Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | OFG BANCORP | |
Entity Central Index Key | 1,030,469 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,867,909 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | ||
Cash and Due from Banks | $ 547,740 | $ 568,752 |
Money market investments | 5,795 | 4,675 |
Total cash and cash equivalents | 553,535 | 573,427 |
Restricted Cash | 6,086 | 8,407 |
Investments: | ||
Trading Securities, at fair value | 786 | 1,594 |
Investment securities available-for-sale, at fair value | 1,044,319 | 1,216,538 |
Investment securities held-to-maturity, at amortized cost | 550,553 | 162,752 |
Federal Home Loan Bank (FHLB) stock, at cost | 20,826 | 21,169 |
Other investments | 3 | 3 |
Total investments | 1,616,487 | 1,402,056 |
Loans: | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 20,768 | 14,539 |
Non-covered loans, net of allowance for loan and lease losses | 4,396,665 | 4,513,196 |
Covered loans, net of allowance for loan and lease losses | 222,034 | 298,911 |
Total loans, net | 4,639,467 | 4,826,646 |
Other asset | ||
FDIC indemnification asset | 22,704 | 97,378 |
Foreclosed real estate covered under shared-loss agreements with the FDIC | 38,941 | 47,514 |
Foreclosed real estate not covered under shared-loss agreements with the FDIC | 42,392 | 48,147 |
Accrued interest receivable | 19,254 | 21,345 |
Deferred tax asset, net | 138,406 | 108,708 |
Premises and equipment, net | 76,486 | 80,599 |
Customers' liability on acceptances | 16,040 | 17,989 |
Servicing Assets | 5,791 | 13,992 |
Derivative assets | 4,376 | 8,107 |
Goodwill | 86,069 | 86,069 |
Other assets | 132,291 | 108,725 |
Total assets | 7,398,325 | 7,449,109 |
Deposits: | ||
Demand deposits | 1,936,617 | 1,997,108 |
Savings accounts | 1,333,202 | 1,385,824 |
Tme Deposits | 1,479,865 | 1,541,474 |
Total deposits | 4,749,684 | 4,924,406 |
Borrowings: | ||
Securities Sold under Agreements to Repurchase | 1,161,136 | 980,087 |
Advances from FHLB | 333,391 | 334,331 |
Subordinated capital notes | 102,109 | 101,584 |
Other borrowings | 2,090 | 4,004 |
Total borrowings | 1,598,726 | 1,420,006 |
Derivative liabilities | 8,739 | 11,221 |
Acceptances executed and outstanding | 16,040 | 17,989 |
Accrued expenses and other liabilities | 113,537 | 133,290 |
Total liabilities | 6,486,726 | 6,506,912 |
Stockholders' equity: | ||
Preferred Stock | 92,000 | 92,000 |
Convertible Preferred Stock | 84,000 | 84,000 |
Common stock | 52,626 | 52,626 |
Additional paid-in capital | 539,669 | 539,311 |
Legal surplus | 69,934 | 70,467 |
Retained earnings | 159,737 | 181,152 |
Treasury stock, at cost | (100,668) | (97,070) |
Accumulated other comprehensive income, net of tax, Total | 14,301 | 19,711 |
Total stockholders' equity | 911,599 | 942,197 |
Total liabilities and stockholders' equity | $ 7,398,325 | $ 7,449,109 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Amortized cost of trading securities | $ 1,327,000 | $ 2,419,000 |
Amortized cost of investment securities available-for-sale | 1,023,573,000 | 1,187,679,000 |
Fair value of held to maturity securities | 547,776,000 | 164,154,000 |
Allowance for loan and lease losses, non-covered | 102,877,000 | 69,517,000 |
Allowance for loan and lease losses, covered | $ 71,452,000 | $ 64,245,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 52,625,869 | 52,625,869 |
Common stock, shares outstanding | 44,367,909 | 44,613,615 |
Treasury stock, at cost, shares | 8,257,960 | 8,012,254 |
Tax effect on accumulated other comprehensive income (loss) | $ (185,000) | $ 447,000 |
Series A Preferred Stock | ||
Preferred stock, shares issued | 1,340,000 | 1,340,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series B Preferred Stock | ||
Preferred stock, shares issued | 1,380,000 | 1,380,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series C Convertible Preferred Stock | ||
Preferred stock, shares issued | 84,000 | 84,000 |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Series D Preferred Stock Member | ||
Preferred stock, shares issued | 960,000 | 960,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Non-covered loans | $ 77,746 | $ 88,064 | $ 159,725 | $ 173,307 |
Covered loans | 12,758 | 24,879 | 28,262 | 48,267 |
Total interest income from loans | 90,504 | 112,943 | 187,987 | 221,574 |
Mortgage-backed securities | 7,998 | 11,984 | 16,587 | 24,400 |
Investment securities and other | 911 | 973 | 1,840 | 3,000 |
Total interest income | 99,413 | 125,900 | 206,414 | 248,974 |
Interest expense: | ||||
Deposits | 6,604 | 9,165 | 13,708 | 18,143 |
Securities sold under agreements to repurchase | 7,394 | 7,372 | 14,558 | 14,784 |
Advances from FHLB and other borrowings | 2,248 | 2,289 | 4,483 | 4,583 |
Subordinated capital notes | 875 | 996 | 1,738 | 1,988 |
Total interest expense | 17,121 | 19,822 | 34,487 | 39,498 |
Net interest income | 82,292 | 106,078 | 171,927 | 209,476 |
Provision for Non Covered Loan and Lease Losses | 15,644 | 13,220 | 53,027 | 23,282 |
Provision for Covered Loan and Lease Losses | (105) | 1,595 | 4,705 | 3,224 |
Total provision for loan and lease losses | 15,539 | 14,815 | 57,732 | 26,506 |
Net interest income after provision for loan and lease losses | 66,753 | 91,263 | 114,195 | 182,970 |
Non-interest income: | ||||
Banking service revenues | 10,212 | 9,995 | 20,417 | 20,552 |
Wealth management revenue | 7,285 | 7,336 | 14,440 | 14,203 |
Mortgage banking activities | 1,862 | 1,554 | 3,725 | 3,249 |
Total Banking and Financial Service Revenues | 19,359 | 18,885 | 38,582 | 38,004 |
FDIC shared-loss expense, net [Abstract] | ||||
FDIC indemnification asset expense | (22,512) | (17,499) | (34,733) | (35,121) |
Change in true-up payment obligation expense | (733) | (856) | (1,596) | (1,721) |
FDIC shared-loss expense, net | (23,245) | (18,355) | (36,329) | (36,842) |
Net gain (loss) on: | ||||
Sale of securities | 0 | 0 | 2,572 | 4,366 |
Derivatives | 77 | (247) | (13) | (470) |
Other non-interest (loss) income | (847) | 224 | (2,587) | 678 |
Total non-interest income, net | (4,656) | 507 | 2,225 | 5,736 |
Non-interest expense: | ||||
Compensation and employee benefits | 19,260 | 20,707 | 39,440 | 42,494 |
Professional and service fees | 4,143 | 3,512 | 8,324 | 7,719 |
Occupancy and equipment | 8,883 | 8,605 | 17,519 | 16,914 |
Insurance | 2,251 | 2,333 | 4,204 | 4,407 |
Electronic banking charges | 5,851 | 4,796 | 11,218 | 9,449 |
Information technology related expenses | 1,543 | 1,485 | 2,997 | 3,300 |
Advertising, business promotion, and strategic initiatives | 1,558 | 1,669 | 3,186 | 3,450 |
Foreclosure, repossession and other real estate expenses | 10,337 | 6,656 | 15,783 | 13,043 |
Loan servicing and clearing expenses | 2,594 | 1,669 | 4,947 | 3,728 |
Taxes, other than payroll and income taxes | 2,703 | 3,776 | 4,182 | 7,511 |
Communication | 770 | 813 | 1,460 | 1,770 |
Printing, postage, stationary and supplies | 582 | 645 | 1,219 | 1,200 |
Director and investors relations | 289 | 293 | 583 | 544 |
Other | 3,673 | 2,889 | 5,707 | 5,723 |
Total non-interest expense | 64,437 | 59,848 | 120,769 | 121,252 |
Income before income taxes | (2,340) | 31,922 | (4,349) | 67,454 |
Income tax expense (benefit) | 769 | 10,613 | 1,748 | 22,398 |
Net (loss) income | (3,109) | 21,309 | (6,097) | 45,056 |
Dividends on preferred stock | (3,466) | (3,466) | (6,931) | (6,931) |
(Loss) Income available to common shareholders | $ (6,575) | $ 17,843 | $ (13,028) | $ 38,125 |
(Loss) Earnings per common share: | ||||
Basic | $ (0.15) | $ 0.4 | $ (0.29) | $ 0.84 |
Diluted | $ (0.15) | $ 0.38 | $ (0.29) | $ 0.8 |
Average common shares outstanding and equivalents | 51,774 | 52,352 | 51,876 | 52,476 |
Cash dividends per share of common stock | $ 0.1 | $ 0.08 | $ 0.2 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||||
Net (loss) income | $ (3,109) | $ 21,309 | $ (6,097) | $ 45,056 |
Other comprehensive income (loss) before tax: | ||||
Unrealized gain (loss) on securities available-for-sale | (12,916) | 14,941 | (5,541) | 24,504 |
Realized gain on investment securities included in net income | 0 | 0 | (2,572) | (4,366) |
Unrealized gain (loss) on cash flow hedges | 2,016 | 14 | 2,071 | 391 |
Other comprehensive income (loss) before taxes | (10,900) | 14,955 | (6,042) | 20,529 |
Income tax effect | 877 | (1,221) | 632 | (1,965) |
Other Comprehensive Income (Loss) After taxes | (10,023) | 13,734 | (5,410) | 18,564 |
Comprehensive income | $ (13,132) | $ 35,043 | $ (11,507) | $ 63,620 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Legal Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 176,000,000 | $ 52,707,000 | $ 538,071,000 | $ 61,957,000 | $ 133,629,000 | $ (80,642,000) | $ 3,191,000 | |
Stock-based compensation expense | 946,000 | |||||||
Exercised Stock Options | 23,000 | 242,000 | ||||||
Lapsed restricted stock units | (323,000) | 323,000 | ||||||
Transfer from retained earnings/transfer to legal surplus | 4,481,000 | (4,481,000) | ||||||
Net (loss) income | $ 45,056,000 | 45,056,000 | ||||||
Cash dividends declared on common stock | (7,218,000) | |||||||
Cash dividends declared on preferred stock | (6,931,000) | |||||||
Stock purchased | 10,393,000 | (10,393,000) | ||||||
Other comprehensive loss, net of tax | 18,564,000 | 18,564,000 | ||||||
Ending Balance at Jun. 30, 2014 | 925,202,000 | 176,000,000 | 52,730,000 | 538,936,000 | 66,438,000 | 160,055,000 | (90,712,000) | 21,755,000 |
Beginning Balance at Dec. 31, 2014 | 942,197,000 | 176,000,000 | 52,626,000 | 539,311,000 | 70,467,000 | 181,152,000 | (97,070,000) | 19,711,000 |
Stock-based compensation expense | 794,000 | |||||||
Exercised Stock Options | 0 | 0 | ||||||
Lapsed restricted stock units | (436,000) | 640,000 | ||||||
Transfer from retained earnings/transfer to legal surplus | (533,000) | 533,000 | ||||||
Net (loss) income | (6,097,000) | (6,097,000) | ||||||
Cash dividends declared on common stock | (8,920,000) | |||||||
Cash dividends declared on preferred stock | (6,931,000) | |||||||
Stock purchased | 4,238,000 | (4,238,000) | ||||||
Other comprehensive loss, net of tax | (5,410,000) | (5,410,000) | ||||||
Ending Balance at Jun. 30, 2015 | $ 911,599,000 | $ 176,000,000 | $ 52,626,000 | $ 539,669,000 | $ 69,934,000 | $ 159,737,000 | $ (100,668,000) | $ 14,301,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (6,097) | $ 45,056 |
Adjustments to reconcile net income to net cash provied by (used in) operating activities: | ||
Amortization of deferred loan origination fees, net of costs | 1,813 | 1,330 |
Amortization of discount to fair value of acquired loan | 2,766 | 6,884 |
Amortization of investment securities premiums, net of accretion of discounts | 5,931 | 203 |
Amortization of core deposit and customer relationship intangibles | 953 | 1,085 |
Amortization of fair value premium of acquired deposits | 478 | 2,908 |
FDIC Loss Share (Expense) Income | 36,329 | 36,842 |
Depreciation and amortization of premises and equipment | 5,930 | 4,826 |
Deferred income taxes, net | (1,316) | 13,211 |
Provision for covered and non-covered loan and lease losses, net | 57,732 | 26,506 |
Stock-based compensation | 794 | 946 |
(Gain) loss on: | ||
Sale of securities | (2,572) | (4,366) |
Sale of mortgage loans held for sale | (2,010) | (2,447) |
Gain on sale of derivatives and on sale of TBA | (113) | 646 |
Foreclosed real estate | (706) | 5,052 |
Sale of other repossessed asset | 3,427 | 3,305 |
Sale of premises and equipment | 10 | (10) |
Originations of loans held-for-sale | (111,433) | (86,058) |
Proceeds from sale of loans held-for-sale | 46,678 | 47,834 |
Net (increase) decrease in: | ||
Trading securities | 808 | 256 |
Accrued interest receivable | 2,091 | (3,774) |
Servicing Assets | 1,216 | 146 |
Other assets | (19,813) | 11,651 |
Net increase (decrease) in: | ||
Accrued interest on deposits and borrowings | (608) | (932) |
Accrued expenses and other liabilities | 24,219 | (16,247) |
Net cash provided by (used in) operating activities | 46,507 | 94,853 |
Purchases of: | ||
Investment securities available-for-sale | (1,671) | (217,974) |
Investment securities held-to-maturity | (399,206) | (26,707) |
FHLB stock | 0 | (76,725) |
Maturities and Redemptions of [Abstract] | ||
Investment securities available-for-sale | 121,121 | 295,013 |
Investments securities held-to-maturity | 10,725 | 0 |
FHLB Stock | 343 | 76,794 |
Proceeds from sale of: | ||
Investment securities available for sale | 103,831 | 163,235 |
Foreclosed real estate and other repossessed assets | 34,136 | 22,991 |
Premises and equipment | 10 | 20 |
Proceeds From Sale Of Mortgage Servicing Rights MSR | 5,927 | 0 |
Origination and purchase of loans, excluding loans held-for-sale | (414,725) | (347,691) |
Principal repayment of loans, including covered loans | 491,330 | 339,102 |
Reimbursements from the FDIC on shared-loss agreements | 31,657 | 18,700 |
Additions to premises and equipment | (1,838) | (4,100) |
Net change in securities purchased under agreements to resell | 0 | 60,000 |
Net change in restricted cash | 2,321 | 67,029 |
Net cash provided by investing activities | (16,039) | 369,687 |
Net increase (decrease) in: | ||
Deposits | (209,272) | (235,062) |
Securities sold under agreements to repurchase | 181,129 | (255,000) |
FHLB advances, federal funds purchased, and other borrowings | (2,845) | 24,279 |
Subordinated capital notes | 525 | 787 |
Exercise of stock options and restricted units lapsed, net | 204 | 265 |
Purchase of treasury stock | (4,238) | (10,393) |
Dividends paid on preferred stock | (6,931) | (6,931) |
Dividends paid on common stock | (8,932) | (7,269) |
Net cash used in financing activities | (50,360) | (489,324) |
Net change in cash and cash equivalents | (19,892) | (24,784) |
Cash and cash equivalents at beginning of period | 573,427 | 621,269 |
Cash and cash equivalents at end of period | 553,535 | 596,485 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | ||
Interest paid | 34,403 | 42,667 |
Income Taxes Paid | 6,730 | 319 |
Mortgage loans securitized into mortgage-backed securities | 61,854 | 46,505 |
Transfer from loans to foreclosed real estate and other repossessed assets | 15,390 | 47,852 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 1,473 | 473 |
Reclassification of loans held-for-sale portfolio to investment portfolio | $ 156 | $ 26,376 |
Organization, Consolidation and
Organization, Consolidation and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Nature of Operations and Summary of Significanrt Accounting Policies | |
Nature Of Operations | NOTE 1 – ORGANIZATION, CONSOLIDATION AND BASIS OF PRESENTATION Nature of Operations OFG Bancorp (t he “ 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 ( the “Bank”) , a securities broker-dealer , Oriental Financial Services Corp. (“Oriental Fi nancial Services”), an insurance agency , Oriental Insuranc e, Inc. (“Oriental Insurance”) and a reti rement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), formerly known as Caribbean Pension Consultants, Inc. Through these subsidiaries and their respective divisions, the Company provides a wide range of banking and financial services such as commercial, consume r and mortgage lending, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. On April 30, 2010, the Bank acquired certain assets and assumed certain deposits and other liabilities of Eurobank , a Puerto Rico commercial bank, in an FDIC-assisted acquisition . On December 18, 2012, the Company acquired a group of Puerto Rico- based entities that included Banco Bil bao Vizcaya Argentaria Puerto Rico (“BBVAPR”), a Puerto Rico commercial bank, as well as a securities broker-dealer and an insurance agency, which is referred to herein as the “BBVAPR Acquisition . ” The businesses acquired in these acquisitions have been in tegrated with the C ompany’s existing business. |
Significant Accounting Policies | Recent Accounting Developments In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability rather than as an asset. The standard does not affect the recognition and measurement of debt issuance costs; therefore, the amortization of such costs shall continue to be reported as interest expense. ASU 2015-03 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permissible for financial statements that have not been previously issued. The new guidance is to be applied on a retrospective basis to all prior periods. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncement s issued during the second qu arter of 2015 that could have a material impact on the Company’s financial position, operating results or financials statement disclosures. |
Resticted Cash
Resticted Cash | 6 Months Ended |
Jun. 30, 2015 | |
Restricted Cash And Investments Abstract | |
Resticted Cash Disclosure | NOTE 2 – RESTRICTED CASH The following table includes the composition of the Company’s restricted cash : June 30, December 31, 2015 2014 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 2,980 $ 2,980 Obligations under agreement of loans sold with recourse 3,106 5,427 $ 6,086 $ 8,407 At June 30 , 2015 and December 31 , 2014 , the Bank’s international banking entities, Oriental International Bank Inc. (“ OIB”) and Oriental Overseas, each held unencumbered certificates of deposit in the amount of $ 300 thousand as the legal reserve required for international banking entities under Puerto Rico law. Each certificate of deposit cannot be withdrawn by OIB or Oriental Overseas without prior written approval of the Office of the Commissioner of Financial Institutions (“OCFI”). As part of its derivative activities, the Company has entered into collateral agreements with certain financial counterparties. At June 30 , 2015 and December 31 , 2014 , the Company had delivered $3.0 million of cash as collateral for such d erivatives activities. As part of the BBVA Acquisition, the Company assumed a contract with FNMA which required collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At June 30 , 2015 and December 31 , 2014 , the Company del ivered as collateral cash amounting to $3 .1 million and $5.4 million, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover government demand deposits. The amount of those minimum average reserve balances for the week that covered June 30 , 2015 was $ 152.7 million ( December 31 , 2014 - $ 141.5 million). At June 30 , 2015 and December 31 , 2014 , the Bank complied with the requirement. Cash and due from bank as well as other short-term, highly liquid securities are used to cover the required average reserve balances . |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Securities Purchased Under Agreements To Resell And Investments Securities | NOTE 3 – INVESTMENT SECURITIES 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 June 30 , 2015 and December 31 , 2014 , money market instruments included as part of cash and cash equivalents amounted to $ 5.8 million and $4.7 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 June 30 , 2015 and December 31 , 2014 were as follows: June 30, 2015 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 $ 832,127 $ 30,638 $ 1,192 $ 861,573 3.01% GNMA certificates 3,625 249 - 3,874 5.03% CMOs issued by US government-sponsored agencies 157,884 83 2,921 155,046 1.83% Total mortgage-backed securities 993,636 30,970 4,113 1,020,493 2.83% Investment securities Obligations of US government-sponsored agencies 6,114 14 - 6,128 1.36% Obligations of Puerto Rico government and political subdivisions 20,988 - 6,259 14,729 5.41% Other debt securities 2,835 134 - 2,969 2.99% Total investment securities 29,937 148 6,259 23,826 4.35% Total securities available for sale $ 1,023,573 $ 31,118 $ 10,372 $ 1,044,319 2.87% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates 525,504 978 3,757 522,725 2.28% Investment securities US Treasury securities 25,049 6 4 25,051 0.49% Total securities held to maturity 550,553 984 3,761 547,776 2.20% Total $ 1,574,126 $ 32,102 $ 14,133 $ 1,592,095 2.64% December 31, 2014 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 $ 972,836 $ 37,876 $ 1,203 $ 1,009,509 3.12% GNMA certificates 4,473 288 8 4,753 4.94% CMOs issued by US government-sponsored agencies 179,146 136 3,153 176,129 1.81% Total mortgage-backed securities 1,156,455 38,300 4,364 1,190,391 2.92% Investment securities Obligations of US government-sponsored agencies 7,148 33 - 7,181 1.34% Obligations of Puerto Rico government and public instrumentalities 20,939 - 5,267 15,672 5.41% Other debt securities 3,137 157 - 3,294 2.95% Total investment securities 31,224 190 5,267 26,147 4.23% Total securities available-for-sale $ 1,187,679 $ 38,490 $ 9,631 $ 1,216,538 2.96% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates 162,752 1,402 - 164,154 2.48% Total $ 1,350,431 $ 39,892 $ 9,631 $ 1,380,692 2.90% The amortized cost and fair value of the Company’s investment securities at June 30 , 2015 , 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. June 30, 2015 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) (In thousands) Mortgage-backed securities Due after 5 to 10 years FNMA and FHLMC certificates $ 18,125 $ 18,401 $ - $ - Total due after 5 to 10 years 18,125 18,401 - - Due after 10 years FNMA and FHLMC certificates 814,002 843,172 525,504 522,725 GNMA certificates 3,625 3,874 - - CMOs issued by US government-sponsored agencies 157,884 155,046 - - Total due after 10 years 975,511 1,002,092 525,504 522,725 Total mortgage-backed securities 993,636 1,020,493 525,504 522,725 Investment securities Due from 1 to 5 years US Treasury securities - - 25,049 25,051 Obligations of Puerto Rico government and political subdivisions 10,521 8,444 - - Total due from 1 to 5 years 10,521 8,444 25,049 25,051 Due after 5 to 10 years Obligations of US government and sponsored agencies 6,114 6,128 - - Total due after 5 to 10 years 6,114 6,128 - - Due after 10 years Obligations of Puerto Rico government and political subdivisions 10,467 6,285 - - Other debt securities 2,835 2,969 - - Total due after 10 years 13,302 9,254 - - Total investment securities 29,937 23,826 25,049 25,051 Total securities available-for-sale $ 1,023,573 $ 1,044,319 $ 550,553 $ 547,776 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 six-month period ended June 30, 2015 and 2014 , the Company sold $63.5 million and $ 48.1 million , respectively, of available -for-sale Government National Mortgage Association (“GNMA”) certificates that were sold as part of its recurring mortgage loan origination and securitization activities. These sales did not realize any gains or losses during such period s . For the six-mont h periods ended June 30, 2015 and 2014, the Company recorded a net gain on sale of securities of $2.6 million and $4.4 million, respectively. The table below presents the gross realized gains by category for such periods Six-Month Period Ended June 30,2015 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 40,307 $ 37,735 $ 2,571 $ - GNMA certificates 63,524 63,523 1 - Total $ 103,831 $ 101,258 $ 2,572 $ - Six-Month Period Ended June 30,2014 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 115,158 $ 110,792 $ 4,366 $ - GNMA certificates 48,077 48,077 - - Total mortgage-backed securities $ 163,235 $ 158,869 $ 4,366 $ - The following table s show the Company ’s gross unrealized losses and fair value of investment securities availab le-for-sale and held-to-maturity , aggregated by investment category and the length of time that individual securities have been in a continuo us unrealized loss position at June 30 , 2015 and December 31 , 2014 : June 30, 2015 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 115,483 $ 2,807 $ 112,676 Obligations of Puerto Rico government and political subdivisions 20,988 6,259 14,729 $ 136,471 $ 9,066 $ 127,405 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 28,596 $ 114 $ 28,482 FNMA and FHLMC certificates 163,733 1,192 162,541 192,329 1,306 191,023 Securities held-to-maturity FNMA and FHLMC Certificates 358,591 3,757 354,834 US Treausury Securities 10,024 4 10,020 368,615 3,761 364,854 $ 560,944 $ 5,067 $ 555,877 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 144,079 $ 2,921 $ 141,158 FNMA and FHLMC certificates 163,733 1,192 162,541 Obligations of Puerto Rico government and political subdivisions 20,988 6,259 14,729 328,800 10,372 318,428 Securities held-to-maturity FNMA and FHLMC Certificates 358,591 3,757 354,834 US Treasury Securities 10,024 4 10,020 368,615 3,761 364,854 $ 697,415 $ 14,133 $ 683,282 December 31, 2014 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale Obligations of Puerto Rico government and political subdivisions $ 20,939 $ 5,267 $ 15,672 CMOs issued by US government-sponsored agencies 143,928 3,086 140,842 FNMA and FHLMC certificates 113,376 1,172 112,204 GNMA certificates 77 8 69 $ 278,320 $ 9,533 $ 268,787 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies 15,172 67 15,105 FNMA and FHLMC certificates 63,736 31 63,705 $ 78,908 $ 98 $ 78,810 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies 159,100 3,153 155,947 FNMA and FHLMC certificates 177,112 1,203 175,909 Obligations of Puerto Rico government and political subdivisions 20,939 5,267 15,672 GNMA certificates 77 8 69 $ 357,228 $ 9,631 $ 347,597 The Company performs valuations of the investment securities 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 the statements of o perations with the remaining noncredit-related component recognized in other comprehensive income (loss). 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 chang e 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 reasona bly possible that changes in estimates or conditions could result in the need to recognize additional other-than-temporary impairment charges in the future. Most of the investments ($ 676.4 million, amortized cost, or 9 7 %) with an unrealized loss position at June 30 , 2015 consist 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. Their aggregate losses and their varia bility from period to period are the result of changes in market conditions, and not due to the repayment capacity or creditworthiness of the issuers or guarantors of such securities. The remaining investments ($ 21.0 million, amortized cost, or 3 %) with a n unrealized loss position at June 30 , 2015 consist of obligations issued or guaranteed by the government of Puerto Rico and its political subdivisions or instrumentalities. The decline in the market value of these securities is mainly attributed to a n increase in volatility as a result of changes in market conditions that reflect the significant economic and fiscal challenges that Puerto Rico is facing, including a protracted economic recession, sizable government debt-service obligations and structur al budget deficits, high unemployment and a shrinking population. Moreover, the negative rating decisions taken by the credit rating agencies have affected the market value and liquidity of these securities. As of June 30 , 2015 , the Company applied a discounted cash flow analysis to the Puerto Rico government bonds to calculate the cash flows expected to be collected and determine if any portion of the decline in market value of these investments was considered an other -than-temporary impairment. The analysis derives an estimate of value based on the present value of risk-adjusted future cash flows of the underlying investments, and included the following components: The contractual future cash flows of the bonds are projected based on the key terms as set forth in the official statements for each investment. Such key terms include among others the interest rate, amortization schedule, if any, and maturity date. The risk-adjusted cash flows are calculated based on a monthly default probability and rec overy rate assumptions based on the credit rating of each investment. Constant monthly default rates are assumed throughout the life of the bonds which are based on the respective security’s credit rating as of the date of the analysis. The adjusted future cash flows are then discounted at the original effective yield of each investment based on the purchase price and expected risk-adjusted future cash flows as of the purchase date of each investment. The discounted cash flow analysis for the investments s howed a cumulative default probability at maturity in the range of 5.9 53 % to 38. 650 %, thus reflecting that it is more likely than not that the bonds will not default at all during their remaining terms (range between 61.349 % and 94.046 %). Based on this ana lysis, the Company determined that it is more likely than not that it will recover all interest and principal invested in the Puerto Rico government bonds and is therefore not required to recognize a credit loss as of June 30 , 2015 . |
Loans Receivable
Loans Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Loans Receivable [Abstract] | |
LOANS RECEIVABLE | NOTE 4 - LOANS The Company ’s loan portfolio is composed of covered l oans and non-covered loans. Covered loans are subject to loss sharing agreements with the FDIC and non-covered loans are not subject to FDIC loss sharing agreements . The risks of covered loans are different from th e risks of non-covered loans because of the loss protection provided by the FDIC to covered loans . L oans acquired in the BBVAPR Acquisition are included as no n-covered loans in the unaudited consolidated statements of financial condition. Non- covered loans are further subdivide d between originated and other loans, acquired loans accounted for under ASC 310-20 (loans with revolving feature and /or acquired at a premium) , and acquired loans accou nted for under ASC 310-30 ( loans acquired with deteriorated credit quality , including those by analogy ) . The composition of the Company ’s loan portfolio at June 30 , 2015 and December 31 , 2014 was as follows : June 30, December 31, 2015 2014 (In thousands) Non-covered loans: Originated and other loans and leases held for investment: Mortgage $ 757,187 $ 791,751 Commercial 1,363,851 1,289,732 Consumer 212,629 186,760 Auto and leasing 623,198 575,582 2,956,865 2,843,825 Acquired loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 8,448 12,675 Consumer 41,505 45,344 Auto 142,570 184,782 192,523 242,801 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 631,807 656,122 Commercial 406,447 452,201 Construction 93,263 106,361 Consumer 18,869 29,888 Auto 195,891 247,233 1,346,277 1,491,805 4,495,665 4,578,431 Deferred loan cost , net 3,877 4,282 Loans receivable 4,499,542 4,582,713 Allowance for loan and lease losses on loans not accounted for under ASC 310-30 (102,877) (69,517) Loans receivable, net 4,396,665 4,513,196 Mortgage loans held-for-sale 20,768 14,539 Total non-covered loans, net 4,417,433 4,527,735 Covered loans: Loans secured by 1-4 family residential properties 117,840 117,171 Construction and development secured by 1-4 family residential properties 19,152 19,562 Commercial and other construction 153,199 221,917 Consumer 3,295 4,506 Total covered loans 293,486 363,156 Allowance for loan and lease losses on covered loans (71,452) (64,245) Total covered loans, net 222,034 298,911 Total loans, net $ 4,639,467 $ 4,826,646 Non-covered Loans O riginated and Other Loans and L eases Held for Investment The Company ’s originated and other loans held for investment are encompassed within four portfolio segments: mortgage, commercial, consumer , and auto and leasing. The following table s present the aging of the recorded investment in gross originated and other loans held for investment as of June 30 , 2015 and December 31 , 2014 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 (bu t not the obligation) to repurchase, even when they elect not to exercise that option . June 30, 2015 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Mortgage Traditional (by origination year): Up to the year 2002 $ 4,342 $ 2,258 $ 3,076 $ 9,676 $ - $ 51,533 $ 61,209 $ 42 Years 2003 and 2004 8,460 4,616 6,260 19,336 - 84,968 104,304 - Year 2005 5,338 2,012 3,926 11,276 - 45,881 57,157 - Year 2006 6,496 3,315 7,601 17,412 170 64,292 81,874 - Years 2007, 2008 and 2009 4,781 2,359 10,757 17,897 - 75,309 93,206 1,025 Years 2010, 2011, 2012, 2013 2014 and 2015 3,399 1,528 9,063 13,990 - 205,934 219,924 168 32,816 16,088 40,683 89,587 170 527,917 617,674 1,235 Non-traditional 1,450 543 3,784 5,777 - 27,705 33,482 - Loss mitigation program 11,542 6,076 14,627 32,245 5,016 61,389 98,650 3,547 45,808 22,707 59,094 127,609 5,186 617,011 749,806 4,782 Home equity secured personal loans - - - - - 420 420 - GNMA's buy-back option program - - 6,961 6,961 - - 6,961 - 45,808 22,707 66,055 134,570 5,186 617,431 757,187 4,782 Commercial Commercial secured by real estate: Corporate - - - - - 201,251 201,251 - Institutional - - - - - 35,113 35,113 - Middle market 3,929 - 2,180 6,109 8,216 183,736 198,061 - Retail 611 153 7,280 8,044 2,048 193,319 203,411 - Floor plan - - 50 50 - 3,047 3,097 - Real estate - - - - - 16,646 16,646 - 4,540 153 9,510 14,203 10,264 633,112 657,579 - Other commercial and industrial: Corporate - - - - - 65,344 65,344 - Institutional - - - - 197,559 207,661 405,220 - Middle market - - 225 225 479 102,281 102,985 - Retail 325 284 772 1,381 930 92,935 95,246 - Floor plan 153 77 23 253 - 37,224 37,477 - 478 361 1,020 1,859 198,968 505,445 706,272 - 5,018 514 10,530 16,062 209,232 1,138,557 1,363,851 - June 30, 2015 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Consumer Credit cards 303 120 319 742 - 19,381 20,123 - Overdrafts 22 2 - 24 - 293 317 - Personal lines of credit 97 17 63 177 22 2,083 2,282 - Personal loans 1,532 858 716 3,106 320 170,202 173,628 - Cash collateral personal loans 87 51 - 138 - 16,141 16,279 - 2,041 1,048 1,098 4,187 342 208,100 212,629 - Auto and leasing 47,451 18,593 7,420 73,464 365 549,369 623,198 - Total $ 100,318 $ 42,862 $ 85,103 $ 228,283 $ 215,125 $ 2,513,457 $ 2,956,865 $ 4,782 December 31, 2014 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Mortgage Traditional (by origination year): Up to the year 2002 $ 4,128 $ 3,157 $ 4,395 $ 11,680 $ - $ 54,064 $ 65,744 $ 134 Years 2003 and 2004 10,484 4,735 6,489 21,708 455 87,506 109,669 - Year 2005 3,824 2,205 4,454 10,483 131 49,858 60,472 - Year 2006 5,706 3,298 8,667 17,671 548 67,331 85,550 89 Years 2007, 2008 and 2009 5,283 1,809 7,646 14,738 761 77,990 93,489 - Years 2010, 2011, 2012, 2013 and 2014 3,684 2,992 6,900 13,576 - 190,848 204,424 365 33,109 18,196 38,551 89,856 1,895 527,597 619,348 588 Non-traditional 1,477 584 3,223 5,284 - 30,916 36,200 - Loss mitigation program 8,199 7,106 14,114 29,419 6,358 57,666 93,443 2,766 42,785 25,886 55,888 124,559 8,253 616,179 748,991 3,354 Home equity secured personal loans - - - - - 517 517 - GNMA's buy-back option program - - 42,243 42,243 - - 42,243 - 42,785 25,886 98,131 166,802 8,253 616,696 791,751 3,354 Commercial Commercial secured by real estate: Corporate - - - - - 133,076 133,076 - Institutional - - - - - 36,611 36,611 - Middle market - 645 396 1,041 8,494 154,515 164,050 - Retail 330 561 7,275 8,166 1,445 166,017 175,628 - Floor plan - - - - - 1,650 1,650 - Real estate - - - - - 12,628 12,628 - 330 1,206 7,671 9,207 9,939 504,497 523,643 - Other commercial and industrial: Corporate - - - - - 63,746 63,746 - Institutional - - - - - 478,935 478,935 - Middle market - - 618 618 - 91,716 92,334 - Retail 866 412 1,061 2,339 1,047 86,785 90,171 - Floor plan - - - - - 40,903 40,903 - 866 412 1,679 2,957 1,047 762,085 766,089 - 1,196 1,618 9,350 12,164 10,986 1,266,582 1,289,732 - December 31, 2014 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Consumer Credit cards 360 139 375 874 - 18,197 19,071 - Overdrafts 20 - - 20 - 287 307 - Personal lines of credit 102 25 102 229 9 1,962 2,200 - Personal loans 1,822 743 678 3,243 337 144,359 147,939 - Cash collateral personal loans 275 39 9 323 - 16,920 17,243 - 2,579 946 1,164 4,689 346 181,725 186,760 - Auto and leasing 47,658 16,916 7,420 71,994 145 503,443 575,582 - Total $ 94,218 $ 45,366 $ 116,065 $ 255,649 $ 19,730 $ 2,568,446 $ 2,843,825 $ 3,354 At June 30 , 2015 and December 31 , 2014 , the Company had $ 347.5 million and $ 450.2 million, respectively, in loans granted to the Puerto Rico government, including its instrumentalities , public corporations and municipalities as part of the institutional commercial loan segment . A ll loans granted to Puerto Rico government were current at June 30 , 2015 and December 31 , 2014 . We, as part of the bank syndicate, agreed in August 2014 to extend our credit facilities with PREPA to March 31, 2015, and are currently extended to September 15, 2015. After the first extension, the Company classified the credit as substandard and a troubled-debt restructuring. The Company conducted an impairment analysis considering the probability of collecti on of principal and interest, which included a financial model to project the future liquidity status of PREPA under various scenarios and its capacity to service its financial obligations, and concluded that the PREPA had sufficient cash flows for the rep ayment of the line of credit. Despite the Company’s analysis showing PREPA’s capacity to repay the line of credit, the Company placed its participation in non-accrual and recorded a $ 24 million provision during the first quarter of 2015. The impairment ana lysis was updated for the second quarter with no change in provision. For the quarter ended June 30, 2015, interest payments are being applied to principal A cquired 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 non-covered portfolio 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 non-covered portfolio that were accounted for under the provisions of ASC 310-20 are removed from the acquired loan category at the end of the reporting period upon refinancing, renewal or normal re-underwriting. The following table s present the aging of the recorded investment in gross acquired loans accounted for under ASC 310-20 as of June 30 , 2015 and December 31 , 2014 , by class of loans : June 30, 2015 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Commercial Commercial secured by real estate Retail $ - $ - $ 344 $ 344 $ - $ - $ 344 $ - Floor plan - - 496 496 - 2,267 2,763 - - - 840 840 - 2,267 3,107 - Other commercial and industrial Retail 145 32 173 350 2 3,608 3,960 - Floor plan 87 130 26 243 4 1,134 1,381 - 232 162 199 593 6 4,742 5,341 - 232 162 1,039 1,433 6 7,009 8,448 - Consumer Credit cards 1,005 361 1,023 2,389 - 35,870 38,259 - Personal loans 104 19 52 175 - 3,071 3,246 - 1,109 380 1,075 2,564 - 38,941 41,505 - Auto 9,364 3,209 1,075 13,648 65 128,857 142,570 - Total $ 10,705 $ 3,751 $ 3,189 $ 17,645 $ 71 $ 174,807 $ 192,523 $ - December 31, 2014 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Commercial Commercial secured by real estate Retail $ - $ - $ 351 $ 351 $ - $ - $ 351 $ - Floor plan - 62 345 407 - 3,724 4,131 - - 62 696 758 - 3,724 4,482 - Other commercial and industrial Retail 155 67 192 414 2 3,705 4,121 - Floor plan 202 134 223 559 10 3,503 4,072 - 357 201 415 973 12 7,208 8,193 - 357 263 1,111 1,731 12 10,932 12,675 - Consumer Credit cards 1,376 654 1,399 3,429 - 38,419 41,848 - Personal loans 151 47 77 275 - 3,221 3,496 - 1,527 701 1,476 3,704 - 41,640 45,344 - Auto 11,003 3,453 1,262 15,718 76 168,988 184,782 - Total $ 12,887 $ 4,417 $ 3,849 $ 21,153 $ 88 $ 221,560 $ 242,801 $ - Acquired Loans Accounted for u nder ASC 310-30 (including those accounted for under ASC 310-30 by analogy) Acquired loans that are part of the non-covered portfolio , except f or 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 310-3 0 by analogy, in the statement s of financial condition at June 30 , 2015 and December 31 , 2014 is as follows: June 30, December 31, 2015 2014 (In thousands) Contractual required payments receivable $2,208,242 $2,394,378 Less: Non-accretable discount $449,917 $456,627 Cash expected to be collected 1,758,325 1,937,751 Less: Accretable yield 412,048 445,946 Carrying amount, gross 1,346,277 1,491,805 Less: allowance for loan and lease losses 18,359 13,481 Carrying amount, net $1,327,918 $1,478,324 At June 30 , 2015 and December 31 , 2014 , the Company had $ 167.8 million and $ 168.8 million, respectively, in loans granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities as part of its non-covered acquired loans accounted for under ASC 310-30. This entire amount was current at June 30 , 2015 and December 31 , 2014 . The following tables describe the accretable yield and non-accretable discount activity of acquired loans accounted for under ASC 310-30 for the quarters and six-month period s ended June 30 , 2015 a nd 2014 Quarter Ended June 30, 2015 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 284,612 $ 57,330 $ 19,390 $ 47,097 $ 5,601 $ 414,030 Accretion (8,813) (9,597) (2,143) (6,163) (1,287) (28,003) Change in Expected Cash Flows - 23,695 9,867 - - 33,562 Transfer (to) from non-accretable discount 81 135 (2,501) (9,403) 4,147 (7,541) Balance at end of period $ 275,880 $ 71,563 $ 24,613 $ 31,531 $ 8,461 $ 412,048 Non-Accretable Discount Activity: Balance at beginning of period $ 392,609 $ 15,826 $ 3,957 $ 14,543 $ 23,576 $ 450,511 Change in actual and expected losses (3,421) (4,921) 536 (256) (73) (8,135) Transfer from (to) accretable yield (81) (135) 2,501 9,403 (4,147) 7,541 Balance at end of period $ 389,107 $ 10,770 $ 6,994 $ 23,690 $ 19,356 $ 449,917 Six- Month Period Ended June 30, 2015 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 298,364 $ 61,196 $ 25,829 $ 53,998 $ 6,559 $ 445,946 Accretion (17,800) (20,356) (5,953) (13,151) (2,213) (59,473) Change in Expected Cash Flows - 23,695 9,867 - - 33,562 Transfer (to) from non-accretable discount (4,684) 7,028 (5,130) (9,316) 4,115 (7,987) Balance at end of period $ 275,880 $ 71,563 $ 24,613 $ 31,531 $ 8,461 $ 412,048 Non-Accretable Discount Activity: Balance at beginning of period $ 389,839 $ 23,069 $ 3,486 $ 16,215 $ 24,018 $ 456,627 Change in actual and expected losses (5,416) (5,271) (1,622) (1,841) (547) (14,697) Transfer from (to) accretable yield 4,684 (7,028) 5,130 9,316 (4,115) 7,987 Balance at end of period $ 389,107 $ 10,770 $ 6,994 $ 23,690 $ 19,356 $ 449,917 Quarter Ended June 30, 2014 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 278,468 $ 82,637 $ 35,005 $ 74,635 $ 11,256 $ 482,001 Accretion (9,363) (12,217) (5,973) (10,593) (1,568) (39,714) Transfer (to) from non-accretable discount - 71 1,640 578 30 2,319 Balance at end of period $ 269,105 $ 70,491 $ 30,672 $ 64,620 $ 9,718 $ 444,606 Non-Accretable Discount Activity: Balance at beginning of period $ 458,648 $ 41,551 $ 7,248 $ 29,328 $ 26,519 $ 563,294 Change in actual and expected losses (2,859) (430) (220) (1,471) (1,271) (6,251) Transfer from (to) accretable yield - (71) (1,640) (578) (30) (2,319) Balance at end of period $ 455,789 $ 41,050 $ 5,388 $ 27,279 $ 25,218 $ 554,724 Six- Month Period Ended June 30 , 2014 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 287,841 96,139 42,993 77,845 12,735 517,553 Accretion (18,732) (24,934) (10,459) (22,418) (3,440) (79,983) Transfer (to) from non-accretable discount (4) (714) (1,862) 9,193 423 7,036 Balance at end of period $ 269,105 70,491 30,672 64,620 9,718 444,606 Non-Accretable Discount Activity: Balance at beginning of period $ 463,166 42,515 5,851 39,645 28,410 579,587 Change in actual and expected losses (7,381) (2,179) (2,325) (3,173) (2,769) (17,827) Transfer from (to) accretable yield 4 714 1,862 (9,193) (423) (7,036) Balance at end of period $ 455,789 41,050 5,388 27,279 25,218 554,724 Covered Loans The carrying amount of covered loans at June 30 , 2015 and December 31 , 2014 is as follows: June 30 December 31 2015 2014 (In thousands) Contractual required payments receivable $ 419,259 $ 535,425 Less: Non-accretable discount 21,132 62,410 Cash expected to be collected 398,127 473,015 Less: Accretable yield 104,641 109,859 Carrying amount, gross 293,486 363,156 Less: Allowance for covered loan and lease losses 71,452 64,245 Carrying amount, net $ 222,034 $ 298,911 The following tables describe the accretable yield and non-a ccretable discount activity of covered loans for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 58,332 $ 33,481 $ 20,806 $ 1,665 $ 2,004 $ 116,288 Accretion (3,276) (8,047) (405) (937) (93) (12,758) Transfer from (to) non-accretable discount 750 2,039 (2,052) 375 (1) 1,111 Balance at end of period $ 55,806 $ 27,473 $ 18,349 $ 1,103 $ 1,910 $ 104,641 Non-Accretable Discount Activity: Balance at beginning of period $ 12,557 $ 10,493 $ - $ - $ 9,662 $ 32,712 Change in actual and expected losses (405) (8,454) (2,052) 375 67 (10,469) Transfer from (to) accretable yield (750) (2,039) 2,052 (375) 1 (1,111) Balance at end of period $ 11,402 $ - $ - $ - $ 9,730 $ 21,132 Six- Month Period Ended June 30, 2015 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 47,636 $ 37,919 $ 20,753 $ 2,479 $ 1,072 $ 109,859 Accretion (6,794) (17,902) (1,024) (2,329) (213) (28,262) Transfer from (to) non-accretable discount 14,964 7,456 (1,380) 953 1,051 23,044 Balance at end of period $ 55,806 $ 27,473 $ 18,349 $ 1,103 $ 1,910 $ 104,641 Non-Accretable Discount Activity: Balance at beginning of period $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Change in actual and expected losses (982) (17,008) (1,380) 953 183 (18,234) Transfer from (to) accretable yield (14,964) (7,456) 1,380 (953) (1,051) (23,044) Balance at end of period $ 11,402 $ - $ - $ - $ 9,730 $ 21,132 Quarter Ended June 30, 2014 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 54,619 $ 83,200 $ 209 $ 7,332 $ 2,407 $ 147,767 Accretion (4,033) (17,141) (1,070) (2,377) (259) (24,880) Transfer from (to) non-accretable discount - 4,168 861 145 - 5,174 Balance at end of period $ 50,586 $ 70,227 $ - $ 5,100 $ 2,148 $ 128,061 Non-Accretable Discount Activity: Balance at beginning of period $ 31,340 $ 67,136 $ - $ - $ 8,847 $ 107,323 Change in actual and expected losses (1,481) (16,372) 861 145 (78) (16,925) Transfer (to) from accretable yield - (4,168) (861) (145) - (5,174) Balance at end of period $ 29,859 $ 46,596 $ - $ - $ 8,769 $ 85,224 Six- Month Period Ended June 30, 2014 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 53,250 $ 95,093 $ 1,690 $ 10,238 $ 2,688 $ 162,959 Accretion (8,197) (31,993) (2,150) (5,388) (540) (48,268) Transfer from (to) non-accretable discount 5,533 7,127 460 250 - 13,370 Balance at end of period $ 50,586 $ 70,227 $ - $ 5,100 $ 2,148 $ 128,061 Non-Accretable Discount Activity: Balance at beginning of period $ 39,182 $ 81,092 $ - $ - $ 9,203 $ 129,477 Change in actual and expected losses (3,790) (27,369) 460 250 (434) (30,883) Transfer (to) from accretable yield (5,533) (7,127) (460) (250) - (13,370) Balance at end of period $ 29,859 $ 46,596 $ - $ - $ 8,769 $ 85,224 Non-accrual Loans The following table presents the recorded investment in loans in non-accrual status by class of loans as of June 30 , 2015 and December 31 , 2014 : June 30, December 31, 2015 2014 (In thousands) Originated and other loans and leases held for investment Mortgage Traditional (by origination year): Up to the year 2002 $ 3,104 $ 4,427 Years 2003 and 2004 6,317 7,042 Year 2005 3,926 4,585 Year 2006 7,861 9,274 Years 2007, 2008 and 2009 9,991 8,579 Years 2010, 2011, 2012, 2013, 2014 and 2015 9,183 7,365 40,382 41,272 Non-traditional 3,784 3,224 Loss mitigation program 19,504 20,934 63,670 65,430 Commercial Commercial secured by real estate Middle market 14,325 9,534 Retail 9,557 9,000 23,882 18,534 Other commercial and industrial Institutional 197,559 - Middle market 703 618 Retail 1,797 2,527 Floor plan 23 - 200,082 3,145 223,964 21,679 Consumer Credit cards 319 375 Personal lines of credit 86 110 Personal loans 1,107 1,092 Cash collateral personal loans - 13 1,512 1,590 Auto and leasing 8,587 8,668 Total Non-accrual originated loans $ 297,733 $ 97,367 June 30, December 31, 2015 2014 (In thousands) Acquired loans accounted under ASC 310-20 Commercial Commercial secured by real estate Retail $ 344 $ 351 Floor plan 496 407 840 758 Other commercial and industrial Retail 178 195 Floor plan 30 234 208 429 1,048 1,187 Consumer Credit cards 1,023 1,399 Personal loans 52 77 1,075 1,476 Auto 1,277 1,512 Total non-accrual acquired loans accounted under ASC 310-20 3,400 4,175 Total non-accrual loans $ 301,183 $ 101,542 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. Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non - performing loans when they become 90 days or more past due, but are not placed in non-accrual status until they become 18 months or more past due, since they are insured loans. Therefore, these loa ns are included as non-performing loans but excluded from non-accrual loans . During the quarter ended March 31, 2015, the revolving line of credit to PREPA was classified as non-accrual. At June 30 , 2015, this line of credit had an unpaid principal balanc e of $ 197.6 million. For the quarter ended June 30, 2015, interest payments received were applied to principal. As of June 30, 2015, the specific reserve was maintained at $24 million. At June 30 , 2015 and December 31 , 2014 , loans whose terms have b een extended and w hich are classified as troubled- debt restructuring s that are not included in non-accrual loans amounted to $ 88.8 million and $ 274.4 million, respectively, as they are performing under their new terms. At December 31, 2014, the balance inc luded the revolving line of credit to PREPA . 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 $243.4 million and $236.9 million at June 30 , 2015 and December 31 , 2014 , respectively. Impaired commercial loans at June 30 , 2015 and December 31 , 2014 included the PREPA line of credit with an unpaid principal balance of $ 197.6 million and $ 200.0 million , respectively . The impaired commercial loans were measured based on the fair value of collateral or the present value of cash flows, including those identified as troubled-debt restructurings. The valuation allowance for impaired commercial loans amounted to $27.4 million and $841 thousand at June 30 , 2015 and December 31 , 2014 , respectively. The valuation allowance for impaired commercial loans amounted to $27.4 million including $24.0 million of PREPA allowance placed during Q1 2015. The total investment in impaired mortgage loans was $89.3 million and $94.2 million at June 30 , 2015 and December 31 , 2014 , 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 amoun ted to approximately $8.3 million and $9.0 million at June 30 , 2015 and December 31 , 2014 , respectively. O riginated and Other Loans and L eases Held for Investment T he Company ’s recorded investment in non-covered commercial and mortgage loans categorized as originated and other loans and leases held for investment that were individually evaluated for impairment and the related allowan ce for loan and lease losses at June 30 , 2015 and December 31 , 2014 are as follows : June 30, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 215,139 $ 211,186 $ 27,401 13% Residential troubled-debt restructuring 95,881 89,303 8,268 9% Impaired loans with no specific allowance: Commercial 34,305 30,786 N/A N/A Total investment in impaired loans $ 345,325 $ 331,275 $ 35,669 11% December 31, 2014 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 6,349 $ 6,226 $ 841 14% Residential troubled-debt restructuring 99,947 94,185 8,968 10% Impaired loans with no specific allowance Commercial 237,806 230,044 N/A N/A Total investment in impaired loans $ 344,102 $ 330,455 $ 9,809 3% Acquired Loans Accounted for under ASC 310- 20 (Loans with revolving feature and/or acquired at a premium) T he Company’s recorded investment in non-covered commercial loans categorized as non-covered acquired loans accounted for under ASC 310-20 that were individually evaluated for impairment and the related allowance for loan and lease losses at June 30 , 2015 and December 31 , 2014 are as follows: June 30, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 1,435 $ 1,429 N/A N/A Total investment in impaired loans $ 1,435 $ 1,429 $ - - December 31, 2014 Unpaid Recorded Specific Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 672 $ 672 N/A N/A Total investment in impaired loans $ 672 $ 672 $ - - Non-covered Acquired Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) T he Company ’s recorded investment in non-covered acquired loan pools accounted for under ASC 310-30 and their related allowance for non-covered loan and lease losses at June 30 , 2015 and December 31 , 2014 are a s follows : June 30, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired non-covered loan pools: Mortgage $ 22,901 $ 23,676 $ 557 2% Commercial 230,196 208,083 5,752 3% Construction 87,488 88,575 9,188 10% Auto 187,569 195,891 2,862 1% Total investment in impaired non-covered loan pools $ 528,154 $ 516,225 $ 18,359 4% December 31 , 2014 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired non-covered loan pools: Commercial 289,228 255,619 5,506 2% Construction 90,786 83,751 7,970 10% Consumer 35,812 29,888 5 0% Total investment in impaired non-covered loan pools $ 415,826 $ 369,258 $ 13,481 4% The tables above only present information with respect to non-covered loans and pools accounted for under ASC 310-30 if there is a recorded impairment to such loans or loan pools and a specific allowance for loan losses. As of June 30, 2015, the Company eliminated the specific allowance of $5 thousand maintained on impaired non-covered acquired consumer loan pool accounted under ASC 310-30 because there was an increase in the net present value of cash flows expected to be collected from such pool when compared with the recorded investment. Likewise, the increase in mortgage and auto loan pools from December 31, 2014 to June 30, 2015 was caused by the establishment of a specific reserve with respect to impaired mortgage and auto loan pools that were required based on the net present value of the cash flows expected to be collected. T he following table presents the interest recognized in non-covered commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 2014 Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment (In thousands) Originated and other loans held for investment: Impaired loans with specific allowance Commercial $ 45 $ 212,414 $ 39 $ 7,200 Residential troubled-debt restructuring 781 89,041 663 90,445 Impaired loans with no specific allowance Commercial 316 30,015 77 21,951 1,142 331,470 779 119,596 Acquired loans accounted for under ASC 310-20: Impaired loans with no specific allowance Commercial 11 1,446 - - Total interest income from impaired loans $ 1,153 $ 332,916 $ 779 $ 119,596 Six-Month Period Ended June 30, 2015 2014 Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment (In thousands) Originated and other loans held for investment: Impaired loans with specific allowance Commercial $ 90 $ 146,144 $ 78 $ 6,729 Residential troubled-debt restructuring 1,563 91,216 1,270 88,749 Impaired loans with no specific allowance Commercial 631 95,791 154 21,790 $ 2,284 $ 333,151 $ 1,502 $ 117,268 Acquired loans accounted for under ASC 310-20: Impaired loans with no specific allowance Commercial 21 1,923 - - Total interest income from impaired loans $ 2,305 $ 335,074 $ 1,502 $ 117,268 Covered Loans T he Company ’s recorded investment in covered loan pools that have recorded impairment s and the ir related allowance for covered loan and lease losses as of June 30 , 2015 and December 31 , 2014 are as follows : June 30, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired covered loan pools: Loans secured by 1-4 family residential properties $ 124,906 $ 106,937 $ 17,594 16% Construction and development secured by 1-4 family residential properties 46,732 19,152 12,300 64% Commercial and other construction 132,636 95,655 41,170 43% Consumer 6,102 1,718 389 23% Total investment in impaired covered loan pools $ 310,376 $ 223,462 $ 71,453 32% December 31, 2014 Coverage Unpaid Recorded Specific to Recorded Principal Investment Allowance Investment (In thousands) Impaired covered loan pools with specific allowance Loans secured by 1-4 family residential properties $ 134,579 $ 106,116 $ 15,522 15% Construction and development secured by 1-4 family residential properties 57,123 19,562 10,724 55% Commercial and other construction 93,894 74,069 37,610 51% Consumer 7,992 4,506 389 9% Total investment in impaired covered loan pools $ 293,588 $ 204,253 $ 64,245 31% Modifications The follow ing table s present the troubled- debt restructuring s during the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 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) (Do |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 6 Months Ended |
Jun. 30, 2015 | |
Loans Receivable [Abstract] | |
Allowance For Credit Losses Text Block | NOTE 5 – ALLOWANCE FOR LOAN AND LEASE LOSSES The composition of the Company’s allowance for loan and lease losses at June 30 , 2015 and December 31 , 2014 was as follows : June 30, December 31, 2015 2014 (In thousands) Allowance for loans and lease losses on non-covered loans: Originated and other loans and leases held for investment: Mortgage $ 18,076 $ 19,679 Commercial 34,779 8,432 Consumer 10,464 9,072 Auto and leasing 15,064 14,255 Unallocated 606 1 78,989 51,439 Acquired loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 54 65 Consumer 2,616 1,211 Auto 2,859 3,321 5,529 4,597 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 473 - Commercial 14,940 13,476 Consumer 84 5 Auto 2,862 - 18,359 13,481 102,877 69,517 Allowance for loans and lease losses on covered loans: Loans secured by 1-4 family residential properties 17,593 15,522 Commercial and other construction 53,470 48,334 Consumer 389 389 71,452 64,245 Total allowance for loan and lease losses $ 174,329 $ 133,762 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 pertinen t 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 tim e of acquisition. As part of the Company’s continuous enhancement to the allowance for loan and lease losses methodology, during the quarter ended June 30, 2015, an assessment of the look-back period and historical loss factor was performed for auto and l easing and consumer and commercial loan portfolios. The analysis was based on the trends observed and their relation with the economic cycle as of the period ended June 30, 2015. As a result, for the commercial portfolio, the look-back period was changed to 36 months from the previously determined 12 months. For auto and leasing and consumer, a look back period of 24 months was maintained. In addition, during the quarter ended June 30, 2015, an assessment of environmental factors was performed for comme rcial, auto, and consumer portfolios. As a result, the environmental factors continue to reflect our assessment of the impact to our portfolio, taking into consideration the current evolution of the portfolio and expected impact, due to recent economic dev elopments, changes in values of collateral and delinquencies, among others. These changes in the allowance for loan and lease losses’ look-back period and the result of the assessment in economic factors for the commercial, auto, and consumer portfolios ar e considered a change in accounting estimate as per ASC 250-10 provisions, where adjustments should be made prospectively . 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 June 30, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 18,086 $ 33,123 $ 9,405 $ 15,762 $ 383 $ 76,759 Charge-offs (1,356) (497) (2,309) (7,662) - (11,824) Recoveries 67 219 390 3,425 - 4,101 Provision for non-covered loan and lease losses 1,279 1,934 2,978 3,539 223 9,953 Balance at end of period $ 18,076 $ 34,779 $ 10,464 $ 15,064 $ 606 $ 78,989 Six-Month Period Ended June 30, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Charge-offs (2,770) (1,489) (3,985) (15,798) - (24,042) Recoveries 67 309 543 6,809 - 7,728 Provision for non-covered loan and lease losses 1,100 27,527 4,834 9,798 605 43,864 Balance at end of period $ 18,076 $ 34,779 $ 10,464 $ 15,064 $ 606 $ 78,989 June 30, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 8,268 $ 27,401 $ - $ - $ - $ 35,669 Collectively evaluated for impairment 9,808 7,378 10,464 15,064 606 43,320 Total ending allowance balance $ 18,076 $ 34,779 $ 10,464 $ 15,064 $ 606 $ 78,989 Loans: Individually evaluated for impairment $ 89,304 $ 241,971 $ - $ 64 $ - $ 331,339 Collectively evaluated for impairment 667,884 1,121,879 212,629 623,134 - 2,625,526 Total ending loan balance $ 757,188 $ 1,363,850 $ 212,629 $ 623,198 $ - $ 2,956,865 Quarter Ended June 30, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 19,511 $ 13,994 $ 7,135 $ 8,731 $ 136 $ 49,507 Charge-offs (987) (543) (1,397) (5,956) - (8,883) Recoveries 88 115 244 2,136 - 2,583 Provision (recapture) for non-covered loan and lease losses 450 (1,143) 1,905 6,216 3 7,431 Balance at end of period $ 19,062 $ 12,423 $ 7,887 $ 11,127 $ 139 $ 50,638 Six-Month Period Ended June 30, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 19,937 $ 14,897 $ 6,006 $ 7,866 $ 375 $ 49,081 Charge-offs (2,201) (962) (2,235) (10,601) - (15,999) Recoveries 236 213 391 3,660 - 4,500 Provision (recapture) for non-covered loan and lease losses 1,090 (1,725) 3,725 10,202 (236) 13,056 Balance at end of period $ 19,062 $ 12,423 $ 7,887 $ 11,127 $ 139 $ 50,638 December 31, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 8,968 $ 841 $ - $ - $ - $ 9,809 Collectively evaluated for impairment 10,711 7,591 9,072 14,255 1 41,630 Total ending allowance balance $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Loans: Individually evaluated for impairment $ 94,185 $ 236,270 $ - $ - $ - $ 330,455 Collectively evaluated for impairment 697,566 1,053,462 186,760 575,582 - 2,513,370 Total ending loan balance $ 791,751 $ 1,289,732 $ 186,760 $ 575,582 $ - $ 2,843,825 During the quarter ended March 31, 2015 the Company placed its $200 million participation in a line of credit to PREPA on non-accrual status and recorded a $24.0 million prov ision for loan and lease losses. During the quarter ended June 30 , 2015 , interest payments received were applied to principal. As of June 30, 2015, the specific reserve was maintained at $24 million . Acquired Loans accounted for under ASC 310- 2 0 (Loans with revolving feature and/or acquired at a premium) T he following table s 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 period s indicated : Quarter Ended June 30, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 49 1 $ 1,885 $ 3,516 $ - $ 5,450 Charge-offs (16) (1,303) (1,038) - (2,357) Recoveries 7 429 502 - 938 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-20 14 1,605 (121) - 1,498 Balance at end of period $ 54 $ 2,616 $ 2,859 $ - $ 5,529 Six-Month Period Ended June 30, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 65 $1 $ 1,211 $ 3,321 $ - $ 4,597 Charge-offs (16) (2,686) (2,304) - (5,006) Recoveries 17 563 1,072 - 1,652 (Recapture) Provision for non-covered acquired loan and lease losses accounted for under ASC 310-20 (12) 3,528 770 - 4,286 Balance at end of period $ 54 $ 2,616 $ 2,859 $ - $ 5,529 June 30, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered acquired loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Collectively evaluated for impairment $ 54 $ 2,616 $ 2,859 $ - $ 5,529 Total ending allowance balance $ 54 $ 2,616 $ 2,859 $ - $ 5,529 Loans: Individually evaluated for impairment $ 1,429 $ - $ - $ - $ 1,429 Collectively evaluated for impairment 7,019 41,505 142,570 - 191,094 Total ending loan balance $ 8,448 $ 41,505 $ 142,570 $ - $ 192,523 Quarter Ended June 30, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 867 $ 504 $ 2,247 $ - $ 3,618 Charge-offs (110) (1,952) (1,370) - (3,432) Recoveries 30 124 535 - 689 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-20 (323) 1,662 1,230 - 2,569 Balance at end of period $ 464 $ 338 $ 2,642 $ - $ 3,444 Six-Month Period Ended June 30, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 926 $1 $ - $ 1,428 $ - $ 2,354 Charge-offs (284) (4,010) (2,666) - (6,960) Recoveries 30 224 985 - 1,239 Provision (recapture)for non-covered acquired loan and lease losses accounted for under ASC 310-20 (208) 4,124 2,895 - 6,811 Balance at end of period $ 464 $ 338 $ 2,642 $ - $ 3,444 December 31, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered acquired loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Collectively evaluated for impairment $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Total ending allowance balance $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Loans: Individually evaluated for impairment $ 672 $ - $ - $ - $ 672 Collectively evaluated for impairment 12,003 45,344 184,782 - 242,129 Total ending loan balance $ 12,675 $ 45,344 $ 184,782 $ - $ 242,801 Acquired Loans Accounted for under ASC 310- 3 0 ( including those accounted for under ASC 310-30 by analogy ) The following table s present the activity in our allowance for loan losses and related recorded investment of the associated loans in our non-covered acquired loan portfolio accounted for under ASC 310-30, for the period s indicated : Quarter Ended June 30, 2015 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ 473 $ 13,687 $ 6 $ - $ 14,166 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 - 1,253 78 2,862 4,193 Balance at end of period $ 473 $ 14,940 $ 84 $ 2,862 $ 18,359 Six-Month Period Ended June 30, 2015 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ - 1 $ 13,476 1 $ 5 $1 $ - $ 13,481 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 473 1,464 79 2,862 4,878 Balance at end of period $ 473 $ 14,940 $ 84 $ 2,862 $ 18,359 Quarter Ended June 30, 2014 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ - $ 2,653 $ 405 $ - $ 3,058 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 - 3,563 (343) - 3,220 Balance at end of period $ - $ 6,216 $ 62 $ - $ 6,278 Six-Month Period Ended June 30, 2014 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ - 1 $ 1,713 1 $ 418 $1 $ 732 $ 2,863 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 - 4,503 (356) (732) 3,415 Balance at end of period $ - $ 6,216 $ 62 $ - $ 6,278 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 per iod. The changes in the allowance for loan and lease losses on covered loans for the quarters and six-month periods ended June 30 , 2015 and 2014 were as follows: Quarter Ended June 30, 2015 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 17,340 $ 52,922 $ 389 $ - $ 70,651 Provision for covered loan and lease losses, net 148 (253) - - (105) FDIC shared-loss portion of provision for covered loan and lease losses, net 105 801 - - 906 Balance at end of period $ 17,593 $ 53,470 $ 389 $ - $ 71,452 Six-Month Period Ended June 30, 2015 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 15,522 $ 48,334 $ 389 $ - $ 64,245 Provision for (recapture) covered loan and lease losses, net 1,966 2,738 - - 4,704 FDIC shared-loss portion of provision for covered loan and lease losses, net 105 2,398 - - 2,503 Balance at end of period $ 17,593 $ 53,470 $ 389 $ - $ 71,452 Quarter Ended June 30, 2014 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 14,221 $ 39,562 $ 615 $ - $ 54,398 Provision for covered loan and lease losses, net 411 1,184 - - 1,595 FDIC shared-loss portion of provision for covered loan and lease losses, net 292 3,230 - - 3,522 Balance at end of period $ 14,924 $ 43,976 $ 615 $ - $ 59,515 Six-Month Period Ended June 30, 2014 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 12,495 $ 39,619 $ 615 $ - $ 52,729 Provision for (recapture) covered loan and lease losses, net 2,309 915 - - 3,224 FDIC shared-loss portion of provision for covered loan and lease losses, net 120 3,442 - - 3,562 Balance at end of period $ 14,924 $ 43,976 $ 615 $ - $ 59,515 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 . Net provision for covered loans includes both additional reserves and reserve releases for different pools. The pools for which there were releases are also subject to a reduction to the FDIC shared-loss indemnification a sset because of lower expec ted losses which are recognized as recaptures. |
FDIC Indemnification Asset and
FDIC Indemnification Asset and True-up Payment Obligation | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
FDIC Indemnification Asset and True-up Payment Obligation [Text Block] | NOTE 6 - FDIC INDEMNIFICATION ASSET AND TRUE-UP PAYMENT OBLIGATION In connection with the FDIC assisted acquisition , the Bank and the FDIC entered into shared-loss agreements pursuant to which the FDIC covers a substantial portion of any losses on loans (and related unfunded loan commitments), foreclosed real estate and other repossessed properties covered by the agreements. 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. T he 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 FDIC 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 indemnification asset and true-up payment obligation for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) FDIC indemnification asset: Balance at beginning of period $ 75,221 $ 166,194 $ 97,378 $ 189,240 Shared-loss agreements reimbursements from the FDIC (24,387) (10,464) (38,087) (18,700) Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net 906 3,522 2,503 3,562 FDIC indemnification asset expense (22,512) (17,499) (34,733) (35,121) Incurred expenses to be reimbursed under shared-loss agreements (6,524) 1,907 (4,357) 4,679 Balance at end of period $ 22,704 $ 143,660 $ 22,704 $ 143,660 True-up payment obligation: Balance at beginning of period $ 22,844 $ 19,375 $ 21,981 $ 18,510 Change in true-up payment obligation 733 856 1,596 1,721 Balance at end of period $ 23,577 $ 20,231 $ 23,577 $ 20,231 The FDIC shared- loss expense bears an inverse relationship with a change in the yield of covered loan pools in accordance with ASC 310-30. ASC 310-30 dictates that such pools should be subject to increases in their yield when the present value of the expected cash flows is higher than the pool’s carrying balance. When the increases in cash flow expectatio ns are driven by reductions in the expected credit losses, the Bank recognizes that such losses are no longer expected to be collected from the FDIC. Accordingly, the Bank reduces the FDIC indemnification asset by amortizing the reduction in expected colle ctions throughout the remaining life of the underlying pools. This amortization is recognized in the FDIC shared-loss expense. The underlying factors that caused an increase in the expected cash flows and resulting reduction in projected losses are deriv ed from the pool-level cash flow forecasts. Credit loss assumptions used to develop each pool-level cash flow forecast are based on the behavior of defaults, recoveries and losses of the corresponding pool of covered loans. The FDIC loss share coverage for the commercial loans and other non-single family loans was in effect until June 30, 2015. The coverage for the single family residential loans will expire on June 30, 2020. Accordingly, the Company amortized the remaining portion of the FDIC ind emnification asset attributable to non-single family loans at the close of the second quarter of 2015. At June 30, 2015, the Company had a $ 39.5 million receivable from the FDIC, included in other assets in the unaudited statement of financial condition, c orresponding to $ 12.9 million for the Q1 2015 loss-share certification that was received during July 2015 and $ 26.6 million for the Q2 2015 loss-share certifications for commercial and other non-single family loans. At June 30, 2015, the FDIC indemnificati on asset reflects the balance only for single family residential mortgage loans. Notwithstanding the expiration of loss share coverage of non-single family loans, on July 2, 2015, the Company entered into an agreement with the FDIC pursuant to which the FD IC concurred with a potential sale of a pool of loss share assets covered under the non-single family loss share agreement. Pursuant to such agreement, the FDIC agreed to pay up to $20 million in loss share coverage with respect to the aggregate loss resul ting from any portfolio sale within 120 days of the agreement. The FDIC indemnification asset expense of $ 22.5 million for the quarter increased when compared to $17.5 million for the second quarter of 2014. The expense of $34.7 million for the six-month period ended June 30, 2015 stayed relatively flat when compared to $35.1 million for the same period in 2014. The increase during the quarter was principally driven by differences between the expected losses realized during the last months of the non-singl e family shared loss agreement and the losses that were ultimately realized and are expected to be collected from the FDIC. For the six-month periods ended June 30, 2015 and 2014, the amortization expense totaled $ 2.1 million and $ 2 thousand, respectively was from stepped up cost recoveries on certain construction, commercial, and leasing pools. Also in connection with the FDIC assisted acquisition, the Bank agreed to make a true-up payment, also known as a clawback liability or clawback provision, 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 premium (discount) of ($227.5 million) (or ($56.9 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 payab le 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 l iability of $ 23 . 6 million and $ 22.0 million , net of discount, as of June 30 , 2015 and December 31 , 2014 , respectively. The estimated liability is included within accrued expenses and other liabilities in the unaudited consolidated statements of financ ial condition. The true-up payment obligation, also known as clawback liability, may increase if actual and expected losses decline. The Company measures the true-up payment obligation at fair value. During the quarters and six-month period s ended June 30 , 2015 and 2014 the fair value of the true-up payment obligation increased by $733 thousand and $856 thousand and $1.6 million and $1.7 million , respectively. These changes in fair value are included as change in true-up payment obligation within F DIC shared-loss expense, net in the consolidated statements of operations. The following table provides the fair value and the undiscounted amount of the true-up payment obligation at June 30 , 2015 and December 31 , 2014 : June 30, December 31, 2015 2014 (In thousands) Carrying amount (fair value) $ 23,577 $ 21,981 Undiscounted amount $ 37,456 $ 40,266 |
Servicing Assets
Servicing Assets | 6 Months Ended |
Jun. 30, 2015 | |
TransfersAndServicingAbstract | |
TransfersAndServicingOfFinancialAssetsTextBlock | NOTE 7 - SERVICING ASSETS The Company periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, the Company may purchase or assume the right to service mortgage loans originated by others. Whenever the Company undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is rec ognized whenever the compensation for servicing is expected to more than adequately compensate the Company for servicing the loans and leases. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expec ted to adequately compensate the Company for its expected cost. All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, the Company measures servicing rights at fair value at each reporting date, reports changes in fair value of servicing assets in earnings in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statements of operations . The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. The fair value of servicing rights 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 condit ions. At June 30 , 2015 , the servicing asset amounted to $ 5.8 million ($14.0 million — December 31 , 2014 ) related to mortgage servicing rights. During the second quarter of 2015, the Company completed the sale of certain servicing assets to Scotiabank Puerto Rico for approximately $7.0 million . The Company recognized a loss of $ 2.7 million related to this transaction, which is included as other non-interest (loss) income in the unaudited consolidated statements of operations. The following table presents the changes in servicing rights measured using the fair value method for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Fair value at beginning of year $ 12,164 $ 13,970 $ 13,992 $ 13,801 Sale of mortgage servicing rights (6,985) - (6,985) - Servicing from mortgage securitizations or asset transfers 1,529 490 2,060 1,053 Changes due to payments on loans (313) (271) (732) (465) Changes in fair value related to price of MSR's held for sale (835) - (2,716) - Changes in fair value due to changes in valuation model inputs or assumptions 231 (534) 172 (734) Fair value at end of year $ 5,791 $ 13,655 $ 5,791 $ 13,655 The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the six month periods June 30, 2015 and 2014 : Six-Month Period Ended June 30, 2015 2014 Constant prepayment rate 4.10% - 10.22% 5.60% - 10.08% Discount rate 10.00% - 12.00% 10.00% - 12.00% The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follow s : June 30, 2015 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 5,791 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (391) Decrease in fair value due to 20% adverse change $ (765) Discount rate Decrease in fair value due to 10% adverse change $ (680) Decrease in fair value due to 20% adverse change $ (1,306) These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10 percent variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. C hanges in one factor may result in chang es 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 consolidated stat ements 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 prepay ment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Servicing fee income is based on a contractual percentage of the outstanding principal balance and is recorded as income when earned. Servic ing fees on mortgage loans for the quarter and six-month period ended June 30 , 2015 totaled $ 378 thousand and $ 618 thousand, respectively. Servicing fees on mortgage loans for the quarter and six-month period ended June 30 , 2014 totaled $ 323 thousand and $ 444 thousand, respectively |
Derivative Activities
Derivative Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Activities [Abstract] | |
Derivative Acitivities | NOTE 8 — DERIVATIVE S The following table presents the Company’s derivative assets and liabilities at June 30 , 2015 and December 31 , 2014 : June 30, December 31, 2015 2014 (In thousands) Derivative assets: Options tied to S&P 500 Index $ 2,137 $ 5,555 Interest rate swaps not designated as hedges 2,154 2,399 Interest rate caps 65 152 Other 20 1 $ 4,376 $ 8,107 Derivative liabilities: Interest rate swaps designated as cash flow hedges 6,514 8,585 Interest rate swaps not designated as hedges 2,154 2,399 Interest rate caps 65 152 Other 6 85 $ 8,739 $ 11,221 Interest Rate Swaps The Company enters into interest rate swap contract s to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in a predetermined variable index rate. T he interest rate swap s 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, are properly documented as such, and therefore, qualify for cash flow hedge accounting. Any gain or loss associated w ith the effective portion of the cash flow hedges is recognized in other comprehensive income (loss) and is subsequently reclassified into operations in the period during which the hedged forecasted transactions affect earnings. Changes in the fair value of these derivatives are recorded in accu mulated 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 (loss) related to these interes t rate swaps to operations in the next twelve months. The following table shows a summary of these swaps and their terms at June 30 , 2015 : Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 25,000 2.4365% 1-Month LIBOR 05/05/11 05/04/12 05/04/16 25,000 2.6200% 1-Month LIBOR 05/05/11 07/24/12 07/24/16 25,000 2.6350% 1-Month LIBOR 05/05/11 07/30/12 07/30/16 50,000 2.6590% 1-Month LIBOR 05/05/11 08/10/12 08/10/16 100,000 2.6750% 1-Month LIBOR 05/05/11 08/16/12 08/16/16 38,658 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 263,658 An accumulated unrealized loss of $ 6.5 million and $ 8.6 million was recognized in accumulated other comprehensive income (loss) related to the valuation of these swaps at June 30 , 2015 and December 31 , 2014 , respectively , and the related l iability is being reflected in the accompanying unaudited consolidated statements of financial condition. For June 30 , 2015 and December 31 , 2014 , interest rate swaps not designated as hedging instruments that were offered to clients represented an asset of $2.2 million and $2.4 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 June 30 , 2015 and December 31 , 2014 , interest rate swaps not designated as hedging instruments that are the mirror-images of the derivatives offered to clients represented a liability of $2.2 million and $2.4 million, respectively, and were included as part of derivative liabili ties in the unaudited consolidated statements of financial conditio n. T he following table shows a summary of these interest rate swaps not designated as hedging instruments and their terms at June 30 , 2015 : Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 3,865 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,365 Interest Rate Swaps - Mirror Image Derivatives $ 3,865 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,365 Options T ied 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 use d to manage the exposure in the stock market in the certificates of deposit are recorded in earnings. At June 30 , 2015 and December 31 , 2014 , the purchased options used to manage exposure to the S&P 500 Index on stock indexed deposits represented an a sset of $2.1 million (notional amount of $ 5.0 million ) and $ 5.6 million (notional amount of $ 10.7 million), respectively, and the options sold to customers embedded in the certificates of deposit and recorded as deposits in the unaudited consolidated state ments of financial condition, represented a liability of $ 2.0 million (notional amount of $ 4.8 million ) and $ 5.5 million (notional amount of $ 10.5 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, and therefore, they are marked to market through earnings. For both June 30 , 2015 and December 31 , 2014 , t he outstanding total notional amount of interest rate caps was $ 110.0 million. At June 30 , 2015 and December 31 , 2014 , the interest rate caps sold to clients represented a liability of $65 thousand and $152 thousand, respectively, and were included as pa rt of derivative liabilities in the unaudited consolidated statements of financial condition. At June 30 , 2015 and December 31 , 2014 , the interest rate caps purchased as mirror-images represented an asset of $65 thousand and $152 thousand, respectively, and were included as part of derivative assets in the unaudited consolidated statements of financial condition. |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 6 Months Ended |
Jun. 30, 2015 | |
Accrued Interest Receivable And Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 9 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSET S Accrued interest receivable at June 30 , 2015 and December 31 , 2014 consists of the following: June 30, December 31, 2015 2014 (In thousands) Non-covered loans $ 14,606 $ 17,005 Investments 4,648 4,340 $ 19,254 $ 21,345 Other assets at June 30 , 2015 and December 31 , 2014 consist of the following : June 30, December 31, 2015 2014 (In thousands) Prepaid expenses $ 16,492 $ 16,018 Core deposit and customer relationship intangibles 8,791 9,743 Other repossessed assets 14,661 21,800 Mortgage tax credits 6,277 6,277 Investment in Statutory Trust 1,083 1,083 FDIC certification receivable 39,548 14,974 Accounts receivable and other assets 45,439 38,830 $ 132,291 $ 108,725 Prepaid expenses amounting to $ 16.5 million and $16.0 million at June 30 , 2015 and December 31 , 2014 , respectively, include prepaid municipal, property and income taxes aggregating to $ 9.6 million , at each period . In connection with the FDIC-assisted acquisi tion and the BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At June 30 , 2015 and December 31 , 2014 , this core deposit intangible amounted to $ 5. 8 million and $ 6.5 million, respectively. In ad dition, the Company recorded a customer relationship intangible amounting to $ 5.0 million representing the value of customer relationships acquired with the acquisition of the securities broker-dealer and insu rance agency in the BBVAPR Acquisition as of December 31, 2012. At June 30 , 2015 and December 31 , 2014 , this customer relationship intangible amounted to $ 3.0 million and $ 3.3 million, respectively. Other repossessed assets totaled $14.7 million and $ 21.8 million at June 30 , 2015 and December 31 , 2014 , respectively, include repossessed automobiles amounting to $ 14.0 million and $ 20.7 million, respectively, which are recorded at their net realizable value. At both June 30 , 2015 and December 31 , 2014 , tax credits for the Company totaled $6.3 million . These tax credits do not have an expiration dat e. At June 30, 2015, the FDIC certification receivable included a $12.9 million receivable corresponding to the FDIC loss-share certification from the first quarter of 2015 that was received in July 2015. In addition, it included a $26.6 million receivable corresponding to the FDIC loss-share certification from the second quarter of 2015 f or non-single family residential loan s, as the loss share period on these loans was in effect until June 30, 2015. At December 31, 2014, the FDIC certification receivable included a $15.0 million receivable corresponding to the FDIC loss-share certification from the third quarter of 2014 that was received in January 2015 . |
Deposits and Related Interest
Deposits and Related Interest | 6 Months Ended |
Jun. 30, 2015 | |
Deposits and Related Interest [Abstract] | |
Deposit and Related Interest | NOTE 10 — DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of June 30 , 2015 and December 31 , 2014 consist of the following: June 30, December 31, 2015 2014 (In thousands) Non-interest bearing demand deposits $ 838,600 $ 745,142 Interest-bearing savings and demand deposits 2,348,478 2,544,665 Individual retirement accounts 276,185 303,049 Retail certificates of deposit 447,115 452,150 Institutional certificates of deposit 233,945 260,090 Total core deposits 4,144,323 4,305,096 Brokered deposits 605,361 619,310 Total deposits $ 4,749,684 $ 4,924,406 Brokered deposits include $ 52 2.6 million in certificates of deposits and $ 83.0 million in money market accounts at June 30 , 2015 , and $ 526.2 million in certificates of deposits and $ 93.1 million in money market accounts at December 31 , 2014 . T he weighted average interest rate of the Company ’s deposits was 0.65 % at June 30 , 2015 and 0.66 % at December 31 , 2014 . Interest expense for the quarters and six-month periods ended June 30 , 2015 and 2014 was as follows : Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Demand and savings deposits $ 3,100 $ 4,804 $ 6,482 $ 9,832 Certificates of deposit 3,504 4,361 7,226 8,311 $ 6,604 $ 9,165 $ 13,708 $ 18,143 At June 30 , 2015 and December 31 , 2014 , demand and interest-bearing deposits and certificates of deposit included deposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $ 98.7 million and $ 96.8 million, respectively, with a weighted average rate of 0.77 % and 0.78 % , and were collateralized with investment securities with a fair value of $ 80.0 million and $ 76.3 million, respectively . At June 30 , 2015 and December 31 , 2014 , time deposits in denominations of $100 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 588.1 million and $ 608.1 million, respectively. Such amounts include public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $ 9.0 million at a weighted average rate of 0.49 % at June 30 , 2015 , and $ 6.9 million at a weighted average rate of 0.50 % at December 31 , 2014 . At June 30 , 2015 and December 31 , 2014 , total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $ 171.0 million and $ 3 1 8. 5 million, respectively. These public funds were collateralized with commercial loans amounting to $ 411.4 million and $ 414.5 million at June 30 , 2015 and December 31 , 2014 , respectively Excluding equity indexed options in the amount of $ 2.0 million, which are used by the Company to manage its exposure to the S&P 500 Index, and also excluding accrued interest of $ 1.2 million and unamortized deposit discount in the amount of $ 442 thousand, the scheduled maturities of certificates of deposit at June 30 , 2015 are as follows: June 30, 2015 (In thousands) Within one year: Three (3) months or less $ 304,391 Over 3 months through 1 year 637,132 941,523 Over 1 through 2 years 358,217 Over 2 through 3 years 123,227 Over 3 through 4 years 11,660 Over 4 through 5 years 41,100 $ 1,475,727 The table of scheduled maturities of certificates of deposits above includes brokered deposits. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $ 2.1 million and $ 845 thousand as of June 30 , 2015 and December 31 , 2014 , respectively. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 1 1 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At June 30 , 2015 , 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 se agreements. At June 30 , 2015 and December 31 , 2014 , securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $ 3.6 million and $ 2. 3 million, respectively , were as follows: June 30, December 31, 2015 2014 Fair Value of Fair Value of Borrowing Underlying Borrowing Underlying Balance Collateral Balance Collateral (In thousands) JP Morgan Chase Bank NA 428,902 469,599 307,816 328,198 Credit Suisse Securities (USA) LLC 670,000 749,286 670,000 760,327 Bank of America 27,200 28,989 - - Nomura 32,843 34,679 - - Total $ 1,158,945 $ 1,282,553 $ 977,816 $ 1,088,525 The following table shows a summary of the Company’s repurchase agreements and their terms, excluding accrued interest in the amount of $ 3.6 million, at June 30 , 2015 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2015 $ 24,494 0.380% 5/18/2015 8/18/2015 27,064 0.400% 6/16/2015 9/16/2015 32,843 0.430% 5/19/2015 8/17/2015 59,159 0.390% 5/20/2015 8/20/2015 70,685 0.390% 2/21/2015 8/21/2015 27,200 0.500% 6/17/2015 9/15/2015 2016 170,000 1.500% 12/6/2012 12/8/2016 247,500 0.950% 12/10/2012 9/30/2016 2017 500,000 4.780% 3/2/2007 3/2/2017 $ 1,158,945 2.570% The following table presents the repurchase liability associated with the repurchase agreement transactions (excluding accrued interest) by maturity. Also, it includes the carrying value and approximate market value of collateral (excluding accrued interest) at June 30 , 2015 and December 31 , 2014 The information excludes repurchase agreement transactions which were collateralized with cash . June 30, 2015 Market Value of Underlying Collateral Weighted FNMA and Repurchase Average FHLMC GNMA Liability Rate Certificates Certificates Total (Dollars in thousands) Less than 90 days 241,445 0.41% 257,353 - 257,353 Over 90 days 917,500 3.12% 1,022,195 3,005 1,025,200 Total $ 1,158,945 2.57% $ 1,279,548 $ 3,005 $ 1,282,553 December 31, 2014 Market Value of Underlying Collateral Weighted FNMA and Repurchase Average FHLMC GNMA Liability Rate Certificates Certificates Total (Dollars in thousands) Less than 90 days $ 52,816 0.39% $ 56,066 $ - $ 56,066 Over 90 days 925,000 2.83% 1,031,206 1,253 1,032,459 Total $ 977,816 2.41% $ 1,087,272 $ 1,253 $ 1,088,525 Advances from the Federal Home Loan Bank of New York Advances are received from the Federal Home Loan Bank of New York (the “ FHLB -NY”) 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 June 30 , 2015 and December 31 , 2014 , these advances were secured by mortgage and commercial loans amounting to $ 1.1 b illion and $ 1.2 billion , respectively . Also, at June 30 , 2015 and December 31 , 2014 , the Company had an additional borrowing capacity with the FHLB-NY of $ 612 million and $ 606.6 million, respectively. At June 30 , 2015 and December 31 , 2014 , the w eighted average remaining maturity of FHLB’s advances was 7.5 months and 8.8 months , respectively. The original terms of these advances range between one day and seven years, and the FHLB-NY does not have the right to exercise put options at par on any adv ances outstanding as of June 30 , 2015 . . The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $ 32 5 thousand , at June 30 , 2015 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2015 $ 25,000 0.35% 6/4/2015 7/6/2015 50,000 0.34% 6/10/2015 7/10/2015 100,000 0.35% 6/16/2015 7/16/2015 25,000 0.35% 6/24/2015 7/24/2015 25,000 0.34% 6/30/2015 7/30/2015 38,658 0.35% 6/1/2015 7/1/2015 263,658 2017 4,384 1.24% 4/3/2012 4/3/2017 2018 30,000 2.19% 1/16/2013 1/16/2018 25,000 2.18% 1/16/2013 1/16/2018 55,000 2020 10,024 2.59% 7/19/2013 7/20/2020 $ 333,066 0.74% 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 $102.1 million at June 30 , 2015 and $101.6 million at December 31 , 2014 . 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) Redemption fund - June 30, 2015 $ 58,625 2015 3,350 2016 5,025 $ 67,000 Other borrowings Other borrowings, presented in the unaudited consolidated statement s of financial condition amounted to $ 2.1 million and $ 4.0 million at June 30 , 2015 and December 31 , 2014 , respectively, which mainly consists of unsecured fixed- rate borrowings . |
Offset of Assets_Liabilities
Offset of Assets/Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Balance sheet Offsetting [Text Block] | NOTE 1 2 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The Company’s derivatives are subject to agreements which allow a right of set- off with each respective c ounterparty. 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 a greements. 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 cas h and securities, may from time to time be segregated in an account at a third-party cus todian pursuant to a an account control a greement. The following table presents the potential effect of rights of set - off associated with the Company’s recognized financial as sets and liabilities at June 30 , 2015 and December 31 , 2014 : June 30, 2015 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 $ 4,376 $ - $ 4,376 $ 2,013 $ - $ 2,363 December 31, 2014 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 $ 8,107 $ - $ 8,107 $ 2,006 $ - $ 6,101 June 30, 2015 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 $ 10,783 $ - $ 10,783 $ - $ 2,980 $ 7,803 Securities sold under agreements to repurchase 1,158,945 - 1,158,945 1,282,553 - (123,608) Total $ 1,169,728 $ - $ 1,169,728 $ 1,282,553 $ 2,980 $ (115,805) December 31, 2014 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 $ 16,698 $ - $ 16,698 $ - $ 2,980 $ 13,718 Securities sold under agreements to repurchase 977,816 - 977,816 1,088,525 - (110,709) Total $ 994,514 $ - $ 994,514 $ 1,088,525 $ 2,980 $ (96,991) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 1 3 — 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 . The activity and balance of these loans for the quarters and the six-month periods ended June 30 , 2015 and 2014 were as follows: Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Balance at the beginning of period $ 27,508 $ 19,267 $ 27,011 $ 18,963 New loans 3,768 13,847 7,623 13,847 Repayments and sales 2,042 (8,963) (1,316) (8,659) Balance at the end of period $ 33,318 $ 24,151 $ 33,318 $ 24,151 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 14 — INCOME TAXES On May 29, 2015 the Governor signed Act No. 72 of 2015. The main purpose of this 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, for taxable years beginning after December 31, 2014, are as follows: (1) establishes a new definition of “large taxpayers,” which require them to file its tax return following a special procedure established by the Secretary of the Treasury, (2) net operating losses carried forward may be deducted up to 70% of the alternative minimum net income for purposes of computing the alternative minimum tax, and (3) net operating losses carried forward may be deducted up to 80% of the net income for purposes of computing the regular corporate income tax . At June 30 , 2015 and December 31 , 2014 , the Company’s net deferred tax asset amounted to $ 138.4 millio n and $ 108.7 million, respectively. In assessing the realizability of the deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of the d eferred tax asset is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income , and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax asset are deductible, management believes it is more likely tha n not that the Company will realize the deferred tax asset, net of the existing valuation allowances recorded at June 30 , 2015 and December 31 , 2014 . The amount of the deferred tax asset that is considered realizable could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. At June 30 , 2015 and December 31 , 2014 , Oriental International Bank Inc. (“OIB”), the Bank’s international banking entity subsidiary, had $ 165 thousand and $ 186 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, th is remaining tax balance will flow through income as these securities are repaid or sold in future periods. During the quarters ended June 30 , 2015 and 2014 , $ 12 thousand and $ 10 thousand, respectively, related to this residual tax effect from OIB was reclassified from accumulated other comprehensive income (loss) into income tax provision . During the period ended June 30 , 2015 and 2014 , $ 22 thousand and $ 147 thousand, respectively, related to this residual tax effect from OIB was reclassifi ed from accumulated other comprehensive income (loss) into income tax provision 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 June 30 , 2015 and December 31 , 2014 was $ 2.5 million and $2.6 million, respectively . The Company had accrued $ 56 6 tho usand at June 30 , 2015 and $470 thousand at December 31 , 2014 for the payment of interest and penalties relating to unrecognized tax benefits. During this quarter $100 thousand w as released based on negotiations with the IRS. F or the quarter ended June 30 , 2015 , i ncome tax expense was $769 thousand compared to $ 10.6 million for the same period in 2014. F or the six-month period ended June 30 , 2015 , i ncome tax expense was $ 1. 7 mill ion compared to $ 22.4 million for the same period in 2014 . |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements Abstract | |
Regulatory Capital Requirements Under Banking Regulations Text Block | NOTE 1 5 — REGULATORY CAPITAL REQUIREMENT S 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 financial statements. Under capital adequacy guidelines and the regulatory framework for prompt correcti ve 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 class ification 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 became effective January 1, 2015 fo r the Company and the Bank (subject to certain phase-in periods through January 1, 2019) and that replaced their general risk-based capital rules, advanced approaches rule, market risk rule, and leverage rules. Among other matters, the new capital r ules: ( i ) introduce a new capital measure called “Common Equity Tier 1” (“CET1”) and related regulatory capital ratio of CET1 to risk-weighted assets; (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1 capital” instruments meeting certain re vised requirements; (iii) mandate that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital; and (iv) expand the scope of the deductions from and adjustments to capital as compared to prior r egulations. The new capital r ules prescribe a new standardized approach for risk weightings that expand the risk-weighting categories from the current four Basel I-derived categories (0%, 20%, 50% and 100%) to a larger and more risk-sensitive number of cat egories, depending on the nature of the assets, and resulting in higher risk weights for a variety of asset classes. Pursuant to the n ew c apital r ules, the minimum capital ratios requirements as of January 1, 2015 are as follows: 4.5% CET1 to risk-weighte d assets; 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets; 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and 4 .0 % Tier 1 capital to average consolidated assets as report ed on consolidated financial statements (known as the “ leverage ratio”). As of June 30 , 2015 and December 31 , 2014 , the Company and the Bank met all capital adequacy requirements to which they are subject. As of June 30 , 2015 and December 31 , 2014 , the Bank is “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based , total risk-based, and T ier 1 leverage ratios as set forth in the tables presented below. The Company ’s and the Bank’s actual capital a mounts and ratios as of June 30 , 2015 and December 31 , 2014 are as follows: Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Company Ratios As of June 30, 2015 Total capital to risk-weighted assets $ 868,568 17.41% $ 399,100 8.00% $ 498,875 10.00% Tier 1 capital to risk-weighted assets $ 790,936 15.85% $ 299,325 6.00% $ 399,100 8.00% Common equity tier 1 capital to risk-weighted assets $ 611,541 12.26% $ 224,494 4.50% $ 324,269 6.50% Tier 1 capital to average total assets $ 790,936 11.05% $ 286,262 4.00% $ 357,827 5.00% As of December 31, 2014 Total capital to risk-weighted assets $ 851,437 17.57% $ 387,772 8.00% $ 484,715 10.00% Tier 1 capital to risk-weighted assets $ 776,525 16.02% $ 193,886 4.00% $ 290,829 6.00% Tier 1 capital to average total assets $ 776,525 10.61% $ 292,738 4.00% $ 365,922 5.00% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of June 30, 2015 Total capital to risk-weighted assets $ 819,436 16.48% $ 397,716 8.00% $ 497,145 10.00% Tier 1 capital to risk-weighted assets $ 742,098 14.93% $ 298,287 6.00% $ 397,716 8.00% Common equity tier 1 capital to risk-weighted assets $ 742,098 14.93% $ 223,715 4.50% $ 323,144 6.50% Tier 1 capital to average total assets $ 742,098 10.44% $ 284,228 4.00% $ 355,285 5.00% As of December 31, 2014 Total capital to risk-weighted assets $ 820,884 16.99% $ 386,444 8.00% $ 483,055 10.00% Tier 1 capital to risk-weighted assets $ 746,177 15.45% $ 193,222 4.00% $ 289,833 6.00% Tier 1 capital to average total assets $ 746,177 10.26% $ 290,879 4.00% $ 363,599 5.00% |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' equity | NOTE 1 6 – STOCKHOLDERS’ EQUITY Additional Paid- in Capital Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of June 30 , 2015 and December 31, 2014 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 or loss 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 June 30 , 2015 and December 31 , 2014 , the Bank’s legal surplus amounted to $69.9 million and $ 70.5 million, respectively. The amount transferred to the legal surplus account is not available for the payment of divi dends to shareholders. Treasury Stock Under the Company’s current stock repurchase program it is authorized to purchase in the open market up to $ 70 million of its outstanding shares of common stock, of which approximately $ 12.4 million of authority remains. The shares of common stock repurchased are to be held by the Company as treasury shares. During the quarter ended June 30 , 2015 the Company purchased 303,985 shares under this program for a total of $ 4.2 million, at an average p rice of $ 13.9 per share. There were no repurchases during the quarter ended June 30, 2014. . The number of shares that may yet be purchased under the $70 million program is estimated at 1,164,671 and was calculated by dividing the remaining balance of $ 12.4 million by $ 10.67 (closing price of the Company common stock at June 30 , 2015 ). The Company did not purchase any shares of its common stock during the six-month period ended June 30 , 2015 , or during the during the six-month period ended June 30 , 2014 , other than through its publicly announced stock repurchase program The activity in connection with common shares held in treasury by the Company for the six-month periods ended June 30 , 2015 and 2014 is set forth below : Six-Month Period Ended June 30, 2015 2014 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of period 8,012,254 $ 97,070 7,030,101 $ 80,642 Common shares used upon lapse of restricted stock units (58,279) (640) (30,552) (323) Common shares repurchased as part of the stock repurchase program 303,985 4,238 707,400 10,393 End of period 8,257,960 $ 100,668 7,706,949 $ 90,712 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Abstract | |
Comprehensive Income Note Text Block | NOTE 1 7 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income tax, as of June 30 , 2015 and December 31 , 2014 consisted of: June 30, December 31, 2015 2014 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 21,562 $ 28,743 Income tax effect of unrealized gain on securities available-for-sale (2,730) (2,978) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 18,832 25,765 Unrealized loss on cash flow hedges (6,514) (8,585) Income tax effect of unrealized loss on cash flow hedges 1,983 2,531 Net unrealized loss on cash flow hedges (4,531) (6,054) Accumulated other comprehensive income, net of taxes $ 14,301 $ 19,711 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and six-month periods ended June 30 , 2015 and 2014 Quarter Ended June 30, 2015 2014 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) Beginning balance $ 30,214 $ (5,890) $ 24,324 $ 16,035 $ (8,013) $ 8,022 Other comprehensive income (loss) before reclassifications (11,523) (180) (11,703) 13,714 (1,633) 12,081 Amounts reclassified out of accumulated other comprehensive income 141 1,539 1,680 10 1,642 1,652 Other comprehensive income (11,382) 1,359 (10,023) 13,724 9 13,733 Ending balance $ 18,832 $ (4,531) $ 14,301 $ 29,759 $ (8,004) $ 21,755 Six-Month Period Ended June 30, 2015 2014 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) Beginning balance $ 25,764 $ (6,053) $ 19,711 $ 11,433 $ (8,242) $ 3,191 Other comprehensive income before reclassifications (7,212) (1,549) (8,761) 18,179 (3,025) 15,154 Amounts reclassified out of accumulated other comprehensive income 280 3,071 3,351 147 3,263 3,410 Other comprehensive income (loss) (6,932) 1,522 (5,410) 18,326 238 18,564 Ending balance $ 18,832 $ (4,531) $ 14,301 29,759 $ (8,004) $ 21,755 The following table presents reclassifications out of accumulated other comprehensive income for the quarter s and six-month periods ended June 30 , 2015 and 2014 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Quarter Ended June 30, Consolidated Statement 2015 2014 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 1,614 $ 1,642 Net interest expense Tax effect from increase in capital gains tax rate (75) - Income tax expense Available-for-sale securities: Residual tax effect from OIB's change in applicable tax rate 12 10 Income tax expense Tax effect from increase in capital gains tax rate 129 - Income tax expense $ 1,680 $ 1,652 Amount reclassified out of accumulated other comprehensive income Affected Line Item in Six-Month Period Ended June 30, Consolidated Statement 2015 2014 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 3,220 $ 3,263 Net interest expense Tax effect from increase in capital gains tax rate (149) - Income tax expense Available-for-sale securities: Residual tax effect from OIB's change in applicable tax rate 22 147 Income tax expense Tax effect from increase in capital gains tax rate 258 - Income tax expense $ 3,351 $ 3,410 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Text Block | NOTE 1 8 – (LOSS) EARNINGS PER COMMON SHARE The calculation of (loss) earnings per common share for the quarters and six-m onth p eriod s ended June 30 , 2015 and 2014 is as Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Net (loss) income $ (3,109) $ 21,309 $ (6,097) $ 45,056 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) (1,628) (1,628) (3,256) (3,256) Convertible preferred stock (Series C) (1,838) (1,838) (3,675) (3,675) (Loss) income available to common shareholders $ (6,575) $ 17,843 $ (13,028) $ 38,125 Effect of assumed conversion of the convertible ' ' preferred stock 1,838 1,838 3,675 3,675 (Loss) income available to common shareholders assuming conversion $ (4,737) $ 19,681 $ (9,353) $ 41,800 Weighted average common shares and share equivalents: Average common shares outstanding 44,505 45,014 44,569 45,170 Effect of dilutive securities: Average potential common shares-options 110 200 148 168 Average potential common shares-assuming ' ' conversion of convertible preferred stock 7,159 7,138 7,159 7,138 Total weighted average common shares ' ' outstanding and equivalents 51,774 52,352 51,876 52,476 (Loss) earnings per common share - basic $ (0.15) $ 0.40 $ (0.29) $ 0.84 (Loss) earnings per common share - diluted $ (0.15) $ 0.38 $ (0.29) $ 0.80 In computing diluted (loss) earnings per common share , the 84,000 shares of convertible preferred stock, which remain outstanding at June 30 , 2015 , with a conversion rate, subject to certain conditions , of 86 .0355 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 quarters ended June 30 , 2015 and 2014 on the convertible pr eferred stock were added back as income available to common shareholders. For the quarters ended June 30 , 2015 and 2014 , weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amou nted to 566,025 and 364,604 , respectively . For the six-month periods ended June 30 , 2015 and 2014 , weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to $ 457,467 and $304,491, r espectively . |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 19 – GUARANTEES At June 30 , 2015 , the unamortized balance of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $15.0 million ( December 31 , 2014 - $33.0 million). As a result of the BBVAPR Acquisition, the Company assumed a liability for residential mortgage loans sold subject to credit recourse, pursuant to FNMA’s residential mortgage loan sales a nd securitization programs. At June 30 , 2015 and December 31 , 2014 , the unpaid prin cipal balance of residential mortgage loans sold subject to credit recourse was $ 45.6 million and $ 67.8 million, respectively. The following table shows the changes in the Company’s liability for estimated losses from these credit recourse agreements, inc luded in the unaudited consolidated statements of financial condi tion during the quarters and six-month periods ended June 30 , 2015 and 2014 . Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) Balance at beginning of period $ 487 $ 1,549 $ 927 $ 1,955 Net charge-offs/terminations (198) (239) (638) (645) Balance at end of period $ 289 $ 1,310 $ 289 $ 1,310 The estimated losses to be absorbed under the credit recourse arrangements were recorded as a liability when the credit recourse was assumed, and are updated on a quarterly basis. 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 120 days delinquent, in which case the Company is obligated to repurchase the loan. At June 30 , 2015 , $ 29.1 million or 64 % of the recourse obligation will be extinguished before the end of 2015. If a borrower defaults, pursuant to the credit recourse provided, the Company is required to repurchase the loan or reimburse the third party inve stor for the incurred loss. The maximum potential amount of future payments that the Company would be required to make under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse a nd interest, if applicable. During the quarter and six-month period ended June 30 , 2015 the Company repurchased approximately $ 1.2 million and $ 3.4 million , respectively, of unpaid principal balance in mortgage loans subject to the credit recourse pro visions. During the quarter and six-month period ended June 30 , 2014 the Company repurchased approximately $ 2.1 million and $ 3.7 million, respectively, of unpaid principal balance in mortgage loans subject to the credit recourse provisions. If a borro wer defaults, the Company has rights to the underlying collateral securing the mortgage loan. The Company suffers losses on these mortgage loans when the proceeds from a foreclosure sale of the collateral property are less than the outstanding principal ba lance of the loan, any uncollected interest advanced, and the costs of holding and disposing the related property. At June 30 , 2015 , the Company’s liability for estimated credit losses related to loans sold with credit recourse amounted to $ 289 thousa nd ( December 31 , 2014 – $ 927 thousand). 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 fo r 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 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 l oans. At June 30 , 2015 , u nder the Company’s representation and warranty arrangements, excluding mortgage loans subject to credit recourse provisions referred to above, approximated $ 11.7 million in unpaid principal balance ( December 31 , 2014 – $10.7 million ) . A substantial amount of these loans are reinstate d to performing status or have mortgage insurance, and thus the ultimate losses on the loans are not deemed significant. During the quarter and six-month period ended June 30 , 2015 , the Compa ny recognized $ 476 thousand and $583 thousand in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 742 thousand and $1.5 million in losses from the repurchase of residential mortgage loans as a result of breache s of the customary representations and warranties. During the quarter and six-month period ended June 30 , 2014 , the Company recognized $ 95 thousand and $145 thousand, respectively, in losses from the repurchase of residential mortgage loans sold subje ct to credit recourse, and $ 494 thousand and $929 thousand in losses from the repurchase of residential mortgage loans as a result of breaches of the customary representations and warranties. 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 the Federal Home Loan Mortgage Corporation (“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 June 30 , 2015 , the Company serviced $ 580 m illion in mortgage loans for third-parties. The Company generally recovers funds advanced pursuant to these arrangements from the mortg age 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 advance s 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 forecl osure proceedings and the Company would not receive any future servicing income with respect to that loan. At June 30 , 2015 , the outstanding balance of funds advanced by the Company under such mortgage loan servicing agreements was approximately $ 468 thousand ( December 31 , 2014 - $ 391 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 obligati on to advance funds as well as incur additional administrative costs related to increases in collection efforts. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments | NOTE 20 — COMMITMENTS AND CONTINGENCIES Loan Commitments I n 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 gua rantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess o f the amounts recognized in the 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 f or commitments to extend credit, including commitments under credit card arrangements, and commercial letters of credit is represented by the contractual notional amount s of those instruments, which do not nec essarily 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 policie s in making commitments and conditional obligations as it does for on-balance-sheet instruments. C redit-related f inancial instruments at June 30 , 2015 and December 31 , 2014 were as follows: June 30, December 31, 2015 2014 (In thousands) Commitments to extend credit $ 492,455 $ 493,248 Commercial letters of credit 1,447 885 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 counterpar ty. A t June 30 , 2015 and December 31 , 2014 , 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 $ 647 thousand at June 30 , 2015 and $621 thousand at December 31 , 2014 . 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 consummat ed 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 g uarantor’s accounting and disclosure requirement s for guarantees, including indirect guarantees of indebtedness of others , at June 30 , 2015 and December 31 , 2014 , is as follows: June 30, December 31, 2015 2014 (In thousands) Standby letters of credit and financial guarantees $ 15,016 $ 32,970 Loans sold with recourse 45,565 67,803 Commitments to sell or securitize mortgage loans 18,853 10,207 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 evaluat ion of the customer. Lease Commitments The Company has entered into various operating lease agreements for branch facilities and administrative offices. Rent expense for the quarters ended June 30 , 2015 and 2014 , amounted to $ 2. 3 million and $ 2.4 million, respectively . F or the six-month periods ended June 30 , 2015 and 2014 , rent expense amounted to $ 4.7 million and $ 4.9 million, respectively, and is included in the “occupancy and equipment” caption in the unaudited consolidated statements of operations . Futu re rental commitments under leases in effect at June 30 , 2015 , exclusive of taxes, insurance, and maintenance expenses payable by the Company, are summarized as follows: Minimum Rent Year Ending December 31, (In thousands) 2015 $ 4,059 2016 7,794 2017 7,141 2018 6,050 2019 5,887 Thereafter 17,064 $ 47,995 |
Contingencies | C ontingencies 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 B ank (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 liabilit y 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 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 | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 21 - FAIR VALUE OF FINANCIAL INSTRUMENTS T he 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 wh ich requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Money market investments The fair value of money market investments is based on the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. Invest ment securities The fair value of investment securities is based on quoted market prices, when available, or market prices provided by recognized broker-dealers. Such securities are classified as level 1 or level 2 depending on the basis for determining f air value. If listed pric es 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, and such securities are classified as level 3 . At June 30 , 2015 and December 31 , 2014 , the Company did not have investment securities classified as Level 3. 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 mode ls that consider unobservable market parameters. Based on their valuation methodology, derivative instruments are classif ied 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-dealer s 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 manageme nt 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 p ayoff 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 Ind ex 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 valuati on inputs, the servicing rights are classified as Level 3. Impaired Loans. Impaired loans are carried at the present value of expected future cash flows using the loan’s existing rate in a discounted cash flow calculation, or the fair value of the collateral if the loan is collateral-dependent. Expected cash flows are based on internal inputs reflecting expected default rates on contractual cash flows. This method of estimating fair value d oes not incorporate the exit-price concept of fair value described in Accounting Standards Codification (“ASC”) 820-10 and would generally result in a higher value than the exit-price approach. For loans measured using the estimated fair value of collatera l less costs to sell, fair value is generally determined 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 w ith the provisions of ASC 310-10-35 less disposition costs . 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 com mercial 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 ex ternal appraisals . Other repossessed assets Other repossessed assets include repossessed automobile loans and leases . T he fair value of the repossessed automobiles may be determined using internal valuation and an external appraisal. These repossessed 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 , are summarized below: June 30, 2015 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 1,044,319 $ - $ 1,044,319 Money market investments 5,795 - - 5,795 Derivative assets - 2,238 2,138 4,376 Servicing assets - - 5,791 5,791 Derivative liabilities - (8,739) (2,044) (10,783) $ 5,795 $ 1,037,818 $ 5,885 $ 1,049,498 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 243,401 $ 243,401 Foreclosed real estate - - 81,333 81,333 Other repossessed assets - - 14,661 14,661 $ - $ - $ 339,395 $ 339,395 December 31, 2014 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 1,216,538 $ - $ 1,216,538 Money market investments 4,675 - - 4,675 Derivative assets - 2,552 5,555 8,107 Servicing assets - - 13,992 13,992 Derivative liabilities - (11,221) (5,477) (16,698) $ 4,675 $ 1,207,869 $ 14,070 $ 1,226,614 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 236,942 $ 236,942 Foreclosed real estate - - 95,661 95,661 Other repossessed assets - - 21,800 21,800 $ - $ - $ 354,403 $ 354,403 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 six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 Derivative Derivative asset liability (S&P (S&P Purchased Servicing Embedded Level 3 Instruments Only Options) assets Options) Total Balance at beginning of period $ 3,734 $ 12,164 $ (3,617) $ 12,281 (Losses) gains included in earnings (1,596) - 1,517 (79) Sale of mortgage servicing rights held-for-sale - (6,985) - (6,985) Changes due to payments on loans - (313) - (313) New instruments acquired - 1,529 - 1,529 Changes in fair value related to price of MSRs held for sale - (835) - (835) Amortization - - 56 56 Changes in fair value of servicing assets - 231 - 231 Balance at end of period $ 2,138 $ 5,791 $ (2,044) $ 5,885 Six-Month Period Ended June 30, 2015 Derivative Derivative asset liability (S&P (S&P Purchased Servicing Embedded Level 3 Instruments Only Options) assets Options) Total Balance at beginning of period $ 5,555 $ 13,992 $ (5,477) $ 14,070 (Losses) gains included in earnings (3,417) - 3,299 (118) Sale of mortgage servicing rights held-for-sale - (6,985) - (6,985) Changes due to payments on loans - (732) - (732) New instruments acquired - 2,060 - 2,060 Amortization - - 134 134 Changes in fair value related to price of MSRs held for sale - (2,716) - (2,716) Changes in fair value of servicing assets - 172 - 172 Balance at end of period $ 2,138 $ 5,791 $ (2,044) $ 5,885 Quarter Ended June 30, 2014 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 $ 20,053 $ 12,555 $ 13,970 $ (12,120) $ 34,458 (Losses) gains included in earnings - (5,975) - 5,591 (384) Changes in fair value of investment securities available for sale included in other comprehensive income (53) - - - (53) New instruments acquired - - 490 - 490 Principal repayments (20,000) - (271) - (20,271) Amortization - - - 161 161 Changes in fair value of servicing assets - - (534) - (534) Balance at end of period $ - $ 6,580 $ 13,655 $ (6,368) $ 13,867 Six-Month Period Ended June 30, 2014 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 $ 19,680 $ 16,430 $ 13,801 $ (15,736) $ 34,175 Gains (losses) included in earnings - (9,850) - 8,964 (886) Changes in fair value of investment securities available for sale included in other comprehensive income 320 - - - 320 New instruments acquired - - 1,053 - 1,053 Principal repayments (20,000) - (465) - (20,465) Amortization - - - 404 404 Changes in fair value of servicing assets - - (734) - (734) Balance at end of period $ - $ 6,580 $ 13,655 $ (6,368) $ 13,867 During the quarters and six-month periods ended June 30 , 2015 and 2014 , 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 fai r value measurements during such period s . The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at June 30 , 2015 : June 30, 2015 Fair Value Valuation Technique Unobservable Input Range (In thousands) Derivative assets (S&P Purchased Options) $ 2,138 Option pricing model Implied option volatility 30.23%- 38.69% Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) 72.89%- 72.89% Servicing assets $ 5,791 Cash flow valuation Constant prepayment rate 4.10% - 10.22% Discount rate 10.00% - 12.00% Derivative liability (S&P Embedded Options) $ (2,044) Option pricing model Implied option volatility 30.23%- 38.69% Counterparty credit risk (based on 5-year CDS spread) 72.89%- 72.89% Collateral dependant impaired loans $ 40,893 Fair value of property or collateral Appraised value less disposition costs 20.20% - 27.20% Puerto Rico Electric Power Authority line of credit $ 173,565 Cash flow valuation Discount rate 7.25% Other non-collateral dependant impaired loans 4,949 Cash flow valuation Discount rate 4.25% - 9.25% Foreclosed real estate $ 81,333 Fair value of property or collateral Appraised value less disposition costs 20.20% - 27.20% Other repossessed assets $ 14,661 Fair value of property or collateral Appraised value less disposition costs 20.20% - 27.20% 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 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. 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 va lue 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-ter m customer relationships of retail deposits, and premises and equipment. The estimated fair value and carrying value of the Company ’s financial instruments at June 30 , 2015 and December 31 , 2014 is as follows: June 30, December 31, 2015 2014 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 553,535 $ 553,535 $ 573,427 $ 573,427 Restricted cash 6,086 6,086 8,407 8,407 Level 2 Financial Assets: Trading securities 786 786 1,594 1,594 Investment securities available-for-sale 1,044,319 1,044,319 1,216,538 1,216,538 Investment securities held-to-maturity 547,776 550,553 164,154 162,752 Federal Home Loan Bank (FHLB) stock 20,826 20,826 21,169 21,169 Other investments 3 3 3 3 Derivative assets 2,238 2,238 2,552 2,552 Financial Liabilities: Derivative liabilities 8,739 8,739 11,221 11,221 Level 3 Financial Assets: Total loans (including loans held-for-sale) Non-covered loans, net 4,733,607 4,417,433 4,563,701 4,527,735 Covered loans, net 253,902 222,034 345,660 298,911 Derivative assets 2,138 2,138 5,555 5,555 FDIC indemnification asset 12,746 22,704 75,969 97,378 Accrued interest receivable 19,254 19,254 21,345 21,345 Servicing assets 5,791 5,791 13,992 13,992 Financial Liabilities: Deposits 4,737,965 4,749,684 4,893,247 4,924,406 Securities sold under agreements to repurchase 1,193,574 1,161,136 1,020,621 980,087 Advances from FHLB 338,033 333,391 339,172 334,331 Other borrowings 1,883 2,090 3,979 4,004 Subordinated capital notes 91,996 102,109 104,288 101,584 Accrued expenses and other liabilities 113,537 113,537 133,290 133,290 Derivative liabilities 2,044 2,044 5,477 5,477 The following methods and assumptions were used to estimate the fair values of signi ficant financial instruments at June 30 , 2015 and December 31 , 2014 : • Cash and cash equivalents (including money market investments and time deposits with other banks ), restricted cash, accrued interest receivable, and accrued expenses and other liabilities have been valued at the ca rrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. • Investments in FHLB -NY stock are valued at their redemption value. • The fair value of investment securities , including trading securities and other investments , is based on quoted market prices, when availabl e, or market price s 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 ma rket activity of the instrumen t . • The fai r value of the FDIC indemnification asset represents the present value of the net estima ted cash payments expected to be received from the FDIC for future losses on covered assets based on the credit assumptions on estimated cash flows for eac h covered asset pool and the loss sharing percentages. The ultimate collect ability of the FDIC 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 th e Bank’s adherence to certain guidelines established by the FDIC. • The fair value of servi cing asset 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 fact ors, 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 mode ls that consider unobservable mar ket 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-dealer s to manage its exposu re 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 re maining 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 projecte d 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 mort gage, c ommercial, consumer, auto 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 tha t type of assumption could result in a different fair value estimate . Non-performing loans have been valued at the carrying amounts. • 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. • The fair value of long-term borrowings , which include securities sold under agreements to repurchase, advances from FHLB-NY, other borrowings, and subordinated capital notes, is based on the discounted valu e of the contractual cash flows using current estimated market discount rates for b orrowings with similar terms, remaining maturities and put dates . |
Business Segment
Business Segment | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 22 – BUSINESS SEGMENT S The Company segregates its businesses into the following major reportable segments of business: Banking, Wealth Management, 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 re portable 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 fo r 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 w arrant. 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. Wealth Management is com prised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, and OPC. 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 retirement 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 informatio n by operating segment for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 90,504 $ 24 $ 8,885 $ 99,413 $ - $ 99,413 Interest expense (7,110) - (10,011) (17,121) - (17,121) Net interest income 83,394 24 (1,126) 82,292 - 82,292 Provision for non-covered loan and lease losses (15,644) - - (15,644) - (15,644) Provision for covered loan and lease losses 105 - - 105 - 105 Non-interest income (loss) (11,713) 6,893 164 (4,656) - (4,656) Non-interest expenses (56,844) (6,733) (860) (64,437) - (64,437) Intersegment revenue 163 - 61 224 (224) - Intersegment expenses (61) (87) (76) (224) 224 - Income before income taxes $ (600) $ 97 $ (1,837) $ (2,340) $ - $ (2,340) Total assets $ 6,153,663 $ 21,157 $ 2,136,293 $ 8,311,113 (912,788) $ 7,398,325 Quarter Ended June 30, 2014 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 112,971 $ 46 $ 12,883 $ 125,900 $ - $ 125,900 Interest expense (10,828) - (8,994) (19,822) - (19,822) Net interest income 102,143 46 3,889 106,078 - 106,078 Provision for non-covered loan and lease losses (13,220) - - (13,220) - (13,220) Provision for covered loan and lease losses (1,595) - - (1,595) - (1,595) Non-interest income (loss) (6,507) 7,502 (488) 507 - 507 Non-interest expenses (49,651) (6,367) (3,830) (59,848) - (59,848) Intersegment revenue 435 - - 435 (435) - Intersegment expenses - (327) (108) (435) 435 - Income before income taxes $ 31,605 $ 854 $ (537) $ 31,922 $ - $ 31,922 Total assets $ 6,508,432 $ 25,345 $ 2,089,516 $ 8,623,293 (913,148) $ 7,710,145 Six-Month Period Ended June 30, 2015 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 187,986 $ 47 $ 18,381 $ 206,414 $ - $ 206,414 Interest expense (14,564) - (19,923) (34,487) - (34,487) Net interest income 173,422 47 (1,542) 171,927 - 171,927 Provision for non-covered loan and lease losses (53,027) - - (53,027) - (53,027) Provision for covered loan and lease losses, net (4,705) - - (4,705) - (4,705) Non-interest income(loss) (13,962) 13,903 2,284 2,225 - 2,225 Non-interest expenses (106,156) (11,524) (3,089) (120,769) - (120,769) Intersegment revenue 707 - 160 866 (866) - Intersegment expenses (159) (518) (189) (866) 866 - Income before income taxes $ (3,880) $ 1,908 $ (2,376) $ (4,349) $ - $ (4,349) Six-Month Period Ended June 30, 2014 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 221,602 $ 86 $ 27,286 $ 248,974 $ - $ 248,974 Interest expense (18,344) - (21,154) (39,498) - (39,498) Net interest income 203,258 86 6,132 209,476 - 209,476 Provision for non-covered loan and lease losses (23,282) - - (23,282) - (23,282) Provision for covered loan and lease losses, net (3,224) - - (3,224) - (3,224) Non-interest income(loss) (11,603) 14,024 3,315 5,736 - 5,736 Non-interest expenses (103,198) (11,146) (6,908) (121,252) - (121,252) Intersegment revenue 979 - - 979 (979) - Intersegment expenses - (759) (220) (979) 979 - Income (loss) before income taxes $ 62,930 $ 2,205 $ 2,319 $ 67,454 $ - $ 67,454 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements Policy [Policy Text Block] | Recent Accounting Developments In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability rather than as an asset. The standard does not affect the recognition and measurement of debt issuance costs; therefore, the amortization of such costs shall continue to be reported as interest expense. ASU 2015-03 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permissible for financial statements that have not been previously issued. The new guidance is to be applied on a retrospective basis to all prior periods. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. Other than the accounting pronouncement disclosed above, there were no other new accounting pronouncement s issued during the second qu arter of 2015 that could have a material impact on the Company’s financial position, operating results or financials statement disclosures. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restricted Cash And Investments Abstract | |
Restricted Cash Components and Its Secured Investments | The following table includes the composition of the Company’s restricted cash June 30, December 31, 2015 2014 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 2,980 $ 2,980 Obligations under agreement of loans sold with recourse 3,106 5,427 $ 6,086 $ 8,407 |
Investments Securities (Tables)
Investments Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investment Table Text Block | The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by the Company at June 30 , 2015 and December 31 , 2014 were as follows: June 30, 2015 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 $ 832,127 $ 30,638 $ 1,192 $ 861,573 3.01% GNMA certificates 3,625 249 - 3,874 5.03% CMOs issued by US government-sponsored agencies 157,884 83 2,921 155,046 1.83% Total mortgage-backed securities 993,636 30,970 4,113 1,020,493 2.83% Investment securities Obligations of US government-sponsored agencies 6,114 14 - 6,128 1.36% Obligations of Puerto Rico government and political subdivisions 20,988 - 6,259 14,729 5.41% Other debt securities 2,835 134 - 2,969 2.99% Total investment securities 29,937 148 6,259 23,826 4.35% Total securities available for sale $ 1,023,573 $ 31,118 $ 10,372 $ 1,044,319 2.87% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates 525,504 978 3,757 522,725 2.28% Investment securities US Treasury securities 25,049 6 4 25,051 0.49% Total securities held to maturity 550,553 984 3,761 547,776 2.20% Total $ 1,574,126 $ 32,102 $ 14,133 $ 1,592,095 2.64% December 31, 2014 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 $ 972,836 $ 37,876 $ 1,203 $ 1,009,509 3.12% GNMA certificates 4,473 288 8 4,753 4.94% CMOs issued by US government-sponsored agencies 179,146 136 3,153 176,129 1.81% Total mortgage-backed securities 1,156,455 38,300 4,364 1,190,391 2.92% Investment securities Obligations of US government-sponsored agencies 7,148 33 - 7,181 1.34% Obligations of Puerto Rico government and public instrumentalities 20,939 - 5,267 15,672 5.41% Other debt securities 3,137 157 - 3,294 2.95% Total investment securities 31,224 190 5,267 26,147 4.23% Total securities available-for-sale $ 1,187,679 $ 38,490 $ 9,631 $ 1,216,538 2.96% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates 162,752 1,402 - 164,154 2.48% Total $ 1,350,431 $ 39,892 $ 9,631 $ 1,380,692 2.90% The amortized cost and fair value of the Company’s investment securities at June 30 , 2015 , by contractual maturity, are shown in the next table. June 30, 2015 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) (In thousands) Mortgage-backed securities Due after 5 to 10 years FNMA and FHLMC certificates $ 18,125 $ 18,401 $ - $ - Total due after 5 to 10 years 18,125 18,401 - - Due after 10 years FNMA and FHLMC certificates 814,002 843,172 525,504 522,725 GNMA certificates 3,625 3,874 - - CMOs issued by US government-sponsored agencies 157,884 155,046 - - Total due after 10 years 975,511 1,002,092 525,504 522,725 Total mortgage-backed securities 993,636 1,020,493 525,504 522,725 Investment securities Due from 1 to 5 years US Treasury securities - - 25,049 25,051 Obligations of Puerto Rico government and political subdivisions 10,521 8,444 - - Total due from 1 to 5 years 10,521 8,444 25,049 25,051 Due after 5 to 10 years Obligations of US government and sponsored agencies 6,114 6,128 - - Total due after 5 to 10 years 6,114 6,128 - - Due after 10 years Obligations of Puerto Rico government and political subdivisions 10,467 6,285 - - Other debt securities 2,835 2,969 - - Total due after 10 years 13,302 9,254 - - Total investment securities 29,937 23,826 25,049 25,051 Total securities available-for-sale $ 1,023,573 $ 1,044,319 $ 550,553 $ 547,776 |
Realized Gain Loss On Investments Table Text Block | The table below presents the gross realized gains by category for such periods Six-Month Period Ended June 30,2015 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 40,307 $ 37,735 $ 2,571 $ - GNMA certificates 63,524 63,523 1 - Total $ 103,831 $ 101,258 $ 2,572 $ - Six-Month Period Ended June 30,2014 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 115,158 $ 110,792 $ 4,366 $ - GNMA certificates 48,077 48,077 - - Total mortgage-backed securities $ 163,235 $ 158,869 $ 4,366 $ - |
Unrealized Gain Loss On Investments Table Text Block | The following table s show the Company ’s gross unrealized losses and fair value of investment securities availab le-for-sale and held-to-maturity , aggregated by investment category and the length of time that individual securities have been in a continuo us unrealized loss position at June 30, 2015 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 115,483 $ 2,807 $ 112,676 Obligations of Puerto Rico government and political subdivisions 20,988 6,259 14,729 $ 136,471 $ 9,066 $ 127,405 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 28,596 $ 114 $ 28,482 FNMA and FHLMC certificates 163,733 1,192 162,541 192,329 1,306 191,023 Securities held-to-maturity FNMA and FHLMC Certificates 358,591 3,757 354,834 US Treausury Securities 10,024 4 10,020 368,615 3,761 364,854 $ 560,944 $ 5,067 $ 555,877 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 144,079 $ 2,921 $ 141,158 FNMA and FHLMC certificates 163,733 1,192 162,541 Obligations of Puerto Rico government and political subdivisions 20,988 6,259 14,729 328,800 10,372 318,428 Securities held-to-maturity FNMA and FHLMC Certificates 358,591 3,757 354,834 US Treasury Securities 10,024 4 10,020 368,615 3,761 364,854 $ 697,415 $ 14,133 $ 683,282 December 31, 2014 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale Obligations of Puerto Rico government and political subdivisions $ 20,939 $ 5,267 $ 15,672 CMOs issued by US government-sponsored agencies 143,928 3,086 140,842 FNMA and FHLMC certificates 113,376 1,172 112,204 GNMA certificates 77 8 69 $ 278,320 $ 9,533 $ 268,787 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies 15,172 67 15,105 FNMA and FHLMC certificates 63,736 31 63,705 $ 78,908 $ 98 $ 78,810 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies 159,100 3,153 155,947 FNMA and FHLMC certificates 177,112 1,203 175,909 Obligations of Puerto Rico government and political subdivisions 20,939 5,267 15,672 GNMA certificates 77 8 69 $ 357,228 $ 9,631 $ 347,597 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable Text Block | The composition of the Company ’s loan portfolio at June 30 , 2015 and December 31 , 2014 was as follows June 30, December 31, 2015 2014 (In thousands) Non-covered loans: Originated and other loans and leases held for investment: Mortgage $ 757,187 $ 791,751 Commercial 1,363,851 1,289,732 Consumer 212,629 186,760 Auto and leasing 623,198 575,582 2,956,865 2,843,825 Acquired loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 8,448 12,675 Consumer 41,505 45,344 Auto 142,570 184,782 192,523 242,801 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 631,807 656,122 Commercial 406,447 452,201 Construction 93,263 106,361 Consumer 18,869 29,888 Auto 195,891 247,233 1,346,277 1,491,805 4,495,665 4,578,431 Deferred loan cost , net 3,877 4,282 Loans receivable 4,499,542 4,582,713 Allowance for loan and lease losses on loans not accounted for under ASC 310-30 (102,877) (69,517) Loans receivable, net 4,396,665 4,513,196 Mortgage loans held-for-sale 20,768 14,539 Total non-covered loans, net 4,417,433 4,527,735 Covered loans: Loans secured by 1-4 family residential properties 117,840 117,171 Construction and development secured by 1-4 family residential properties 19,152 19,562 Commercial and other construction 153,199 221,917 Consumer 3,295 4,506 Total covered loans 293,486 363,156 Allowance for loan and lease losses on covered loans (71,452) (64,245) Total covered loans, net 222,034 298,911 Total loans, net $ 4,639,467 $ 4,826,646 |
Past Due Financing Receivables [Table Text Block] | The following table s present the aging of the recorded investment in gross originated and other loans held for investment as of June 30 , 2015 and December 31 , 2014 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 (bu t not the obligation) to repurchase, even when they elect not to exercise that option June 30, 2015 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Mortgage Traditional (by origination year): Up to the year 2002 $ 4,342 $ 2,258 $ 3,076 $ 9,676 $ - $ 51,533 $ 61,209 $ 42 Years 2003 and 2004 8,460 4,616 6,260 19,336 - 84,968 104,304 - Year 2005 5,338 2,012 3,926 11,276 - 45,881 57,157 - Year 2006 6,496 3,315 7,601 17,412 170 64,292 81,874 - Years 2007, 2008 and 2009 4,781 2,359 10,757 17,897 - 75,309 93,206 1,025 Years 2010, 2011, 2012, 2013 2014 and 2015 3,399 1,528 9,063 13,990 - 205,934 219,924 168 32,816 16,088 40,683 89,587 170 527,917 617,674 1,235 Non-traditional 1,450 543 3,784 5,777 - 27,705 33,482 - Loss mitigation program 11,542 6,076 14,627 32,245 5,016 61,389 98,650 3,547 45,808 22,707 59,094 127,609 5,186 617,011 749,806 4,782 Home equity secured personal loans - - - - - 420 420 - GNMA's buy-back option program - - 6,961 6,961 - - 6,961 - 45,808 22,707 66,055 134,570 5,186 617,431 757,187 4,782 Commercial Commercial secured by real estate: Corporate - - - - - 201,251 201,251 - Institutional - - - - - 35,113 35,113 - Middle market 3,929 - 2,180 6,109 8,216 183,736 198,061 - Retail 611 153 7,280 8,044 2,048 193,319 203,411 - Floor plan - - 50 50 - 3,047 3,097 - Real estate - - - - - 16,646 16,646 - 4,540 153 9,510 14,203 10,264 633,112 657,579 - Other commercial and industrial: Corporate - - - - - 65,344 65,344 - Institutional - - - - 197,559 207,661 405,220 - Middle market - - 225 225 479 102,281 102,985 - Retail 325 284 772 1,381 930 92,935 95,246 - Floor plan 153 77 23 253 - 37,224 37,477 - 478 361 1,020 1,859 198,968 505,445 706,272 - 5,018 514 10,530 16,062 209,232 1,138,557 1,363,851 - June 30, 2015 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Consumer Credit cards 303 120 319 742 - 19,381 20,123 - Overdrafts 22 2 - 24 - 293 317 - Personal lines of credit 97 17 63 177 22 2,083 2,282 - Personal loans 1,532 858 716 3,106 320 170,202 173,628 - Cash collateral personal loans 87 51 - 138 - 16,141 16,279 - 2,041 1,048 1,098 4,187 342 208,100 212,629 - Auto and leasing 47,451 18,593 7,420 73,464 365 549,369 623,198 - Total $ 100,318 $ 42,862 $ 85,103 $ 228,283 $ 215,125 $ 2,513,457 $ 2,956,865 $ 4,782 December 31, 2014 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Mortgage Traditional (by origination year): Up to the year 2002 $ 4,128 $ 3,157 $ 4,395 $ 11,680 $ - $ 54,064 $ 65,744 $ 134 Years 2003 and 2004 10,484 4,735 6,489 21,708 455 87,506 109,669 - Year 2005 3,824 2,205 4,454 10,483 131 49,858 60,472 - Year 2006 5,706 3,298 8,667 17,671 548 67,331 85,550 89 Years 2007, 2008 and 2009 5,283 1,809 7,646 14,738 761 77,990 93,489 - Years 2010, 2011, 2012, 2013 and 2014 3,684 2,992 6,900 13,576 - 190,848 204,424 365 33,109 18,196 38,551 89,856 1,895 527,597 619,348 588 Non-traditional 1,477 584 3,223 5,284 - 30,916 36,200 - Loss mitigation program 8,199 7,106 14,114 29,419 6,358 57,666 93,443 2,766 42,785 25,886 55,888 124,559 8,253 616,179 748,991 3,354 Home equity secured personal loans - - - - - 517 517 - GNMA's buy-back option program - - 42,243 42,243 - - 42,243 - 42,785 25,886 98,131 166,802 8,253 616,696 791,751 3,354 Commercial Commercial secured by real estate: Corporate - - - - - 133,076 133,076 - Institutional - - - - - 36,611 36,611 - Middle market - 645 396 1,041 8,494 154,515 164,050 - Retail 330 561 7,275 8,166 1,445 166,017 175,628 - Floor plan - - - - - 1,650 1,650 - Real estate - - - - - 12,628 12,628 - 330 1,206 7,671 9,207 9,939 504,497 523,643 - Other commercial and industrial: Corporate - - - - - 63,746 63,746 - Institutional - - - - - 478,935 478,935 - Middle market - - 618 618 - 91,716 92,334 - Retail 866 412 1,061 2,339 1,047 86,785 90,171 - Floor plan - - - - - 40,903 40,903 - 866 412 1,679 2,957 1,047 762,085 766,089 - 1,196 1,618 9,350 12,164 10,986 1,266,582 1,289,732 - December 31, 2014 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Consumer Credit cards 360 139 375 874 - 18,197 19,071 - Overdrafts 20 - - 20 - 287 307 - Personal lines of credit 102 25 102 229 9 1,962 2,200 - Personal loans 1,822 743 678 3,243 337 144,359 147,939 - Cash collateral personal loans 275 39 9 323 - 16,920 17,243 - 2,579 946 1,164 4,689 346 181,725 186,760 - Auto and leasing 47,658 16,916 7,420 71,994 145 503,443 575,582 - Total $ 94,218 $ 45,366 $ 116,065 $ 255,649 $ 19,730 $ 2,568,446 $ 2,843,825 $ 3,354 The following table s present the aging of the recorded investment in gross acquired loans accounted for under ASC 310-20 as of June 30 , 2015 and December 31 , 2014 , by class of loans : June 30, 2015 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Commercial Commercial secured by real estate Retail $ - $ - $ 344 $ 344 $ - $ - $ 344 $ - Floor plan - - 496 496 - 2,267 2,763 - - - 840 840 - 2,267 3,107 - Other commercial and industrial Retail 145 32 173 350 2 3,608 3,960 - Floor plan 87 130 26 243 4 1,134 1,381 - 232 162 199 593 6 4,742 5,341 - 232 162 1,039 1,433 6 7,009 8,448 - Consumer Credit cards 1,005 361 1,023 2,389 - 35,870 38,259 - Personal loans 104 19 52 175 - 3,071 3,246 - 1,109 380 1,075 2,564 - 38,941 41,505 - Auto 9,364 3,209 1,075 13,648 65 128,857 142,570 - Total $ 10,705 $ 3,751 $ 3,189 $ 17,645 $ 71 $ 174,807 $ 192,523 $ - December 31, 2014 Loans 90+ Days Past Current Due and 30-59 Days 60-89 Days 90+ Days Total Past in Non- Current Still Past Due Past Due Past Due Due Accrual Accruing Total Loans Accruing (In thousands) Commercial Commercial secured by real estate Retail $ - $ - $ 351 $ 351 $ - $ - $ 351 $ - Floor plan - 62 345 407 - 3,724 4,131 - - 62 696 758 - 3,724 4,482 - Other commercial and industrial Retail 155 67 192 414 2 3,705 4,121 - Floor plan 202 134 223 559 10 3,503 4,072 - 357 201 415 973 12 7,208 8,193 - 357 263 1,111 1,731 12 10,932 12,675 - Consumer Credit cards 1,376 654 1,399 3,429 - 38,419 41,848 - Personal loans 151 47 77 275 - 3,221 3,496 - 1,527 701 1,476 3,704 - 41,640 45,344 - Auto 11,003 3,453 1,262 15,718 76 168,988 184,782 - Total $ 12,887 $ 4,417 $ 3,849 $ 21,153 $ 88 $ 221,560 $ 242,801 $ - |
Carrying Amounts Of Acquired Non Covered Loans Tabular Disclosure [Table Text Block] | June 30, December 31, 2015 2014 (In thousands) Contractual required payments receivable $2,208,242 $2,394,378 Less: Non-accretable discount $449,917 $456,627 Cash expected to be collected 1,758,325 1,937,751 Less: Accretable yield 412,048 445,946 Carrying amount, gross 1,346,277 1,491,805 Less: allowance for loan and lease losses 18,359 13,481 Carrying amount, net $1,327,918 $1,478,324 |
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 quarters and six-month period s ended June 30 , 2015 a nd 2014 , excluding covered loans Quarter Ended June 30, 2015 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 284,612 $ 57,330 $ 19,390 $ 47,097 $ 5,601 $ 414,030 Accretion (8,813) (9,597) (2,143) (6,163) (1,287) (28,003) Change in Expected Cash Flows - 23,695 9,867 - - 33,562 Transfer (to) from non-accretable discount 81 135 (2,501) (9,403) 4,147 (7,541) Balance at end of period $ 275,880 $ 71,563 $ 24,613 $ 31,531 $ 8,461 $ 412,048 Non-Accretable Discount Activity: Balance at beginning of period $ 392,609 $ 15,826 $ 3,957 $ 14,543 $ 23,576 $ 450,511 Change in actual and expected losses (3,421) (4,921) 536 (256) (73) (8,135) Transfer from (to) accretable yield (81) (135) 2,501 9,403 (4,147) 7,541 Balance at end of period $ 389,107 $ 10,770 $ 6,994 $ 23,690 $ 19,356 $ 449,917 Six- Month Period Ended June 30, 2015 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 298,364 $ 61,196 $ 25,829 $ 53,998 $ 6,559 $ 445,946 Accretion (17,800) (20,356) (5,953) (13,151) (2,213) (59,473) Change in Expected Cash Flows - 23,695 9,867 - - 33,562 Transfer (to) from non-accretable discount (4,684) 7,028 (5,130) (9,316) 4,115 (7,987) Balance at end of period $ 275,880 $ 71,563 $ 24,613 $ 31,531 $ 8,461 $ 412,048 Non-Accretable Discount Activity: Balance at beginning of period $ 389,839 $ 23,069 $ 3,486 $ 16,215 $ 24,018 $ 456,627 Change in actual and expected losses (5,416) (5,271) (1,622) (1,841) (547) (14,697) Transfer from (to) accretable yield 4,684 (7,028) 5,130 9,316 (4,115) 7,987 Balance at end of period $ 389,107 $ 10,770 $ 6,994 $ 23,690 $ 19,356 $ 449,917 Quarter Ended June 30, 2014 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 278,468 $ 82,637 $ 35,005 $ 74,635 $ 11,256 $ 482,001 Accretion (9,363) (12,217) (5,973) (10,593) (1,568) (39,714) Transfer (to) from non-accretable discount - 71 1,640 578 30 2,319 Balance at end of period $ 269,105 $ 70,491 $ 30,672 $ 64,620 $ 9,718 $ 444,606 Non-Accretable Discount Activity: Balance at beginning of period $ 458,648 $ 41,551 $ 7,248 $ 29,328 $ 26,519 $ 563,294 Change in actual and expected losses (2,859) (430) (220) (1,471) (1,271) (6,251) Transfer from (to) accretable yield - (71) (1,640) (578) (30) (2,319) Balance at end of period $ 455,789 $ 41,050 $ 5,388 $ 27,279 $ 25,218 $ 554,724 Six- Month Period Ended June 30 , 2014 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 287,841 96,139 42,993 77,845 12,735 517,553 Accretion (18,732) (24,934) (10,459) (22,418) (3,440) (79,983) Transfer (to) from non-accretable discount (4) (714) (1,862) 9,193 423 7,036 Balance at end of period $ 269,105 70,491 30,672 64,620 9,718 444,606 Non-Accretable Discount Activity: Balance at beginning of period $ 463,166 42,515 5,851 39,645 28,410 579,587 Change in actual and expected losses (7,381) (2,179) (2,325) (3,173) (2,769) (17,827) Transfer from (to) accretable yield 4 714 1,862 (9,193) (423) (7,036) Balance at end of period $ 455,789 41,050 5,388 27,279 25,218 554,724 |
Covered loans carrying amount [Table Text Block] | Covered Loans The carrying amount of covered loans at June 30 , 2015 and December 31 , 2014 is as follows: June 30 December 31 2015 2014 (In thousands) Contractual required payments receivable $ 419,259 $ 535,425 Less: Non-accretable discount 21,132 62,410 Cash expected to be collected 398,127 473,015 Less: Accretable yield 104,641 109,859 Carrying amount, gross 293,486 363,156 Less: Allowance for covered loan and lease losses 71,452 64,245 Carrying amount, net $ 222,034 $ 298,911 |
Accretable Yield for Acquired Loans Covered [Table Text Block] | The following tables describe the accretable yield and non-a ccretable discount activity of covered loans for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 58,332 $ 33,481 $ 20,806 $ 1,665 $ 2,004 $ 116,288 Accretion (3,276) (8,047) (405) (937) (93) (12,758) Transfer from (to) non-accretable discount 750 2,039 (2,052) 375 (1) 1,111 Balance at end of period $ 55,806 $ 27,473 $ 18,349 $ 1,103 $ 1,910 $ 104,641 Non-Accretable Discount Activity: Balance at beginning of period $ 12,557 $ 10,493 $ - $ - $ 9,662 $ 32,712 Change in actual and expected losses (405) (8,454) (2,052) 375 67 (10,469) Transfer from (to) accretable yield (750) (2,039) 2,052 (375) 1 (1,111) Balance at end of period $ 11,402 $ - $ - $ - $ 9,730 $ 21,132 Six- Month Period Ended June 30, 2015 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 47,636 $ 37,919 $ 20,753 $ 2,479 $ 1,072 $ 109,859 Accretion (6,794) (17,902) (1,024) (2,329) (213) (28,262) Transfer from (to) non-accretable discount 14,964 7,456 (1,380) 953 1,051 23,044 Balance at end of period $ 55,806 $ 27,473 $ 18,349 $ 1,103 $ 1,910 $ 104,641 Non-Accretable Discount Activity: Balance at beginning of period $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Change in actual and expected losses (982) (17,008) (1,380) 953 183 (18,234) Transfer from (to) accretable yield (14,964) (7,456) 1,380 (953) (1,051) (23,044) Balance at end of period $ 11,402 $ - $ - $ - $ 9,730 $ 21,132 Quarter Ended June 30, 2014 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 54,619 $ 83,200 $ 209 $ 7,332 $ 2,407 $ 147,767 Accretion (4,033) (17,141) (1,070) (2,377) (259) (24,880) Transfer from (to) non-accretable discount - 4,168 861 145 - 5,174 Balance at end of period $ 50,586 $ 70,227 $ - $ 5,100 $ 2,148 $ 128,061 Non-Accretable Discount Activity: Balance at beginning of period $ 31,340 $ 67,136 $ - $ - $ 8,847 $ 107,323 Change in actual and expected losses (1,481) (16,372) 861 145 (78) (16,925) Transfer (to) from accretable yield - (4,168) (861) (145) - (5,174) Balance at end of period $ 29,859 $ 46,596 $ - $ - $ 8,769 $ 85,224 Six- Month Period Ended June 30, 2014 Loans Secured by 1-4 Family Residential Properties Commercial and Other Construction Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 53,250 $ 95,093 $ 1,690 $ 10,238 $ 2,688 $ 162,959 Accretion (8,197) (31,993) (2,150) (5,388) (540) (48,268) Transfer from (to) non-accretable discount 5,533 7,127 460 250 - 13,370 Balance at end of period $ 50,586 $ 70,227 $ - $ 5,100 $ 2,148 $ 128,061 Non-Accretable Discount Activity: Balance at beginning of period $ 39,182 $ 81,092 $ - $ - $ 9,203 $ 129,477 Change in actual and expected losses (3,790) (27,369) 460 250 (434) (30,883) Transfer (to) from accretable yield (5,533) (7,127) (460) (250) - (13,370) Balance at end of period $ 29,859 $ 46,596 $ - $ - $ 8,769 $ 85,224 |
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 June 30 , 2015 and December 31 , 2014 : June 30, December 31, 2015 2014 (In thousands) Originated and other loans and leases held for investment Mortgage Traditional (by origination year): Up to the year 2002 $ 3,104 $ 4,427 Years 2003 and 2004 6,317 7,042 Year 2005 3,926 4,585 Year 2006 7,861 9,274 Years 2007, 2008 and 2009 9,991 8,579 Years 2010, 2011, 2012, 2013, 2014 and 2015 9,183 7,365 40,382 41,272 Non-traditional 3,784 3,224 Loss mitigation program 19,504 20,934 63,670 65,430 Commercial Commercial secured by real estate Middle market 14,325 9,534 Retail 9,557 9,000 23,882 18,534 Other commercial and industrial Institutional 197,559 - Middle market 703 618 Retail 1,797 2,527 Floor plan 23 - 200,082 3,145 223,964 21,679 Consumer Credit cards 319 375 Personal lines of credit 86 110 Personal loans 1,107 1,092 Cash collateral personal loans - 13 1,512 1,590 Auto and leasing 8,587 8,668 Total Non-accrual originated loans $ 297,733 $ 97,367 June 30, December 31, 2015 2014 (In thousands) Acquired loans accounted under ASC 310-20 Commercial Commercial secured by real estate Retail $ 344 $ 351 Floor plan 496 407 840 758 Other commercial and industrial Retail 178 195 Floor plan 30 234 208 429 1,048 1,187 Consumer Credit cards 1,023 1,399 Personal loans 52 77 1,075 1,476 Auto 1,277 1,512 Total non-accrual acquired loans accounted under ASC 310-20 3,400 4,175 Total non-accrual loans $ 301,183 $ 101,542 |
Impaired Financing Receivables [Table Text Block] | O riginated and Other Loans and L eases Held for Investment T he Company ’s recorded investment in non-covered commercial and mortgage loans categorized as originated and other loans and leases held for investment that were individually evaluated for impairment and the related allowan ce for loan and lease losses at June 30 , 2015 and December 31 , 2014 are as follows : June 30, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 215,139 $ 211,186 $ 27,401 13% Residential troubled-debt restructuring 95,881 89,303 8,268 9% Impaired loans with no specific allowance: Commercial 34,305 30,786 N/A N/A Total investment in impaired loans $ 345,325 $ 331,275 $ 35,669 11% December 31, 2014 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 6,349 $ 6,226 $ 841 14% Residential troubled-debt restructuring 99,947 94,185 8,968 10% Impaired loans with no specific allowance Commercial 237,806 230,044 N/A N/A Total investment in impaired loans $ 344,102 $ 330,455 $ 9,809 3% Acquired Loans Accounted for under ASC 310- 20 (Loans with revolving feature and/or acquired at a premium) T he Company’s recorded investment in non-covered commercial loans categorized as non-covered acquired loans accounted for under ASC 310-20 that were individually evaluated for impairment and the related allowance for loan and lease losses at June 30 , 2015 and December 31 , 2014 are as follows: June 30, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 1,435 $ 1,429 N/A N/A Total investment in impaired loans $ 1,435 $ 1,429 $ - - December 31, 2014 Unpaid Recorded Specific Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 672 $ 672 N/A N/A Total investment in impaired loans $ 672 $ 672 $ - - Non-covered Acquired Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) T he Company ’s recorded investment in non-covered acquired loan pools accounted for under ASC 310-30 and their related allowance for non-covered loan and lease losses at June 30 , 2015 and December 31 , 2014 are a s follows June 30, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired non-covered loan pools: Mortgage $ 22,901 $ 23,676 $ 557 2% Commercial 230,196 208,083 5,752 3% Construction 87,488 88,575 9,188 10% Auto 187,569 195,891 2,862 1% Total investment in impaired non-covered loan pools $ 528,154 $ 516,225 $ 18,359 4% December 31 , 2014 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired non-covered loan pools: Commercial 289,228 255,619 5,506 2% Construction 90,786 83,751 7,970 10% Consumer 35,812 29,888 5 0% Total investment in impaired non-covered loan pools $ 415,826 $ 369,258 $ 13,481 4% The tables above only present information with respect to non-covered loans and pools accounted for under ASC 310-30 if there is a recorded impairment to such loans or loan pools and a specific allowance for loan losses. As of June 30, 2015, the Company eliminated the specific allowance of $5 thousand maintained on impaired non-covered acquired consumer loan pool accounted under ASC 310-30 because there was an increase in the net present value of cash flows expected to be collected from such pool when compared with the recorded investment. Likewise, the increase in mortgage and auto loan pools from December 31, 2014 to June 30, 2015 was caused by the establishment of a specific reserve with respect to impaired mortgage and auto loan pools that were required based on the net present value of the cash flows expected to be collected. T he following table presents the interest recognized in non-covered commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, for the quarters and six-month periods ended June 30 , 2015 and 2014 Quarter Ended June 30, 2015 2014 Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment (In thousands) Originated and other loans held for investment: Impaired loans with specific allowance Commercial $ 45 $ 212,414 $ 39 $ 7,200 Residential troubled-debt restructuring 781 89,041 663 90,445 Impaired loans with no specific allowance Commercial 316 30,015 77 21,951 1,142 331,470 779 119,596 Acquired loans accounted for under ASC 310-20: Impaired loans with no specific allowance Commercial 11 1,446 - - Total interest income from impaired loans $ 1,153 $ 332,916 $ 779 $ 119,596 Six-Month Period Ended June 30, 2015 2014 Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment (In thousands) Originated and other loans held for investment: Impaired loans with specific allowance Commercial $ 90 $ 146,144 $ 78 $ 6,729 Residential troubled-debt restructuring 1,563 91,216 1,270 88,749 Impaired loans with no specific allowance Commercial 631 95,791 154 21,790 $ 2,284 $ 333,151 $ 1,502 $ 117,268 Acquired loans accounted for under ASC 310-20: Impaired loans with no specific allowance Commercial 21 1,923 - - Total interest income from impaired loans $ 2,305 $ 335,074 $ 1,502 $ 117,268 |
Impaired Financing Receivables Covered Loans[Table Text Block] | Covered Loans T he Company ’s recorded investment in covered loan pools that have recorded impairment s and the ir related allowance for covered loan and lease losses as of June 30 , 2015 and December 31 , 2014 are as follows : June 30, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired covered loan pools: Loans secured by 1-4 family residential properties $ 124,906 $ 106,937 $ 17,594 16% Construction and development secured by 1-4 family residential properties 46,732 19,152 12,300 64% Commercial and other construction 132,636 95,655 41,170 43% Consumer 6,102 1,718 389 23% Total investment in impaired covered loan pools $ 310,376 $ 223,462 $ 71,453 32% December 31, 2014 Coverage Unpaid Recorded Specific to Recorded Principal Investment Allowance Investment (In thousands) Impaired covered loan pools with specific allowance Loans secured by 1-4 family residential properties $ 134,579 $ 106,116 $ 15,522 15% Construction and development secured by 1-4 family residential properties 57,123 19,562 10,724 55% Commercial and other construction 93,894 74,069 37,610 51% Consumer 7,992 4,506 389 9% Total investment in impaired covered loan pools $ 293,588 $ 204,253 $ 64,245 31% |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Modifications The follow ing table s present the troubled- debt restructuring s during the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 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 39 $ 4,455 5.62% 330 $ 4,455 4.21% 330 Commercial 1 29 7.25% 44 29 6.50% 60 Consumer 21 250 14.40% 71 259 13.87% 69 Auto 1 64 12.95% 72 65 12.95% 72 Six-Month Period Ended June 30, 2015 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 97 $ 11,609 4.65% 348 $ 11,594 4.13% 349 Commercial 4 4,533 6.83% 80 4,533 7.00% 141 Consumer 32 396 14.50% 72 440 14.25% 68 Auto 1 64 12.95% 72 65 12.95% 72 Quarter Ended June 30, 2014 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 33 $ 5,001 6.00% 353 $ 4,965 4.12% 418 Commercial 1 73 7.00% 55 73 9.25% 36 Consumer 3 24 14.00% 77 24 13.98% 72 Six-Month Period Ended June 30, 2014 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 88 $ 11,813 6.00% 349 $ 11,446 4.26% 390 Commercial 1 73 7.00% 55 73 9.25% 36 Consumer 8 66 13.00% 70 68 13.31% 68 The following table presents troubled - debt restructurings for which there was a p ayment default during the six-month periods ended June 30 , 2015 and 2014 : Six-Month Period EndedJune 30, 2015 2014 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 60 $ 6,911 22 $ 2,703 Consumer 4 $ 72 5 $ 101 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of June 30 , 2015 and December 31 , 2014 , and based on the most recent analysis performed, the ris k category of gross non-covered originated and other loans and acquired loans accounted for under ASC 310-20 subject to risk rating by class of loans is as follows: June 30, 2015 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 $ 201,251 $ 183,630 $ 15,306 $ - $ - $ 2,315 Institutional 35,113 26,444 8,444 - - 225 Middle market 198,061 172,626 7,008 109 - 18,318 Retail 203,411 182,468 6,229 4,399 - 10,315 Floor plan 3,097 2,765 192 - - 140 Real estate 16,646 16,646 - - - - 657,579 584,579 37,179 4,508 - 31,313 Other commercial and industrial: Corporate 65,344 59,684 - - - 5,660 Institutional 405,220 207,661 - - - 197,559 Middle market 102,985 97,775 - - - 5,210 Retail 95,246 91,455 484 1,672 - 1,635 Floor plan 37,477 34,306 2,565 12 - 594 706,272 490,881 3,049 1,684 - 210,658 Total 1,363,851 1,075,460 40,228 6,192 - 241,971 Commercial - acquired loans (under ASC 310-20) Commercial secured by real estate: Retail 344 - - 344 - - Floor plan 2,763 1,521 - - - 1,242 3,107 1,521 - 344 - 1,242 Other commercial and industrial: Retail 3,960 3,943 - 17 - - Floor plan 1,381 1,264 - 30 - 87 5,341 5,207 - 47 - 87 Total 8,448 6,728 - 391 - 1,329 Total $ 1,372,299 $ 1,082,188 $ 40,228 $ 6,583 $ - $ 243,300 December 31, 2014 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 $ 133,076 $ 109,282 $ 15,615 $ - $ - $ 8,179 Institutional 36,611 27,089 9,284 - - 238 Middle market 164,050 148,360 2,817 - - 12,873 Retail 175,628 159,209 3,690 2,637 - 10,092 Floor plan 1,650 692 958 - - - Real estate 12,628 12,628 - - - - 523,643 457,260 32,364 2,637 - 31,382 Other commercial and industrial: Corporate 63,746 63,746 - - - - Institutional 478,935 278,953 - - - 199,982 Middle market 92,334 87,126 2,815 - - 2,393 Retail 90,171 85,941 259 2,575 - 1,396 Floor plan 40,903 38,413 1,247 126 - 1,117 766,089 554,179 4,321 2,701 - 204,888 Total 1,289,732 1,011,439 36,685 5,338 - 236,270 Commercial - acquired loans (under ASC 310-20) Commercial secured by real estate: Retail 351 - - 351 - - Floor plan 4,131 3,724 - - - 407 4,482 3,724 - 351 - 407 Other commercial and industrial: Retail 4,121 4,080 8 33 - - Floor plan 4,072 3,807 - - - 265 8,193 7,887 8 33 - 265 Total 12,675 11,611 8 384 - 672 Total $ 1,302,407 $ 1,023,050 $ 36,693 $ 5,722 $ - $ 236,942 For residential and consumer loan classes, the Company evaluates credit quality based on the delinquency status of the loan . As of June 30 , 2015 and December 31 , 2014 , and based on the most recent analysis performed, the risk category of non-covered gross originated and other loans and acquired loans accounted for under ASC 310-20 not subject to risk rating by class of loans is as follows: June 30, 2015 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 $ 61,209 $ 50,718 $ 4,340 $ 2,256 $ 585 $ 1,034 $ 1,364 $ 912 Years 2003 and 2004 104,304 83,388 8,292 4,616 1,899 1,676 2,685 1,748 Year 2005 57,157 44,825 5,338 2,012 646 733 2,547 1,056 Year 2006 81,874 60,987 6,496 3,314 508 2,311 4,672 3,586 Years 2007, 2008 and 2009 93,206 72,190 4,458 2,028 597 3,859 6,029 4,045 Years 2010, 2011, 2012 2013, 2014 and 2015 219,924 203,847 3,398 1,528 384 2,738 3,599 4,430 617,674 515,955 32,322 15,754 4,619 12,351 20,896 15,777 Non-traditional 33,482 27,705 1,450 543 803 1,421 1,560 - Loss mitigation program 98,650 15,626 3,535 1,742 1,107 1,487 1,626 73,527 749,806 559,286 37,307 18,039 6,529 15,259 24,082 89,304 Home equity secured personal loans 420 420 - - - - - - GNMA's buy-back option program 6,961 - - - 1,995 2,486 2,480 - 757,187 559,706 37,307 18,039 8,524 17,745 26,562 89,304 Consumer Credit cards 20,123 19,381 303 120 152 167 - - Overdrafts 317 293 22 2 - - - - Unsecured personal lines of credit 2,282 2,105 97 17 25 38 - - Unsecured personal loans 173,628 170,523 1,533 858 714 - - - Cash collateral personal loans 16,279 16,141 87 51 - - - - 212,629 208,443 2,042 1,048 891 205 - - Auto and Leasing 623,198 549,734 47,451 18,593 5,065 2,355 - - 1,593,014 1,317,883 86,800 37,680 14,480 20,305 26,562 89,304 Acquired loans (accounted for under ASC 310-20) Consumer Credit cards 38,259 35,870 1,005 361 430 593 - - Personal loans 3,246 3,070 104 19 14 39 - - 41,505 38,940 1,109 380 444 632 - - Auto 142,570 128,922 9,364 3,209 788 287 - - 184,075 167,862 10,473 3,589 1,232 919 - - Total $ 1,777,089 $ 1,485,745 $ 97,273 $ 41,269 $ 15,712 $ 21,224 $ 26,562 $ 89,304 December 31, 2014 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 $ 65,744 $ 53,432 $ 3,963 $ 3,083 $ 1,044 $ 1,360 $ 1,975 $ 887 Years 2003 and 2004 109,669 86,941 10,391 4,362 1,657 3,215 1,330 1,773 Year 2005 60,472 49,275 3,824 2,205 389 1,673 1,893 1,213 Year 2006 85,550 65,113 5,263 2,967 1,242 2,801 4,624 3,540 Years 2007, 2008 and 2009 93,489 76,246 4,230 1,809 337 3,986 2,813 4,068 Years 2010, 2011, 2012 2013 and 2014 204,424 190,650 2,988 2,490 938 1,397 1,296 4,665 619,348 521,657 30,659 16,916 5,607 14,432 13,931 16,146 Non-traditional 36,200 30,916 1,477 584 478 600 2,096 49 Loss mitigation program 93,443 10,882 995 1,123 802 405 1,246 77,990 748,991 563,455 33,131 18,623 6,887 15,437 17,273 94,185 Home equity secured personal loans 517 517 - - - - - - GNMA's buy-back option program 42,243 - - - 6,416 20,729 15,098 - 791,751 563,972 33,131 18,623 13,303 36,166 32,371 94,185 Consumer Credit cards 19,071 18,198 360 139 171 203 - - Overdrafts 307 287 20 - - - - - Unsecured personal lines of credit 2,200 1,970 102 25 38 62 3 - Unsecured personal loans 147,939 144,696 1,822 743 623 55 - - Cash collateral personal loans 17,243 16,920 275 39 9 - - - 186,760 182,071 2,579 946 841 320 3 - Auto and Leasing 575,582 503,588 47,658 16,916 5,196 2,224 - - 1,554,093 1,249,631 83,368 36,485 19,340 38,710 32,374 94,185 Acquired loans (accounted for under ASC 310-20) Consumer Credit cards 41,848 38,419 1,376 654 589 810 - - Personal loans 3,496 3,221 151 47 39 38 - - 45,344 41,640 1,527 701 628 848 - - Auto 184,782 169,064 11,003 3,453 767 495 - - 230,126 210,704 12,530 4,154 1,395 1,343 - - Total $ 1,784,219 $ 1,460,335 $ 95,898 $ 40,639 $ 20,735 $ 40,053 $ 32,374 $ 94,185 |
Allowance for Loan and Lease 34
Allowance for Loan and Lease Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Loans Receivable [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The composition of the Company’s allowance for loan and lease losses at June 30 , 2015 and December 31 , 2014 was as follows : June 30, December 31, 2015 2014 (In thousands) Allowance for loans and lease losses on non-covered loans: Originated and other loans and leases held for investment: Mortgage $ 18,076 $ 19,679 Commercial 34,779 8,432 Consumer 10,464 9,072 Auto and leasing 15,064 14,255 Unallocated 606 1 78,989 51,439 Acquired loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 54 65 Consumer 2,616 1,211 Auto 2,859 3,321 5,529 4,597 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 473 - Commercial 14,940 13,476 Consumer 84 5 Auto 2,862 - 18,359 13,481 102,877 69,517 Allowance for loans and lease losses on covered loans: Loans secured by 1-4 family residential properties 17,593 15,522 Commercial and other construction 53,470 48,334 Consumer 389 389 71,452 64,245 Total allowance for loan and lease losses $ 174,329 $ 133,762 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 June 30, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 18,086 $ 33,123 $ 9,405 $ 15,762 $ 383 $ 76,759 Charge-offs (1,356) (497) (2,309) (7,662) - (11,824) Recoveries 67 219 390 3,425 - 4,101 Provision for non-covered loan and lease losses 1,279 1,934 2,978 3,539 223 9,953 Balance at end of period $ 18,076 $ 34,779 $ 10,464 $ 15,064 $ 606 $ 78,989 Six-Month Period Ended June 30, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Charge-offs (2,770) (1,489) (3,985) (15,798) - (24,042) Recoveries 67 309 543 6,809 - 7,728 Provision for non-covered loan and lease losses 1,100 27,527 4,834 9,798 605 43,864 Balance at end of period $ 18,076 $ 34,779 $ 10,464 $ 15,064 $ 606 $ 78,989 June 30, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 8,268 $ 27,401 $ - $ - $ - $ 35,669 Collectively evaluated for impairment 9,808 7,378 10,464 15,064 606 43,320 Total ending allowance balance $ 18,076 $ 34,779 $ 10,464 $ 15,064 $ 606 $ 78,989 Loans: Individually evaluated for impairment $ 89,304 $ 241,971 $ - $ 64 $ - $ 331,339 Collectively evaluated for impairment 667,884 1,121,879 212,629 623,134 - 2,625,526 Total ending loan balance $ 757,188 $ 1,363,850 $ 212,629 $ 623,198 $ - $ 2,956,865 Quarter Ended June 30, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 19,511 $ 13,994 $ 7,135 $ 8,731 $ 136 $ 49,507 Charge-offs (987) (543) (1,397) (5,956) - (8,883) Recoveries 88 115 244 2,136 - 2,583 Provision (recapture) for non-covered loan and lease losses 450 (1,143) 1,905 6,216 3 7,431 Balance at end of period $ 19,062 $ 12,423 $ 7,887 $ 11,127 $ 139 $ 50,638 Six-Month Period Ended June 30, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered originated and other loans: Balance at beginning of period $ 19,937 $ 14,897 $ 6,006 $ 7,866 $ 375 $ 49,081 Charge-offs (2,201) (962) (2,235) (10,601) - (15,999) Recoveries 236 213 391 3,660 - 4,500 Provision (recapture) for non-covered loan and lease losses 1,090 (1,725) 3,725 10,202 (236) 13,056 Balance at end of period $ 19,062 $ 12,423 $ 7,887 $ 11,127 $ 139 $ 50,638 December 31, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 8,968 $ 841 $ - $ - $ - $ 9,809 Collectively evaluated for impairment 10,711 7,591 9,072 14,255 1 41,630 Total ending allowance balance $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Loans: Individually evaluated for impairment $ 94,185 $ 236,270 $ - $ - $ - $ 330,455 Collectively evaluated for impairment 697,566 1,053,462 186,760 575,582 - 2,513,370 Total ending loan balance $ 791,751 $ 1,289,732 $ 186,760 $ 575,582 $ - $ 2,843,825 Acquired Loans accounted for under ASC 310- 2 0 (Loans with revolving feature and/or acquired at a premium) T he following table s 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 period s indicated Quarter Ended June 30, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 49 1 $ 1,885 $ 3,516 $ - $ 5,450 Charge-offs (16) (1,303) (1,038) - (2,357) Recoveries 7 429 502 - 938 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-20 14 1,605 (121) - 1,498 Balance at end of period $ 54 $ 2,616 $ 2,859 $ - $ 5,529 Six-Month Period Ended June 30, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 65 $1 $ 1,211 $ 3,321 $ - $ 4,597 Charge-offs (16) (2,686) (2,304) - (5,006) Recoveries 17 563 1,072 - 1,652 (Recapture) Provision for non-covered acquired loan and lease losses accounted for under ASC 310-20 (12) 3,528 770 - 4,286 Balance at end of period $ 54 $ 2,616 $ 2,859 $ - $ 5,529 June 30, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered acquired loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Collectively evaluated for impairment $ 54 $ 2,616 $ 2,859 $ - $ 5,529 Total ending allowance balance $ 54 $ 2,616 $ 2,859 $ - $ 5,529 Loans: Individually evaluated for impairment $ 1,429 $ - $ - $ - $ 1,429 Collectively evaluated for impairment 7,019 41,505 142,570 - 191,094 Total ending loan balance $ 8,448 $ 41,505 $ 142,570 $ - $ 192,523 Quarter Ended June 30, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 867 $ 504 $ 2,247 $ - $ 3,618 Charge-offs (110) (1,952) (1,370) - (3,432) Recoveries 30 124 535 - 689 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-20 (323) 1,662 1,230 - 2,569 Balance at end of period $ 464 $ 338 $ 2,642 $ - $ 3,444 Six-Month Period Ended June 30, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for non-covered acquired loans accounted for under ASC 310-20: Balance at beginning of period $ 926 $1 $ - $ 1,428 $ - $ 2,354 Charge-offs (284) (4,010) (2,666) - (6,960) Recoveries 30 224 985 - 1,239 Provision (recapture)for non-covered acquired loan and lease losses accounted for under ASC 310-20 (208) 4,124 2,895 - 6,811 Balance at end of period $ 464 $ 338 $ 2,642 $ - $ 3,444 December 31, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses on non-covered acquired loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Collectively evaluated for impairment $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Total ending allowance balance $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Loans: Individually evaluated for impairment $ 672 $ - $ - $ - $ 672 Collectively evaluated for impairment 12,003 45,344 184,782 - 242,129 Total ending loan balance $ 12,675 $ 45,344 $ 184,782 $ - $ 242,801 The following table s present the activity in our allowance for loan losses and related recorded investment of the associated loans in our non-covered acquired loan portfolio accounted for under ASC 310-30, for the period s indicated : Quarter Ended June 30, 2015 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ 473 $ 13,687 $ 6 $ - $ 14,166 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 - 1,253 78 2,862 4,193 Balance at end of period $ 473 $ 14,940 $ 84 $ 2,862 $ 18,359 Six-Month Period Ended June 30, 2015 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ - 1 $ 13,476 1 $ 5 $1 $ - $ 13,481 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 473 1,464 79 2,862 4,878 Balance at end of period $ 473 $ 14,940 $ 84 $ 2,862 $ 18,359 Quarter Ended June 30, 2014 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ - $ 2,653 $ 405 $ - $ 3,058 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 - 3,563 (343) - 3,220 Balance at end of period $ - $ 6,216 $ 62 $ - $ 6,278 Six-Month Period Ended June 30, 2014 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for non-covered loans accounted for under ASC 310-30: Balance at beginning of period $ - 1 $ 1,713 1 $ 418 $1 $ 732 $ 2,863 Provision (recapture) for non-covered acquired loan and lease losses accounted for under ASC 310-30 - 4,503 (356) (732) 3,415 Balance at end of period $ - $ 6,216 $ 62 $ - $ 6,278 |
Allowance For Credit Losses On Financing Receivables Covered Loans [Table Text Block] | The changes in the allowance for loan and lease losses on covered loans for the quarters and six-month periods ended June 30 , 2015 and 2014 were as follows: Quarter Ended June 30, 2015 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 17,340 $ 52,922 $ 389 $ - $ 70,651 Provision for covered loan and lease losses, net 148 (253) - - (105) FDIC shared-loss portion of provision for covered loan and lease losses, net 105 801 - - 906 Balance at end of period $ 17,593 $ 53,470 $ 389 $ - $ 71,452 Six-Month Period Ended June 30, 2015 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 15,522 $ 48,334 $ 389 $ - $ 64,245 Provision for (recapture) covered loan and lease losses, net 1,966 2,738 - - 4,704 FDIC shared-loss portion of provision for covered loan and lease losses, net 105 2,398 - - 2,503 Balance at end of period $ 17,593 $ 53,470 $ 389 $ - $ 71,452 Quarter Ended June 30, 2014 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 14,221 $ 39,562 $ 615 $ - $ 54,398 Provision for covered loan and lease losses, net 411 1,184 - - 1,595 FDIC shared-loss portion of provision for covered loan and lease losses, net 292 3,230 - - 3,522 Balance at end of period $ 14,924 $ 43,976 $ 615 $ - $ 59,515 Six-Month Period Ended June 30, 2014 Mortgage Commercial Consumer Leasing Total (In thousands) Allowance for loan and lease losses for covered loans: Balance at beginning of period $ 12,495 $ 39,619 $ 615 $ - $ 52,729 Provision for (recapture) covered loan and lease losses, net 2,309 915 - - 3,224 FDIC shared-loss portion of provision for covered loan and lease losses, net 120 3,442 - - 3,562 Balance at end of period $ 14,924 $ 43,976 $ 615 $ - $ 59,515 |
FDIC Indemnification and True-u
FDIC Indemnification and True-up Payment Obligation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
FDIC Indemnification Asset and True-Up Payment Obligation Roll Forward | The following table presents the activity in the FDIC indemnification asset and true-up payment obligation for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) FDIC indemnification asset: Balance at beginning of period $ 75,221 $ 166,194 $ 97,378 $ 189,240 Shared-loss agreements reimbursements from the FDIC (24,387) (10,464) (38,087) (18,700) Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net 906 3,522 2,503 3,562 FDIC indemnification asset expense (22,512) (17,499) (34,733) (35,121) Incurred expenses to be reimbursed under shared-loss agreements (6,524) 1,907 (4,357) 4,679 Balance at end of period $ 22,704 $ 143,660 $ 22,704 $ 143,660 True-up payment obligation: Balance at beginning of period $ 22,844 $ 19,375 $ 21,981 $ 18,510 Change in true-up payment obligation 733 856 1,596 1,721 Balance at end of period $ 23,577 $ 20,231 $ 23,577 $ 20,231 |
Schedule Of Business Acquisitions By Acquisition Contingent Consideration Text Block | June 30, December 31, 2015 2014 (In thousands) Carrying amount (fair value) $ 23,577 $ 21,981 Undiscounted amount $ 37,456 $ 40,266 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
TransfersAndServicingOfFinancialAssetsAbstract | |
ScheduleOfServicingAssetsAtFairValueTextBlock | The following table presents the changes in servicing rights measured using the fair value method for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Fair value at beginning of year $ 12,164 $ 13,970 $ 13,992 $ 13,801 Sale of mortgage servicing rights (6,985) - (6,985) - Servicing from mortgage securitizations or asset transfers 1,529 490 2,060 1,053 Changes due to payments on loans (313) (271) (732) (465) Changes in fair value related to price of MSR's held for sale (835) - (2,716) - Changes in fair value due to changes in valuation model inputs or assumptions 231 (534) 172 (734) Fair value at end of year $ 5,791 $ 13,655 $ 5,791 $ 13,655 |
ScheduleOfAssumptionsForFairValueOnSecuritizationDateOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock | The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the six month periods June 30, 2015 and 2014 : Six-Month Period Ended June 30, 2015 2014 Constant prepayment rate 4.10% - 10.22% 5.60% - 10.08% Discount rate 10.00% - 12.00% 10.00% - 12.00% |
ScheduleOfSensitivityAnalysisOfFairValueOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock | The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follow s : June 30, 2015 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 5,791 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (391) Decrease in fair value due to 20% adverse change $ (765) Discount rate Decrease in fair value due to 10% adverse change $ (680) Decrease in fair value due to 20% adverse change $ (1,306) |
Derivative Activities (Tables)
Derivative Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instrument Detail [Abstract] | |
Schedule Of Derivative Instruments Text Block | The following table presents the Company’s derivative assets and liabilities at June 30 , 2015 and December 31 , 2014 : June 30, December 31, 2015 2014 (In thousands) Derivative assets: Options tied to S&P 500 Index $ 2,137 $ 5,555 Interest rate swaps not designated as hedges 2,154 2,399 Interest rate caps 65 152 Other 20 1 $ 4,376 $ 8,107 Derivative liabilities: Interest rate swaps designated as cash flow hedges 6,514 8,585 Interest rate swaps not designated as hedges 2,154 2,399 Interest rate caps 65 152 Other 6 85 $ 8,739 $ 11,221 The following table shows a summary of these swaps and their terms at June 30 , 2015 : Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 25,000 2.4365% 1-Month LIBOR 05/05/11 05/04/12 05/04/16 25,000 2.6200% 1-Month LIBOR 05/05/11 07/24/12 07/24/16 25,000 2.6350% 1-Month LIBOR 05/05/11 07/30/12 07/30/16 50,000 2.6590% 1-Month LIBOR 05/05/11 08/10/12 08/10/16 100,000 2.6750% 1-Month LIBOR 05/05/11 08/16/12 08/16/16 38,658 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 263,658 Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 3,865 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,365 Interest Rate Swaps - Mirror Image Derivatives $ 3,865 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,365 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other asset | |
Schedule of Accrued interest receivable [Table Text Block] | June 30, December 31, 2015 2014 (In thousands) Non-covered loans $ 14,606 $ 17,005 Investments 4,648 4,340 $ 19,254 $ 21,345 |
Schedule of Other Assets [Table Text Block] | Other assets at June 30 , 2015 and December 31 , 2014 consist of the following June 30, December 31, 2015 2014 (In thousands) Prepaid expenses $ 16,492 $ 16,018 Core deposit and customer relationship intangibles 8,791 9,743 Other repossessed assets 14,661 21,800 Mortgage tax credits 6,277 6,277 Investment in Statutory Trust 1,083 1,083 FDIC certification receivable 39,548 14,974 Accounts receivable and other assets 45,439 38,830 $ 132,291 $ 108,725 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Deposits, by Component, Alternative [Abstract] | |
Deposits By Component [Table Text Block] | Total deposits, including related accrued interest payable, as of June 30 , 2015 and December 31 , 2014 consist of the following: June 30, December 31, 2015 2014 (In thousands) Non-interest bearing demand deposits $ 838,600 $ 745,142 Interest-bearing savings and demand deposits 2,348,478 2,544,665 Individual retirement accounts 276,185 303,049 Retail certificates of deposit 447,115 452,150 Institutional certificates of deposit 233,945 260,090 Total core deposits 4,144,323 4,305,096 Brokered deposits 605,361 619,310 Total deposits $ 4,749,684 $ 4,924,406 |
Interest Expense Domestic Deposit Liabilities [Table Text Block] | Interest expense for the quarters and six-month periods ended June 30 , 2015 and 2014 was as follows : Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Demand and savings deposits $ 3,100 $ 4,804 $ 6,482 $ 9,832 Certificates of deposit 3,504 4,361 7,226 8,311 $ 6,604 $ 9,165 $ 13,708 $ 18,143 |
Maturities Of Time Deposits [Table Text Block] | Excluding equity indexed options in the amount of $ 2.0 million, which are used by the Company to manage its exposure to the S&P 500 Index, and also excluding accrued interest of $ 1.2 million and unamortized deposit discount in the amount of $ 442 thousand, the scheduled maturities of certificates of deposit at June 30 , 2015 are as follows: June 30, 2015 (In thousands) Within one year: Three (3) months or less $ 304,391 Over 3 months through 1 year 637,132 941,523 Over 1 through 2 years 358,217 Over 2 through 3 years 123,227 Over 3 through 4 years 11,660 Over 4 through 5 years 41,100 $ 1,475,727 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Instruments [Abstract] | |
Schedule Of Repurchase Agreement Counterparty [Table Text Block] | At June 30 , 2015 and December 31 , 2014 , securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $ 3.6 million and $ 2. 3 million, respectively , were as follows: June 30, December 31, 2015 2014 Fair Value of Fair Value of Borrowing Underlying Borrowing Underlying Balance Collateral Balance Collateral (In thousands) JP Morgan Chase Bank NA 428,902 469,599 307,816 328,198 Credit Suisse Securities (USA) LLC 670,000 749,286 670,000 760,327 Bank of America 27,200 28,989 - - Nomura 32,843 34,679 - - Total $ 1,158,945 $ 1,282,553 $ 977,816 $ 1,088,525 |
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 $ 3.6 million, at June 30 , 2015 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2015 $ 24,494 0.380% 5/18/2015 8/18/2015 27,064 0.400% 6/16/2015 9/16/2015 32,843 0.430% 5/19/2015 8/17/2015 59,159 0.390% 5/20/2015 8/20/2015 70,685 0.390% 2/21/2015 8/21/2015 27,200 0.500% 6/17/2015 9/15/2015 2016 170,000 1.500% 12/6/2012 12/8/2016 247,500 0.950% 12/10/2012 9/30/2016 2017 500,000 4.780% 3/2/2007 3/2/2017 $ 1,158,945 2.570% |
Schedule of Repurchase Agreements [Table] | June 30, 2015 Market Value of Underlying Collateral Weighted FNMA and Repurchase Average FHLMC GNMA Liability Rate Certificates Certificates Total (Dollars in thousands) Less than 90 days 241,445 0.41% 257,353 - 257,353 Over 90 days 917,500 3.12% 1,022,195 3,005 1,025,200 Total $ 1,158,945 2.57% $ 1,279,548 $ 3,005 $ 1,282,553 December 31, 2014 Market Value of Underlying Collateral Weighted FNMA and Repurchase Average FHLMC GNMA Liability Rate Certificates Certificates Total (Dollars in thousands) Less than 90 days $ 52,816 0.39% $ 56,066 $ - $ 56,066 Over 90 days 925,000 2.83% 1,031,206 1,253 1,032,459 Total $ 977,816 2.41% $ 1,087,272 $ 1,253 $ 1,088,525 |
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 $ 32 5 thousand , at June 30 , 2015 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2015 $ 25,000 0.35% 6/4/2015 7/6/2015 50,000 0.34% 6/10/2015 7/10/2015 100,000 0.35% 6/16/2015 7/16/2015 25,000 0.35% 6/24/2015 7/24/2015 25,000 0.34% 6/30/2015 7/30/2015 38,658 0.35% 6/1/2015 7/1/2015 263,658 2017 4,384 1.24% 4/3/2012 4/3/2017 2018 30,000 2.19% 1/16/2013 1/16/2018 25,000 2.18% 1/16/2013 1/16/2018 55,000 2020 10,024 2.59% 7/19/2013 7/20/2020 $ 333,066 0.74% |
Redemtion Funds [Table Text Block] | Redemption fund (In thousands) Redemption fund - June 30, 2015 $ 58,625 2015 3,350 2016 5,025 $ 67,000 |
Offset of Assets_Liabilities (T
Offset of Assets/Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Offsetting [Abstract] | |
Offsetting Assets [Table Text Block] | June 30, 2015 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 $ 4,376 $ - $ 4,376 $ 2,013 $ - $ 2,363 December 31, 2014 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 $ 8,107 $ - $ 8,107 $ 2,006 $ - $ 6,101 |
Offsetting Liabilities [Table Text Block] | June 30, 2015 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 $ 10,783 $ - $ 10,783 $ - $ 2,980 $ 7,803 Securities sold under agreements to repurchase 1,158,945 - 1,158,945 1,282,553 - (123,608) Total $ 1,169,728 $ - $ 1,169,728 $ 1,282,553 $ 2,980 $ (115,805) December 31, 2014 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 $ 16,698 $ - $ 16,698 $ - $ 2,980 $ 13,718 Securities sold under agreements to repurchase 977,816 - 977,816 1,088,525 - (110,709) Total $ 994,514 $ - $ 994,514 $ 1,088,525 $ 2,980 $ (96,991) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The activity and balance of these loans for the quarters and the six-month periods ended June 30 , 2015 and 2014 were as follows: Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) (In thousands) Balance at the beginning of period $ 27,508 $ 19,267 $ 27,011 $ 18,963 New loans 3,768 13,847 7,623 13,847 Repayments and sales 2,042 (8,963) (1,316) (8,659) Balance at the end of period $ 33,318 $ 24,151 $ 33,318 $ 24,151 |
Regulatory Capital Requiremen43
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Regulatory Capital Requirements Abstract | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Company ’s and the Bank’s actual capital a mounts and ratios as of June 30 , 2015 and December 31 , 2014 are as follows: Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Company Ratios As of June 30, 2015 Total capital to risk-weighted assets $ 868,568 17.41% $ 399,100 8.00% $ 498,875 10.00% Tier 1 capital to risk-weighted assets $ 790,936 15.85% $ 299,325 6.00% $ 399,100 8.00% Common equity tier 1 capital to risk-weighted assets $ 611,541 12.26% $ 224,494 4.50% $ 324,269 6.50% Tier 1 capital to average total assets $ 790,936 11.05% $ 286,262 4.00% $ 357,827 5.00% As of December 31, 2014 Total capital to risk-weighted assets $ 851,437 17.57% $ 387,772 8.00% $ 484,715 10.00% Tier 1 capital to risk-weighted assets $ 776,525 16.02% $ 193,886 4.00% $ 290,829 6.00% Tier 1 capital to average total assets $ 776,525 10.61% $ 292,738 4.00% $ 365,922 5.00% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of June 30, 2015 Total capital to risk-weighted assets $ 819,436 16.48% $ 397,716 8.00% $ 497,145 10.00% Tier 1 capital to risk-weighted assets $ 742,098 14.93% $ 298,287 6.00% $ 397,716 8.00% Common equity tier 1 capital to risk-weighted assets $ 742,098 14.93% $ 223,715 4.50% $ 323,144 6.50% Tier 1 capital to average total assets $ 742,098 10.44% $ 284,228 4.00% $ 355,285 5.00% As of December 31, 2014 Total capital to risk-weighted assets $ 820,884 16.99% $ 386,444 8.00% $ 483,055 10.00% Tier 1 capital to risk-weighted assets $ 746,177 15.45% $ 193,222 4.00% $ 289,833 6.00% Tier 1 capital to average total assets $ 746,177 10.26% $ 290,879 4.00% $ 363,599 5.00% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Treasury Stock by Class [Table Text Block] | The activity in connection with common shares held in treasury by the Company for the six-month periods ended June 30 , 2015 and 2014 is set forth below Six-Month Period Ended June 30, 2015 2014 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of period 8,012,254 $ 97,070 7,030,101 $ 80,642 Common shares used upon lapse of restricted stock units (58,279) (640) (30,552) (323) Common shares repurchased as part of the stock repurchase program 303,985 4,238 707,400 10,393 End of period 8,257,960 $ 100,668 7,706,949 $ 90,712 |
Accumulated Other Comprehensi45
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Text Block Abstract | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income, net of income tax, as of June 30 , 2015 and December 31 , 2014 consisted of: June 30, December 31, 2015 2014 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 21,562 $ 28,743 Income tax effect of unrealized gain on securities available-for-sale (2,730) (2,978) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 18,832 25,765 Unrealized loss on cash flow hedges (6,514) (8,585) Income tax effect of unrealized loss on cash flow hedges 1,983 2,531 Net unrealized loss on cash flow hedges (4,531) (6,054) Accumulated other comprehensive income, net of taxes $ 14,301 $ 19,711 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 2014 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) Beginning balance $ 30,214 $ (5,890) $ 24,324 $ 16,035 $ (8,013) $ 8,022 Other comprehensive income (loss) before reclassifications (11,523) (180) (11,703) 13,714 (1,633) 12,081 Amounts reclassified out of accumulated other comprehensive income 141 1,539 1,680 10 1,642 1,652 Other comprehensive income (11,382) 1,359 (10,023) 13,724 9 13,733 Ending balance $ 18,832 $ (4,531) $ 14,301 $ 29,759 $ (8,004) $ 21,755 Six-Month Period Ended June 30, 2015 2014 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) Beginning balance $ 25,764 $ (6,053) $ 19,711 $ 11,433 $ (8,242) $ 3,191 Other comprehensive income before reclassifications (7,212) (1,549) (8,761) 18,179 (3,025) 15,154 Amounts reclassified out of accumulated other comprehensive income 280 3,071 3,351 147 3,263 3,410 Other comprehensive income (loss) (6,932) 1,522 (5,410) 18,326 238 18,564 Ending balance $ 18,832 $ (4,531) $ 14,301 29,759 $ (8,004) $ 21,755 |
Reclassification out of Accumulated Other Comprehensive Income [Table text block] | The following table presents reclassifications out of accumulated other comprehensive income for the quarter s and six-month periods ended June 30 , 2015 and 2014 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Quarter Ended June 30, Consolidated Statement 2015 2014 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 1,614 $ 1,642 Net interest expense Tax effect from increase in capital gains tax rate (75) - Income tax expense Available-for-sale securities: Residual tax effect from OIB's change in applicable tax rate 12 10 Income tax expense Tax effect from increase in capital gains tax rate 129 - Income tax expense $ 1,680 $ 1,652 Amount reclassified out of accumulated other comprehensive income Affected Line Item in Six-Month Period Ended June 30, Consolidated Statement 2015 2014 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 3,220 $ 3,263 Net interest expense Tax effect from increase in capital gains tax rate (149) - Income tax expense Available-for-sale securities: Residual tax effect from OIB's change in applicable tax rate 22 147 Income tax expense Tax effect from increase in capital gains tax rate 258 - Income tax expense $ 3,351 $ 3,410 |
Earning Per Common Share (Table
Earning Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculation of (loss) earnings per common share for the quarters and six-m onth p eriod s ended June 30 , 2015 and 2014 is as follows: Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands, except per share data) Net (loss) income $ (3,109) $ 21,309 $ (6,097) $ 45,056 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) (1,628) (1,628) (3,256) (3,256) Convertible preferred stock (Series C) (1,838) (1,838) (3,675) (3,675) (Loss) income available to common shareholders $ (6,575) $ 17,843 $ (13,028) $ 38,125 Effect of assumed conversion of the convertible ' ' preferred stock 1,838 1,838 3,675 3,675 (Loss) income available to common shareholders assuming conversion $ (4,737) $ 19,681 $ (9,353) $ 41,800 Weighted average common shares and share equivalents: Average common shares outstanding 44,505 45,014 44,569 45,170 Effect of dilutive securities: Average potential common shares-options 110 200 148 168 Average potential common shares-assuming ' ' conversion of convertible preferred stock 7,159 7,138 7,159 7,138 Total weighted average common shares ' ' outstanding and equivalents 51,774 52,352 51,876 52,476 (Loss) earnings per common share - basic $ (0.15) $ 0.40 $ (0.29) $ 0.84 (Loss) earnings per common share - diluted $ (0.15) $ 0.38 $ (0.29) $ 0.80 |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Guarantees [Abstract] | |
Schedule Of Guarantee Obligations Text Block | The following table shows the changes in the Company’s liability for estimated losses from these credit recourse agreements, inc luded in the unaudited consolidated statements of financial condi tion during the quarters and six-month periods ended June 30 , 2015 and 2014 . Quarter Ended June 30, Six-Month Period Ended June 30, 2015 2014 2015 2014 (In thousands) Balance at beginning of period $ 487 $ 1,549 $ 927 $ 1,955 Net charge-offs/terminations (198) (239) (638) (645) Balance at end of period $ 289 $ 1,310 $ 289 $ 1,310 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Line Of Credit Facilities Text Block | C redit-related f inancial instruments at June 30 , 2015 and December 31 , 2014 were as follows: June 30, December 31, 2015 2014 (In thousands) Commitments to extend credit $ 492,455 $ 493,248 Commercial letters of credit 1,447 885 The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to g uarantor’s accounting and disclosure requirement s for guarantees, including indirect guarantees of indebtedness of others , at June 30 , 2015 and December 31 , 2014 , is as follows: June 30, December 31, 2015 2014 (In thousands) Standby letters of credit and financial guarantees $ 15,016 $ 32,970 Loans sold with recourse 45,565 67,803 Commitments to sell or securitize mortgage loans 18,853 10,207 |
Operating Leases, Future Minimum Payments Due [Abstract] | |
Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block] | Minimum Rent Year Ending December 31, (In thousands) 2015 $ 4,059 2016 7,794 2017 7,141 2018 6,050 2019 5,887 Thereafter 17,064 $ 47,995 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 , are summarized below: June 30, 2015 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 1,044,319 $ - $ 1,044,319 Money market investments 5,795 - - 5,795 Derivative assets - 2,238 2,138 4,376 Servicing assets - - 5,791 5,791 Derivative liabilities - (8,739) (2,044) (10,783) $ 5,795 $ 1,037,818 $ 5,885 $ 1,049,498 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 243,401 $ 243,401 Foreclosed real estate - - 81,333 81,333 Other repossessed assets - - 14,661 14,661 $ - $ - $ 339,395 $ 339,395 December 31, 2014 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 1,216,538 $ - $ 1,216,538 Money market investments 4,675 - - 4,675 Derivative assets - 2,552 5,555 8,107 Servicing assets - - 13,992 13,992 Derivative liabilities - (11,221) (5,477) (16,698) $ 4,675 $ 1,207,869 $ 14,070 $ 1,226,614 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 236,942 $ 236,942 Foreclosed real estate - - 95,661 95,661 Other repossessed assets - - 21,800 21,800 $ - $ - $ 354,403 $ 354,403 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 six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 Derivative Derivative asset liability (S&P (S&P Purchased Servicing Embedded Level 3 Instruments Only Options) assets Options) Total Balance at beginning of period $ 3,734 $ 12,164 $ (3,617) $ 12,281 (Losses) gains included in earnings (1,596) - 1,517 (79) Sale of mortgage servicing rights held-for-sale - (6,985) - (6,985) Changes due to payments on loans - (313) - (313) New instruments acquired - 1,529 - 1,529 Changes in fair value related to price of MSRs held for sale - (835) - (835) Amortization - - 56 56 Changes in fair value of servicing assets - 231 - 231 Balance at end of period $ 2,138 $ 5,791 $ (2,044) $ 5,885 Six-Month Period Ended June 30, 2015 Derivative Derivative asset liability (S&P (S&P Purchased Servicing Embedded Level 3 Instruments Only Options) assets Options) Total Balance at beginning of period $ 5,555 $ 13,992 $ (5,477) $ 14,070 (Losses) gains included in earnings (3,417) - 3,299 (118) Sale of mortgage servicing rights held-for-sale - (6,985) - (6,985) Changes due to payments on loans - (732) - (732) New instruments acquired - 2,060 - 2,060 Amortization - - 134 134 Changes in fair value related to price of MSRs held for sale - (2,716) - (2,716) Changes in fair value of servicing assets - 172 - 172 Balance at end of period $ 2,138 $ 5,791 $ (2,044) $ 5,885 Quarter Ended June 30, 2014 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 $ 20,053 $ 12,555 $ 13,970 $ (12,120) $ 34,458 (Losses) gains included in earnings - (5,975) - 5,591 (384) Changes in fair value of investment securities available for sale included in other comprehensive income (53) - - - (53) New instruments acquired - - 490 - 490 Principal repayments (20,000) - (271) - (20,271) Amortization - - - 161 161 Changes in fair value of servicing assets - - (534) - (534) Balance at end of period $ - $ 6,580 $ 13,655 $ (6,368) $ 13,867 Six-Month Period Ended June 30, 2014 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 $ 19,680 $ 16,430 $ 13,801 $ (15,736) $ 34,175 Gains (losses) included in earnings - (9,850) - 8,964 (886) Changes in fair value of investment securities available for sale included in other comprehensive income 320 - - - 320 New instruments acquired - - 1,053 - 1,053 Principal repayments (20,000) - (465) - (20,465) Amortization - - - 404 404 Changes in fair value of servicing assets - - (734) - (734) Balance at end of period $ - $ 6,580 $ 13,655 $ (6,368) $ 13,867 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block] | The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at June 30, 2015 Fair Value Valuation Technique Unobservable Input Range (In thousands) Derivative assets (S&P Purchased Options) $ 2,138 Option pricing model Implied option volatility 30.23%- 38.69% Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) 72.89%- 72.89% Servicing assets $ 5,791 Cash flow valuation Constant prepayment rate 4.10% - 10.22% Discount rate 10.00% - 12.00% Derivative liability (S&P Embedded Options) $ (2,044) Option pricing model Implied option volatility 30.23%- 38.69% Counterparty credit risk (based on 5-year CDS spread) 72.89%- 72.89% Collateral dependant impaired loans $ 40,893 Fair value of property or collateral Appraised value less disposition costs 20.20% - 27.20% Puerto Rico Electric Power Authority line of credit $ 173,565 Cash flow valuation Discount rate 7.25% Other non-collateral dependant impaired loans 4,949 Cash flow valuation Discount rate 4.25% - 9.25% Foreclosed real estate $ 81,333 Fair value of property or collateral Appraised value less disposition costs 20.20% - 27.20% Other repossessed assets $ 14,661 Fair value of property or collateral Appraised value less disposition costs 20.20% - 27.20% |
Fair Value By Balance Sheet Grouping [Text Block] | The estimated fair value and carrying value of the Company ’s financial instruments at June 30 , 2015 and December 31 , 2014 is as follows: June 30, December 31, 2015 2014 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 553,535 $ 553,535 $ 573,427 $ 573,427 Restricted cash 6,086 6,086 8,407 8,407 Level 2 Financial Assets: Trading securities 786 786 1,594 1,594 Investment securities available-for-sale 1,044,319 1,044,319 1,216,538 1,216,538 Investment securities held-to-maturity 547,776 550,553 164,154 162,752 Federal Home Loan Bank (FHLB) stock 20,826 20,826 21,169 21,169 Other investments 3 3 3 3 Derivative assets 2,238 2,238 2,552 2,552 Financial Liabilities: Derivative liabilities 8,739 8,739 11,221 11,221 Level 3 Financial Assets: Total loans (including loans held-for-sale) Non-covered loans, net 4,733,607 4,417,433 4,563,701 4,527,735 Covered loans, net 253,902 222,034 345,660 298,911 Derivative assets 2,138 2,138 5,555 5,555 FDIC indemnification asset 12,746 22,704 75,969 97,378 Accrued interest receivable 19,254 19,254 21,345 21,345 Servicing assets 5,791 5,791 13,992 13,992 Financial Liabilities: Deposits 4,737,965 4,749,684 4,893,247 4,924,406 Securities sold under agreements to repurchase 1,193,574 1,161,136 1,020,621 980,087 Advances from FHLB 338,033 333,391 339,172 334,331 Other borrowings 1,883 2,090 3,979 4,004 Subordinated capital notes 91,996 102,109 104,288 101,584 Accrued expenses and other liabilities 113,537 113,537 133,290 133,290 Derivative liabilities 2,044 2,044 5,477 5,477 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Following are the results of operations and the selected financial informatio n by operating segment for the quarters and six-month periods ended June 30 , 2015 and 2014 : Quarter Ended June 30, 2015 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 90,504 $ 24 $ 8,885 $ 99,413 $ - $ 99,413 Interest expense (7,110) - (10,011) (17,121) - (17,121) Net interest income 83,394 24 (1,126) 82,292 - 82,292 Provision for non-covered loan and lease losses (15,644) - - (15,644) - (15,644) Provision for covered loan and lease losses 105 - - 105 - 105 Non-interest income (loss) (11,713) 6,893 164 (4,656) - (4,656) Non-interest expenses (56,844) (6,733) (860) (64,437) - (64,437) Intersegment revenue 163 - 61 224 (224) - Intersegment expenses (61) (87) (76) (224) 224 - Income before income taxes $ (600) $ 97 $ (1,837) $ (2,340) $ - $ (2,340) Total assets $ 6,153,663 $ 21,157 $ 2,136,293 $ 8,311,113 (912,788) $ 7,398,325 Quarter Ended June 30, 2014 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 112,971 $ 46 $ 12,883 $ 125,900 $ - $ 125,900 Interest expense (10,828) - (8,994) (19,822) - (19,822) Net interest income 102,143 46 3,889 106,078 - 106,078 Provision for non-covered loan and lease losses (13,220) - - (13,220) - (13,220) Provision for covered loan and lease losses (1,595) - - (1,595) - (1,595) Non-interest income (loss) (6,507) 7,502 (488) 507 - 507 Non-interest expenses (49,651) (6,367) (3,830) (59,848) - (59,848) Intersegment revenue 435 - - 435 (435) - Intersegment expenses - (327) (108) (435) 435 - Income before income taxes $ 31,605 $ 854 $ (537) $ 31,922 $ - $ 31,922 Total assets $ 6,508,432 $ 25,345 $ 2,089,516 $ 8,623,293 (913,148) $ 7,710,145 Six-Month Period Ended June 30, 2015 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 187,986 $ 47 $ 18,381 $ 206,414 $ - $ 206,414 Interest expense (14,564) - (19,923) (34,487) - (34,487) Net interest income 173,422 47 (1,542) 171,927 - 171,927 Provision for non-covered loan and lease losses (53,027) - - (53,027) - (53,027) Provision for covered loan and lease losses, net (4,705) - - (4,705) - (4,705) Non-interest income(loss) (13,962) 13,903 2,284 2,225 - 2,225 Non-interest expenses (106,156) (11,524) (3,089) (120,769) - (120,769) Intersegment revenue 707 - 160 866 (866) - Intersegment expenses (159) (518) (189) (866) 866 - Income before income taxes $ (3,880) $ 1,908 $ (2,376) $ (4,349) $ - $ (4,349) Six-Month Period Ended June 30, 2014 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 221,602 $ 86 $ 27,286 $ 248,974 $ - $ 248,974 Interest expense (18,344) - (21,154) (39,498) - (39,498) Net interest income 203,258 86 6,132 209,476 - 209,476 Provision for non-covered loan and lease losses (23,282) - - (23,282) - (23,282) Provision for covered loan and lease losses, net (3,224) - - (3,224) - (3,224) Non-interest income(loss) (11,603) 14,024 3,315 5,736 - 5,736 Non-interest expenses (103,198) (11,146) (6,908) (121,252) - (121,252) Intersegment revenue 979 - - 979 (979) - Intersegment expenses - (759) (220) (979) 979 - Income (loss) before income taxes $ 62,930 $ 2,205 $ 2,319 $ 67,454 $ - $ 67,454 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Restricted Cash And Investments Abstract | ||
Certificates Of Deposits Oriental International Banking and Oriental Overseas | $ 300 | $ 300 |
Reserve required by local Goverment | $ 152,700 | $ 141,500 |
Restricted Cash (Composition) (
Restricted Cash (Composition) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 6,086 | $ 8,407 |
Derivatives | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | 2,980 | 2,980 |
Obligations under agreements of loans sold with recourse | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 3,106 | $ 5,427 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Investments, Debt and Equity Securities [Abstract] | |
Investments Guaranteed by US Treasury and Sponsored Agencies in Unrealized Loss on Position | $ 676.4 |
Investments Guaranteed by Puerto Rico Government and its Political Subdivisions in Unrealized Loss On Position | $ 21 |
Investments Guaranteed By Us Treasury And Sponsored Agencies in Unrealized Loss Position Percentage To Total Investment in Unrealized Loss Position | 97.00% |
Investments Guaranteed By Puerto Rico Government and Its Political Subdivisions in Unrealized Loss Position Percentage To Total Investment in Unrealized Loss Position | 3.00% |
Minimum Government Bond Probability of Default | 5.953% |
Maximum GovernmentBond Probability Of Default | 38.65% |
Minimum Government Bond Recovery Rate | 61.349% |
Maximum Government Bond Recovery Rate | 94.046% |
Investment Securities (Investme
Investment Securities (Investment securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 1,023,573 | $ 1,187,679 |
Available-for-sale Securities, Gross Unrealized Gains | 31,118 | 38,490 |
Available-for-sale Securities, Gross Unrealized Losses | 10,372 | 9,631 |
Available-for-sale Securities | $ 1,044,319 | $ 1,216,538 |
Available for sale - Weighted Average Yield | 2.87% | 2.96% |
Held-to-maturity, Amortized cost | $ 550,553 | $ 162,752 |
Held to maturity Securities Unrecognized Gains | 984 | 1,402 |
Held-to-maturity Securities, Unrecognized Loss | 3,761 | 0 |
Held to maturity Fair Value | $ 547,776 | $ 164,154 |
Held to maturity - Weighted Average Yield | 2.20% | 2.48% |
Total Securities - Amortized Cost | $ 1,574,126 | $ 1,350,431 |
Total Securities Gross Unrealized Gains | 32,102 | 39,892 |
Total Securities Gross Unrealized Losses | 14,133 | 9,631 |
Total Securities Fair Value | $ 1,592,095 | $ 1,380,692 |
Marketable Securities Weighted Average Yield | 2.64% | 2.90% |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 993,636 | $ 1,156,455 |
Available-for-sale Securities, Gross Unrealized Gains | 30,970 | 38,300 |
Available-for-sale Securities, Gross Unrealized Losses | 4,113 | 4,364 |
Available-for-sale Securities | $ 1,020,493 | $ 1,190,391 |
Available for sale - Weighted Average Yield | 2.83% | 2.92% |
Held-to-maturity, Amortized cost | $ 525,504 | |
Held to maturity Securities Unrecognized Gains | 978 | |
Held-to-maturity Securities, Unrecognized Loss | 3,757 | |
Held to maturity Fair Value | $ 522,725 | |
Held to maturity - Weighted Average Yield | 2.28% | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 832,127 | $ 972,836 |
Available-for-sale Securities, Gross Unrealized Gains | 30,638 | 37,876 |
Available-for-sale Securities, Gross Unrealized Losses | 1,192 | 1,203 |
Available-for-sale Securities | $ 861,573 | $ 1,009,509 |
Available for sale - Weighted Average Yield | 3.01% | 3.12% |
Held-to-maturity, Amortized cost | $ 525,504 | $ 162,752 |
Held to maturity Securities Unrecognized Gains | 978 | 1,402 |
Held-to-maturity Securities, Unrecognized Loss | 3,757 | 0 |
Held to maturity Fair Value | $ 522,725 | $ 164,154 |
Held to maturity - Weighted Average Yield | 2.28% | 2.48% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 3,625 | $ 4,473 |
Available-for-sale Securities, Gross Unrealized Gains | 249 | 288 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 8 |
Available-for-sale Securities | $ 3,874 | $ 4,753 |
Available for sale - Weighted Average Yield | 5.03% | 4.94% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 157,884 | $ 179,146 |
Available-for-sale Securities, Gross Unrealized Gains | 83 | 136 |
Available-for-sale Securities, Gross Unrealized Losses | 2,921 | 3,153 |
Available-for-sale Securities | $ 155,046 | $ 176,129 |
Available for sale - Weighted Average Yield | 1.83% | 1.81% |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 29,937 | $ 31,224 |
Available-for-sale Securities, Gross Unrealized Gains | 148 | 190 |
Available-for-sale Securities, Gross Unrealized Losses | 6,259 | 5,267 |
Available-for-sale Securities | $ 23,826 | $ 26,147 |
Available for sale - Weighted Average Yield | 4.35% | 4.23% |
Held-to-maturity, Amortized cost | $ 25,049 | |
Held to maturity Securities Unrecognized Gains | 6 | |
Held-to-maturity Securities, Unrecognized Loss | 4 | |
Held to maturity Fair Value | $ 25,051 | |
Held to maturity - Weighted Average Yield | 0.49% | |
Securities Investment [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | $ 25,049 | |
Held to maturity Securities Unrecognized Gains | 6 | |
Held-to-maturity Securities, Unrecognized Loss | 4 | |
Held to maturity Fair Value | $ 25,051 | |
Held to maturity - Weighted Average Yield | 0.49% | |
Securities Investment [Member] | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 6,114 | $ 7,148 |
Available-for-sale Securities, Gross Unrealized Gains | 14 | 33 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 6,128 | $ 7,181 |
Available for sale - Weighted Average Yield | 1.36% | 1.34% |
Securities Investment [Member] | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 20,988 | $ 20,939 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 6,259 | 5,267 |
Available-for-sale Securities | $ 14,729 | $ 15,672 |
Available for sale - Weighted Average Yield | 5.41% | 5.41% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 2,835 | $ 3,137 |
Available-for-sale Securities, Gross Unrealized Gains | 134 | 157 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 2,969 | $ 3,294 |
Available for sale - Weighted Average Yield | 2.99% | 2.95% |
Investment Securities (Invest55
Investment Securities (Investment securities by contractual maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 1,023,573 | $ 1,187,679 |
Available-for-sale Securities | 1,044,319 | 1,216,538 |
Held-to-maturity, Amortized cost | 550,553 | 162,752 |
Held to maturity Fair Value | 547,776 | 164,154 |
Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | 25,049 | |
Held to maturity Fair Value | 25,051 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 993,636 | 1,156,455 |
Available-for-sale Securities | 1,020,493 | 1,190,391 |
Held-to-maturity, Amortized cost | 525,504 | |
Held to maturity Fair Value | 522,725 | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 832,127 | 972,836 |
Available-for-sale Securities | 861,573 | 1,009,509 |
Held-to-maturity, Amortized cost | 525,504 | 162,752 |
Held to maturity Fair Value | 522,725 | 164,154 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 3,625 | 4,473 |
Available-for-sale Securities | 3,874 | 4,753 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 157,884 | 179,146 |
Available-for-sale Securities | 155,046 | 176,129 |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 18,125 | |
Available-for-sale Securities | 18,401 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
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 | 18,125 | |
Available-for-sale Securities | 18,401 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 975,511 | |
Available-for-sale Securities | 1,002,092 | |
Held-to-maturity, Amortized cost | 525,504 | |
Held to maturity Fair Value | 522,725 | |
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 | 814,002 | |
Available-for-sale Securities | 843,172 | |
Held-to-maturity, Amortized cost | 525,504 | |
Held to maturity Fair Value | 522,725 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 3,625 | |
Available-for-sale Securities | 3,874 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 157,884 | |
Available-for-sale Securities | 155,046 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 29,937 | 31,224 |
Available-for-sale Securities | 23,826 | 26,147 |
Held-to-maturity, Amortized cost | 25,049 | |
Held to maturity Fair Value | 25,051 | |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | 25,049 | |
Held to maturity Fair Value | 25,051 | |
Investment Securities | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 6,114 | 7,148 |
Available-for-sale Securities | 6,128 | 7,181 |
Investment Securities | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 20,988 | 20,939 |
Available-for-sale Securities | 14,729 | 15,672 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,835 | 3,137 |
Available-for-sale Securities | 2,969 | $ 3,294 |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,521 | |
Available-for-sale Securities | 8,444 | |
Held-to-maturity, Amortized cost | 25,049 | |
Held to maturity Fair Value | 25,051 | |
Investment Securities | Maturities Due From One To Five Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | 25,049 | |
Held to maturity Fair Value | 25,051 | |
Investment Securities | Maturities Due From One To Five Years [Member] | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,521 | |
Available-for-sale Securities | 8,444 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 6,114 | |
Available-for-sale Securities | 6,128 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 6,114 | |
Available-for-sale Securities | 6,128 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 13,302 | |
Available-for-sale Securities | 9,254 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due After Ten Years [Member] | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,467 | |
Available-for-sale Securities | 6,285 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due After Ten Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,835 | |
Available-for-sale Securities | 2,969 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | $ 0 |
Investment Securities (Gross re
Investment Securities (Gross realize gains and losses by category) (Details) - Collateralized Mortgage Backed Securities [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Sale Price | $ 103,831 | $ 163,235 |
Book Value | 101,258 | 158,869 |
Available-for-sale Securities, Gross Realized Gains | 2,572 | 4,366 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 |
FNMA and FHLMC [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Sale Price | 40,307 | 115,158 |
Book Value | 37,735 | 110,792 |
Available-for-sale Securities, Gross Realized Gains | 2,571 | 4,366 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 |
GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Sale Price | 63,524 | 48,077 |
Book Value | 63,523 | 48,077 |
Available-for-sale Securities, Gross Realized Gains | 1 | 0 |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 |
Investment Securities (Gains an
Investment Securities (Gains and losses by category) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | $ 328,800 | $ 357,228 |
Total Available for Sale Unrealized Loss | 10,372 | 9,631 |
Total Available for Sale Fair Value | 318,428 | 347,597 |
12 months or more | ||
Available for sale - Amortized cost | 136,471 | 278,320 |
Available for sale - Unrealized Loss | 9,066 | 9,533 |
Available-for-sale, Fair Value | 127,405 | 268,787 |
Less than 12 months | ||
Available for sale - Amortized cost | 192,329 | 78,908 |
Available for sale - Unrealized Loss | 1,306 | 98 |
Available for sale - Fair Value | 191,023 | 78,810 |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity - Amortized Cost | 368,615 | |
Held to Maturity - Unrealized Loss | 3,761 | |
Held to Maturity - Fair Value | 364,854 | |
Less than 12 months | ||
Held to Maturity - Amortized cost | 368,615 | |
Held to Maturity - Unrealized Loss | 3,761 | |
Held-to-Maturity - Fair Value | 364,854 | |
Investment Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Securities - Amortized Cost | 697,415 | |
Total Securities - Unrealized Position | 14,133 | |
Total Securities - Fair Value | 683,282 | |
CMO's issued by us government sponsored agenciesat loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 144,079 | 159,100 |
Total Available for Sale Unrealized Loss | 2,921 | 3,153 |
Total Available for Sale Fair Value | 141,158 | 155,947 |
12 months or more | ||
Available for sale - Amortized cost | 115,483 | 143,928 |
Available for sale - Unrealized Loss | 2,807 | 3,086 |
Available-for-sale, Fair Value | 112,676 | 140,842 |
Less than 12 months | ||
Available for sale - Amortized cost | 28,596 | 15,172 |
Available for sale - Unrealized Loss | 114 | 67 |
Available for sale - Fair Value | 28,482 | 15,105 |
FNMA and FHLMC [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 163,733 | 177,112 |
Total Available for Sale Unrealized Loss | 1,192 | 1,203 |
Total Available for Sale Fair Value | 162,541 | 175,909 |
12 months or more | ||
Available for sale - Amortized cost | 113,376 | |
Available for sale - Unrealized Loss | 1,172 | |
Available-for-sale, Fair Value | 112,204 | |
Less than 12 months | ||
Available for sale - Amortized cost | 163,733 | 63,736 |
Available for sale - Unrealized Loss | 1,192 | 31 |
Available for sale - Fair Value | 162,541 | 63,705 |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity - Amortized Cost | 358,591 | |
Held to Maturity - Unrealized Loss | 3,757 | |
Held to Maturity - Fair Value | 354,834 | |
Less than 12 months | ||
Held to Maturity - Amortized cost | 358,591 | |
Held to Maturity - Unrealized Loss | 3,757 | |
Held-to-Maturity - Fair Value | 354,834 | |
Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 20,988 | 20,939 |
Total Available for Sale Unrealized Loss | 6,259 | 5,267 |
Total Available for Sale Fair Value | 14,729 | 15,672 |
12 months or more | ||
Available for sale - Amortized cost | 20,988 | 20,939 |
Available for sale - Unrealized Loss | 6,259 | 5,267 |
Available-for-sale, Fair Value | 14,729 | 15,672 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 77 | |
Total Available for Sale Unrealized Loss | 8 | |
Total Available for Sale Fair Value | 69 | |
12 months or more | ||
Available for sale - Amortized cost | 77 | |
Available for sale - Unrealized Loss | 8 | |
Available-for-sale, Fair Value | $ 69 | |
US Treasury Securities [Member] | ||
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity - Amortized Cost | 10,024 | |
Held to Maturity - Unrealized Loss | 4 | |
Held to Maturity - Fair Value | 10,020 | |
Less than 12 months | ||
Held to Maturity - Amortized cost | 10,024 | |
Held to Maturity - Unrealized Loss | 4 | |
Held-to-Maturity - Fair Value | $ 10,020 |
Loans Receivable (Narratives) (
Loans Receivable (Narratives) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Modifications Recorded Investment Not Included In Non Accrual | $ 88.8 | $ 274.4 |
Originated Loans Granted To Puerto Rico Government | 347.5 | 450.2 |
Acquired Loans Under ASC 310-30 granted to the Puerto Rico Government | 167.8 | 168.8 |
Line Of Credit Facility Maximum Borrowing Capacity to Puerto Rico Government | 515.3 | 619 |
Credit Facilities Granted to the Puerto Rico Public Corporation | 301 | |
Unpaid principal balance of the revolving line of credit granted to the Government of Puerto Rico | 197.6 | $ 200 |
Credit facilities to State Insurance Fund | $ 77.6 | |
Collateral securities percentage SIF | 130.00% | |
Puerto Rico Housing Finance Authority credit facilities | $ 25.2 |
Loans Receivable (Composition o
Loans Receivable (Composition of loan portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,495,665 | $ 4,578,431 |
Deferred loan cost (fees), net | 3,877 | 4,282 |
Loans Receivable Net Of Deferred Income | 4,499,542 | 4,582,713 |
Allowance for loan and lease losses on non-covered loans | (102,877) | (69,517) |
Loans not covered under shared-loss agreements with the FDIC, net of allowance for loan and lease losses, excluding loans held-for-sale. | 4,396,665 | 4,513,196 |
Mortgage loans held-for-sale | 20,768 | 14,539 |
Loans not covered under shared-loss agreements with the FDIC, net of allowance for loan and lease losses, including loans held-for-sale. | 4,417,433 | 4,527,735 |
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ||
Loans And Leases Receivable Gross Carrying Amount Covered | 293,486 | 363,156 |
Allowance for Covered Loan and Lease Losses, net | (71,452) | (64,245) |
Loans covered under shared-loss agreements with the FDIC, net of allowance for loan and lease losses | 222,034 | 298,911 |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered | 4,639,467 | 4,826,646 |
Non Covered Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Allowance for loan and lease losses on non-covered loans | (102,877) | (69,517) |
Originated Loans [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,956,865 | 2,843,825 |
Allowance for loan and lease losses on non-covered loans | (78,989) | (51,439) |
Originated Loans [Member] | Mortgages [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 757,187 | 791,751 |
Originated Loans [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,363,851 | 1,289,732 |
Originated Loans [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 212,629 | 186,760 |
Originated Loans [Member] | Leasing [Mamber] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 623,198 | 575,582 |
Non-covered acquired loans accounted for under ASC 310-20 | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 192,523 | 242,801 |
Allowance for loan and lease losses on non-covered loans | (5,529) | (4,597) |
Non-covered acquired loans accounted for under ASC 310-20 | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 8,448 | 12,675 |
Non-covered acquired loans accounted for under ASC 310-20 | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 41,505 | 45,344 |
Non-covered acquired loans accounted for under ASC 310-20 | Auto | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 142,570 | 184,782 |
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 | 1,346,277 | 1,491,805 |
Allowance for loan and lease losses on non-covered loans | (18,359) | (13,481) |
Non-covered loans accounted under ASC 310-30 | Mortgages [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 631,807 | 656,122 |
Non-covered loans accounted under ASC 310-30 | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 406,447 | 452,201 |
Non-covered loans accounted under ASC 310-30 | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 18,869 | 29,888 |
Non-covered loans accounted under ASC 310-30 | Auto | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 195,891 | 247,233 |
Non-covered loans accounted under ASC 310-30 | Construction Loans [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 93,263 | 106,361 |
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 | 293,486 | 363,156 |
Allowance for Covered Loan and Lease Losses, net | (71,452) | (64,245) |
Acquired Loans In An F D I C Assisted Transaction [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ||
Loans And Leases Receivable Gross Carrying Amount Covered | 3,295 | 4,506 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Loans Secured by 1-4 properties | ||
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ||
Loans And Leases Receivable Gross Carrying Amount Covered | 117,840 | 117,171 |
Allowance for Covered Loan and Lease Losses, net | (17,593) | (15,522) |
Acquired Loans In An F D I C Assisted Transaction [Member] | Construction and development secured by multi-family properties [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ||
Loans And Leases Receivable Gross Carrying Amount Covered | 19,152 | 19,562 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Commercial and Other Construction [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered [Abstract] | ||
Loans And Leases Receivable Gross Carrying Amount Covered | 153,199 | 221,917 |
Allowance for Covered Loan and Lease Losses, net | $ (53,470) | $ (48,334) |
Loans Receivable (Aging of reco
Loans Receivable (Aging of recorded investment in gross loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 4,495,665 | $ 4,578,431 |
Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 100,318 | 94,218 |
60 - 89 Days Past Due | 42,862 | 45,366 |
90+ Days Past Due | 85,103 | 116,065 |
Total Past Due | 228,283 | 255,649 |
Current but Non-Accrual Loans | 215,125 | 19,730 |
Current | 2,513,457 | 2,568,446 |
Total Loans | 2,956,865 | 2,843,825 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 4,782 | 3,354 |
Originated Loans [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 45,808 | 42,785 |
60 - 89 Days Past Due | 22,707 | 25,886 |
90+ Days Past Due | 66,055 | 98,131 |
Total Past Due | 134,570 | 166,802 |
Current but Non-Accrual Loans | 5,186 | 8,253 |
Current | 617,431 | 616,696 |
Total Loans | 757,187 | 791,751 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 4,782 | 3,354 |
Originated Loans [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 32,816 | 33,109 |
60 - 89 Days Past Due | 16,088 | 18,196 |
90+ Days Past Due | 40,683 | 38,551 |
Total Past Due | 89,587 | 89,856 |
Current but Non-Accrual Loans | 170 | 1,895 |
Current | 527,917 | 527,597 |
Total Loans | 617,674 | 619,348 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,235 | 588 |
Originated Loans [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 4,342 | 4,128 |
60 - 89 Days Past Due | 2,258 | 3,157 |
90+ Days Past Due | 3,076 | 4,395 |
Total Past Due | 9,676 | 11,680 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 51,533 | 54,064 |
Total Loans | 61,209 | 65,744 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 42 | 134 |
Originated Loans [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 8,460 | 10,484 |
60 - 89 Days Past Due | 4,616 | 4,735 |
90+ Days Past Due | 6,260 | 6,489 |
Total Past Due | 19,336 | 21,708 |
Current but Non-Accrual Loans | 0 | 455 |
Current | 84,968 | 87,506 |
Total Loans | 104,304 | 109,669 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 5,338 | 3,824 |
60 - 89 Days Past Due | 2,012 | 2,205 |
90+ Days Past Due | 3,926 | 4,454 |
Total Past Due | 11,276 | 10,483 |
Current but Non-Accrual Loans | 0 | 131 |
Current | 45,881 | 49,858 |
Total Loans | 57,157 | 60,472 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 6,496 | 5,706 |
60 - 89 Days Past Due | 3,315 | 3,298 |
90+ Days Past Due | 7,601 | 8,667 |
Total Past Due | 17,412 | 17,671 |
Current but Non-Accrual Loans | 170 | 548 |
Current | 64,292 | 67,331 |
Total Loans | 81,874 | 85,550 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 89 |
Originated Loans [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 4,781 | 5,283 |
60 - 89 Days Past Due | 2,359 | 1,809 |
90+ Days Past Due | 10,757 | 7,646 |
Total Past Due | 17,897 | 14,738 |
Current but Non-Accrual Loans | 0 | 761 |
Current | 75,309 | 77,990 |
Total Loans | 93,206 | 93,489 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,025 | 0 |
Originated Loans [Member] | Originated In The Years 2010 2011 2012 2013 2014 And 2015 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 3,399 | 3,684 |
60 - 89 Days Past Due | 1,528 | 2,992 |
90+ Days Past Due | 9,063 | 6,900 |
Total Past Due | 13,990 | 13,576 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 205,934 | 190,848 |
Total Loans | 219,924 | 204,424 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 168 | 365 |
Originated Loans [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,450 | 1,477 |
60 - 89 Days Past Due | 543 | 584 |
90+ Days Past Due | 3,784 | 3,223 |
Total Past Due | 5,777 | 5,284 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 27,705 | 30,916 |
Total Loans | 33,482 | 36,200 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 11,542 | 8,199 |
60 - 89 Days Past Due | 6,076 | 7,106 |
90+ Days Past Due | 14,627 | 14,114 |
Total Past Due | 32,245 | 29,419 |
Current but Non-Accrual Loans | 5,016 | 6,358 |
Current | 61,389 | 57,666 |
Total Loans | 98,650 | 93,443 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 3,547 | 2,766 |
Originated Loans [Member] | Home equity secured personal loans [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 | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 420 | 517 |
Total Loans | 420 | 517 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | GNMA's Buy Back Option related | ||
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 | 6,961 | 42,243 |
Total Past Due | 6,961 | 42,243 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 0 |
Total Loans | 6,961 | 42,243 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,363,851 | 1,289,732 |
Originated Loans [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 4,540 | 330 |
60 - 89 Days Past Due | 153 | 1,206 |
90+ Days Past Due | 9,510 | 7,671 |
Total Past Due | 14,203 | 9,207 |
Current but Non-Accrual Loans | 10,264 | 9,939 |
Current | 633,112 | 504,497 |
Total Loans | 657,579 | 523,643 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | |
Originated Loans [Member] | Corporate Commercial Secured [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 | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 201,251 | 133,076 |
Total Loans | 201,251 | 133,076 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Institutional Commercial Secured [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 | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 35,113 | 36,611 |
Total Loans | 35,113 | 36,611 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 3,929 | 0 |
60 - 89 Days Past Due | 0 | 645 |
90+ Days Past Due | 2,180 | 396 |
Total Past Due | 6,109 | 1,041 |
Current but Non-Accrual Loans | 8,216 | 8,494 |
Current | 183,736 | 154,515 |
Total Loans | 198,061 | 164,050 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 611 | 330 |
60 - 89 Days Past Due | 153 | 561 |
90+ Days Past Due | 7,280 | 7,275 |
Total Past Due | 8,044 | 8,166 |
Current but Non-Accrual Loans | 2,048 | 1,445 |
Current | 193,319 | 166,017 |
Total Loans | 203,411 | 175,628 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Floor Plan Commercial Secured [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 | 50 | 0 |
Total Past Due | 50 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 3,047 | 1,650 |
Total Loans | 3,097 | 1,650 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Real Estate Commercial Secured [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 | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 16,646 | 12,628 |
Total Loans | 16,646 | 12,628 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 478 | 866 |
60 - 89 Days Past Due | 361 | 412 |
90+ Days Past Due | 1,020 | 1,679 |
Total Past Due | 1,859 | 2,957 |
Current but Non-Accrual Loans | 198,968 | 1,047 |
Current | 505,445 | 762,085 |
Total Loans | 706,272 | 766,089 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Corporate Other Commercial [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 | 0 | |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 65,344 | 63,746 |
Total Loans | 65,344 | 63,746 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Institutional Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | |
60 - 89 Days Past Due | 0 | |
90+ Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 197,559 | 0 |
Current | 207,661 | 478,935 |
Total Loans | 405,220 | 478,935 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Middle Market Other Commercial [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 | 225 | 618 |
Total Past Due | 225 | 618 |
Current but Non-Accrual Loans | 479 | 0 |
Current | 102,281 | 91,716 |
Total Loans | 102,985 | 92,334 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 325 | 866 |
60 - 89 Days Past Due | 284 | 412 |
90+ Days Past Due | 772 | 1,061 |
Total Past Due | 1,381 | 2,339 |
Current but Non-Accrual Loans | 930 | 1,047 |
Current | 92,935 | 86,785 |
Total Loans | 95,246 | 90,171 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 153 | 0 |
60 - 89 Days Past Due | 77 | 0 |
90+ Days Past Due | 23 | 0 |
Total Past Due | 253 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 37,224 | 40,903 |
Total Loans | 37,477 | 40,903 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 2,041 | 2,579 |
60 - 89 Days Past Due | 1,048 | 946 |
90+ Days Past Due | 1,098 | 1,164 |
Total Past Due | 4,187 | 4,689 |
Current but Non-Accrual Loans | 342 | 346 |
Current | 208,100 | 181,725 |
Total Loans | 212,629 | 186,760 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 303 | 360 |
60 - 89 Days Past Due | 120 | 139 |
90+ Days Past Due | 319 | 375 |
Total Past Due | 742 | 874 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 19,381 | 18,197 |
Total Loans | 20,123 | 19,071 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 22 | 20 |
60 - 89 Days Past Due | 2 | 0 |
90+ Days Past Due | 0 | 0 |
Total Past Due | 24 | 20 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 293 | 287 |
Total Loans | 317 | 307 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 97 | 102 |
60 - 89 Days Past Due | 17 | 25 |
90+ Days Past Due | 63 | 102 |
Total Past Due | 177 | 229 |
Current but Non-Accrual Loans | 22 | 9 |
Current | 2,083 | 1,962 |
Total Loans | 2,282 | 2,200 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,532 | 1,822 |
60 - 89 Days Past Due | 858 | 743 |
90+ Days Past Due | 716 | 678 |
Total Past Due | 3,106 | 3,243 |
Current but Non-Accrual Loans | 320 | 337 |
Current | 170,202 | 144,359 |
Total Loans | 173,628 | 147,939 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 87 | 275 |
60 - 89 Days Past Due | 51 | 39 |
90+ Days Past Due | 0 | 9 |
Total Past Due | 138 | 323 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 16,141 | 16,920 |
Total Loans | 16,279 | 17,243 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loans [Member] | Leasing [Mamber] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 47,451 | 47,658 |
60 - 89 Days Past Due | 18,593 | 16,916 |
90+ Days Past Due | 7,420 | 7,420 |
Total Past Due | 73,464 | 71,994 |
Current but Non-Accrual Loans | 365 | 145 |
Current | 549,369 | 503,443 |
Total Loans | 623,198 | 575,582 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 10,705 | 12,887 |
60 - 89 Days Past Due | 3,751 | 4,417 |
90+ Days Past Due | 3,189 | 3,849 |
Total Past Due | 17,645 | 21,153 |
Current but Non-Accrual Loans | 71 | 88 |
Current | 174,807 | 221,560 |
Total Loans | 192,523 | 242,801 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 232 | 357 |
60 - 89 Days Past Due | 162 | 263 |
90+ Days Past Due | 1,039 | 1,111 |
Total Past Due | 1,433 | 1,731 |
Current but Non-Accrual Loans | 6 | 12 |
Current | 7,009 | 10,932 |
Total Loans | 8,448 | 12,675 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 62 |
90+ Days Past Due | 840 | 696 |
Total Past Due | 840 | 758 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,267 | 3,724 |
Total Loans | 3,107 | 4,482 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Retail Commercial Secured [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 | 344 | 351 |
Total Past Due | 344 | 351 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 0 |
Total Loans | 344 | 351 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Floor Plan Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 62 |
90+ Days Past Due | 496 | 345 |
Total Past Due | 496 | 407 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,267 | 3,724 |
Total Loans | 2,763 | 4,131 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 232 | 357 |
60 - 89 Days Past Due | 162 | 201 |
90+ Days Past Due | 199 | 415 |
Total Past Due | 593 | 973 |
Current but Non-Accrual Loans | 6 | 12 |
Current | 4,742 | 7,208 |
Total Loans | 5,341 | 8,193 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 145 | 155 |
60 - 89 Days Past Due | 32 | 67 |
90+ Days Past Due | 173 | 192 |
Total Past Due | 350 | 414 |
Current but Non-Accrual Loans | 2 | 2 |
Current | 3,608 | 3,705 |
Total Loans | 3,960 | 4,121 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 87 | 202 |
60 - 89 Days Past Due | 130 | 134 |
90+ Days Past Due | 26 | 223 |
Total Past Due | 243 | 559 |
Current but Non-Accrual Loans | 4 | 10 |
Current | 1,134 | 3,503 |
Total Loans | 1,381 | 4,072 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,109 | 1,527 |
60 - 89 Days Past Due | 380 | 701 |
90+ Days Past Due | 1,075 | 1,476 |
Total Past Due | 2,564 | 3,704 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 38,941 | 41,640 |
Total Loans | 41,505 | 45,344 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,005 | 1,376 |
60 - 89 Days Past Due | 361 | 654 |
90+ Days Past Due | 1,023 | 1,399 |
Total Past Due | 2,389 | 3,429 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 35,870 | 38,419 |
Total Loans | 38,259 | 41,848 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 104 | 151 |
60 - 89 Days Past Due | 19 | 47 |
90+ Days Past Due | 52 | 77 |
Total Past Due | 175 | 275 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 3,071 | 3,221 |
Total Loans | 3,246 | 3,496 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-covered acquired loans accounted for under ASC 310-20 | Automobile Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 9,364 | 11,003 |
60 - 89 Days Past Due | 3,209 | 3,453 |
90+ Days Past Due | 1,075 | 1,262 |
Total Past Due | 13,648 | 15,718 |
Current but Non-Accrual Loans | 65 | 76 |
Current | 128,857 | 168,988 |
Total Loans | 142,570 | 184,782 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | $ 0 | $ 0 |
Loans Receivable (Non-Covered A
Loans Receivable (Non-Covered Acquired Loan carrying amounts) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 2,208,242 | $ 2,394,378 |
Non-acretable discount | 449,917 | 456,627 |
Cash expected to be collected | 1,758,325 | 1,937,751 |
Accretable Yield | 412,048 | 445,946 |
Carrying amount, gross | 1,346,277 | 1,491,805 |
Allowance for loan and lease losses | 18,359 | 13,481 |
Carrying amount, net | $ 1,327,918 | $ 1,478,324 |
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 | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 414,030,000 | $ 482,001,000 | $ 445,946,000 | $ 517,553,000 |
Accretion Accretable | (28,003,000) | (39,714,000) | (59,473,000) | (79,983,000) |
Change in expected cash flow | 33,562,000 | 33,562,000 | ||
Transfer from (to) non-accretable discount | (7,541,000) | 2,319,000 | (7,987,000) | 7,036,000 |
Balance at end of period | 412,048,000 | 444,606,000 | 412,048,000 | 444,606,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 450,511,000 | 563,294,000 | 456,627,000 | 579,587,000 |
Change in actual and expected losses | (8,135,000) | (6,251,000) | (14,697,000) | (17,827,000) |
Transfer (to) from accretable yield | 7,541,000 | (2,319,000) | 7,987,000 | (7,036,000) |
Balance at end of period | 449,917,000 | 554,724,000 | 449,917,000 | 554,724,000 |
Mortgages [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 284,612,000 | 278,468,000 | 298,364,000 | 287,841,000 |
Accretion Accretable | (8,813,000) | (9,363,000) | (17,800,000) | (18,732,000) |
Change in expected cash flow | 0 | 0 | ||
Transfer from (to) non-accretable discount | 81,000 | 0 | (4,684,000) | (4,000) |
Balance at end of period | 275,880,000 | 269,105,000 | 275,880,000 | 269,105,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 392,609,000 | 458,648,000 | 389,839,000 | 463,166,000 |
Change in actual and expected losses | (3,421,000) | (2,859,000) | (5,416,000) | (7,381,000) |
Transfer (to) from accretable yield | (81,000) | 0 | 4,684,000 | 4,000 |
Balance at end of period | 389,107,000 | 455,789,000 | 389,107,000 | 455,789,000 |
Commercial Loan [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 57,330,000 | 82,637,000 | 61,196,000 | 96,139,000 |
Accretion Accretable | (9,597,000) | (12,217,000) | (20,356,000) | (24,934,000) |
Change in expected cash flow | 23,695,000 | 23,695,000 | ||
Transfer from (to) non-accretable discount | 135,000 | 71,000 | 7,028,000 | (714,000) |
Balance at end of period | 71,563,000 | 70,491,000 | 71,563,000 | 70,491,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 15,826,000 | 41,551,000 | 23,069,000 | 42,515,000 |
Change in actual and expected losses | (4,921,000) | (430,000) | (5,271,000) | (2,179,000) |
Transfer (to) from accretable yield | (135,000) | (71,000) | (7,028,000) | 714,000 |
Balance at end of period | 10,770,000 | 41,050,000 | 10,770,000 | 41,050,000 |
Construction Loans [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 19,390,000 | 35,005,000 | 25,829,000 | 42,993,000 |
Accretion Accretable | (2,143,000) | (5,973,000) | (5,953,000) | (10,459,000) |
Change in expected cash flow | 9,867,000 | 9,867,000 | ||
Transfer from (to) non-accretable discount | (2,501,000) | 1,640,000 | (5,130,000) | (1,862,000) |
Balance at end of period | 24,613,000 | 30,672,000 | 24,613,000 | 30,672,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 3,957,000 | 7,248,000 | 3,486,000 | 5,851,000 |
Change in actual and expected losses | 536,000 | (220,000) | (1,622,000) | (2,325,000) |
Transfer (to) from accretable yield | 2,501,000 | (1,640,000) | 5,130,000 | 1,862,000 |
Balance at end of period | 6,994,000 | 5,388,000 | 6,994,000 | 5,388,000 |
Automobile Loan [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 47,097,000 | 74,635,000 | 53,998,000 | 77,845,000 |
Accretion Accretable | (6,163,000) | (10,593,000) | (13,151,000) | (22,418,000) |
Change in expected cash flow | 0 | 0 | ||
Transfer from (to) non-accretable discount | (9,403,000) | 578,000 | (9,316,000) | 9,193,000 |
Balance at end of period | 31,531,000 | 64,620,000 | 31,531,000 | 64,620,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 14,543,000 | 29,328,000 | 16,215,000 | 39,645,000 |
Change in actual and expected losses | (256,000) | (1,471,000) | (1,841,000) | (3,173,000) |
Transfer (to) from accretable yield | 9,403,000 | (578,000) | 9,316,000 | (9,193,000) |
Balance at end of period | 23,690,000 | 27,279,000 | 23,690,000 | 27,279,000 |
Consumer Loan [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 5,601,000 | 11,256,000 | 6,559,000 | 12,735,000 |
Accretion Accretable | (1,287,000) | (1,568,000) | (2,213,000) | (3,440,000) |
Change in expected cash flow | 0 | 0 | ||
Transfer from (to) non-accretable discount | 4,147,000 | 30,000 | 4,115,000 | 423,000 |
Balance at end of period | 8,461,000 | 9,718,000 | 8,461,000 | 9,718,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 23,576,000 | 26,519,000 | 24,018,000 | 28,410,000 |
Change in actual and expected losses | (73,000) | (1,271,000) | (547,000) | (2,769,000) |
Transfer (to) from accretable yield | (4,147,000) | (30,000) | (4,115,000) | (423,000) |
Balance at end of period | $ 19,356,000 | $ 25,218,000 | $ 19,356,000 | $ 25,218,000 |
Loans Receivable (Covered Loan
Loans Receivable (Covered Loan carrying amounts) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 2,208,242 | $ 2,394,378 |
Non-acretable discount | 449,917 | 456,627 |
Cash expected to be collected | 1,758,325 | 1,937,751 |
Accretable Yield | 412,048 | 445,946 |
Carrying amount, gross | 1,346,277 | 1,491,805 |
Loans And Leases Receivable Allowance, Covered | 71,452 | 64,245 |
Covered, net | 222,034 | 298,911 |
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 | 419,259 | 535,425 |
Non-acretable discount | 21,132 | 62,410 |
Cash expected to be collected | 398,127 | 473,015 |
Accretable Yield | 104,641 | 109,859 |
Carrying amount, gross | $ 293,486 | $ 363,156 |
Loans Receivable (Accretable 64
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 116,288 | $ 147,767 | $ 109,859 | $ 162,959 |
Accretion Accretable | (12,758) | (24,880) | (28,262) | (48,268) |
Transfer from (to) non-accretable discount | 1,111 | 5,174 | 23,044 | 13,370 |
Balance at end of period | 104,641 | 128,061 | 104,641 | 128,061 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 32,712 | 107,323 | 62,410 | 129,477 |
Change in actual and expected losses | (10,469) | (16,925) | (18,234) | (30,883) |
Transfer (to) from accretable yield | (1,111) | (5,174) | (23,044) | (13,370) |
Balance at end of period | 21,132 | 85,224 | 21,132 | 85,224 |
Loans Secured by 1-4 properties | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 58,332 | 54,619 | 47,636 | 53,250 |
Accretion Accretable | (3,276) | (4,033) | (6,794) | (8,197) |
Transfer from (to) non-accretable discount | 750 | 0 | 14,964 | 5,533 |
Balance at end of period | 55,806 | 50,586 | 55,806 | 50,586 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 12,557 | 31,340 | 27,348 | 39,182 |
Change in actual and expected losses | (405) | (1,481) | (982) | (3,790) |
Transfer (to) from accretable yield | (750) | 0 | (14,964) | (5,533) |
Balance at end of period | 11,402 | 29,859 | 11,402 | 29,859 |
Commercial and Other Construction [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 33,481 | 83,200 | 37,919 | 95,093 |
Accretion Accretable | (8,047) | (17,141) | (17,902) | (31,993) |
Transfer from (to) non-accretable discount | 2,039 | 4,168 | 7,456 | 7,127 |
Balance at end of period | 27,473 | 70,227 | 27,473 | 70,227 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 10,493 | 67,136 | 24,464 | 81,092 |
Change in actual and expected losses | (8,454) | (16,372) | (17,008) | (27,369) |
Transfer (to) from accretable yield | (2,039) | (4,168) | (7,456) | (7,127) |
Balance at end of period | 0 | 46,596 | 0 | 46,596 |
Construction and development secured by multi-family properties [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 20,806 | 209 | 20,753 | 1,690 |
Accretion Accretable | (405) | (1,070) | (1,024) | (2,150) |
Transfer from (to) non-accretable discount | (2,052) | 861 | (1,380) | 460 |
Balance at end of period | 18,349 | 0 | 18,349 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Change in actual and expected losses | (2,052) | 861 | (1,380) | 460 |
Transfer (to) from accretable yield | 2,052 | (861) | 1,380 | (460) |
Balance at end of period | 0 | 0 | 0 | 0 |
Leasing [Mamber] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 1,665 | 7,332 | 2,479 | 10,238 |
Accretion Accretable | (937) | (2,377) | (2,329) | (5,388) |
Transfer from (to) non-accretable discount | 375 | 145 | 953 | 250 |
Balance at end of period | 1,103 | 5,100 | 1,103 | 5,100 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Change in actual and expected losses | 375 | 145 | 953 | 250 |
Transfer (to) from accretable yield | (375) | (145) | (953) | (250) |
Balance at end of period | 0 | 0 | 0 | 0 |
Consumer Loan [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 2,004 | 2,407 | 1,072 | 2,688 |
Accretion Accretable | (93) | (259) | (213) | (540) |
Transfer from (to) non-accretable discount | (1) | 0 | 1,051 | 0 |
Balance at end of period | 1,910 | 2,148 | 1,910 | 2,148 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | 9,662 | 8,847 | 10,598 | 9,203 |
Change in actual and expected losses | 67 | (78) | 183 | (434) |
Transfer (to) from accretable yield | 1 | 0 | (1,051) | 0 |
Balance at end of period | $ 9,730 | $ 8,769 | $ 9,730 | $ 8,769 |
Loans Receivable (Investment in
Loans Receivable (Investment in non-covered loans on non-accrual status) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Non Covered Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 301,183 | $ 101,542 |
Non-covered originated loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 297,733 | 97,367 |
Non-covered originated loans [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 63,670 | 65,430 |
Non-covered originated loans [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 40,382 | 41,272 |
Non-covered originated loans [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,104 | 4,427 |
Non-covered originated loans [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,317 | 7,042 |
Non-covered originated loans [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,926 | 4,585 |
Non-covered originated loans [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,861 | 9,274 |
Non-covered originated loans [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,991 | 8,579 |
Non-covered originated loans [Member] | Originated In The Years 2010 2011 2012 2013 2014 And 2015 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,183 | 7,365 |
Non-covered originated loans [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,784 | 3,224 |
Non-covered originated loans [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 19,504 | 20,934 |
Non-covered originated loans [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 223,964 | 21,679 |
Non-covered originated loans [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 23,882 | 18,534 |
Non-covered originated loans [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 14,325 | 9,534 |
Non-covered originated loans [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,557 | 9,000 |
Non-covered originated loans [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 200,082 | 3,145 |
Non-covered originated loans [Member] | Institutional | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 197,559 | 0 |
Non-covered originated loans [Member] | Middle Market Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 703 | 618 |
Non-covered originated loans [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,797 | 2,527 |
Non-covered originated loans [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 23 | 0 |
Non-covered originated loans [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,512 | 1,590 |
Non-covered originated loans [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 319 | 375 |
Non-covered originated loans [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 86 | 110 |
Non-covered originated loans [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,107 | 1,092 |
Non-covered originated loans [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 13 |
Non-covered originated loans [Member] | Leasing [Mamber] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,587 | 8,668 |
Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,400 | 4,175 |
Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,048 | 1,187 |
Accounted for under ASC 310-20 [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 840 | 758 |
Accounted for under ASC 310-20 [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 344 | 351 |
Accounted for under ASC 310-20 [Member] | Floor Plan Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 496 | 407 |
Accounted for under ASC 310-20 [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 208 | 429 |
Accounted for under ASC 310-20 [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 178 | 195 |
Accounted for under ASC 310-20 [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 30 | 234 |
Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,075 | 1,476 |
Accounted for under ASC 310-20 [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,023 | 1,399 |
Accounted for under ASC 310-20 [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 52 | 77 |
Accounted for under ASC 310-20 [Member] | Leasing [Mamber] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 1,277 | $ 1,512 |
Loans Receivable (Recorded Inve
Loans Receivable (Recorded Investment in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan and lease losses, non covered | $ 102,877 | $ 69,517 |
Non-covered originated loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 345,325 | 344,102 |
Recorded Investment | 331,275 | 330,455 |
Allowance for loan and lease losses, non covered | $ 35,669 | $ 9,809 |
Coverage | 11.00% | 3.00% |
Non-covered acquired loans accounted under ASC 310-20 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 1,435 | $ 672 |
Recorded Investment | 1,429 | 672 |
Allowance for loan and lease losses, non covered | $ 0 | $ 0 |
Coverage | 0.00% | 0.00% |
Non-covered acquired loans accounted under ASC 310-30 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 528,154 | $ 415,826 |
Recorded Investment | 516,225 | 369,258 |
Allowance for loan and lease losses, non covered | $ 18,359 | $ 13,481 |
Coverage | 4.00% | 4.00% |
Commercial impaired loans with specific allowance [Member] | Non-covered originated loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 215,139 | $ 6,349 |
Recorded Investment | 211,186 | 6,226 |
Allowance for loan and lease losses, non covered | $ 27,401 | $ 841 |
Coverage | 13.00% | 14.00% |
Residential troubled-debt restructuring impaired loans with specific allowance [Member] | Non-covered originated loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 95,881 | $ 99,947 |
Recorded Investment | 89,303 | 94,185 |
Allowance for loan and lease losses, non covered | $ 8,268 | $ 8,968 |
Coverage | 9.00% | 10.00% |
Commercial impaired loans with no specific allowance [Member] | Non-covered originated loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 34,305 | $ 237,806 |
Recorded Investment | 30,786 | 230,044 |
Commercial impaired loans with no specific allowance [Member] | Non-covered acquired loans accounted under ASC 310-20 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 1,435 | 672 |
Recorded Investment | 1,429 | 672 |
Mortgage impaired non-covered loan pool [Member] | Non-covered acquired loans accounted under ASC 310-30 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 22,901 | |
Recorded Investment | 23,676 | |
Allowance for loan and lease losses, non covered | $ 557 | |
Coverage | 2.00% | |
Commercial impaired non-covered loan pool [Member] | Non-covered acquired loans accounted under ASC 310-30 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 230,196 | 289,228 |
Recorded Investment | 208,083 | 255,619 |
Allowance for loan and lease losses, non covered | $ 5,752 | $ 5,506 |
Coverage | 3.00% | 2.00% |
Construction impaired non-covered loan pool [Member] | Non-covered acquired loans accounted under ASC 310-30 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 87,488 | $ 90,786 |
Recorded Investment | 88,575 | 83,751 |
Allowance for loan and lease losses, non covered | $ 9,188 | $ 7,970 |
Coverage | 10.00% | 10.00% |
Consumer impaired non-covered loan pool [Member] | Non-covered acquired loans accounted under ASC 310-30 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 35,812 | |
Recorded Investment | 29,888 | |
Allowance for loan and lease losses, non covered | $ 5 | |
Coverage | 0.00% | |
Auto impaired non-covered loan pool [Member] | Non-covered acquired loans accounted under ASC 310-30 | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 187,569 | |
Recorded Investment | 195,891 | |
Allowance for loan and lease losses, non covered | $ 2,862 |
Loans Receivable (Interest Inco
Loans Receivable (Interest Income Recognized in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Non Covered Loan [Member] | ||||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ||||
Total Interest Income | $ 1,153 | $ 779 | $ 2,305 | $ 1,502 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ||||
Total Average Recorded Investment | 332,916 | 119,596 | 335,074 | 117,268 |
Originated Loans [Member] | ||||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ||||
Total Interest Income | 1,142 | 779 | 2,284 | 1,502 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ||||
Total Average Recorded Investment | 331,470 | 119,596 | 333,151 | 117,268 |
Commercial Loan [Member] | Originated Loans [Member] | ||||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ||||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 45 | 39 | 90 | 78 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 316 | 77 | 631 | 154 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 212,414 | 7,200 | 146,144 | 6,729 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 30,015 | 21,951 | 95,791 | 21,790 |
Commercial Loan [Member] | Accounted for under ASC 310-20 [Member] | ||||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ||||
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 11 | 0 | 21 | 0 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 1,446 | 0 | 1,923 | 0 |
Troubled Debt Restructuring [Member] | Originated Loans [Member] | ||||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | ||||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 781 | 663 | 1,563 | 1,270 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | ||||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | $ 89,041 | $ 90,445 | $ 91,216 | $ 88,749 |
Loans Receivable (Recorded In68
Loans Receivable (Recorded Investment in Covered Loan Pools with Impairments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan and lease losses, covered | $ 71,452 | $ 64,245 |
Covered Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 310,376 | 293,588 |
Recorded Investment | 223,462 | 204,253 |
Allowance for loan and lease losses, covered | $ 71,453 | $ 64,245 |
Coverage | 32.00% | 31.00% |
Loans Secured by 1-4 properties | Covered Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 124,906 | $ 134,579 |
Recorded Investment | 106,937 | 106,116 |
Allowance for loan and lease losses, covered | $ 17,594 | $ 15,522 |
Coverage | 16.00% | 15.00% |
Construction and development secured by multi-family properties [Member] | Covered Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 46,732 | $ 57,123 |
Recorded Investment | 19,152 | 19,562 |
Allowance for loan and lease losses, covered | $ 12,300 | $ 10,724 |
Coverage | 64.00% | 55.00% |
Other Commercial and Industrial[Member] | Covered Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 132,636 | $ 93,894 |
Recorded Investment | 95,655 | 74,069 |
Allowance for loan and lease losses, covered | $ 41,170 | $ 37,610 |
Coverage | 43.00% | 51.00% |
Consumer Loan [Member] | Covered Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 6,102 | $ 7,992 |
Recorded Investment | 1,718 | 4,506 |
Allowance for loan and lease losses, covered | $ 389 | $ 389 |
Coverage | 23.00% | 9.00% |
Loans Receivable (TDR Pre_Post
Loans Receivable (TDR Pre/Post Modifications) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)number | Jun. 30, 2014USD ($)number | Jun. 30, 2015USD ($)number | Jun. 30, 2014USD ($)number | |
Mortgages [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 39 | 33 | 97 | 88 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 4,455 | $ 5,001 | $ 11,609 | $ 11,813 |
Pre Modification Weighted Average Rate | 5.62% | 6.00% | 4.65% | 6.00% |
Pre Modification Weighted Average Term | 330 months | 353 months | 348 months | 349 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 4,455 | $ 4,965 | $ 11,594 | $ 11,446 |
Post Modification Weighted Average Rate | 4.21% | 4.12% | 4.13% | 4.26% |
Post Modification Weighted Average Term | 330 months | 418 months | 349 months | 390 months |
Commercial Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 1 | 1 | 4 | 1 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 29 | $ 73 | $ 4,533 | $ 73 |
Pre Modification Weighted Average Rate | 7.25% | 7.00% | 6.83% | 7.00% |
Pre Modification Weighted Average Term | 44 months | 55 months | 80 months | 55 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 29 | $ 73 | $ 4,533 | $ 73 |
Post Modification Weighted Average Rate | 6.50% | 9.25% | 7.00% | 9.25% |
Post Modification Weighted Average Term | 60 months | 36 months | 141 months | 36 months |
Consumer Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 21 | 3 | 32 | 8 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 250 | $ 24 | $ 396 | $ 66 |
Pre Modification Weighted Average Rate | 14.40% | 14.00% | 14.50% | 13.00% |
Pre Modification Weighted Average Term | 71 months | 77 months | 72 months | 70 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 259 | $ 24 | $ 440 | $ 68 |
Post Modification Weighted Average Rate | 13.87% | 13.98% | 14.25% | 13.31% |
Post Modification Weighted Average Term | 69 months | 72 months | 68 months | 68 months |
Automobile Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 1 | 1 | ||
Financing Receivable Modifications Pre Modification Recorded Investment | $ 64 | $ 64 | ||
Pre Modification Weighted Average Rate | 12.95% | 12.95% | ||
Pre Modification Weighted Average Term | 72 months | 72 months | ||
Financing Receivable Modifications Post Modification Recorded Investment | $ 65 | $ 65 | ||
Post Modification Weighted Average Rate | 12.95% | 12.95% | ||
Post Modification Weighted Average Term | 72 months | 72 months |
Loans Receivable (Troubled debt
Loans Receivable (Troubled debt restructurings, Rolling Twelve Months) (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015USD ($)number | Jun. 30, 2014USD ($)number | |
Mortgages [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 60 | 22 |
Recored Investment | $ | $ 6,911 | $ 2,703 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 4 | 5 |
Recored Investment | $ | $ 72 | $ 101 |
Consumer Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | 0 | 0 |
Recored Investment | $ | $ 0 | $ 0 |
Loans Receivable (Credit Qualit
Loans Receivable (Credit Quality Indicator of non-covered loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,495,665 | $ 4,578,431 |
Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,956,865 | 2,843,825 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 331,339 | 330,455 |
Commercial Secured [Member] | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 657,579 | 523,643 |
Pass | 584,579 | 457,260 |
Special Mention | 37,179 | 32,364 |
Substandard | 4,508 | 2,637 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 31,313 | 31,382 |
Commercial Secured [Member] | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,107 | 4,482 |
Pass | 1,521 | 3,724 |
Special Mention | 0 | 0 |
Substandard | 344 | 351 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 1,242 | 407 |
Corporate | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 201,251 | 133,076 |
Pass | 183,630 | 109,282 |
Special Mention | 15,306 | 15,615 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 2,315 | 8,179 |
Institutional | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 35,113 | 36,611 |
Pass | 26,444 | 27,089 |
Special Mention | 8,444 | 9,284 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 225 | 238 |
Middle Market | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 198,061 | 164,050 |
Pass | 172,626 | 148,360 |
Special Mention | 7,008 | 2,817 |
Substandard | 109 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 18,318 | 12,873 |
Retail | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 203,411 | 175,628 |
Pass | 182,468 | 159,209 |
Special Mention | 6,229 | 3,690 |
Substandard | 4,399 | 2,637 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 10,315 | 10,092 |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 344 | 351 |
Pass | 0 | 0 |
Special Mention | 0 | 0 |
Substandard | 344 | 351 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,097 | 1,650 |
Pass | 2,765 | 692 |
Special Mention | 192 | 958 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 140 | 0 |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,763 | 4,131 |
Pass | 1,521 | 3,724 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,242 | 407 |
Real Estate | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 16,646 | 12,628 |
Pass | 16,646 | 12,628 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Other commercial and industrial [Member] | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 706,272 | 766,089 |
Pass | 490,881 | 554,179 |
Special Mention | 3,049 | 4,321 |
Substandard | 1,684 | 2,701 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 210,658 | 204,888 |
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 | 5,341 | 8,193 |
Pass | 5,207 | 7,887 |
Special Mention | 0 | 8 |
Substandard | 47 | 33 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 87 | 265 |
Institutional | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 65,344 | 63,746 |
Pass | 59,684 | 63,746 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 5,660 | 0 |
Institutional | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 405,220 | 478,935 |
Pass | 207,661 | 278,953 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 197,559 | 199,982 |
Middle Market | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 102,985 | 92,334 |
Pass | 97,775 | 87,126 |
Special Mention | 0 | 2,815 |
Substandard | 0 | 0 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 5,210 | 2,393 |
Retail | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 95,246 | 90,171 |
Pass | 91,455 | 85,941 |
Special Mention | 484 | 259 |
Substandard | 1,672 | 2,575 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,635 | 1,396 |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,960 | 4,121 |
Pass | 3,943 | 4,080 |
Special Mention | 0 | 8 |
Substandard | 17 | 33 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 37,477 | 40,903 |
Pass | 34,306 | 38,413 |
Special Mention | 2,565 | 1,247 |
Substandard | 12 | 126 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 594 | 1,117 |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,381 | 4,072 |
Pass | 1,264 | 3,807 |
Special Mention | 0 | 0 |
Substandard | 30 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 87 | 265 |
Commercial and Industrial | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Doubtful | 0 | |
Total Commercial subject to risk rating [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,372,299 | 1,302,407 |
Pass | 1,082,188 | 1,023,050 |
Special Mention | 40,228 | 36,693 |
Substandard | 6,583 | 5,722 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 243,300 | 236,942 |
Total Commercial subject to risk rating [Member] | Non-covered originated loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,363,851 | 1,289,732 |
Pass | 1,075,460 | 1,011,439 |
Special Mention | 40,228 | 36,685 |
Substandard | 6,192 | 5,338 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 241,971 | 236,270 |
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 | 8,448 | 12,675 |
Pass | 6,728 | 11,611 |
Special Mention | 0 | 8 |
Substandard | 391 | 384 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $ 1,329 | $ 672 |
Loans Receivable (Risk category
Loans Receivable (Risk category of gross non-covered loans not subject to risk rating ) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,495,665 | $ 4,578,431 |
Non Covered Loan, Not Subject To Risk Ratings [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,777,089 | 1,784,219 |
0 - 29 Days Past Due | 1,485,745 | 1,460,335 |
30 - 59 Days Past Due | 97,273 | 95,898 |
60 - 89 Days Past Due | 41,269 | 40,639 |
90-119 Days Past Due | 15,712 | 20,735 |
120 - 364 Days Past Due | 21,224 | 40,053 |
365+ Days Past Due | 26,562 | 32,374 |
Financing Receivable, Individually Evaluated for Impairment | 89,304 | 94,185 |
Originated loans, not subject to risk rating [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,593,014 | 1,554,093 |
0 - 29 Days Past Due | 1,317,883 | 1,249,631 |
30 - 59 Days Past Due | 86,800 | 83,368 |
60 - 89 Days Past Due | 37,680 | 36,485 |
90-119 Days Past Due | 14,480 | 19,340 |
120 - 364 Days Past Due | 20,305 | 38,710 |
365+ Days Past Due | 26,562 | 32,374 |
Financing Receivable, Individually Evaluated for Impairment | 89,304 | 94,185 |
Originated loans, not subject to risk rating [Member] | Mortgages [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 757,187 | 791,751 |
0 - 29 Days Past Due | 559,706 | 563,972 |
30 - 59 Days Past Due | 37,307 | 33,131 |
60 - 89 Days Past Due | 18,039 | 18,623 |
90-119 Days Past Due | 8,524 | 13,303 |
120 - 364 Days Past Due | 17,745 | 36,166 |
365+ Days Past Due | 26,562 | 32,371 |
Financing Receivable, Individually Evaluated for Impairment | 89,304 | 94,185 |
Originated loans, not subject to risk rating [Member] | Conventional Loan [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 617,674 | 619,348 |
0 - 29 Days Past Due | 515,955 | 521,657 |
30 - 59 Days Past Due | 32,322 | 30,659 |
60 - 89 Days Past Due | 15,754 | 16,916 |
90-119 Days Past Due | 4,619 | 5,607 |
120 - 364 Days Past Due | 12,351 | 14,432 |
365+ Days Past Due | 20,896 | 13,931 |
Financing Receivable, Individually Evaluated for Impairment | 15,777 | 16,146 |
Originated loans, not subject to risk rating [Member] | Originated Up To The Year 2002 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 61,209 | 65,744 |
0 - 29 Days Past Due | 50,718 | 53,432 |
30 - 59 Days Past Due | 4,340 | 3,963 |
60 - 89 Days Past Due | 2,256 | 3,083 |
90-119 Days Past Due | 585 | 1,044 |
120 - 364 Days Past Due | 1,034 | 1,360 |
365+ Days Past Due | 1,364 | 1,975 |
Financing Receivable, Individually Evaluated for Impairment | 912 | 887 |
Originated loans, not subject to risk rating [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 104,304 | 109,669 |
0 - 29 Days Past Due | 83,388 | 86,941 |
30 - 59 Days Past Due | 8,292 | 10,391 |
60 - 89 Days Past Due | 4,616 | 4,362 |
90-119 Days Past Due | 1,899 | 1,657 |
120 - 364 Days Past Due | 1,676 | 3,215 |
365+ Days Past Due | 2,685 | 1,330 |
Financing Receivable, Individually Evaluated for Impairment | 1,748 | 1,773 |
Originated loans, not subject to risk rating [Member] | Originated In The Year 2005 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 57,157 | 60,472 |
0 - 29 Days Past Due | 44,825 | 49,275 |
30 - 59 Days Past Due | 5,338 | 3,824 |
60 - 89 Days Past Due | 2,012 | 2,205 |
90-119 Days Past Due | 646 | 389 |
120 - 364 Days Past Due | 733 | 1,673 |
365+ Days Past Due | 2,547 | 1,893 |
Financing Receivable, Individually Evaluated for Impairment | 1,056 | 1,213 |
Originated loans, not subject to risk rating [Member] | Originated In The Year 2006 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 81,874 | 85,550 |
0 - 29 Days Past Due | 60,987 | 65,113 |
30 - 59 Days Past Due | 6,496 | 5,263 |
60 - 89 Days Past Due | 3,314 | 2,967 |
90-119 Days Past Due | 508 | 1,242 |
120 - 364 Days Past Due | 2,311 | 2,801 |
365+ Days Past Due | 4,672 | 4,624 |
Financing Receivable, Individually Evaluated for Impairment | 3,586 | 3,540 |
Originated loans, not subject to risk rating [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 93,206 | 93,489 |
0 - 29 Days Past Due | 72,190 | 76,246 |
30 - 59 Days Past Due | 4,458 | 4,230 |
60 - 89 Days Past Due | 2,028 | 1,809 |
90-119 Days Past Due | 597 | 337 |
120 - 364 Days Past Due | 3,859 | 3,986 |
365+ Days Past Due | 6,029 | 2,813 |
Financing Receivable, Individually Evaluated for Impairment | 4,045 | 4,068 |
Originated loans, not subject to risk rating [Member] | Originated In The Years 2010 2011 2012 2013 2014 And 2015 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 219,924 | 204,424 |
0 - 29 Days Past Due | 203,847 | 190,650 |
30 - 59 Days Past Due | 3,398 | 2,988 |
60 - 89 Days Past Due | 1,528 | 2,490 |
90-119 Days Past Due | 384 | 938 |
120 - 364 Days Past Due | 2,738 | 1,397 |
365+ Days Past Due | 3,599 | 1,296 |
Financing Receivable, Individually Evaluated for Impairment | 4,430 | 4,665 |
Originated loans, not subject to risk rating [Member] | NonTraditional Mortgage [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 33,482 | 36,200 |
0 - 29 Days Past Due | 27,705 | 30,916 |
30 - 59 Days Past Due | 1,450 | 1,477 |
60 - 89 Days Past Due | 543 | 584 |
90-119 Days Past Due | 803 | 478 |
120 - 364 Days Past Due | 1,421 | 600 |
365+ Days Past Due | 1,560 | 2,096 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 49 |
Originated loans, not subject to risk rating [Member] | Loss Mitigation Program Loan Exclude Individually Impairment Measure [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 98,650 | 93,443 |
0 - 29 Days Past Due | 15,626 | 10,882 |
30 - 59 Days Past Due | 3,535 | 995 |
60 - 89 Days Past Due | 1,742 | 1,123 |
90-119 Days Past Due | 1,107 | 802 |
120 - 364 Days Past Due | 1,487 | 405 |
365+ Days Past Due | 1,626 | 1,246 |
Financing Receivable, Individually Evaluated for Impairment | 73,527 | 77,990 |
Originated loans, not subject to risk rating [Member] | Home equity secured personal loans [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 420 | 517 |
0 - 29 Days Past Due | 420 | 517 |
30 - 59 Days Past Due | 0 | 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 | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | GNMA's Buy Back Option related | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 6,961 | 42,243 |
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 | 1,995 | 6,416 |
120 - 364 Days Past Due | 2,486 | 20,729 |
365+ Days Past Due | 2,480 | 15,098 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Consumer Loan [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 212,629 | 186,760 |
0 - 29 Days Past Due | 208,443 | 182,071 |
30 - 59 Days Past Due | 2,042 | 2,579 |
60 - 89 Days Past Due | 1,048 | 946 |
90-119 Days Past Due | 891 | 841 |
120 - 364 Days Past Due | 205 | 320 |
365+ Days Past Due | 0 | 3 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Credit Cards [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 20,123 | 19,071 |
0 - 29 Days Past Due | 19,381 | 18,198 |
30 - 59 Days Past Due | 303 | 360 |
60 - 89 Days Past Due | 120 | 139 |
90-119 Days Past Due | 152 | 171 |
120 - 364 Days Past Due | 167 | 203 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Overdrafts [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 317 | 307 |
0 - 29 Days Past Due | 293 | 287 |
30 - 59 Days Past Due | 22 | 20 |
60 - 89 Days Past Due | 2 | 0 |
90-119 Days Past Due | 0 | 0 |
120 - 364 Days Past Due | 0 | 0 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Unsecured personal lines of credit [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,282 | 2,200 |
0 - 29 Days Past Due | 2,105 | 1,970 |
30 - 59 Days Past Due | 97 | 102 |
60 - 89 Days Past Due | 17 | 25 |
90-119 Days Past Due | 25 | 38 |
120 - 364 Days Past Due | 38 | 62 |
365+ Days Past Due | 0 | 3 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Unsecured personal loans [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 173,628 | 147,939 |
0 - 29 Days Past Due | 170,523 | 144,696 |
30 - 59 Days Past Due | 1,533 | 1,822 |
60 - 89 Days Past Due | 858 | 743 |
90-119 Days Past Due | 714 | 623 |
120 - 364 Days Past Due | 0 | 55 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Cash collateral personal loans [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 16,279 | 17,243 |
0 - 29 Days Past Due | 16,141 | 16,920 |
30 - 59 Days Past Due | 87 | 275 |
60 - 89 Days Past Due | 51 | 39 |
90-119 Days Past Due | 0 | 9 |
120 - 364 Days Past Due | 0 | 0 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Leasing [Mamber] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 623,198 | 575,582 |
0 - 29 Days Past Due | 549,734 | 503,588 |
30 - 59 Days Past Due | 47,451 | 47,658 |
60 - 89 Days Past Due | 18,593 | 16,916 |
90-119 Days Past Due | 5,065 | 5,196 |
120 - 364 Days Past Due | 2,355 | 2,224 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Accounted For Under ASC 310-20, not subject to risk rating [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 184,075 | 230,126 |
0 - 29 Days Past Due | 167,862 | 210,704 |
30 - 59 Days Past Due | 10,473 | 12,530 |
60 - 89 Days Past Due | 3,589 | 4,154 |
90-119 Days Past Due | 1,232 | 1,395 |
120 - 364 Days Past Due | 919 | 1,343 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Accounted For Under ASC 310-20, not subject to risk rating [Member] | Consumer Loan [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 41,505 | 45,344 |
0 - 29 Days Past Due | 38,940 | 41,640 |
30 - 59 Days Past Due | 1,109 | 1,527 |
60 - 89 Days Past Due | 380 | 701 |
90-119 Days Past Due | 444 | 628 |
120 - 364 Days Past Due | 632 | 848 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Accounted For Under ASC 310-20, not subject to risk rating [Member] | Credit Cards [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 38,259 | 41,848 |
0 - 29 Days Past Due | 35,870 | 38,419 |
30 - 59 Days Past Due | 1,005 | 1,376 |
60 - 89 Days Past Due | 361 | 654 |
90-119 Days Past Due | 430 | 589 |
120 - 364 Days Past Due | 593 | 810 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Accounted For Under ASC 310-20, not subject to risk rating [Member] | Unsecured personal loans [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,246 | 3,496 |
0 - 29 Days Past Due | 3,070 | 3,221 |
30 - 59 Days Past Due | 104 | 151 |
60 - 89 Days Past Due | 19 | 47 |
90-119 Days Past Due | 14 | 39 |
120 - 364 Days Past Due | 39 | 38 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Accounted For Under ASC 310-20, not subject to risk rating [Member] | Automobile Loan [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 142,570 | 184,782 |
0 - 29 Days Past Due | 128,922 | 169,064 |
30 - 59 Days Past Due | 9,364 | 11,003 |
60 - 89 Days Past Due | 3,209 | 3,453 |
90-119 Days Past Due | 788 | 767 |
120 - 364 Days Past Due | 287 | 495 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 |
Allowance for Loan and Lease 73
Allowance for Loan and Lease Losses (Composition of the Company's allowance for loan and lease losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | $ 102,877 | $ 69,517 |
Loans And Leases Receivable Allowance, Covered | 71,452 | 64,245 |
Loans And Leases Receivable Allowance Covered and Not Covered | 174,329 | 133,762 |
Non Covered Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 102,877 | 69,517 |
Originated Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 78,989 | 51,439 |
Originated Loans [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 18,076 | 19,679 |
Originated Loans [Member] | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 34,779 | 8,432 |
Originated Loans [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 10,464 | 9,072 |
Originated Loans [Member] | Auto and Leasing Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 15,064 | 14,255 |
Originated Loans [Member] | Unallocated Financing Receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 606 | 1 |
Non-covered acquired loans accounted for under ASC 310-20 | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 5,529 | 4,597 |
Non-covered acquired loans accounted for under ASC 310-20 | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 54 | 65 |
Non-covered acquired loans accounted for under ASC 310-20 | Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 2,616 | 1,211 |
Non-covered acquired loans accounted for under ASC 310-20 | Auto and Leasing Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 2,859 | 3,321 |
Accounted for under ASC 310-30 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 18,359 | 13,481 |
Accounted for under ASC 310-30 [Member] | Residential Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 473 | |
Accounted for under ASC 310-30 [Member] | Commercial Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 14,940 | 13,476 |
Accounted for under ASC 310-30 [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses, non covered | 84 | 5 |
Acquired Loans In An F D I C Assisted Transaction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans And Leases Receivable Allowance, Covered | 71,452 | 64,245 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans And Leases Receivable Allowance, Covered | 389 | 389 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Loans Secured by multi-family properties [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans And Leases Receivable Allowance, Covered | 17,593 | 15,522 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Commercial and Other Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans And Leases Receivable Allowance, Covered | $ 53,470 | $ 48,334 |
Allowance for Loan and Lease 74
Allowance for Loan and Lease Losses (Allowance for loan and lease losses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for Non Covered Loan and Lease Losses | $ 15,644,000 | $ 13,220,000 | $ 53,027,000 | $ 23,282,000 |
Non-covered acquired loans accounted under ASC 310-20 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 5,450,000 | 3,618,000 | 4,597,000 | 2,354,000 |
Charge-offs | (2,357,000) | (3,432,000) | (5,006,000) | (6,960,000) |
Recoveries | 938,000 | 689,000 | 1,652,000 | 1,239,000 |
Provision for Non Covered Loan and Lease Losses | 1,498,000 | 2,569,000 | 4,286,000 | 6,811,000 |
Balance at end of period | 5,529,000 | 5,529,000 | ||
Most recent acquired loans accounted under ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 14,166,000 | 3,058,000 | 13,481,000 | 2,863,000 |
Provision for Non Covered Loan and Lease Losses | 4,193,000 | 3,220,000 | 4,878,000 | 3,415,000 |
Balance at end of period | 18,359,000 | 18,359,000 | ||
Non-covered originated loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 76,759,000 | 49,507,000 | 51,439,000 | 49,081,000 |
Charge-offs | (11,824,000) | (8,883,000) | (24,042,000) | (15,999,000) |
Recoveries | 4,101,000 | 2,583,000 | 7,728,000 | 4,500,000 |
Provision for Non Covered Loan and Lease Losses | 9,953,000 | 7,431,000 | 43,864,000 | 13,056,000 |
Balance at end of period | 78,989,000 | 50,638,000 | 78,989,000 | 50,638,000 |
Residential Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 473,000 | 0 | 0 | 0 |
Provision for Non Covered Loan and Lease Losses | 0 | 0 | 473,000 | 0 |
Balance at end of period | 473,000 | 473,000 | ||
Residential Portfolio Segment | Non-covered originated loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 18,086,000 | 19,511,000 | 19,679,000 | 19,937,000 |
Charge-offs | (1,356,000) | (987,000) | (2,770,000) | (2,201,000) |
Recoveries | 67,000 | 88,000 | 67,000 | 236,000 |
Provision for Non Covered Loan and Lease Losses | 1,279,000 | 450,000 | 1,100,000 | 1,090,000 |
Balance at end of period | 18,076,000 | 19,062,000 | 18,076,000 | 19,062,000 |
Commercial Portfolio Segment | Non-covered acquired loans accounted under ASC 310-20 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 49,000 | 867,000 | 65,000 | 926,000 |
Charge-offs | (16,000) | (110,000) | (16,000) | (284,000) |
Recoveries | 7,000 | 30,000 | 17,000 | 30,000 |
Provision for Non Covered Loan and Lease Losses | 14,000 | (323,000) | (12,000) | (208,000) |
Balance at end of period | 54,000 | 464,000 | 54,000 | 464,000 |
Commercial Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 13,687,000 | 2,653,000 | 13,476,000 | 1,713,000 |
Provision for Non Covered Loan and Lease Losses | 1,253,000 | 3,563,000 | 1,464,000 | 4,503,000 |
Balance at end of period | 14,940,000 | 14,940,000 | ||
Commercial Portfolio Segment | Non-covered originated loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 33,123,000 | 13,994,000 | 8,432,000 | 14,897,000 |
Charge-offs | (497,000) | (543,000) | (1,489,000) | (962,000) |
Recoveries | 219,000 | 115,000 | 309,000 | 213,000 |
Provision for Non Covered Loan and Lease Losses | 1,934,000 | (1,143,000) | 27,527,000 | (1,725,000) |
Balance at end of period | 34,779,000 | 12,423,000 | 34,779,000 | 12,423,000 |
Consumer Portfolio Segment | Non-covered acquired loans accounted under ASC 310-20 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 1,885,000 | 504,000 | 1,211,000 | 0 |
Charge-offs | (1,303,000) | (1,952,000) | (2,686,000) | (4,010,000) |
Recoveries | 429,000 | 124,000 | 563,000 | 224,000 |
Provision for Non Covered Loan and Lease Losses | 1,605,000 | 1,662,000 | 3,528,000 | 4,124,000 |
Balance at end of period | 2,616,000 | 338,000 | 2,616,000 | 338,000 |
Consumer Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 6,000 | 405,000 | 5,000 | 418,000 |
Provision for Non Covered Loan and Lease Losses | 78,000 | (343,000) | 79,000 | (356,000) |
Balance at end of period | 84,000 | 84,000 | ||
Consumer Portfolio Segment | Non-covered originated loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 9,405,000 | 7,135,000 | 9,072,000 | 6,006,000 |
Charge-offs | (2,309,000) | (1,397,000) | (3,985,000) | (2,235,000) |
Recoveries | 390,000 | 244,000 | 543,000 | 391,000 |
Provision for Non Covered Loan and Lease Losses | 2,978,000 | 1,905,000 | 4,834,000 | 3,725,000 |
Balance at end of period | 10,464,000 | 7,887,000 | 10,464,000 | 7,887,000 |
Auto Portfolio Segment | Non-covered acquired loans accounted under ASC 310-20 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 3,516,000 | 2,247,000 | 3,321,000 | 1,428 |
Charge-offs | (1,038,000) | (1,370,000) | (2,304,000) | (2,666,000) |
Recoveries | 502,000 | 535,000 | 1,072,000 | 985,000 |
Provision for Non Covered Loan and Lease Losses | (121,000) | 1,230,000 | 770,000 | 2,895,000 |
Balance at end of period | 2,859,000 | 2,859,000 | ||
Auto Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 732,000 |
Provision for Non Covered Loan and Lease Losses | 2,862,000 | 0 | 2,862,000 | (732,000) |
Balance at end of period | 2,862,000 | 2,862,000 | ||
Auto and Leasing Portfolio Segment | Non-covered originated loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 15,762,000 | 8,731,000 | 14,255,000 | 7,866,000 |
Charge-offs | (7,662,000) | (5,956,000) | (15,798,000) | (10,601,000) |
Recoveries | 3,425,000 | 2,136,000 | 6,809,000 | 3,660,000 |
Provision for Non Covered Loan and Lease Losses | 3,539,000 | 6,216,000 | 9,798,000 | 10,202,000 |
Balance at end of period | 15,064,000 | 11,127,000 | 15,064,000 | 11,127,000 |
Unallocated Financing Receivables | Non-covered acquired loans accounted under ASC 310-20 | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for Non Covered Loan and Lease Losses | 0 | 0 | 0 | 0 |
Balance at end of period | 0 | 0 | ||
Unallocated Financing Receivables | Non-covered originated loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 383,000 | 136,000 | 1,000 | 375,000 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for Non Covered Loan and Lease Losses | 223,000 | 3,000 | 605,000 | (236,000) |
Balance at end of period | $ 606,000 | $ 139,000 | $ 606,000 | $ 139,000 |
Allowance for Loan and Lease 75
Allowance for Loan and Lease Losses (Gross Loan and Allowance for loan and lease losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,495,665 | $ 4,578,431 | ||||
Non-covered acquired loans accounted under ASC 310-20 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,529 | 4,597 | $ 3,444 | |||
Financing Receivable, Allowance for Credit Losses | 5,529 | $ 5,450 | 4,597 | $ 3,618 | $ 2,354 | |
Financing Receivable, Individually Evaluated for Impairment | 1,429 | 672 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 191,094 | 242,129 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 192,523 | 242,801 | ||||
Most recent acquired loans accounted under ASC 310-30 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 18,359 | 14,166 | 13,481 | 3,058 | 2,863 | |
Non-covered originated loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 35,669 | 9,809 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 43,320 | 41,630 | ||||
Financing Receivable, Allowance for Credit Losses | 78,989 | 76,759 | 51,439 | 50,638 | 49,507 | 49,081 |
Financing Receivable, Individually Evaluated for Impairment | 331,339 | 330,455 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 2,625,526 | 2,513,370 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 2,956,865 | 2,843,825 | ||||
Residential Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 473 | 473 | 0 | 0 | 0 | |
Residential Portfolio Segment | Non-covered originated loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 8,268 | 8,968 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,808 | 10,711 | ||||
Financing Receivable, Allowance for Credit Losses | 18,076 | 18,086 | 19,679 | 19,062 | 19,511 | 19,937 |
Financing Receivable, Individually Evaluated for Impairment | 89,304 | 94,185 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 667,884 | 697,566 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 757,188 | 791,751 | ||||
Commercial Portfolio Segment | Non-covered acquired loans accounted under ASC 310-20 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 54 | 65 | 464 | |||
Financing Receivable, Allowance for Credit Losses | 54 | 49 | 65 | 464 | 867 | 926 |
Financing Receivable, Individually Evaluated for Impairment | 1,429 | 672 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 7,019 | 12,003 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 8,448 | 12,675 | ||||
Commercial Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 14,940 | 13,687 | 13,476 | 2,653 | 1,713 | |
Commercial Portfolio Segment | Non-covered originated loans [Member] | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 27,401 | 841 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,378 | 7,591 | ||||
Financing Receivable, Allowance for Credit Losses | 34,779 | 33,123 | 8,432 | 12,423 | 13,994 | 14,897 |
Financing Receivable, Individually Evaluated for Impairment | 241,971 | 236,270 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,121,879 | 1,053,462 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 1,363,850 | 1,289,732 | ||||
Consumer Portfolio Segment | Non-covered acquired loans accounted under ASC 310-20 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,616 | 1,211 | 338 | |||
Financing Receivable, Allowance for Credit Losses | 2,616 | 1,885 | 1,211 | 338 | 504 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 41,505 | 45,344 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 41,505 | 45,344 | ||||
Consumer Portfolio Segment | Most recent acquired loans accounted under ASC 310-30 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses | 84 | 6 | 5 | 405 | 418 | |
Consumer Portfolio Segment | Non-covered originated loans [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 | 10,464 | 9,072 | ||||
Financing Receivable, Allowance for Credit Losses | 10,464 | 9,405 | 9,072 | 7,887 | 7,135 | 6,006 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 212,629 | 186,760 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 212,629 | 186,760 | ||||
Auotomobile Loans Portfolio Segment | Non-covered acquired loans accounted under ASC 310-20 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,859 | 3,321 | 2,642 | |||
Financing Receivable, Allowance for Credit Losses | 2,859 | 3,321 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 142,570 | 184,782 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 142,570 | 184,782 | ||||
Leasing [Mamber] | Non-covered originated loans [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 | 15,064 | 14,255 | ||||
Financing Receivable, Allowance for Credit Losses | 15,064 | 15,762 | 14,255 | 11,127 | 8,731 | 7,866 |
Financing Receivable, Individually Evaluated for Impairment | 64 | 0 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 623,134 | 575,582 | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 623,198 | 575,582 | ||||
Unallocated Financing Receivables | Non-covered acquired loans accounted under ASC 310-20 | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 0 | 0 | 0 | |||
Financing Receivable, Allowance for Credit Losses | 0 | 0 | 0 | 0 | 0 | |
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 | Non-covered originated loans [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 | 606 | 1 | ||||
Financing Receivable, Allowance for Credit Losses | 606 | $ 383 | 1 | $ 139 | $ 136 | $ 375 |
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 |
Allowance for Loan and Lease 76
Allowance for Loan and Lease Losses (Allowance for Covered Loan and Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | $ 64,245 | |||
Balance at end of the period | $ 71,452 | 71,452 | ||
Acquired Loans In An F D I C Assisted Transaction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | 70,651 | $ 54,398 | 64,245 | $ 52,729 |
Provision for covered loan and lease losses, net | (105) | 1,595 | 4,704 | 3,224 |
FDIC shared-loss portion of provision for (recapture of) covered loan and lease losses, net | 906 | 3,522 | 2,503 | 3,562 |
Balance at end of the period | 71,452 | 59,515 | 71,452 | 59,515 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Mortgages [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | 17,340 | 14,221 | 15,522 | 12,495 |
Provision for covered loan and lease losses, net | 148 | 411 | 1,966 | 2,309 |
FDIC shared-loss portion of provision for (recapture of) covered loan and lease losses, net | 105 | 292 | 105 | 120 |
Balance at end of the period | 17,593 | 14,924 | 17,593 | 14,924 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Commercial Loan [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | 52,922 | 39,562 | 48,334 | 39,619 |
Provision for covered loan and lease losses, net | (253) | 1,184 | 2,738 | 915 |
FDIC shared-loss portion of provision for (recapture of) covered loan and lease losses, net | 801 | 3,230 | 2,398 | 3,442 |
Balance at end of the period | 53,470 | 43,976 | 53,470 | 43,976 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Consumer Loan [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | 389 | 615 | 389 | 615 |
Provision for covered loan and lease losses, net | 0 | 0 | 0 | 0 |
FDIC shared-loss portion of provision for (recapture of) covered loan and lease losses, net | 0 | 0 | 0 | 0 |
Balance at end of the period | 389 | 615 | 389 | 615 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Leasing [Mamber] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Balance at beginning of the period | 0 | 0 | 0 | 0 |
Provision for covered loan and lease losses, net | 0 | 0 | 0 | 0 |
FDIC shared-loss portion of provision for (recapture of) covered loan and lease losses, net | 0 | 0 | 0 | 0 |
Balance at end of the period | $ 0 | $ 0 | $ 0 | $ 0 |
FDIC Indemnification Indemnific
FDIC Indemnification Indemnification Asset and True-up Payment Obligation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
FDIC-Assisted Acquisition [Abstract] | ||||
Percent Of Losses Fdic Absorbs | 80.00% | 80.00% | ||
Percent Of Losses Recoveries Fdic Shares | 80.00% | 80.00% | ||
FDIC Assisted Transaction Description | Also in connection with the FDIC assisted acquisition, the Bank agreed to make a true-up payment, also known as a clawback liability or clawback provision, 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 premium (discount) of ($227.5 million) (or ($56.9 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 $23.6 million and $22.0 million, net of discount, as of June 30, 2015 and December 31, 2014, respectively. The estimated liability is included within accrued expenses and other liabilities in the unaudited consolidated statements of financial condition. The true-up payment obligation, also known as clawback liability, may increase if actual and expected losses decline. The Company measures the true-up payment obligation at fair value. During the quarters and six-month periods ended June 30, 2015 and 2014 the fair value of the true-up payment obligation increased by $733 thousand and $856 thousand and $1.6 million and $1.7 million, respectively. These changes in fair value are included as change in true-up payment obligation within FDIC shared-loss expense, net in the consolidated statements of operations. | |||
FDIC Indemnification Asset Noncash Payments Received | $ 26,600 | $ 12,900 | $ 39,500 | |
Change in additional amortization of the FDIC indemnification asset | $ 2,100 | $ 2 |
FDIC Indemnification Asset an78
FDIC Indemnification Asset and True-up Payment Obligation (FDIC Indemnification Asset Roll Forward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
FDIC Indemnification Asset [Roll Forward] | ||||
Balance | $ 75,221 | $ 166,194 | $ 97,378 | $ 189,240 |
Indemnification agreements reimbursements from FDIC | (24,387) | (10,464) | (38,087) | (18,700) |
Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net | 906 | 3,522 | 2,503 | 3,562 |
FDIC indemnification asset, expense | (22,512) | (17,499) | (34,733) | (35,121) |
Incurred expenses to be reimbursed under shared-loss agreements | (6,524) | 1,907 | (4,357) | 4,679 |
Balance | 22,704 | 143,660 | 22,704 | 143,660 |
True-up payment obligation [Roll Forward] | ||||
Balance | 22,844 | 19,375 | 21,981 | 18,510 |
Change in true-up payment obligation expense | 733 | 856 | 1,596 | 1,721 |
Balance | $ 23,577 | $ 20,231 | $ 23,577 | $ 20,231 |
FDIC Indemnification Asset an79
FDIC Indemnification Asset and True-up Payment Obligation (Fair value and the undiscounted amount of the true-up payment obligation) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
FDIC-Assisted Acquisition [Abstract] | ||
Business Combination Contingent Consideration Liability | $ 23,577 | $ 21,981 |
Business Combination Contingent Consideration Potential Cash Payment | $ 37,456 | $ 40,266 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property Plant And Equipment Line Items | ||
Total Premises and Equipment, net | $ 76,486 | $ 80,599 |
Servicing Assets (Narratives) (
Servicing Assets (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets At Fair Value Line Items | ||||||||
Servicing Asset at Fair Value, Amount | $ 5,791 | $ 13,655 | $ 5,791 | $ 13,655 | $ 12,164 | $ 13,992 | $ 13,970 | $ 13,801 |
Proceeds from the sale of Mortgage Servicing Rights | $ 0 | 5,927 | $ 0 | |||||
Loss on MSR Held-for-Sale | $ (2,700) | |||||||
Mortgage related servicing assets [Member] | ||||||||
Servicing Assets At Fair Value Line Items | ||||||||
Servicing fee | $ 323,000 |
Servicing Assets (Changes in se
Servicing Assets (Changes in serving rights at fair value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Servicing Asset At Fair Value Amount Roll Forward | ||||
Fair value | $ 12,164 | $ 13,970 | $ 13,992 | $ 13,801 |
Sale of Mortgage Servicing Rights | 0 | 6,985 | 0 | 6,985 |
Servicing from mortgage securitizations or asset transfers | 1,529 | 490 | 2,060 | 1,053 |
Changes due to payments on loans | (313) | (271) | (732) | (465) |
Changes in fair value due to sales price of mortgage servicing rights held-for-sale | 231 | (534) | 172 | (734) |
Changes in fair value due to changes in valuation model inputs or assumptions | (835) | 0 | (2,716) | 0 |
Fair value | $ 5,791 | $ 13,655 | $ 5,791 | $ 13,655 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) - Mortgage related servicing assets [Member] | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Minimum [Member] | ||
Servicing Assets At Fair Value Line Items | ||
Constant prepayment rate | 4.10% | 5.60% |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate | 10.00% | 10.00% |
Maximum [Member] | ||
Servicing Assets At Fair Value Line Items | ||
Constant prepayment rate | 10.22% | 10.08% |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate | 12.00% | 12.00% |
Servicing Assets (Sensitivity o
Servicing Assets (Sensitivity of current fair value of servicing assets) (Details) - Traditional loan $ in Thousands | Jun. 30, 2015USD ($) |
Servicing Assets At Fair Value Line Items | |
Servicing Asset | $ 5,791 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (391) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (765) |
Discount Rate - Decrease in fair value due to 10% adverse change | (680) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (1,306) |
Derivative Activities (Narrativ
Derivative Activities (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 2,016 | $ 14 | $ 2,071 | $ 391 | |
Notional Amount Purchased Option | 5,000 | 5,000 | $ 10,700 | ||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 2,000 | 2,000 | 5,500 | ||
Notional Amount Embedded Option | 4,800 | 4,800 | 10,500 | ||
Interest Rate Cap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 110,000 | $ 110,000 | |||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 6,500 | $ 8,600 |
Derivative Activities (Derivati
Derivative Activities (Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | $ 4,376 | $ 8,107 |
Derivative Liabilities | 8,739 | 11,221 |
Options tied to Standard & Poor 500 Stock Market Index [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 2,137 | 5,555 |
Designated as Hedging Instrument [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Liabilities | 6,514 | 8,585 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 2,154 | 2,399 |
Derivative Liabilities | 2,154 | 2,399 |
Interest Rate Cap [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 65 | 152 |
Derivative Liabilities | 65 | 152 |
Other derivative | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 20 | 1 |
Derivative Liabilities | $ 6 | $ 85 |
Derivative Activities (Interest
Derivative Activities (Interest rate swap and their term) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Interest rate swap designated as cash flow hedges | |
Derivative [Line Items] | |
Amount | $ 263,658 |
Interest rate swap designated as cash flow hedges | Rate 2.4365% [Member] | |
Derivative [Line Items] | |
Amount | $ 25,000 |
Fixed rate | 2.4365% |
Trade Date | May 5, 2011 |
Settlement Date | May 4, 2012 |
Maturity Date | May 4, 2016 |
Interest rate swap designated as cash flow hedges | Rate 2.6200% [Member] | |
Derivative [Line Items] | |
Amount | $ 25,000 |
Fixed rate | 2.62% |
Trade Date | May 5, 2011 |
Settlement Date | Jul. 24, 2012 |
Maturity Date | Jul. 24, 2016 |
Interest rate swap designated as cash flow hedges | Rate 2.6350% [Member] | |
Derivative [Line Items] | |
Amount | $ 25,000 |
Fixed rate | 2.635% |
Trade Date | May 5, 2011 |
Settlement Date | Jul. 30, 2012 |
Maturity Date | Jul. 30, 2016 |
Interest rate swap designated as cash flow hedges | Rate 2.6590% [Member] | |
Derivative [Line Items] | |
Amount | $ 50,000 |
Fixed rate | 2.659% |
Trade Date | May 5, 2011 |
Settlement Date | Aug. 10, 2012 |
Maturity Date | Aug. 10, 2016 |
Interest rate swap designated as cash flow hedges | Rate 2.6750% [Member] | |
Derivative [Line Items] | |
Amount | $ 100,000 |
Fixed rate | 2.675% |
Trade Date | May 5, 2011 |
Settlement Date | Aug. 16, 2012 |
Maturity Date | Aug. 16, 2016 |
Interest rate swap designated as cash flow hedges | Rate 2.4210% [Member] | |
Derivative [Line Items] | |
Amount | $ 38,658 |
Fixed rate | 2.421% |
Trade Date | Jul. 3, 2013 |
Settlement Date | Jul. 3, 2013 |
Maturity Date | Aug. 1, 2023 |
Interest rate swaps not designated as hedges - offered to clients | |
Derivative [Line Items] | |
Amount | $ 16,365 |
Interest rate swaps not designated as hedges - offered to clients | |
Derivative [Line Items] | |
Amount | $ 16,365 |
Derivative Activities (Intere88
Derivative Activities (Interest rate swap not designated as hedging instruments and their term) (Details) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Derivatives Offered to Clients [Member] | |
Derivative [Line Items] | |
Amount | $ 16,365 |
Derivatives Offered to Clients [Member] | Rate 5.13% [Member] | |
Derivative [Line Items] | |
Amount | $ 3,865 |
Fixed rate | 5.13% |
Settlement Date | Jul. 3, 2006 |
Maturity Date | Jul. 3, 2016 |
Derivatives Offered to Clients [Member] | Rate 5.51% [Member] | |
Derivative [Line Items] | |
Amount | $ 12,500 |
Fixed rate | 5.505% |
Settlement Date | Apr. 11, 2009 |
Maturity Date | Apr. 11, 2019 |
Mirror Image Derivatives [Member] | |
Derivative [Line Items] | |
Amount | $ 16,365 |
Mirror Image Derivatives [Member] | Rate 5.13% [Member] | |
Derivative [Line Items] | |
Amount | $ 3,865 |
Fixed rate | 5.13% |
Settlement Date | Jul. 3, 2006 |
Maturity Date | Jul. 3, 2016 |
Mirror Image Derivatives [Member] | Rate 5.51% [Member] | |
Derivative [Line Items] | |
Amount | $ 12,500 |
Fixed rate | 5.505% |
Settlement Date | Apr. 11, 2009 |
Maturity Date | Apr. 11, 2019 |
Accrued Interest and Other Asse
Accrued Interest and Other Assets (Narratives) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 18, 2012 |
Other assets [Line Items] | |||
Prepaid Taxes | $ 9,600 | $ 9,600 | |
Mortgage tax credits | 6,277 | 6,277 | |
Other Intangible Assets | 3,000 | ||
Repossessed auto | 14,000 | 20,700 | |
CoreDepositsMember | Eurobank [Member] | |||
Other assets [Line Items] | |||
Other Intangible Assets | $ 5,800 | 6,500 | |
Customer Relationships [Member] | BBVAPR | |||
Other assets [Line Items] | |||
Other Intangible Assets | $ 3,300 | $ 5,000 |
Accrued Interest Receivable a90
Accrued Interest Receivable and Other Assets (Accrued Interest)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts Receivable Net Abstract | ||
Accrued Interest Receivable On Non Covered Loans | $ 14,606 | $ 17,005 |
Accrued Investment Income Receivable | 4,648 | 4,340 |
Total Interest Receivable | $ 19,254 | $ 21,345 |
Accrued Interest and Other As91
Accrued Interest and Other Assets (Other assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other asset | ||
Other prepaid expenses | $ 16,492 | $ 16,018 |
Core deposit intangible and customer relationship intangibles | 8,791 | 9,743 |
Other repossessed assets | 14,661 | 21,800 |
Mortgage tax credits | 6,277 | 6,277 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 45,439 | 38,830 |
FDIC Indemnification Receivabe | 39,548 | 14,974 |
Other assets | $ 132,291 | $ 108,725 |
Deposits and Related Interest92
Deposits and Related Interest (Narratives) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.65% | 0.66% |
Puerto Rico Cash & Money Market Fund Deposits | $ 98,700 | $ 96,800 |
Puerto Rico Cash & Money Market Fund Deposits Weighted Average Rate | 0.77% | 0.78% |
Puerto Rico Cash & Money Market Fund Deposits Collateral | $ 80,000 | $ 76,300 |
Time Deposits, $100,000 or More | 588,100 | 608,100 |
Public Fund Time Deposits, $100,000 or more | $ 9,000 | $ 6,900 |
Public Fund Time Deposits Weighted Average Rate, $100,000 or more | 0.49% | 0.50% |
Public funds deposit | $ 171,000 | $ 318,500 |
Public Fund Time Deposits Collateral Commercial Loans | 411,400 | 414,500 |
Accrued Interest, Time Deposits | 1,200 | |
Unamortized deposit discounts | 442 | |
Bank Overdrafts | 2,100 | 845 |
Brokered Certificates of Deposits | 522,600 | 526,200 |
Brokered Money Market Deposit | 83,000 | $ 93,100 |
Equity indexed option | $ 2,000 |
Deposits and Related Interest93
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposits, by Component, Alternative [Abstract] | ||
Noninterest-bearing demand deposit | $ 838,600 | $ 745,142 |
Interest-bearing saving and demand deposits | 2,348,478 | 2,544,665 |
Individual Retirement Account | 276,185 | 303,049 |
Retail certificates of deposists | 447,115 | 452,150 |
Institutional certificates of deposits | 233,945 | 260,090 |
Total Core Deposits | 4,144,323 | 4,305,096 |
Brokered Deposists | 605,361 | 619,310 |
Deposits, Total | $ 4,749,684 | $ 4,924,406 |
Deposits and Related Interest94
Deposits and Related Interest (Interest expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest Expense Domestic Deposit Liabilities [Abstract] | ||||
Demand and saving deposits | $ 3,100 | $ 4,804 | $ 6,482 | $ 9,832 |
Certificates of Deposits | 3,504 | 4,361 | 7,226 | 8,311 |
Total | $ 6,604 | $ 9,165 | $ 13,708 | $ 18,143 |
Deposits and Related Interest95
Deposits and Related Interest (Maturities of Time Deposits) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Maturities of Time Deposits [Abstract] | |
Time Deposit Maturities Less Than Three Month | $ 304,391 |
Time Deposit Maturities Three To Twelve Month | 637,132 |
Total Time deposits | 941,523 |
Time Deposit Maturities, Year Two | 358,217 |
Time Deposit Maturities, Year Three | 123,227 |
Time Deposit Maturities, Year Four | 11,660 |
Time Deposit Maturities, Year Five | 41,100 |
Certificates of deposit | $ 1,475,727 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Other borrowings | $ 2,090 | $ 4,004 |
Subordinated Debt | 102,109 | 101,584 |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Loans Receivable, Gross, Commercial, Mortgage | 1,100,000 | 1,200 |
Additional Borrowing Capacity | $ 612,000 | $ 606,600 |
Weighted average period remaining maturity of FHLB advances | 7.5 months | 8.8 months |
Interest Payable | $ 325 | |
Repurchase agreement | ||
Debt Instrument [Line Items] | ||
Interest Payable | $ 3,600 | $ 2,300 |
Borrowings (Securities Sold Und
Borrowings (Securities Sold Under Agreement to Repurchase by Counterparties) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Borrowings | $ 1,598,726 | $ 1,420,006 |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 1,158,945 | 977,816 |
Fair Value of Underlying Collateral | 1,282,553 | 1,088,525 |
Securities Sold under Agreements to Repurchase [Member] | Jp Morgan Chase Bank Na [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 428,902 | 670,000 |
Fair Value of Underlying Collateral | 469,599 | 328,198 |
Securities Sold under Agreements to Repurchase [Member] | Credit Suisse Securities LLC [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 670,000 | 307,816 |
Fair Value of Underlying Collateral | $ 749,286 | $ 760,327 |
Borrowings (Repurchase Agreemen
Borrowings (Repurchase Agreements) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 1,598,726 | $ 1,420,006 |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 1,158,945 | $ 977,816 |
Weighted Average Coupon | 2.57% | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 8 16 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 24,494 | |
Weighted Average Coupon | 0.38% | |
Settlement Date | May 18, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Aug. 18, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 9 16 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 27,064 | |
Weighted Average Coupon | 0.40% | |
Settlement Date | Jun. 16, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Sep. 16, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 8 17 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 32,843 | |
Weighted Average Coupon | 0.43% | |
Settlement Date | May 19, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Aug. 17, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 8 20 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 59,159 | |
Weighted Average Coupon | 0.39% | |
Settlement Date | May 20, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Aug. 20, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 8 21 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 70,685 | |
Weighted Average Coupon | 0.39% | |
Settlement Date | Feb. 21, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Aug. 21, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 9 1652015 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 27,200 | |
Weighted Average Coupon | 0.50% | |
Settlement Date | Jun. 17, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Sep. 15, 2015 | |
Securities Sold under Agreements to Repurchase [Member] | Due date: 12 8 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 170,000 | |
Weighted Average Coupon | 1.50% | |
Settlement Date | Dec. 6, 2012 | |
Investment Repurchase Agreement, Repurchase Date | Dec. 8, 2016 | |
Securities Sold under Agreements to Repurchase [Member] | Due date: 9 30 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 247,500 | |
Weighted Average Coupon | 0.95% | |
Settlement Date | Dec. 10, 2012 | |
Investment Repurchase Agreement, Repurchase Date | Sep. 30, 2016 | |
Securities Sold under Agreements to Repurchase [Member] | Due date: 3 2 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 500,000 | |
Weighted Average Coupon | 4.78% | |
Settlement Date | Mar. 2, 2007 | |
Investment Repurchase Agreement, Repurchase Date | Mar. 2, 2017 |
Borrowings (Repurchase Transact
Borrowings (Repurchase Transaction Liability and Market Value of its Underlying Collateral) (Details) - Securities Sold under Agreements to Repurchase [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 1,158,945 | $ 977,816 |
Assets Sold Under Agreements To Repurchase Interest Rate | 2.57% | 2.41% |
Market value of underlying collateral of a repurchase agreement | $ 1,282,553 | $ 1,088,525 |
FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 1,279,548 | 1,087,272 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 3,005 | 1,253 |
Maturity up to 30 days | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 241,445 | $ 52,816 |
Assets Sold Under Agreements To Repurchase Interest Rate | 0.41% | 0.39% |
Market value of underlying collateral of a repurchase agreement | $ 257,353 | $ 56,066 |
Maturity up to 30 days | FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 257,353 | 56,066 |
Maturity up to 30 days | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 0 | 0 |
Maturity over 90 days | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 917,500 | $ 925,000 |
Assets Sold Under Agreements To Repurchase Interest Rate | 3.12% | 2.83% |
Market value of underlying collateral of a repurchase agreement | $ 1,025,200 | $ 1,032,459 |
Maturity over 90 days | FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 1,022,195 | 1,031,206 |
Maturity over 90 days | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | $ 3,005 | $ 1,253 |
Borrowings (Advances from the F
Borrowings (Advances from the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 1,598,726 | $ 1,420,006 |
Federal Home Loan Bank Advances [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 333,066 | |
FHLB, Weighted Average Interest Rate | 0.74% | |
Federal Home Loan Bank Advances [Member] | April 3, 2017 [Member] | Five Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 4,384 | |
FHLB, Weighted Average Interest Rate | 1.24% | |
Settlement Date | Apr. 3, 2012 | |
Maturity Date | Apr. 3, 2017 | |
Federal Home Loan Bank Advances [Member] | January 16, 2018 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 2.18% | |
Settlement Date | Jan. 16, 2013 | |
Maturity Date | Jan. 16, 2018 | |
Federal Home Loan Bank Advances [Member] | January 16, 2018 [Member] | Thirty Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 30,000 | |
FHLB, Weighted Average Interest Rate | 2.19% | |
Settlement Date | Jan. 16, 2013 | |
Maturity Date | Jan. 16, 2018 | |
Federal Home Loan Bank Advances [Member] | July 20, 2020 [Member] | Ten Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 10,024 | |
FHLB, Weighted Average Interest Rate | 2.59% | |
Settlement Date | Jul. 19, 2013 | |
Maturity Date | Jul. 20, 2020 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 263,658 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | April 7, 2015 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 0.35% | |
Settlement Date | Jun. 4, 2015 | |
Maturity Date | Jul. 6, 2015 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | April 10, 2015 [Member] | Fifty Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 50,000 | |
FHLB, Weighted Average Interest Rate | 0.34% | |
Settlement Date | Jun. 10, 2015 | |
Maturity Date | Jul. 10, 2015 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | April 16, 2015 [Member] | One Hundred Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 100,000 | |
FHLB, Weighted Average Interest Rate | 0.35% | |
Settlement Date | Jun. 16, 2015 | |
Maturity Date | Jul. 16, 2015 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | April 24, 2015 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 0.35% | |
Settlement Date | Jun. 24, 2015 | |
Maturity Date | Jul. 24, 2015 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | April 30, 2015 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 0.34% | |
Settlement Date | Jun. 30, 2015 | |
Maturity Date | Jul. 30, 2015 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | April 1, 2015 [Member] | Fourty Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 38,658 | |
FHLB, Weighted Average Interest Rate | 0.35% | |
Settlement Date | Jun. 1, 2015 | |
Maturity Date | Jul. 1, 2015 |
Borrowings (Redemption Fund) (D
Borrowings (Redemption Fund) (Details) - Redemption Fund [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
Redemption fund - June 30, 2015 | $ 58,625 |
2,015 | 3,350 |
2,016 | 5,025 |
Total | $ 67,000 |
Offsetting Arrangements (Assets
Offsetting Arrangements (Assets Offsetting) (Details) - Derivative - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $ 4,376 | $ 8,107 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 4,376 | 8,107 |
Financial Instruments | 2,013 | 2,006 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 2,363 | $ 6,101 |
Offsetting Arrangement (Liabili
Offsetting Arrangement (Liabilities Offsetting) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 1,169,728 | $ 994,514 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,169,728 | 994,514 |
Financial Instruments | 1,282,553 | 1,088,525 |
Cash Collateral Provided | 2,980 | 2,980 |
Net Amount | (115,805) | (96,991) |
Derivative Financial Instruments, Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 10,783 | 16,698 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 10,783 | 16,698 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 2,980 | 2,980 |
Net Amount | 7,803 | 13,718 |
Securities Loaned or Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 1,158,945 | 977,816 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,158,945 | 977,816 |
Financial Instruments | 1,282,553 | 1,088,525 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ (123,608) | $ (110,709) |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||||
Balance | $ 27,508 | $ 19,267 | $ 27,011 | $ 18,963 |
New loans | 3,768 | 13,847 | 13,847 | 7,623 |
Repayments and sales | 2,042 | (8,963) | (8,659) | (1,316) |
Balance | $ 33,318 | $ 24,151 | $ 33,318 | $ 24,151 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 2,500 | $ 2,500 | $ 566 | ||
Deferred Tax Assets, Net | 138,406 | 138,406 | 108,708 | ||
OtherComprehensiveIncomeLossTax | (185) | 447 | |||
Income Tax Expense (Benefit) | 769 | $ 10,613 | 1,748 | $ 22,398 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 566 | 566 | |||
International Banking Entity [Member] | |||||
OtherComprehensiveIncomeLossTax | 165 | $ 186 | |||
Other Comprehensive Income Loss Reclassification Adjustment From AOCIF or Sale Of Securities Tax | $ 12 | $ 10 | $ 22 | $ 147 | |
IBE Tax Rate | 0.00% |
Income Taxes (Components of inc
Income Taxes (Components of income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract | ||||
Deferred Income Tax Expense (Benefit) | $ (1,316) | $ 13,211 | ||
Income Tax Expense (Benefit) | $ 769 | $ 10,613 | $ 1,748 | $ 22,398 |
Income taxes (Effective Income
Income taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract | ||||
Total Income Tax Expense (Benefit) | $ 769 | $ 10,613 | $ 1,748 | $ 22,398 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Components Of Deferred Tax Liabilities Abstract | ||
Deferred Tax Assets, Net | $ 138,406 | $ 108,708 |
Regulatory Capital Requireme109
Regulatory Capital Requirements (Group's and the Bank's actual capital amounts and ratios) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 868,568 | $ 851,437 |
Actual - Tier 1 capital | 790,936 | 776,525 |
Actual -Common equity tier 1 capital | 611,541 | |
Actual - Tier 1 leverage capital | 790,936 | 776,525 |
Minimum Capital - Total Capital | 399,100 | 387,772 |
Minimum capital - Tier 1 capital | 299,325 | 193,886 |
Minimum capital - Common equity tier 1 capital | 224,494 | |
Minimum capital - Tier 1 leverage capital | 286,262 | 292,738 |
Minimum to be well capitalized - Total Capital | 498,875 | 484,715 |
Minimum to be well capitalized - Tier 1 capital | 399,100 | 290,829 |
Minimum to be well capitalized - Common equity tier 1 capital | 324,269 | |
Minimum to be well capitalized - Tier 1 leverage | $ 357,827 | $ 365,922 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 17.41% | 17.57% |
Tier One Risk Based Capital to Risk Weighted Assets | 15.85% | 16.02% |
Common Equity Tier OneTo Risk Weighted Assets | 12.26% | |
Tier One Leverage Capital to Average Assets | 11.05% | 10.61% |
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 | 6.00% | 4.00% |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 4.50% | |
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 | 8.00% | 6.00% |
Tier One Risk Common Equity Tier One Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Bank [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 819,436 | $ 820,884 |
Actual - Tier 1 capital | 742,098 | 746,177 |
Actual -Common equity tier 1 capital | 742,098 | |
Actual - Tier 1 leverage capital | 742,098 | 746,177 |
Minimum Capital - Total Capital | 397,716 | 386,444 |
Minimum capital - Tier 1 capital | 298,287 | 193,222 |
Minimum capital - Common equity tier 1 capital | 223,715 | |
Minimum capital - Tier 1 leverage capital | 284,228 | 290,879 |
Minimum to be well capitalized - Total Capital | 497,145 | 483,055 |
Minimum to be well capitalized - Tier 1 capital | 397,716 | 289,833 |
Minimum to be well capitalized - Common equity tier 1 capital | 323,144 | |
Minimum to be well capitalized - Tier 1 leverage | $ 355,285 | $ 363,599 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 16.48% | 16.99% |
Tier One Risk Based Capital to Risk Weighted Assets | 14.93% | 15.45% |
Common Equity Tier OneTo Risk Weighted Assets | 14.93% | |
Tier One Leverage Capital to Average Assets | 10.44% | 10.26% |
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 | 6.00% | 4.00% |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 4.50% | |
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 | 8.00% | 6.00% |
Tier One Risk Common Equity Tier One Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchase Program Authorized Amount1 | $ 70,000 | $ 70,000 | |||
Total number of shares purchased | 303,985 | ||||
Treasury Stock, Value, Acquired, Cost Method | 4,238 | $ 10,393 | |||
Stock Repurchase Program Remaining Authorized Repurchase Amount1 | $ 12,400 | $ 12,400 | |||
Stock repurchase program remaining number of shares authorized to be repurchased | 1,164,671 | 1,164,671 | |||
SharePrice | $ 10.67 | $ 10.67 | $ 13.9 | ||
Preferred Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Preferred Stock Issue Costs | $ 10,100 | $ 10,100 | |||
Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock Issuance Cost | $ 13,600 | $ 13,600 | $ 13,600 |
Stockholders' Equity (Shares re
Stockholders' Equity (Shares repurchased under the stock repurchase program) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Equity, Class of Treasury Stock [Line Items] | |||
Common shares repurchased as part of the stock repurchase program (Shares) | 303,985 | ||
Treasury Stock, Value | $ 100,668 | $ 97,070 |
Stockholders' Equity (Common sh
Stockholders' Equity (Common shares held in treasury, activity) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders' Equity Note [Abstract] | ||
Beginning of period | 8,012,254 | 7,030,101 |
Common shares used for exercise of restricted stock units (Shares) | (58,279) | (30,552) |
Common shares repurchased as part of the stock repurchase program (Shares) | 303,985 | 707,400 |
End of period | 8,257,960 | 7,706,949 |
Beginning of period | $ 97,070 | $ 80,642 |
Common shares used for exercise of restricted stock units (Value) | (640) | (323) |
Stock purchased under the repurchase program | 4,238 | 10,393 |
End of period | $ 100,668 | $ 90,712 |
Accumulated Other Comprehens113
Accumulated Other Comprehensive Income (Accumulated Comprehensive Income, net of income tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income, net of tax, Total | $ 14,301 | $ 19,711 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Accumulated other comprehensive income, net of tax, Total | 14,301 | 19,711 |
AccumulatedOtherThanTemporaryImpairmentMember | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | 21,562 | 28,743 |
Income tax effect of unrealized gain on securities available-for-sale | (2,730) | (2,978) |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | 18,832 | 25,765 |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized loss on cash flow hedges | (6,514) | (8,585) |
Income tax effect of unrealized loss on cash flow hedges | 1,983 | 2,531 |
Net unrealized (loss) income on cash flow hedges | $ (4,531) | $ (6,054) |
Accumulated Other Comprehens114
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net unrealized gains on securities available for sale | ||||
Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning balance | $ 30,214 | $ 16,035 | $ 25,764 | $ 11,433 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (11,523) | 13,714 | (7,212) | 18,179 |
Reclassification Out Of Accumulated Other Comprehensive Income | 141 | 10 | 280 | 147 |
Other Comprehensive Income (Loss) Other Net Of Tax | (11,382) | 13,724 | (6,932) | 18,326 |
Ending balance | 18,832 | 29,759 | 18,832 | 29,759 |
Net unrealized loss on cash flow hedges | ||||
Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning balance | (5,890) | (8,013) | (6,053) | (8,242) |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (180) | (1,633) | (1,549) | (3,025) |
Reclassification Out Of Accumulated Other Comprehensive Income | 1,539 | 1,642 | 3,071 | 3,263 |
Other Comprehensive Income (Loss) Other Net Of Tax | 1,359 | 9 | 1,522 | 238 |
Ending balance | (4,531) | (8,004) | (4,531) | (8,004) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income [Line Items] | ||||
Beginning balance | 24,324 | 8,022 | 19,711 | 3,191 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (11,703) | 12,081 | (8,761) | 15,154 |
Reclassification Out Of Accumulated Other Comprehensive Income | 1,680 | 1,652 | 3,351 | 3,410 |
Other Comprehensive Income (Loss) Other Net Of Tax | (10,023) | 13,733 | (5,410) | 18,564 |
Ending balance | $ 14,301 | $ 21,755 | $ 14,301 | $ 21,755 |
Accumulated Other Comprehens115
Accumulated Other Comprehensive Income (Reclassifications out of other comprehensive income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest Rate Contract | $ 1,614 | $ 1,642 | $ 3,220 | $ 3,263 |
Tax effect from increase in capital gains tax rate, Cash flow hedges | (75) | 0 | (149) | 0 |
Residual tax effect from OIB's change in applicable tax rate AFS | 12 | 10 | 22 | 147 |
Tax effect from increase in capital gains tax rate AFS | 129 | 0 | 258 | 0 |
Total | $ 1,680 | $ 1,652 | $ 3,351 | $ 3,410 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - shares | 3 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Stock Conversion Rate | 86.0355 | |
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 566,025 | 364,604 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings per common share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income | $ (3,109) | $ 21,309 | $ (6,097) | $ 45,056 |
Non-Convertible Preferred Stock Dividend (Series A,B and D) | (1,628) | (1,628) | (3,256) | (3,256) |
Convertible Preferred Stock Dividend (Series C) | (1,838) | (1,838) | (3,675) | (3,675) |
Income available to common shareholders | (6,575) | 17,843 | (13,028) | 38,125 |
Effect of assumed conversion of convertible preferred stock | 1,838 | 1,838 | 3,675 | 3,675 |
Income available to common sharesholders assuming conversion | $ (4,737) | $ 19,681 | $ (9,353) | $ 41,800 |
Average common shares outstanding | 44,505 | 45,014 | 44,569 | 45,170 |
Average potential common shares options | 110 | 200 | 148 | 168 |
Average potential common shares convertible preferred stock | 7,159 | 7,138 | 7,159 | 7,138 |
Average common shares outstanding and equivalents | 51,774 | 52,352 | 51,876 | 52,476 |
Earnings per common share - basic | $ (0.15) | $ 0.4 | $ (0.29) | $ 0.84 |
Earnings per common share - diluted | $ (0.15) | $ 0.38 | $ (0.29) | $ 0.8 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Guarantee Obligations [Line Items] | |||||
Losses from repurchased loans subject to credit recourse | $ 476 | $ 95 | |||
Loss On GNMA Repurchased Loan Not Subject To Credit Recourse | 742 | 494 | |||
Funds Advanced To Investors Under Servicing Agreements | 468 | $ 468 | $ 391 | ||
2015 Recourse Obligation Termination | $ 29,100 | $ 29,100 | |||
Percentage of Future Extinguished Recourse Obligation Terminated in Two Years Or Less | 64.00% | 64.00% | |||
Serviced mortgage loans for third parties | $ 580,000,000 | $ 580,000,000 | |||
Loan with recourse [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Continuing Involvement With Transferred Financial Assets Principal Amount Outstanding | 45,600 | 45,600 | 67,800 | ||
Repurchased GNMA | 1,200 | $ 3,400 | $ 2,100 | $ 3,700 | $ 3,400 |
Losses from repurchased loans subject to credit recourse | $ 11,700 |
Guarantees (Changes in liabilty
Guarantees (Changes in liabilty of estimated loss from credit recourse agreement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Movement In Guaranteed Benefit Liability Gross Roll Forward | ||||
Balance at beginning of the period | $ 487 | $ 1,549 | $ 927 | $ 1,955 |
Additions from acquisition | 0 | 0 | ||
Net charge-off/terminations | (198) | (239) | 638 | 645 |
Balance at the end of the period | $ 289 | $ 1,310 | $ 289 | $ 1,310 |
Commitments (Narratives) (Detai
Commitments (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |||
Rent Expenses | $ 4,700 | $ 4,900 | |
Line of credit reserve | $ 647 | $ 647 |
Commitments (Summarized credit-
Commitments (Summarized credit-related financial instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies [Abstract] | ||
Commitments To Extend Credit | $ 492,455 | $ 493,248 |
Commercial letters credit | 1,447 | 885 |
Standby letters of credit and financial guarantees | 15,016 | 32,970 |
Performance letters of credit and financial guarantees | 45,565 | |
Loans sold with recourse | $ 18,853 | 67,803 |
Commitments To Sell Or Securitize Mortgage Loans | $ 10,207 |
Commitments (Future rental comm
Commitments (Future rental commitments under leases) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,015 | $ 4,059 |
2,016 | 7,794 |
2,017 | 7,141 |
2,018 | 6,050 |
2,019 | 5,887 |
Thereafter | 17,064 |
Total | $ 47,995 |
Fair Value (Assets and liabilit
Fair Value (Assets and liabilities on recurring and non-recurring basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | $ 1,044,319 | $ 1,216,538 | ||||
Money Market Funds, at Carrying Value | 5,795 | 4,675 | ||||
Derivative Assets | 4,376 | 8,107 | ||||
Servicing Assets | 5,791 | $ 12,164 | 13,992 | $ 13,655 | $ 13,970 | $ 13,801 |
Derivative liabilities | (8,739) | (11,221) | ||||
Other repossessed assets | 14,661 | 21,800 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 1,044,319 | 1,216,538 | ||||
Derivative Assets | 2,238 | 2,552 | ||||
Foreclosed real estate | 0 | |||||
Total | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivative Assets | 2,138 | 5,555 | ||||
Servicing Assets | 5,791 | 13,992 | ||||
Derivative liabilities | (2,044) | (5,477) | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 1,044,319 | 1,216,538 | ||||
Money Market Funds, at Carrying Value | 5,795 | 4,675 | ||||
Derivative Assets | 4,376 | 8,107 | ||||
Servicing Assets | 5,791 | 13,992 | ||||
Derivative liabilities | (10,783) | (16,698) | ||||
Total | 1,049,498 | 1,226,614 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 0 | 0 | ||||
Money Market Funds, at Carrying Value | 5,795 | 4,675 | ||||
Derivative Assets | 0 | 0 | ||||
Servicing Assets | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Total | 5,795 | 4,675 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 1,044,319 | 1,216,538 | ||||
Money Market Funds, at Carrying Value | 0 | 0 | ||||
Derivative Assets | 2,238 | 2,552 | ||||
Servicing Assets | 0 | 0 | ||||
Derivative liabilities | (8,739) | (11,221) | ||||
Total | 1,037,818 | 1,207,869 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 0 | 0 | ||||
Money Market Funds, at Carrying Value | 0 | 0 | ||||
Derivative Assets | 2,138 | 5,555 | ||||
Servicing Assets | 5,791 | 13,992 | ||||
Derivative liabilities | (2,044) | (5,477) | ||||
Total | 5,885 | 14,070 | ||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired Commercial Loan | 243,401 | 236,942 | ||||
Foreclosed real estate | 81,333 | 95,661 | ||||
Other repossessed assets | 14,661 | 21,800 | ||||
Total | 339,395 | 354,403 | ||||
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 | ||||
Other repossessed assets | 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 | |||||
Other repossessed assets | 0 | 0 | ||||
Total | 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 | 243,401 | 236,942 | ||||
Foreclosed real estate | 81,333 | 95,661 | ||||
Other repossessed assets | 14,661 | 21,800 | ||||
Total | $ 339,395 | $ 354,403 |
Fair Value (Reconciliation of a
Fair Value (Reconciliation of assets and liabilities using significant unobservable inputs (Level 3)) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | $ 12,281,000 | $ 34,458,000 | $ 34,175,000 |
Gains (losses) included in earnings | (79,000) | (384,000) | (886,000) |
Changes in fair value of investment securities available for sale included in other comprehensive income | (6,985,000) | (53,000) | 320,000 |
New instruments acquired | 1,529,000 | 490,000 | 1,053,000 |
Principal repayments | (835,000) | (20,271,000) | (20,465,000) |
Amortization | 56,000 | 161,000 | 404,000 |
Changes in fair value of servicing assets | 231,000 | (534,000) | (734,000) |
Balance | 5,885,000 | 13,867,000 | 13,867,000 |
Other Debt Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 20,053,000 | 19,680,000 | |
Gains (losses) included in earnings | 0 | 0 | |
Changes in fair value of investment securities available for sale included in other comprehensive income | (53,000) | 320,000 | |
New instruments acquired | 0 | ||
Principal repayments | (20,000,000) | (20,000,000) | |
Amortization | 0 | 0 | |
Changes in fair value of servicing assets | 0 | 0 | |
Balance | 0 | 0 | |
Derivative Financial Instruments, Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 3,734,000 | 12,555,000 | 16,430,000 |
Gains (losses) included in earnings | (1,596,000) | (5,975,000) | (9,850,000) |
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | 0 | 0 |
New instruments acquired | 0 | 0 | 0 |
Principal repayments | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | 2,138,000 | 6,580,000 | 6,580,000 |
Servicing Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 12,164,000 | 13,970,000 | 13,801,000 |
Gains (losses) included in earnings | 0 | 0 | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | (6,985,000) | 0 | 0 |
New instruments acquired | 1,529,000 | 490,000 | 1,053,000 |
Principal repayments | (313,000) | (271,000) | (465,000) |
Amortization | 0 | 0 | 0 |
Changes in fair value of servicing assets | 231,000 | (534,000) | (734,000) |
Balance | 5,791,000 | 13,655,000 | 13,655,000 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | (3,617,000) | (12,120,000) | (15,736,000) |
Gains (losses) included in earnings | 1,517,000 | 5,591,000 | 8,964,000 |
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | 0 | 0 |
New instruments acquired | 0 | 0 | 0 |
Principal repayments | 0 | 0 | 0 |
Amortization | 56,000 | 161,000 | 404,000 |
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | $ (2,044,000) | $ (6,368,000) | $ (6,368,000) |
Fair Value (Qualitative informa
Fair Value (Qualitative information for assets and liabilities) (Details) - Jun. 30, 2015 - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | Total | Total |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 2,138 | $ 2,138 |
Derivative asset (S&P Purchased Options) [Member] | Option Pricing Model Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Technique | Option pricing model | |
Derivative asset (S&P Purchased Options) [Member] | Option Pricing Model Technique [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Implied option volatility | 30.23% | |
Counterparty credit risk (based on 5-year CDS spread) | 72.89% | |
Derivative asset (S&P Purchased Options) [Member] | Option Pricing Model Technique [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Implied option volatility | 38.69% | |
Counterparty credit risk (based on 5-year CDS spread) | 72.89% | |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 5,791 | $ 5,791 |
Valuation Technique | Cash flow valuation | |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Constant prepayment rate | 4.10% | |
Discount rate | 10.00% | |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Constant prepayment rate | 10.22% | |
Discount rate | 12.00% | |
Derivative liability (S&P Embedded Options) [Member] | Option Pricing Model Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ (2,044) | $ (2,044) |
Valuation Technique | Option pricing model | |
Derivative liability (S&P Embedded Options) [Member] | Option Pricing Model Technique [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Implied option volatility | 30.23% | |
Counterparty credit risk (based on 5-year CDS spread) | 72.89% | |
Derivative liability (S&P Embedded Options) [Member] | Option Pricing Model Technique [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Implied option volatility | 38.69% | |
Counterparty credit risk (based on 5-year CDS spread) | 72.89% | |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 40,893 | $ 40,893 |
Valuation Technique | Fair value of property or collateral | |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Appraised value | 20.20% | 20.20% |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Appraised value | 27.20% | 27.20% |
Puerto Rico Electric Power Authority loan | Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 173,565 | $ 173,565 |
Puerto Rico Electric Power Authority loan | Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discount rate | 7.25% | |
Puerto Rico Electric Power Authority loan | Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discount rate | 7.25% | |
Puerto Rico Electric Power Authority loan | Fair value of property or collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Valuation Technique | Cash flow valuation | |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 4,949 | $ 4,949 |
Valuation Technique | Cash flow valuation | |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discount rate | 4.75% | |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Discount rate | 9.25% | |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 81,333 | $ 81,333 |
Valuation Technique | Fair value of property or collateral | |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Appraised value | 20.20% | 20.20% |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Appraised value | 27.20% | 27.20% |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 14,661 | $ 14,661 |
Valuation Technique | Fair value of property or collateral | |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Minimum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Appraised value | 20.20% | 20.20% |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Maximum [Member] | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Appraised value | 27.20% | 27.20% |
Fair value (Estimated fair valu
Fair value (Estimated fair value and carrying value) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets, Fair Value Disclosure [Abstract] | ||||||
Available-for-sale Securities | $ 1,044,319 | $ 1,216,538 | ||||
Held to maturity Fair Value | 547,776 | 164,154 | ||||
Federal Home Loan Bank (FHLB) stock | 20,826 | 21,169 | ||||
Other Investments | 3 | 3 | ||||
Derivative Assets | 4,376 | 8,107 | ||||
Servicing Assets | 5,791 | $ 12,164 | 13,992 | $ 13,655 | $ 13,970 | $ 13,801 |
Liabilities, Fair Value Disclosure [Abstract] | ||||||
Derivative liabilities | 8,739 | 11,221 | ||||
Assets,Carrying Value [Abstract] | ||||||
Total cash and cash equivalents | 553,535 | 573,427 | 596,485 | 596,485 | 621,269 | |
Restricted Cash And Cash Equivalents | 6,086 | 8,407 | ||||
Trading Securities | 786 | 1,594 | ||||
Non-covered loans, net of allowance for loan and lease losses | 4,396,665 | 4,513,196 | ||||
Covered, net | 222,034 | 298,911 | ||||
FDIC Indemnification Asset | 22,704 | $ 75,221 | 97,378 | $ 143,660 | $ 166,194 | $ 189,240 |
Accrued interest receivable | 19,254 | 21,345 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Deposits, Total | 4,749,684 | 4,924,406 | ||||
Securities Sold under Agreements to Repurchase | 1,161,136 | 980,087 | ||||
Subordinated capital notes | 102,109 | 101,584 | ||||
Securities Purchased But Not Yet Received | 0 | 0 | ||||
Accrued expenses and other liabilities | 113,537 | 133,290 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Cash and Cash Equivalents, Fair Value Disclosure | 553,535 | 573,427 | ||||
Restricted Cash, at Fair Value | 6,086 | 8,407 | ||||
Assets,Carrying Value [Abstract] | ||||||
Total cash and cash equivalents | 553,535 | 573,427 | ||||
Restricted Cash And Cash Equivalents | 6,086 | 8,407 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Available-for-sale Securities | 1,044,319 | 1,216,538 | ||||
Held to maturity Fair Value | 547,776 | 164,154 | ||||
Federal Home Loan Bank (FHLB) stock | 20,826 | 21,169 | ||||
Other Investments | 3 | 3 | ||||
Derivative Assets | 2,238 | 2,552 | ||||
Receivables, Fair Value Disclosure | 8,739 | 11,221 | ||||
Assets,Carrying Value [Abstract] | ||||||
Trading Securities | 786 | 1,594 | ||||
Investment held for sale, carrying amount | 550,553 | 162,752 | ||||
Federal Home Loan Bank Stock at carrying value | 20,826 | 21,169 | ||||
Other Investment, Carrying Value | 3 | 3 | ||||
Derivative Assets, carrying value | 2,238 | 2,552 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Derivative liabilities at carrying value | 8,739 | 11,221 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Non-covered loans, net | 4,733,607 | 4,563,701 | ||||
Covered loans, net | 253,902 | 345,660 | ||||
Derivative Assets | 2,138 | 5,555 | ||||
FDIC Indemnification Asset Fair Value Disclosure | 12,746 | 75,969 | ||||
Receivables, Fair Value Disclosure | 19,254 | 21,345 | ||||
Servicing Assets | 5,791 | 13,992 | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||
Deposits, Fair Value Disclosure | 4,737,965 | 4,893,247 | ||||
Securities sold under agreements to repurchase | 1,193,574 | 1,020,621 | ||||
Advances from FHLB | 338,033 | 339,172 | ||||
Notes Payable Fair Value Disclosure | 1,883 | 3,979 | ||||
Subordinated capital notes | 91,996 | 104,288 | ||||
Derivative liabilities | 2,044 | 5,477 | ||||
Accrued expenses and other liabilities | 113,537 | 133,290 | ||||
Assets,Carrying Value [Abstract] | ||||||
Non-covered loans, net of allowance for loan and lease losses | 4,417,433 | 4,527,735 | ||||
Covered, net | 222,034 | 298,911 | ||||
Derivative Assets, carrying value | 2,138 | 5,555 | ||||
FDIC Indemnification Asset | 22,704 | 97,378 | ||||
Accrued interest receivable | 19,254 | 21,345 | ||||
Servicing assets, carrying value | 5,791 | 13,992 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Deposits, Total | 4,749,684 | 4,924,406 | ||||
Securities Sold under Agreements to Repurchase | 1,161,136 | 980,087 | ||||
Advances from FHLB | 333,391 | 334,331 | ||||
Term Notes | 2,090 | 4,004 | ||||
Subordinated capital notes | 102,109 | 101,584 | ||||
Accrued expenses and other liabilities | 113,537 | 133,290 | ||||
Derivative liabilities at carrying value | $ 2,044 | $ 5,477 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Total interest income | $ 99,413 | $ 125,900 | $ 206,414 | $ 248,974 | |
Interest expense | (17,121) | (19,822) | (34,487) | (39,498) | |
Net interest income | 82,292 | 106,078 | 171,927 | 209,476 | |
Provision For Non Covered Loan And Lease Losses. | (15,644) | (13,220) | (53,027) | (23,282) | |
Provision for Covered Loan and Lease Losses, net | 105 | (1,595) | (4,705) | (3,224) | |
Total non-interest income (loss), net | (4,656) | 507 | 2,225 | 5,736 | |
Non-interest expenses | (64,437) | (59,848) | (120,769) | (121,252) | |
Total assets | 7,398,325 | 7,398,325 | $ 7,449,109 | ||
Banking [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 90,504 | 112,971 | 187,986 | 221,602 | |
Interest expense | (7,110) | (10,828) | (14,564) | (18,344) | |
Net interest income | 83,394 | 102,143 | 173,422 | 203,258 | |
Provision For Non Covered Loan And Lease Losses. | (15,644) | (13,220) | (53,027) | (23,282) | |
Provision for Covered Loan and Lease Losses, net | 105 | (1,595) | (4,705) | (3,224) | |
Total non-interest income (loss), net | (11,713) | (6,507) | (13,962) | (11,603) | |
Non-interest expenses | (56,844) | (49,651) | (106,156) | (103,198) | |
Intersegment revenues | 163 | 435 | 707 | 979 | |
Intersegment expenses | (61) | 0 | (159) | 0 | |
Income (loss) before Income Taxes, Parent | (600) | 31,605 | (3,880) | 62,930 | |
Total assets | 6,153,663 | 6,508,432 | 6,153,663 | 6,508,432 | |
Financial Services | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 24 | 46 | 47 | 86 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 24 | 46 | 47 | 86 | |
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 | 6,893 | 7,502 | 13,903 | 14,024 | |
Non-interest expenses | (6,733) | (6,367) | (11,524) | (11,146) | |
Intersegment revenues | 0 | 0 | 0 | 0 | |
Intersegment expenses | (87) | (327) | (518) | (759) | |
Income (loss) before Income Taxes, Parent | 97 | 854 | 1,908 | 2,205 | |
Total assets | 21,157 | 25,345 | 21,157 | 25,345 | |
Treasury [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 8,885 | 12,883 | 18,381 | 27,286 | |
Interest expense | (10,011) | (8,994) | (19,923) | (21,154) | |
Net interest income | (1,126) | 3,889 | (1,542) | 6,132 | |
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 | 164 | (488) | 2,284 | 3,315 | |
Non-interest expenses | (860) | (3,830) | (3,089) | (6,908) | |
Intersegment revenues | 61 | 0 | 160 | 0 | |
Intersegment expenses | (76) | (108) | (189) | (220) | |
Income (loss) before Income Taxes, Parent | (1,837) | (537) | (2,376) | 2,319 | |
Total assets | 2,136,293 | 2,089,516 | 2,136,293 | 2,089,516 | |
Major Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total interest income | 99,413 | 125,900 | 206,414 | 248,974 | |
Interest expense | (17,121) | (19,822) | (34,487) | (39,498) | |
Net interest income | 82,292 | 106,078 | 171,927 | 209,476 | |
Provision For Non Covered Loan And Lease Losses. | (15,644) | (13,220) | (53,027) | (23,282) | |
Provision for Covered Loan and Lease Losses, net | 105 | (1,595) | (4,705) | (3,224) | |
Total non-interest income (loss), net | (4,656) | 507 | 2,225 | 5,736 | |
Non-interest expenses | (64,437) | (59,848) | (120,769) | (121,252) | |
Intersegment revenues | 224 | 435 | 866 | 979 | |
Intersegment expenses | (224) | (435) | (866) | (979) | |
Income (loss) before Income Taxes, Parent | (2,340) | 31,922 | (4,349) | 67,454 | |
Total assets | 8,311,113 | 8,623,293 | 8,311,113 | 8,623,293 | |
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 | (224) | (435) | (866) | (979) | |
Intersegment expenses | 224 | 435 | 866 | 979 | |
Income (loss) before Income Taxes, Parent | 0 | 0 | 0 | 0 | |
Total assets | $ (912,788) | $ (913,148) | $ (912,788) | $ (913,148) |