,302 | 9,901 | 9,901 | |||||||||||||||||
Term notes | 2,709 | 2,734 | 7,912 | 6,726 | |||||||||||||||||
Subordinated capital notes | 97,929 | 99,486 | 146,415 | 146,038 | |||||||||||||||||
Accrued expenses and other liabilities | 121,319 | 121,319 | 102,169 | 102,169 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||
Following are the results of operations and the selected financial information by operating segment as of and for the quarters and the nine-month periods ended September 30, 2013 and 2012: | ||||||||||||||||||
Quarter Ended September 30, 2013 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 108,852 | $ | 95 | $ | 11,695 | $ | 120,642 | $ | - | $ | 120,642 | ||||||
Interest expense | -10,994 | - | -11,016 | -22,010 | - | -22,010 | ||||||||||||
Net interest income | 97,858 | 95 | 679 | 98,632 | - | 98,632 | ||||||||||||
Provision for non-covered loan and lease losses | -9,900 | - | - | -9,900 | - | -9,900 | ||||||||||||
Provision for covered loan and lease losses | -3,074 | - | - | -3,074 | - | -3,074 | ||||||||||||
Non-interest income (loss) | -3,462 | 7,114 | 169 | 3,821 | - | 3,821 | ||||||||||||
Non-interest expenses | -52,654 | -6,168 | -4,451 | -63,273 | - | -63,273 | ||||||||||||
Intersegment revenue | 562 | - | - | 562 | -562 | - | ||||||||||||
Intersegment expenses | - | -461 | -101 | -562 | 562 | - | ||||||||||||
Income before income taxes | $ | 29,330 | $ | 580 | $ | -3,704 | $ | 26,206 | $ | - | $ | 26,206 | ||||||
Total assets | $ | 7,581,357 | $ | 40,994 | $ | 2,172,315 | $ | 9,794,666 | $ | -1,414,441 | $ | 8,380,225 | ||||||
Quarter Ended September 30, 2012 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 40,247 | $ | - | $ | 25,439 | $ | 65,686 | $ | - | $ | 65,686 | ||||||
Interest expense | -4,787 | - | -20,155 | -24,942 | - | -24,942 | ||||||||||||
Net interest income | 35,460 | - | 5,284 | 40,744 | - | 40,744 | ||||||||||||
Provision for non-covered loan and lease losses | -3,600 | - | - | -3,600 | - | -3,600 | ||||||||||||
Provision for covered loan and lease losses, net | -221 | - | - | -221 | - | -221 | ||||||||||||
Non-interest income(loss) | -2,401 | 6,072 | 10,710 | 14,381 | - | 14,381 | ||||||||||||
Non-interest expenses | -24,250 | -2,540 | -4,859 | -31,649 | - | -31,649 | ||||||||||||
Intersegment revenue | 343 | - | - | 343 | -343 | - | ||||||||||||
Intersegment expenses | - | -265 | -78 | -343 | 343 | - | ||||||||||||
Income before income taxes | $ | 5,331 | $ | 3,267 | $ | 11,057 | $ | 19,655 | $ | - | $ | 19,655 | ||||||
Total assets | $ | 3,157,599 | $ | 16,370 | $ | 3,590,836 | $ | 6,764,805 | $ | -713,148 | $ | 6,051,657 | ||||||
Nine-Month Period Ended September 30, 2013 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 323,935 | $ | 277 | $ | 35,865 | $ | 360,077 | $ | - | $ | 360,077 | ||||||
Interest expense | -31,489 | - | -31,084 | -62,573 | - | -62,573 | ||||||||||||
Net interest income | 292,446 | 277 | 4,781 | 297,504 | - | 297,504 | ||||||||||||
Provision for non-covered loan and lease losses | -55,343 | - | - | -55,343 | - | -55,343 | ||||||||||||
Provision for covered loan and lease losses, net | -4,957 | - | - | -4,957 | - | -4,957 | ||||||||||||
Non-interest income (loss) | -5,286 | 22,915 | 4,199 | 21,828 | - | 21,828 | ||||||||||||
Non-interest expenses | -168,487 | -18,945 | -11,471 | -198,903 | - | -198,903 | ||||||||||||
Intersegment revenue | 1,524 | - | - | 1,524 | -1,524 | - | ||||||||||||
Intersegment expenses | - | -1,247 | -277 | -1,524 | 1,524 | - | ||||||||||||
Income before income taxes | $ | 59,897 | $ | 3,000 | $ | -2,768 | $ | 60,129 | $ | - | $ | 60,129 | ||||||
Nine-Month Period Ended September 30, 2012 | ||||||||||||||||||
Financial | Total Major | Consolidated | ||||||||||||||||
Banking | Services | Treasury | Segments | Eliminations | Total | |||||||||||||
(In thousands) | ||||||||||||||||||
Interest income | $ | 117,475 | $ | - | $ | 78,918 | $ | 196,393 | $ | - | $ | 196,393 | ||||||
Interest expense | -15,856 | - | -66,626 | -82,482 | - | -82,482 | ||||||||||||
Net interest income | 101,619 | - | 12,292 | 113,911 | - | 113,911 | ||||||||||||
Provision for non-covered loan and lease losses | -10,400 | - | - | -10,400 | - | -10,400 | ||||||||||||
Provision for covered loan and lease losses, net | -8,845 | - | - | -8,845 | - | -8,845 | ||||||||||||
Non-interest income | -2,726 | 17,803 | 29,272 | 44,349 | - | 44,349 | ||||||||||||
Non-interest expenses | -71,845 | -13,050 | -5,861 | -90,756 | - | -90,756 | ||||||||||||
Intersegment revenue | 1,187 | - | - | 1,187 | -1,187 | - | ||||||||||||
Intersegment expenses | - | -870 | -317 | -1,187 | 1,187 | - | ||||||||||||
Income before income taxes | $ | 8,990 | $ | 3,883 | $ | 35,386 | $ | 48,259 | $ | - | $ | 48,259 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Business Combination, Description | ' |
Business Acquisition, Name of Acquired Entity | 'BBVAPR Bank |
Business Acquisition Effective Date Of Acquisition1 | 18-Dec-12 |
BusinessAcquisitionCostOfAcquiredEntityPurchasePrice | $500 |
Business_Combination_Netassets
Business Combination (Net-assets acquired period adjustments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Goodwill of Acquired Business | $86,069 | $86,069 |
Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 5,007,604 | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 4,356,987 | ' |
BusinessAcquisitionPriceAllocationAssetsAcquiredLiabilitiesAssumedNet | 650,617 | ' |
Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -177,472 | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 34,465 | ' |
BusinessAcquisitionPriceAllocationAssetsAcquiredLiabilitiesAssumedNet | -211,937 | ' |
Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -22,048 | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 0 | ' |
BusinessAcquisitionPriceAllocationAssetsAcquiredLiabilitiesAssumedNet | -22,048 | ' |
Goodwill of Acquired Business | 22,048 | ' |
Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 4,830,132 | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 4,391,452 | ' |
BusinessAcquisitionPriceAllocationAssetsAcquiredLiabilitiesAssumedNet | 438,680 | ' |
Goodwill of Acquired Business | 61,320 | ' |
Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 4,808,084 | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 4,391,452 | ' |
BusinessAcquisitionPriceAllocationAssetsAcquiredLiabilitiesAssumedNet | 416,632 | ' |
Goodwill of Acquired Business | 83,368 | ' |
DepositsMember | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 3,472,951 | ' |
DepositsMember | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 21,489 | ' |
DepositsMember | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 0 | ' |
DepositsMember | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 3,494,440 | ' |
DepositsMember | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 3,494,440 | ' |
Securities Sold under Agreements to Repurchase [Member] | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 338,020 | ' |
Securities Sold under Agreements to Repurchase [Member] | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 20,465 | ' |
Securities Sold under Agreements to Repurchase [Member] | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 0 | ' |
Securities Sold under Agreements to Repurchase [Member] | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 358,485 | ' |
Securities Sold under Agreements to Repurchase [Member] | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 358,485 | ' |
Other Borrowings Member | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 348,624 | ' |
Other Borrowings Member | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 1,108 | ' |
Other Borrowings Member | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 0 | ' |
Other Borrowings Member | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 349,732 | ' |
Other Borrowings Member | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 349,732 | ' |
SubordinatedDebtMember | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 117,000 | ' |
SubordinatedDebtMember | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | -7,159 | ' |
SubordinatedDebtMember | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 0 | ' |
SubordinatedDebtMember | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 109,841 | ' |
SubordinatedDebtMember | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 109,841 | ' |
Accrued expenses and other liabilities | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 80,392 | ' |
Accrued expenses and other liabilities | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | -1,438 | ' |
Accrued expenses and other liabilities | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 0 | ' |
Accrued expenses and other liabilities | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 78,954 | ' |
Accrued expenses and other liabilities | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
BusinessAcquisitionPriceAllocationLiabilitiesAssumed | 78,954 | ' |
CashAndCashEquivalentsMember | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 394,638 | ' |
CashAndCashEquivalentsMember | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
CashAndCashEquivalentsMember | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
CashAndCashEquivalentsMember | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 394,638 | ' |
CashAndCashEquivalentsMember | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 394,638 | ' |
InvestmentsMember | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 561,623 | ' |
InvestmentsMember | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
InvestmentsMember | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
InvestmentsMember | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 561,623 | ' |
InvestmentsMember | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 561,623 | ' |
Loans receivable | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 3,678,979 | ' |
Loans receivable | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -118,913 | ' |
Loans receivable | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -26,635 | ' |
Loans receivable | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 3,560,066 | ' |
Loans receivable | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 3,533,431 | ' |
accounts receivable | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 19,133 | ' |
accounts receivable | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -18,252 | ' |
accounts receivable | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
accounts receivable | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 881 | ' |
accounts receivable | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 881 | ' |
Foreclosed real estate [Member] | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 44,853 | ' |
Foreclosed real estate [Member] | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -8,896 | ' |
Foreclosed real estate [Member] | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -1,932 | ' |
Foreclosed real estate [Member] | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 35,957 | ' |
Foreclosed real estate [Member] | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 34,025 | ' |
Deferred tax asset [Member] | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 35,327 | ' |
Deferred tax asset [Member] | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 50,005 | ' |
Deferred tax asset [Member] | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 9,455 | ' |
Deferred tax asset [Member] | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 85,332 | ' |
Deferred tax asset [Member] | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 94,787 | ' |
Property, Plant and Equipment [Member] | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 37,412 | ' |
Property, Plant and Equipment [Member] | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 29,067 | ' |
Property, Plant and Equipment [Member] | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
Property, Plant and Equipment [Member] | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 66,479 | ' |
Property, Plant and Equipment [Member] | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 66,479 | ' |
CoreDepositsMember | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
CoreDepositsMember | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 8,473 | ' |
CoreDepositsMember | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
CoreDepositsMember | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 8,473 | ' |
CoreDepositsMember | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 8,473 | ' |
Customer Relationships [Member] | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
Customer Relationships [Member] | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 5,060 | ' |
Customer Relationships [Member] | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
Customer Relationships [Member] | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 5,060 | ' |
Customer Relationships [Member] | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 5,060 | ' |
Other Assets Member | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 119,286 | ' |
Other Assets Member | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -7,663 | ' |
Other Assets Member | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -2,936 | ' |
Other Assets Member | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 111,623 | ' |
Other Assets Member | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 108,687 | ' |
Legacy goodwill [Member] | Book value of assets acquired and liabilities assumed [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 116,353 | ' |
Legacy goodwill [Member] | Fair value adjustment at purchase date of business acquisition [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | -116,353 | ' |
Legacy goodwill [Member] | Measurement period adjustment [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
Legacy goodwill [Member] | Adjusted fair value of assets acquired and liabilities assumed at purchase date [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | 0 | ' |
Legacy goodwill [Member] | Fair value as remeasured [Member] | ' | ' |
Business acquisition price allocation assets acquired liabilities assumed net [Abstract] | ' | ' |
Business Acquisition Price Allocation Assets Acquired | $0 | ' |
Business_Combination_Merger_an
Business Combination (Merger and restructuring charges) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Restructuring Charges | ' | ' |
Severance Costs | $248 | $1,398 |
Systems integrations costs | 1,719 | 4,896 |
Other Restructuring Costs | $285 | $6,766 |
Business_Combination_Restructu
Business Combination (Restructuring Reserves and Exit Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Restructuring Charges | ' | ' |
Total Exit Costs, Payments and Restructuring Reserves | $276 | $4,202 |
Business Exit Costs | 2,252 | 13,060 |
Payments for Restructuring | -1,437 | -16,171 |
Total Exit Costs, Payments and Restructuring Reserves | $1,091 | $1,091 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Fair value of securities held as collateral | $87.70 | $82.10 |
Puerto Rico Government obligation with mandatory tender offer | 98.7 | ' |
GNMA Certificates Sold | $120.50 | ' |
Investments_Investment_securit
Investments (Investment securities) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | $1,654,133 | $2,118,825 |
Available-for-sale Securities, Gross Unrealized Gains | 40,483 | 76,703 |
Available-for-sale Securities, Gross Unrealized Losses | 17,368 | 1,242 |
Available-for-sale Securities | 1,677,248 | 2,194,286 |
Available for sale - Weighted Average Yield | 2.83% | 2.90% |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 1,496,398 | 1,924,623 |
Available-for-sale Securities, Gross Unrealized Gains | 40,274 | 76,190 |
Available-for-sale Securities, Gross Unrealized Losses | 10,186 | 802 |
Available-for-sale Securities | 1,526,486 | 2,000,011 |
Available for sale - Weighted Average Yield | 2.76% | 2.89% |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 1,253,599 | 1,622,037 |
Available-for-sale Securities, Gross Unrealized Gains | 39,733 | 71,411 |
Available-for-sale Securities, Gross Unrealized Losses | 3,859 | 1 |
Available-for-sale Securities | 1,289,473 | 1,693,447 |
Available for sale - Weighted Average Yield | 2.89% | 3.06% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 8,895 | 14,177 |
Available-for-sale Securities, Gross Unrealized Gains | 465 | 995 |
Available-for-sale Securities, Gross Unrealized Losses | 24 | 8 |
Available-for-sale Securities | 9,336 | 15,164 |
Available for sale - Weighted Average Yield | 4.90% | 4.89% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 233,904 | 288,409 |
Available-for-sale Securities, Gross Unrealized Gains | 76 | 3,784 |
Available-for-sale Securities, Gross Unrealized Losses | 6,303 | 793 |
Available-for-sale Securities | 227,677 | 291,400 |
Available for sale - Weighted Average Yield | 1.78% | 1.85% |
Securities Investment [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 157,735 | 194,202 |
Available-for-sale Securities, Gross Unrealized Gains | 209 | 513 |
Available-for-sale Securities, Gross Unrealized Losses | 7,182 | 440 |
Available-for-sale Securities | 150,762 | 194,275 |
Available for sale - Weighted Average Yield | 4.00% | 2.99% |
Securities Investment [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | ' | 26,498 |
Available-for-sale Securities, Gross Unrealized Gains | ' | 0 |
Available-for-sale Securities, Gross Unrealized Losses | ' | 2 |
Available-for-sale Securities | ' | 26,496 |
Available for sale - Weighted Average Yield | ' | 0.71% |
Securities Investment [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 12,381 | 21,623 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 224 |
Available-for-sale Securities, Gross Unrealized Losses | 41 | 0 |
Available-for-sale Securities | 12,340 | 21,847 |
Available for sale - Weighted Average Yield | 1.20% | 1.35% |
Securities Investment [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 121,012 | 120,950 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 9 |
Available-for-sale Securities, Gross Unrealized Losses | 6,647 | 438 |
Available-for-sale Securities | 114,365 | 120,521 |
Available for sale - Weighted Average Yield | 4.39% | 3.82% |
Securities Investment [Member] | Other Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 24,342 | 25,131 |
Available-for-sale Securities, Gross Unrealized Gains | 209 | 280 |
Available-for-sale Securities, Gross Unrealized Losses | 494 | 0 |
Available-for-sale Securities | $24,057 | $25,411 |
Available for sale - Weighted Average Yield | 3.46% | 3.46% |
Investments_Investment_securit1
Investments (Investment securities by contractual maturity) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | $1,654,133 | $2,118,825 |
Available-for-sale Securities | 1,677,248 | 2,194,286 |
Collateralized Mortgage Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 1,496,398 | 1,924,623 |
Available-for-sale Securities | 1,526,486 | 2,000,011 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 1,253,599 | 1,622,037 |
Available-for-sale Securities | 1,289,473 | 1,693,447 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 8,895 | 14,177 |
Available-for-sale Securities | 9,336 | 15,164 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 233,904 | 288,409 |
Available-for-sale Securities | 227,677 | 291,400 |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 29,982 | ' |
Available-for-sale Securities | 30,589 | ' |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | FNMA and FHLMC [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 29,982 | ' |
Available-for-sale Securities | 30,589 | ' |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 1,466,416 | ' |
Available-for-sale Securities | 1,495,897 | ' |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | FNMA and FHLMC [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 1,223,617 | ' |
Available-for-sale Securities | 1,258,884 | ' |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 8,895 | ' |
Available-for-sale Securities | 9,336 | ' |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | CMO's [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 233,904 | ' |
Available-for-sale Securities | 227,677 | ' |
Securities Investment [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 157,735 | 194,202 |
Available-for-sale Securities | 150,762 | 194,275 |
Securities Investment [Member] | US Treasury Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | ' | 26,498 |
Available-for-sale Securities | ' | 26,496 |
Securities Investment [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 12,381 | 21,623 |
Available-for-sale Securities | 12,340 | 21,847 |
Securities Investment [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 121,012 | 120,950 |
Available-for-sale Securities | 114,365 | 120,521 |
Securities Investment [Member] | Other Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 24,342 | 25,131 |
Available-for-sale Securities | 24,057 | 25,411 |
Securities Investment [Member] | Maturities Due In Less Than One Year [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 20,000 | ' |
Available-for-sale Securities | 19,506 | ' |
Securities Investment [Member] | Maturities Due In Less Than One Year [Member] | Other Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 20,000 | ' |
Available-for-sale Securities | 19,506 | ' |
Securities Investment [Member] | Maturities Due From One To Five Years [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 11,859 | ' |
Available-for-sale Securities | 10,292 | ' |
Securities Investment [Member] | Maturities Due From One To Five Years [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 11,859 | ' |
Available-for-sale Securities | 10,292 | ' |
Securities Investment [Member] | Maturities Due From Five To Ten Years [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 12,381 | ' |
Available-for-sale Securities | 12,340 | ' |
Securities Investment [Member] | Maturities Due From Five To Ten Years [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 12,381 | ' |
Available-for-sale Securities | 12,340 | ' |
Securities Investment [Member] | Maturities Due After Ten Years [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 113,495 | ' |
Available-for-sale Securities | 108,624 | ' |
Securities Investment [Member] | Maturities Due After Ten Years [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 109,153 | ' |
Available-for-sale Securities | 104,073 | ' |
Securities Investment [Member] | Maturities Due After Ten Years [Member] | Other Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Available for sale Amortized Cost | 4,342 | ' |
Available-for-sale Securities | $4,551 | ' |
Investments_Gross_realize_gain
Investments (Gross realize gains and losses by category) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | $1,145,555 |
Book Value | 1,089,852 |
Available-for-sale Securities, Gross Realized Gains | 56,331 |
Available-for-sale Securities, Gross Realized Losses | 628 |
Collateralized Mortgage Obligations [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 19,725 |
Collateralized Mortgage Backed Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 1,019,143 |
Book Value | 962,844 |
Available-for-sale Securities, Gross Realized Gains | 56,299 |
Available-for-sale Securities, Gross Realized Losses | 0 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 936,779 |
Book Value | 881,834 |
Available-for-sale Securities, Gross Realized Gains | 54,945 |
Available-for-sale Securities, Gross Realized Losses | 0 |
Collateralized Mortgage Backed Securities [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 62,639 |
Book Value | 62,638 |
Available-for-sale Securities, Gross Realized Gains | 1 |
Available-for-sale Securities, Gross Realized Losses | 0 |
Collateralized Mortgage Backed Securities [Member] | Collateralized Mortgage Obligations [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Book Value | 18,372 |
Available-for-sale Securities, Gross Realized Gains | 1,353 |
Available-for-sale Securities, Gross Realized Losses | 0 |
Securities Investment [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 126,412 |
Book Value | 127,008 |
Available-for-sale Securities, Gross Realized Gains | 32 |
Available-for-sale Securities, Gross Realized Losses | 628 |
Securities Investment [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 80,000 |
Book Value | 80,000 |
Available-for-sale Securities, Gross Realized Gains | 0 |
Available-for-sale Securities, Gross Realized Losses | 0 |
Securities Investment [Member] | US States and Political Subdivisions Debt Securities [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 35,882 |
Book Value | 36,478 |
Available-for-sale Securities, Gross Realized Gains | 32 |
Available-for-sale Securities, Gross Realized Losses | 628 |
Securities Investment [Member] | Structured Finance [Member] | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Sale Price | 10,530 |
Book Value | 10,530 |
Available-for-sale Securities, Gross Realized Gains | 0 |
Available-for-sale Securities, Gross Realized Losses | $0 |
Investments_Gains_and_losses_b
Investments (Gains and losses by category) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | $589,244 | $41,407 |
Available for sale - Unrealized Loss | 16,775 | 1,052 |
Available for sale - Fair Value | 572,469 | 40,355 |
12 months or more | ' | ' |
Available for sale - Amortized cost | 5,965 | 3,867 |
Available for sale - Unrealized Loss | 593 | 190 |
Available-for-sale, Fair Value | 5,372 | 3,677 |
Available for sale - amortized cost | 595,209 | 45,274 |
Available for sale - unrealized loss | 17,368 | 1,242 |
Total Fair Value | 577,841 | 44,032 |
Collateralized Mortgage Obligations [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | 228,092 | 10,671 |
Available for sale - Unrealized Loss | 5,906 | 615 |
Available for sale - Fair Value | 222,186 | 10,056 |
12 months or more | ' | ' |
Available for sale - Amortized cost | 4,150 | ' |
Available for sale - Unrealized Loss | 397 | ' |
Available-for-sale, Fair Value | 3,753 | ' |
Available for sale - amortized cost | 232,242 | 12,865 |
Available for sale - unrealized loss | 6,303 | 793 |
Total Fair Value | 225,939 | 12,072 |
US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | 119,278 | 19,086 |
Available for sale - Unrealized Loss | 6,462 | 426 |
Available for sale - Fair Value | 112,816 | 18,660 |
12 months or more | ' | ' |
Available for sale - Amortized cost | 1,734 | 1,673 |
Available for sale - Unrealized Loss | 185 | 12 |
Available-for-sale, Fair Value | 1,549 | 1,661 |
Available for sale - amortized cost | 121,012 | 20,759 |
Available for sale - unrealized loss | 6,647 | 438 |
Total Fair Value | 114,365 | 20,321 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | 123 | 84 |
Available for sale - Unrealized Loss | 13 | 8 |
Available for sale - Fair Value | 110 | 76 |
12 months or more | ' | ' |
Available for sale - Amortized cost | 81 | ' |
Available for sale - Unrealized Loss | 11 | ' |
Available-for-sale, Fair Value | 70 | ' |
Available for sale - amortized cost | 204 | 84 |
Available for sale - unrealized loss | 24 | 8 |
Total Fair Value | 180 | 76 |
FNMA and FHLMC [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | 209,370 | 68 |
Available for sale - Unrealized Loss | 3,859 | 1 |
Available for sale - Fair Value | 205,511 | 67 |
12 months or more | ' | ' |
Available for sale - amortized cost | 209,370 | 68 |
Available for sale - unrealized loss | 3,859 | 1 |
Total Fair Value | 205,511 | 67 |
Other Debt Obligations [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | 20,000 | ' |
Available for sale - Unrealized Loss | 494 | ' |
Available for sale - Fair Value | 19,506 | ' |
12 months or more | ' | ' |
Available for sale - amortized cost | 20,000 | ' |
Available for sale - unrealized loss | 494 | ' |
Total Fair Value | 19,506 | ' |
US Government-sponsored Enterprises Debt Securities [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | 12,381 | ' |
Available for sale - Unrealized Loss | 41 | ' |
Available for sale - Fair Value | 12,340 | ' |
12 months or more | ' | ' |
Available for sale - Amortized cost | ' | 2,194 |
Available for sale - Unrealized Loss | ' | 178 |
Available-for-sale, Fair Value | ' | 2,016 |
Available for sale - amortized cost | 12,381 | ' |
Available for sale - unrealized loss | 41 | ' |
Total Fair Value | 12,340 | ' |
US Treasury Securities [Member] | ' | ' |
Less than 12 months | ' | ' |
Available for sale - Amortized cost | ' | 11,498 |
Available for sale - Unrealized Loss | ' | 2 |
Available for sale - Fair Value | ' | 11,496 |
12 months or more | ' | ' |
Available for sale - amortized cost | ' | 11,498 |
Available for sale - unrealized loss | ' | 2 |
Total Fair Value | ' | $11,496 |
Loans_Receivable_Narratives_De
Loans Receivable (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Accounts Notes And Loans Receivable Line Items | ' | ' | ' | ' |
Financing Receivable Modifications Recorded Investment Not Included In Non Accrual | $61,000,000 | $61,000,000 | ' | $42,200,000 |
Non Performing Residential Loans Held For Investment Transferred To Held For Sale Amortized Cost | 55,000 | 42,289,000 | 5,182,000 | ' |
Non Performing Residential Loans Held For Investment Transferred To Held For Sale Fair Value | 27,000 | ' | ' | ' |
Gain (Loss) on Sale of Mortgage Loans held for sale | -1,400,000 | ' | ' | ' |
Mortgage held for sale, portion sold | 62,000,000 | 62,000,000 | ' | ' |
Acquired loans sold | $27,300,000 | $27,300,000 | ' | ' |
Loans_Receivable_Composition_o
Loans Receivable (Composition of loan portfolio) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | ' | $1,430,484 | ' | ' | ' |
LoansAndLeasesReceivableDeferredIncome | 120 | ' | -3,463 | ' | ' | ' |
Allowance for loan and lease losses | 49,614 | ' | 39,921 | ' | ' | ' |
Non-covered loans | 4,720,174 | ' | 4,698,185 | ' | ' | ' |
Mortgage loans held-for-sale, at lower of cost or fair value | 47,085 | ' | 64,145 | ' | ' | ' |
Non-covered loans, after mortgages held for sale | 4,767,259 | ' | 4,762,330 | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Allowance Covered | 56,555 | 53,992 | 54,124 | 56,865 | 58,628 | 37,256 |
Loans covered under shared-loss agreements with the FDIC, net of allowance for loan and lease losses | 361,564 | ' | 395,307 | ' | ' | ' |
Originated Loans [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,342,471 | ' | 1,238,611 | ' | ' | ' |
Non-covered loans accounted under ASC 310-20 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 517,842 | ' | 891,190 | ' | ' | ' |
Non-covered loans accounted under ASC 310-30 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,909,355 | ' | 2,611,768 | ' | ' | ' |
Non-covered loans | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 4,769,668 | ' | 4,741,569 | ' | ' | ' |
LoansAndLeasesReceivableNetOfDeferredIncome | 4,769,788 | ' | 4,738,106 | ' | ' | ' |
Non-covered loans | 4,720,174 | ' | 4,698,185 | ' | ' | ' |
Mortgage loans held-for-sale, at lower of cost or fair value | 47,085 | ' | 64,145 | ' | ' | ' |
Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount Covered | 418,119 | ' | 449,431 | ' | ' | ' |
Residential Mortgage [Member] | Originated Loans [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 742,046 | ' | 805,292 | ' | ' | ' |
Residential Mortgage [Member] | Non-covered loans accounted under ASC 310-30 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 731,376 | ' | 801,024 | ' | ' | ' |
Commercial Secured [Member] | Non-covered loans accounted under ASC 310-20 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 25,398 | ' | 20,779 | ' | ' | ' |
Commercial and Industrial | Originated Loans [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,173,215 | ' | 349,075 | ' | ' | ' |
Commercial and Industrial | Non-covered loans accounted under ASC 310-30 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 548,995 | ' | 940,402 | ' | ' | ' |
Consumer Loan [Member] | Originated Loans [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 113,509 | ' | 46,667 | ' | ' | ' |
Consumer Loan [Member] | Non-covered loans accounted under ASC 310-20 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 59,817 | ' | 70,347 | ' | ' | ' |
Consumer Loan [Member] | Non-covered loans accounted under ASC 310-30 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 80,429 | ' | 123,825 | ' | ' | ' |
Consumer Loan [Member] | Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount Covered | 6,773 | ' | 8,493 | ' | ' | ' |
Finance Leases Financing Receivable [Member] | Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount Covered | 542 | ' | 7,088 | ' | ' | ' |
Loans Secured by multi-family properties [Member] | Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount Covered | 122,001 | ' | 128,811 | ' | ' | ' |
Construction and development secured by multi-family properties [Member] | Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount Covered | 16,674 | ' | 15,969 | ' | ' | ' |
Consumer Loans Auto Financing Receivable Member | Originated Loans [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 313,701 | ' | 37,577 | ' | ' | ' |
Consumer Loans Auto Financing Receivable Member | Non-covered loans accounted under ASC 310-20 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 335,528 | ' | 470,601 | ' | ' | ' |
Consumer Loans Auto Financing Receivable Member | Non-covered loans accounted under ASC 310-30 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 416,579 | ' | 553,075 | ' | ' | ' |
Construction Commercial real estate [Member] | Non-covered loans accounted under ASC 310-30 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 131,976 | ' | 193,442 | ' | ' | ' |
Construction Commercial real estate [Member] | Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Gross Carrying Amount Covered | 272,129 | ' | 289,070 | ' | ' | ' |
Credit cards and line of credits [Member] | Non-covered loans accounted under ASC 310-20 | ' | ' | ' | ' | ' | ' |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ' | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $97,099 | ' | $329,463 | ' | ' | ' |
Loans_Receivable_Aging_of_reco
Loans Receivable (Aging of recorded investment in gross loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | ' | $48,403 |
60 - 89 Days Past Due | ' | 17,483 |
Total Loans | ' | 1,430,484 |
Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 21,471 | 58,542 |
60 - 89 Days Past Due | 29,377 | 21,441 |
90+ Days Past Due | 90,985 | 138,963 |
Total Past Due | 141,833 | 218,946 |
Current | 2,200,638 | 1,019,665 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,355 | ' |
Residential Related Loans [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 126 | 48,137 |
60 - 89 Days Past Due | 22,993 | 20,760 |
90+ Days Past Due | 65,234 | 120,710 |
Total Past Due | 88,353 | 189,607 |
Current | 653,693 | 615,685 |
Total Loans | 742,046 | 805,292 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,355 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 36,354 |
60 - 89 Days Past Due | 15,125 | 15,044 |
90+ Days Past Due | 16,660 | 63,875 |
Total Past Due | 31,785 | 115,273 |
Current | 547,127 | 518,478 |
Total Loans | 578,912 | 633,751 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 284 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Originated Up To The Year 2002 [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 6,906 |
60 - 89 Days Past Due | 2,232 | 2,116 |
90+ Days Past Due | 3,984 | 11,363 |
Total Past Due | 6,216 | 20,385 |
Current | 79,093 | 80,883 |
Total Loans | 85,309 | 101,268 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 23 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Originated In The Years 2003 And 2004 [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 12,048 |
60 - 89 Days Past Due | 4,919 | 5,206 |
90+ Days Past Due | 3,715 | 18,162 |
Total Past Due | 8,634 | 35,416 |
Current | 114,014 | 114,446 |
Total Loans | 122,648 | 149,862 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Originated In The Year 2005 [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 4,983 |
60 - 89 Days Past Due | 1,342 | 1,746 |
90+ Days Past Due | 1,933 | 8,860 |
Total Past Due | 3,275 | 15,589 |
Current | 62,766 | 65,312 |
Total Loans | 66,041 | 80,901 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Originated In The Year 2006 [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 9,153 |
60 - 89 Days Past Due | 3,737 | 3,525 |
90+ Days Past Due | 2,796 | 15,363 |
Total Past Due | 6,533 | 28,041 |
Current | 84,429 | 85,045 |
Total Loans | 90,962 | 113,086 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 2,632 |
60 - 89 Days Past Due | 2,099 | 1,682 |
90+ Days Past Due | 2,589 | 8,965 |
Total Past Due | 4,688 | 13,279 |
Current | 99,862 | 108,358 |
Total Loans | 104,550 | 121,637 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 46 | ' |
Residential Related Loans [Member] | Conventional Loan [Member] | Originated In The Years 2010 2011 2012 And 2013 [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 632 |
60 - 89 Days Past Due | 796 | 769 |
90+ Days Past Due | 1,643 | 1,162 |
Total Past Due | 2,439 | 2,563 |
Current | 106,963 | 64,434 |
Total Loans | 109,402 | 66,997 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 215 | ' |
Residential Related Loans [Member] | NonTraditional Mortgage [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 2,850 |
60 - 89 Days Past Due | 1,720 | 1,067 |
90+ Days Past Due | 1,580 | 11,160 |
Total Past Due | 3,300 | 15,077 |
Current | 40,947 | 42,742 |
Total Loans | 44,247 | 57,819 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Residential Related Loans [Member] | Loss Mitigation Program [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 8,933 |
60 - 89 Days Past Due | 6,148 | 4,649 |
90+ Days Past Due | 14,471 | 19,989 |
Total Past Due | 20,619 | 33,571 |
Current | 65,036 | 53,739 |
Total Loans | 85,655 | 87,310 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,071 | ' |
Residential Related Loans [Member] | Residential Mortgage [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 48,137 |
60 - 89 Days Past Due | 22,993 | 20,760 |
90+ Days Past Due | 32,711 | 95,024 |
Total Past Due | 55,704 | 163,921 |
Current | 653,110 | 614,959 |
Total Loans | 708,814 | 778,880 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,355 | ' |
Residential Related Loans [Member] | Loans And Leases Receivable Consumer Home Equity [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 126 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90+ Days Past Due | 12 | 10 |
Total Past Due | 138 | 10 |
Current | 583 | 726 |
Total Loans | 721 | 736 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Residential Related Loans [Member] | GNMA's Buy Back Option related | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90+ Days Past Due | 32,511 | 25,676 |
Total Past Due | 32,511 | 25,676 |
Current | 0 | 0 |
Total Loans | 32,511 | 25,676 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Commercial Loan [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 3,249 | 9,407 |
60 - 89 Days Past Due | 1,311 | 460 |
90+ Days Past Due | 22,690 | 17,713 |
Total Past Due | 27,250 | 27,580 |
Current | 1,145,965 | 321,495 |
Total Loans | 1,173,215 | 349,075 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Commercial Loan [Member] | Commercial Secured [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,993 | 9,062 |
60 - 89 Days Past Due | 1,038 | 271 |
90+ Days Past Due | 19,131 | 15,335 |
Total Past Due | 22,162 | 24,668 |
Current | 371,768 | 226,606 |
Total Loans | 393,930 | 251,274 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Commercial Loan [Member] | Other commercial [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,256 | 345 |
60 - 89 Days Past Due | 273 | 189 |
90+ Days Past Due | 3,559 | 2,378 |
Total Past Due | 5,088 | 2,912 |
Current | 774,197 | 94,889 |
Total Loans | 779,285 | 97,801 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,416 | 747 |
60 - 89 Days Past Due | 568 | 92 |
Total Loans | 113,509 | 46,667 |
Consumer Loan [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,414 | 747 |
60 - 89 Days Past Due | 569 | 92 |
90+ Days Past Due | 425 | 409 |
Total Past Due | 2,408 | 1,248 |
Current | 111,101 | 45,419 |
Total Loans | 113,509 | 46,667 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Consumer Loans Auto Financing Receivable Member | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 16,682 | ' |
60 - 89 Days Past Due | 4,504 | ' |
Total Loans | 313,701 | ' |
Consumer Loans Auto Financing Receivable Member | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 16,682 | 251 |
60 - 89 Days Past Due | 4,504 | 129 |
90+ Days Past Due | 2,636 | 131 |
Total Past Due | 23,822 | 511 |
Current | 289,879 | 37,066 |
Total Loans | 313,701 | 37,577 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | ' |
Consumer Loans Auto Financing Receivable Member | Automobile Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | ' | 251 |
60 - 89 Days Past Due | ' | 129 |
Total Loans | ' | 37,577 |
Most recent acquired loans accounted under ASC 310-20 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 12,649 | 7,735 |
60 - 89 Days Past Due | 2,744 | 1,023 |
Total Loans | 395,345 | 540,948 |
Most recent acquired loans accounted under ASC 310-20 | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 14,485 | 8,765 |
60 - 89 Days Past Due | 3,906 | 1,099 |
90+ Days Past Due | 2,902 | 1,563 |
Total Past Due | 21,293 | 11,427 |
Current | 496,549 | 879,763 |
Most recent acquired loans accounted under ASC 310-20 | Other commercial [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,607 | 715 |
60 - 89 Days Past Due | 767 | 76 |
90+ Days Past Due | 762 | 193 |
Total Past Due | 3,136 | 984 |
Current | 93,963 | 328,479 |
Total Loans | 97,099 | 329,463 |
Most recent acquired loans accounted under ASC 310-20 | Automobile Loan | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 11,186 | 6,753 |
60 - 89 Days Past Due | 2,698 | 1,023 |
Total Loans | 335,528 | 470,601 |
Most recent acquired loans accounted under ASC 310-20 | Automobile Loan | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 11,186 | 6,753 |
60 - 89 Days Past Due | 2,698 | 1,023 |
90+ Days Past Due | 847 | 275 |
Total Past Due | 14,731 | 8,051 |
Current | 320,797 | 462,550 |
Total Loans | 335,528 | 470,601 |
Most recent acquired loans accounted under ASC 310-20 | Consumer Loan [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,463 | 982 |
60 - 89 Days Past Due | 46 | 0 |
Total Loans | 59,817 | 70,347 |
Most recent acquired loans accounted under ASC 310-20 | lines of credit and credit cards [Member] | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 1,463 | 982 |
60 - 89 Days Past Due | 46 | 0 |
90+ Days Past Due | 1,293 | 1,095 |
Total Past Due | 2,802 | 2,077 |
Current | 57,015 | 68,270 |
Total Loans | 59,817 | 70,347 |
Most recent acquired loans accounted under ASC 310-20 | Commercial Real Estate and Construction | Loans and Leases Held for Investment [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 Days Past Due | 229 | 315 |
60 - 89 Days Past Due | 395 | 0 |
90+ Days Past Due | 0 | 0 |
Total Past Due | 624 | 315 |
Current | 24,774 | 20,464 |
Total Loans | $25,398 | $20,779 |
Loans_Receivable_NonCovered_BB
Loans Receivable (Non-Covered BBVA Loan carrying amounts) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable Line Items | ' | ' |
Financing Receivable Acquired With Deteriorated Credit Quality | $3,064,418 | $3,982,063 |
Non-acretable discount | 635,920 | 714,462 |
Cash expected to be collected | 2,428,498 | 3,267,601 |
Accretable Yield | 519,143 | 655,833 |
Carrying amount, gross | $1,909,355 | $2,611,768 |
Loans_Receivable_Covered_Loan_
Loans Receivable (Covered Loan carrying amounts) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable Line Items | ' | ' |
Financing Receivable Acquired With Deteriorated Credit Quality | $3,064,418 | $3,982,063 |
Non-acretable discount | 635,920 | 714,462 |
Cash expected to be collected | 2,428,498 | 3,267,601 |
Accretable Yield | 519,143 | 655,833 |
Carrying amount, gross | 1,909,355 | 2,611,768 |
Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' |
Accounts Notes And Loans Receivable Line Items | ' | ' |
Financing Receivable Acquired With Deteriorated Credit Quality | 748,091 | 874,994 |
Non-acretable discount | 161,427 | 237,555 |
Cash expected to be collected | 586,664 | 637,439 |
Accretable Yield | 168,545 | 188,008 |
Carrying amount, gross | 418,119 | 449,431 |
Allowance for loan and lease losses | 56,555 | 54,124 |
Carrying amount, net | $361,564 | $395,307 |
Loans_Receivable_Accretable_yi
Loans Receivable (Accretable yield and non-accretable discount activity) (Details) (Acquired under ASC 310-30 Non-Covered Loans [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Balance at beginning of period | $561,485 | $655,833 |
Accretion Accretable | -48,352 | -150,447 |
Transfer from (to) non-accretable discount | 6,010 | 13,757 |
Balance at end of period | 519,143 | 519,143 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ' | ' |
Balance at beginning of period | 686,231 | 714,462 |
Principal Losses | -44,301 | -64,785 |
Transfer (to) from accretable yield | -6,010 | -13,757 |
Balance at end of period | $635,920 | $635,920 |
Loans_Receivable_Accretable_yi1
Loans Receivable (Accretable yield and non-accretable discount activity of covered loans) (Details) (Acquired Loans In An F D I C Assisted Transaction [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Acquired Loans In An F D I C Assisted Transaction [Member] | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $167,132 | $177,248 | $188,008 | $188,822 |
Accretion Accretable | -21,657 | -22,283 | -65,884 | -64,167 |
Transfer from (to) non-accretable discount | 23,070 | 28,868 | 46,421 | 59,178 |
Balance at end of period | 168,545 | 183,833 | 168,545 | 183,833 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | 192,259 | 314,404 | 237,555 | 412,170 |
Principal Losses | -7,762 | -21,533 | -29,707 | -88,989 |
Transfer (to) from accretable yield | -23,070 | -28,868 | -46,421 | -59,178 |
Balance at end of period | $161,427 | $264,003 | $161,427 | $264,003 |
Loans_Receivable_Investment_in
Loans Receivable (Investment in non-covered loans on non-accrual status) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Residential Related Loans [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Consumer Loans Auto Financing Receivable Member | Consumer Loans Auto Financing Receivable Member | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | Most recent acquired loans accounted under ASC 310-20 | ||
Residential Mortgage [Member] | Residential Mortgage [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | Conventional Loan [Member] | NonTraditional Mortgage [Member] | NonTraditional Mortgage [Member] | Loss Mitigation Program [Member] | Loss Mitigation Program [Member] | Home equity secured personal loans [Member] | Home equity secured personal loans [Member] | Commercial Secured [Member] | Commercial Secured [Member] | Other Commercial [Member] | Other Commercial [Member] | Credit cards and line of credits [Member] | Credit cards and line of credits [Member] | line of credit | line of credit | Automobile Loan | Automobile Loan | |||||||||||||
Originated Up To The Year 2002 [Member] | Originated Up To The Year 2002 [Member] | Originated In The Years 2003 And 2004 [Member] | Originated In The Years 2003 And 2004 [Member] | Originated In The Year 2005 [Member] | Originated In The Year 2005 [Member] | Originated In The Year 2006 [Member] | Originated In The Year 2006 [Member] | Originated In The Years 2007 2008 And 2009 [Member] | Originated In The Years 2007 2008 And 2009 [Member] | Originated In The Years 2010 2011 2012 And 2013 [Member] | Originated In The Years 2010 2011 2012 And 2013 [Member] | |||||||||||||||||||||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Nonaccrual Status | $79,925 | $146,644 | $43,034 | $115,002 | $43,022 | $114,992 | $19,582 | $63,875 | $4,709 | $11,362 | $2,967 | $18,162 | $3,844 | $8,859 | $3,206 | $15,363 | $1,990 | $8,967 | $2,866 | $1,162 | $1,580 | $11,160 | $21,860 | $39,957 | $12 | $10 | $30,838 | $29,506 | $25,312 | $26,517 | $5,526 | $2,989 | $490 | $442 | $2,661 | $131 | $2,902 | $1,563 | $1,293 | $1,095 | $762 | $193 | $847 | $275 |
Allowance_for_Loan_and_Lease_L2
Allowance for Loan and Lease Losses (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | ' | $74,783,000 |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 9,300,000 | ' |
Line Of Credit Facility Maximum Borrowing Capacity | 839,200,000 | ' |
Line Of Credit Facility Amount Outstanding | 810,400,000 | ' |
Residential Portfolio Segment [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 82,631,000 | 74,783,000 |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 9,333,000 | 5,334,000 |
Impaired Mortgage loan [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 82,600,000 | 74,800,000 |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | ' | 5,300,000 |
Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 36,048,000 | 46,199,000 |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 818,000 | 4,121,000 |
Impaired commercial loan [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 36,000,000 | 46,200,000 |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | ' | $4,100,000 |
Allowance_for_Loan_and_Lease_L3
Allowance for Loan and Lease Losses (Allowance for loan and lease losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Residential Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | Consumer Loans Auto Financing Receivable Member | Consumer Loans Auto Financing Receivable Member | Consumer Loans Auto Financing Receivable Member | Leasing [Member] | Leasing [Member] | Leasing [Member] | Auto and Leasing loans receivable [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Total [Member] | Total [Member] | Total [Member] | Total [Member] | Total [Member] | Total [Member] | Total [Member] | Total [Member] | |||||
Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Loans receivable Acquired [Member] | Loans receivable Acquired [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Loans receivable Acquired [Member] | Loans receivable Acquired [Member] | Non-covered originated loans [Member] | Loans receivable Acquired [Member] | Loans receivable Acquired [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Loans receivable Acquired [Member] | Loans receivable Acquired [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Non-covered originated loans [Member] | Loans receivable Acquired [Member] | Loans receivable Acquired [Member] | |||||||||||||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | ' | $20,991 | $21,092 | $21,375 | $19,788 | $21,092 | $21,652 | $14,715 | $17,072 | $17,624 | $15,978 | $17,072 | $12,548 | $924 | $0 | $4,828 | $856 | $2,341 | $998 | $856 | $1,423 | $0 | $0 | ' | $0 | $0 | $197 | $533 | $845 | $3,641 | $921 | $368 | $720 | $441 | $368 | $542 | $0 | $0 | $47,573 | $39,921 | $45,701 | $37,402 | $39,921 | $37,010 | $924 | $0 |
Charge-offs | -2,234 | ' | ' | ' | ' | ' | -1,758 | -1,752 | -33,465 | -4,621 | ' | ' | ' | -65 | -5,678 | -3,423 | 0 | -25 | ' | ' | -465 | -198 | -1,034 | -563 | -1,233 | -3,847 | -104 | -1,598 | -4,723 | -75 | -2,105 | ' | -1,305 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | -5,762 | -2,090 | -42,282 | -8,711 | -2,831 | -8,595 |
Recoveries | 28 | ' | ' | ' | ' | ' | 0 | 131 | 0 | 131 | ' | ' | ' | 28 | 291 | 129 | 6 | 6 | ' | ' | 37 | 46 | 143 | 153 | 88 | 932 | ' | 884 | 3,000 | 3 | 855 | 8 | 639 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | 704 | 208 | 1,289 | 421 | 978 | 3,938 |
Provision for Non Covered Loan and Lease Losses | 9,900 | 3,600 | 55,343 | 10,400 | ' | ' | 1,374 | 2,886 | 33,364 | 3,891 | ' | ' | -703 | -502 | 3,030 | 6,185 | 431 | 1,380 | ' | ' | 2,915 | 328 | 4,863 | 161 | 1,145 | 2,915 | ' | 1,394 | 2,403 | 119 | 6,835 | -505 | 3,143 | ' | ' | 201 | 769 | 553 | 668 | 0 | 0 | ' | ' | 6,930 | 3,600 | 48,645 | 10,400 | 2,970 | 6,698 |
Balance at end of period | ' | ' | ' | ' | $20,991 | $21,092 | $20,991 | $21,053 | $20,991 | $21,053 | $14,715 | $17,072 | $14,715 | $15,439 | $14,715 | $15,439 | $1,361 | $1,361 | $4,828 | $856 | $4,828 | $1,174 | $4,828 | $1,174 | $0 | $0 | $244 | $680 | $680 | $244 | $6,118 | $244 | $6,118 | $921 | $368 | $921 | $1,210 | $921 | $1,210 | $0 | $0 | $47,573 | $39,921 | $47,573 | $39,120 | $47,573 | $39,120 | $2,041 | $2,041 |
Allowance_for_Loan_and_Lease_L4
Allowance for Loan and Lease Losses (Gross Loan and Allowance for loan and lease losses) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | $9,300 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | ' | ' | 74,783 |
Loans and Leases Receivable, Gross, Carrying Amount | ' | ' | 1,430,484 |
Residential Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 9,333 | ' | 5,334 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,658 | ' | 15,758 |
Financing Receivable, Allowance for Credit Losses | 20,991 | ' | 21,092 |
Financing Receivable, Individually Evaluated for Impairment | 82,631 | ' | 74,783 |
Financing Receivable, Collectively Evaluated for Impairment | 659,415 | ' | 730,159 |
Loans and Leases Receivable, Gross, Carrying Amount | 742,046 | ' | 804,942 |
Commercial Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 818 | ' | 4,121 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 13,897 | ' | 12,951 |
Financing Receivable, Allowance for Credit Losses | 14,715 | ' | 17,072 |
Financing Receivable, Individually Evaluated for Impairment | 36,048 | ' | 46,199 |
Financing Receivable, Collectively Evaluated for Impairment | 1,137,167 | ' | 307,731 |
Loans and Leases Receivable, Gross, Carrying Amount | 1,173,215 | ' | 353,930 |
Commercial Portfolio Segment [Member] | Loans receivable Acquired [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,361 | ' | ' |
Financing Receivable, Allowance for Credit Losses | 1,361 | 924 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 122,497 | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 122,497 | ' | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,828 | ' | 856 |
Financing Receivable, Allowance for Credit Losses | 4,828 | ' | 856 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 113,509 | ' | 48,136 |
Loans and Leases Receivable, Gross, Carrying Amount | 113,509 | ' | 48,136 |
Consumer Portfolio Segment [Member] | Loans receivable Acquired [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses | 0 | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 59,817 | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 59,817 | ' | ' |
Unallocated Financing Receivables [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 921 | ' | 368 |
Financing Receivable, Allowance for Credit Losses | 921 | ' | 368 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 0 | ' | 0 |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | ' | 0 |
Unallocated Financing Receivables [Member] | Loans receivable Acquired [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses | 0 | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 0 | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | ' | ' |
Auotomobile loans portfolio segment [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | 0 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,118 | ' | 533 |
Financing Receivable, Allowance for Credit Losses | 6,118 | ' | 533 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | 0 |
Financing Receivable, Collectively Evaluated for Impairment | 313,701 | ' | 50,720 |
Loans and Leases Receivable, Gross, Carrying Amount | 313,701 | ' | 50,720 |
Auotomobile loans portfolio segment [Member] | Loans receivable Acquired [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 680 | ' | ' |
Financing Receivable, Allowance for Credit Losses | 680 | ' | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 335,528 | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 335,528 | ' | ' |
Total [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 10,151 | ' | 9,455 |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 37,422 | ' | 30,466 |
Financing Receivable, Allowance for Credit Losses | 47,573 | ' | 39,921 |
Financing Receivable, Individually Evaluated for Impairment | 118,679 | ' | 120,982 |
Financing Receivable, Collectively Evaluated for Impairment | 2,223,792 | ' | 1,136,746 |
Loans and Leases Receivable, Gross, Carrying Amount | 2,342,471 | ' | 1,257,728 |
Total [Member] | Loans receivable Acquired [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | ' | ' |
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,041 | ' | ' |
Financing Receivable, Allowance for Credit Losses | 2,041 | 924 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' | ' |
Financing Receivable, Collectively Evaluated for Impairment | 517,842 | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | $517,842 | ' | ' |
Allowance_for_Loan_and_Lease_L5
Allowance for Loan and Lease Losses (Recorded Investment in loans individually evaluated for impairment) (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Loans receivable Acquired [Member] | Non Covered Loan [Member] | Non Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Commercial Loan [Member] | Troubled Debt Restructuring [Member] | Troubled Debt Restructuring [Member] | Troubled Debt Restructuring [Member] | ||||||
Loans receivable Acquired [Member] | Non Covered Loan [Member] | Non Covered Loan [Member] | Non Covered Loan [Member] | Non Covered Loan [Member] | Non Covered Loan [Member] | Covered Loan [Member] | ||||||||||||
Loans receivable Acquired [Member] | Loans receivable Acquired [Member] | |||||||||||||||||
Impaired Financing Receivable Unpaid Principal Balance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Unpaid Principal Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | $362,862 | $380,330 | ' | $8,158 | $16,666 | ' | $86,249 | $76,859 | ' |
Impaired Financing Receivable With No Related Allowance Unpaid Principal Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229 | 34,008 | ' | 36,293 | ' | ' | ' |
Total Unpaid Principal | ' | ' | ' | ' | ' | ' | 229 | 128,415 | 129,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable Recorded Investment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177,234 | 174,397 | ' | 6,556 | 14,570 | ' | 82,631 | 74,783 | ' |
Impaired Financing Receivable With No Related Allowance Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 229 | 29,492 | ' | 31,629 | ' | ' | ' |
Total Recorded Investment | ' | ' | ' | ' | ' | ' | 229 | 118,679 | 120,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for covered loan and lease losses, net | $56,555 | $53,992 | $54,124 | $56,865 | $58,628 | $37,256 | ' | $10,151 | $9,455 | $56,555 | $54,124 | ' | $818 | $4,121 | ' | ' | $5,334 | $9,333 |
Coverage | ' | ' | ' | ' | ' | ' | ' | 9.00% | 8.00% | 31.91% | 31.03% | ' | 12.00% | 28.00% | ' | 11.00% | 7.00% | ' |
Allowance_for_Loan_and_Lease_L6
Allowance for Loan and Lease Losses (Interest Income Recognized in loans individually evaluated for impairment) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | $863 | ' | $2,396 | $1,768 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | ' | 633 | ' | ' |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 120,232 | ' | 122,749 | 102,376 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | ' | 103,434 | ' | ' |
Commercial Loan [Member] | ' | ' | ' | ' |
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 5 | 40 | 16 | 163 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 146 | 83 | 438 | 261 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 9,039 | 9,027 | 14,872 | 16,686 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 28,805 | 28,475 | 26,471 | 24,068 |
Troubled Debt Restructuring [Member] | ' | ' | ' | ' |
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | ' | ' | 1,942 | 1,344 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ' | ' | ' | ' |
Impaired Financing Receivable With Related Allowance Average Recorded Investment | ' | ' | $81,406 | $61,622 |
Allowance_for_Loan_and_Lease_L7
Allowance for Loan and Lease Losses (TDR Pre/Post Modifications) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
number | number | number | number | |
Residential Mortgage [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 21 | 58 | 102 | ' |
Financing Receivable Modifications Pre Modification Recorded Investment | $2,887 | $9,006 | $12,828 | ' |
Pre Modification Weighted Average Rate | 6.74% | 6.32% | 6.43% | ' |
Pre Modification Weighted Average Term | '352 months | '308 months | '334 months | ' |
Financing Receivable Modifications Post Modification Recorded Investment | 3,066 | 9,789 | 13,685 | ' |
Post Modification Weighted Average Rate | 6.74% | 4.65% | 5.15% | ' |
Post Modification Weighted Average Term | '351 months | '405 months | '393 months | ' |
Commercial Loan [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | 0 | 2 | 155 |
Financing Receivable Modifications Pre Modification Recorded Investment | 0 | 0 | 1,842 | 23,701 |
Pre Modification Weighted Average Rate | 0.00% | 0.00% | 8.99% | 6.44% |
Pre Modification Weighted Average Term | '0 months | '0 months | '87 months | '310 months |
Financing Receivable Modifications Post Modification Recorded Investment | 0 | 0 | 1,842 | 25,385 |
Post Modification Weighted Average Rate | 0.00% | 0.00% | 4.00% | 4.86% |
Post Modification Weighted Average Term | '0 months | '0 months | '66 months | '400 months |
Consumer Loan [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of contracts | 0 | ' | 0 | 7 |
Financing Receivable Modifications Pre Modification Recorded Investment | 0 | ' | 0 | 6,981 |
Pre Modification Weighted Average Rate | 0.00% | ' | 0.00% | 6.13% |
Pre Modification Weighted Average Term | '0 months | ' | '0 months | '46 months |
Financing Receivable Modifications Post Modification Recorded Investment | $0 | ' | $0 | $6,550 |
Post Modification Weighted Average Rate | 0.00% | ' | 0.00% | 6.17% |
Post Modification Weighted Average Term | '0 months | ' | '0 months | '46 months |
Allowance_for_Loan_and_Lease_L8
Allowance for Loan and Lease Losses (Troubled debt restructurings, Rolling Twelve Months) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2012 |
number | number | |
Residential Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 30 | 37 |
Recored Investment | $3,097 | $5,029 |
Consumer Loan [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recored Investment | $0 | $0 |
Allowance_for_Loan_and_Lease_L9
Allowance for Loan and Lease Losses (Credit Quality Indicator of non-covered loans) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | $1,430,484 |
Financing Receivable, Individually Evaluated for Impairment | ' | 74,783 |
Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Pass | 25,171 | ' |
Special Mention | 15,295 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 30,932 | ' |
Commercial Secured [Member] | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 393,398 | 251,274 |
Pass | 345,585 | 183,033 |
Special Mention | ' | 23,928 |
Substandard | 1,586 | 2,127 |
Doubtful | 0 | 99 |
Financing Receivable, Individually Evaluated for Impairment | ' | 42,087 |
Commercial Secured [Member] | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 25,398 | ' |
Pass | 23,538 | ' |
Special Mention | 443 | ' |
Substandard | 1,417 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Corporate | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 58,388 | ' |
Pass | 58,388 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Corporate | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 12,114 | ' |
Pass | 11,664 | ' |
Special Mention | 0 | ' |
Substandard | 450 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Institutional | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 3,857 | ' |
Pass | 3,857 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Institutional | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | ' |
Pass | 0 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Middle Market | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 177,309 | ' |
Pass | 151,714 | ' |
Special Mention | 13,369 | ' |
Substandard | 118 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 12,108 | ' |
Middle Market | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | ' |
Pass | 0 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Retail | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 141,925 | ' |
Pass | 119,707 | ' |
Special Mention | 1,926 | ' |
Substandard | 1,468 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 18,824 | ' |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 10,627 | ' |
Pass | 9,318 | ' |
Special Mention | 443 | ' |
Substandard | 866 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Floor Plan | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,000 | ' |
Pass | 1,000 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 2,657 | ' |
Pass | 2,556 | ' |
Special Mention | 0 | ' |
Substandard | 101 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Real Estate | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 10,919 | ' |
Pass | 10,919 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Real Estate | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | ' |
Pass | 0 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Other commercial and industrial [Member] | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 779,817 | 97,801 |
Pass | 770,628 | 80,951 |
Special Mention | 3,777 | 8,569 |
Substandard | 296 | 4,169 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 5,116 | 4,112 |
Other commercial and industrial [Member] | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 97,099 | ' |
Pass | 95,362 | ' |
Special Mention | 770 | ' |
Substandard | 967 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Corporate | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 25,171 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Corporate | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 11,923 | ' |
Pass | 11,825 | ' |
Special Mention | 0 | ' |
Substandard | 98 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Institutional | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 643,555 | ' |
Pass | 643,555 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Institutional | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,700 | ' |
Pass | 1,700 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Middle Market | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 53,337 | ' |
Pass | 46,471 | ' |
Special Mention | 3,615 | ' |
Substandard | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 3,251 | ' |
Middle Market | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 0 | ' |
Pass | 0 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Retail | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 52,206 | ' |
Pass | 49,883 | ' |
Special Mention | 162 | ' |
Substandard | 296 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 1,865 | ' |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 36,050 | ' |
Pass | 34,859 | ' |
Special Mention | 450 | ' |
Substandard | 741 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Floor Plan | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 5,548 | ' |
Pass | 5,548 | ' |
Special Mention | 0 | ' |
Substandard | 0 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 47,426 | ' |
Pass | 46,978 | ' |
Special Mention | 320 | ' |
Substandard | 128 | ' |
Doubtful | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Construction and commercial real estate [Member] | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | 20,779 |
Pass | ' | 20,143 |
Special Mention | ' | 245 |
Substandard | ' | 391 |
Doubtful | ' | 0 |
Financing Receivable, Individually Evaluated for Impairment | ' | 0 |
Commercial and Industrial | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | 329,463 |
Pass | ' | 326,916 |
Special Mention | 1,213 | 213 |
Substandard | ' | 2,334 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | ' | 0 |
Total Commercial subject to risk rating [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,295,712 | 699,317 |
Pass | 1,235,113 | 611,043 |
Special Mention | 20,285 | 32,955 |
Substandard | 4,266 | 9,021 |
Doubtful | 0 | 99 |
Financing Receivable, Individually Evaluated for Impairment | 36,048 | 46,199 |
Total Commercial subject to risk rating [Member] | Non-covered originated loans [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,173,215 | 349,075 |
Pass | 1,116,213 | 263,984 |
Special Mention | 19,072 | 32,497 |
Substandard | 1,882 | 6,296 |
Doubtful | 0 | 99 |
Financing Receivable, Individually Evaluated for Impairment | 36,048 | 46,199 |
Total Commercial subject to risk rating [Member] | Commercial Acquired loans (under ASC 310-20) [Member] | ' | ' |
Credit Quality Indicators [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 122,497 | 350,242 |
Pass | 118,900 | 347,059 |
Special Mention | ' | 458 |
Substandard | 2,384 | 2,725 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $0 | $0 |
Recovered_Sheet1
Allowance for Loan and Lease Losses (Risk category of gross non-covered loans not subject to risk rating ) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | $1,430,484 |
0 - 29 Days Past Due | ' | 1,184,386 |
30 - 59 Days Past Due | ' | 48,403 |
60 - 89 Days Past Due | ' | 17,483 |
90-119 Days Past Due | ' | 14,798 |
120 - 364 Days Past Due | ' | 31,164 |
365+ Days Past Due | ' | 59,467 |
Financing Receivable, Individually Evaluated for Impairment | ' | 74,783 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 742,046 | 805,292 |
0 - 29 Days Past Due | 592,474 | 571,081 |
30 - 59 Days Past Due | 126 | 39,670 |
60 - 89 Days Past Due | 16,832 | 16,239 |
90-119 Days Past Due | 10,697 | 13,211 |
120 - 364 Days Past Due | 22,161 | 30,846 |
365+ Days Past Due | 17,125 | 59,462 |
Financing Receivable, Individually Evaluated for Impairment | 82,631 | 74,783 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Residential Mortgage [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 708,814 | 778,880 |
0 - 29 Days Past Due | 591,891 | 570,355 |
30 - 59 Days Past Due | 0 | 39,670 |
60 - 89 Days Past Due | 16,832 | ' |
90-119 Days Past Due | 5,211 | 7,147 |
120 - 364 Days Past Due | 6,426 | 20,187 |
365+ Days Past Due | 5,823 | 50,499 |
Financing Receivable, Individually Evaluated for Impairment | 82,631 | 74,783 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 578,912 | 633,751 |
0 - 29 Days Past Due | 543,897 | 518,018 |
30 - 59 Days Past Due | 0 | 36,214 |
60 - 89 Days Past Due | 14,872 | 15,044 |
90-119 Days Past Due | 4,825 | 6,590 |
120 - 364 Days Past Due | 6,073 | 17,647 |
365+ Days Past Due | 4,133 | 38,589 |
Financing Receivable, Individually Evaluated for Impairment | 5,112 | 1,649 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | Originated Up To The Year 2002 [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 85,309 | 101,268 |
0 - 29 Days Past Due | 79,655 | 80,715 |
30 - 59 Days Past Due | 0 | 6,907 |
60 - 89 Days Past Due | 2,232 | 2,116 |
90-119 Days Past Due | 963 | 886 |
120 - 364 Days Past Due | 781 | 3,720 |
365+ Days Past Due | 1,072 | 6,442 |
Financing Receivable, Individually Evaluated for Impairment | 606 | 482 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 122,648 | 149,862 |
0 - 29 Days Past Due | 113,887 | 114,341 |
30 - 59 Days Past Due | 0 | 12,048 |
60 - 89 Days Past Due | 4,919 | 5,206 |
90-119 Days Past Due | 1,945 | 2,082 |
120 - 364 Days Past Due | 1,166 | 3,994 |
365+ Days Past Due | 515 | 11,533 |
Financing Receivable, Individually Evaluated for Impairment | 216 | 658 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | Originated In The Year 2005 [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 66,041 | 80,900 |
0 - 29 Days Past Due | 62,661 | 65,245 |
30 - 59 Days Past Due | 0 | 4,983 |
60 - 89 Days Past Due | 1,342 | 1,746 |
90-119 Days Past Due | 610 | 1,202 |
120 - 364 Days Past Due | 972 | 1,846 |
365+ Days Past Due | 352 | 5,727 |
Financing Receivable, Individually Evaluated for Impairment | 104 | 151 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | Originated In The Year 2006 [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 90,962 | 113,086 |
0 - 29 Days Past Due | 84,398 | 84,926 |
30 - 59 Days Past Due | 0 | 9,012 |
60 - 89 Days Past Due | 3,668 | 3,525 |
90-119 Days Past Due | 972 | 1,530 |
120 - 364 Days Past Due | 834 | 5,103 |
365+ Days Past Due | 795 | 8,695 |
Financing Receivable, Individually Evaluated for Impairment | 295 | 295 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 104,550 | 121,639 |
0 - 29 Days Past Due | 99,285 | 108,357 |
30 - 59 Days Past Due | 0 | 2,632 |
60 - 89 Days Past Due | 2,020 | 1,682 |
90-119 Days Past Due | 0 | 641 |
120 - 364 Days Past Due | 1,735 | 2,532 |
365+ Days Past Due | 676 | 5,732 |
Financing Receivable, Individually Evaluated for Impairment | 834 | 63 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Conventional Loan [Member] | Originated In The Years 2010 2011 2012 And 2013 [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 109,402 | 66,996 |
0 - 29 Days Past Due | 104,011 | 64,434 |
30 - 59 Days Past Due | 0 | 632 |
60 - 89 Days Past Due | 691 | 769 |
90-119 Days Past Due | 335 | 249 |
120 - 364 Days Past Due | 585 | 452 |
365+ Days Past Due | 723 | 460 |
Financing Receivable, Individually Evaluated for Impairment | 3,057 | 0 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | NonTraditional Mortgage [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 44,247 | 57,819 |
0 - 29 Days Past Due | 40,947 | 42,742 |
30 - 59 Days Past Due | 0 | 2,850 |
60 - 89 Days Past Due | 1,720 | 1,067 |
90-119 Days Past Due | 327 | 455 |
120 - 364 Days Past Due | 262 | 2,287 |
365+ Days Past Due | 843 | 8,418 |
Financing Receivable, Individually Evaluated for Impairment | 148 | 0 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Loss Mitigation Program Loan Exclude Individually Impairment Measure [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 85,655 | 87,310 |
0 - 29 Days Past Due | 7,047 | 9,595 |
30 - 59 Days Past Due | 0 | 606 |
60 - 89 Days Past Due | 240 | 128 |
90-119 Days Past Due | 59 | 102 |
120 - 364 Days Past Due | 91 | 253 |
365+ Days Past Due | 847 | 3,492 |
Financing Receivable, Individually Evaluated for Impairment | 77,371 | 73,134 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Loans And Leases Receivable Consumer Home Equity [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 721 | 736 |
0 - 29 Days Past Due | 583 | 726 |
30 - 59 Days Past Due | 126 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90-119 Days Past Due | 0 | 0 |
120 - 364 Days Past Due | 0 | 0 |
365+ Days Past Due | 12 | 10 |
Financing Receivable, Individually Evaluated for Impairment | ' | 0 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | Residential Mortgage Exclude Individually Measured Impairment [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
60 - 89 Days Past Due | ' | 16,239 |
Residential Related Loans Exclude Individually Impairment Measure [Member] | GNMA's Buy Back Option related | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 32,511 | 25,676 |
0 - 29 Days Past Due | 0 | 0 |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90-119 Days Past Due | 5,486 | 6,064 |
120 - 364 Days Past Due | 15,735 | 10,659 |
365+ Days Past Due | 11,290 | 8,953 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Consumer Loan [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 113,509 | 46,667 |
0 - 29 Days Past Due | 110,953 | 45,419 |
30 - 59 Days Past Due | 1,416 | 747 |
60 - 89 Days Past Due | 568 | 92 |
90-119 Days Past Due | 281 | 188 |
120 - 364 Days Past Due | 113 | 218 |
365+ Days Past Due | 33 | 3 |
Financing Receivable, Individually Evaluated for Impairment | 145 | 0 |
Loans Exclude Commercial [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 1,564,601 | ' |
0 - 29 Days Past Due | 1,371,118 | ' |
30 - 59 Days Past Due | 30,873 | ' |
60 - 89 Days Past Due | 24,648 | ' |
90-119 Days Past Due | 14,793 | ' |
120 - 364 Days Past Due | 23,235 | ' |
365+ Days Past Due | 17,158 | ' |
Financing Receivable, Individually Evaluated for Impairment | 82,776 | ' |
Consumer Loans Auto Financing Receivable Member | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 313,701 | ' |
0 - 29 Days Past Due | 289,879 | ' |
30 - 59 Days Past Due | 16,682 | ' |
60 - 89 Days Past Due | 4,504 | ' |
90-119 Days Past Due | 1,904 | ' |
120 - 364 Days Past Due | 732 | ' |
365+ Days Past Due | 0 | ' |
Financing Receivable, Individually Evaluated for Impairment | 0 | ' |
Consumer Loans Auto Financing Receivable Member | Automobile Loan | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | ' | 37,577 |
0 - 29 Days Past Due | ' | 37,066 |
30 - 59 Days Past Due | ' | 251 |
60 - 89 Days Past Due | ' | 129 |
90-119 Days Past Due | ' | 46 |
120 - 364 Days Past Due | ' | 85 |
365+ Days Past Due | ' | 0 |
Financing Receivable, Individually Evaluated for Impairment | ' | 0 |
Loans receivable Acquired [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 395,345 | 540,948 |
0 - 29 Days Past Due | 377,812 | 530,820 |
30 - 59 Days Past Due | 12,649 | 7,735 |
60 - 89 Days Past Due | 2,744 | 1,023 |
90-119 Days Past Due | 1,911 | 1,353 |
120 - 364 Days Past Due | 229 | 15 |
365+ Days Past Due | 0 | 2 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Loans receivable Acquired [Member] | Consumer Loan [Member] | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 59,817 | 70,347 |
0 - 29 Days Past Due | 57,015 | 68,270 |
30 - 59 Days Past Due | 1,463 | 982 |
60 - 89 Days Past Due | 46 | 0 |
90-119 Days Past Due | 1,281 | 1,089 |
120 - 364 Days Past Due | 12 | 4 |
365+ Days Past Due | 0 | 2 |
Financing Receivable, Individually Evaluated for Impairment | ' | 0 |
Loans receivable Acquired [Member] | Automobile Loan | ' | ' |
Not Subject To Risk Rating [Line Items] | ' | ' |
Loans and Leases Receivable, Gross, Carrying Amount | 335,528 | 470,601 |
0 - 29 Days Past Due | 320,797 | 462,550 |
30 - 59 Days Past Due | 11,186 | 6,753 |
60 - 89 Days Past Due | 2,698 | 1,023 |
90-119 Days Past Due | 630 | 264 |
120 - 364 Days Past Due | 217 | 11 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $0 | $0 |
Recovered_Sheet2
Allowance for Loan and Lease Losses (Allowance for Covered Loan and Lease Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of the period | $53,992 | $58,628 | $54,124 | $37,256 |
Provision for covered loan and lease losses, net | 3,074 | 221 | 4,956 | 8,845 |
FDIC shared-loss portion of provision for (recapture of) covered loan and lease losses, net | -511 | -1,984 | -2,525 | 10,764 |
Balance at end of the period | $56,555 | $56,865 | $56,555 | $56,865 |
Recovered_Sheet3
Allowance for Loan and Lease Losses (Recorded Investment in Covered Loan Pools) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Covered Loan [Member] | Covered Loan [Member] | Loans Secured by multi-family properties [Member] | Loans Secured by multi-family properties [Member] | Construction and development secured by multi-family properties [Member] | Construction and development secured by multi-family properties [Member] | Other Commercial [Member] | Other Commercial [Member] | Consumer Loan [Member] | Consumer Loan [Member] | ||||||||
Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | Covered Loan [Member] | ||||||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid Principal | ' | ' | ' | ' | ' | ' | ' | $362,862 | $380,330 | $54,515 | $45,208 | $67,148 | $68,255 | $228,848 | $252,373 | $12,351 | $14,494 |
Recorded Investment | ' | ' | ' | ' | ' | ' | ' | 177,234 | 174,397 | 38,684 | 29,482 | 16,674 | 15,185 | 115,363 | 121,237 | 6,513 | 8,493 |
Provision for covered loan and lease losses, net | 56,555 | 56,555 | 56,865 | 53,992 | 54,124 | 58,628 | 37,256 | 56,555 | 54,124 | 11,021 | 4,986 | 6,789 | 6,137 | 38,130 | 42,323 | 615 | 678 |
Coverage | ' | ' | ' | ' | ' | ' | ' | 31.91% | 31.03% | 28.49% | 16.91% | 40.72% | 40.41% | 33.05% | 34.91% | 9.44% | 7.98% |
Average Recorded Investment | $120,232 | $122,749 | $102,376 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FDIC_Loss_Share_Asset_and_True2
FDIC Loss Share Asset and True-up Payment Obligation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
FDIC-Assisted Acquisition and FDIC Shared-Loss Indemnification Asset [Abstract] | ' | ' | ' |
Percent Of Losses Fdic Absorbs | 80.00% | 80.00% | ' |
Percent Of Losses Recoveries Fdic Shares | 80.00% | 80.00% | ' |
Acquisition Date | ' | 30-Apr-10 | ' |
True-Up Payment Description | ' | 'The FDIC shared-loss expense of $48.8 million for the nine-month period ended September 30, 2013 compared to $18.5 million for the same period in 2012, resulted from the ongoing evaluation of expected cash flows of the covered loan portfolio, which resulted in reduced projected losses expected to be collected from the FDIC and the improved accretable yield on the covered loans. Forecasted losses show a decreasing trend during the nine-month period ended September 30, 2013 as compared to the projections in 2012.The reduction in claimable losses amortizes the shared-loss indemnification asset through shorter of the life of the shared loss agreement or the loan holding period. This amortization is net of the accretion of the discount recorded to reflect the expected claimable loss at its net present value. During the quarter and nine-month period ended September 30, 2013, the net amortization included $3.3 million and $10.5 million, respectively, of additional amortization of the FDIC indemnification asset from stepped up cost recoveries on certain construction and leasing loan pools. Additional amortization of the FDIC indemnification asset may be recorded, should the Company continues to experience reduced expected losses. The majority of the FDIC indemnification asset is recorded for projected claimable losses on non-single family loans whose loss share period ends by the second quarter of 2015, although the recovery share period extends for an additional three year period. The Bank agreed to make a true-up payment, also known as clawback liability, to the FDIC on the date that is 45 days following the last day (such day, the “True-Up Measurement Date”) of the final shared-loss month, or upon the final disposition of all covered assets under the shared-loss agreements in the event losses thereunder fail to reach expected levels. Under the shared-loss agreements, the Bank will pay to the FDIC 50% of the excess, if any, of: (i) 20% of the Intrinsic Loss Estimate of $906.0 million (or $181.2 million) (as determined by the FDIC) less (ii) the sum of: (A) 25% of the asset discount (per bid) (or $227.5 million); plus (B) 25% of the cumulative shared-loss payments (defined as the aggregate of all of the payments made or payable to the Bank minus the aggregate of all of the payments made or payable to the FDIC); plus (C) the sum of the period servicing amounts for every consecutive twelve-month period prior to and ending on the True-Up Measurement Date in respect of each of the shared-loss agreements during which the shared-loss provisions of the applicable shared-loss agreement is in effect (defined as the product of the simple average of the principal amount of shared-loss loans and shared-loss assets at the beginning and end of such period times 1%) | ' |
FDIC Clawback Liability | $17.70 | $17.70 | $15.50 |
Additional amortization of the FDIC indemnification asset | $3.30 | $10.50 | ' |
FDIC_Loss_Share_Asset_and_True3
FDIC Loss Share Asset and True-up Payment Obligation (FDIC Indemnification Asset Roll Forward) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
FDIC Indemnification Asset [Roll Forward] | ' | ' | ' | ' |
Balance | ' | ' | $286,799 | $392,367 |
Shared-loss agreements reimbursements from the FDIC | ' | ' | -32,732 | -63,272 |
Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net | ' | ' | -2,525 | 10,764 |
FDIC shared-loss expense, net | -15,965 | -8,096 | -48,801 | -18,505 |
Incurred expenses to be reimbursed under shared-loss agreements | ' | ' | 5,167 | 7,219 |
Balance | $207,908 | $328,573 | $207,908 | $328,573 |
Derivative_Activities_Narrativ
Derivative Activities (Narratives) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jul. 31, 2012 |
Interest Rate Cap [Member] | Options [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Notional Amount Purchased Option | $33,300,000 | $66,600,000 | ' | ' |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 17,200,000 | 12,700,000 | ' | ' |
Notional Amount Embedded Option | 32,000,000 | 62,300,000 | ' | ' |
Derivative, Notional Amount | ' | ' | 94,000,000 | 200,000,000 |
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | ' | ' | $13,000,000 | ' |
Derivative_Activities_Derivati
Derivative Activities (Derivative Assets and Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ' | ' |
Derivative Assets | $21,345 | $21,889 |
Derivative Liabilities | 16,741 | 26,260 |
Options tied to Standard & Poor 500 Stock Market Index [Member] | ' | ' |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ' | ' |
Derivative Assets | 17,941 | 13,233 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ' | ' |
Derivative Assets | 29 | 0 |
Derivative Liabilities | 12,983 | 17,665 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ' | ' |
Derivative Assets | 3,154 | 8,426 |
Derivative Liabilities | 3,154 | 8,365 |
Interest Rate Cap [Member] | ' | ' |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ' | ' |
Derivative Assets | 221 | 230 |
Derivative Liabilities | 221 | 230 |
Other derivative | ' | ' |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | $383 | $0 |
Derivative_Activities_Interest
Derivative Activities (Interest rate swap and their term) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Interest rate swap designated as cash flow hedges | ' |
Derivative [Line Items] | ' |
Amount | $265,898 |
Interest rate swap designated as cash flow hedges | Rate 2.4365% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 25,000 |
Fixed rate | 2.44% |
Trade Date | 5-May-11 |
Settlement Date | 4-May-12 |
Maturity Date | 4-May-16 |
Interest rate swap designated as cash flow hedges | Rate 2.6200% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 25,000 |
Fixed rate | 2.62% |
Trade Date | 5-May-11 |
Settlement Date | 24-Jul-12 |
Maturity Date | 24-Jul-16 |
Interest rate swap designated as cash flow hedges | Rate 2.6350% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 25,000 |
Fixed rate | 2.64% |
Trade Date | 5-May-11 |
Settlement Date | 30-Jul-12 |
Maturity Date | 30-Jul-16 |
Interest rate swap designated as cash flow hedges | Rate 2.6590% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 50,000 |
Fixed rate | 2.66% |
Trade Date | 5-May-11 |
Settlement Date | 10-Aug-12 |
Maturity Date | 10-Aug-16 |
Interest rate swap designated as cash flow hedges | Rate 2.6750% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 100,000 |
Fixed rate | 2.68% |
Trade Date | 5-May-11 |
Settlement Date | 16-Aug-12 |
Maturity Date | 16-Aug-16 |
Interest rate swap designated as cash flow hedges | Rate 2.4210% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 40,898 |
Fixed rate | 2.42% |
Trade Date | 3-Jul-13 |
Settlement Date | 3-Jul-13 |
Maturity Date | 1-Aug-23 |
Interest rate swaps not designated as hedges - offered to clients | ' |
Derivative [Line Items] | ' |
Amount | 17,817 |
Interest rate swaps not designated as hedges - offered to clients | ' |
Derivative [Line Items] | ' |
Amount | $17,817 |
Derivative_Activities_Interest1
Derivative Activities (Interest rate swap not designated as hedging instruments and their term) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Derivatives Offered to Clients [Member] | ' |
Derivative [Line Items] | ' |
Amount | $17,817 |
Derivatives Offered to Clients [Member] | Rate 5.13% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 4,186 |
Fixed rate | 5.13% |
Settlement Date | 3-Jul-06 |
Maturity Date | 3-Jul-16 |
Derivatives Offered to Clients [Member] | Rate 5.51% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 12,500 |
Fixed rate | 5.51% |
Settlement Date | 11-Apr-09 |
Maturity Date | 11-Apr-19 |
Derivatives Offered to Clients [Member] | Rate 5.15% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 1,131 |
Fixed rate | 5.15% |
Settlement Date | 24-Oct-08 |
Maturity Date | 24-Oct-13 |
Mirror Image Derivatives [Member] | ' |
Derivative [Line Items] | ' |
Amount | 17,817 |
Mirror Image Derivatives [Member] | Rate 5.13% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 4,186 |
Fixed rate | 5.13% |
Settlement Date | 3-Jul-06 |
Maturity Date | 3-Jul-16 |
Mirror Image Derivatives [Member] | Rate 5.51% [Member] | ' |
Derivative [Line Items] | ' |
Amount | 12,500 |
Fixed rate | 5.51% |
Settlement Date | 11-Apr-09 |
Maturity Date | 11-Apr-19 |
Mirror Image Derivatives [Member] | Rate 4.96% [Member] | ' |
Derivative [Line Items] | ' |
Amount | $1,131 |
Fixed rate | 4.96% |
Settlement Date | 24-Oct-08 |
Maturity Date | 24-Oct-13 |
Other_Assets_Narratives_Detail
Other Assets (Narratives) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 18, 2012 |
BBVAPR | BBVAPR | CoreDepositsMember | CoreDepositsMember | Customer Relationships [Member] | Customer Relationships [Member] | |||
Eurobank [Member] | Eurobank [Member] | BBVAPR | BBVAPR | |||||
Other assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid Taxes | ' | $12,000,000 | ' | ' | ' | ' | ' | ' |
Mortgage tax credits | 8,706,000 | 8,706,000 | 6,300,000 | 7,400,000 | ' | ' | ' | ' |
Other Intangible Assets | ' | ' | ' | ' | 8,200,000 | 9,500,000 | 4,300,000 | 5,000,000 |
Repossessed auto loans acquired | $9,400,000 | $5,900,000 | ' | ' | ' | ' | ' | ' |
Other_Assets_Other_assets_Deta
Other Assets (Other assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other asset | ' | ' |
Other prepaid expenses | $16,967 | $19,597 |
Prepaid FDIC insurance | 0 | 6,451 |
Core deposit intangible and customer relationship intangibles | 12,557 | 14,490 |
Other repossessed assets | 9,631 | 6,084 |
Mortgage tax credits | 8,706 | 8,706 |
Investment in Statutory Trust | 1,086 | 1,086 |
Servicing Advance | 0 | 7,976 |
Accounts receivable and other assets | 60,151 | 59,251 |
Other assets | $109,098 | $123,641 |
Deposits_and_Related_Interest_1
Deposits and Related Interest (Narratives) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Deposits [Abstract] | ' | ' |
Weighted Average Rate Domestic Deposit | 0.73% | 1.33% |
Puerto Rico Cash & Money Market Fund Deposits | $92,600,000 | $101,500,000 |
Puerto Rico Cash & Money Market Fund Deposits Weighted Average Rate | 0.77% | ' |
Puerto Rico Cash & Money Market Fund Deposits Collateral | 69,800,000 | 80,300,000 |
Time Deposits, $100,000 or More | 1,210,000,000 | 1,870,000,000 |
Public Fund Time Deposits, $100,000 or more | ' | 78,300,000 |
Public Fund Time Deposits Weighted Average Rate, $100,000 or more | 0.45% | 0.72% |
Public Fund Time Deposits, $100,000 or more, Collateral Investments | 97,000,000 | 114,600,000 |
Public Fund Time Deposits, $100,000 or more, Collateral Commercial Loans | 680,000,000 | 485,800,000 |
Bank Overdrafts | $1,000,000 | $2,800,000 |
Deposits_and_Related_Interest_2
Deposits and Related Interest (Deposits by Components) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits, by Component, Alternative [Abstract] | ' | ' |
Noninterest-bearing demand deposit | $764,467 | $799,667 |
Interest-bearing saving and demand deposits | 2,399,995 | 2,282,305 |
Individual Retirement Account | 349,925 | 377,618 |
Retail certificates of deposists | 665,649 | 699,983 |
Institutional certificates of deposits | 635,729 | 602,828 |
Total Core Deposits | 4,815,765 | 4,762,401 |
Brokered Deposists | $794,672 | $928,166 |
Deposits_and_Related_Interest_3
Deposits and Related Interest (Interest expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Expense Domestic Deposit Liabilities [Abstract] | ' | ' | ' | ' |
Demand and saving deposits | $5,596 | $2,547 | $16,993 | $8,570 |
Certificates of Deposits | 5,738 | 4,167 | 13,763 | 14,022 |
Total | $11,334 | $6,714 | $30,756 | $22,592 |
Deposits_and_Related_Interest_4
Deposits and Related Interest (Maturities of Time Deposits) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Maturities of Time Deposits [Abstract] | ' |
Time Deposit Maturities Less Than Three Month | $693,379 |
Time Deposit Maturities Three To Twelve Month | 577,003 |
Total Time deposits | 1,270,382 |
Time Deposit Maturities, Year Two | 406,241 |
Time Deposit Maturities, Year Three | 226,403 |
Time Deposit Maturities, Year Four | 138,832 |
Time Deposit Maturities, Year Five | 54,193 |
Certificates of deposit | $2,096,051 |
Borrowings_Narrative_Details
Borrowings (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2003 | |
Debt Instrument [Line Items] | ' | ' | ' |
Additional Borrowing Capacity | $681,000,000 | ' | ' |
Subordinated Debt | 99,486,000 | 146,038,000 | ' |
Trust redeemable preferred securities issued | ' | ' | 35,000,000 |
Debt Instrument, Interest Rate Terms | '3-month LIBOR plus 295 basis points | ' | ' |
Debt Instrument, Variable Rate | 3.20% | 3.26% | ' |
Next Call Date | 'December 2013 | ' | ' |
Other borrowings | 16,634,000 | 16,627,000 | ' |
Federal Funds Purchased | 13,200,000 | 9,900,000 | ' |
Subordinated capital notes issued in September 2006 at fixed rate of 5.76% | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Interest Rate Terms | 'three-month LIBOR plus 1.56% | ' | ' |
BBVAPR | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Tier Two Risk Based Capital | 26,800,000 | 50,200,000 | ' |
BBVAPR | Subordinated capital notes issued in September 2006 | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Subordinated Debt | 30,000,000 | ' | ' |
Debt Instrument, Interest Rate Terms | 'rate of three-month LIBOR plus 1.56% | ' | ' |
Debt Instrument, Variable Rate | 1.80% | 1.87% | ' |
BBVAPR | Subordinated capital notes issued in September 2006 at fixed rate of 5.76% | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Subordinated Debt | 37,000,000 | ' | ' |
Debt Instrument, Variable Rate | 1.80% | 1.87% | ' |
Federal Home Loan Bank Advances [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 1,300,000,000 | ' | ' |
Weighted average period remaining maturity of FHLB advances | '11.9 months | '3.5 months | ' |
Interest Payable | 328,000 | ' | ' |
Debt, Weighted Average Interest Rate | 0.30% | ' | ' |
Federal Home Loan Bank Advances [Member] | Mortgages [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Loans Receivable, Gross, Commercial, Mortgage | 1,300,000,000 | ' | ' |
Unsecured Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Other borrowings | 3,400,000 | 6,700,000 | ' |
Debt, Weighted Average Interest Rate | 0.67% | 0.67% | ' |
Short Term Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt, Weighted Average Interest Rate | 0.30% | ' | ' |
Junior Subordinated Deferrable Interest Debenture | Statutory Trust II [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Subordinated Debt | 36,100,000 | ' | ' |
Repurchase agreement | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest Payable | $2,400,000 | $2,400,000 | ' |
Borrowings_Securities_Sold_Und
Borrowings (Securities Sold Under Agreement to Repurchase by Counterparties) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | $336,250 | ' |
Securities Sold under Agreements to Repurchase [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 1,265,000 | 1,692,931 |
Fair Value of Underlying Collateral | 1,411,626 | 1,898,534 |
Securities Sold under Agreements to Repurchase [Member] | Ubs Financial Services Inc [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 500,000 | 500,000 |
Fair Value of Underlying Collateral | 593,914 | 616,751 |
Securities Sold under Agreements to Repurchase [Member] | Jp Morgan Chase Bank Na [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 255,000 | 412,837 |
Fair Value of Underlying Collateral | 273,143 | 443,436 |
Securities Sold under Agreements to Repurchase [Member] | Credit Suisse Securities LLC [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 255,000 | 255,000 |
Fair Value of Underlying Collateral | 272,235 | 269,943 |
Securities Sold under Agreements to Repurchase [Member] | Deutsche Bank [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 255,000 | 255,000 |
Fair Value of Underlying Collateral | 272,334 | 273,288 |
Securities Sold under Agreements to Repurchase [Member] | Citigroup Global Markets Inc [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 0 | 150,000 |
Fair Value of Underlying Collateral | 0 | 162,652 |
Securities Sold under Agreements to Repurchase [Member] | Barclays Bank [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 0 | 68,650 |
Fair Value of Underlying Collateral | 0 | 77,521 |
Securities Sold under Agreements to Repurchase [Member] | Wells Fargo [Member] | ' | ' |
Short Term Debt [Line Items] | ' | ' |
Borrowed fund | 0 | 51,444 |
Fair Value of Underlying Collateral | $0 | $54,943 |
Borrowings_Repurchase_Agreemen
Borrowings (Repurchase Agreements) (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Securities Sold under Agreements to Repurchase [Member] | Securities Sold under Agreements to Repurchase [Member] | Securities Sold under Agreements to Repurchase [Member] | Securities Sold under Agreements to Repurchase [Member] | Securities Sold under Agreements to Repurchase [Member] | Securities Sold under Agreements to Repurchase [Member] | Securities Sold under Agreements to Repurchase [Member] | |
Due date: 1 7 2014 [Member] | Due date: 12 3 2014 [Member] | Due date: 6 13 2015 [Member] | Due date: 12 8 2016 [Member] | Due date: 3 2 2017 [Member] | ||||
Short Term Debt [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing Balance | $336,250 | $1,265,000 | $1,692,931 | $255,000 | $85,000 | $255,000 | $170,000 | $500,000 |
Weighted Average Coupon | ' | 2.36% | ' | 0.50% | 0.68% | 0.84% | 1.50% | 4.67% |
Settlement Date | ' | ' | ' | 13-Dec-12 | 3-Dec-12 | 10-Dec-12 | 6-Dec-12 | 2-Mar-07 |
Investment Repurchase Agreement, Repurchase Date | ' | ' | ' | 7-Jan-14 | 3-Dec-14 | 13-Jun-15 | 8-Dec-16 | 2-Mar-17 |
Borrowings_Advances_from_the_F
Borrowings (Advances from the Federal Home Loan Bank) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | $336,250 |
FHLB, Weighted Average Interest Rate | 0.72% |
Federal Home Loan Bank Advances [Member] | April 3 2017 [Member] | Four Million [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 4,787 |
FHLB, Weighted Average Interest Rate | 1.24% |
Settlement Date | 3-Apr-12 |
Maturity Date | 3-Apr-17 |
Federal Home Loan Bank Advances [Member] | January 16, 2018 [Member] | Twenty Five Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 25,000 |
FHLB, Weighted Average Interest Rate | 2.18% |
Settlement Date | 16-Jan-13 |
Maturity Date | 16-Jan-18 |
Federal Home Loan Bank Advances [Member] | January 16, 2018 [Member] | Thirty Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 30,000 |
FHLB, Weighted Average Interest Rate | 2.19% |
Settlement Date | 16-Jan-13 |
Maturity Date | 16-Jan-18 |
Federal Home Loan Bank Advances [Member] | July 20, 2020 [Member] | Eleven Million [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 10,565 |
FHLB, Weighted Average Interest Rate | 2.59% |
Settlement Date | 19-Jul-13 |
Maturity Date | 20-Jul-20 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | October 4, 2013 [Member] | Twenty Five Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 25,000 |
FHLB, Weighted Average Interest Rate | 0.34% |
Settlement Date | 4-Sep-13 |
Maturity Date | 4-Oct-13 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | October 10, 2013 [Member] | Fifty Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 50,000 |
FHLB, Weighted Average Interest Rate | 0.34% |
Settlement Date | 10-Sep-13 |
Maturity Date | 10-Oct-13 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | October 16, 2013 [Member] | One Hundred Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 100,000 |
FHLB, Weighted Average Interest Rate | 0.34% |
Settlement Date | 16-Sep-13 |
Maturity Date | 16-Oct-13 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | October 24, 2013 [Member] | Twenty Five Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 25,000 |
FHLB, Weighted Average Interest Rate | 0.03% |
Settlement Date | 24-Sep-13 |
Maturity Date | 24-Oct-13 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | October 30, 2013 [Member] | Twenty Five Millions [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | 25,000 |
FHLB, Weighted Average Interest Rate | 0.33% |
Settlement Date | 30-Sep-13 |
Maturity Date | 30-Oct-13 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | October 1, 2013 [Member] | Fourty One Million [Member] | ' |
Advances From Federal Home Loan Banks [Line Items] | ' |
Borrowed fund | $40,898 |
FHLB, Weighted Average Interest Rate | 0.34% |
Settlement Date | 3-Sep-13 |
Maturity Date | 1-Oct-13 |
Borrowings_Redemption_Fund_Det
Borrowings (Redemption Fund) (Details) (Redemption Fund [Member], USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Redemption Fund [Member] | ' |
Debt Instrument [Line Items] | ' |
2013 | $28,475 |
2014 | 6,700 |
2015 | 6,700 |
2016 | 5,025 |
Total Debt Instrument Cumulative Sinking Fund Obligations | $46,900 |
Offsetting_Arrangements_Assets
Offsetting Arrangements (Assets Offsetting) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Assets [Line Items] | ' | ' |
Gross Amount of Recognized Assets | $106,345 | $101,889 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 106,345 | 101,889 |
Financial Instruments | 89,666 | 84,116 |
Cash Collateral Received | 0 | 1,380 |
Net Amount | 16,679 | 16,393 |
Derivative | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amount of Recognized Assets | 21,345 | 21,889 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 21,345 | 21,889 |
Financial Instruments | 1,999 | 2,016 |
Cash Collateral Received | 0 | 1,380 |
Net Amount | 19,346 | 18,493 |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell | ' | ' |
Offsetting Assets [Line Items] | ' | ' |
Gross Amount of Recognized Assets | 85,000 | 80,000 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 85,000 | 80,000 |
Financial Instruments | 87,667 | 82,100 |
Cash Collateral Received | 0 | 0 |
Net Amount | ($2,667) | ($2,100) |
Offsetting_Arrangement_Liabili
Offsetting Arrangement (Liabilities Offsetting) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount of Recognized Liabilities | $1,285,957 | $1,714,233 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,285,957 | 1,714,233 |
Financial Instruments | 1,419,824 | 1,909,990 |
Cash Collateral Provided | 3,780 | 12,770 |
Net Amount | -137,647 | -208,527 |
Derivative Financial Instruments, Liabilities [Member] | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount of Recognized Liabilities | 20,957 | 21,302 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 20,957 | 21,302 |
Financial Instruments | 8,198 | 11,456 |
Cash Collateral Provided | 3,780 | 12,770 |
Net Amount | 8,979 | -2,924 |
Securities Loaned or Sold under Agreements to Repurchase | ' | ' |
Offsetting Liabilities [Line Items] | ' | ' |
Gross amount of Recognized Liabilities | 1,265,000 | 1,692,931 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,265,000 | 1,692,931 |
Financial Instruments | 1,411,626 | 1,898,534 |
Cash Collateral Provided | 0 | 0 |
Net Amount | ($146,626) | ($205,603) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Loans and Leases Receivable, Related Parties [Roll Forward] | ' | ' | ' | ' |
Balance | $8,031 | $5,058 | $6,055 | $3,772 |
New loans | 14,264 | 0 | 18,498 | 1,396 |
Repayments | -3,289 | -17 | -5,315 | -93 |
Loans And Leases Receivable Related Parties Disposal | 0 | -23 | -232 | -57 |
Balance | $19,006 | $5,018 | $19,006 | $5,018 |
Income_Taxes_Narratives_Detail
Income Taxes (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes [Abstract] | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $4,000,000 | ' | $4,000,000 | ' | $5,300,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,200,000 | ' | 1,200,000 | ' | 1,400,000 |
Maximum Statutory Rate | ' | ' | 39.00% | ' | 30.00% |
Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued Due to Most Recent Acquisition | ' | ' | ' | ' | 665,000 |
Changes due to tax law enacted, Description | 'On June 30, 2013 the Governor signed Act No. 40-2013, known as “Ley de Redistribución y Ajuste de la Carga Contributiva” (Act of Redistribution and Adjustment of Tax Burden), as amended. This Act, along with others signed by the Governor, comprises the budget of the Commonwealth of Puerto Rico for 2013-2014. The main purpose of the Act is to increase government collections in order to alleviate the structural deficit. The most relevant provisions of the Act, as applicable to the Company, and effective for taxable years beginning after December 31,2012 are as follows: (1) the maximum Corporate Income Tax rate was increased from 30% to 39%; (2) the allowance deduction for determining the income subject to surtax was reduced from $750,000 to $25,000 (which must be allocated among the members of a controlled group of corporations: (3) the allowable Net Operating Loss (“NOL”) deduction was reduced to (i) 90% of the corporation’s net income subject to regular tax, for purposes of computing the regular income tax and (ii) 80% of the alternative minimum taxable income for purposes of computing the alternative minimum tax (“AMT”); (4) the NOL carryover period was extended from 10 to 12 years for NOLs incurred in taxable years beginning after December 31, 2004 and before January 1, 2013, and from 7 to 10 years for losses incurred in taxable years beginning after December 31, 2012; (5) a new special tax based on gross income (the “Special Tax”) was added to the Puerto Rico Internal Revenue Code of 2011, as further described below; and (6) a special tax of 1% on insurance premiums earned after June 30, 2013. In the case of non-financial institutions, the Special Tax is paid as part of the AMT and thus is accounted for under the provisions of ASC 740. The applicable rate for non-financial institutions increases gradually from 0.2% for gross income equal to or in excess of $1.0 million up to 0.85% for gross income in excess of $1.5 billion. In the case of a controlled group of corporations, the tax rate for all members of the group is determined by the aggregate gross income of all members in the group. In the case of financial institutions, the Special Tax is not part of the AMT calculation thus is accounted for as other tax not subject to the provisions of ASC 740 since the same is based on gross income. The applicable rate for financial institutions is 1%, of which fifty percent (50%) may be claimed as a credit against the financial institution’s applicable income tax. | ' | 'On June 30, 2013 the Governor signed Act No. 40-2013, known as “Ley de Redistribución y Ajuste de la Carga Contributiva” (Act of Redistribution and Adjustment of Tax Burden), as amended. This Act, along with others signed by the Governor, comprises the budget of the Commonwealth of Puerto Rico for 2013-2014. The main purpose of the Act is to increase government collections in order to alleviate the structural deficit. The most relevant provisions of the Act, as applicable to the Company, and effective for taxable years beginning after December 31,2012 are as follows: (1) the maximum Corporate Income Tax rate was increased from 30% to 39%; (2) the allowance deduction for determining the income subject to surtax was reduced from $750,000 to $25,000 (which must be allocated among the members of a controlled group of corporations: (3) the allowable Net Operating Loss (“NOL”) deduction was reduced to (i) 90% of the corporation’s net income subject to regular tax, for purposes of computing the regular income tax and (ii) 80% of the alternative minimum taxable income for purposes of computing the alternative minimum tax (“AMT”); (4) the NOL carryover period was extended from 10 to 12 years for NOLs incurred in taxable years beginning after December 31, 2004 and before January 1, 2013, and from 7 to 10 years for losses incurred in taxable years beginning after December 31, 2012; (5) a new special tax based on gross income (the “Special Tax”) was added to the Puerto Rico Internal Revenue Code of 2011, as further described below; and (6) a special tax of 1% on insurance premiums earned after June 30, 2013. In the case of non-financial institutions, the Special Tax is paid as part of the AMT and thus is accounted for under the provisions of ASC 740. The applicable rate for non-financial institutions increases gradually from 0.2% for gross income equal to or in excess of $1.0 million up to 0.85% for gross income in excess of $1.5 billion. In the case of a controlled group of corporations, the tax rate for all members of the group is determined by the aggregate gross income of all members in the group. In the case of financial institutions, the Special Tax is not part of the AMT calculation thus is accounted for as other tax not subject to the provisions of ASC 740 since the same is based on gross income. The applicable rate for financial institutions is 1%, of which fifty percent (50%) may be claimed as a credit against the financial institution’s applicable income tax. | ' | ' |
Tax Effect Reclassified From Accumulated OCI Into Income Tax Provision | 36,000 | 166,000 | 126,000 | 1,800,000 | ' |
Income Tax Change In Enacted Tax [Line Items] | ' | ' | ' | ' | ' |
IBE Tax Rate | ' | ' | 0.00% | ' | ' |
Unrealized Gains (Losses) | $379,000 | ' | ' | ' | $504,000 |
Income_taxes_Effective_Income_
Income taxes (Effective Income Tax Rate Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation | ' | ' | ' | ' |
Tax at statutory rates | ' | ' | $23,450 | $14,478 |
Tax effect of exempt income, net | ' | ' | -2,400 | -10,853 |
Effect in deferred taxes due to increase in tax rates from 30.0% to 39.0% | ' | ' | -38,731 | 0 |
Effect of change in tax of IBE | ' | ' | 0 | 1,776 |
Other items, net | ' | ' | -542 | -513 |
Total Income Tax Expense (Benefit) | $6,585 | $1,894 | ($18,223) | $4,888 |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation Abstract | ' | ' | ' | ' |
Tax at statutory rates | ' | ' | 39.00% | 30.00% |
Tax effect of exempt income, net | ' | ' | -4.00% | -22.49% |
Effect in deferred taxes due to increase in tax rates from 30.0% to 39.0% | ' | ' | -64.41% | 0.00% |
Effect of change in tax of IBE tax rate | ' | ' | 0.00% | 3.68% |
Other items, net | ' | ' | -0.90% | -1.06% |
Total Income Tax Expense (Benefit) | ' | 10.13% | -30.32% | ' |
Stockholders_Equity_Narratives
Stockholders Equity (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' |
Legal Surplus | $59,900,000 | ' | $59,900,000 | ' | $52,100,000 |
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 196,425 | 708,976 | 233,775 | 707,976 | ' |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | 0 | 7,022,000 | ' | ' | ' |
Income Tax Change In Enacted Tax [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate | ' | ' | -64.41% | 0.00% | ' |
Income Tax Expense (Benefit) | $6,585,000 | $1,894,000 | ($18,223,000) | $4,888,000 | ' |
Stockholders_Equity_Groups_and
Stockholders' Equity (Group's and the Bank's actual capital amounts and ratios) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Group [Member] | ' | ' |
Capital [Abstract] | ' | ' |
Actual - Total capital | $804,721 | $808,188 |
Actual - Tier 1 capital | 714,629 | 692,017 |
Actual - Tier 1 leverage capital | 714,629 | 692,017 |
Minimum Capital - Total Capital | 401,565 | 419,942 |
Minimum capital - Tier 1 capital | 200,782 | 209,971 |
Minimum capital - Tier 1 leverage capital | 327,072 | 422,862 |
Risk Based Ratios [Abstract] | ' | ' |
Capital to Risk Weighted Assets | 16.03% | 15.40% |
Tier One Risk Based Capital to Risk Weighted Assets | 14.24% | 13.18% |
Tier One Leverage Capital to Average Assets | 8.74% | 6.55% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Bank [Member] | ' | ' |
Capital [Abstract] | ' | ' |
Actual - Total capital | 749,060 | 719,676 |
Actual - Tier 1 capital | 659,221 | 604,997 |
Actual - Tier 1 leverage capital | 659,221 | 604,997 |
Minimum Capital - Total Capital | 399,924 | 412,245 |
Minimum capital - Tier 1 capital | 199,962 | 206,123 |
Minimum capital - Tier 1 leverage capital | 324,953 | 420,406 |
Minimum to be well capitalized - Total Capital | 499,905 | 515,307 |
Minimum to be well capitalized - Tier 1 capital | 299,943 | 309,184 |
Minimum to be well capitalized - Tier 1 leverage | $406,102 | $525,507 |
Risk Based Ratios [Abstract] | ' | ' |
Capital to Risk Weighted Assets | 14.98% | 13.97% |
Tier One Risk Based Capital to Risk Weighted Assets | 13.19% | 11.74% |
Tier One Leverage Capital to Average Assets | 8.12% | 5.76% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Stockholders_Equity_Earnings_p
Stockholders' Equity (Earnings per common share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $19,621 | $17,761 | $78,352 | $43,371 |
Nonconvertible Preferred Stock Dividend Serie A and D | -1,628 | -1,201 | -4,884 | -3,602 |
Dividends Convertible Preferred Stock | -1,837 | -1,838 | -5,512 | -1,838 |
Income available to common shareholders | 16,156 | 14,722 | 67,956 | 37,931 |
Effect of assumed conversion of convertible preferred stock | 1,837 | 1,838 | 5,512 | 1,838 |
Income available to common sharesholders assuming conversion | $17,993 | $16,560 | $73,468 | $39,769 |
Average common shares outstanding | 45,927 | 40,738 | 45,717 | 40,828 |
Average potential common shares options | 257 | 102 | 198 | 109 |
Average potential common shares convertible preferred stock | 7,138 | 7,138 | 7,138 | 2,379 |
Stockholders_Equity_Common_sha
Stockholders' Equity (Common shares held in treasury, activity) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Beginning of period | ' | ' | 7,090,597 | 6,564,124 |
Common shares used for exercise of restricted stock units (Shares) | -53,178 | -46,210 | ' | ' |
Common shares repurchased as part of the stock repurchase program (Shares) | 0 | 603,000 | ' | ' |
Common shares used to match defined contribution plan, net | -7,318 | -25,249 | ' | ' |
End of period | 7,030,101 | 7,095,665 | 7,090,597 | 6,564,124 |
Beginning of period | ' | ' | $81,275 | $74,808 |
Common shares used for exercise of restricted stock units (Value) | -556 | -483 | ' | ' |
Stock purchased under the repurchase program | 0 | 7,022 | ' | ' |
Common shares used to match defined contribution plan, net (Value) | -77 | -47 | ' | ' |
End of period | $80,642 | $81,300 | $81,275 | $74,808 |
Stockholders_Equity_Accumulate
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Accumulated other comprehensive income, net of tax, Total | $10,832 | $55,880 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Accumulated other comprehensive income, net of tax, Total | 10,832 | 55,880 |
AccumulatedOtherThanTemporaryImpairmentMember | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | 23,000 | 75,347 |
Income tax effect of unrealized gain on securities available-for-sale | -2,676 | -7,102 |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | 20,324 | 68,245 |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Unrealized loss on cash flow hedges | -12,954 | -17,664 |
Income tax effect of unrealized loss on cash flow hedges | 3,462 | 5,299 |
Net unrealized (loss) income on cash flow hedges | ($9,492) | ($12,365) |
Stockholders_Equity_Changes_in
Stockholders' Equity (Changes in Other Comprehensive Income by Components) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Net unrealized gains on securities available for sale | ' | ' |
Changes in components of Accumulated Other comprehensive Income | ' | ' |
Beginning balance | $25,400 | $68,245 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | -5,113 | -48,047 |
Reclassification Out Of Accumulated Other Comprehensive Income | 37 | 126 |
Other Comprehensive Income Other Net Of Tax | -5,076 | -47,921 |
Ending balance | 20,324 | 20,324 |
Net unrealized loss on cash flow hedges | ' | ' |
Changes in components of Accumulated Other comprehensive Income | ' | ' |
Beginning balance | -9,634 | -12,365 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | -1,509 | -1,530 |
Reclassification Out Of Accumulated Other Comprehensive Income | 1,651 | 4,403 |
Other Comprehensive Income Other Net Of Tax | 142 | 2,873 |
Ending balance | -9,492 | -9,492 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Changes in components of Accumulated Other comprehensive Income | ' | ' |
Beginning balance | 15,766 | 55,880 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | -6,622 | -49,577 |
Reclassification Out Of Accumulated Other Comprehensive Income | 1,688 | 4,529 |
Other Comprehensive Income Other Net Of Tax | -4,934 | -45,048 |
Ending balance | $10,832 | $10,832 |
Stockholders_Equity_Reclassifi
Stockholders' Equity (Reclassifications out of other comprehensive income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Tax Effect Reclassified From Accumulated OCI Into Income Tax Provision | $36 | $166 | $126 | $1,800 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Interest Rate Contract | 1,651 | ' | 4,403 | ' |
Tax Effect Reclassified From Accumulated OCI Into Income Tax Provision | 37 | ' | 126 | ' |
Total | $1,688 | ' | $4,529 | ' |
Commitments_Narratives_Details
Commitments (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Commitments and Contingencies [Abstract] | ' | ' | ' | ' | ' |
Rent Expenses | $2,500,000 | $1,600,000 | $7,700,000 | $4,900,000 | ' |
Acquired loans commitments | 349,300,000 | ' | 349,300,000 | ' | 461,600,000 |
Acquired standby letters of credit and financial guarantees | ' | ' | ' | ' | 65,900,000 |
Line of credit reserve | $900,000,000 | ' | $900,000,000 | ' | $362,000 |
Commitments_Summarized_creditr
Commitments (Summarized credit-related financial instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies [Abstract] | ' | ' |
Commitments To Extend Credit | $436,172 | $591,679 |
Commercial letters credit | 1,658 | 2,918 |
Standby letters of credit and financial guarantees | 24,002 | 69,789 |
Loans sold with recourse | 173,327 | 172,492 |
Commitments To Sell Or Securitize Mortgage Loans | $55,872 | $83,663 |
Commitments_Future_rental_comm
Commitments (Future rental commitments under leases) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due [Abstract] | ' |
2013 | $2,173 |
2014 | 8,402 |
2015 | 8,116 |
2016 | 7,492 |
2017 | 7,965 |
Thereafter | 24,755 |
Total | $58,903 |
Guarantees_Narrative_Details
Guarantees (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Serviced Mortgage Loan [Member] | Loan with recourse [Member] | Loan with recourse [Member] | Loan serviced under representation warranties [Member] | Loan serviced under representation warranties [Member] | Loan serviced under representation warranties [Member] | Loan serviced under representation warranties [Member] | Financial Guarantee Member | Financial Guarantee Member | |||
Guarantee Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Qualitative And Quantitative Information Assets Or Liabilities For Transferors Continuing Involvement In Securitization Or Asset backed Financing Arrangement Principal Amounts Outstanding | ' | ' | $477,000,000,000 | $173,300,000 | $173,300,000 | ' | ' | ' | ' | ' | ' |
Repurchased Loan | ' | ' | ' | 3,300,000 | 6,500,000 | 3,700,000 | 4,400,000 | 7,900,000 | 8,000,000 | ' | ' |
Valuation Allowances And Reserves Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 2,500,000 |
Gain (Loss) on repurchase loan subject or not to credit recourse | 477,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds Advanced To Investors Under Servicing Agreements | $515,000 | $107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Assets_and_liabilit
Fair Value (Assets and liabilities on recurring and non-recurring basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | $1,677,248 | $2,194,286 |
Money Market Funds, at Carrying Value | 11,651 | 13,205 |
Derivative Assets | 21,345 | 21,889 |
Servicing Assets | 13,651 | 10,795 |
Derivative liabilities | -16,741 | -26,260 |
Impaired Commercial Loan | ' | 74,783 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | 1,657,742 | 2,174,274 |
Securities purchased under agreements to resell | 85,000 | 80,000 |
Derivative Assets | 3,404 | 8,656 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | 19,506 | 20,012 |
Derivative Assets | 17,941 | 13,233 |
Servicing Assets | 13,651 | 10,795 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | 1,677,248 | 2,194,286 |
Securities purchased under agreements to resell | 85,000 | 80,000 |
Money Market Funds, at Carrying Value | 11,651 | 13,205 |
Derivative Assets | 21,345 | 21,889 |
Servicing Assets | 13,651 | 10,795 |
Derivative liabilities | -33,940 | -38,967 |
Total | 1,774,955 | 2,281,208 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | 0 | 0 |
Securities purchased under agreements to resell | 0 | 0 |
Money Market Funds, at Carrying Value | 11,651 | 13,205 |
Derivative Assets | 0 | 0 |
Servicing Assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total | 11,651 | 13,205 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | 1,657,742 | 2,174,274 |
Securities purchased under agreements to resell | 85,000 | 80,000 |
Money Market Funds, at Carrying Value | 0 | 0 |
Derivative Assets | 3,404 | 8,656 |
Servicing Assets | 0 | 0 |
Derivative liabilities | -16,741 | -26,260 |
Total | 1,729,405 | 2,236,670 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investment securities available-for-sale | 19,506 | 20,012 |
Securities purchased under agreements to resell | 0 | 0 |
Money Market Funds, at Carrying Value | 0 | 0 |
Derivative Assets | 17,941 | 13,233 |
Servicing Assets | 13,651 | 10,795 |
Derivative liabilities | -17,199 | -12,707 |
Total | 33,899 | 31,333 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Commercial Loan | 36,048 | 46,199 |
Foreclosed real estate | 48,407 | 75,447 |
Total | 84,455 | 121,646 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Commercial Loan | 0 | 0 |
Foreclosed real estate | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Commercial Loan | 0 | 0 |
Foreclosed real estate | 0 | 0 |
Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired Commercial Loan | 36,048 | 46,199 |
Foreclosed real estate | 48,407 | 75,447 |
Total | $84,455 | $121,646 |
Fair_Value_Reconciliation_of_a
Fair Value (Reconciliation of assets and liabilities using significant unobservable inputs (Level 3)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Asset-backed Securities, Securitized Loans and Receivables [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Changes in fair value of servicing assets | ' | ' | ' | $0 |
Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Changes in fair value of servicing assets | ' | ' | ' | 0 |
Other Debt Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Changes in fair value of servicing assets | ' | ' | ' | 0 |
Derivative Financial Instruments, Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Changes in fair value of servicing assets | ' | ' | ' | 0 |
Servicing Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Changes in fair value of servicing assets | ' | ' | ' | -436 |
Derivative Financial Instruments, Liabilities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Changes in fair value of servicing assets | ' | ' | ' | 0 |
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | 33,757 | 48,527 | 31,333 | 57,721 |
Gains (losses) included in earnings | -73 | 14 | -99 | 29 |
Changes in fair value of investment securities available for sale included in other comprehensive income | -552 | 1,706 | -506 | 2,187 |
New instruments acquired | 704 | 487 | 2,659 | 1,407 |
Principal repayments | -309 | -307 | -855 | -783 |
Amortization | 110 | 67 | 315 | 585 |
Sale of instruments | 0 | ' | 0 | -10,530 |
Changes in fair value of servicing assets | 262 | -314 | 1,052 | -436 |
Balance | 33,899 | 50,180 | 33,899 | 50,180 |
Fair Value, Measurements, Recurring [Member] | Asset-backed Securities, Securitized Loans and Receivables [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | ' | ' | ' | 10,530 |
Gains (losses) included in earnings | ' | ' | ' | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | ' | ' | ' | 0 |
New instruments acquired | ' | ' | ' | 0 |
Principal repayments | ' | ' | ' | 0 |
Amortization | ' | ' | ' | 0 |
Sale of instruments | ' | ' | ' | -10,530 |
Balance | ' | 0 | ' | 0 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | ' | 27,280 | ' | 26,758 |
Gains (losses) included in earnings | ' | 0 | ' | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | ' | 1,705 | ' | 2,193 |
New instruments acquired | ' | 0 | ' | 0 |
Principal repayments | ' | 0 | ' | 0 |
Amortization | ' | 17 | ' | 51 |
Sale of instruments | ' | ' | ' | 0 |
Changes in fair value of servicing assets | ' | 0 | ' | ' |
Balance | ' | 29,002 | ' | 29,002 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | 20,058 | 10,016 | 20,012 | 10,024 |
Gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | -552 | 1 | -506 | -6 |
New instruments acquired | 0 | 0 | 0 | 0 |
Principal repayments | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | -1 |
Sale of instruments | 0 | ' | 0 | 0 |
Changes in fair value of servicing assets | 0 | 0 | 0 | ' |
Balance | 19,506 | 10,017 | 19,506 | 10,017 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | 16,020 | 11,367 | 13,233 | 9,317 |
Gains (losses) included in earnings | 1,921 | 1,721 | 4,708 | 3,771 |
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | 0 | 0 | 0 |
New instruments acquired | 0 | 0 | 0 | 0 |
Principal repayments | 0 | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 | 0 |
Sale of instruments | 0 | ' | 0 | 0 |
Changes in fair value of servicing assets | 0 | 0 | 0 | ' |
Balance | 17,941 | 13,088 | 17,941 | 13,088 |
Fair Value, Measurements, Recurring [Member] | Servicing Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | 12,994 | 10,776 | 10,795 | 10,454 |
Gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | 0 | 0 | 0 |
New instruments acquired | 704 | 487 | 2,659 | 1,407 |
Principal repayments | -309 | -307 | -855 | -783 |
Amortization | 0 | 0 | 0 | 0 |
Sale of instruments | 0 | ' | 0 | 0 |
Changes in fair value of servicing assets | 262 | -314 | 1,052 | ' |
Balance | 13,651 | 10,642 | 13,651 | 10,642 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Balance | -15,315 | -10,912 | -12,707 | -9,362 |
Gains (losses) included in earnings | -1,994 | -1,707 | -4,807 | -3,742 |
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | 0 | 0 | 0 |
New instruments acquired | 0 | 0 | 0 | 0 |
Principal repayments | 0 | 0 | 0 | 0 |
Amortization | 110 | 50 | 315 | 535 |
Sale of instruments | 0 | ' | 0 | 0 |
Changes in fair value of servicing assets | 0 | 0 | 0 | ' |
Balance | ($17,199) | ($12,569) | ($17,199) | ($12,569) |
Fair_Value_Qualitative_informa
Fair Value (Qualitative information for assets and liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Derivative asset (S&P Purchased Options) [Member] | Derivative asset (S&P Purchased Options) [Member] | Derivative asset (S&P Purchased Options) [Member] | Servicing Assets [Member] | Servicing Assets [Member] | Servicing Assets [Member] | Derivative liability (S&P Embedded Options) [Member] | Derivative liability (S&P Embedded Options) [Member] | Derivative liability (S&P Embedded Options) [Member] | Collateral dependant impaired loan | Collateral dependant impaired loan | Collateral dependant impaired loan | |||||
Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Market Approach Valuation Technique [Member] | Option Pricing Model Technique [Member] | Option Pricing Model Technique [Member] | Option Pricing Model Technique [Member] | Cash Flow Valuation Technique [Member] | Cash Flow Valuation Technique [Member] | Cash Flow Valuation Technique [Member] | Option Pricing Model Technique [Member] | Option Pricing Model Technique [Member] | Option Pricing Model Technique [Member] | Fair value of property or collateral [Member] | Fair value of property or collateral [Member] | Fair value of property or collateral [Member] | ||||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Fair Value Inputs Assets Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment securities available-for-sale, at fair value | $1,677,248 | $2,194,286 | $19,506 | $20,012 | $19,506 | $19,506 | ' | ' | $17,941 | ' | ' | $13,651 | ' | ' | ($17,199) | ' | ' | $36,048 | ' | ' |
Valuation Technique | ' | ' | ' | ' | ' | 'Market comparable bonds | ' | ' | 'Option pricing model | ' | ' | 'Cash flow valuation | ' | ' | 'Option pricing model | ' | ' | 'Fair value of property or collateral | ' | ' |
Unobservable Input | ' | ' | ' | ' | ' | 'Indicative pricing Option adjusted spread Yield to maturity Spread to maturity | ' | ' | 'Implied option volatility Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) | ' | ' | 'Constant prepayment rate Discount rate | ' | ' | 'Implied option volatility Counterparty credit risk (based on 5-year CDS spread) | ' | ' | 'Appraised value less disposable costs | ' | ' |
Indicative Pricing | ' | ' | ' | ' | ' | ' | 91.75% | 95.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
OAS spread | ' | ' | ' | ' | ' | ' | 992.10% | 1188.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Yield to maturity | ' | ' | ' | ' | ' | ' | 10.20% | 11.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread to maturity | ' | ' | ' | ' | ' | ' | 994.00% | 1182.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Implied option volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22.19% | 41.04% | ' | ' | ' | ' | 22.19% | 41.03% | ' | ' | ' |
Counterparty credit risk (based on 5-year CDS spread) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91.16% | 133.97% | ' | ' | ' | ' | 91.16% | 133.97% | ' | ' | ' |
Constant prepayment rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.78% | 11.46% | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 12.00% | ' | ' | ' | ' | ' | ' |
Appraised value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.30% | 30.00% |
Fair_Value_Investment_securiti
Fair Value (Investment securities available-for-sale classified as level 3) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $1,654,133 | $2,118,825 |
Unrealized Gains (Losses) | 379 | 504 |
Investment securities available-for-sale, at fair value | 1,677,248 | 2,194,286 |
Available for sale - Weighted Average Yield | 2.83% | 2.90% |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Investment securities available-for-sale, at fair value | 19,506 | 20,012 |
Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 20,000 | ' |
Unrealized Gains (Losses) | -494 | ' |
Investment securities available-for-sale, at fair value | $19,506 | ' |
Available for sale - Weighted Average Yield | 3.50% | ' |
Fair_value_Estimated_fair_valu
Fair value (Estimated fair value and carrying value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Securities Failed To Deliver | $0 | $0 | ' | ' |
Available-for-sale Securities | 1,677,248 | 2,194,286 | ' | ' |
Federal Home Loan Bank (FHLB) stock | 24,470 | 38,411 | ' | ' |
Derivative Assets | 21,345 | 21,889 | ' | ' |
Servicing Assets | 13,651 | 10,795 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Derivative liabilities | 16,741 | 26,260 | ' | ' |
Short term borrowings | 0 | 92,210 | ' | ' |
Assets,Carrying Value [Abstract] | ' | ' | ' | ' |
Total cash and cash equivalents | 657,520 | 868,695 | 515,558 | 591,487 |
Securities Purchased under Agreements to Resell | 85,000 | 80,000 | ' | ' |
Trading Securities | 2,124 | 495 | ' | ' |
FDIC Indemnification Asset | 207,908 | 286,799 | 328,573 | 392,367 |
Accrued interest receivable | 19,456 | 14,654 | ' | ' |
Total loans not covered under shared-loss agreements with FDIC, net | 4,720,174 | 4,698,185 | ' | ' |
Covered, net | 361,564 | 395,307 | ' | ' |
Liabilities,Carrying Value Disclosure [Abstract] | ' | ' | ' | ' |
Deposits, Total | 5,610,437 | 5,690,567 | ' | ' |
Securities Sold under Agreements to Repurchase | 1,267,423 | 1,695,247 | ' | ' |
Federal Funds Purchased | 13,200 | 9,900 | ' | ' |
Subordinated capital notes | 99,486 | 146,038 | ' | ' |
Accrued expenses and other liabilities | 121,319 | 102,169 | ' | ' |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | 657,520 | 868,695 | ' | ' |
Assets,Carrying Value [Abstract] | ' | ' | ' | ' |
Total cash and cash equivalents | 657,520 | 868,695 | ' | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell, Fair Value Disclosure | 85,000 | 80,000 | ' | ' |
Available-for-sale Securities | 1,657,742 | 2,174,274 | ' | ' |
Federal Home Loan Bank (FHLB) stock | 24,470 | 38,411 | ' | ' |
Derivative Assets | 3,404 | 8,656 | ' | ' |
Receivables, Fair Value Disclosure | 16,741 | 26,260 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Short term borrowings | 0 | 92,210 | ' | ' |
Assets,Carrying Value [Abstract] | ' | ' | ' | ' |
Securities Purchased under Agreements to Resell | 85,000 | 80,000 | ' | ' |
Trading Securities | 2,124 | 495 | ' | ' |
Investment securities AFS , carrying value | 1,657,742 | 2,174,274 | ' | ' |
Federal Home Loan Bank Stock at carrying value | 24,470 | 38,411 | ' | ' |
Derivative Assets, carrying value | 3,404 | 8,656 | ' | ' |
Liabilities,Carrying Value Disclosure [Abstract] | ' | ' | ' | ' |
Derivative liabilities at carrying value | 16,741 | 26,260 | ' | ' |
Other Short Term Borrowings | 0 | 92,210 | ' | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Available-for-sale Securities | 19,506 | 20,012 | ' | ' |
Non-covered loans, net | 4,856,251 | 4,766,179 | ' | ' |
Covered loans, net | 429,660 | 489,885 | ' | ' |
Derivative Assets | 17,941 | 13,233 | ' | ' |
FDIC Indemnification Asset Fair Value Disclosure | 162,333 | 204,646 | ' | ' |
Receivables, Fair Value Disclosure | 19,456 | 14,654 | ' | ' |
Servicing Assets | 13,651 | 10,795 | ' | ' |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Accrued expenses and other liabilities | 121,319 | 102,169 | ' | ' |
Subordinated capital notes | 97,929 | 146,415 | ' | ' |
Federal Funds Purchased, Fair Value Disclosure | 13,302 | 9,901 | ' | ' |
Advances from FHLB | 335,721 | 538,355 | ' | ' |
Securities sold under agreements to repurchase | 1,323,257 | 1,741,272 | ' | ' |
Deposits, Fair Value Disclosure | 5,632,569 | 5,797,097 | ' | ' |
Notes Payable Fair Value Disclosure | 2,709 | 7,912 | ' | ' |
Assets,Carrying Value [Abstract] | ' | ' | ' | ' |
FDIC Indemnification Asset | 207,908 | 286,799 | ' | ' |
Accrued interest receivable | 19,456 | 14,654 | ' | ' |
Investment securities AFS , carrying value | 19,506 | 20,012 | ' | ' |
Derivative Assets, carrying value | 17,941 | 13,233 | ' | ' |
Total loans not covered under shared-loss agreements with FDIC, net | 4,767,259 | 4,762,330 | ' | ' |
Covered, net | 361,564 | 395,307 | ' | ' |
Servicing assets, carrying value | 13,651 | 10,795 | ' | ' |
Liabilities,Carrying Value Disclosure [Abstract] | ' | ' | ' | ' |
Deposits, Total | 5,610,437 | 5,690,567 | ' | ' |
Securities Sold under Agreements to Repurchase | 1,267,423 | 1,695,247 | ' | ' |
Advances from FHLB | 336,578 | 536,542 | ' | ' |
Federal Funds Purchased | 13,302 | 9,901 | ' | ' |
Term Notes | 2,734 | 6,726 | ' | ' |
Subordinated capital notes | 99,486 | 146,038 | ' | ' |
Accrued expenses and other liabilities | $121,319 | $102,169 | ' | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total interest income | $120,642 | $65,686 | $360,077 | $196,393 | ' |
Interest expense | -22,010 | -24,942 | -62,573 | -82,482 | ' |
Net interest income | 98,632 | 40,744 | 297,504 | 113,911 | ' |
Provision For Non Covered Loan And Lease Losses. | -9,900 | -3,600 | -55,343 | -10,400 | ' |
Provision for Covered Loan and Lease Losses, net | -3,074 | -221 | -4,957 | -8,845 | ' |
Total non-interest income (loss), net | 3,821 | 14,381 | 21,828 | 44,349 | ' |
Non-interest expenses | -63,273 | -31,649 | -198,903 | -90,756 | ' |
Total assets | 8,380,225 | ' | 8,380,225 | ' | 9,196,262 |
Banking [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total interest income | 108,852 | 40,247 | 323,935 | 117,475 | ' |
Interest expense | -10,994 | -4,787 | -31,489 | -15,856 | ' |
Net interest income | 97,858 | 35,460 | 292,446 | 101,619 | ' |
Provision For Non Covered Loan And Lease Losses. | -9,900 | -3,600 | -55,343 | -10,400 | ' |
Provision for Covered Loan and Lease Losses, net | -3,074 | -221 | -4,957 | -8,845 | ' |
Total non-interest income (loss), net | -3,462 | -2,401 | -5,286 | -2,726 | ' |
Non-interest expenses | -52,654 | -24,250 | -168,487 | -71,845 | ' |
Intersegment revenues | 562 | 343 | 1,524 | 1,187 | ' |
Intersegment expenses | 0 | 0 | 0 | 0 | ' |
Income (loss) before Income Taxes, Parent | 29,330 | 5,331 | 59,897 | 8,990 | ' |
Total assets | 7,581,357 | 3,157,599 | 7,581,357 | 3,157,599 | ' |
Financial Services | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total interest income | 95 | 0 | 277 | 0 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Net interest income | 95 | 0 | 277 | 0 | ' |
Provision For Non Covered Loan And Lease Losses. | 0 | 0 | 0 | 0 | ' |
Provision for Covered Loan and Lease Losses, net | 0 | 0 | 0 | 0 | ' |
Total non-interest income (loss), net | 7,114 | 6,072 | 22,915 | 17,803 | ' |
Non-interest expenses | -6,168 | -2,540 | -18,945 | -13,050 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Intersegment expenses | -461 | -265 | -1,247 | -870 | ' |
Income (loss) before Income Taxes, Parent | 580 | 3,267 | 3,000 | 3,883 | ' |
Total assets | 40,994 | 16,370 | 40,994 | 16,370 | ' |
Treasury [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total interest income | 11,695 | 25,439 | 35,865 | 78,918 | ' |
Interest expense | -11,016 | -20,155 | -31,084 | -66,626 | ' |
Net interest income | 679 | 5,284 | 4,781 | 12,292 | ' |
Provision For Non Covered Loan And Lease Losses. | 0 | 0 | 0 | 0 | ' |
Provision for Covered Loan and Lease Losses, net | 0 | 0 | 0 | 0 | ' |
Total non-interest income (loss), net | 169 | 10,710 | 4,199 | 29,272 | ' |
Non-interest expenses | -4,451 | -4,859 | -11,471 | -5,861 | ' |
Intersegment revenues | 0 | 0 | 0 | 0 | ' |
Intersegment expenses | -101 | -78 | -277 | -317 | ' |
Income (loss) before Income Taxes, Parent | -3,704 | 11,057 | -2,768 | 35,386 | ' |
Total assets | 2,172,315 | 3,590,836 | 2,172,315 | 3,590,836 | ' |
Major Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total interest income | 120,642 | 65,686 | 360,077 | 196,393 | ' |
Interest expense | -22,010 | -24,942 | -62,573 | -82,482 | ' |
Net interest income | 98,632 | 40,744 | 297,504 | 113,911 | ' |
Provision For Non Covered Loan And Lease Losses. | -9,900 | -3,600 | -55,343 | -10,400 | ' |
Provision for Covered Loan and Lease Losses, net | -3,074 | -221 | -4,957 | -8,845 | ' |
Total non-interest income (loss), net | 3,821 | 14,381 | 21,828 | 44,349 | ' |
Non-interest expenses | -63,273 | -31,649 | -198,903 | -90,756 | ' |
Intersegment revenues | 562 | 343 | 1,524 | 1,187 | ' |
Intersegment expenses | -562 | -343 | -1,524 | -1,187 | ' |
Income (loss) before Income Taxes, Parent | 26,206 | 19,655 | 60,129 | 48,259 | ' |
Total assets | 9,794,666 | 6,764,805 | 9,794,666 | 6,764,805 | ' |
Intersegment Elimination [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total interest income | 0 | 0 | 0 | 0 | ' |
Interest expense | 0 | 0 | 0 | 0 | ' |
Net interest income | 0 | 0 | 0 | 0 | ' |
Provision For Non Covered Loan And Lease Losses. | 0 | 0 | 0 | 0 | ' |
Provision for Covered Loan and Lease Losses, net | 0 | 0 | 0 | 0 | ' |
Total non-interest income (loss), net | 0 | 0 | 0 | 0 | ' |
Non-interest expenses | 0 | 0 | 0 | 0 | ' |
Intersegment revenues | -562 | -343 | -1,524 | -1,187 | ' |
Intersegment expenses | 562 | 343 | 1,524 | 1,187 | ' |
Income (loss) before Income Taxes, Parent | 0 | 0 | 0 | 0 | ' |
Total assets | ($1,414,441) | ($713,148) | ($1,414,441) | ($713,148) | ' |