Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OFG BANCORP | ||
Entity Central Index Key | 1,030,469 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 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 | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,867,909 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 473.4 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Audited) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and cash equivalents | ||
Cash and Due from Banks | $ 532,010 | $ 568,752 |
Money market investments | 4,699 | 4,675 |
Total cash and cash equivalents | 536,709 | 573,427 |
Restricted Cash | 3,349 | 8,407 |
Investments: | ||
Trading Securities, at fair value | 288 | 1,594 |
Investment securities available-for-sale, at fair value | 974,609 | 1,216,538 |
Investment securities held-to-maturity, at amortized cost | 620,189 | 162,752 |
Federal Home Loan Bank (FHLB) stock, at cost | 20,783 | 21,169 |
Other investments | 3 | 3 |
Total investments | 1,615,872 | 1,402,056 |
Loans: | ||
Mortgage loans held-for-sale | 13,614 | 14,539 |
Loans held for investment, net | 4,420,599 | 4,812,107 |
Total loans, net | 4,434,213 | 4,826,646 |
Other asset | ||
FDIC indemnification asset | 22,599 | 97,378 |
Foreclosed real estate | 58,176 | 95,661 |
Accrued interest receivable | 20,637 | 21,345 |
Deferred tax asset, net | 145,901 | 108,708 |
Premises and equipment, net | 74,590 | 80,599 |
Customers' liability on acceptances | 14,582 | 17,989 |
Servicing Assets | 7,455 | 13,992 |
Derivative assets | 3,025 | 8,107 |
Goodwill | 86,069 | 86,069 |
Other assets | 75,972 | 108,725 |
Total assets | 7,099,149 | 7,449,109 |
Deposits: | ||
Demand deposits | 1,861,680 | 1,997,536 |
Savings accounts | 1,179,229 | 1,385,824 |
Tme Deposits | 1,675,950 | 1,541,046 |
Total deposits | 4,716,859 | 4,924,406 |
Borrowings: | ||
Securities Sold under Agreements to Repurchase | 934,691 | 980,087 |
Advances from FHLB | 332,476 | 334,331 |
Subordinated capital notes | 102,633 | 101,584 |
Other borrowings | 1,734 | 4,004 |
Total borrowings | 1,371,534 | 1,420,006 |
Derivative liabilities | 6,162 | 11,221 |
Acceptances executed and outstanding | 14,582 | 17,989 |
Accrued expenses and other liabilities | 92,935 | 133,290 |
Total liabilities | 6,202,072 | 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 | 540,512 | 539,311 |
Legal surplus | 70,435 | 70,467 |
Retained earnings | 148,886 | 181,152 |
Treasury stock, at cost | (105,379) | (97,070) |
Accumulated other comprehensive income, net of tax, Total | 13,997 | 19,711 |
Total stockholders' equity | 897,077 | 942,197 |
Total liabilities and stockholders' equity | $ 7,099,149 | $ 7,449,109 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Audited) (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Amortized cost of trading securities | $ 667,000 | $ 2,419,000 |
Amortized cost of investment securities available-for-sale | 955,646,000 | 1,187,679,000 |
Fair value of held to maturity securities | 614,679,000 | 164,154,000 |
Allowance for loan and lease losses | $ 234,131,000 | $ 133,762,000 |
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 | 43,867,909 | 44,613,615 |
Treasury stock, at cost, shares | 8,757,960 | 8,012,254 |
Tax effect on accumulated other comprehensive income (loss) | $ 1,182,000 | $ 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 (Audited) - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Total interest income from loans | $ 367,622,000 | $ 435,553,000 | $ 443,902,000 |
Mortgage-backed securities | 35,338,000 | 44,836,000 | 40,927,000 |
Investment Securities | 3,608,000 | 4,868,000 | 8,803,000 |
Total interest income | 406,568,000 | 485,257,000 | 493,632,000 |
Interest expense: | |||
Deposits | 27,034,000 | 33,954,000 | 40,977,000 |
Securities sold under agreements to repurchase | 29,567,000 | 29,654,000 | 29,249,000 |
Advances from FHLB and other borrowings | 9,072,000 | 9,185,000 | 8,620,000 |
Subordinated capital notes | 3,523,000 | 3,989,000 | 5,114,000 |
Total interest expense | 69,196,000 | 76,782,000 | 83,960,000 |
Net interest income | 337,372,000 | 408,475,000 | 409,672,000 |
Provision for Loan, Lease, and Other Losses | 161,501,000 | 60,640,000 | 72,894,000 |
Net interest income after provision for loan and lease losses | 175,871,000 | 347,835,000 | 336,778,000 |
Non-interest income: | |||
Banking service revenues | 41,466,000 | 40,712,000 | 44,239,000 |
Wealth management revenue | 29,040,000 | 29,855,000 | 30,924,000 |
Mortgage banking activities | 6,128,000 | 7,381,000 | 10,994,000 |
Total Banking and Financial Service Revenues | 76,634,000 | 77,948,000 | 86,157,000 |
Total loss on other-than-temporarily impaired securities | (4,662,000) | 0 | 0 |
Portion of loss on securities recognized in other comprehensive income | 3,172,000 | 0 | 0 |
Net impairment losses recognized in earnings | (1,490,000) | 0 | 0 |
FDIC shared-loss expense, net [Abstract] | |||
FDIC shared-loss expense, net | (42,808,000) | (65,756,000) | (69,267,000) |
Reimbursement from FDIC shared-loss coverage in sale of loans | 20,000,000 | 0 | 0 |
Net gain (loss) on: | |||
Sale of securities | 2,572,000 | 4,366,000 | 0 |
Derivatives | (190,000) | (608,000) | (1,526,000) |
Early extinguishment of debt | 0 | 0 | 1,061,000 |
Other non-interest (loss) income | (2,246,000) | 1,373,000 | 670,000 |
Total non-interest income, net | 52,472,000 | 17,323,000 | 17,095,000 |
Non-interest expense: | |||
Compensation and employee benefits | 79,172,000 | 85,283,000 | 91,957,000 |
Professional and service fees | 16,217,000 | 15,996,000 | 21,321,000 |
Occupancy and equipment | 34,186,000 | 34,710,000 | 34,408,000 |
Insurance | 9,567,000 | 8,830,000 | 8,795,000 |
Electronic banking charges | 21,893,000 | 19,081,000 | 16,702,000 |
Information technology related expenses | 5,648,000 | 6,019,000 | 10,546,000 |
Advertising, business promotion, and strategic initiatives | 6,452,000 | 7,014,000 | 7,025,000 |
Merger and restructuring charges | 0 | 0 | 17,660,000 |
Foreclosure, repossession and other real estate expenses | 37,522,000 | 25,125,000 | 16,484,000 |
Loan servicing and clearing expenses | 9,075,000 | 7,567,000 | 7,588,000 |
Taxes, other than payroll and income taxes | 9,460,000 | 14,409,000 | 15,539,000 |
Communication | 3,086,000 | 3,430,000 | 3,377,000 |
Printing, postage, stationary and supplies | 2,575,000 | 2,533,000 | 3,459,000 |
Director and investors relations | 1,091,000 | 1,106,000 | 1,098,000 |
Other | 12,457,000 | 11,622,000 | 8,177,000 |
Total non-interest expense | 248,401,000 | 242,725,000 | 264,136,000 |
Income before income taxes | (20,058,000) | 122,433,000 | 89,737,000 |
Income tax (benefit) expense | (17,554,000) | 37,252,000 | (8,709,000) |
Net (loss) income | (2,504,000) | 85,181,000 | 98,446,000 |
Dividends on preferred stock | (13,862,000) | (13,862,000) | (13,862,000) |
(Loss) Income available to common shareholders | $ (16,366,000) | $ 71,319,000 | $ 84,584,000 |
(Loss) Earnings per common share: | |||
Basic | $ (0.37) | $ 1.58 | $ 1.85 |
Diluted | $ (0.37) | $ 1.5 | $ 1.73 |
Average common shares outstanding and equivalents | 51,455 | 52,326 | 53,033 |
Cash dividends per share of common stock | $ 0.36 | $ 0.34 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Audited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net (loss) income | $ (2,504) | $ 85,181 | $ 98,446 |
Other comprehensive income (loss) before tax: | |||
Unrealized gain (loss) on securities available-for-sale | (8,814) | 19,843 | (62,080) |
Realized gain on investment securities included in net income | (2,572) | (4,366) | 0 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Period Increase Decrease | 1,490 | 0 | 0 |
Unrealized gain (loss) on cash flow hedges | 4,278 | 2,322 | 6,758 |
Other comprehensive income (loss) before taxes | (5,618) | 17,799 | (55,322) |
Income tax effect | (96) | (1,279) | 2,633 |
Other Comprehensive Income (Loss) After taxes | (5,714) | 16,520 | (52,689) |
Comprehensive income | $ (8,218) | $ 101,701 | $ 45,757 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Audited) - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Preferred Stock Issuance Cost [Member] | Common Stock Issuance Cost [Member] | Legal Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2012 | $ 176,000 | $ 52,671 | $ 537,453 | $ 52,143 | $ 70,734 | $ (81,275) | $ 55,880 | |||
Stock-based compensation expense | 1,823 | |||||||||
Exercised Stock Options | 36 | 399 | ||||||||
Reclassification to treasury stock | 0 | |||||||||
Issuance of Stocks | $ (16) | $ (25) | ||||||||
Lapsed restricted stock units | (1,563) | 556 | ||||||||
Transfer from retained earnings/transfer to legal surplus | 9,814 | (9,814) | ||||||||
Net (loss) income | $ 98,446 | 98,446 | ||||||||
Cash dividends declared on common stock | 11,875 | |||||||||
Cash dividends declared on preferred stock | 13,862 | |||||||||
Stock purchased | 0 | 0 | ||||||||
Reclassification from common stock | 0 | 0 | ||||||||
Stock used to match defined contribution plan | 77 | |||||||||
Other comprehensive loss, net of tax | (52,689) | (52,689) | ||||||||
Ending Balance at Dec. 31, 2013 | 884,913 | 176,000 | 52,707 | 538,071 | 61,957 | 133,629 | (80,642) | 3,191 | ||
Stock-based compensation expense | 1,036 | |||||||||
Exercised Stock Options | 55 | 591 | ||||||||
Reclassification to treasury stock | (136) | |||||||||
Lapsed restricted stock units | (387) | 384 | ||||||||
Stock Issuance Cost | 0 | 0 | ||||||||
Transfer from retained earnings/transfer to legal surplus | 8,510 | (8,510) | ||||||||
Net (loss) income | 85,181 | 85,181 | ||||||||
Cash dividends declared on common stock | (15,286) | |||||||||
Cash dividends declared on preferred stock | (13,862) | |||||||||
Stock purchased | 16,948 | (16,948) | ||||||||
Reclassification from common stock | 136 | (136) | ||||||||
Stock used to match defined contribution plan | 0 | |||||||||
Other comprehensive loss, net of tax | 16,520 | 16,520 | ||||||||
Ending Balance at Dec. 31, 2014 | 942,197 | 176,000 | 52,626 | 539,311 | 70,467 | 181,152 | (97,070) | 19,711 | ||
Stock-based compensation expense | 1,637 | |||||||||
Exercised Stock Options | 0 | 0 | ||||||||
Reclassification to treasury stock | 0 | |||||||||
Lapsed restricted stock units | (436) | 641 | ||||||||
Stock Issuance Cost | 0 | 0 | ||||||||
Transfer from retained earnings/transfer to legal surplus | (32) | 32 | ||||||||
Net (loss) income | (2,504) | (2,504) | ||||||||
Cash dividends declared on common stock | (15,932) | |||||||||
Cash dividends declared on preferred stock | (13,862) | |||||||||
Stock purchased | 8,950 | (8,950) | ||||||||
Reclassification from common stock | 0 | |||||||||
Stock used to match defined contribution plan | 0 | |||||||||
Other comprehensive loss, net of tax | (5,714) | (5,714) | ||||||||
Ending Balance at Dec. 31, 2015 | $ 897,077 | $ 176,000 | $ 52,626 | $ 540,512 | $ 70,435 | $ 148,886 | $ (105,379) | $ 13,997 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Audited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (2,504) | $ 85,181 | $ 98,446 |
Adjustments to reconcile net income to net cash provied by (used in) operating activities [Abstract] | |||
Amortization of deferred loan origination fees, net of costs | 3,396 | 2,883 | 1,258 |
Amortization of discount to fair value of acquired loan | 3,106 | 12,310 | 12,224 |
Amortization of investment securities premiums, net of accretion of discounts | 12,109 | 3,124 | 19,014 |
Amortization of core deposit and customer relationship intangibles | 1,906 | 2,169 | 2,577 |
Amortization of fair value premium of acquired deposits | 660 | 4,772 | 14,400 |
FDIC Loss Share (Expense) Income | 42,808 | 65,756 | 69,267 |
Other Than Temporary Impairment on securities | 1,490 | 0 | 0 |
Other | 0 | 62 | 8 |
Depreciation and amortization of premises and equipment | 11,100 | 10,199 | 10,318 |
Deferred income taxes, net | (37,329) | 24,155 | (11,066) |
Provision for loan and lease losses, net | 161,501 | 60,640 | 72,894 |
Stock-based compensation | 1,637 | 1,036 | 1,823 |
(Gain) loss on: | |||
Sale of securities | (2,572) | (4,366) | 0 |
Sale of mortgage loans held for sale | (3,135) | (5,123) | (2,980) |
Gain on sale of derivatives | (81) | 752 | 220 |
Early extinguishment of debt | 0 | 0 | (1,061) |
Foreclosed real estate | 33,998 | 9,195 | 6,255 |
Sale of other repossessed asset | 4,828 | 6,770 | 3,089 |
Sale of premises and equipment | 192 | (11) | 5 |
Originations of loans held-for-sale | (211,352) | (176,199) | (307,339) |
Proceeds from sale of loans held-for-sale | 102,383 | 96,804 | 147,531 |
Net (increase) decrease in: | |||
Trading securities | 1,306 | 275 | (1,374) |
Accrued interest receivable | 708 | (2,611) | (4,080) |
Servicing Assets | 610 | (191) | (3,006) |
Other assets | (14,849) | 11,738 | 29,123 |
Net increase (decrease) in: | |||
Accrued interest on deposits and borrowings | (250) | (1,292) | (2,155) |
Net increase (decrease) in accrued expenses and other liabilities | (14,584) | (33,028) | 18,425 |
Net cash provided by (used in) operating activities | 97,082 | 175,000 | 173,816 |
Purchases of: | |||
Investment securities available-for-sale | (1,939) | (219,853) | (33,294) |
Investment securities held-to-maturity | (499,317) | (166,562) | 0 |
FHLB stock | 0 | (86,175) | (104,337) |
Maturities and Redemptions of [Abstract] | |||
Maturities and redemptions of investment securities available-for-sale | 238,003 | 490,048 | 554,801 |
Investments securities held-to-maturity | 39,310 | 3,612 | 0 |
FHLB Stock | 386 | 89,456 | 118,298 |
Proceeds from sale of: | |||
Investment securities available for sale | 103,831 | 214,518 | 141,202 |
Foreclosed real estate and other repossessed assets | 74,940 | 54,639 | 57,449 |
Proceeds From Sale Of Loans Held For Investment | 42,110 | 9,378 | 0 |
Premises and equipment | 0 | 25 | 891 |
Proceeds From Sale Of Mortgage Servicing Rights MSR | 5,927 | 0 | 0 |
Origination and purchase of loans, excluding loans held-for-sale | (802,572) | (739,017) | (1,176,875) |
Principal repayment of loans, including covered loans | 861,891 | 751,215 | 1,171,150 |
Reimbursements from the FDIC on shared-loss agreements | (90,697) | (32,692) | (47,100) |
Additions to premises and equipment | (5,283) | (7,909) | (9,120) |
Net change in securities purchased under agreements to resell | 0 | 60,000 | 20,000 |
Net change in restricted cash | (5,058) | (73,792) | 68,739 |
Net cash provided by investing activities | 153,042 | 559,859 | 718,526 |
Net increase (decrease) in: | |||
Deposits | (198,052) | (450,976) | (323,899) |
Short Term Borrowings | 0 | 0 | (92,210) |
Securities sold under agreements to repurchase | (45,315) | (287,184) | (427,931) |
FHLB advances, federal funds purchased, and other borrowings | (4,155) | (1,469) | (213,144) |
Subordinated capital notes | 1,049 | 1,574 | (44,968) |
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net | 204 | 643 | (572) |
Proceeds From Issuance Of Common Stock | 0 | 0 | (16) |
Proceeds From Issuance of Preferred Stock | 0 | 0 | (25) |
Purchase of treasury stock | (8,950) | (16,948) | 0 |
Termination of derivatives | 0 | 0 | (1,108) |
Dividends paid on preferred stock | (13,862) | (13,862) | (13,862) |
Dividends paid on common stock | (17,761) | (14,479) | (10,789) |
Net cash used in financing activities | (286,842) | (782,701) | (1,126,308) |
Net change in cash and cash equivalents | (36,718) | (47,842) | (233,966) |
Cash and cash equivalents at beginning of period | 573,427 | 621,269 | |
Cash and cash equivalents at end of period | 536,709 | 573,427 | 621,269 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | |||
Interest paid | 67,766 | 81,506 | 98,856 |
Income Taxes Paid | 13,966 | 7,114 | 378 |
Mortgage loans securitized into mortgage-backed securities | 116,319 | 95,909 | 137,943 |
Transfer from loans to foreclosed real estate and other repossessed assets | 67,345 | 85,459 | 89,142 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 3,445 | 5,202 | 41,780 |
Reclassification of loans held-for-sale portfolio to investment portfolio | $ 156 | $ 25,801 | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Nature of Operations and Summary of Significanrt Accounting Policies | |
Nature Of Operations | Nature of Operations The Company is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. The Company operates through various subsidiaries including, a commercial bank, Oriental Bank (or the “Bank”), a securities broker-dealer, Oriental Financial Services Corp. (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC. (“Oriental Insurance”), previously known as Oriental Insurance, In c., and a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”). In December 2015 Oriental Insurance, Inc was converted to a limited liability company under the name Oriental Insurance LLC. The Company also has a special purpose entit y, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”). Through these subsidiaries and their respective divisions, the Company provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, leas ing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. The main offices of the Company and its subsidiaries are located in San Juan, Puert o Rico, except for OPC, which is located in Boca Raton, Florida. The Company is subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act. The Bank is subject to the supervision, examination and regulation of the Office of the Commissioner of Financial Institutions of Puerto Rico (the “OCFI”) and the Federal Deposit Insurance Corporation (the “FDIC”). The Bank offers banking services such as commercial, and consumer lending, leasing, auto loans, savings and time deposit products, financial planning, and corporate and individual trust services, and capitalizes on its commercial banking network to provide mor tgage lending products to its clients. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are international banking entities licensed pursuant to International Banking Center Regu latory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico . Oriental Financial Services is a securities broker-dealer and is subject to the supervision, examination and regulation of the Financial Industry Regulatory Authority (the “FINRA”), the SEC, and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. The Company’s mortgage banking activi ties are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, and the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administration (“VA”) guaranteed mortgages that are primarily securitized for issuance of Government National Mortgage Association (“GNMA”) mortgag e-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain Federal National Mortgage Association (“FNMA”) or Federa l Home Loan Mortgage Corporation (“FHLMC”) programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA, as well as FHLMC, mortgage loans for issuance of FNMA and FHLMC mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of the GNMA, FNMA and FHLMC pools that it issues and of its mortgage loan portfolio, and has a s ubservicing arrangement with a third party. On December 18, 2012, the Company purchased from Banco Bilbao Vizcaya Argentaria , S. A. (“BBVA”), all of the outstanding common stock of each of ( i ) BBVAPR Holding Corporation (“BBVAPR Holding”), the sole shareholder of Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR Bank”), a Puerto Rico chartered commercial bank, and BBVA Seguros , Inc. (“BBVA Seguros ”), a subsidiary offering insurance services , and (ii) BBVA Securities of Puerto Rico, Inc. (“BBVA Securities”), a registered broker-dealer. This transaction is referred to as the “BBVAPR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as t he “BBVAPR Companies” or “BBVAPR.” |
Significant Accounting Policies | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Statutory Trust II is exempt from the consolidation requirements of Generally Accepted Accounting Principles ("GAAP"). Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for loan and lease losses, the valuation of securities and derivative instruments, revisions to expected cash flows in acquired loans, accounting for the indemnification asset, the valuation of the true up payment obligation, the determination of income taxes and other-than-temporary impairment of securities, and goodwill valuation and impairment assessment. Business Combinations Business combinations are accounted for under the acquisition method. Under this method, assets acquired, liabilities assumed and any noncontrolling interest in the a cquiree at the acquisition date are measured at their fair values as of the acquisition date. The acquisition date is the date the acquirer obtains control. Also, assets or liabilities arising from noncontractual contingencies are measured at their acquisi tion date at fair value only if it is more likely than not that they meet the definition of an asset or liability. Adjustments subsequently made to the provisional amounts recorded on the acquisition date as a result of new information obtained about facts and circumstances that existed as of the acquisition date but were known to the Corporation after acquisition will be made retroactively during a measurement period not to exceed one year. Furthermore, acquisition-related restructuring costs that do not m eet certain criteria of exit or disposal activities are expensed as incurred. Transaction costs are expensed as incurred. Changes in income tax valuation allowances for acquired deferred tax assets are recognized in earnings subsequent to the measurement p eriod as an adjustment to income tax expense. Contingent consideration classified as an asset or a liability is remeasured to fair value at each reporting date until the contingency is resolved. The changes in fair value of the contingent consideration are recognized in earnings unless the arrangement is a hedging instrument for which changes are initially recognized in other comprehensive income. There were no significant business combinations during 2015, 2014 or 2013 . Cash Equivalents The Company consid ers 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. (Loss) Earnings per Common Share Basic (loss) earnings per share is calculated by dividing (loss) incom e available to common shareholders (net (loss) income (increased) reduced by dividends on preferred stock) by the weighted average of outstanding common shares. Diluted (loss) earnings per share is similar to the computation of basic (loss) earnings per sh are except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, a ssuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any stock splits and dividends are retroactively recognized in all periods presented in the consolidated financial statements. Securities Purchased/So ld Under Agreements to Resell/Repurchase The Company purchases securities under agreements to resell the same or similar securities. Amounts advanced under these agreements represent short-term loans and are reflected as assets in the consolidated stateme nts of financial condition. It is the Company’s policy to take possession of securities purchased under resale agreements while the counterparty retains effective control over the securities. The Company monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requests additional collateral when deemed appropriate. The Company also sells securities under agreements to repurchase the same or similar securities. The Company retains effecti ve control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agr eements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral. Investment Securities Securities are classified as held-to-maturity, available-for-sale or trading. Securities for which the Company has the intent and ability to hold until maturity are classified as held-to-maturity and are carried at amortized cost. Securities that might be sold prior to maturity because of interest rate changes to meet liquidity needs or to better match the repricing characteristics of funding sources are classified as available-for-sale. These securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported net of tax in other comprehensive (loss) income. The Company classifies as trading those securities that are acquired and held principally for the purpose of selling them in the near future. These securities are carried at fair value with realized and unrealized changes in fair value included in earnings in the period in which the changes occur. The Company’s investment in the Federal Home Loan Bank (“FHLB”) of New York stock, a restricted security, has no readi ly determinable fair value and can only be sold back to the FHLB-NY at cost. Therefore, these stock shares are deemed to be nonmarketable equity securities and are carried at cost. Premiums and discounts are amortized to interest income over the life of t he related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for- sale or held-to-maturity are reported separately in the statements of operations. The cost of securities sold is determined by the specific identification method. Financial Instruments Certain financial instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorded in other comprehensive (loss) income or as part of non-interest i ncome, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments. The fair values of certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the we ll as time value and yield curve or volatility factors underlying the positions. The Compan y determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lo we st priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Le vel 1 — Level 1 assets and liabilities include equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Obs ervable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include ( i ) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets, (ii) debt sec urities with quoted prices that are traded less frequently than exchange-traded instruments and (iii) derivative contracts and financial liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be der ived principally from or corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities incl ude financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation. Impairment of Investment Securities The Company conducts periodic reviews to identify and evaluate each investment in an unrealized loss position for other-than-temporary impairment. The Company separates the amount of total impairment into credit and noncredit-related amounts. The term “other-than-tem porary impairment” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not favorable, or that there is a lack of evidence to support a realizable value equal to or greater than th e carrying value of the investment. Any portion of a decline in value associated with a credit loss is recognized in income, while the remaining noncredit-related component is recognized in other comprehensive (loss) income. A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered by comparing it to 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 ben eficial 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.” The Company ’s review for impairment generally entails, but is not limited to: • the identification and evaluation of investments that have indications of possible other-than-temporary impairment; • the analysis of individual investments that have fair values less than amortized cost, including consideration of t he length of time the investment has been in an unrealized loss position, and the expected recovery period; • the financial condition of the issuer or issuers; • the creditworthiness of the obligor of the security; • actual collateral attributes; • any rating changes by a rating agency; • current analysts’ evaluations; • the payment structure of the debt security and the likelihood of the issuer being able to make payments; • current market conditions; • adverse conditions specifically relat ed to the security, industry, or a geographic area; • the Company ’s intent to sell the debt security; • whether it is more-likely-than-not that the Company will be required to sell the debt security before its anticipated recovery; and • other qualit ative factors that could support or not an other -than-temporary impairment. Derivative Instruments and Hedging Activities The Company ’s overall interest rate risk-management strategy incorporates the use of derivative instruments to minimize significan t unplanned fluctuations in earnings that are caused by interest rate volatility. The Company ’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that the n et interest margin is not, on a material basis, adversely affected by movements in interest rates. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities will appreciate or depreciate in market value. Also, for some fixed-rate assets or liabilities, the effect of this variability in earnings is expected to be substantially offset by the Company ’s gains and losses on the derivative instruments that are linked to the forecasted cash flows of these hedged assets and liabilities. Th e Company considers its strategic use of derivatives to be a prudent method of managing interest-rate sensitivity as it reduces the exposure of earnings and the market value of its equity to undue risk posed by chang es in interest rates. The effect of this unrealized appreciation or depreciation is expected to be substantially offset by the Company ’s gains or losses on the derivative instruments that are linked to these hedged assets and liabilities. Another result of interest rate fluctuations is that the contractual interest income and interest expense of hedged variable-rate assets and liabilities, respectively, will increase or decrease. Derivative instruments that are used as part of the Company ’s interest rate risk-management strategy include interest rate swaps, caps, forward-settlement swaps, futures contracts, and option contracts that have indices related to the pricing of specific balance sheet assets and liabilities. Interest rate swaps generally involve t he exchange of fixed and variable-rate interest payments between two parties based on a common notional principal amount and maturity date. Interest rate futures generally involve exchange-traded contracts to buy or sell U.S. Treasury bonds and notes in th e future at specified prices. Interest rate options represent contracts that allow the holder of the option to ( i ) receive cash or (ii) purchase, sell, or enter into a financial instrument at a specified price within a specified period. Some purchased opti on contracts give the Company the right to enter into interest rate swaps and cap and floor agreements with the writer of the option. In addition, the Company enters into certain transactions that contain embedded derivatives. When the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated and carried at fair value. The Company has offered its customers certificates of deposit with an option tie d to the performance of the Standard & Poor’s 500 stock market index (“S&P 500 Index”). The Company has purchased options from major financial entities to manage its exposure to changes in this index. Under the terms of the option agreements, the Company r eceives a certain percentage of the increase, if any, in the initial month-end value of the S&P 500 Index over the average of the monthly index observations in a five-year period in exchange for a fixed premium. The changes in fair value of the option agre ements used to manage the exposure in the stock market in the certificates of deposit are recorded in earnings. The embedded option in the certificates of deposit is bifurcated, and the changes in the value of that option are also recorded in earnings. W hen using derivative instruments, the Company exposes itself to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract due to insolvency or any other event of default, the Company ’s credit risk wi ll equal the fair value gain in a derivative plus any cash or securities that may have been delivered to the counterparty as part of the transaction terms. Generally, when the fair value of a derivative contract is positive, this indicates that the counter party owes the Company , thus creating a repayment risk for the Company . This risk is generally mitigated by requesting cash or securities from the counterparty to cover the positive fair value. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, assumes no credit risk other than to the extent that the cash or value of the collateral delivered as part of the transactions exceeds the fair value of the derivative. The Company minimizes the credit (or repa yment) risk in derivative instruments by entering into transactions with high-quality counterparties. The Company uses forward-settlement swaps to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to chan ges in LIBOR. Once the forecasted wholesale borrowing transactions occur, the interest rate swap will effectively lock-in the Company ’s interest rate payments on an amount of forecasted interest expense attributable to the one-month LIBOR corresponding to the swap notional amount. By employing this strategy, the Company minimizes its exposure to volatility in LIBOR. As part of this hedging strategy, the Company formally documents all relationships between hedging instruments and hedged items, as the we ll as its risk-management objective and strategy for undertaking various hedging transactions. This process includes linking all derivatives that are designated as cash flow hedges to ( i ) specific assets and liabilities on the balance sheet or (ii) specific f irm commitments or forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fai r value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. The changes in fair value of the forward-settlement swaps are recorded in accumulated other comprehensive income to the extent there is no significant ineffectiveness. The Company discontinues hedge accounting prospectively when ( i ) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item (including hedged items such as f irm commitments or forecasted transactions); (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; (iv) a hedged firm commitment no longer meets the definition of a firm commitment; or (v) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. The Company ’s derivative activities are monitored by its Asset/Liability Management Committee which is also responsible for approving hedging strategies that are developed through its analysis of data derived from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company ’s overall interest r ate risk-management. Off-Balance Sheet Instruments In the ordinary course of business, the Company enters into off-balance sheet instruments consisting of commitments to extend credit, further discussed in Note 24 hereto . Such financial instruments are recorded in the financial statements when these are funded or related fees are incurred or received. The Company periodically evaluates the credit risks inherent in these commitments and establishes accruals for such risks if and when these are deemed nec essary. Mortgage Banking Activities and Loans Held-For-Sale The residential mortgage loans reported as held-for-sale are stated at the lower of cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair val ue determined in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all confor ming mortgage loans originated and purchased, which from time to time the Company sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates. Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities The Company recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities wh en extinguished. The Company is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions. The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which the Company surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification ("ASC") Topic 860 are met: ( i ) the assets must be isolated from creditors of the transferor, (ii) the tr ansferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreem ent to repurchase them before their maturity. When the Company transfers financial assets and the transfer fails any one of these criteria, the Company is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For federal and Puerto Rico income tax purposes, the Company treats the transfers of loans which do not qualify as “true sales” under the applicable accounting guidance, as sales, recognizing a deferred tax asset or liability on the t ransaction. For transfers of financial assets that satisfy the conditions to be accounted for as sales, the Company derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including se rvicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a t rue sale analysis of the treatment of the transfer under state law as if the Company was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of re course to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, but contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as the unsettled state of the common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecogni tion of assets is warranted. When the Company sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require the Company to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines. GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the Company provides servicing. At the Company’s option and without GNMA prior authorization, the Company may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining pri ncipal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, the Company treats the transact ion as a sale for accounting purposes because the conditional nature of the buy-back option means that the Company does not maintain effective control over the loans, and therefore these are derecognized from the statement of financial condition. When indi vidual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, the Company is deemed to have regained effective control over these loans, and these must be brought back onto the Company’s books as assets, regardless of wheth er the Company intends to exercise the buy-back option. Quality review procedures are performed by the Company as required under the government agency programs to ensure that asset guideline qualifications are met . The Company has not recorded any specific contingent liability in the consolidated financial statements for these customary representation and warranties related to loans sold by the Company, and management believes that, based on historical data, the probability of payments and expected losses u nder these representation and warranty arrangements is not significant. As part of the BBVAPR Acquisition, on December 18, 2012, the Company assumed a liability for residential mortgage loans sold by BBVAPR subject to credit recourse , principally loans ass ociated with FNMA residential mortgage loan sales and securitization programs . In the event of any customer default, pursuant to the credit recourse provided, the Company is required to repurchase the loan or reimburse the third party investor for the incu rred loss. The maximum potential amount of future payments that the Company would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, the Company has rights to the underlying collateral securing the mortgage loan. The Company suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. The Company has est ablished a liability to cover the estimated credit loss exposure related to loans sold with credit recourse. The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse i s assumed as part of acquired servicing rights, and are update d by accruing or reversing expense (categorized in the line item "mortgage banking activities" in the consolidated statements of operations ) throughout the life of the loan, as necessary, when a dditional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, for eclosure rate, estimated future defaults and the probability that a loan would be delinquent. Statistical methods are used to estimate the recourse liability. The expected loss, which represents the amount expected to be lost on a given loan, considers the probability of default and loss severity. The probability of default represents the probability that a loan in good standing would become 90 days delinquent within the following twelve-month period. Servicing Assets The Company periodically sells or se curitizes 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 servi ce a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate the Company for servicing the loans. Like wise, a servicing liability would be recognized in the event that servicing fees to be received are not expected 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 and reports changes in fair value of servicing asset in the statement of operations in the period in which th e changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statement of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speed s 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 prepay ment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. Loans and Leases Originated and Other Loans and Leases Held in Portfolio Loans the Company originates and intends to hold in portfolio are stated at the principal amount outstanding, adjusted for unamortized deferred fees and costs which are amortized to interest income over the expected life of the loan using the interest method. The Company d iscontinues accrual of interest on originated loans after payments become more than 90 days past due or earlier if the Company does not expect the full collection of principal or interest. The delinquency status is based upon the contractual terms of the l oans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Collections are accounted for on the cash method thereafter, until qualifying to return to accrual status. Such loans are not reinstated to acc rual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. The Company follows a systematic methodology to establish and evaluate the adequacy of the allowance for loan and lease losses to provide for inherent losses in the loan portfolio. This metho dology includes the consideration of factors such as economic conditions, portfolio risk characteristics, prior loss experience, and results of periodic credit reviews of individual loans. The provision for loan and lease losses charged to current operatio ns is based on such methodology. Loan and lease losses are charged and recoveries are credited to the allowance for loan and lease losses on originated and other loans. Larger commercial loans that exhibit potential or observed credit weaknesses are subj ect to individual review and grading. Where appropriate, allowances are allocated to individual loans based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flow, and legal opt ions available to the Company. Included in the review of individual loans are those that are impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect |
Resticted Cash
Resticted Cash | 12 Months Ended |
Dec. 31, 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 : December 31, 2015 2014 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 1,980 $ 2,980 Obligations under agreement of loans sold with recourse 1,369 5,427 $ 3,349 $ 8,407 At December 31, 2015 and 2014, the Bank’s international banking entities, Oriental International Bank Inc. (“OIB”) and Oriental Overseas, a division of the Bank, 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 OCFI. As part of its derivative activities, the Comp any has entered into collateral agreements with certain financial counterparties. At December 31 , 2015 and 2014 , the Company had delivered $ 2 .0 million and $3.0 million, respectively, of cash as collateral for such derivatives 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 December 31 , 2015 and 2014 , the Company delivered as collateral cash amounting to $1.4 m illion and $5.4 million, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits . The amount of those minimum average reserve balances for the week that covered December 31 , 2015 was $ 14 8.3 million ( December 31 , 2014 - $ 141.5 million). At December 31, 2015 and 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 , money market instruments included as part of cash and cash equivalents amounted to $4.7 million in both periods . Investment Securities The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by the Company at December 31, 2015 and 2014 were as follows: December 31, 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 $ 735,363 $ 25,791 $ 1,509 $ 759,645 2.97% GNMA certificates 57,129 1,366 - 58,495 3.19% CMOs issued by US government-sponsored agencies 137,787 27 2,741 135,073 1.85% Total mortgage-backed securities 930,279 27,184 4,250 953,213 2.82% Investment securities Obligations of US government-sponsored agencies 5,122 - 29 5,093 1.36% Obligations of Puerto Rico government and political subdivisions 17,801 - 4,070 13,731 6.24% Other debt securities 2,444 128 - 2,572 2.98% Total investment securities 25,367 128 4,099 21,396 4.94% Total securities available for sale $ 955,646 $ 27,312 $ 8,349 $ 974,609 2.87% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 595,157 426 5,865 589,718 2.24% Investment securities US Treasury securities 25,032 - 71 24,961 0.49% Total securities held to maturity 620,189 426 5,936 614,679 2.17% Total $ 1,575,835 $ 27,738 $ 14,285 $ 1,589,288 2.60% 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 December 31 , 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. December 31, 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 $ 15,098 $ 15,228 $ - $ - Total due after 5 to 10 years 15,098 15,228 - - Due after 10 years FNMA and FHLMC certificates 720,265 744,417 595,157 589,718 GNMA certificates 57,129 58,495 - - CMOs issued by US government-sponsored agencies 137,787 135,073 - - Total due after 10 years 915,181 937,985 595,157 589,718 Total mortgage-backed securities 930,279 953,213 595,157 589,718 Investment securities Due from 1 to 5 years US Treasury securities - - 25,032 24,961 Obligations of Puerto Rico government and political subdivisions 8,733 7,438 - - Total due from 1 to 5 years 8,733 7,438 25,032 24,961 Due after 5 to 10 years Obligations of US government and sponsored agencies 5,122 5,093 - - Total due after 5 to 10 years 5,122 5,093 - - Due after 10 years Obligations of Puerto Rico government and political subdivisions 9,068 6,293 - - Other debt securities 2,444 2,572 - - Total due after 10 years 11,512 8,865 - - Total investment securities 25,367 21,396 25,032 24,961 Total securities available-for-sale $ 955,646 $ 974,609 $ 620,189 $ 614,679 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 pur chased. During the years ended 2015, 2014 and 2013 , the Company sold $63.5 million , $ 99.4 million and $141.2 million, respectively, of available-for-s ale Government National Mortgage Association (“GNMA”) certificates as part of its recurring mortgage loan origination and securitization activities. These sales did not realize any gains or losses during such periods. During the year ended December 31, 201 5, the Company retained securitized GNMA pools totaling $ 54.5 million amortized cost, at a yield of 3.09 % from its own originations. Previously, the Company was selling all securitized GNMA pools. For the year s ended December 31, 2015 and 2014, the Compan y recorded a net gain on sale of securities of $2.6 million and $4.4 million, respectively and a net loss of $35 thousand for the year ended December 31, 2013. The table below presents the gross realized gains and losses by category for such periods Year Ended December 31, 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 $ 37,736 $ 2,571 $ - GNMA certificates 63,524 63,523 1 - Total $ 103,831 $ 101,259 $ 2,572 $ - Year Ended December 31, 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 99,360 99,360 - - Total mortgage-backed securities $ 214,518 $ 210,152 $ 4,366 $ - Year Ended December 31, 2013 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities GNMA certificates $ 141,202 $ 141,237 - $ 35 Total mortgage-backed securities $ 141,202 $ 141,237 $ - $ 35 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 December 31, 2015 and 2014 : December 31, 2015 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 103,340 $ 2,410 $ 100,930 Obligations of Puerto Rico government and political subdivisions 17,801 4,070 13,731 $ 121,141 $ 6,480 $ 114,661 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 25,736 $ 331 $ 25,405 FNMA and FHLMC certificates $ 149,480 $ 1,509 $ 147,971 Obligations of US government and sponsored agencies 5,122 $ 29 $ 5,093 Securities held-to-maturity FNMA and FHLMC Certificates 468,487 5,865 462,622 US Treausury Securities 25,032 71 24,961 $ 673,857 $ 7,805 $ 666,052 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 129,076 2,741 $ 126,335 FNMA and FHLMC certificates 149,480 1,509 147,971 Obligations of Puerto Rico Government and political subdivisions 17,801 4,070 13,731 Obligations of US government and sponsored agencies 5,122 29 5,093 301,479 8,349 293,130 Securities held-to-maturity FNMA and FHLMC certificates 468,487 5,865 462,622 US Treasury Securities 25,032 71 24,961 $ 794,998 $ 14,285 $ 780,713 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 dec line in value associated with credit loss is recognized in the statements of operations with the remaining noncredit-related component recognized in other comprehensive income (loss). A credit loss is determined by assessing whether the amortized cost basi s 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 shortfa ll 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 subjec t to further change over time. In addition, while the Company believes that the methodology used to value these exposures is reasonable, the methodology is subject to continuing refinement, including those made as a result of market developments. Consequen tly, it is reasonably possible that changes in estimates or conditions could result in the need to recognize additional other-than-temporary impairment charges in the future. Most of the investments ($ 777.2 million, amortized cost, or 98 %) with an unreal ized loss position at December 31 , 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 loss es and their variability from period to period are the result of changes in market conditions, and not due to the repayment capacity or creditworthiness of the issuers or guarantors of such securities. The remaining investments ($ 17.8 million, amortized c ost, or 2 %) with an unrealized loss position at December 31 , 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 main ly attributed to an 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 obliga tions and structural 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 December 31 , 2015 , th e Company performed a cash flow analysis of its 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 impair ment. 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 k ey 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 probabilit y and recovery 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 adjust ed 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. For PRHTA obligation totaling $ 6.7 million, am ortized cost, or 36 % of the obligations issued or guaranteed by the government of Puerto Rico and its political subdivisions or instrumentalities, the discounted cash flow analysis for the investments showed a cumulative default probability at maturity of 9.78 %, thus reflecting that it is more likely than not that the bonds will not default at all during their remaining terms. Based on this analysis, the Company determined that it is more likely than not that it will recover all interest and principal inves ted in t his Puerto Rico government bond and is therefore not required to recognize a credit loss as of December 31 , 2015 . Also, the Company ’s conclusion is based on the assessment of the specific source of repayment of th e outstanding bond, which continue s to perform. PRHTA started principal repayment s on July 1, 2014 . All scheduled principal and interest payments are being collected. For PRIDCO and PBA obligations amounting to $ 12.6 million, amortized cost, or 64 % of the Puerto Rico government debt secu rities held by the Company , the discounted cash flow analysis showed a cumulative default at matu rity in the range up to 46.03% using a recovery rate of 65 %. Taking into consideration that the PBA bonds are guaranteed by the full faith and credit of the Co mmonwealth of Puerto Rico and the recent downgrades of the general obligation debts after the government announced it needs to restructure its debt, the Company concluded that it is more likely than not that this bond will default during its remaining term until maturity in 2028. Based on the above, during the year ended December 31, 2015 an other-than-temporary impairment was recorded in earnings for the amount of $1.5 million, which represents the estimated loss resulting from the discounted cash flow ana lysis. The non-credit related portion of the unrealized losses amounting to $3.2 million was recognized in other comprehensive income, net of related taxes. Prospectively, for debt securities for which other-than-temporary impairments was recognized in e arnings, the difference between the new amortized cost basis and the cash flows expected to be collected will be accreted as interest income. If upon subsequent evaluation, there is a significant increase in the cash flows expected to be collected or if ac tual cash flows are significantly greater than cash flows previously expected, such changes will be accounted for as a prospective adjustment to the accretable yield. Subsequent increases and decreases (if not other-than-temporary impairment) in the fair v alue of available-for-sale securities will be included in other comprehensive income (loss). Further negative evidence impacting the liquidity and sources of repayment of the obligations of Puerto Rico and its political subdivisions, could result in a further charge to earnings to recognize estimated credit losses determined to be other-than-temporary. At December 31, 2015, t he Company has cash flow capacity, sufficient liquidity and a strong capital position to maintain the bonds and does not need to sell them in a loss position and it is not likely that the Company will have to sell the investment securities prior to recovery of their amortized cost basis . The following table presents a rollforward of credit-related impairment losses recognized in ea rnings for the year ended December 31, 2015 (non in 2014 and 2013) on available-for-sale securities that the Company does not have the intent to sell or will not more-likely-than-not be required to sell: Year Ended December 31, 2015 Balance at beginning of year $ - Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses 1,490 Balance at end of year $ 1,490 |
Pledge Assets
Pledge Assets | 12 Months Ended |
Dec. 31, 2015 | |
TransfersAndServicingAbstract | |
Pledge Assets [Text Block] | NOTE 4 - PLEDGED ASSETS The following table shows a summary of pledged and not pledged assets at December 31, 2015 and 2014. Investment securities are presented at fair value, and residential mortgage loans, commercial loans and leases are presented at amortized cost: December 31, 2015 2014 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ 1,021,370 $ 1,088,526 Derivatives 8,100 7,043 Puerto Rico Cash & Money Market Fund 81,576 76,259 Bond for the Bank's trust operations 379 105 Total pledged investment securities 1,111,425 1,171,933 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 1,095,810 1,013,106 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 253,263 139,043 Federal Reserve Bank Credit Facility 12,877 179,895 Puerto Rico public fund deposits 410,932 414,481 677,072 733,419 Pledged auto loans and leases to secure: Federal Reserve Bank Credit Facility - 884,339 Total pledged assets $ 2,884,307 $ 3,802,797 Financial assets not pledged: Investment securities $ 483,373 $ 207,357 Residential mortgage loans 379,065 586,040 Commercial loans 1,287,036 1,349,467 Consumer loans 295,492 266,498 Auto loans and leases 929,666 123,258 Total assets not pledged $ 3,374,632 $ 2,532,620 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable [Abstract] | |
LOANS RECEIVABLE | NOTE 5 - LOANS The Company’s loan portfolio is composed of two segments, loans initially accounted for under the amortized cost method (referred as "originated and other" loans) and loans acquired (referred as "acquired" loans). Acquired loans are further segregated between acquired BBVAPR loans and acquired Eurobank loans. Acquired Eurobank loans were purchased subject to loss-sharing agreements with the FDIC. The FDIC loss- shar e coverage related to commercial and other-non single fa mily acquired Eurobank loans expired on June 30, 2015 . Notwithstanding the expiration of loss share coverage of commercial loans, on July 2, 2015, the Company entered into an agreement with the FDIC pursuant to which the FDIC concurred with a potent ial sale of a pool of loss- share assets covered under the commercial loss - shar ing agreement. Pursuant to such agreement, and as further discussed below, the FDIC agreed and paid $20 million in loss share coverage with respect to the aggregate loss resulting from any portfolio sale w ithin 120 days of the agreement. This sale was completed on September 28, 2015 . The coverage for the single family residential loans will expire on June 30, 2020 . At December 31, 2015, the remaining covered loans amounting to $ 59.6 million, net carrying am ount, are included as part of acquired Eurobank loans under the name "loans secured by 1-4 family residential properties". At December 31, 2014, covered loans amounted to $ 298.9 million, net carrying amount. Covered loans are no longer a material amount. T herefore, the Company changed its current and prior year loan disclosures during 2015 . On September 28, 2015, the Company sold a portion of covered non-performing commercial loans amounting to $ 197.1 million unpaid principal balance or UPB ($ 100.0 million carrying amount). The sales price was 18.44% of UPB, or $ 36.3 million. The FDIC cover ed $20.0 million of losses as part of its loss-share agreement with the Company. As a result, a $20.0 million reimbursement was recorded in the statement of operations. The Company also recorded a $ 32.9 million provision for loan and lease losses for acqui red Eurobank loans, which was partially offset by $ 4.6 million in cost recoveries. Also, as part of this transaction, the Company sold certain non-performing commercial loans from the BBVAPR A cquisition amounting to $ 38.1 million unpaid principal balance ( $ 9.9 million carrying amount). The sales price was $ 5.2 million. As a result, a $ 5.2 million provision for loan and lease losses was recorded for BBVAPR acquired loans, which was partially offset by $ 2.4 million in cost recoveries. In addition, certain add itional foreclosed real estate with a carrying amount of $ 11.0 million was sold for $ 1.7 million. As part of this transaction, the Company made customary representations and warranties to the purchaser regarding certain characteristics of the assets that were sold. Such representations and warranties survive for a limited period of time. To the extent that the assets sold do not meet the specified characteristics, and subject to certain notice, cure period and other conditions, the purchaser would be entitled to require the Company to repurchase such assets . The composition of the Company’s loan portfolio at December 31, 2015 and 2014 was as follows : December 31, 2015 2014 (In thousands) Originated and other loans and leases held for investment: Mortgage $ 757,828 $ 791,751 Commercial 1,441,649 1,289,732 Consumer 242,950 186,760 Auto and leasing 669,163 575,582 3,111,590 2,843,825 Allowance for loan and lease losses on originated and other loans and leases (112,626) (51,439) 2,998,964 2,792,386 Deferred loan costs, net 4,203 4,282 Total originated and other loans loans held for investment, net 3,003,167 2,796,668 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 7,457 12,675 Consumer 38,385 45,344 Auto 106,911 184,782 152,753 242,801 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20 (5,542) (4,597) 147,211 238,204 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 608,294 656,122 Commercial 287,311 452,201 Construction 88,180 106,361 Consumer 11,843 29,888 Auto 153,592 247,233 1,149,220 1,491,805 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30 (25,785) (13,481) 1,123,435 1,478,324 Total acquired BBVAPR loans, net 1,270,646 1,716,528 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 92,273 102,162 Commercial and construction 142,377 256,488 Consumer 2,314 4,506 Total acquired Eurobank loans 236,964 363,156 Allowance for loan and lease losses on Eurobank loans (90,178) (64,245) Total acquired Eurobank loans, net 146,786 298,911 Total acquired loans, net 1,417,432 2,015,439 Total held for investment, net 4,420,599 4,812,107 Mortgage loans held-for-sale 13,614 14,539 Total loans, net $ 4,434,213 $ 4,826,646 At December 31, 2015 and 2014, covered loans amounted to $ 92.3 million and are included as part of acquired Eurobank loans under the name "loans secured by 1-4 family residential properties". At December 31, 2014, covered loans amounted to $ 363.2 million, gross carrying amount. Interest income recognized for covered loans during 2015 and 2014 was $ 33.7 million and $ 89.0 million, respectively. Originated and Other Loans and Leases 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 December 31, 2015 and 2014 by class of loans . Mortgage loans past due include delinquent loans in the GNMA buy-back option program. Servicers of loans unde rlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option . December 31, 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 $ 80 $ 2,217 $ 3,889 $ 6,186 $ 41 $ 51,562 $ 57,789 $ 144 Years 2003 and 2004 251 5,036 5,536 10,823 - 88,623 99,446 - Year 2005 79 2,553 3,549 6,181 - 48,040 54,221 - Year 2006 551 2,878 7,934 11,363 176 66,864 78,403 - Years 2007, 2008 and 2009 170 2,053 14,733 16,956 - 74,590 91,546 526 Years 2010, 2011, 2012, 2013 662 1,673 10,519 12,854 141 137,749 150,744 72 Years 2014 and 2015 - 65 663 728 - 85,128 85,856 - 1,793 16,475 46,823 65,091 358 552,556 618,005 742 Non-traditional - 977 5,079 6,056 13 23,483 29,552 - Loss mitigation program 9,958 6,887 14,930 31,775 5,593 64,548 101,916 3,083 11,751 24,339 66,832 102,922 5,964 640,587 749,473 3,825 Home equity secured personal loans - - 64 64 - 346 410 - GNMA's buy-back option program - - 7,945 7,945 - - 7,945 - 11,751 24,339 74,841 110,931 5,964 640,933 757,828 3,825 Commercial Commercial secured by real estate: Corporate - - - - - 227,557 227,557 - Institutional 213 - - 213 - 33,594 33,807 - Middle market 1,174 712 9,113 10,999 1,730 194,219 206,948 - Retail 686 466 6,921 8,073 1,177 231,840 241,090 - Floor plan - - - - - 2,892 2,892 - Real estate - - - - - 16,662 16,662 - 2,073 1,178 16,034 19,285 2,907 706,764 728,956 - Other commercial and industrial: Corporate - - - - - 108,582 108,582 - Institutional - - - - 190,290 190,695 380,985 - Middle market - - - - 1,565 105,748 107,313 - Retail 282 639 604 1,525 783 75,489 77,797 - Floor plan 238 51 39 328 - 37,688 38,016 - 520 690 643 1,853 192,638 518,202 712,693 - 2,593 1,868 16,677 21,138 195,545 1,224,966 1,441,649 - December 31, 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 449 182 369 1,000 - 21,766 22,766 - Overdrafts 24 - - 24 - 166 190 - Personal lines of credit 74 - 45 119 19 2,106 2,244 - Personal loans 2,078 1,179 627 3,884 414 196,858 201,156 - Cash collateral personal loans 125 17 2 144 - 16,450 16,594 - 2,750 1,378 1,043 5,171 433 237,346 242,950 - Auto and leasing 53,566 16,898 8,293 78,757 49 590,357 669,163 - Total $ 70,660 $ 44,483 $ 100,854 $ 215,997 $ 201,991 $ 2,693,602 $ 3,111,590 $ 3,825 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 3,394 2,992 6,900 13,286 - 149,030 162,316 365 Year 2014 290 - - 290 - 41,818 42,108 - 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 During the year ended 2015, the Company changed its early delinquency reporting on mortgage loans from one scheduled payment due to two scheduled payments due in order to comply with regulatory reporting instructions and be comparable with local peers, except for troubled debt restructured loans which continue using one scheduled payment due. A t December 31, 2015 and 2014 , the Company had carrying balance of $ 334.6 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. All loans granted to Puerto Rico government were current at December 31, 2015 and 2014 . We, as part of a bank syndicate, have gra nted various extensions to the Puerto Rico Electric Power Authority (“PREPA”) and on November 5, 2015 entered into a Restructuring Support Agreement with a view towards restructuring the debt on terms that provide for full repayment of the debt to the Bank . After the first extension in the third quarter of 2014, the Company classified the credit as substandard and a troubled-debt restructuring. The Company conducted an impairment analysis considering the probability of collection 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 PREPA had sufficient cash flows for the repayment of the line of credit. Desp ite 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, based on management’s concerns regarding PREPA’s wil lingness to repay the debt. During the fourth quarter of 2015, the Company recorded an additional $ 29.3 million provision for loan and lease losses on PREPA. Since it was placed in non-accrual, interest payments have been applied to principal. Acquired Loans Acquired loans were initially measured at fair value and subsequently accounted for under either ASC 310-30 (Loans and Debt Securities Acquired with Deteriorated Credit Quality) or ASC 310-20 (Non-refundable fees and Other Costs). We have acquired l oans in two acquisitions, BBVAPR and Eurobank . Acquired BBVAPR 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 , excluding the acquired Eurobank loan 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, an d any accretion of discount or amortization of premium is discontinued. Acquired BBVAPR loans 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, renewa l or normal re-underwriting. The following table s present the aging of the recorded investment in gross acquired BBVAPR loans accounted for under ASC 310-20 as of December 31, 2015 and 2014, by class of loans : December 31, 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 $ - $ - $ 228 $ 228 $ - $ - $ 228 $ - Floor plan - - 467 467 - 2,422 2,889 - - - 695 695 - 2,422 3,117 - Other commercial and industrial Retail 186 29 178 393 - 3,331 3,724 - Floor plan - - 7 7 - 609 616 - 186 29 185 400 - 3,940 4,340 - 186 29 880 1,095 - 6,362 7,457 - Consumer Credit cards 930 384 489 1,803 - 33,414 35,217 - Personal loans 14 29 46 89 - 3,079 3,168 - 944 413 535 1,892 - 36,493 38,385 - Auto 7,553 2,279 831 10,663 - 96,248 106,911 - Total $ 8,683 $ 2,721 $ 2,246 $ 13,650 $ - $ 139,103 $ 152,753 $ - 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 BBVAPR Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) Acquired BBVAPR loans, except for credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium, are accounted for by the Company in accordance with ASC 310-30. The carrying amount corresponding to acquired BBVAPR loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at December 31, 2015 and 2014 is as follows: December 31, 2015 2014 (In thousands) Contractual required payments receivable $1,945,098 $2,394,378 Less: Non-accretable discount $434,190 $456,627 Cash expected to be collected 1,510,908 1,937,751 Less: Accretable yield 361,688 445,946 Carrying amount, gross 1,149,220 1,491,805 Less: allowance for loan and lease losses 25,785 13,481 Carrying amount, net $1,123,435 $1,478,324 At December 31, 2015 and 2014, the Company had $ 80.9 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 acquired BBVAPR loans accounted for under ASC 310-30. This entire amount was current at December 31, 2015 and 2014 . The following tables describe the accretable yield and non- accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the years ended December 31 , 2015 , 2014 Year Ended December 31, 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 (34,842) (39,268) (10,161) (23,463) (4,379) (112,113) Change in expected cash flows - 6,130 2,402 - (1) 8,531 Transfer (to) from non-accretable discount 5,272 17,353 1,545 (8,957) 4,111 19,324 Balance at end of period $ 268,794 $ 45,411 $ 19,615 $ 21,578 $ 6,290 $ 361,688 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 (9,795) 6,065 4,823 (3,133) (1,073) (3,113) Transfer from (to) accretable yield (5,272) (17,353) (1,545) 8,957 (4,111) (19,324) Balance at end of period $ 374,772 $ 11,781 $ 6,764 $ 22,039 $ 18,834 $ 434,190 Year Ended December 31, 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 (37,612) (49,039) (21,894) (39,023) (5,968) (153,536) Transfer (to) from non-accretable discount 48,135 14,096 4,730 15,176 (208) 81,929 Balance at end of period $ 298,364 $ 61,196 $ 25,829 $ 53,998 $ 6,559 $ 445,946 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 (25,192) (5,350) 2,365 (8,254) (4,600) (41,031) Transfer from (to) accretable yield (48,135) (14,096) (4,730) (15,176) 208 (81,929) Balance at end of period $ 389,839 $ 23,069 $ 3,486 $ 16,215 $ 24,018 $ 456,627 Year Ended December 31, 2013 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 328,243 145,173 30,802 126,803 24,812 655,833 Accretion (42,740) (59,998) (29,557) (55,255) (11,628) (199,178) Transfer (to) from non-accretable discount 2,338 10,964 41,748 6,297 (449) 60,898 Balance at end of period $ 287,841 96,139 42,993 77,845 12,735 517,553 Non-Accretable Discount Activity: Balance at beginning of period $ 502,857 60,275 62,803 55,733 32,794 714,462 Change in actual and expected losses (37,353) (6,796) (15,204) (9,791) (4,833) (73,977) Transfer from (to) accretable yield (2,338) (10,964) (41,748) (6,297) 449 (60,898) Balance at end of period $ 463,166 42,515 5,851 39,645 28,410 579,587 Acquired Eurobank Loans The carrying amount of acquired Eurobank loans at December 31, 2015 and 2014 is as follows: December 31 2015 2014 (In thousands) Contractual required payments receivable $ 342,511 $ 535,425 Less: Non-accretable discount 21,156 62,410 Cash expected to be collected 321,355 473,015 Less: Accretable yield 84,391 109,859 Carrying amount, gross 236,964 363,156 Less: Allowance for loan and lease losses 90,178 64,245 Carrying amount, net $ 146,786 $ 298,911 The following tables describe the accretable yield and non- a ccretable discount activity of acquired Eurobank loans for the years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 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 $ 37,920 $ 20,753 $ 2,479 $ 1,071 $ 109,859 Accretion (13,685) (32,124) (2,513) (3,458) (631) (52,411) Change in expected cash flows 4,631 44,660 (15,048) (51) 305 34,497 Transfer from (to) non-accretable discount 13,372 (23,486) (937) 1,030 2,467 (7,554) Balance at end of period $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Non-Accretable Discount Activity: Balance at beginning of period $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Change in actual and expected losses (1,107) (47,950) (937) 1,030 156 (48,808) Transfer from (to) accretable yield (13,372) 23,486 937 (1,030) (2,467) 7,554 Balance at end of period $ 12,869 $ - $ - $ - $ 8,287 $ 21,156 Year Ended December 31, 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 (15,731) (57,099) (4,102) (9,837) (2,200) (88,969) Transfer from (to) non-accretable discount 10,117 (74) 23,165 2,078 583 35,869 Balance at end of period $ 47,636 $ 37,920 $ 20,753 $ 2,479 $ 1,071 $ 109,859 Non-Accretable Discount Activity: Balance at beginning of period $ 39,182 $ 81,092 $ - $ - $ 9,203 $ 129,477 Change in actual and expected losses (1,717) (56,702) 23,165 2,078 1,978 (31,198) Transfer (to) from accretable yield (10,117) 74 (23,165) (2,078) (583) (35,869) Balance at end of period $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Year Ended December 31, 2013 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 $ 57,569 $ 103,591 $ 7,380 $ 16,916 $ 2,552 $ 188,008 Accretion (18,784) (54,821) (3,715) (13,402) (1,047) (91,769) Change in Expected Cash Flows (12,328) 14,743 (2,514) 625 (526) - Transfer from (to) non-accretable discount 26,793 31,580 539 6,099 1,709 66,720 Balance at end of period $ 53,250 $ 95,093 $ 1,690 $ 10,238 $ 2,688 $ 162,959 Non-Accretable Discount Activity: Balance at beginning of period $ 66,021 $ 154,185 $ - $ 6,345 $ 11,004 $ 237,555 Change in actual and expected losses (46) (41,513) 539 (246) (92) (41,358) Transfer (to) from accretable yield (26,793) (31,580) (539) (6,099) (1,709) (66,720) Balance at end of period $ 39,182 $ 81,092 $ - $ - $ 9,203 $ 129,477 Non-accrual Loans The following table presents the recorded investment in loans in non-accrual status by clas s of loans as of December 31, 2015 and 2014 : December 31, 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 $ 3,786 $ 4,427 Years 2003 and 2004 5,737 7,042 Year 2005 3,627 4,585 Year 2006 8,189 9,274 Years 2007, 2008 and 2009 14,625 8,579 Years 2010, 2011, 2012, 2013 10,588 7,365 Years 2014 and 2015 663 - 47,215 41,272 Non-traditional 5,092 3,224 Loss mitigation program 20,172 20,934 72,479 65,430 Home equity loans, secured personal loans 64 - 72,543 65,430 Commercial Commercial secured by real estate Middle market 12,729 9,534 Retail 8,726 9,000 21,455 18,534 Other commercial and industrial Institutional 190,290 - Middle market 1,565 618 Retail 1,932 2,527 Floor plan 39 - 193,826 3,145 215,281 21,679 Consumer Credit cards 369 375 Personal lines of credit 100 110 Personal loans 1,146 1,092 Cash collateral personal loans 16 13 1,631 1,590 Auto and leasing 8,418 8,668 Total non-accrual originated loans $ 297,873 $ 97,367 December 31, December 31, 2015 2014 (In thousands) Acquired BBVAPR loans accounted for under ASC 310-20 Commercial Commercial secured by real estate Retail $ 228 $ 351 Floor plan 467 407 695 758 Other commercial and industrial Retail 178 195 Floor plan 7 234 185 429 880 1,187 Consumer Credit cards 489 1,399 Personal loans 46 77 535 1,476 Auto 831 1,512 Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20 2,246 4,175 Total non-accrual loans $ 300,119 $ 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 or are accounted under the cost recovery method. 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 loans are included as non-performing loans but excluded from non-accrual loans. During the first quarter of 2015, the r evolving line of credit to PREPA was classified as non-accrual. At December 31 , 2015 , this line of credit had an unpaid principal balance of $ 190.3 million. Starting with the second quarter of 2015, interest payments received were applied to principal. A s of December 31 , 2015 , the specific reserve was $ 53.3 million. At December 31, 2015 and 2014 , loans whose terms have been extended and w hich are classified as troubled- debt restructuring s that are not included in non-accrual loans amounted to $ 93.6 mil lion and $ 274 .4 million, respectively, as they are performing under their new terms. At December 31, 2014, the balance included 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 $235.8 million and $ 236.9 million at December 31, 2015 and 2014 , respectively. Impaired commercial loans at December 31, 2015 and 2014 included the PREPA line of credit with an unpaid principal balance of $190.3 million and $ 200.0 million , respectively . The PREPA line of credit was classified as a troubled-debt restructuring during 2014. 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 $55.9 million and $841 thousand at December 31, 2015 and 2014 , respective ly. The valuation allowance for impaired commercial loans at December 31, 2015 includes $53.3 million of specific allowance for PREPA recorded during 2015.T he total investment in impaired mortgage loans was $90.0 million and $94.2 million at December 31, 2 015 and 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 amounted to $9.2 million and $9.0 million at December 31, 2015 and 2014 , respectively. O riginated and Other Loans and L eases Held for Investment T he Company ’s recorded investment in 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 December 31, 2015 and 2014 are as follows : December 31, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 210,718 $ 199,366 $ 55,947 13% Residential impaired and troubled-debt restructuring 97,424 89,973 9,233 9% Impaired loans with no specific allowance: Commercial 42,110 35,928 N/A N/A Total investment in impaired loans $ 350,252 $ 325,267 $ 65,180 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 impaired and 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 BBVAPR Loans Loans Accounted for under ASC 310- 20 (Loans with revolving feature and/or acquired at a premium) T he Company’s recorded investment in acquired BBVAPR commercial loans accounted for under ASC 310-20 that were individually evaluated for impairment and the related allowance for loan and lease losses at December 31, 2015 and 2014 are as follows: December 31, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 486 $ 474 N/A N/A Total investment in impaired loans $ 486 $ 474 $ - - 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 $ - - Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) T he Company ’s recorded investment in acquired BBVAPR loan pools accounted for under ASC 310-30 that have recorded impairments and their related allowance for loan and lease losses at December 31, 2015 and 2014 are as follows : December 31, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 608,294 $ 608,294 $ 1,761 0% Commercial 287,311 168,107 15,455 9% Construction 88,180 87,983 5,707 6% Auto 153,592 153,592 2,862 2% Total investment in impaired loan pools $ 1,137,377 $ 1,017,976 $ 25,785 3% December 31 , 2014 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: 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 loan pools $ 415,826 $ 369,258 $ 13,481 4% The tables above only present information with respect to acquired BBVAPR loans and loan 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. The decrease in commercial loan pools from December 31, 2014 to December 31 , 2015 was mostly caused by the sale of covered commercial loans during the third quarter of 2015. As of December 31 , 2015 , the Company elimin ated the specific allowance of $5 thousand maintained on impaired acquired BBVAPR 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 December 31 , 2015 was caused by the establishment of a specific reserve with respect to impaired mortgage and auto loan pools that were required bas ed on the net present value of the cash flows expected to be collected. Acquired Eurobank Loans T he Company ’s recorded investment in acquired Eurobank loan pools that have recorded impairment s and the ir related allowance for loan and lease losses as of December 31, 2015 and 2014 are as follows : December 31, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Loans secured by 1-4 family residential properties $ 101,444 $ 92,273 $ 22,570 24% Commercial and construction 133,148 142,377 67,365 47% Consumer 6,713 2,314 243 11% Total |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2015 | |
Loans Receivable [Abstract] | |
Allowance For Credit Losses Text Block | NOTE 6 – ALLOWANCE FOR LOAN AND LEASE LOSSES The composition of the Company’s allowance for loan and lease losses at December 31, 2015 and 2014 was as follows : December 31, December 31, 2015 2014 (In thousands) Allowance for loans and lease losses on non-acquired loans: Originated and other loans and leases held for investment: Mortgage $ 18,352 $ 19,679 Commercial 64,791 8,432 Consumer 11,197 9,072 Auto and leasing 18,261 14,255 Unallocated 25 1 Total allowance for originated and other loans and lease losses 112,626 51,439 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 26 65 Consumer 3,429 1,211 Auto 2,087 3,321 5,542 4,597 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 1,678 - Commercial 21,161 13,476 Consumer 84 5 Auto 2,862 - 25,785 13,481 Total allowance for acquired BBVAPR loans and lease losses 143,953 69,517 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 32,624 15,522 Commercial and other construction 57,187 48,334 Consumer 367 389 Total allowance for acquired Eurobank loan and lease losses 90,178 64,245 Total allowance for loan and lease losses $ 234,131 $ 133,762 The Company maintains an allowance for loan and lease losses at a level that management considers adequate to provide for probable losses based upon an evaluation of known and inherent risks. The Company’s allowance for loan and lease losses policy provides for a detailed quarterly analysis of probable losses. The analysis includes a review of historical loan loss experience, value of underlying collateral, current economic conditions, financial condition of borrowers and other pertinent factors. Whi le 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 loan s accounted for under ASC 310-30, there is deterioration in credit quality subsequent to acquisition, and (ii) for loans accounted for under ASC 310-20, the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisiti on. As part of the Company’s continuous enhancement to the allowance for loan and lease losses methodology, during the year 2015 the following assumptions were reviewed: An assessment of the look-back period and historical loss factor was performed for all portfolio segments. The analysis was based on the trends observed and their relation with the economic cycle as of the period of the analysis. As a result, for the commercial portfolio, the look-back period was changed to 36 months from the previous ly determined 12 months. For auto, leasing and consumer, a look- back period of 24 months was maintained. The residential mortgages portfolio, was evaluated during the fourth quarter of 2015. For this portfolio, a 12-month look- back period was maintained a s management concluded that given the charge off evolution, a shorter period of losses is more representative of the recent trends and more accurate in predicting future losses. During the quarter ended June 30, 2015, an annual assessment of environmental factors was performed for commercial, 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 im pact, due to recent economic developments, changes in values of collateral and delinquencies, among others. During fourth quarter the loss realization period was revised to 1.60 years for commercial real estate, other portfolios remained at 1 year. The se changes in the allowance for loan and lease losses’ look- back period and loss emergence period for the commercial portfolios are considered a change in accounting estimate as per ASC 250-10 provisions, where adjustments are made prospectively. Allowanc e for Originated and Other Loan and Lease Losses Held for Investment The following tables present s the activity in our allowance for loan and lease losses and the related recorded investment of the originated and other loans held for investment portfolio by segment for the periods indicated: Year Ended December 31, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Charge-offs (5,397) (5,546) (8,683) (33,375) - (53,001) Recoveries 391 432 871 13,158 - 14,852 Provision for originated and other loans and lease losses 3,679 61,473 9,937 24,223 24 99,336 Balance at end of year $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Year Ended December 31, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 19,937 $ 14,897 $ 6,006 $ 7,866 $ 375 $ 49,081 Charge-offs (5,011) (2,424) (5,782) (26,041) - (39,258) Recoveries 428 333 570 8,858 - 10,189 Provision (recapture) for originated and other loans and lease losses 4,325 (4,374) 8,278 23,572 (374) 31,427 Balance at end of period $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Year Ended December 31, 2013 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of period $ 21,092 $ 17,072 $ 856 $ 533 $ 368 $ 39,921 Charge-offs (36,566) (5,889) (1,485) (4,601) - (48,541) Recoveries 6 383 165 1,568 - 2,122 Provision for originated and other loans and lease losses 35,405 3,331 6,470 10,366 7 55,579 Balance at end of period $ 19,937 $ 14,897 $ 6,006 $ 7,866 $ 375 $ 49,081 December 31, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 9,233 $ 55,947 $ - $ - $ - $ 65,180 Collectively evaluated for impairment 9,119 8,844 11,197 18,261 25 47,446 Total ending allowance balance $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Loans: Individually evaluated for impairment $ 89,973 $ 235,294 $ - $ - $ - $ 325,267 Collectively evaluated for impairment 667,855 1,206,355 242,950 669,163 - 2,786,323 Total ending loan balance $ 757,828 $ 1,441,649 $ 242,950 $ 669,163 $ - $ 3,111,590 December 31, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on 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 Allowance for BBVAPR Acquired Loan Losses Loans accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) The following tables present the activity in our allowance for loan losses and related recorded investment of the associated loans in our BBVAPR acquired loan portfolio, excluding loans accounted for under ASC 310-30, for the periods indicated : Year Ended December 31, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Charge-offs (42) (4,755) (4,548) - (9,345) Recoveries 31 680 2,110 - 2,821 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 (28) 6,293 1,204 - 7,469 Balance at end of year $ 26 $ 3,429 $ 2,087 $ - $ 5,542 Year Ended December 31, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 926 $ - $ 1,428 $ - $ 2,354 Charge-offs (532) (6,902) (6,011) - (13,445) Recoveries 73 531 2,169 - 2,773 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 (402) 7,582 5,735 - 12,915 Balance at end of year $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Year Ended December 31, 2013 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ - $ - $ - $ - $ - Charge-offs (25) (5,530) (5,650) - (11,205) Recoveries 9 1,035 3,398 - 4,442 Provision for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 942 4,495 3,680 - 9,117 Balance at end of year $ 926 $ - $ 1,428 $ - $ 2,354 December 31, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Collectively evaluated for impairment $ 26 $ 3,429 $ 2,087 $ - $ 5,542 Total ending allowance balance $ 26 $ 3,429 $ 2,087 $ - $ 5,542 Loans: Individually evaluated for impairment $ 474 $ - $ - $ - $ 474 Collectively evaluated for impairment 6,983 38,385 106,911 - 152,279 Total ending loan balance $ 7,457 $ 38,385 $ 106,911 $ - $ 152,753 December 31, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR 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 Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) The following tables present the activity in our allowance for loan losses and related recorded investment of the acquired BBVAPR loan portfolio accounted for under ASC 310-30, for the periods indicated : Year Ended December 31, 2015 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ - $ 13,476 $ 5 $ - $ 13,481 Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 1,678 12,037 79 2,862 16,656 Loan pools fully charged-off - (4,352) - - (4,352) Balance at end of year $ 1,678 $ 21,161 $ 84 $ 2,862 $ 25,785 Year Ended December 31, 2014 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ - $ 1,713 $ 418 $ 732 $ 2,863 Provision (recapture) for BBVAPR loans and lease losses accounted for under ASC 310-30 - 11,763 (413) (732) 10,618 Balance at end of year $ - $ 13,476 $ 5 $ - $ 13,481 Year Ended December 31, 2013 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ - - - - - Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 - 1,713 418 732 2,863 Balance at end of year $ - $ 1,713 $ 418 $ 732 $ 2,863 Allowance for Acquired Eurobank Loan Losses For loans accounted for under ASC 310- 30 , 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 tr ends are assessed at the pool level, by comparing information from the latest evaluation period through the end of the reporting period. The changes in the allowance for loan and lease losses on acquired Eurobank loans for the years ended D ecember 31, 2015, 2014 and 2013 were as follows: Year Ended December 31, 2015 Loans Secured by 1-4 Family Residential Properties Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 15,523 $ 48,333 $ 389 $ - $ 64,245 Provision for acquired Eurobank loans and lease losses, net 17,718 $ 20,043 279 - 38,040 Loan pools fully charged-off (722) (13,587) (301) - (14,610) FDIC shared-loss portion of provision for loan and lease losses, net 105 2,398 - - 2,503 Balance at end of year $ 32,624 $ 57,187 $ 367 $ - $ 90,178 Year Ended December 31, 2014 Mortgage Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 12,495 $ 39,619 $ 615 $ - $ 52,729 Provision for (recapture of) acquired Eurobank loans and lease losses, net 2,144 3,717 (181) - 5,680 FDIC shared-loss portion of provision for loan and lease losses, net 884 4,997 (45) - 5,836 Balance at end of year $ 15,523 $ 48,333 $ 389 $ - $ 64,245 Year Ended December 31, 2013 Mortgage Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for Eurobank loans: Balance at beginning of year $ 4,986 $ 48,460 $ 678 $ - $ 54,124 Provision for Eurobank loans and lease losses, net 9,461 (4,110) (16) - 5,335 FDIC shared-loss portion of provision for Eurobank loans and lease losses, net (1,952) (4,731) (47) - (6,730) Balance at end of year $ 12,495 $ 39,619 $ 615 $ - $ 52,729 The FDIC shared-loss portion of provision for acquired Eurobank loans and lease losses, net, represents the credit impairment losses to be covered under the FDIC loss-share agreement which is increasing the FDIC loss-share indemnification asset. The FDIC loss sharing obligations, related to commercial and other-non single family acquired Eurobank loans expired on June 30, 2015. The coverage for the single family residential loans will expire on June 30, 2020 . The remaining covered loans are includ ed as part of acquired Eurobank loans under the name "loans secured by 1-4 family residential properties." At December 31, 2015 and 2014 , allowance for loan losses on loans covered by the FDIC shared-loss agreement amounted $ 32. 6 million and $ 64.3 million, respectively, the provision for covered loan and lease losses for the year s ended December 31, 2015 , 2014, and 2013 was $ 1 7.7 million and $ 5.7 million , and $ 5.3 million , respectively. |
FDIC Indemnification Asset and
FDIC Indemnification Asset and True-up Payment Obligation | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
FDIC Indemnification Asset and True-up Payment Obligation [Text Block] | NOTE 7 - FDIC INDEMNIFICATION ASSET, TRUE-UP PAYMENT OBLIGATION, AND FDIC SHARED-LOSS EXPENSE 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 o ther 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 te rm of the shared-loss agreement covering commercial loans is five years with respect to losses and eight years with respect to loss recoveries, from the April 30, 2010 acquisition date. The coverage under the commercial shared-loss agreement expired on June 30, 2015. The shared-loss agreements also provide for certain costs directly rel ated 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 years ended D ecember 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (In thousands) FDIC indemnification asset: Balance at beginning of year $ 97,378 $ 189,240 $ 302,295 Shared-loss agreements reimbursements from the FDIC (55,723) (47,666) (47,100) Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net 2,503 5,836 (6,730) FDIC indemnification asset expense (36,398) (62,285) (66,253) Final settlement with the FDIC on commercial loans (1,589) - - Incurred expenses to be reimbursed under shared-loss agreements 16,428 12,253 7,028 Balance at end of year $ 22,599 $ 97,378 $ 189,240 True-up payment obligation: Balance at beginning of year $ 21,981 $ 18,510 $ 15,496 Change in true-up payment obligation 2,677 3,471 3,014 Balance at end of year $ 24,658 $ 21,981 $ 18,510 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 expectations 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 collections throughout the remaining life of the underlying pools. This amortization is recognized in the FDIC shared-loss expense. The underlying factor s that caused an increase in the expected cash flows and resulting reduction in projected losses are derived 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 de faults, recoveries and losses of the corresponding pool of covered loans. The FDIC loss-share coverage for the commercial loans was in effect until June 30, 2015. Accordingly, the Company amortized the remaining portion of the FDIC indemnification asset attributable to non-single family loans at the close of the second quarter of 2015. At December 31, 2015, the Company had no receivable s from the FDIC, included in other assets in the statements of financial condition, corresponding to the loss-share certi fications for commercial and other non-single family loans. At December 31, 2015, the FDIC indemnification asset reflects only the balance for single family residential mortgage loans. Notwithstanding the expiration of loss - share coverage of non-single fam ily loans, on July 2, 2015, the Company entered into an agreement with the FDIC pursuant to which the FDIC agreed with a p otential sale of a pool of loss- share assets covered under the commercial loss - shar ing agreement. Pursuant to such agreement, the FDIC agreed to pay up to $20 million in loss share coverage with respect to the aggregate loss resulting from any portfolio sale within 120 days of the agreement. This sale was completed on September 28, 2015 and payment was received in December 2015 . T he Company have owed payments to the FDIC for the recovery of prior claims. At December 31, 2015, the liability for these payments amounted to $ 2.1 million and is recorded in other liabilities in the consolidated statements of financial condition until cas h is paid to the FDIC. There was no liability at December 31, 2014. The FDIC indemnification asset expense decreased t o $36.4 million for 2015 when compared to $62.3 million for 2014, and $66.3 million for 2013. The reduction in 2015 when compared to 201 4 was principally driven by the expiration of the FDIC loss share coverage for commercial loans and other non-single family loans. During the years ended December 31, 2015, 2014 and 2013, the amortization expense totaled $ 2.5 million, $ 2.8 million, and $ 1 1.1 million, respecti vely, primarily as a result of 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 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 discount (per bid) (or $227.5 million); plus (B) 25% of the cumulative shared-loss payments (defined as the aggregate of all of the payments made or payable to the Bank minus the aggregate of all of the pay ments 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 estimated liability is included within accrued expenses and other liabilities in the consolidated statements of financial condition. This true-up payment obligation may increase if actual and expected losses decline. The Company measures the true-up payment obligation at fair value. The 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. The following table provides the fair value and the undiscounted amount of the true-up payment obligation at December 2015 and 2014 : 2.1 December 31, 2015 2014 (In thousands) Carrying amount (fair value) $ 24,658 $ 21,981 Undiscounted amount $ 34,956 $ 40,266 In connection with the FDIC- assisted acquisition, the Company recognized an FDIC shared-loss expense, net in the consolidated statements of operations, which consists of the following, for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (In thousands) FDIC indemnification asset expense $ (36,398) $ (62,285) $ (66,253) Change in true-up payment obligation (2,677) (3,471) (3,014) Reimbursement to FDIC for recoveries (2,144) - - Final settlement with the FDIC on commercial loans (1,589) - - Total FDIC shared-loss expense, net (42,808) $ (65,756) $ (69,267) |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment Abstract | |
Property Plant And Equipment Disclosure Text Block | NOTE 8 — PREMISES AND EQUIPMENT Premises and equipment at December 31, 2015 and 2014 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, (Years) 2015 2014 (In thousands) Land — $ 5,638 $ 5,680 Buildings and improvements 40 64,392 65,430 Leasehold improvements 5 — 10 20,166 23,000 Furniture and fixtures 3 — 7 13,656 12,739 Information technology and other 3 — 7 23,226 26,422 127,078 133,271 Less: accumulated depreciation and amortization (52,488) (52,672) $ 74,590 $ 80,599 Depreciation and amortization of premises and equipment totaled $ 11.1 million in 2015 , $ 10.2 million in 2014 and $ 10 . 3 million in 201 3 . These are included in the consolidated statements of operations as part of occupancy and equipment expenses. |
Servicing Assets
Servicing Assets | 12 Months Ended |
Dec. 31, 2015 | |
TransfersAndServicingAbstract | |
TransfersAndServicingOfFinancialAssetsTextBlock | NOTE 9 - 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 December 31 , 2015 , the servicing asset amounted to $7.5 million ($14 .0 million — December 31 , 2014 ) related to mortgage servicing rights. During 2015, the Company completed the sale of certain servicing assets for approximately $ 7.0 million. T he Company recognized a loss of $ 2.7 million related to this transaction, which is included as other non-interest (loss) income in the consolidated statements of operations. The following table presents the changes in servicing rights measured using the fair value method for years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 (In thousands) (In thousands) Fair value at beginning of year $ 13,992 $ 13,801 $ 10,795 Sale of mortgage servicing rights (MSR) (5,927) - - Servicing from mortgage securitizations or asset transfers 2,620 2,149 3,177 Changes due to payments on loans (1,017) (1,072) (950) Changes in fair value related to price of MSR's held for sale (2,939) - - Changes in fair value due to changes in valuation model inputs or assumptions 726 (886) 779 Fair value at end of year $ 7,455 $ 13,992 $ 13,801 The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the year ended 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Constant prepayment rate 5.23% - 15.24% 4.16% - 13.98% 5.78% - 14.33% Discount rate 10.00% - 12.00% 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 : December 31, 2015 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 7,455 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (202) Decrease in fair value due to 20% adverse change $ (394) Discount rate Decrease in fair value due to 10% adverse change $ (307) Decrease in fair value due to 20% adverse change $ (592) 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 cha nges 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 st atements 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 prep ayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Servicing fee income is based on a con tractual percentage of the outstanding principal balance and is recorded as income when earned . Serv icing fees on mortgage loans for the years ended 2015, 2014 and 2013 totaled $ 4.8 million, $ 6.3 million and $ 5.5 million , respectively |
Derivative Activities
Derivative Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Activities [Abstract] | |
Derivative Acitivities | NOTE 10 — DERIVATIVE S The following table presents the Company’s derivative assets and liabilities at December 31, 2015 and 2014 : December 31, December 31, 2015 2014 (In thousands) Derivative assets: Options tied to S&P 500 Index $ 1,170 $ 5,555 Interest rate swaps not designated as hedges 1,819 2,399 Interest rate caps 32 152 Other 4 1 $ 3,025 $ 8,107 Derivative liabilities: Interest rate swaps designated as cash flow hedges 4,307 8,585 Interest rate swaps not designated as hedges 1,819 2,399 Interest rate caps 32 152 Other 4 85 $ 6,162 $ 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 December 31, 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 37,982 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 262,982 An accumulated unrealized loss of $ 4.3 million was recognized in accumulated other comprehensive income (loss) related to the valuation of these swaps at December 31, 2015 , and the related liability is being reflected in the accompanying consolidated statements of financial condition. At December 31, 2015 and 2014 , interest rate swaps not designated as hedging instruments that were offered to clients represented an asset of $1.8 million and $ 2.4 million, respectively, and were included as part of derivative assets in the consolidated statements of financial position. The credit risk to these clients stemming from these derivatives, if any, is not material. At December 31, 2015 and 20 14 , interest rate swaps not designated as hedging instruments that are the mirror-images of the derivatives offered to clients represented a liability of $1.8 million and $2.4 million , respectively, and were included as part of derivative liabilities in th e consolidated statements of financial condition. T he following table shows a summary of these interest rate swaps not designated as hedging instruments and their terms at December 31, 2015 : Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 3,774 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,274 Interest Rate Swaps - Mirror Image Derivatives $ 3,774 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,274 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 pre m ium. The changes in fair value of the option agreements used to manag e the exposure in the stock market in the certificates of deposit are recorded in earnings. At December 31, 2015 and 2014 , the purchased options used to manage exposure to the S&P 500 Index on stock indexed deposits represented an asset of $1.2 million (no tional amount of $ 3.4 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 consolidated statements of financial condition, repr esented a liability of $ 1.1 million (notional amount of $ 3.2 million) and $ 5.5 million (notional amount of $ 10.5 million), respectively . At December 31, 2015, the notional amount by expiration date is as follows: . At December 31, 2015, the notional amount by expiration date is as follows: Derivative asset Derivative liability (S&P purchased (S&P embedded Year Ended December 31, options) options) (In thousands) (In thousands) 2016 3,375 3,152 $ 3,375 $ 3,152 Interest Rate C aps 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. T he outstanding total notional amount of interest rate caps was $ 109.8 million and $ 11 0. 0 million at December 31, 2015 and 2014 respectively. At December 31, 2015 and 2014 the interest rate caps sold to clients represented a liability of $32 thousand and $152 thousand, respectively, and were included as part of derivative liabilities in the consolidated statements of financial condition. At December 31, 2015 and 2014, the interest rate caps purchased as mirror-images represented an asset of $32 thousand and $152 thousand , respectively, and were included as par t of derivative assets in the c onsolidated statements of financial condition. |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Interest Receivable And Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | NOTE 11 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSET S Accrued interest receivable at December 31, 2015 and 2014 consists of the following: December 31, 2015 2014 (In thousands) Loans, excluding acquired loans $ 16,020 $ 17,005 Investments 4,617 4,340 $ 20,637 $ 21,345 Other assets at December 31, 2015 and 2014 consist of the following : December 31, 2015 2014 (In thousands) FDIC receivable $ - $ 14,974 Prepaid expenses 11,762 16,018 Other repossessed assets 6,226 21,800 Core deposit and customer relationship intangibles 7,838 9,743 Mortgage tax credits 6,277 6,277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 42,786 38,830 $ 75,972 $ 108,725 At December 31, 2014, the FDIC 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. No FDIC receivable was recorded at December 31, 2015. Prepaid expenses amounting to $11.8 million and $16.0 million at D ecember 31, 2015 and 2014 , respectively, include prepaid municipal, property and income taxes aggregating to $ 7.0 million and $ 9.6 million , respectively . In connection with the FDIC-assiste d acquisi tion and the BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At D ecember 31, 2015 and 2014 this core deposit intangible amounted to $ 5.3 million and $ 6.5 million, respectively . In ad dition, the Company recorded a customer relationship intangible representing the value of customer relationships acquired with the acquisition of the securities broker-dealer and insurance agency in the BBVAPR Acquisition. At D ecember 3 1, 2015 and 2014 , this customer relationship intangible amounted to $ 2.5 million and $ 3 .3 million, respectively. Other repossessed assets totaled $ 6.2 million and $21.8 million at December 31, 2015 and 2014, respectively, include repossessed automobiles a mounting to $ 5.5 million and $ 20.7 million , respectively, which are recorded at their net realizable value. At D ecember 31, 2015 and 2014, tax credits for the Company totaled $6.3 million for both periods . These tax credits do not have an expiration date . |
Deposits and Related Interest
Deposits and Related Interest | 12 Months Ended |
Dec. 31, 2015 | |
Deposits and Related Interest [Abstract] | |
Deposit and Related Interest | NOTE 12 — DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2015 and 2014 consist of the following: December 31, 2015 2014 (In thousands) Non-interest bearing demand deposits $ 761,117 $ 745,142 Interest-bearing savings and demand deposits 2,208,180 2,544,665 Individual retirement accounts 268,799 303,049 Retail certificates of deposit 441,998 452,150 Institutional certificates of deposit 253,791 260,090 Total core deposits 3,933,885 4,305,096 Brokered deposits 782,974 619,310 Total deposits $ 4,716,859 $ 4,924,406 Brokered deposits include $ 711.4 million in certificates of deposits and $ 71.6 million in money market accounts at December 31, 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. 57 % and 0 .66 % at December 31, 2015, and 2014 respectively, inclusive of non-interest bearing deposits of $761.1 million and $745.1 million, respectively. Interest expense for years ended Dec ember 31, 2015, 2014 and 2013 was as follows : Year Ended December 31, 2015 2014 2013 (In thousands) Demand and savings deposits $ 12,414 $ 17,724 $ 22,498 Certificates of deposit 14,620 16,230 18,479 $ 27,034 $ 33,954 $ 40,977 At December 31, 2015 and 2014, demand and interest-bearing deposits and certificates of deposit included deposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $ 103.7 million and $ 96.8 million, respectively, with a weighted average rate of 0.77 % and 0.78 %, and , as required pursuant to an OCFI ruling, were collateralized with investment securities with a fair value of $ 81.6 million and $ 76.3 million, respectively. At December 31, 2015 and 2014, time deposits in denominations of $100 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 597.6 million and $ 608.1 million , respectively. Such amounts include public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $ 7 .7 million and $ 6.9 million at a weighted average rate of 0.49 % and 0.50 % at December 31, 2015 and 2014 , respectively . At December 31, 2015 and 2014 , total public fund deposits from various Puerto Rico government municipalities, agencies, and corporations amounted to $ 99.0 million and $ 3 18 .5 million, respectively. These public funds were collateralized with commercial loans amounting to $ 410.9 million at Dec ember 31, 2015 and with investment securities with a fair value of $ 97.8 million at such date, and commercial loans amounting to $ 414.5 million at December 31, 2014 Excluding equity indexed options in the amount of $ 1.1 million, which are used by the Company to manage its exposure to the S&P 500 Index, and also excluding accrued interest of $ 1.5 million and unamortized deposit discount in the amount of $ 311 thousand, the scheduled maturities of certificates of deposit at December 31, 2015 are as follows: December 31, 2015 (In thousands) Within one year: Three (3) months or less $ 474,051 Over 3 months through 1 year 501,551 975,602 Over 1 through 2 years 454,906 Over 2 through 3 years 176,406 Over 3 through 4 years 32,396 Over 4 through 5 years 33,715 $ 1,673,025 The table of scheduled maturities of certificates of deposits above includes brokered- deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $ 1.5 million and $ 845 thousand as of December 31, 2015 and 2014 , respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 13 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At December 31, 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 December 31, 2015 and 2014, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $ 2.2 million and $ 2.3 million, respectively , were as follows: 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 262,500 283,483 307,816 328,198 Credit Suisse Securities (USA) LLC 670,000 737,887 670,000 760,327 Total $ 932,500 $ 1,021,370 $ 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 $2.2 million, at December 31, 2015: Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2016 170,000 1.500% 12/6/2012 12/8/2016 232,500 0.950% 12/10/2012 9/30/2016 30,000 0.700% 12/3/2015 1/5/2016 2017 500,000 4.780% 3/2/2007 3/2/2017 $ 932,500 3.100% 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 December 31, 2015 and 2014. There was no cash collateral at December 31, 2015 and 2014 . December 31, 2015 Market Value of Underlying Collateral Weighted FNMA and US Treasury Repurchase Average FHLMC GNMA Treasury Liability Rate Certificates Certificates Notes Total (Dollars in thousands) Less than 90 days 30,000 0.70% 31,961 - - 31,961 Over 90 days 902,500 3.18% 974,698 2,131 12,580 989,409 Total $ 932,500 3.10% $ 1,006,659 $ 2,131 $ 12,580 $ 1,021,370 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 2.89% $ 1,087,272 $ 1,253 $ 1,088,525 The following summarizes significant data on securities sold under agreements to repurchase as of December 31, 2015 and 2014, excluding accrued interest: December 31, 2015 2014 (In thousands) Average daily aggregate balance outstanding $ 1,012,756 $ 1,041,378 Maximum outstanding balance at any month-end $ 1,158,945 $ 1,149,167 Weighted average interest rate during the year 2.92% 2.85% Weighted average interest rate at year end 3.10% 2.95% 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 D ecember 31, 2015 and 2014, these advances were secured by mortgage and commercial loans amounting to $ 1. 3 billion and $ 1. 2 billion, respectively. Also, at December 31, 2015 and 2014, the Company had an additional borrowing capacity with the FHLB-NY of $ 770.6 million and $ 606.6 million, respectively. At De cember 31, 2015 and 2014, the weighted average remaining maturity of FHLB’ s advances was 6.3 months and 8.8 months , respectively. The original terms of these advances range between one month and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of December 31, 2015 . The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $ 3 62 thousand , at December 31, 2015 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2016 $ 25,000 0.56% 12/4/2015 1/4/2016 50,000 0.66% 12/10/2015 1/11/2016 100,000 0.64% 12/16/2015 1/19/2016 25,000 0.59% 12/24/2015 1/25/2016 25,000 0.53% 12/30/2015 1/29/2016 37,982 0.49% 12/1/2015 1/4/2016 262,982 2017 4,267 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 9,865 2.59% 7/19/2013 7/20/2020 $ 332,114 0.93% 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. S ubordinated Capital Notes Subordinated capital notes amounted to $102.6 million and $101.6 million at December 31, 2015 and 2014 , respectively. In August 2003, the Statutory Trust II, a special purpose entity of the Company, was formed for the purpose of issuing trust redeemable preferred securities. In September 2003, $ 35.0 million of trust redeemable preferred securities were issued by the Statutory Trust II as part of a pooled underwriting transaction. The proceeds from this issuance were used by the Statutory Trust II to purchase a like amount of a floating rate junior subordinated deferrable interest debenture issued by the Company. The subordinated deferrable interest debenture has a par value of $ 36.1 million, bears interest based on 3-month LIBOR plus 295 basis points ( 3.48 % at December , 201 5 ; 3.19 % at December 31, 201 4 ), is pay able quarterly, and matures on September 17, 2033. It may be called at par after five years and quarterly thereafter (next call date March 2016 ). The trust redeemable preferred securities have the same maturity and call provisions as the subordinated defer rable interest debenture. The subordinated deferrable interest debenture issued by the Company is accounted for as a liability denominated as a subordinated capital note on the consolidated statements of financial condition. The subordinated capital note is treated as Tier 1 capital for regulatory purposes. Under the Dodd-Frank Act and the new capital rules issued by the federal banking regulatory agencies in July 2013, bank holding companies are prohibited from including in their Tier 1 capital hybrid debt and equity securities, including trust preferre d securities, issued on or after May 19, 2010. Any such instruments issued before May 19, 2010 by a bank holding company, such as the Company, with total consolidated assets of less than $15 billion as of December 31, 2009, may continue to be included as T ier 1 capital. Therefore, the Company is permitted to continue to include its existing trust preferred securities as Tier 1 capital. Following are the outstanding subordinated capital notes , which are not trust preferred securities, and were assumed as pa rt of the BBVAPR Acquisition on December 18, 2012: Subordinated capital notes issued in September 2006 amounting to $ 37.0 million at a fixed rate of 5.76% through September 29, 2011, and three-month LIBOR plus 1.56% thereafter ( 2.16 % at December 31, 201 5 ; 1. 81 % at December 31, 201 4 ), due September 29, 2016. Interest on these subordinated notes is payable quarterly during the floating-rate period. The Bank has the option to redeem these subordinated capital notes in whole or in part from time to time before maturity at 100% of the principal amount plus any accrued but unpaid interest to the date of redemption, beginning September 29, 2011, and at each payment date thereafter. Subordinated capital notes issued in September 2006 amounting to $ 30.0 million at a variable rate of three-month LIBOR plus 1.56% thereafter ( 2.16 % at December 31, 2015 ; 1.8 1 % at December 31, 201 4 ), due September 29, 2016. Interest on these subordinated notes is payable quarterly. The Bank has the option to redeem these subor dinated capital notes in whole or in part from time to time before maturity at 100% of the principal amount plus any accrued but unpaid interest to the date of redemption, beginning September 29, 2011, and at each payment date thereafter. These notes qual ified as Tier 2 capital at a discounted rate, which totaled $ 13. 4 million at December 31, 2014. They have been fully discounted at December 31, 2015. Generally speaking, subordinated notes are included as Tier 2 capital if they have an original weighted a verage maturity of at least 5 years and comply with certain other requirements. As the notes approach maturity, they begin to take on characteristics of a short term obligation. For this reason, the outstanding amount eligible for inclusion in Tier 2 capit al is reduced, or discounted, as the instruments approach maturity: one fifth of the outstanding amount is excluded each year during the instruments la st five years before maturity. When the remaining maturity is less than one year, the instrument is exclu ded from Tier 2 capital. Under the requirements of Puerto Rico Banking Act, the Bank must establish a redemption fund for the subordinated capital notes by transferring from undivided profits pre-established amounts as follows: Redemption fund (In thousands) Redemption fund at December 31, 2015 $ 61,975 2016 5,025 $ 67,000 Other borrowings Other borrowings, presented in the consolidated statements of financial condition amounted to $1.7 million and $4.0 million at December 31, 2015 and December 31, 2014 , respectively, which mainly consists of unsecured fixed-rate borrowings. For both periods, the unsecured fixed rate borrowings amounted to $1.7 million at a fixed rate of 3.0%. There are no term notes at December 31, 2015 ; however, at December 31, 2014, term notes tied to the S&P index amounted to $ 1.0 million wi th an index appreciation of $ 1.3 million. |
Offset of Assets_Liabilities
Offset of Assets/Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Offsetting [Abstract] | |
Balance sheet Offsetting [Text Block] | NOTE 14 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The Company’s derivatives are subject to agreements which allow a right of set- off with each respective counterparty. In addition, the Company’s securities purchased under agreements to resell and securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cas h and securities, may from time to time be segregated in an account at a third-party custodian pursuant to a an account control agreement. The following table presents the potential effect of rights of set-off associated with the Company’s recognized fina ncial assets and liabilities at December 31, 2015 and 2014: December 31, 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 $ 3,025 $ - $ 3,025 $ 2,000 $ - $ 1,025 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 December 31, 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 $ 7,257 $ - $ 7,257 $ - $ 1,980 $ 5,277 Securities sold under agreements to repurchase 932,500 - 932,500 1,021,370 - (88,870) Total $ 939,757 $ - $ 939,757 $ 1,021,370 $ 1,980 $ (83,593) 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) |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation And Retirement Disclosure Abstract | |
Pension And Other Postretirement Benefits Disclosure Text Block | NOTE 1 5 — EMPLOYEE BENEFIT PLAN The Company has a profit sharing plan containing a cash or deferred arrangement qualified under Sections 1081.01(a) and 1081.01(d) of the 2011 Code, and Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “U.S. Code”). This plan is subject to the provisions of Title I of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”). This plan covers all full-time employees of the Company who are age twenty-one or ol der. Under this plan, participants may contribute each year up to $ 1 8 , 0 00 . During 2013, the Company changed the matching contribution to 50 cents for each dollar contributed by an employee, up to 4% of such employee’s base salary. The new matching contribu tion is invested in accordance with the employee’s decision between the available investment alternatives provided by the plan. This plan is entitled to acquire and hold qualified employer securities as part of its investment of the trust assets pursuant t o ERISA Section 407. The Company contributed $ 808,690 , $ 811,513 and $ 657,504 in cash during 2015 , 2014 and 2013, respectively. The Company did not contribute any shares during 2015 and 2014 but contributed 7,318 shares in 2013 of its common stock at a cos t of approximately $ 110, 000 . The Company’s contribution becomes 100% vested once the employee completes three years of service. Effective April 1, 2013, the Plan was amended to include a new su bsection which states that all e mployees who were employed by B BVAPR on December 17, 2012 and who became employees of the Company on December 18, 2012 as a result of the BBVAPR Acquisition by OFG Bancorp that was completed on the same date, shall be credited with all periods of service with BBVAPR for all appropriate purposes under the Plan and can participate in the Plan. Also, the Company offers to its senior management a non-qualified deferred compensation plan, where executives can defer taxable income. Both the employer and the employee have flexibility because no n-qualified plans are not subject to ERISA contribution limits nor are they subject to discrimination tests in terms of who must be included in the plan. Under this plan, the employee’s current taxable income is reduced by the amount being deferred. Funds deposited in a deferred compensation plan can accumulate without current income tax to the individual. Income taxes are due when the funds are withdrawn. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 1 6 — 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 years ended December 31, 2015, 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Balance at the beginning of year $ 27,011 $ 18,963 $ 6,055 New loans and disbursements 13,581 21,797 18,499 Repayments (9,117) (13,725) (4,798) Credits of persons no longer considered related parties - (24) (793) Balance at the end of year $ 31,475 $ 27,011 $ 18,963 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 1 7 — INCOME TAXES The Company is subject to the dispositions of the 2011 Internal Revenue Code of the New Puerto Rico, as amended (the Code). Among others, the Code imposes a maximum corporate tax rate of 39%. Recent Code amendments have been incorporated to increase government collections in order to alleviate the governmental structural deficit. One of the Code’s amendments is Act No. 77-2014 known as “ Ley de Ajustes al Sistema Contributivo ” (Act of Adjustments to the Tax System). The most relevant provisions of the Act of Adjustments to the Tax System, as applicable to the Company, and effective for transactions held after June 30, 2014 are as follows: (1) the capital tax rate was increased from 15% to 20% and (2) for an asset to be conside red long term capital asset, the holding period must be over a year, which before was defined with a holding period of over six months. On May 29, 2015 the Governor signed Act No. 72 of 2015. The most relevant provisions of the Act No. 72, as applicable t o 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 their tax return following a special procedure established by the Secretary of the Treasur y, (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. Other Code amendments applicable during 2015 are the increase of the Sales and Use Tax (SUT) from 7% to 11.5% beginning July 1st, 2015 and a special SUT to business to business transactions of 4%, be ginning October 1st, 2015. These were implemented as a transitional phase to the enacted Value Added Tax (VAT) of 10.5%, which will be in place on April 1st, 2016, along with a Municipal SUT of 1% on certain taxable items. Under Puerto Rico law, all com panies are treated as separate taxable entities and are not entitled to file consolidated tax returns. The Company and its subsidiaries are subject to Puerto Rico regular income tax or AMT on income earned from all sources. The AMT is payable if it exceeds regular income tax. The excess of AMT over regular income tax paid in any one year may be used to offset regular income tax in future years, subject to certain limitations. The components of income tax expense (benefit) for the years ended December 31, 2 015, 2014 and 2013 are as follows Year Ended December 31, 2015 2014 2013 (In thousands) Current income tax expense $ 19,775 $ 13,097 $ 2,357 Deferred income tax (benefit) expense (37,329) 24,155 (11,066) Total income tax (benefit) expense $ (17,554) $ 37,252 $ (8,709) Year Ended December 31, 2015 2014 2013 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Tax (benefit) expense at statutory rates $ (7,823) -39.00% $ 47,749 39.00% $ 34,997 39.00% Tax effect of exempt income, net (8,625) -43.00% (10,002) -26.85% (4,652) -4.90% Effect of tax rate on capital loss carryforwards - 0.00% - 0.00% 840 0.94% Disallowed net operating loss carryover 556 2.77% 8,289 22.25% - 0.00% Change in valuation allowance (2,219) -11.06% (958) -2.57% 1,896 2.11% Release of unrecognized tax benefits, net (385) -1.92% (1,093) -2.94% (1,559) -1.57% Effect in deferred taxes due to increase in tax rates from 30.00% to 39.00% - 0.00% - 0.00% (38,068) -43.04% Loan tax basis change effect - 0.00% (7,642) -20.51% - 0.00% Effect of change in tax of IBE - 0.00% - 0.00% 148 0.17% Unrealized capital loss 283 1.41% - 0.00% - 0.00% Other items, net 659 3.28% 909 2.00% (2,311) -2.58% Income tax (benefit) expense $ (17,554) -87.52% $ 37,252 10.82% $ (8,709) -9.70% The Company classifies unrecognized tax benefits in income taxes payable. These gross unrecognized tax benefits would affect the effective tax rate if realized. A t D ecember 31, 2015 was $ 2. 2 million (December 31, 2014 - $ 2.6 million) . The Company had accrued $ 175 thousand at D ecember 31, 2015 ( December 31, 2014 - $ 470 thousand) for the payment of interest and penalties relating to unrecognized tax benefits. During 2015, $ 560 thousand was released based on negotiations with the IRS related to taxable di vidends from the Federal Home Loan Bank. These negotiations concluded and the subject is settled with the IRS. The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2015 2014 2013 In thousands) Balance at beginning of year $ 2,560 $ 4,042 $ 5,452 Additions for tax positions of prior years 175 187 287 Reduction for tax positions as a result of settlements (560) (1,388) - Reduction for tax positions as a result of lapse of statute of limitations - (281) (1,697) Balance at end of year $ 2,175 $ 2,560 $ 4,042 The amount of unrecognized tax benefits may increase or decrease in the future for various reasons including adding amounts for current tax year positions, expiration of open income tax returns due to the statute of limitations, changes in management’s judgment about the level of uncertainty, status of examinations, litigation and legislative activity, and the addition elimination of uncertain tax positions. The determination of deferred tax expense or benefit is based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of the Company’s net deferred tax assets assumes that the Company will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations . December 31, 2015 2014 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 129,234 $ 90,090 Loans and other real estate valuation adjustment 10,759 9,295 Net capital and operating loss carry forwards 11,043 28,973 Alternative minimum tax 16,240 16,208 Deposit and borrowings valuation adjustment 133 390 Unrealized net loss included in other comprehensive income 1,680 3,273 S&P option contracts 393 1,882 Acquired portfolio 37,523 46,146 FDIC shared-loss indemnification asset 2,802 - Other assets allowances 1,547 1,424 Other deferred tax assets 5,612 6,262 Total gross deferred tax asset 216,966 203,943 Deferred tax liability: FDIC shared-loss indemnification asset - (21,809) FDIC-assisted acquisition, net (47,956) (40,740) Customer deposit and customer relationship intangibles (3,057) (3,800) Loans and building valuation adjustment (9,991) (11,656) Unrealized net gain on available-for-sale securities (2,566) (3,799) Servicing asset (2,907) (5,457) Other deferred tax liabilities (1,446) (2,703) Total gross deferred tax liabilities (67,923) $ (89,964) Less: valuation allowance (3,142) (5,271) Net deferred tax asset $ 145,901 $ 108,708 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 deferred 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 mak ing 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 than not that the Company will realize t he benefits of these deductible differences, net of the existing valuation allowances at December 31, 201 5 . The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. The C ompany and its subsidiaries have operating and capital loss carry-forwards for income tax purposes which are available to offset future taxable income and capital gains. Operating loss carry-forwards are availabl e until December 2025 and capital loss carry-forwards are available until December 20 20 . The majority of these operating and capital loss carry-forwards are at the Company and at the Bank amounting to approximately $ 27.6 million as of December 31, 201 5 . T he Company follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals of litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2011 to 2014, until the applicable statute of limitations expire. Tax audits by their nature are often complex and can require several years to compl ete. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Capital Requirements Abstract | |
Regulatory Capital Requirements Under Banking Regulations Text Block | NOTE 1 8 — 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 rules: ( 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 rules 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 new capital rules, the minimum capital ratios requirements as of January 1, 2015 are as follows: 4.5% CET1 to risk-weighted 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% Tie r 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”). As of December 31, 2015 and 2014 , the Company and the Bank met all capital adequacy requirements to wh ich they are subject. As of December 31, 2015 and 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 Tier 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 December 31, 2015 and 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 December 31, 2015 Total capital to risk-weighted assets $ 846,748 17.29% $ 391,723 8.00% $ 489,654 10.00% Tier 1 capital to risk-weighted assets $ 782,912 15.99% $ 293,792 6.00% $ 391,723 8.00% Common equity tier 1 capital to risk-weighted assets $ 594,482 12.14% $ 220,344 4.50% $ 318,275 6.50% Tier 1 capital to average total assets $ 782,912 11.18% $ 280,009 4.00% $ 350,011 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 December 31, 2015 Total capital to risk-weighted assets $ 815,458 16.70% $ 390,688 8.00% $ 488,360 10.00% Tier 1 capital to risk-weighted assets $ 751,886 15.40% $ 293,016 6.00% $ 390,688 8.00% Common equity tier 1 capital to risk-weighted assets $ 751,886 15.40% $ 219,762 4.50% $ 317,434 6.50% Tier 1 capital to average total assets $ 751,886 10.80% $ 278,399 4.00% $ 347,999 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% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2015 | |
Share Based Compensation Abstract | |
Disclosure Of Share Based Compensation Arrangements By Share Based Payment Award Text Block | NOTE 19 – EQUITY-BASED COMPENSATION PLAN The Omnibus Plan provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan replaced and superseded the Stock Option Plans. All outstanding stock options under the Stock Option Plans continue in full force and effect, subject to their original terms. The activity in outstanding options for the years ended December 31 , 201 5 , 2014 and 201 3 is set forth below: Year Ended December 31, 2015 2014 2013 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 888,571 $ 14.12 908,118 $ 14.46 922,593 $ 14.50 Options granted 179,225 17.44 193,100 16.10 196,000 14.52 Options exercised (112,704) 19.78 (54,397) 11.86 (34,396) 12.65 Options forfeited (3,569) 16.09 (158,250) 19.29 (176,079) 15.11 End of year 951,523 $ 12.45 888,571 $ 14.12 908,118 $ 14.46 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2015 : Outstanding Exercisable Weighted Average Weighted Contract Life Weighted Number of Average Remaining Number of Average Range of Exercise Prices Options Exercise Price (Years) Options Exercise Price $5.63 to $8.45 4,078 8.28 3.3 4,078 8.28 8.46 to 11.26 1,000 10.29 1.6 1,000 10.29 11.27 to 14.08 461,820 11.93 4.4 373,754 11.95 14.09 to 16.90 305,300 15.37 7.7 35,100 14.52 16.91 to 19.71 177,825 17.44 9.2 19.72 to 22.53 1,500 21.86 2.2 1,500 21.86 951,523 $ 14.06 6.3 415,432 $ 14.22 Aggregate Intrinsic Value $ - $ - The average fair value of each option granted during 2015, 2014 and 2013 was $ 5 .77 for 2015 and 2014 and $ 5.94 for 2013. The average fair value of each option granted was estimated at the date of the grant using the Black- Scholes option pricing model. The Black- Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black- Scholes does not consider the employment, transfer or vesting restrictions that are inherent in the Company’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock p rice volatility and average life of each option grant. The following assumptions were used in estimating the fair value of the options granted during the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Weighted average assumptions: Dividend yield 1.89% 1.87% 1.66% Expected volatility 40.93% 42.08% 44.34% Risk-free interest rate 2.41% 2.38% 1.55% Expected life (in years) 8.0 8.0 8.0 The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Weighted Weighted Weighted Average Average Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Units Fair Value Units Fair Value Units Fair Value Beginning of year 153,050 $ 14.95 158,750 $ 13.95 197,500 $ 12.13 Restricted units granted 26,700 16.66 39,200 16.10 85,700 15.86 Restricted units lapsed (39,750) 11.83 (37,342) 12.03 (113,367) 12.34 Restricted units forfeited (1,600) 15.45 (7,558) 14.30 (11,083) 12.87 End of year 138,400 $ 16.17 153,050 $ 14.95 158,750 $ 13.95 The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2015 was $ 3.1 million and is expected to be recognized over a weighted-average period of 2.8 years . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Stockholders' equity | NOTE 20 – 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 December 31, 2015 and 2014 accumulated issuance costs charged against additional paid in capital amounted to $ 13.6 million and $ 1 0 . 1 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 December 31, 2015 and 2014, the Bank’s legal surplus amounted to $70. 4 million and $70.5million, 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 u p to $ 70 millio n of i ts outstanding shares of common stock, of which approximately $ 7.7 million of authority remains. The shares of common stock repurchased are to be held by the Company as treasury shares. During the year ended December 31, 2015 the Company purchased 803,985 shares under this program for a total of $ 8.9 million , at an average price of $ 11.10 per share. During the year ended December 31, 2014 the Company purchased 1,153,998 shares at an average price of $ 14.66 per share . Total number of Dollar amount of shares purchased as Average shares repurchased part of stock price paid (excluding repurchase programs per share commissions paid) (In thousands) Period April 2015 204,338 $ 14.38 $ 2,939 May 2015 48,200 13.09 631 June 2015 51,447 12.81 659 July 2015 500,000 9.39 4,696 Year Ended December 31, 2015 803,985 $ 11.10 $ 8,925 Total number of Dollar amount of shares purchased as Average shares repurchased part of stock price paid (excluding repurchase programs per share commissions paid) (In thousands) Period January 2014 57,700 $ 14.73 $ 850 February 2014 649,700 14.66 9,522 August 2014 100 15.50 2 October 2014 381,513 14.64 5,585 November 2014 63,100 14.69 927 December 2014 1,885 14.70 28 Year Ended December 31, 2014 1,153,998 $ 14.66 $ 16,914 At December 31, 2015 t he number of shares that may yet be purchased under the $70 million program is estimated at 1,056,128 and was calculated by dividing the remaining balance of $ 7.7 million by $ 7.32 (closing price of the Company common stock at December 31, 2015). The Company did not purchase any shares of its common stock during the year ended December 31, 2015, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by the Company for the year ended December 31, 2015 and 2014 is set forth below : Year Ended December 31, 2015 2014 2013 Dollar Dollar Dollar Shares Amount Shares Amount Shares Amount (In thousands, except shares data) Beginning of year 8,012,254 $ 97,070 7,030,101 $ 80,642 7,090,597 $ 81,275 Common shares used upon lapse of restricted stock units (58,279) (641) (36,294) (384) (53,178) (556) Common shares repurchased as part of the stock repurchase program 803,985 8,950 1,153,998 16,948 - - Reclassification from common stock - - (135,551) (136) - - Common shares used to match defined contribution plan, net - - - - (7,318) (77) End of year 8,757,960 $ 105,379 8,012,254 $ 97,070 7,030,101 $ 80,642 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Abstract | |
Comprehensive Income Note Text Block | NOTE 21 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income tax, as of December 31, 2015, and 2014 consisted of: December 31, December 31, 2015 2014 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 22,044 $ 28,743 Unrealized loss on securities available-for-sale which are other-than-temporarily impaired (3,196) - Income tax effect of unrealized gain on securities available-for-sale (1,924) (2,978) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 16,924 25,765 Unrealized loss on cash flow hedges (4,307) (8,585) Income tax effect of unrealized loss on cash flow hedges 1,380 2,531 Net unrealized loss on cash flow hedges (2,927) (6,054) Accumulated other comprehensive income, net of taxes $ 13,997 $ 19,711 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 25,765 $ (6,054) $ 19,711 Other comprehensive income (loss) before reclassifications (3,250) (3,019) (6,269) Other-than-temporary impairment amount reclassified from accumulated other comprehensive income (4,662) - (4,662) Amounts reclassified out of accumulated other comprehensive income (loss) (929) 6,146 5,217 Other comprehensive income (loss) (8,841) 3,127 (5,714) Ending balance $ 16,924 $ (2,927) $ 13,997 Year Ended December 31, 2014 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 11,433 $ (8,242) $ 3,191 Other comprehensive income (loss) before reclassifications 14,207 (5,157) 9,050 Amounts reclassified out of accumulated other comprehensive income (loss) 125 7,345 7,470 Other comprehensive income 14,332 2,188 16,520 Ending balance $ 25,765 $ (6,054) $ 19,711 Year Ended December 31, 2013 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 68,245 $ (12,365) $ 55,880 Other comprehensive income (loss) before reclassifications (56,960) (1,930) (58,890) Amounts reclassified out of accumulated other comprehensive income (loss) 148 6,053 6,201 Other comprehensive income (loss) (56,812) 4,123 (52,689) Ending balance $ 11,433 $ (8,242) $ 3,191 The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2015, 2014 and 2013 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Year Ended December 31, Consolidated Statement 2015 2014 2013 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 6,443 $ 6,572 6,053 Net interest expense Tax effect from increase in capital gains tax rate (297) 773 - Income tax expense Available-for-sale securities: Other-than-temporary impairment losses on investment securities (1,490) - - Net impairment losses recognized in earnings Residual tax effect from OIB's change in applicable tax rate 45 170 148 Income tax expense Tax effect from increase in capital gains tax rate 516 (45) - Income tax expense $ 5,217 $ 7,470 $ 6,201 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Text Block | The calculation of (loss) earnings per common share for the years ended December 31, 2015, 2014 and 2013 is as follows: Year Ended December 31, 2015 2014 2013 (In thousands, except per share data) Net (loss) income $ (2,504) $ 85,181 $ 98,446 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) (6,512) (6,512) (6,512) Convertible preferred stock (Series C) (7,350) (7,350) (7,350) (Loss) income available to common shareholders $ (16,366) $ 71,319 $ 84,584 Effect of assumed conversion of the convertible ' ' preferred stock 7,350 7,350 7,350 (Loss) income available to common shareholders assuming conversion $ (9,016) $ 78,669 $ 91,934 Weighted average common shares and share equivalents: Average common shares outstanding 44,231 45,024 45,706 Effect of dilutive securities: Average potential common shares-options 68 155 189 Average potential common shares-assuming ' ' conversion of convertible preferred stock 7,156 7,147 7,138 Total weighted average common shares ' ' outstanding and equivalents 51,455 52,326 53,033 (Loss) earnings per common share - basic $ (0.37) $ 1.58 $ 1.85 (Loss) earnings per common share - diluted $ (0.37) $ 1.50 $ 1.73 In computing diluted (loss) earnings per common share , the 84,000 shares of convertible preferred stock, which remain outstanding at December 31 , 2015 , with a conversion rate, subject to certain conditions, of 86.4225 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 (loss) earnings per common share, the divide nds declared during the years ended 2015, 2014 and 2013 on the convertible preferred stock were added back as income available to common shareholders. For the years ended 2015, 2014 and 2013 , weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to 887,307 , 3 20 ,772 and 230,392 , respectively |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 23 – GUARANTEES At D ecember 31, 2015, the unamortized balance of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $14.7 million ( D ecember 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 D ecember 31, 2015 and 2014, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 22.4 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, included in the consolidated statements of financial condi tion during the years ended D ecember 31, 2015, 2014 and 2013 . Year Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 927 $ 1,955 $ 2,460 Net (charge-offs/terminations) recoveries (488) (1,028) (505) Balance at end of year $ 439 $ 927 $ 1,955 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. If a b orrower defaults, pursuant to the credit recourse provided, the Company is required to repurchase the loan or reimburse the third party investor for the incurred loss. The maximum potential amount of future payments that the Company would be required to ma ke under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During 2015, the Company repurchased approximately $ 4.1 million of unpaid principal bala nce in mortgage loans subject to the credit recourse provisions. If a borrower 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 foreclosur e sale of the collateral property are less than the outstanding principal balance of the loan, any uncollected interest advanced, and the costs of holding and disposing the related property. At D ecember 31, 2015 , the Company’s liability for estimated credi t losses related to loans sold with credit recourse amounted to $439 thousand ( D ecember 31, 2014 – $927 thousand). When the Company sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characterist ics of the loans sold. The Company's mortgage operations division groups conforming mortgage loans into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA or o ther 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 charact eristics, the Company may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. At December 31, 2015 , the Company’s representation and warranty arrangements, excluding mortgage loans subject to cred it recourse provisions referred to above, approximated $ 22.1 million in unpaid principal balance (D ecember 31, 2014 – $ 10.7 million) . A substantial amount of these loans are reinstated to performing status or have mortgage insurance, and thus the ultimate losses on the loans are not deemed significant. During 2015, 2014 and 2013, the Company recognized $ 1.4 million , $ 143 thousand and $ 281 thousand, respective ly, in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 2.5 million in losses in 2015 and 2014 from the repurchase of residential mortgage loans as a result of breaches of the customary representations and warr anties. 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 D ecember 31, 2015 , the Company serviced $ 664.6 million in mortgage loans for third-parties. The Company gen erally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantees programs. Howeve r, in the meantime, the Company must absorb the cost of the funds it advances during the time the advance is outstanding. The Company must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and the Company would not receive any future servicing income with respect to that loan. At D ecember 31, 2015 , the outstanding balance of funds advanced by the Co mpany under such mortgage loan servicing agreements was approximately $ 3 01 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 obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments | NOTE 24 — COMMITMENTS AND CONTINGENCIES Loan Commitments In the normal course of business, the Company becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial gua rantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amount of those instruments reflects the e xtent of the Company’s involvement in particular types of financial instruments. The Company’s exposure to credit losses in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit, including commitments under credit card arrangements, and commercial letters of credit is represented by the contractual notional amounts of those instruments, which do not necessarily represent the amounts potentially subject to risk. In addition, the measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are identified. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Credi t-related financial instruments at December 31, 2015 and 2014 were as follows: December 31, 2015 2014 (In thousands) Commitments to extend credit $ 607,051 $ 493,248 Commercial letters of credit 1,508 885 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 D ecember 31, 2015 and 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 commitments to extend credit had a reserve of $ 667 thousand at December 31, 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 consummated as intende d. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts. The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s acco unting and disclosure requirement s for guarantees, including indirect guarantees of indebtedness of others , at December 31, 2015, and 2014, is as follows: December 31, 2015 2014 (In thousands) Standby letters of credit and financial guarantees $ 14,656 $ 32,970 Loans sold with recourse 22,374 67,803 Commitments to sell or securitize mortgage loans 34,888 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 years ended December 31, 2015, 2014 and 2013, amounted to $ 9.2 million, $ 9.7 million and $ 10.1 million, respectively, and is included in the “occupancy and equipment” caption in the consolidated statements of operations . Future rental commitments under leases in effect at D ecember 31, 2015 , exclusive of taxes, insurance, and maintenance expenses pa yable by the Company, are summarized as follows: Minimum Rent Year Ending December 31, (In thousands) 2016 $ 7,755 2017 7,283 2018 6,278 2019 6,182 2020 5,455 Thereafter 12,397 $ 45,350 |
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 | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 25 - 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 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. Investment securities The fair value of investment securities is based on quoted market prices, when available, or prices provided from contracted pricing providers, or market prices provided by recognized broker-dealers. Such securities are classified as level 1 or level 2 depending on the basis for determining fair value. If listed pric es or quotes are not availa ble, 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 December 31, 2015 and 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 m odel. 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 valuatio n inputs, the servicing rights are classified as Level 3. Impaired Loan s 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 collat eral 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 does not incorporate the exit-price concept of fair value described in 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 collateral less costs to sell, fair value is generally determined based on the fair value of the collateral, whic h is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC 310-10-35 less disposition costs . Currently, the associated loans considered i mpaired are classified as Level 3. Foreclosed real estate Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, b roker price option or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals . 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 apprais als. Assets and liabilities measured at fair value on a recurring and non-recurring basis , are summarized below: December 31, 2015 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 974,609 $ - $ 974,609 Trading securities - 288 - 288 Money market investments 4,699 - - 4,699 Derivative assets - 1,854 1,171 3,025 Servicing assets - - 7,455 7,455 Derivative liabilities - (6,162) (1,095) (7,257) $ 4,699 $ 970,589 $ 7,531 $ 982,819 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 235,767 $ 235,767 Foreclosed real estate - - 58,176 58,176 Other repossessed assets - - 6,226 6,226 $ - $ - $ 300,169 $ 300,169 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 Trading securities - 1,594 - 1,594 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 $ 1,209,463 $ 14,070 $ 1,228,208 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 years ended D ecember 31, 2015, 2014 and 2013. : Year Ended December 31, 2015 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 $ - $ 5,555 $ 13,992 $ (5,477) $ 14,070 Gains (losses) included in earnings - (4,384) - 4,197 (187) Sale of mortgage servicing rights - - (5,927) - (5,927) New instruments acquired - - 2,620 - 2,620 Principal repayments - - (1,017) - (1,017) Amortization - - - 185 185 Changes in fair value related to price of MSR held-for-sale - - (2,939) - (2,939) Changes in fair value of servicing assets - - 726 - 726 Balance at end of period $ - $ 1,171 $ 7,455 $ (1,095) $ 7,531 Year Ended December 31, 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 - (10,875) - 9,659 (1,216) Changes in fair value of investment securities available for sale included in other comprehensive income 320 - - - 320 New instruments acquired - - 2,149 - 2,149 Principal repayments (20,000) - (1,072) - (21,072) Amortization - - - 600 600 Changes in fair value of servicing assets - - (886) - (886) Balance at end of period $ - $ 5,555 $ 13,992 $ (5,477) $ 14,070 Year Ended December 31, 2013 Derivative Derivative Other asset liability debt (S&P (S&P securities Purchased Servicing Embedded Level 3 Instruments Only available-for-sale Options) assets Options) Total Balance at beginning of period $ 20,012 $ 13,233 $ 10,795 $ (12,707) $ 31,333 Gains (losses) included in earnings - 3,197 - (5,039) (1,842) Changes in fair value of investment securities available for sale included in other comprehensive income (332) - - - (332) New instruments acquired - - 3,178 - 3,178 Principal repayments - - (951) - (951) Amortization - - - 2,010 2,010 Changes in fair value of servicing assets - - 779 - 779 Balance at end of period $ 19,680 $ 16,430 $ 13,801 $ (15,736) $ 34,175 During 2015, 2014 and 2013, there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. There were no transfers into and out of Level 1 and Level 2 fair value measurements during such periods. The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2015 : December 31, 2015 Fair Value Valuation Technique Unobservable Input Range (In thousands) Derivative assets (S&P Purchased Options) $ 1,170 Option pricing model Implied option volatility 34.31%- 38.61% Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) 72.00%- 72.00% Servicing assets $ 7,455 Cash flow valuation Constant prepayment rate 5.23% - 15.24% Discount rate 10.00% - 12.00% Derivative liability (S&P Embedded Options) $ (1,095) Option pricing model Implied option volatility 34.31%- 38.61% Counterparty credit risk (based on 5-year CDS spread) 72.00%- 72.00% Collateral dependant impaired loans $ 40,532 Fair value of property or collateral Appraised value less disposition costs 28.20% - 44.20% Puerto Rico Electric Power Authority line of credit, net $ 190,290 Cash flow valuation Discount rate 7.25% Other non-collateral dependant impaired loans $ 4,945 Cash flow valuation Discount rate 5.75% - 16.95% Foreclosed real estate $ 58,176 Fair value of property or collateral Appraised value less disposition costs 28.20% - 44.20% Other repossessed assets $ 6,226 Fair value of property or collateral Appraised value less disposition costs 28.20% - 44.20% Information about Sensitivity to Changes in Significant Unobservable Inputs Derivative ass et (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 o f 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 assump tion 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 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. Derivative liability (S&P Embedded Options) – The significant unobservable inputs used in the fair value measurement of the Company ’s deriva tive 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 D ecember 31, 2015 and 2014 is as follows: December 31, December 31, 2015 2014 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 536,709 $ 536,709 $ 573,427 $ 573,427 Restricted cash 3,349 $ 3,349 8,407 $ 8,407 Level 2 Financial Assets: Trading securities 288 $ 288 1,594 $ 1,594 Investment securities available-for-sale 974,609 $ 974,609 1,216,538 $ 1,216,538 Investment securities held-to-maturity 614,679 $ 620,189 164,154 $ 162,752 Federal Home Loan Bank (FHLB) stock 20,783 $ 20,783 21,169 $ 21,169 Other investments 3 $ 3 3 $ 3 Derivative assets 1,855 $ 1,855 2,552 $ 2,552 Financial Liabilities: Derivative liabilities 6,162 $ 6,162 11,221 $ 11,221 Level 3 Financial Assets: Total loans (including loans held-for-sale) 4,101,219 4,434,213 4,909,361 4,826,646 Derivative assets 1,170 $ 1,170 5,555 $ 5,555 FDIC indemnification asset 17,786 $ 22,599 75,969 $ 97,378 Accrued interest receivable 20,637 $ 20,637 21,345 $ 21,345 Servicing assets 7,455 $ 7,455 13,992 $ 13,992 Accounts receivable and other assets 42,786 42,786 38,830 38,830 Financial Liabilities: Deposits 4,705,878 $ 4,715,764 4,887,770 $ 4,918,929 Securities sold under agreements to repurchase 955,859 $ 934,691 1,020,621 $ 980,087 Advances from FHLB 335,812 $ 332,476 339,172 $ 334,331 Other borrowings 2,593 $ 1,734 3,979 $ 4,004 Subordinated capital notes 94,940 $ 102,633 104,288 $ 101,584 Accrued expenses and other liabilities 92,935 $ 92,935 133,290 $ 133,290 Derivative liabilities embedded in deposits 1,095 $ 1,095 5,477 $ 5,477 The following methods and assumptions were used to estimate the fair values of signi ficant financial instruments at December 31, 2015 and 2014 : • Cash and cash equivalents (including money market investments and time deposits with other banks ), restricted cash, accrued interest receivable, accounts receivable and other assets 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 shor t-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 available or pri ces provided from contracted pricing providers , 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 depe nding on the ma rket activity of the instrument . • 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 credi t assumptions on estimated cash flows for each 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 cla ims paid by the FDIC which are impacted by the 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 factors, which are determined based on current market conditions. • The fair values of the derivative instruments are provided by valuation experts and counterparties. Certain derivatives with limited market activity are valued using externally developed models that consider unobservable 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 exposure to changes in this index. Their fair value is obtained through the use of an external based valu ation 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 u ses an average rate option or a cash-settled option whose payoff is based on the difference between the expected average value of the S&P Index during the remaining life of the option and the strike price at inception. The assumptions, which are uncertain and require a degree of judgment, include primarily S&P Index volatility, forward interest rate projections, estimated index dividend payout, and leverage. • Fair value of derivative liabilities, which include interest rate swaps and forward-settlement sw aps, are based on the net discounted value of the contractual projected cash flows of both the pay-fixed receive-variable legs of the contracts. The projected cash flows are based on the forward yield curve, and discounted using current estimated market ra tes. • The fair value of the loan portfolio (including loans held-for-sale) is estimated by segregating by type, such as mort gage, commercial, 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 r eflect the credit and interest rate risk inherent in the loan. This fair value is not currently an indication of an exit price as that type of assumption could result in a different fair value estimate . 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 estima ted 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 | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 26 – 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 years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 367,620 $ 95 $ 38,853 $ 406,568 $ - $ 406,568 Interest expense (28,425) - (40,771) (69,196) - (69,196) Net interest income 339,195 95 (1,918) 337,372 - 337,372 Provision for loan and lease losses (161,501) - - (161,501) - (161,501) Non-interest income 23,900 28,288 284 52,472 - 52,472 Non-interest expenses (219,415) (22,564) (6,422) (248,401) - (248,401) Intersegment revenue 1,427 - 948 2,375 (2,375) - Intersegment expenses (948) (1,027) (400) (2,375) 2,375 - Income (loss) before income taxes $ (17,342) $ 4,792 (7,508) $ (20,058) $ - $ (20,058) Total assets 5,867,874 $ 22,349 $ 2,126,921 $ 8,017,144 $ (917,995) $ 7,099,149 Year Ended December 31, 2014 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 435,580 $ 174 $ 49,503 $ 485,257 $ - $ 485,257 Interest expense (34,721) - (42,061) (76,782) - (76,782) Net interest income 400,859 174 7,442 408,475 - 408,475 Provision for loan and lease losses (60,640) - - (60,640) - (60,640) Non-interest (loss) income (13,389) 28,525 2,187 17,323 - 17,323 Non-interest expenses (213,935) (21,748) (7,042) (242,725) - (242,725) Intersegment revenue 1,410 - 327 1,737 (1,737) - Intersegment expenses (327) (1,089) (321) (1,737) 1,737 - Income before income taxes $ 113,978 $ 5,862 $ 2,593 $ 122,433 $ - $ 122,433 Total assets $ 6,454,015 $ 21,644 $ 1,940,504 $ 8,416,163 $ (967,054) $(967,054) $ 7,449,109 Year Ended December 2013 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 445,363 $ 354 $ 47,915 $ 493,632 $ - $ 493,632 Interest expense (42,044) - (41,916) (83,960) - (83,960) Net interest income 403,319 354 5,999 409,672 - 409,672 Provision for loan and lease losses (72,894) - - (72,894) - (72,894) Non-interest (loss) income (17,438) 30,614 3,919 17,095 - 17,095 Non-interest expenses (222,408) (26,603) (15,125) (264,136) - (264,136) Intersegment revenue 618 - 1,195 1,813 (1,813) - Intersegment expenses - (1,813) (1,813) 1,813 - Income (loss) before income taxes $ 91,197 $ 2,552 $ (4,012) $ 89,737 $ - $ 89,737 Total assets $ 5,820,726 $ 23,280 $ 3,084,409 $ 8,928,415 $ (770,400) $(967,054) $ 8,158,015 |
OFG BANCORP Holding Company Fin
OFG BANCORP Holding Company Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure Abstract | |
CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock | NOTE 27 – OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, the Company generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: ( i ) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnin gs retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The payment of dividends by the Bank to the Company may also be affected by other regulatory requirements and policies, such as the maintenance of certain regulatory capital levels. During 2015, Oriental Insurance and Oriental Financial Services did not make any payments in dividends to the C ompany. During 2014, Oriental Insurance and Oriental Financial Services paid $ 2.70 million and $ 3.2 million, respectively, in dividends to the Company. During 2013, Oriental Insurance and Oriental Financial Services paid $ 12.4 million and $ 3.2 million, r espective ly, in dividends to the Company. The following condensed financial information presents the financial position of the holding company only as of December 31, 2015 and 2014, and the results of its operations and its cash flows for the years ended December 31, 2015, 2014 and 201 3: OFG BANCORP CON DENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only) December 31, 2015 2014 (In thousands) ASSETS Cash and cash equivalents $ 20,240 $ 16,824 Investment securities available-for-sale, at fair value 6,017 8,244 Investment in bank subsidiary, equity method 890,449 943,664 Investment in nonbank subsidiaries, equity method 19,137 17,071 Due from bank subsidiary, net 119 87 Deferred tax asset, net 3,047 - Other assets 2,042 2,089 Total assets $ 941,051 $ 987,979 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 6,098 7,927 Deferred tax liabilities, net - 75 Due to affiliates 9 9 Accrued expenses and other liabilities 1,784 1,688 Subordinated capital notes 36,083 36,083 Total liabilities 43,974 45,782 Stockholders’ equity 897,077 942,197 Total liabilities and stockholders’ equity $ 941,051 $ 987,979 O FG BANCORP CON DENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only) Year Ended December 31, 2015 2014 2013 (In thousands) Income: Interest income $ 321 $ 404 $ 400 Investment trading activities, net and other 4,007 4,308 3,668 Total income 4,328 4,712 4,068 Expenses: Interest expense 1,222 1,201 1,219 Operating expenses 6,866 6,607 6,003 Total expenses 8,088 7,808 7,222 (Loss) before income taxes (3,760) (3,096) (3,154) Income tax expense (benefit) 3,088 - (2) (Loss) before changes in undistributed earnings of subsidiaries (672) (3,096) (3,156) Bank subsidiary (3,804) 84,787 98,133 Nonbank subsidiaries 1,972 3,490 3,469 Net (loss) income $ (2,504) $ 85,181 $ 98,446 O FG BANCORP CON DENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only) Year ended December 31, 2015 2014 2013 (In thousands) Net (loss) income $ (2,504) $ 85,181 $ 98,446 Other comprehensive (loss) income before tax: Unrealized (loss) gain on securities available-for-sale (170) 209 (519) Other comprehensive (loss) income from Bank subsidiary (5,578) 16,361 (52,249) Other comprehensive (loss) income before taxes (5,748) 16,570 (52,768) Income tax effect 34 (50) 79 Other comprehensive income (loss) after taxes (5,714) 16,520 (52,689) Comprehensive income (loss) $ (8,218) $ 101,701 $ 45,757 Year Ended December 31, 2015 2014 2013 (In thousands) Cash flows from operating activities: Net (loss) income $ (2,504) $ 85,181 $ 98,446 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary 3,804 (84,787) (98,133) Equity in undistributed earnings from nonbanking subsidiaries (1,972) (3,490) (3,469) Amortization of investment securities premiums, net of accretion of discounts 44 21 141 Other impairments on securities - 62 7 Stock-based compensation 1,637 1,036 1,823 Deferred income tax, net (3,088) - 2,272 Net decrease in other assets 148 554 11 Net (decrease) in accrued expenses, other liabilities, and dividend payable (221) (696) (2,051) Dividends from banking subsidiary 45,000 28,000 - Dividends from non-banking subsidiary - 5,900 15,600 Net cash provided by operating activities 42,848 31,781 14,647 Cash flows from investing activities: Maturities and redemptions of investment securities available-for-sale 2,013 1,318 4,676 Net (increase) decrease in due from bank subsidiary, net 317 (218) 2,461 Capital contribution to banking subsidiary (1,167) (892) (1,385) Capital contribution to non-banking subsidiary (94) (76) (99) Additions to premises and equipment (132) - - Net cash provided by investing activities 937 132 5,653 Cash flows from financing activities: Proceeds from (payments to) exercise of stock options and lapsed restricted units, net 204 643 (572) Proceeds from issuance of common stock, net - - (16) Proceeds from issuance of preferred stock, net - - (25) Purchase of treasury stock (8,950) (16,948) - Dividends paid (31,623) (28,341) (24,651) Net cash used in financing activities (40,369) (44,646) (25,264) Net change in cash and cash equivalents 3,416 (12,733) (4,964) Cash and cash equivalents at beginning of year 16,824 29,557 34,521 Cash and cash equivalents at end of year $ 20,240 $ 16,824 $ 29,557 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation Policy | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Statutory Trust II is exempt from the consolidation requirements of Generally Accepted Accounting Principles ("GAAP"). |
Use Of Estimates | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for loan and lease losses, the valuation of securities and derivative instruments, revisions to expected cash flows in acquired loans, accounting for the indemnification asset, the valuation of the true up payment obligation, the determination of income taxes and other-than-temporary impairment of securities, and goodwill valuation and impairment assessment. |
Business Combinations Policy | Business Combinations Business combinations are accounted for under the acquisition method. Under this method, assets acquired, liabilities assumed and any noncontrolling interest in the a cquiree at the acquisition date are measured at their fair values as of the acquisition date. The acquisition date is the date the acquirer obtains control. Also, assets or liabilities arising from noncontractual contingencies are measured at their acquisi tion date at fair value only if it is more likely than not that they meet the definition of an asset or liability. Adjustments subsequently made to the provisional amounts recorded on the acquisition date as a result of new information obtained about facts and circumstances that existed as of the acquisition date but were known to the Corporation after acquisition will be made retroactively during a measurement period not to exceed one year. Furthermore, acquisition-related restructuring costs that do not m eet certain criteria of exit or disposal activities are expensed as incurred. Transaction costs are expensed as incurred. Changes in income tax valuation allowances for acquired deferred tax assets are recognized in earnings subsequent to the measurement p eriod as an adjustment to income tax expense. Contingent consideration classified as an asset or a liability is remeasured to fair value at each reporting date until the contingency is resolved. The changes in fair value of the contingent consideration are recognized in earnings unless the arrangement is a hedging instrument for which changes are initially recognized in other comprehensive income. There were no significant business combinations during 2015, 2014 or 2013 . |
Cash And Cash Equivalents Policy | Cash Equivalents The Company consid ers 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. |
Earnings Per Share Policy Text Block | (Loss) Earnings per Common Share Basic (loss) earnings per share is calculated by dividing (loss) incom e available to common shareholders (net (loss) income (increased) reduced by dividends on preferred stock) by the weighted average of outstanding common shares. Diluted (loss) earnings per share is similar to the computation of basic (loss) earnings per sh are except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, a ssuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any stock splits and dividends are retroactively recognized in all periods presented in the consolidated financial statements. |
Repurchase And Resale Agreements Policy | Securities Purchased/So ld Under Agreements to Resell/Repurchase The Company purchases securities under agreements to resell the same or similar securities. Amounts advanced under these agreements represent short-term loans and are reflected as assets in the consolidated stateme nts of financial condition. It is the Company’s policy to take possession of securities purchased under resale agreements while the counterparty retains effective control over the securities. The Company monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requests additional collateral when deemed appropriate. The Company also sells securities under agreements to repurchase the same or similar securities. The Company retains effecti ve control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agr eements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral. |
Marketable Securities Policy | Investment Securities Securities are classified as held-to-maturity, available-for-sale or trading. Securities for which the Company has the intent and ability to hold until maturity are classified as held-to-maturity and are carried at amortized cost. Securities that might be sold prior to maturity because of interest rate changes to meet liquidity needs or to better match the repricing characteristics of funding sources are classified as available-for-sale. These securities are reported at fair value, with unrealized gains and losses excluded from earnings and reported net of tax in other comprehensive (loss) income. The Company classifies as trading those securities that are acquired and held principally for the purpose of selling them in the near future. These securities are carried at fair value with realized and unrealized changes in fair value included in earnings in the period in which the changes occur. The Company’s investment in the Federal Home Loan Bank (“FHLB”) of New York stock, a restricted security, has no readi ly determinable fair value and can only be sold back to the FHLB-NY at cost. Therefore, these stock shares are deemed to be nonmarketable equity securities and are carried at cost. Premiums and discounts are amortized to interest income over the life of t he related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for- sale or held-to-maturity are reported separately in the statements of operations. The cost of securities sold is determined by the specific identification method. |
Fair Value of Financial Instruments Policy | Financial Instruments Certain financial instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorded in other comprehensive (loss) income or as part of non-interest i ncome, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments. The fair values of certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the we ll as time value and yield curve or volatility factors underlying the positions. The Compan y determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lo we st priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Le vel 1 — Level 1 assets and liabilities include equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Obs ervable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include ( i ) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets, (ii) debt sec urities with quoted prices that are traded less frequently than exchange-traded instruments and (iii) derivative contracts and financial liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be der ived principally from or corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities incl ude financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation. |
Impaired Financing Receivable Policy | Impairment of Investment Securities The Company conducts periodic reviews to identify and evaluate each investment in an unrealized loss position for other-than-temporary impairment. The Company separates the amount of total impairment into credit and noncredit-related amounts. The term “other-than-tem porary impairment” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not favorable, or that there is a lack of evidence to support a realizable value equal to or greater than th e carrying value of the investment. Any portion of a decline in value associated with a credit loss is recognized in income, while the remaining noncredit-related component is recognized in other comprehensive (loss) income. A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered by comparing it to 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 ben eficial 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.” The Company ’s review for impairment generally entails, but is not limited to: • the identification and evaluation of investments that have indications of possible other-than-temporary impairment; • the analysis of individual investments that have fair values less than amortized cost, including consideration of t he length of time the investment has been in an unrealized loss position, and the expected recovery period; • the financial condition of the issuer or issuers; • the creditworthiness of the obligor of the security; • actual collateral attributes; • any rating changes by a rating agency; • current analysts’ evaluations; • the payment structure of the debt security and the likelihood of the issuer being able to make payments; • current market conditions; • adverse conditions specifically relat ed to the security, industry, or a geographic area; • the Company ’s intent to sell the debt security; • whether it is more-likely-than-not that the Company will be required to sell the debt security before its anticipated recovery; and • other qualit ative factors that could support or not an other -than-temporary impairment. |
Derivatives Policy Text Block | Derivative Instruments and Hedging Activities The Company ’s overall interest rate risk-management strategy incorporates the use of derivative instruments to minimize significan t unplanned fluctuations in earnings that are caused by interest rate volatility. The Company ’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that the n et interest margin is not, on a material basis, adversely affected by movements in interest rates. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities will appreciate or depreciate in market value. Also, for some fixed-rate assets or liabilities, the effect of this variability in earnings is expected to be substantially offset by the Company ’s gains and losses on the derivative instruments that are linked to the forecasted cash flows of these hedged assets and liabilities. Th e Company considers its strategic use of derivatives to be a prudent method of managing interest-rate sensitivity as it reduces the exposure of earnings and the market value of its equity to undue risk posed by chang es in interest rates. The effect of this unrealized appreciation or depreciation is expected to be substantially offset by the Company ’s gains or losses on the derivative instruments that are linked to these hedged assets and liabilities. Another result of interest rate fluctuations is that the contractual interest income and interest expense of hedged variable-rate assets and liabilities, respectively, will increase or decrease. Derivative instruments that are used as part of the Company ’s interest rate risk-management strategy include interest rate swaps, caps, forward-settlement swaps, futures contracts, and option contracts that have indices related to the pricing of specific balance sheet assets and liabilities. Interest rate swaps generally involve t he exchange of fixed and variable-rate interest payments between two parties based on a common notional principal amount and maturity date. Interest rate futures generally involve exchange-traded contracts to buy or sell U.S. Treasury bonds and notes in th e future at specified prices. Interest rate options represent contracts that allow the holder of the option to ( i ) receive cash or (ii) purchase, sell, or enter into a financial instrument at a specified price within a specified period. Some purchased opti on contracts give the Company the right to enter into interest rate swaps and cap and floor agreements with the writer of the option. In addition, the Company enters into certain transactions that contain embedded derivatives. When the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated and carried at fair value. The Company has offered its customers certificates of deposit with an option tie d to the performance of the Standard & Poor’s 500 stock market index (“S&P 500 Index”). The Company has purchased options from major financial entities to manage its exposure to changes in this index. Under the terms of the option agreements, the Company r eceives a certain percentage of the increase, if any, in the initial month-end value of the S&P 500 Index over the average of the monthly index observations in a five-year period in exchange for a fixed premium. The changes in fair value of the option agre ements used to manage the exposure in the stock market in the certificates of deposit are recorded in earnings. The embedded option in the certificates of deposit is bifurcated, and the changes in the value of that option are also recorded in earnings. W hen using derivative instruments, the Company exposes itself to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract due to insolvency or any other event of default, the Company ’s credit risk wi ll equal the fair value gain in a derivative plus any cash or securities that may have been delivered to the counterparty as part of the transaction terms. Generally, when the fair value of a derivative contract is positive, this indicates that the counter party owes the Company , thus creating a repayment risk for the Company . This risk is generally mitigated by requesting cash or securities from the counterparty to cover the positive fair value. When the fair value of a derivative contract is negative, the Company owes the counterparty and, therefore, assumes no credit risk other than to the extent that the cash or value of the collateral delivered as part of the transactions exceeds the fair value of the derivative. The Company minimizes the credit (or repa yment) risk in derivative instruments by entering into transactions with high-quality counterparties. The Company uses forward-settlement swaps to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to chan ges in LIBOR. Once the forecasted wholesale borrowing transactions occur, the interest rate swap will effectively lock-in the Company ’s interest rate payments on an amount of forecasted interest expense attributable to the one-month LIBOR corresponding to the swap notional amount. By employing this strategy, the Company minimizes its exposure to volatility in LIBOR. As part of this hedging strategy, the Company formally documents all relationships between hedging instruments and hedged items, as the we ll as its risk-management objective and strategy for undertaking various hedging transactions. This process includes linking all derivatives that are designated as cash flow hedges to ( i ) specific assets and liabilities on the balance sheet or (ii) specific f irm commitments or forecasted transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fai r value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. The changes in fair value of the forward-settlement swaps are recorded in accumulated other comprehensive income to the extent there is no significant ineffectiveness. The Company discontinues hedge accounting prospectively when ( i ) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item (including hedged items such as f irm commitments or forecasted transactions); (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; (iv) a hedged firm commitment no longer meets the definition of a firm commitment; or (v) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. The Company ’s derivative activities are monitored by its Asset/Liability Management Committee which is also responsible for approving hedging strategies that are developed through its analysis of data derived from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company ’s overall interest r ate risk-management. |
Off-Balance-Sheet Credit Exposure Policy | Off-Balance Sheet Instruments In the ordinary course of business, the Company enters into off-balance sheet instruments consisting of commitments to extend credit, further discussed in Note 24 hereto . Such financial instruments are recorded in the financial statements when these are funded or related fees are incurred or received. The Company periodically evaluates the credit risks inherent in these commitments and establishes accruals for such risks if and when these are deemed nec essary. |
Loans And Leases Receivable Mortgage Banking Activities Policy | Mortgage Banking Activities and Loans Held-For-Sale The residential mortgage loans reported as held-for-sale are stated at the lower of cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair val ue determined in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all confor ming mortgage loans originated and purchased, which from time to time the Company sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates. |
Transfers And Servicing Of Financial Assets Servicing Of Financial Assets Policy | Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities The Company recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities wh en extinguished. The Company is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions. The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which the Company surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification ("ASC") Topic 860 are met: ( i ) the assets must be isolated from creditors of the transferor, (ii) the tr ansferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreem ent to repurchase them before their maturity. When the Company transfers financial assets and the transfer fails any one of these criteria, the Company is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For federal and Puerto Rico income tax purposes, the Company treats the transfers of loans which do not qualify as “true sales” under the applicable accounting guidance, as sales, recognizing a deferred tax asset or liability on the t ransaction. For transfers of financial assets that satisfy the conditions to be accounted for as sales, the Company derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including se rvicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a t rue sale analysis of the treatment of the transfer under state law as if the Company was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of re course to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, but contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as the unsettled state of the common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecogni tion of assets is warranted. When the Company sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require the Company to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines. GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which the Company provides servicing. At the Company’s option and without GNMA prior authorization, the Company may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining pri ncipal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, the Company treats the transact ion as a sale for accounting purposes because the conditional nature of the buy-back option means that the Company does not maintain effective control over the loans, and therefore these are derecognized from the statement of financial condition. When indi vidual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, the Company is deemed to have regained effective control over these loans, and these must be brought back onto the Company’s books as assets, regardless of wheth er the Company intends to exercise the buy-back option. Quality review procedures are performed by the Company as required under the government agency programs to ensure that asset guideline qualifications are met . The Company has not recorded any specific contingent liability in the consolidated financial statements for these customary representation and warranties related to loans sold by the Company, and management believes that, based on historical data, the probability of payments and expected losses u nder these representation and warranty arrangements is not significant. As part of the BBVAPR Acquisition, on December 18, 2012, the Company assumed a liability for residential mortgage loans sold by BBVAPR subject to credit recourse , principally loans ass ociated with FNMA residential mortgage loan sales and securitization programs . In the event of any customer default, pursuant to the credit recourse provided, the Company is required to repurchase the loan or reimburse the third party investor for the incu rred loss. The maximum potential amount of future payments that the Company would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, the Company has rights to the underlying collateral securing the mortgage loan. The Company suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. The Company has est ablished a liability to cover the estimated credit loss exposure related to loans sold with credit recourse. The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse i s assumed as part of acquired servicing rights, and are update d by accruing or reversing expense (categorized in the line item "mortgage banking activities" in the consolidated statements of operations ) throughout the life of the loan, as necessary, when a dditional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, for eclosure rate, estimated future defaults and the probability that a loan would be delinquent. Statistical methods are used to estimate the recourse liability. The expected loss, which represents the amount expected to be lost on a given loan, considers the probability of default and loss severity. The probability of default represents the probability that a loan in good standing would become 90 days delinquent within the following twelve-month period. Servicing Assets The Company periodically sells or se curitizes 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 servi ce a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate the Company for servicing the loans. Like wise, a servicing liability would be recognized in the event that servicing fees to be received are not expected 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 and reports changes in fair value of servicing asset in the statement of operations in the period in which th e changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statement of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speed s 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 prepay ment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. |
Policy Loans Receivable Policy | Loans and Leases Originated and Other Loans and Leases Held in Portfolio Loans the Company originates and intends to hold in portfolio are stated at the principal amount outstanding, adjusted for unamortized deferred fees and costs which are amortized to interest income over the expected life of the loan using the interest method. The Company d iscontinues accrual of interest on originated loans after payments become more than 90 days past due or earlier if the Company does not expect the full collection of principal or interest. The delinquency status is based upon the contractual terms of the l oans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Collections are accounted for on the cash method thereafter, until qualifying to return to accrual status. Such loans are not reinstated to acc rual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. The Company follows a systematic methodology to establish and evaluate the adequacy of the allowance for loan and lease losses to provide for inherent losses in the loan portfolio. This metho dology includes the consideration of factors such as economic conditions, portfolio risk characteristics, prior loss experience, and results of periodic credit reviews of individual loans. The provision for loan and lease losses charged to current operatio ns is based on such methodology. Loan and lease losses are charged and recoveries are credited to the allowance for loan and lease losses on originated and other loans. Larger commercial loans that exhibit potential or observed credit weaknesses are subj ect to individual review and grading. Where appropriate, allowances are allocated to individual loans based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flow, and legal opt ions available to the Company. Included in the review of individual loans are those that are impaired. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled pa yments of principal or interest when due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or as a practical expe dient, at the observable market price of the loan or the fair value of the collateral, if the loan is collateral dependent. Loans are individually evaluated for impairment, except large groups of small balance homogeneous loans that are collectively evalua ted for impairment and loans that are recorded at fair value or at the lower of cost or fair value. The Company measures for impairment all commercial loans over $250 thousand ( i ) that are either over 90 days past due or adversely classified, or (ii) when deemed necessary by management or because the loan is a troubled debt restructuring ("TDR") . The portfolios of mortgage loans, auto and leasing, and consumer loans are considered homogeneous and are evaluated collectively for impairment. The Company uses a rating system to apply an overall allowance percentage to each originated and other loan portfolio segment based on historical credit losses adjusted for current conditions and trends. The historical loss experience is determined by portfolio segment an d is based on the actual loss history experienced by the Company over a determined look back period for each segment. The actual loss factor is adjusted by the appropriate loss emergence period as calculated for each portfolio. Then, the adjusted loss expe rience is supplemented with other qualitative factors based on the risks present for each portfolio segment. These qualitative factors include consideration of the following: the credit grading assigned to commercial loans; levels of and trends in delinque ncies and impaired loans; levels of and trends in charge-offs and recoveries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience , ability, and depth of lending management and other relevant staff, including the bank’s loan review system as graded by regulatory agencies in their last examination; local economic trends and conditions; industry conditions; effects of external factors such as competition and regulatory requirements on the level of estimated credit losses in the current portfolio; and effects of changes in credit concentrations and collateral value. Additional impact from the historical loss experience is applied based on levels of delinquency and loan classification, and for the auto loan portfolio by FICO score , and origination date for the mortgage loan portfolio . At origination, a determination is made whether a loan will be held in our portfolio or is intended for sale in the secondary market. Loans that will be held in the Company’s portfolio are carried at amortized cost. Residential mortgage loans held for sale are recorded at the lower of the aggregate cost or market value (“LOCOM”). Acquired Loans and Leases Loans that the Company acquire s in acquisitions are recorded at fair value with no carryover of the related allowance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows e xpected to be collected on the loans and discounting those cash flows at a market rate of interest. The Company has acquired loans in two separate acquisitions, the BBVAPR Acquisition in December 2012 and the FDIC-assisted Eurobank acquisition in April 20 10. For each acquisition, the Company considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality and was therefore in the scope of ASC 310-30: Loans that were 90 days or more past due, Loans that ha d an internal risk rating of substandard or worse. Substandard is consistent with regulatory definitions and is defined as having a well-defined weakness that jeopardizes liquidation of the loan, Loans that were classified as nonaccrual by the acquired ban k at the time of acquisition, and Loans that had been previously modified in a troubled debt restructuring. Any acquired loans that were not individually in the scope of ASC 310-30 because they did not meet the criteria above were either ( i ) pooled into groups of similar loans based on the borrower type, loan purpose, and collateral type and accounted for under ASC 310-30 by analogy or (ii) a ccounted for under ASC 310-20 (n on-refundable fees and other costs). Acquired Loans Accounted for under ASC 310-20 (loans with revolving feature and/or acquired at a premium) Revolving credit facilities such as credit cards, retail and commercial lines of credit and floor plans which are specifically scoped out of ASC 310-30 are accounted for under the provisions of ASC 310-20. Also, performing auto loans with FICO scores over 660 acquired at a premium in the BBVAPR Acquisition are accounted for under this guidance. Auto loans with FICO scores below 660 were acquired at a discount and are accounted for under the pro visions of ASC 310-30. The provisions of ASC 310-20 require that any differences between the contractually required loan payments in excess of the Company’s initial investment in the loans be accreted into interest income on a level-yield basis over the l ife of the loan. Loans acquired in the BBVAPR Acquisition that were accounted for under the provisions of ASC 310-20 which had fully amortized their premium or discount, recorded at the date of acquisition, are removed from the acquired loan category. Loan s accounted for under ASC 310-20 are placed on non-accrual status when past due in accordance with the Company’s non-accruing policy and any accretion of discount is discontinued. These assets were recorded at estimated fair value on their acquisition date , incorporating an estimate of future expected cash flows. Such fair value includes a credit discount which accounts for expected loan losses over the estimated life of these loans. Management takes into consideration this credit discount when determining the necessary allowance for acquired loans that are accounted for under the provisions of ASC 310-20. The allowance for loan and lease losses model for acquired loans accounted for under ASC 310-20 is the same as for the originated and other loan portfol io. Acquired Loans Accounted under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) The Company performed a fair market valuation of each of the loan pools, and each pool was recorded at a discount. The Company determined that at least part of the discount on the acquired individual or pools of loans was attributable to credit quality by reference to the valuation model used to estimate the fair value of these pools of loans. The valuation model incorporated lifetime expected credi t losses into the loans’ fair valuation in consideration of factors such as evidence of credit deterioration since origination and the amounts of contractually required principal and interest that the Company did not expect to collect as of the acquisition date. Based on the guidance included in the December 18, 2009 letter from the AICPA Depository Institutions Panel to the Office of the Chief Accountant of the SEC, the Company has made an accounting policy election to apply ASC 310-30 by analogy to all of these acquired pools of loans as they all ( i ) were acquired in a business combination or asset purchase, (ii) resulted in recognition of a discount attributable, at least in part, to credit quality; and (iii) were not subsequently accounted for at fair va lue. The excess of expected cash flows from acquired loans over the estimated fair value of acquired loans at acquisition is referred to as the accretable discount and is recognized into interest income over the remaining life of the acquired loans using the interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credi t losses expected to be incurred over the life of the acquired loans. Subsequent decreases to the expected cash flows require the Company to evaluate the need for an addition to the allowance for loan losses. Subsequent improvements in expected cash flows result in the reversal of the associated allowance for loan losses, if any and the reversal of a corresponding amount of the nonaccretable discount which the Company then reclassifies as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. The Company’s evaluation of the amount of future cash flows that it expects to collect takes into account actual credit performance of the acquired loans to date and the Company’s best estimates for the expected lifetime credit performance of the loans using currently available information. Charge-offs of the principal amount on acquired loans would be first applied to the nonaccretable discount portion of the fair value adjustment. To the extent that th e Company experiences deterioration in credit quality in its expected cash flows subsequent to the acquisition of the loans; an allowance for loan losses is established based on the estimate of future credit losses over the remaining life of the loans. In accordance with ASC 310-30, recognition of income is dependent on having a reasonable expectation about the timing and amount of cash flows expected to be collected. The Company performs such an evaluation on a quarterly basis on both its acquired loans i ndividually accounted for under ASC 310-30 and those in pools accounted for under ASC 310-30 by analogy. Cash flows for acquired loans individually accounted for under ASC 310-30 are estimated on a quarterly basis. Based on this evaluation, a determina tion is made as to whether or not the Company has a reasonable expectation about the timing and amount of cash flows. Such an expectation includes cash flows from normal customer repayment, collateral value, foreclosure or other collection efforts. Cash fl ows for acquired loans accounted for on a pooled basis under ASC 310-30 by analogy are also estimated on a quarterly basis. For residential real estate, home equity and other consumer loans, cash flow loss estimates are calculated based on a model that inc orporates a projected probability of default and loss. For commercial loans, lifetime loss rates are assigned to each pool with consideration given for pool make-up, including risk rating profile. Lifetime loss rates are developed from internally generated historical loss data and are applied to each pool. To the extent that the Company cannot reasonably estimate cash flows, interest income recognition is discontinued. The unit of account for loans in pools accounted for under ASC 310-30 by analogy is the pool of loans. Accordingly, as long as the Company can reasonably estimate cash flows for the pool as a whole, accretable yield on the pool is recognized and all individual loans within the pool - even those more than 90 days past due - would be considere d to be accruing interest in the Company’s financial statement disclosures, regardless of whether or not the Company expects any principal or interest cash flows on an individual loan 90 days or more past due. Because of the loss protection provided by th e FDIC, the risk of the loans acquired in the FDIC-assisted Eurobank acquisition that are covered under the FDIC shared-loss agreements are significantly different from loans not covered under the FDIC shared-loss agreement. These loans are referred to as "covered loans". The FDIC shared-loss agreement related to the commercial and other non-single family acquired Eurobank loans expired on June 30, 2015. The coverage for single-family residential loans will expire on June 30, 2020. Covered loans are no long er a material amount. Therefore, the Company changed its current and prior year loan disclosures. Covered loans are accounted for under ASC 310-30. To the extent credit deterioration occurs after the date of acquisition, the Company will record an allowan ce for loan and lease losses and an increase in the FDIC shared-loss indemnification asset for the expected reimbursement from the FDIC under the shared-loss agreement. |
Loans and Leases Receivable Allowance for Loan Losses Policy | Allowance for Loan and Lease Losses for Originated and Acquired BBVAPR Loans and Leases The Company follows a systematic methodology to establish and evaluate the adequacy of the allowance for loan and lease losses to provide for inherent losses in loan portfolio. This methodology includes the consideration of factors such as economic conditions, portfolio risk characteristics, prior loss experience, and results of periodic credit reviews of individual loans. The loss factor used for the general reserve of these loans is established consi dering the Bank's historical loss experience adjusted for an estimated loss emergence period and the consideration of environmental factors. Environmental factors considered are: change in non-performing loans; migration in classification; trends in charge offs; trends in volume of loans; changes in collateral values; changes in risk selections and underwriting standards, and other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant s taff, including the Company’s loan review system; national and local economic trends and industry conditions; and effect of external factors such as competition and regulatory requirements on the level of estimated credit losses. The sum of the adjusted lo ss experience factors and the environmental factors will be the general valuation reserve (“GVA”) factor to be used for the determination of the allowance for loan and lease losses in each category. As part of the Company’s continuous enhancement to the allowance for loan and lease losses methodology, during the year 2015 the following assumptions were reviewed: An assessment of the look-back period and historical loss factor was performed for all portfolio segments. The analysis was based on the trends observed and their relation with the economic cycle as of the period of the analysis. As a result, for the commercial portfolio, the look-back period was changed to 36 months from the previously determined 12 months. For auto, leasing and consumer, a lo ok back period of 24 months was maintained. The Residential Mortgages Portfolio, was evaluated during the fourth quarter of 2 015. For this portfolio, a 12 month look back period was maintained as management concluded that given the charge off evolution , a shorter period of losses is more representative of the recent trends and more accurate in predicting future losses . During the quarter ended June 30, 2015, an assessment of environmental factors was performed for commercial, 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 developments, changes in values of coll ateral and delinquencies, among others. During fourth quarter the loss realization period was revised to 1.60 years for commercial real estate, other portfolios remained at 1 year. These changes in the allowance for loan and lease losses’ look back per iod and loss emergence period for the commercial portfolios are considered a change in accounting estimate as per ASC 250-10 provisions, where adjustments are made prospectively. Originated and Other Loans and Leases Held for Investment and Acquired Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) The Company determines the allowance for loan and lease losses by portfolio segment, which consist of mortgage loans, commercial loans, consumer loans, and auto an d leasing, as follows: Mortgage loans: These loans are divided into four classes: traditional mortgages, non-traditional mortgages, loans in loan modification programs and home equity secured personal loans. Traditional mortgage loans include loans secure d by a dwelling, fixed coupons and regular amortization schedules. Non-traditional mortgages include loans with interest-first amortization schedules and loans with balloon considerations as part of their terms. Mortgages in loan modification programs are loans that are being serviced under such programs. Home equity loans are mainly equity lines of credit. The allowance factor on these loans is impacted by the adjusted historical loss factors on the sub-segments and the environmental risk factors described above and by delinquency buckets. The traditional mortgage loan portfolio is further segregated by vintages and then by delinquency buckets. Commercial loans: The commercial portfolio is segmented by business line (corporate, institutional, middle mark et, corporate retail, floor plan, and real estate) and by collateral type (secured by real estate and other commercial and industrial assets). The loss factor used for the GVA of these loans is established considering the Bank's past thirty six month histo rical loss experience of each segment adjusted for the loss realization period and the consideration of environmental factors. The sum of the adjusted loss experience and the environmental factors is the GVA factor used for the determination of the allowan ce for loan and lease losses on each category. Consumer loans: The consumer portfolio consists of smaller retail loans such as retail credit cards, overdrafts, unsecured personal lines of credit, and personal unsecured loans. The allowance factor, consisting of the adjusted historical loss factor and the environmental risk factors, will be calculated for each sub-class of loans by delinquency bucket. Auto and Leasing: The auto and leasing portfolio consists of financing for the purchase of new or u sed motor vehicles for private or public use. These loans are granted mainly through dealers authorized and approved by the auto department credit committee of the Bank. In addition, this segment includes personal loans guaranteed by vehicles in the form o f lease financing. The allowance factor on the auto and leasing portfolio is impacted by the adjusted historical loss factor and the environmental risk factors. For the determination of the allowance factor, the portfolio is segmented by FICO score, which is update d on a quarterly basis and then by delinquency bucket. The Company establishes its allowance for loan losses through a provision for credit losses based on our evaluation of the credit quality of the loan portfolio. This evaluation, which inc ludes a review of loans on which full collectability may not be reasonably assured, considers, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan loss experience, and other factors that warr ant recognition in determining our allowance for loan losses. The Company continues to monitor and modify the level of the allowance for loan losses to ensure it is adequate to cover losses inherent in our loan portfolio. Our allowance for loan losses co nsists of the following elements: ( i ) specific valuation allowances based on probable losses on specifically identified impaired loans; and (ii) valuation allowances based on net historical loan loss experience for similar loans with similar inherent risk characteristics and performance trends, adjusted, as appropriate, for qualitative risk factors specific to respective loan types. When current information and events indicate that it is probable that we will be unable to collect all amounts of principal and interest due under the original terms of a business or commercial real estate loan greater than $ 250 thousand , such loan will be classified as impaired. Additionally, all loans modified in a TDR are considered impaired. The need for specific valuation allowances are determined for impaired loans and recorded as necessary. For impaired loans, we consider the fair value of the underlying collateral, less estimated costs to sell, if the loan is collateral dependent, or we use the present value of estimate d future cash flows in determining the estimates of impairment and any related allowance for loan losses for these loans. Confirmed losses are charged off immediately. Prior to a loan becoming impaired, we typically would obtain an appraisal through our in ternal loan grading process to use as the basis for the fair value of the underlying collateral. Loan loss ratios and credit risk categories, for commercial loans, are updated at least quarterly and are applied in the context of GAAP Management uses curre nt available information in estimating possible loan and lease losses, factors beyond the Company’s control, such as those affecting general economic conditions, may require future changes to the allowance. Acquired Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) For our acquired loans accounted for under ASC 310-30, our allowance for loan losses is estimated based upon our expected cash flows for these loans . To the extent that we experience a deterioration in borrower credit quality resulting in a decrease in the net present value of our expected cash flows (which are used as a proxy to identify probable incurred losses) subsequent to the acquisition of the loans, an allowance for loan losses is established based on our estimate of future credit losses over the remaining life of the loans. Acquired loans accounted for under ASC Subtopic 310-30 are not considered non-performing and continue to have an accreta ble yield as long as there is a reasonable expectation about the timing and amount of cash flows expected to be collected. Also, loans charged-off against the non- accretable difference established in purchase accounting are not reported as charge-offs. Cha rge-offs on loans accounted under ASC Subtopic 310-30 are recorded only to the extent that losses exceed the non- accretable difference established with purchase accounting. Covered loans are accounted for under ASC 310-30 and our policy is consistent wit h our policy for non-covered acquired loans. For covered loans, the portion of the loss reimbursable from the FDIC is recorded as an offset to the provision for credit losses and increases the FDIC shared-loss indemnification asset. |
Lease Policy Text Block | Lease Financing The Company leases vehicles for personal and commercial use to individual and corporate customers. The direct finance lease method of accounting is used to recognize revenue on leasing contracts that meet the criteria specified in the guidance for leases in A SC Topic 840. Aggregate rentals due over the term of the leases, less unearned income, are included in lease financing contracts receivable. Unearned income is amortized using a method over the average life of the leases as an adjustment to the interest yi eld. |
Loans and Leases Receivable Troubled Debt Restructuring Policy | Troubled Debt Restructuring A TDR is the restructuring of a receivable in which the Company, as creditor, grants a concession for legal or economic reasons due to the debtor’s financial difficulties. A concession is granted when, as a result of the restructuring, the Company does not expect to collect all amounts due, including interest accrued at the original contract rate. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. To assess whether the debtor is having financial difficulties, the Company evaluates whether it is probable that the debtor will default on any of its debt in the foreseeable future. Receivables that are restructured in a TDR are pre sumed to be impaired and are subject to a specific impairment-measurement method. If the payment of principal at original maturity is primarily dependent on the value of collateral, the Company considers the current value of that collateral in determining whether the principal will be paid. For non-collateral dependent loans, the specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s effective interest rate. An accruing loan that is modified in a TDR can re main in accrual status if, based on a current, well-documented credit analysis, collection of principal and interest in accordance with the modified terms is reasonably assured, and the borrower has demonstrated sustained historical repayment performance f or a reasonable period before the modification. |
LiabilityReserveEstimatePolicy | Reserve for Unfunded Commitments The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facil ities and is included in other liabilities in the consolidated statements of financial condition. The determination of the adequacy of the reserve is based upon an evaluation of the unfunded credit facilities. Net adjustments to the reserve for unfunded co mmitments are included in other operating expenses in the consolidated statements of operations. |
FDIC Shared Loss Indemnification Asset and True-up Payment Obligation Policy[Text Block] | FDIC Indemnification Asset and True-up Payment Obligation The FDIC indemnification asset is accounted for and measured separately from the covered loans acq uired in the FDIC-assisted acquisition as it is not contractually embedded in any of the covered loans. The indemnification asset related to estimated future loan and lease losses is not transferable should the Company sell a loan prior to foreclosure or m aturity. The indemnification asset was recorded at fair value at the acquisition date and represents the present value of the estimated cash payments expected to be received from the FDIC for future losses on covered assets based on the credit adjustment e stimated for each covered asset and the shared-loss percentages. This balance also includes incurred expenses under the shared-loss agreements. These cash flows are then discounted at a market-based rate to reflect the uncertainty of the timing and receipt of the shared-loss reimbursements from the FDIC. The amount ultimately collected for this asset is dependent upon the performance of the underlying covered assets, the passage of time, the proper submission of claims to the FDIC and compliance with the ob ligations set forth in the FDIC shared-loss agreements. The time value of money incorporated into the present value computation is accreted into earnings over the shorter of the life of the shared-loss agreements or the holding period of the covered assets . The FDIC indemnification asset is reduced as losses are recognized on covered loans and foreclosed real estate and shared-loss payments are received from the FDIC. Realized credit losses in excess of acquisition-date estimates result in an increase in the FDIC indemnification asset. Conversely, if realized credit losses are less than acquisition-date estimates, the FDIC indemnification asset is amortized through the term of the shared-loss agreements. Depending on the timing of claims and covered asset resolution, the Company could also have owed payments to the FDIC for the recovery of prior claims. The liability for these payments is recorded in other liabilities in the consolidated statements of financial condition until cash is paid to the FDIC. Th e true-up payment obligation associated with the loss share agreements is accounted for at fair value in accordance with ASC Section 805-30-25-6 as it is considered contingent consideration. The true-up payment obligation is included as part of other liabi lities in the consolidated statements of financial condition. Any changes in the carrying value of the obligation are included in the category of FDIC loss share income (expense) in the consolidated statements of operations |
Intangible Assets Finite Lived Policy | Goodwill and Intangible Assets The Company records the excess of the cost of acquired entities over the fair value of identifiable tangible and intangible assets acquired less the fair value of liabilities assumed as goodwill. The Company amortizes the acquired identifiable intangible assets with definite useful economic lives over their useful economic life utilizing an accelerated amortization method. On a periodic basis, the Company assesses whether events or changes in circumstances indicate that the carrying amounts of the Company ’s core deposit and other intangible assets may be impaired. The Company does not amortize goodwill or any acquired identifiable intangible assets with an indefinite useful economic life, but reviews them for impairment at the reporting unit level on an an nual basis, or when events or changes in circumstances indicate that the carrying amounts may be impaired. The Company defines a reporting unit as a distinct, separately identifiable component of one of its operating segments for which complete, discrete f inancial information is available and reviewed regularly by that segment’s management. The Company has the option to first assess qualitative factors to determine whether there are events or circumstances that exist that make it more likely than not that the fair value of the reporting unit is less than its carrying amount. If it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if the Company chooses to bypass the qualitative assessment, the Company co mpares each reporting unit's fair value to its carrying value to identify potential impairment. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, a second step would be performed that would compare the implied fair value of the reporting unit's goodwill with the carrying amount. The implied fair value of goodwill is determined in the same manner as goodwill that is recognized in a business combination. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting units. The Company performs annual goodwill impairment te st as of October 31 and monitors for interim triggering events on an ongoing basis. Goodwill is reviewed for impairment utilizing a qualitative assessment or a two-step process. The Company has an option to make a qualitative assessment of a reporting unit 's goodwill for impairment. If the Company chooses to perform a qualitative assessment and determines the fair value more likely than not exceeds the carrying value, no further evaluation is necessary. For reporting units where the Company performs the two -step process, the first step requires the Company to compare the fair value of each reporting unit, which the Company primarily determines using an income approach based on the present value of discounted cash flows, to the respective carrying value, whic h includes goodwill. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is higher than the fair value, there is an indication that an impairment may exist and the second step i s required. In step two, the implied fair value of goodwill is calculated as the excess of the fair value of a reporting unit over the fair values assigned to its assets and liabilities. If the implied fair value of goodwill is less than the carrying value of the reporting unit's goodwill, the difference is recognized as an impairment loss. The Company performed its annual impairment review of goodwill during the fourth quarter of 2015 using October 31, 2015 as the annual evaluation date. There was no impai rment at December 31, 2015 . |
Finance Loan and Lease Receivables Held for Investments Foreclosed Assets Policy | Foreclosed Real Estate and Other Repossessed Property Foreclosed Real Estate and Other Repossessed Property Foreclosed real estate and other repossessed property are initially recorded at the fair value of the real estate or repossessed property less the cost of selling it at the date of foreclosure or repossession. At the time properties are acquired in full or partial satisfaction of loans, any excess of the loan balance over the estimat ed fair value of the property is charged against the allowance for loan and lease losses on non-covered loans. After foreclosure or repossession, these properties are carried at the lower of cost or fair value less estimated cost to sell, based on recent a ppraised values or options to purchase the foreclosed or repossessed property. Any excess of the carrying value over the estimated fair value, less estimated costs to sell, is charged to non-interest expense. The costs and expenses associated to holding th ese properties in portfolio are expensed as incurred. Foreclosed Real Estate covered by the FDIC Covered foreclosed real estate is initially recorded at i t s estimated fair value on the acquisition date, based on appraisal value less estimated selling c osts. Any subsequent write-downs due to declines in fair value and costs and expenses associated with holding these properties in portfolio are charged as incurred to non-interest expense with a partially offsetting non-interest income for the loss reimbur sement under the FDIC shared-loss agreement. Any recoveries of previous write-downs are credited to non-interest expense with a corresponding charge to non-interest income for the portion of the recovery that is due to the FDIC . At December 31, 2015 and 20 15 foreclosed real estate covered by the FDIC amounted to $1.9 million and $47.5 million, respectively . |
Property Plant And Equipment Policy Text Block | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line metho d over the estimated useful life of each type of asset. Amortization of leasehold improvements is computed using the straight-line method over the terms of the leases or estimated useful lives of the improvements, whichever is shorter. |
Impairment Or Disposal Of Long Lived Assets Policy Text Block | Impairment of Lon g-Lived Assets The Company periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, an estimate of the future cash flows expected to result from the use of the asset and its eventual disposition is made. If the sum of the future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, an impairment loss is r ecognized. The amount of the impairment is the excess of the carrying amount over the fair value of the asset. As of December 31, 2015, there was no indication of impairment as a result of such review. |
Income Tax Policy | Income Taxes In preparing the consolidated financia l statements, the Company is required to estimate income taxes. This involves an estimate of current income tax expense together with an assessment of temporary differences resulting from differences between the carrying amounts of assets and liabilities f or financial reporting purposes and the amounts used for income tax purposes. The determination of current income tax expense involves estimates and assumptions that require the Company to assume certain positions based on its interpretation of current tax laws and regulations. Changes in assumptions affecting estimates may be required in the future, and estimated tax assets or liabilities may need to be increased or decreased accordingly. The accrual for tax contingencies is adjusted in light of changing f acts and circumstances, such as the progress of tax audits, case law and emerging legislation. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be r ecognized as a reduction to the Company’s effective tax rate in the year of resolution. Unfavorable settlement of any particular issue could increase the effective tax rate and may require the use of cash in such year. The determination of deferred tax e xpense or benefit is based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of the Company’s net deferred tax assets assumes that the Company will be able to generate sufficient future tax able income based on estimates and assumptions. If these estimates and related assumptions change in the future, the Company may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the co nsolidated statements of operations. Management evaluates on a regular basis whether the deferred tax assets can be realized and assesses the need for a valuation allowance. A valuation allowance is established when management believes that it is more li kely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowance from period to period are included in the Company’s tax provision in the period of change. In addition to valuation allowances, the Company es tablishes accruals for uncertain tax positions when, despite the belief that the Company’s tax return positions are fully supported, the Company believes that certain positions are likely to be challenged. The accruals for uncertain tax positions are adjus ted in light of changing facts and circumstances, such as the progress of tax audits, case law, and emerging legislation. The accruals for the Company’s uncertain tax positions are reflected as income tax payable as a component of accrued expenses and othe r liabilities. These accruals are reduced upon expiration of the applicable statute of limitations. The Company follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognit ion by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax be nefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company’s policy is to include interest and penalties related to unrecognized income tax benefits within the provision for income taxes on the consolida ted statements of operations. On May 29, 2015 the Governor signed Act No. 72 of 2015. 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 defin ition of “large taxpayers,” which requires them to file their 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 fo r 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. T he Government has enacted tax reform in the past and is expected to do so in the future. In 2014, the Government of Puerto Rico approved an amendment to the Internal Revenue Code, which, among other things, changed the income tax rate for capital gains from 15% to 20%. In addition, in May 2015, the Governme nt approved an increase in the state sales and use tax rate, effective July 1, 2015, from 6% to 10.5% (the municipal sales and use tax remained at a 1% rate), expanded the sales and use tax to certain business-to-business services that were previously exem pt, and provided for a transition to a value-added tax was expected to become effective on April 1, 2016. Now, the value added tax is expected to become effective on June 1, 2016. |
Share Based Compensation Option And Incentive Plans Policy | Equity-Based Compensation Plan The Company’s 2007 Omnibus Performance Incentive Plan, as amended and restated (the “Omnibus Plan”), provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted units and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan was adopted in 2007, amended and restated in 2008, and further amended in 2010. The purpose of the Omnibus Plan is to provide flexibility to the Company to attract, retain and motivate directors, offi cers, and key employees through the grant of awards based on performance and to adjust its compensation practices to the best compensation practice and corporate governance trends as they develop from time to time. The Omnibus Plan is further intended to m otivate high levels of individual performance coupled with increased shareholder returns. Therefore, awards under the Omnibus Plan (each, an “Award”) are intended to be based upon the recipient’s individual performance, level of responsibility and potentia l to make significant contributions to the Company. Generally, the Omnibus Plan will terminate as of (a) the date when no more of the Company’s shares of common stock are available for issuance under the Omnibus Plan or, (b) if earlier, the date the Omnibu s Plan is terminated by the Company’s Board of Directors. The Board’s Compensation Committee (the “Committee”), or such other committee as the Board may designate, has full authority to interpret and administer the Omnibus Plan in order to carry out its provisions and purposes. The Committee has the authority to determine those persons eligible to receive an Award and to establish the terms and conditions of any Award. The Committee may delegate, subject to such terms or conditions or guidelines as it sha ll determine, to any employee or group of employees any portion of its authority and powers under the Omnibus Plan with respect to participants who are not directors or executive officers subject to the reporting requirements under Section 16(a) of the Sec urities Exchange Act of 1934, as amended (the “Exchange Act”). Only the Committee may exercise authority in respect to Awards granted to such participants. The Omnibus Plan replaced and superseded the Company’s 1996, 1998 and 2000 Incentive Stock Option Plans (the “Stock Option Plans”). All outstanding stock options under the Stock Option Plans continue in full force and effect, subject to their original terms and conditions. The expected term of stock options granted represents the period of time that such options are expected to be outstanding. Expected volatilities are based on historical volatility of the Company’s shares of common stock over the most recent period equal to the expected term of the stock options. For stock options issued during 2015, the expected volatilities are based on both historical and implied volatility of the Company’s shares of common stock. The Company follows the fair value method of recording stock-based compensation. The Company used the modified prospective transition m ethod, which requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award with the cost to be recognized over the service period. It applies to all awards unve sted and granted after the effective date and awards modified, repurchased, or cancelled after that date. |
Comprehensive Income Policy Policy Text Block | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transaction s and other events and circumstances, except for those resulting from investments by owners and distributions to owners. GAAP requires that recognized revenue, expenses, gains and losses be included in net income (loss). Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and on derivative activities that qualify and are designated for cash flows hedge accounting, net of taxes, are reported as a separate component of the stockholders’ equi ty section of the consolidated statements of financial condition, such items, along with net income (loss), are components of comprehensive income (loss). |
Commitments And Contingencies Policy Text Block | Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments , litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed a s incurred. |
Subsequent Events Policy | Subsequent Events The Company has evaluated other events subsequent to the balance sheet date and prior to the filing of this annual report on Form 10-K for the year ended December 31, 2015 , and has adjusted and disclosed those events that have occurred that would require a djustment or disclosure in the consolidated financial statements. |
New Accounting Pronouncements Policy [Policy Text Block] | Recent Accounting Developments Reclassification of Defaulted Consumer Mortgage Loans upon Foreclosure - In January 2014, the FASB issued ASU 2014-04, Rec eivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure . This ASU clarifies when an in-substance repossession or foreclosure occurs that would require a transfer of the mortgage loan to other real estate owned (OREO). Under the ASU, repossession or foreclosure is deemed to have occurred when (1) the creditor obtains legal title to the residential real estate property or (2) the borrower conveys all interest in the residential real estate property to the creditor to satisfy the mortgage loan through completion of a deed in lieu of foreclosure or a similar legal agreement. The ASU becomes effective for annual and interim periods beginning after Dec ember 15, 2014. The ASU can be adopted using either a modified retrospective method or a prospective transition method with the cumulative effect being recognized in the beginning retained earnings of the earliest annual period for which the ASU is adopted . The adoption of this guidance did not have a material effect on our consolidated financial statements, since the Company already followed this approach. Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures - In June 2014, FASB iss ued ASU No. 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures . The amendments in the ASU require repurchase-to-maturity transactions to be recorded and accounted for as secured borrowi ngs. Amendments to Topic 860 also require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (i.e., a repurchase financing), which will result in secured borrowing accou nting for the repurchase agreement, as well as additional required disclosures. The accounting amendments and disclosures are effective for interim and annual periods beginning after December 15, 2014. The disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings are required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The adoption of thi s guidance did not have a material effect on our consolidated financial statements . Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure- In August 2014, FASB issued ASU No. 2014-14, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The amendments require a mortgage loan to be derecognized and a separate receivable to be recognized upon foreclosure if the loan has a government guarantee that is non-separable from the loan before foreclosure, the creditor has the ability and intent to convey the real estate property to the guarantor, and any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Additionally, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor upon foreclosure. The amendments are effective for annual periods and int erim periods within those annual periods beginning after December 15, 2014. The adoption of this guidance did not have a material effect on our consolidated financial statements . Future Application of Accounting Standards Revenue from Contracts with Customers - In May 2014, FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The amendments in ASU 2014-09 supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most in dustry-specific guidance. The general principle of the amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance sets forth a five step approach to be utilized for revenue recognition. The amendments are effective for annual reporting periods beginning after December 15, 201 7 , including interim periods within that r eporting period. Management is currently assessing the impact to the Company’s consolidated financial statements. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved aft e r the Requisite Service Period - In June 2014, FASB issued ASU No. 2014-12, Compensation- Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period . The amendments require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. Specifically, if the performance target becomes probable of being achieved befor e the end of the requisite service period, the remaining unrecognized compensation cost should b recognized prospectively over the remaining requisite service period. The amendments are effective for annual periods and interim periods within those annual p eriods beginning after December 15, 2015. Management does not expect the requirements of this update to have a material impact on the Company’s financial position, results of operations or cash flows. Going Concern - In August 2014, the FASB issued ASU No . 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, a new going concern standard, which requires management to assess at each interim and annual reporting period whether substantial doubt exists about the company’s ability to continue as a going concern. Substantial doubt exists if it is probable (the same threshold that is used for contingencies) that the company will be unable to meet its obligations as they become due within one year after the date the financial statements are issued or available to be issued (assessment date). Management needs to consider known (and reasonably knowable) events and conditions at the assessment date. For al l entities, this standard is effective for annual periods and interim periods within those annual periods beginning after December 15, 2016, with earlier adoption permitted. The adoption of this standard will have no material impact on our financial positi on or results of operations. Hybrid Financial Instruments - In December 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is Mor e Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force), a standard that will require a company that issues or invests in a hybrid financial instrument (e.g., a preferred share with a redemption feature, a conversion feature, or bo th) to determine the nature of the host contract by considering the economic characteristics of the entire instrument, including the embedded derivative feature that is being evaluated for separate accounting. Concluding the host contract is debt-like (ver sus equity-like) may result in substantially different answers about whether certain features must be accounted for separately. The guidance provides a modified retrospective transition for all existing hybrid financial instruments in the form of a share, with the option for full retrospective application. The new standard is effective for public business entities in fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption, including adoption in an inter im period, is permitted. The adoption of this standard will have no material impact on our financial position or results of operations. Amendment to the Consolidation Analysis - In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): A mendment to the Consolidation Analysis (“ASU 2015-02”) , which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. Specifically, the amendments: 1) Modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities 2) Eliminate the presumpt ion that a general partner should consolidate a limited partnership 3) Affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships 4) Provid e a scope exception from consolidation guidance for reporting entities with interest in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2015. Early adoption is permitted, including adoption in an interim period. If an entity early adopts in an interim period, any adjustment should be reflected as of the beginning of the fiscal year of that includes that interim period. The amendments may be applied using a modified retrospective approach by recording a cumulative-effec t adjustment to equity as of the beginning of the fiscal year of adoption. A reporting entity may also apply the amendments of this ASU retrospectively. The adoption of this standard will have no material impact on our financial position or results of oper ations. Extraordinary and Unusual Items - In January 2015, the FASB issued ASU 2015-01, Income Statement – (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”) , which eliminates fro m GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports the classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations . The entity is also required to disclose applicable income taxes and either present or disclose earnings-per-share data applicable to the extraordinary item. Eliminating the concept of extraordinary items will save time and reduce costs for preparers because they will not have to assess whether a particular event or transaction event is extraordinary. This will alleviate uncertainty for preparers, auditors, and regulators because auditors and regulators no longer will need to evaluate whether a prepare r treated an unusual and/or infrequent item appropriately. The presentation and disclosure guidance for items that are unusual in nature and occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infre quently occurring. The amendments of this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2015. The amendments may be applied prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided is applied from the beginning of the fiscal year of adoption. The adoption of this standard will have no material impact on our financial position or results of operations. Simplifying the Presentation of Debt Issuance Costs - In April 2015, the FASB issued 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 g uidance 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. Recognition and Measurement of Financial Assets and Liabili ties - In January 2016 the FASB released ASU No. 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The main provisions of the update are to eliminate the available for sale classification of accounting for equity securities and to a djust the fair value disclosures for financial instruments carried at amortized costs such that the disclosed fair values represent an exit price as opposed to an entry price. The provisions of this update will require that equity securities be carried at fair market value on the balance sheet and any periodic changes in value will be adjustments to the income statement. A practical expedient is provided for equity securities without a readily determinable fair value, such that these securities can be carri ed at cost less any impairment. The provisions of this update become effective for interim and annual periods beginning after December 15, 2017. Management does not expect the requirements of this update to have a material impact on the Company’s financial position, results of operations or cash flows. Leases - In February 2016 the FASB released ASU 2016-02, Leases (Topic 842) , which supersedes ASC Topic 840 and sets out the principles for the recognition, measurement, presentation and disclosure of leases for both lessors and lessees. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This cl assification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for a ll leases with a term greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The amendments of this Update are effective for fiscal years, and interim periods within those fiscal years, beginn ing after December 15, 2018, with early adoption permitted. The ASU is expected to impact the Company’s consolidated financial statements since the Company has certain operating lease arrangements for which it is the lessee. The Company is currently evalua ting the impact that the adoption of this accounting pronouncement will have on its consolidated financial statements. Other Potential Amendments to Current Accounting Standards - FASB and the International Accounting Standards Board, either jointly or se parately, are currently working on several major projects, including amendments to existing accounting standards governing financial instruments, leases, and consolidation and investment companies. As part of the joint financial instruments project, FASB h as issued a proposed ASU that would result in significant changes to the guidance for recognition and measurement of financial instruments, in addition to the proposed ASU that would change the accounting for credit losses on financial instruments discusse d above. FASB is also working on a joint project that would require substantially all leases to be capitalized on the balance sheet. Upon completion of the standards, the Company will need to re-evaluate its accounting and disclosures. However, due to ongo ing deliberations of the standard setters, the Company is currently unable to determine the effect of future amendments or proposals. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 2014 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 1,980 $ 2,980 Obligations under agreement of loans sold with recourse 1,369 5,427 $ 3,349 $ 8,407 |
Investments Securities (Tables)
Investments Securities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 were as follows: December 31, 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 $ 735,363 $ 25,791 $ 1,509 $ 759,645 2.97% GNMA certificates 57,129 1,366 - 58,495 3.19% CMOs issued by US government-sponsored agencies 137,787 27 2,741 135,073 1.85% Total mortgage-backed securities 930,279 27,184 4,250 953,213 2.82% Investment securities Obligations of US government-sponsored agencies 5,122 - 29 5,093 1.36% Obligations of Puerto Rico government and political subdivisions 17,801 - 4,070 13,731 6.24% Other debt securities 2,444 128 - 2,572 2.98% Total investment securities 25,367 128 4,099 21,396 4.94% Total securities available for sale $ 955,646 $ 27,312 $ 8,349 $ 974,609 2.87% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 595,157 426 5,865 589,718 2.24% Investment securities US Treasury securities 25,032 - 71 24,961 0.49% Total securities held to maturity 620,189 426 5,936 614,679 2.17% Total $ 1,575,835 $ 27,738 $ 14,285 $ 1,589,288 2.60% 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 December 31 , 2015 , by contractual maturity, are shown in the next table. December 31, 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 $ 15,098 $ 15,228 $ - $ - Total due after 5 to 10 years 15,098 15,228 - - Due after 10 years FNMA and FHLMC certificates 720,265 744,417 595,157 589,718 GNMA certificates 57,129 58,495 - - CMOs issued by US government-sponsored agencies 137,787 135,073 - - Total due after 10 years 915,181 937,985 595,157 589,718 Total mortgage-backed securities 930,279 953,213 595,157 589,718 Investment securities Due from 1 to 5 years US Treasury securities - - 25,032 24,961 Obligations of Puerto Rico government and political subdivisions 8,733 7,438 - - Total due from 1 to 5 years 8,733 7,438 25,032 24,961 Due after 5 to 10 years Obligations of US government and sponsored agencies 5,122 5,093 - - Total due after 5 to 10 years 5,122 5,093 - - Due after 10 years Obligations of Puerto Rico government and political subdivisions 9,068 6,293 - - Other debt securities 2,444 2,572 - - Total due after 10 years 11,512 8,865 - - Total investment securities 25,367 21,396 25,032 24,961 Total securities available-for-sale $ 955,646 $ 974,609 $ 620,189 $ 614,679 |
Realized Gain Loss On Investments Table Text Block | The table below presents the gross realized gains and losses by category for such periods Year Ended December 31, 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 $ 37,736 $ 2,571 $ - GNMA certificates 63,524 63,523 1 - Total $ 103,831 $ 101,259 $ 2,572 $ - Year Ended December 31, 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 99,360 99,360 - - Total mortgage-backed securities $ 214,518 $ 210,152 $ 4,366 $ - Year Ended December 31, 2013 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities GNMA certificates $ 141,202 $ 141,237 - $ 35 Total mortgage-backed securities $ 141,202 $ 141,237 $ - $ 35 |
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 December 31, 2015 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 103,340 $ 2,410 $ 100,930 Obligations of Puerto Rico government and political subdivisions 17,801 4,070 13,731 $ 121,141 $ 6,480 $ 114,661 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 25,736 $ 331 $ 25,405 FNMA and FHLMC certificates $ 149,480 $ 1,509 $ 147,971 Obligations of US government and sponsored agencies 5,122 $ 29 $ 5,093 Securities held-to-maturity FNMA and FHLMC Certificates 468,487 5,865 462,622 US Treausury Securities 25,032 71 24,961 $ 673,857 $ 7,805 $ 666,052 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 129,076 2,741 $ 126,335 FNMA and FHLMC certificates 149,480 1,509 147,971 Obligations of Puerto Rico Government and political subdivisions 17,801 4,070 13,731 Obligations of US government and sponsored agencies 5,122 29 5,093 301,479 8,349 293,130 Securities held-to-maturity FNMA and FHLMC certificates 468,487 5,865 462,622 US Treasury Securities 25,032 71 24,961 $ 794,998 $ 14,285 $ 780,713 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 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings | The following table presents a rollforward of credit-related impairment losses recognized in ea rnings for the year ended December 31, 2015 (non in 2014 and 2013) on available-for-sale securities that the Company does not have the intent to sell or will not more-likely-than-not be required to sell: Year Ended December 31, 2015 Balance at beginning of year $ - Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses 1,490 Balance at end of year $ 1,490 |
Pledge Assets (Table)
Pledge Assets (Table) | 12 Months Ended |
Dec. 31, 2015 | |
TransfersAndServicingAbstract | |
ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock | December 31, 2015 2014 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ 1,021,370 $ 1,088,526 Derivatives 8,100 7,043 Puerto Rico Cash & Money Market Fund 81,576 76,259 Bond for the Bank's trust operations 379 105 Total pledged investment securities 1,111,425 1,171,933 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 1,095,810 1,013,106 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 253,263 139,043 Federal Reserve Bank Credit Facility 12,877 179,895 Puerto Rico public fund deposits 410,932 414,481 677,072 733,419 Pledged auto loans and leases to secure: Federal Reserve Bank Credit Facility - 884,339 Total pledged assets $ 2,884,307 $ 3,802,797 Financial assets not pledged: Investment securities $ 483,373 $ 207,357 Residential mortgage loans 379,065 586,040 Commercial loans 1,287,036 1,349,467 Consumer loans 295,492 266,498 Auto loans and leases 929,666 123,258 Total assets not pledged $ 3,374,632 $ 2,532,620 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable Text Block | December 31, 2015 2014 (In thousands) Originated and other loans and leases held for investment: Mortgage $ 757,828 $ 791,751 Commercial 1,441,649 1,289,732 Consumer 242,950 186,760 Auto and leasing 669,163 575,582 3,111,590 2,843,825 Allowance for loan and lease losses on originated and other loans and leases (112,626) (51,439) 2,998,964 2,792,386 Deferred loan costs, net 4,203 4,282 Total originated and other loans loans held for investment, net 3,003,167 2,796,668 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 7,457 12,675 Consumer 38,385 45,344 Auto 106,911 184,782 152,753 242,801 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20 (5,542) (4,597) 147,211 238,204 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 608,294 656,122 Commercial 287,311 452,201 Construction 88,180 106,361 Consumer 11,843 29,888 Auto 153,592 247,233 1,149,220 1,491,805 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30 (25,785) (13,481) 1,123,435 1,478,324 Total acquired BBVAPR loans, net 1,270,646 1,716,528 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 92,273 102,162 Commercial and construction 142,377 256,488 Consumer 2,314 4,506 Total acquired Eurobank loans 236,964 363,156 Allowance for loan and lease losses on Eurobank loans (90,178) (64,245) Total acquired Eurobank loans, net 146,786 298,911 Total acquired loans, net 1,417,432 2,015,439 Total held for investment, net 4,420,599 4,812,107 Mortgage loans held-for-sale 13,614 14,539 Total loans, net $ 4,434,213 $ 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 December 31, 2015 and 2014 by class of loans . Mortgage loans past due include delinquent loans in the GNMA buy-back option program. Servicers of loans unde rlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option December 31, 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 $ 80 $ 2,217 $ 3,889 $ 6,186 $ 41 $ 51,562 $ 57,789 $ 144 Years 2003 and 2004 251 5,036 5,536 10,823 - 88,623 99,446 - Year 2005 79 2,553 3,549 6,181 - 48,040 54,221 - Year 2006 551 2,878 7,934 11,363 176 66,864 78,403 - Years 2007, 2008 and 2009 170 2,053 14,733 16,956 - 74,590 91,546 526 Years 2010, 2011, 2012, 2013 662 1,673 10,519 12,854 141 137,749 150,744 72 Years 2014 and 2015 - 65 663 728 - 85,128 85,856 - 1,793 16,475 46,823 65,091 358 552,556 618,005 742 Non-traditional - 977 5,079 6,056 13 23,483 29,552 - Loss mitigation program 9,958 6,887 14,930 31,775 5,593 64,548 101,916 3,083 11,751 24,339 66,832 102,922 5,964 640,587 749,473 3,825 Home equity secured personal loans - - 64 64 - 346 410 - GNMA's buy-back option program - - 7,945 7,945 - - 7,945 - 11,751 24,339 74,841 110,931 5,964 640,933 757,828 3,825 Commercial Commercial secured by real estate: Corporate - - - - - 227,557 227,557 - Institutional 213 - - 213 - 33,594 33,807 - Middle market 1,174 712 9,113 10,999 1,730 194,219 206,948 - Retail 686 466 6,921 8,073 1,177 231,840 241,090 - Floor plan - - - - - 2,892 2,892 - Real estate - - - - - 16,662 16,662 - 2,073 1,178 16,034 19,285 2,907 706,764 728,956 - Other commercial and industrial: Corporate - - - - - 108,582 108,582 - Institutional - - - - 190,290 190,695 380,985 - Middle market - - - - 1,565 105,748 107,313 - Retail 282 639 604 1,525 783 75,489 77,797 - Floor plan 238 51 39 328 - 37,688 38,016 - 520 690 643 1,853 192,638 518,202 712,693 - 2,593 1,868 16,677 21,138 195,545 1,224,966 1,441,649 - December 31, 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 449 182 369 1,000 - 21,766 22,766 - Overdrafts 24 - - 24 - 166 190 - Personal lines of credit 74 - 45 119 19 2,106 2,244 - Personal loans 2,078 1,179 627 3,884 414 196,858 201,156 - Cash collateral personal loans 125 17 2 144 - 16,450 16,594 - 2,750 1,378 1,043 5,171 433 237,346 242,950 - Auto and leasing 53,566 16,898 8,293 78,757 49 590,357 669,163 - Total $ 70,660 $ 44,483 $ 100,854 $ 215,997 $ 201,991 $ 2,693,602 $ 3,111,590 $ 3,825 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 3,394 2,992 6,900 13,286 - 149,030 162,316 365 Year 2014 290 - - 290 - 41,818 42,108 - 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 BBVAPR loans accounted for under ASC 310-20 as of December 31, 2015 and 2014, by class of loans : December 31, 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 $ - $ - $ 228 $ 228 $ - $ - $ 228 $ - Floor plan - - 467 467 - 2,422 2,889 - - - 695 695 - 2,422 3,117 - Other commercial and industrial Retail 186 29 178 393 - 3,331 3,724 - Floor plan - - 7 7 - 609 616 - 186 29 185 400 - 3,940 4,340 - 186 29 880 1,095 - 6,362 7,457 - Consumer Credit cards 930 384 489 1,803 - 33,414 35,217 - Personal loans 14 29 46 89 - 3,079 3,168 - 944 413 535 1,892 - 36,493 38,385 - Auto 7,553 2,279 831 10,663 - 96,248 106,911 - Total $ 8,683 $ 2,721 $ 2,246 $ 13,650 $ - $ 139,103 $ 152,753 $ - 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 Loans Tabular Disclosure [Table Text Block] | The carrying amount corresponding to acquired BBVAPR loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at December 31, 2015 and 2014 is as follows: December 31, 2015 2014 (In thousands) Contractual required payments receivable $1,945,098 $2,394,378 Less: Non-accretable discount $434,190 $456,627 Cash expected to be collected 1,510,908 1,937,751 Less: Accretable yield 361,688 445,946 Carrying amount, gross 1,149,220 1,491,805 Less: allowance for loan and lease losses 25,785 13,481 Carrying amount, net $1,123,435 $1,478,324 |
Accretable Yield for Acquired Loans [Table Text Block] | The following tables describe the accretable yield and non- accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the years ended December 31 , 2015 , 2014 Year Ended December 31, 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 (34,842) (39,268) (10,161) (23,463) (4,379) (112,113) Change in expected cash flows - 6,130 2,402 - (1) 8,531 Transfer (to) from non-accretable discount 5,272 17,353 1,545 (8,957) 4,111 19,324 Balance at end of period $ 268,794 $ 45,411 $ 19,615 $ 21,578 $ 6,290 $ 361,688 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 (9,795) 6,065 4,823 (3,133) (1,073) (3,113) Transfer from (to) accretable yield (5,272) (17,353) (1,545) 8,957 (4,111) (19,324) Balance at end of period $ 374,772 $ 11,781 $ 6,764 $ 22,039 $ 18,834 $ 434,190 Year Ended December 31, 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 (37,612) (49,039) (21,894) (39,023) (5,968) (153,536) Transfer (to) from non-accretable discount 48,135 14,096 4,730 15,176 (208) 81,929 Balance at end of period $ 298,364 $ 61,196 $ 25,829 $ 53,998 $ 6,559 $ 445,946 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 (25,192) (5,350) 2,365 (8,254) (4,600) (41,031) Transfer from (to) accretable yield (48,135) (14,096) (4,730) (15,176) 208 (81,929) Balance at end of period $ 389,839 $ 23,069 $ 3,486 $ 16,215 $ 24,018 $ 456,627 Year Ended December 31, 2013 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 328,243 145,173 30,802 126,803 24,812 655,833 Accretion (42,740) (59,998) (29,557) (55,255) (11,628) (199,178) Transfer (to) from non-accretable discount 2,338 10,964 41,748 6,297 (449) 60,898 Balance at end of period $ 287,841 96,139 42,993 77,845 12,735 517,553 Non-Accretable Discount Activity: Balance at beginning of period $ 502,857 60,275 62,803 55,733 32,794 714,462 Change in actual and expected losses (37,353) (6,796) (15,204) (9,791) (4,833) (73,977) Transfer from (to) accretable yield (2,338) (10,964) (41,748) (6,297) 449 (60,898) Balance at end of period $ 463,166 42,515 5,851 39,645 28,410 579,587 |
Eurobank loans carrying amount [Table Text Block] | Acquired Eurobank Loans The carrying amount of acquired Eurobank loans at December 31, 2015 and 2014 is as follows: December 31 2015 2014 (In thousands) Contractual required payments receivable $ 342,511 $ 535,425 Less: Non-accretable discount 21,156 62,410 Cash expected to be collected 321,355 473,015 Less: Accretable yield 84,391 109,859 Carrying amount, gross 236,964 363,156 Less: Allowance for loan and lease losses 90,178 64,245 Carrying amount, net $ 146,786 $ 298,911 |
Accretable Yield for Acquired Eurobank Loans [Table Text Block] | The following tables describe the accretable yield and non- a ccretable discount activity of acquired Eurobank loans for the years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 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 $ 37,920 $ 20,753 $ 2,479 $ 1,071 $ 109,859 Accretion (13,685) (32,124) (2,513) (3,458) (631) (52,411) Change in expected cash flows 4,631 44,660 (15,048) (51) 305 34,497 Transfer from (to) non-accretable discount 13,372 (23,486) (937) 1,030 2,467 (7,554) Balance at end of period $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Non-Accretable Discount Activity: Balance at beginning of period $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Change in actual and expected losses (1,107) (47,950) (937) 1,030 156 (48,808) Transfer from (to) accretable yield (13,372) 23,486 937 (1,030) (2,467) 7,554 Balance at end of period $ 12,869 $ - $ - $ - $ 8,287 $ 21,156 Year Ended December 31, 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 (15,731) (57,099) (4,102) (9,837) (2,200) (88,969) Transfer from (to) non-accretable discount 10,117 (74) 23,165 2,078 583 35,869 Balance at end of period $ 47,636 $ 37,920 $ 20,753 $ 2,479 $ 1,071 $ 109,859 Non-Accretable Discount Activity: Balance at beginning of period $ 39,182 $ 81,092 $ - $ - $ 9,203 $ 129,477 Change in actual and expected losses (1,717) (56,702) 23,165 2,078 1,978 (31,198) Transfer (to) from accretable yield (10,117) 74 (23,165) (2,078) (583) (35,869) Balance at end of period $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Year Ended December 31, 2013 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 $ 57,569 $ 103,591 $ 7,380 $ 16,916 $ 2,552 $ 188,008 Accretion (18,784) (54,821) (3,715) (13,402) (1,047) (91,769) Change in Expected Cash Flows (12,328) 14,743 (2,514) 625 (526) - Transfer from (to) non-accretable discount 26,793 31,580 539 6,099 1,709 66,720 Balance at end of period $ 53,250 $ 95,093 $ 1,690 $ 10,238 $ 2,688 $ 162,959 Non-Accretable Discount Activity: Balance at beginning of period $ 66,021 $ 154,185 $ - $ 6,345 $ 11,004 $ 237,555 Change in actual and expected losses (46) (41,513) 539 (246) (92) (41,358) Transfer (to) from accretable yield (26,793) (31,580) (539) (6,099) (1,709) (66,720) Balance at end of period $ 39,182 $ 81,092 $ - $ - $ 9,203 $ 129,477 |
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 clas s of loans as of December 31, 2015 and 2014 : December 31, 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 $ 3,786 $ 4,427 Years 2003 and 2004 5,737 7,042 Year 2005 3,627 4,585 Year 2006 8,189 9,274 Years 2007, 2008 and 2009 14,625 8,579 Years 2010, 2011, 2012, 2013 10,588 7,365 Years 2014 and 2015 663 - 47,215 41,272 Non-traditional 5,092 3,224 Loss mitigation program 20,172 20,934 72,479 65,430 Home equity loans, secured personal loans 64 - 72,543 65,430 Commercial Commercial secured by real estate Middle market 12,729 9,534 Retail 8,726 9,000 21,455 18,534 Other commercial and industrial Institutional 190,290 - Middle market 1,565 618 Retail 1,932 2,527 Floor plan 39 - 193,826 3,145 215,281 21,679 Consumer Credit cards 369 375 Personal lines of credit 100 110 Personal loans 1,146 1,092 Cash collateral personal loans 16 13 1,631 1,590 Auto and leasing 8,418 8,668 Total non-accrual originated loans $ 297,873 $ 97,367 December 31, December 31, 2015 2014 (In thousands) Acquired BBVAPR loans accounted for under ASC 310-20 Commercial Commercial secured by real estate Retail $ 228 $ 351 Floor plan 467 407 695 758 Other commercial and industrial Retail 178 195 Floor plan 7 234 185 429 880 1,187 Consumer Credit cards 489 1,399 Personal loans 46 77 535 1,476 Auto 831 1,512 Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20 2,246 4,175 Total non-accrual loans $ 300,119 $ 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 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 December 31, 2015 and 2014 are as follows : December 31, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 210,718 $ 199,366 $ 55,947 13% Residential impaired and troubled-debt restructuring 97,424 89,973 9,233 9% Impaired loans with no specific allowance: Commercial 42,110 35,928 N/A N/A Total investment in impaired loans $ 350,252 $ 325,267 $ 65,180 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 impaired and 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 BBVAPR Loans Loans Accounted for under ASC 310- 20 (Loans with revolving feature and/or acquired at a premium) T he Company’s recorded investment in acquired BBVAPR commercial loans accounted for under ASC 310-20 that were individually evaluated for impairment and the related allowance for loan and lease losses at December 31, 2015 and 2014 are as follows: December 31, 2015 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 486 $ 474 N/A N/A Total investment in impaired loans $ 486 $ 474 $ - - 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 $ - - Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) T he Company ’s recorded investment in acquired BBVAPR loan pools accounted for under ASC 310-30 that have recorded impairments and their related allowance for loan and lease losses at December 31, 2015 and 2014 are as follows December 31, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 608,294 $ 608,294 $ 1,761 0% Commercial 287,311 168,107 15,455 9% Construction 88,180 87,983 5,707 6% Auto 153,592 153,592 2,862 2% Total investment in impaired loan pools $ 1,137,377 $ 1,017,976 $ 25,785 3% December 31 , 2014 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: 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 loan pools $ 415,826 $ 369,258 $ 13,481 4% Acquired Eurobank Loans T he Company ’s recorded investment in acquired Eurobank loan pools that have recorded impairment s and the ir related allowance for loan and lease losses as of December 31, 2015 and 2014 are as follows : December 31, 2015 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Loans secured by 1-4 family residential properties $ 101,444 $ 92,273 $ 22,570 24% Commercial and construction 133,148 142,377 67,365 47% Consumer 6,713 2,314 243 11% Total investment in impaired loan pools $ 241,305 $ 236,964 $ 90,178 38% December 31, 2014 Coverage Unpaid Recorded Specific to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance Loans secured by 1-4 family residential properties $ 134,579 $ 106,116 $ 15,522 15% Commercial and construction 151,017 93,631 48,334 52% Consumer 7,992 4,506 389 9% Total investment in impaired loan pools $ 293,588 $ 204,253 $ 64,245 31% |
Impaired Financing Receivables Loans, excluding ASC 310-30 [Table Text Block] | The following table presents the interest recognized in commercial and mortgage loans that were individually evaluated for impairment, excluding loans accounted for under ASC 310-30, for the years ended 2015, 2014, and 2013 : Year Ended December 31, 2015 2014 2013 Interest Income Recognized Average Recorded Investment 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 $ 280 $ 175,115 $ 237 $ 5,899 $ 160 $ 12,709 Residential troubled-debt restructuring 3,219 90,736 2,623 90,383 2,266 82,028 Impaired loans with no specific allowance Commercial 1,350 64,356 9,400 90,748 1,139 26,188 Total interest income from impaired loans $ 4,849 $ 330,207 $ 12,260 $ 187,030 $ 3,565 $ 120,925 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Modifications The follow ing tables present the troubled- debt restructuring s during the years ended 2015, 2014 and 2013 Year Ended December 31, 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 160 $ 21,053 5.42% 356 $ 21,182 4.35% 272 Commercial 9 5,664 6.79% 66 13,174 4.57% 56 Consumer 64 611 13.85% 71 898 13.43% 60 Auto 5 130 10.51% 65 131 10.87% 61 Year Ended December 31, 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 162 21,188 6.03% 350 $ 20,958 4.25% 420 Commercial 26 200,446 7.25% 3 200,125 7.25% 10 Consumer 26 212 10.09% 56 240 12.96% 65 Year Ended December 31, 2013 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 145 $ 20,143 6.52% 340 $ 20,971 4.34% 409 Commercial 2 1,842 8.99% 87 1,842 4.00% 66 Consumer 2 15 13.43% 75 15 12.67% 67 Commercial troubled-debt during the year ended December 31, 201 4 included 19 contracts with PREPA which amounted to $ 200.0 million. The following table presents troubled -debt restructurings for which there was a p ayment default during the years ended 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 65 $ 7,387 15 $ 1,700 15 $ 1,689 Consumer 8 $ 177 5 $ 37 1 $ 9 Auto 1 $ 64 - $ - - $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2015 and 2014, and based on the most recent analysis performed, the ris k category of gross originated and other loans and BBVAPR acquired loans accounted for under ASC 310-20 subject to risk rating by class of loans is as follows: December 31, 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 $ 227,557 $ 212,410 $ 15,147 $ - $ - $ - Institutional 33,807 25,907 - - - 7,900 Middle market 206,948 181,916 9,697 - - 15,335 Retail 241,090 217,836 7,936 5,097 - 10,221 Floor plan 2,892 2,892 - - - - Real estate 16,662 16,662 - - - - 728,956 657,623 32,780 5,097 - 33,456 Other commercial and industrial: Corporate 108,582 100,826 - - - 7,756 Institutional 380,985 190,695 - - - 190,290 Middle market 107,313 97,288 8,052 - - 1,973 Retail 77,797 73,757 1,076 1,184 - 1,780 Floor plan 38,016 35,862 2,115 - - 39 712,693 498,428 11,243 1,184 - 201,838 Total 1,441,649 1,156,051 44,023 6,281 - 235,294 Commercial - acquired loans (under ASC 310-20) Commercial secured by real estate: Retail 228 - - 228 - - Floor plan 2,889 602 1,820 - - 467 3,117 602 1,820 228 - 467 Other commercial and industrial: Retail 3,724 3,637 - 87 - - Floor plan 616 609 - - - 7 4,340 4,246 - 87 - 7 Total 7,457 4,848 1,820 315 - 474 Total $ 1,449,106 $ 1,160,899 $ 45,843 $ 6,596 $ - $ 235,768 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 D ecembe r 31, 2015 and 2014 , and based on the most recent analysis performed, the risk category of gross originated and other loans and acquired BBVAPR loans accounted for under ASC 310-20 not subject to risk rating by class of loans is as follows: December 31, 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 $ 57,789 $ 50,912 $ 82 $ 2,218 $ 530 $ 1,504 $ 1,858 $ 685 Years 2003 and 2004 99,446 87,060 251 4,867 1,261 1,353 2,921 1,733 Year 2005 54,221 47,197 79 2,553 292 1,068 2,189 843 Year 2006 78,403 63,659 318 2,878 1,168 1,895 4,871 3,614 Years 2007, 2008 and 2009 91,546 71,439 170 1,665 685 2,972 10,725 3,890 Years 2010, 2011, 2012 2013 150,744 134,945 569 1,611 434 1,982 6,737 4,466 Years 2014 and 2015 85,856 85,128 - 65 148 281 234 - 618,005 540,340 1,469 15,857 4,518 11,055 29,535 15,231 Non-traditional 29,552 23,497 - 977 552 2,621 1,905 - Loss mitigation program 101,916 16,031 4,173 1,977 727 1,728 2,538 74,742 749,473 579,868 5,642 18,811 5,797 15,404 33,978 89,973 Home equity secured personal loans 410 346 - - - 64 - - GNMA's buy-back option program 7,945 - - - 1,593 3,578 2,774 - 757,828 580,214 5,642 18,811 7,390 19,046 36,752 89,973 Consumer Credit cards 22,766 21,766 449 182 179 190 - - Overdrafts 190 166 24 - - - - - Unsecured personal lines of credit 2,244 2,125 74 - 17 28 - - Unsecured personal loans 201,156 197,339 2,083 1,107 621 6 - - Cash collateral personal loans 16,594 16,450 125 17 2 - - - 242,950 237,846 2,755 1,306 819 224 - - Auto and Leasing 669,163 590,482 53,549 16,839 5,708 2,585 - - 1,669,941 1,408,542 61,946 36,956 13,917 21,855 36,752 89,973 Acquired loans (accounted for under ASC 310-20) Consumer Credit cards 35,217 33,414 930 384 186 303 - - Personal loans 3,168 3,079 14 29 1 45 - - 38,385 36,493 944 413 187 348 - - Auto 106,911 96,247 7,553 2,279 623 209 - - 145,296 132,740 8,497 2,692 810 557 - - Total $ 1,815,237 $ 1,541,282 $ 70,443 $ 39,648 $ 14,727 $ 22,412 $ 36,752 $ 89,973 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 162,316 148,832 2,698 2,490 938 1,397 1,296 4,665 Year 2014 42,108 41,818 290 - - - - - 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 40
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 was as follows : December 31, December 31, 2015 2014 (In thousands) Allowance for loans and lease losses on non-acquired loans: Originated and other loans and leases held for investment: Mortgage $ 18,352 $ 19,679 Commercial 64,791 8,432 Consumer 11,197 9,072 Auto and leasing 18,261 14,255 Unallocated 25 1 Total allowance for originated and other loans and lease losses 112,626 51,439 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 26 65 Consumer 3,429 1,211 Auto 2,087 3,321 5,542 4,597 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 1,678 - Commercial 21,161 13,476 Consumer 84 5 Auto 2,862 - 25,785 13,481 Total allowance for acquired BBVAPR loans and lease losses 143,953 69,517 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 32,624 15,522 Commercial and other construction 57,187 48,334 Consumer 367 389 Total allowance for acquired Eurobank loan and lease losses 90,178 64,245 Total allowance for loan and lease losses $ 234,131 $ 133,762 Allowanc e for Originated and Other Loan and Lease Losses Held for Investment The following tables present s the activity in our allowance for loan and lease losses and the related recorded investment of the originated and other loans held for investment portfolio by segment for the periods indicated: Year Ended December 31, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Charge-offs (5,397) (5,546) (8,683) (33,375) - (53,001) Recoveries 391 432 871 13,158 - 14,852 Provision for originated and other loans and lease losses 3,679 61,473 9,937 24,223 24 99,336 Balance at end of year $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Year Ended December 31, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 19,937 $ 14,897 $ 6,006 $ 7,866 $ 375 $ 49,081 Charge-offs (5,011) (2,424) (5,782) (26,041) - (39,258) Recoveries 428 333 570 8,858 - 10,189 Provision (recapture) for originated and other loans and lease losses 4,325 (4,374) 8,278 23,572 (374) 31,427 Balance at end of period $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 Year Ended December 31, 2013 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of period $ 21,092 $ 17,072 $ 856 $ 533 $ 368 $ 39,921 Charge-offs (36,566) (5,889) (1,485) (4,601) - (48,541) Recoveries 6 383 165 1,568 - 2,122 Provision for originated and other loans and lease losses 35,405 3,331 6,470 10,366 7 55,579 Balance at end of period $ 19,937 $ 14,897 $ 6,006 $ 7,866 $ 375 $ 49,081 December 31, 2015 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 9,233 $ 55,947 $ - $ - $ - $ 65,180 Collectively evaluated for impairment 9,119 8,844 11,197 18,261 25 47,446 Total ending allowance balance $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Loans: Individually evaluated for impairment $ 89,973 $ 235,294 $ - $ - $ - $ 325,267 Collectively evaluated for impairment 667,855 1,206,355 242,950 669,163 - 2,786,323 Total ending loan balance $ 757,828 $ 1,441,649 $ 242,950 $ 669,163 $ - $ 3,111,590 December 31, 2014 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on 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 Allowance for BBVAPR Acquired Loan Losses Loans accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) The following tables present the activity in our allowance for loan losses and related recorded investment of the associated loans in our BBVAPR acquired loan portfolio, excluding loans accounted for under ASC 310-30, for the periods indicated Year Ended December 31, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Charge-offs (42) (4,755) (4,548) - (9,345) Recoveries 31 680 2,110 - 2,821 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 (28) 6,293 1,204 - 7,469 Balance at end of year $ 26 $ 3,429 $ 2,087 $ - $ 5,542 Year Ended December 31, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 926 $ - $ 1,428 $ - $ 2,354 Charge-offs (532) (6,902) (6,011) - (13,445) Recoveries 73 531 2,169 - 2,773 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 (402) 7,582 5,735 - 12,915 Balance at end of year $ 65 $ 1,211 $ 3,321 $ - $ 4,597 Year Ended December 31, 2013 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ - $ - $ - $ - $ - Charge-offs (25) (5,530) (5,650) - (11,205) Recoveries 9 1,035 3,398 - 4,442 Provision for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 942 4,495 3,680 - 9,117 Balance at end of year $ 926 $ - $ 1,428 $ - $ 2,354 December 31, 2015 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Collectively evaluated for impairment $ 26 $ 3,429 $ 2,087 $ - $ 5,542 Total ending allowance balance $ 26 $ 3,429 $ 2,087 $ - $ 5,542 Loans: Individually evaluated for impairment $ 474 $ - $ - $ - $ 474 Collectively evaluated for impairment 6,983 38,385 106,911 - 152,279 Total ending loan balance $ 7,457 $ 38,385 $ 106,911 $ - $ 152,753 December 31, 2014 Commercial Consumer Auto Unallocated Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR 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 tables present the activity in our allowance for loan losses and related recorded investment of the acquired BBVAPR loan portfolio accounted for under ASC 310-30, for the periods indicated : Year Ended December 31, 2015 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ - $ 13,476 $ 5 $ - $ 13,481 Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 1,678 12,037 79 2,862 16,656 Loan pools fully charged-off - (4,352) - - (4,352) Balance at end of year $ 1,678 $ 21,161 $ 84 $ 2,862 $ 25,785 Year Ended December 31, 2014 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ - $ 1,713 $ 418 $ 732 $ 2,863 Provision (recapture) for BBVAPR loans and lease losses accounted for under ASC 310-30 - 11,763 (413) (732) 10,618 Balance at end of year $ - $ 13,476 $ 5 $ - $ 13,481 Year Ended December 31, 2013 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ - - - - - Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 - 1,713 418 732 2,863 Balance at end of year $ - $ 1,713 $ 418 $ 732 $ 2,863 The changes in the allowance for loan and lease losses on acquired Eurobank loans for the years ended D ecember 31, 2015, 2014 and 2013 were as follows: Year Ended December 31, 2015 Loans Secured by 1-4 Family Residential Properties Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 15,523 $ 48,333 $ 389 $ - $ 64,245 Provision for acquired Eurobank loans and lease losses, net 17,718 $ 20,043 279 - 38,040 Loan pools fully charged-off (722) (13,587) (301) - (14,610) FDIC shared-loss portion of provision for loan and lease losses, net 105 2,398 - - 2,503 Balance at end of year $ 32,624 $ 57,187 $ 367 $ - $ 90,178 Year Ended December 31, 2014 Mortgage Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 12,495 $ 39,619 $ 615 $ - $ 52,729 Provision for (recapture of) acquired Eurobank loans and lease losses, net 2,144 3,717 (181) - 5,680 FDIC shared-loss portion of provision for loan and lease losses, net 884 4,997 (45) - 5,836 Balance at end of year $ 15,523 $ 48,333 $ 389 $ - $ 64,245 Year Ended December 31, 2013 Mortgage Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for Eurobank loans: Balance at beginning of year $ 4,986 $ 48,460 $ 678 $ - $ 54,124 Provision for Eurobank loans and lease losses, net 9,461 (4,110) (16) - 5,335 FDIC shared-loss portion of provision for Eurobank loans and lease losses, net (1,952) (4,731) (47) - (6,730) Balance at end of year $ 12,495 $ 39,619 $ 615 $ - $ 52,729 |
FDIC Indemnification and True-u
FDIC Indemnification and True-up Payment Obligation and FDIC shared-loss expense (Tables) | 12 Months Ended |
Dec. 31, 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 years ended D ecember 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 (In thousands) FDIC indemnification asset: Balance at beginning of year $ 97,378 $ 189,240 $ 302,295 Shared-loss agreements reimbursements from the FDIC (55,723) (47,666) (47,100) Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net 2,503 5,836 (6,730) FDIC indemnification asset expense (36,398) (62,285) (66,253) Final settlement with the FDIC on commercial loans (1,589) - - Incurred expenses to be reimbursed under shared-loss agreements 16,428 12,253 7,028 Balance at end of year $ 22,599 $ 97,378 $ 189,240 True-up payment obligation: Balance at beginning of year $ 21,981 $ 18,510 $ 15,496 Change in true-up payment obligation 2,677 3,471 3,014 Balance at end of year $ 24,658 $ 21,981 $ 18,510 |
Schedule Of Business Acquisitions By Acquisition Contingent Consideration Text Block | December 31, 2015 2014 (In thousands) Carrying amount (fair value) $ 24,658 $ 21,981 Undiscounted amount $ 34,956 $ 40,266 Year Ended December 31, 2015 2014 2013 (In thousands) FDIC indemnification asset expense $ (36,398) $ (62,285) $ (66,253) Change in true-up payment obligation (2,677) (3,471) (3,014) Reimbursement to FDIC for recoveries (2,144) - - Final settlement with the FDIC on commercial loans (1,589) - - Total FDIC shared-loss expense, net (42,808) $ (65,756) $ (69,267) |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment Abstract | |
Property Plant And Equipment Text Block | Useful Life December 31, (Years) 2015 2014 (In thousands) Land — $ 5,638 $ 5,680 Buildings and improvements 40 64,392 65,430 Leasehold improvements 5 — 10 20,166 23,000 Furniture and fixtures 3 — 7 13,656 12,739 Information technology and other 3 — 7 23,226 26,422 127,078 133,271 Less: accumulated depreciation and amortization (52,488) (52,672) $ 74,590 $ 80,599 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
TransfersAndServicingOfFinancialAssetsAbstract | |
ScheduleOfServicingAssetsAtFairValueTextBlock | The following table presents the changes in servicing rights measured using the fair value method for years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 (In thousands) (In thousands) Fair value at beginning of year $ 13,992 $ 13,801 $ 10,795 Sale of mortgage servicing rights (MSR) (5,927) - - Servicing from mortgage securitizations or asset transfers 2,620 2,149 3,177 Changes due to payments on loans (1,017) (1,072) (950) Changes in fair value related to price of MSR's held for sale (2,939) - - Changes in fair value due to changes in valuation model inputs or assumptions 726 (886) 779 Fair value at end of year $ 7,455 $ 13,992 $ 13,801 |
ScheduleOfAssumptionsForFairValueOnSecuritizationDateOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock | The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the year ended 2015, 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Constant prepayment rate 5.23% - 15.24% 4.16% - 13.98% 5.78% - 14.33% Discount rate 10.00% - 12.00% 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 : December 31, 2015 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 7,455 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (202) Decrease in fair value due to 20% adverse change $ (394) Discount rate Decrease in fair value due to 10% adverse change $ (307) Decrease in fair value due to 20% adverse change $ (592) |
Derivative Activities (Tables)
Derivative Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instrument Detail [Abstract] | |
Schedule Of Derivative Instruments Text Block | The following table presents the Company’s derivative assets and liabilities at December 31, 2015 and 2014 : December 31, December 31, 2015 2014 (In thousands) Derivative assets: Options tied to S&P 500 Index $ 1,170 $ 5,555 Interest rate swaps not designated as hedges 1,819 2,399 Interest rate caps 32 152 Other 4 1 $ 3,025 $ 8,107 Derivative liabilities: Interest rate swaps designated as cash flow hedges 4,307 8,585 Interest rate swaps not designated as hedges 1,819 2,399 Interest rate caps 32 152 Other 4 85 $ 6,162 $ 11,221 The following table shows a summary of these swaps and their terms at December 31, 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 37,982 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 262,982 Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 3,774 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,274 Interest Rate Swaps - Mirror Image Derivatives $ 3,774 5.1300% 1-Month LIBOR 07/03/06 07/03/16 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 16,274 |
Long Term Contracts Or Programs Disclosure Text Block | Derivative asset Derivative liability (S&P purchased (S&P embedded Year Ended December 31, options) options) (In thousands) (In thousands) 2016 3,375 3,152 $ 3,375 $ 3,152 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other asset | |
Schedule of Accrued interest receivable [Table Text Block] | December 31, 2015 2014 (In thousands) Loans, excluding acquired loans $ 16,020 $ 17,005 Investments 4,617 4,340 $ 20,637 $ 21,345 |
Schedule of Other Assets [Table Text Block] | Other assets at December 31, 2015 and 2014 consist of the following December 31, 2015 2014 (In thousands) FDIC receivable $ - $ 14,974 Prepaid expenses 11,762 16,018 Other repossessed assets 6,226 21,800 Core deposit and customer relationship intangibles 7,838 9,743 Mortgage tax credits 6,277 6,277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 42,786 38,830 $ 75,972 $ 108,725 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deposits, by Component, Alternative [Abstract] | |
Deposits By Component [Table Text Block] | Total deposits, including related accrued interest payable, as of December 31, 2015 and 2014 consist of the following: December 31, 2015 2014 (In thousands) Non-interest bearing demand deposits $ 761,117 $ 745,142 Interest-bearing savings and demand deposits 2,208,180 2,544,665 Individual retirement accounts 268,799 303,049 Retail certificates of deposit 441,998 452,150 Institutional certificates of deposit 253,791 260,090 Total core deposits 3,933,885 4,305,096 Brokered deposits 782,974 619,310 Total deposits $ 4,716,859 $ 4,924,406 |
Interest Expense Domestic Deposit Liabilities [Table Text Block] | Interest expense for years ended Dec ember 31, 2015, 2014 and 2013 was as follows : Year Ended December 31, 2015 2014 2013 (In thousands) Demand and savings deposits $ 12,414 $ 17,724 $ 22,498 Certificates of deposit 14,620 16,230 18,479 $ 27,034 $ 33,954 $ 40,977 |
Maturities Of Time Deposits [Table Text Block] | Excluding equity indexed options in the amount of $ 1.1 million, which are used by the Company to manage its exposure to the S&P 500 Index, and also excluding accrued interest of $ 1.5 million and unamortized deposit discount in the amount of $ 311 thousand, the scheduled maturities of certificates of deposit at December 31, 2015 are as follows: December 31, 2015 (In thousands) Within one year: Three (3) months or less $ 474,051 Over 3 months through 1 year 501,551 975,602 Over 1 through 2 years 454,906 Over 2 through 3 years 176,406 Over 3 through 4 years 32,396 Over 4 through 5 years 33,715 $ 1,673,025 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Schedule Of Repurchase Agreement Counterparty [Table Text Block] | At December 31, 2015 and 2014, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $ 2.2 million and $ 2.3 million, respectively , were as follows: 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 262,500 283,483 307,816 328,198 Credit Suisse Securities (USA) LLC 670,000 737,887 670,000 760,327 Total $ 932,500 $ 1,021,370 $ 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 $2.2 million, at December 31, 2015: Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2016 170,000 1.500% 12/6/2012 12/8/2016 232,500 0.950% 12/10/2012 9/30/2016 30,000 0.700% 12/3/2015 1/5/2016 2017 500,000 4.780% 3/2/2007 3/2/2017 $ 932,500 3.100% |
Schedule of Repurchase Agreements [Table] | December 31, 2015 Market Value of Underlying Collateral Weighted FNMA and US Treasury Repurchase Average FHLMC GNMA Treasury Liability Rate Certificates Certificates Notes Total (Dollars in thousands) Less than 90 days 30,000 0.70% 31,961 - - 31,961 Over 90 days 902,500 3.18% 974,698 2,131 12,580 989,409 Total $ 932,500 3.10% $ 1,006,659 $ 2,131 $ 12,580 $ 1,021,370 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 2.89% $ 1,087,272 $ 1,253 $ 1,088,525 |
Repurchased Agreements Other Details[Table Text Block] | December 31, 2015 2014 (In thousands) Average daily aggregate balance outstanding $ 1,012,756 $ 1,041,378 Maximum outstanding balance at any month-end $ 1,158,945 $ 1,149,167 Weighted average interest rate during the year 2.92% 2.85% Weighted average interest rate at year end 3.10% 2.95% |
Federal Home Loan Bank Advances Maturities Summary [Table Text Block] | December 31, 2015 . The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $ 3 62 thousand , at December 31, 2015 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2016 $ 25,000 0.56% 12/4/2015 1/4/2016 50,000 0.66% 12/10/2015 1/11/2016 100,000 0.64% 12/16/2015 1/19/2016 25,000 0.59% 12/24/2015 1/25/2016 25,000 0.53% 12/30/2015 1/29/2016 37,982 0.49% 12/1/2015 1/4/2016 262,982 2017 4,267 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 9,865 2.59% 7/19/2013 7/20/2020 $ 332,114 0.93% |
Redemtion Funds [Table Text Block] | Under the requirements of Puerto Rico Banking Act, the Bank must establish a redemption fund for the subordinated capital notes by transferring from undivided profits pre-established amounts as follows: Redemption fund (In thousands) Redemption fund at December 31, 2015 $ 61,975 2016 5,025 $ 67,000 |
Offset of Assets_Liabilities (T
Offset of Assets/Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Offsetting [Abstract] | |
Offsetting Assets [Table Text Block] | December 31, 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 $ 3,025 $ - $ 3,025 $ 2,000 $ - $ 1,025 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] | December 31, 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 $ 7,257 $ - $ 7,257 $ - $ 1,980 $ 5,277 Securities sold under agreements to repurchase 932,500 - 932,500 1,021,370 - (88,870) Total $ 939,757 $ - $ 939,757 $ 1,021,370 $ 1,980 $ (83,593) 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) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The activity and balance of these loans for the years ended December 31, 2015, 2014 and 2013 was as follows: Year Ended December 31, 2015 2014 2013 (In thousands) Balance at the beginning of year $ 27,011 $ 18,963 $ 6,055 New loans and disbursements 13,581 21,797 18,499 Repayments (9,117) (13,725) (4,798) Credits of persons no longer considered related parties - (24) (793) Balance at the end of year $ 31,475 $ 27,011 $ 18,963 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income Tax Expense Benefit Table Text Block | The components of income tax expense (benefit) for the years ended December 31, 2 015, 2014 and 2013 are as follows Year Ended December 31, 2015 2014 2013 (In thousands) Current income tax expense $ 19,775 $ 13,097 $ 2,357 Deferred income tax (benefit) expense (37,329) 24,155 (11,066) Total income tax (benefit) expense $ (17,554) $ 37,252 $ (8,709) |
Schedule Of Effective Income Tax Rate Reconciliation Table Text Block | The maximum marginal-statutory rate was 39.00%, for the years ended December 31, 2015, 2014 and 2013, and the Company maintained a lower effective tax rate for 2015, 2014 and 2013. Year Ended December 31, 2015 2014 2013 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Tax (benefit) expense at statutory rates $ (7,823) -39.00% $ 47,749 39.00% $ 34,997 39.00% Tax effect of exempt income, net (8,625) -43.00% (10,002) -26.85% (4,652) -4.90% Effect of tax rate on capital loss carryforwards - 0.00% - 0.00% 840 0.94% Disallowed net operating loss carryover 556 2.77% 8,289 22.25% - 0.00% Change in valuation allowance (2,219) -11.06% (958) -2.57% 1,896 2.11% Release of unrecognized tax benefits, net (385) -1.92% (1,093) -2.94% (1,559) -1.57% Effect in deferred taxes due to increase in tax rates from 30.00% to 39.00% - 0.00% - 0.00% (38,068) -43.04% Loan tax basis change effect - 0.00% (7,642) -20.51% - 0.00% Effect of change in tax of IBE - 0.00% - 0.00% 148 0.17% Unrealized capital loss 283 1.41% - 0.00% - 0.00% Other items, net 659 3.28% 909 2.00% (2,311) -2.58% Income tax (benefit) expense $ (17,554) -87.52% $ 37,252 10.82% $ (8,709) -9.70% |
Schedule Of Deferred Tax Assets And Liabilities Table Text Block | Year Ended December 31, 2015 2014 2013 In thousands) Balance at beginning of year $ 2,560 $ 4,042 $ 5,452 Additions for tax positions of prior years 175 187 287 Reduction for tax positions as a result of settlements (560) (1,388) - Reduction for tax positions as a result of lapse of statute of limitations - (281) (1,697) Balance at end of year $ 2,175 $ 2,560 $ 4,042 December 31, 2015 2014 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 129,234 $ 90,090 Loans and other real estate valuation adjustment 10,759 9,295 Net capital and operating loss carry forwards 11,043 28,973 Alternative minimum tax 16,240 16,208 Deposit and borrowings valuation adjustment 133 390 Unrealized net loss included in other comprehensive income 1,680 3,273 S&P option contracts 393 1,882 Acquired portfolio 37,523 46,146 FDIC shared-loss indemnification asset 2,802 - Other assets allowances 1,547 1,424 Other deferred tax assets 5,612 6,262 Total gross deferred tax asset 216,966 203,943 Deferred tax liability: FDIC shared-loss indemnification asset - (21,809) FDIC-assisted acquisition, net (47,956) (40,740) Customer deposit and customer relationship intangibles (3,057) (3,800) Loans and building valuation adjustment (9,991) (11,656) Unrealized net gain on available-for-sale securities (2,566) (3,799) Servicing asset (2,907) (5,457) Other deferred tax liabilities (1,446) (2,703) Total gross deferred tax liabilities (67,923) $ (89,964) Less: valuation allowance (3,142) (5,271) Net deferred tax asset $ 145,901 $ 108,708 |
Regulatory Capital Requiremen51
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 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 December 31, 2015 Total capital to risk-weighted assets $ 846,748 17.29% $ 391,723 8.00% $ 489,654 10.00% Tier 1 capital to risk-weighted assets $ 782,912 15.99% $ 293,792 6.00% $ 391,723 8.00% Common equity tier 1 capital to risk-weighted assets $ 594,482 12.14% $ 220,344 4.50% $ 318,275 6.50% Tier 1 capital to average total assets $ 782,912 11.18% $ 280,009 4.00% $ 350,011 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 December 31, 2015 Total capital to risk-weighted assets $ 815,458 16.70% $ 390,688 8.00% $ 488,360 10.00% Tier 1 capital to risk-weighted assets $ 751,886 15.40% $ 293,016 6.00% $ 390,688 8.00% Common equity tier 1 capital to risk-weighted assets $ 751,886 15.40% $ 219,762 4.50% $ 317,434 6.50% Tier 1 capital to average total assets $ 751,886 10.80% $ 278,399 4.00% $ 347,999 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% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share Based Compensation Abstract | |
Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range Text Block | Year Ended December 31, 2015 2014 2013 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 888,571 $ 14.12 908,118 $ 14.46 922,593 $ 14.50 Options granted 179,225 17.44 193,100 16.10 196,000 14.52 Options exercised (112,704) 19.78 (54,397) 11.86 (34,396) 12.65 Options forfeited (3,569) 16.09 (158,250) 19.29 (176,079) 15.11 End of year 951,523 $ 12.45 888,571 $ 14.12 908,118 $ 14.46 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2015 : Outstanding Exercisable Weighted Average Weighted Contract Life Weighted Number of Average Remaining Number of Average Range of Exercise Prices Options Exercise Price (Years) Options Exercise Price $5.63 to $8.45 4,078 8.28 3.3 4,078 8.28 8.46 to 11.26 1,000 10.29 1.6 1,000 10.29 11.27 to 14.08 461,820 11.93 4.4 373,754 11.95 14.09 to 16.90 305,300 15.37 7.7 35,100 14.52 16.91 to 19.71 177,825 17.44 9.2 19.72 to 22.53 1,500 21.86 2.2 1,500 21.86 951,523 $ 14.06 6.3 415,432 $ 14.22 Aggregate Intrinsic Value $ - $ - |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions Table Text Block | The following assumptions were used in estimating the fair value of the options granted during the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Weighted average assumptions: Dividend yield 1.89% 1.87% 1.66% Expected volatility 40.93% 42.08% 44.34% Risk-free interest rate 2.41% 2.38% 1.55% Expected life (in years) 8.0 8.0 8.0 |
Schedule Of Share based Compensation Restricted Stock And Restricted Stock Units Activity Table Text Block | The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2015, 2014 and 2013: Year Ended December 31, 2015 2014 2013 Weighted Weighted Weighted Average Average Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Units Fair Value Units Fair Value Units Fair Value Beginning of year 153,050 $ 14.95 158,750 $ 13.95 197,500 $ 12.13 Restricted units granted 26,700 16.66 39,200 16.10 85,700 15.86 Restricted units lapsed (39,750) 11.83 (37,342) 12.03 (113,367) 12.34 Restricted units forfeited (1,600) 15.45 (7,558) 14.30 (11,083) 12.87 End of year 138,400 $ 16.17 153,050 $ 14.95 158,750 $ 13.95 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity [Abstract] | |
Schedule of Treasury Stock by Class [Table Text Block] | Total number of Dollar amount of shares purchased as Average shares repurchased part of stock price paid (excluding repurchase programs per share commissions paid) (In thousands) Period April 2015 204,338 $ 14.38 $ 2,939 May 2015 48,200 13.09 631 June 2015 51,447 12.81 659 July 2015 500,000 9.39 4,696 Year Ended December 31, 2015 803,985 $ 11.10 $ 8,925 Total number of Dollar amount of shares purchased as Average shares repurchased part of stock price paid (excluding repurchase programs per share commissions paid) (In thousands) Period January 2014 57,700 $ 14.73 $ 850 February 2014 649,700 14.66 9,522 August 2014 100 15.50 2 October 2014 381,513 14.64 5,585 November 2014 63,100 14.69 927 December 2014 1,885 14.70 28 Year Ended December 31, 2014 1,153,998 $ 14.66 $ 16,914 The activity in connection with common shares held in treasury by the Company for the year ended December 31, 2015 and 2014 is set forth below Year Ended December 31, 2015 2014 2013 Dollar Dollar Dollar Shares Amount Shares Amount Shares Amount (In thousands, except shares data) Beginning of year 8,012,254 $ 97,070 7,030,101 $ 80,642 7,090,597 $ 81,275 Common shares used upon lapse of restricted stock units (58,279) (641) (36,294) (384) (53,178) (556) Common shares repurchased as part of the stock repurchase program 803,985 8,950 1,153,998 16,948 - - Reclassification from common stock - - (135,551) (136) - - Common shares used to match defined contribution plan, net - - - - (7,318) (77) End of year 8,757,960 $ 105,379 8,012,254 $ 97,070 7,030,101 $ 80,642 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Text Block Abstract | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income, net of income tax, as of December 31, 2015, and 2014 consisted of: December 31, December 31, 2015 2014 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 22,044 $ 28,743 Unrealized loss on securities available-for-sale which are other-than-temporarily impaired (3,196) - Income tax effect of unrealized gain on securities available-for-sale (1,924) (2,978) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 16,924 25,765 Unrealized loss on cash flow hedges (4,307) (8,585) Income tax effect of unrealized loss on cash flow hedges 1,380 2,531 Net unrealized loss on cash flow hedges (2,927) (6,054) Accumulated other comprehensive income, net of taxes $ 13,997 $ 19,711 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 25,765 $ (6,054) $ 19,711 Other comprehensive income (loss) before reclassifications (3,250) (3,019) (6,269) Other-than-temporary impairment amount reclassified from accumulated other comprehensive income (4,662) - (4,662) Amounts reclassified out of accumulated other comprehensive income (loss) (929) 6,146 5,217 Other comprehensive income (loss) (8,841) 3,127 (5,714) Ending balance $ 16,924 $ (2,927) $ 13,997 Year Ended December 31, 2014 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 11,433 $ (8,242) $ 3,191 Other comprehensive income (loss) before reclassifications 14,207 (5,157) 9,050 Amounts reclassified out of accumulated other comprehensive income (loss) 125 7,345 7,470 Other comprehensive income 14,332 2,188 16,520 Ending balance $ 25,765 $ (6,054) $ 19,711 Year Ended December 31, 2013 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 68,245 $ (12,365) $ 55,880 Other comprehensive income (loss) before reclassifications (56,960) (1,930) (58,890) Amounts reclassified out of accumulated other comprehensive income (loss) 148 6,053 6,201 Other comprehensive income (loss) (56,812) 4,123 (52,689) Ending balance $ 11,433 $ (8,242) $ 3,191 |
Reclassification out of Accumulated Other Comprehensive Income [Table text block] | The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2015, 2014 and 2013 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Year Ended December 31, Consolidated Statement 2015 2014 2013 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 6,443 $ 6,572 6,053 Net interest expense Tax effect from increase in capital gains tax rate (297) 773 - Income tax expense Available-for-sale securities: Other-than-temporary impairment losses on investment securities (1,490) - - Net impairment losses recognized in earnings Residual tax effect from OIB's change in applicable tax rate 45 170 148 Income tax expense Tax effect from increase in capital gains tax rate 516 (45) - Income tax expense $ 5,217 $ 7,470 $ 6,201 |
Earning Per Common Share (Table
Earning Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015, 2014 and 2013 is as follows: Year Ended December 31, 2015 2014 2013 (In thousands, except per share data) Net (loss) income $ (2,504) $ 85,181 $ 98,446 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) (6,512) (6,512) (6,512) Convertible preferred stock (Series C) (7,350) (7,350) (7,350) (Loss) income available to common shareholders $ (16,366) $ 71,319 $ 84,584 Effect of assumed conversion of the convertible ' ' preferred stock 7,350 7,350 7,350 (Loss) income available to common shareholders assuming conversion $ (9,016) $ 78,669 $ 91,934 Weighted average common shares and share equivalents: Average common shares outstanding 44,231 45,024 45,706 Effect of dilutive securities: Average potential common shares-options 68 155 189 Average potential common shares-assuming ' ' conversion of convertible preferred stock 7,156 7,147 7,138 Total weighted average common shares ' ' outstanding and equivalents 51,455 52,326 53,033 (Loss) earnings per common share - basic $ (0.37) $ 1.58 $ 1.85 (Loss) earnings per common share - diluted $ (0.37) $ 1.50 $ 1.73 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 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, included in the consolidated statements of financial condi tion during the years ended D ecember 31, 2015, 2014 and 2013 . Year Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 927 $ 1,955 $ 2,460 Net (charge-offs/terminations) recoveries (488) (1,028) (505) Balance at end of year $ 439 $ 927 $ 1,955 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Line Of Credit Facilities Text Block | Credi t-related financial instruments at December 31, 2015 and 2014 were as follows: December 31, 2015 2014 (In thousands) Commitments to extend credit $ 607,051 $ 493,248 Commercial letters of credit 1,508 885 The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s acco unting and disclosure requirement s for guarantees, including indirect guarantees of indebtedness of others , at December 31, 2015, and 2014, is as follows: December 31, 2015 2014 (In thousands) Standby letters of credit and financial guarantees $ 14,656 $ 32,970 Loans sold with recourse 22,374 67,803 Commitments to sell or securitize mortgage loans 34,888 10,207 |
Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block] | Minimum Rent Year Ending December 31, (In thousands) 2016 $ 7,755 2017 7,283 2018 6,278 2019 6,182 2020 5,455 Thereafter 12,397 $ 45,350 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2015 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 974,609 $ - $ 974,609 Trading securities - 288 - 288 Money market investments 4,699 - - 4,699 Derivative assets - 1,854 1,171 3,025 Servicing assets - - 7,455 7,455 Derivative liabilities - (6,162) (1,095) (7,257) $ 4,699 $ 970,589 $ 7,531 $ 982,819 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 235,767 $ 235,767 Foreclosed real estate - - 58,176 58,176 Other repossessed assets - - 6,226 6,226 $ - $ - $ 300,169 $ 300,169 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 Trading securities - 1,594 - 1,594 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 $ 1,209,463 $ 14,070 $ 1,228,208 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 years ended D ecember 31, 2015, 2014 and 2013. : Year Ended December 31, 2015 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 $ - $ 5,555 $ 13,992 $ (5,477) $ 14,070 Gains (losses) included in earnings - (4,384) - 4,197 (187) Sale of mortgage servicing rights - - (5,927) - (5,927) New instruments acquired - - 2,620 - 2,620 Principal repayments - - (1,017) - (1,017) Amortization - - - 185 185 Changes in fair value related to price of MSR held-for-sale - - (2,939) - (2,939) Changes in fair value of servicing assets - - 726 - 726 Balance at end of period $ - $ 1,171 $ 7,455 $ (1,095) $ 7,531 Year Ended December 31, 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 - (10,875) - 9,659 (1,216) Changes in fair value of investment securities available for sale included in other comprehensive income 320 - - - 320 New instruments acquired - - 2,149 - 2,149 Principal repayments (20,000) - (1,072) - (21,072) Amortization - - - 600 600 Changes in fair value of servicing assets - - (886) - (886) Balance at end of period $ - $ 5,555 $ 13,992 $ (5,477) $ 14,070 Year Ended December 31, 2013 Derivative Derivative Other asset liability debt (S&P (S&P securities Purchased Servicing Embedded Level 3 Instruments Only available-for-sale Options) assets Options) Total Balance at beginning of period $ 20,012 $ 13,233 $ 10,795 $ (12,707) $ 31,333 Gains (losses) included in earnings - 3,197 - (5,039) (1,842) Changes in fair value of investment securities available for sale included in other comprehensive income (332) - - - (332) New instruments acquired - - 3,178 - 3,178 Principal repayments - - (951) - (951) Amortization - - - 2,010 2,010 Changes in fair value of servicing assets - - 779 - 779 Balance at end of period $ 19,680 $ 16,430 $ 13,801 $ (15,736) $ 34,175 |
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 December 31, 2015 Fair Value Valuation Technique Unobservable Input Range (In thousands) Derivative assets (S&P Purchased Options) $ 1,170 Option pricing model Implied option volatility 34.31%- 38.61% Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) 72.00%- 72.00% Servicing assets $ 7,455 Cash flow valuation Constant prepayment rate 5.23% - 15.24% Discount rate 10.00% - 12.00% Derivative liability (S&P Embedded Options) $ (1,095) Option pricing model Implied option volatility 34.31%- 38.61% Counterparty credit risk (based on 5-year CDS spread) 72.00%- 72.00% Collateral dependant impaired loans $ 40,532 Fair value of property or collateral Appraised value less disposition costs 28.20% - 44.20% Puerto Rico Electric Power Authority line of credit, net $ 190,290 Cash flow valuation Discount rate 7.25% Other non-collateral dependant impaired loans $ 4,945 Cash flow valuation Discount rate 5.75% - 16.95% Foreclosed real estate $ 58,176 Fair value of property or collateral Appraised value less disposition costs 28.20% - 44.20% Other repossessed assets $ 6,226 Fair value of property or collateral Appraised value less disposition costs 28.20% - 44.20% |
Fair Value By Balance Sheet Grouping [Text Block] | The estimated fair value and carrying value of the Company ’s financial instruments at D ecember 31, 2015 and 2014 is as follows: December 31, December 31, 2015 2014 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 536,709 $ 536,709 $ 573,427 $ 573,427 Restricted cash 3,349 $ 3,349 8,407 $ 8,407 Level 2 Financial Assets: Trading securities 288 $ 288 1,594 $ 1,594 Investment securities available-for-sale 974,609 $ 974,609 1,216,538 $ 1,216,538 Investment securities held-to-maturity 614,679 $ 620,189 164,154 $ 162,752 Federal Home Loan Bank (FHLB) stock 20,783 $ 20,783 21,169 $ 21,169 Other investments 3 $ 3 3 $ 3 Derivative assets 1,855 $ 1,855 2,552 $ 2,552 Financial Liabilities: Derivative liabilities 6,162 $ 6,162 11,221 $ 11,221 Level 3 Financial Assets: Total loans (including loans held-for-sale) 4,101,219 4,434,213 4,909,361 4,826,646 Derivative assets 1,170 $ 1,170 5,555 $ 5,555 FDIC indemnification asset 17,786 $ 22,599 75,969 $ 97,378 Accrued interest receivable 20,637 $ 20,637 21,345 $ 21,345 Servicing assets 7,455 $ 7,455 13,992 $ 13,992 Accounts receivable and other assets 42,786 42,786 38,830 38,830 Financial Liabilities: Deposits 4,705,878 $ 4,715,764 4,887,770 $ 4,918,929 Securities sold under agreements to repurchase 955,859 $ 934,691 1,020,621 $ 980,087 Advances from FHLB 335,812 $ 332,476 339,172 $ 334,331 Other borrowings 2,593 $ 1,734 3,979 $ 4,004 Subordinated capital notes 94,940 $ 102,633 104,288 $ 101,584 Accrued expenses and other liabilities 92,935 $ 92,935 133,290 $ 133,290 Derivative liabilities embedded in deposits 1,095 $ 1,095 5,477 $ 5,477 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015, 2014 and 2013 : Year Ended December 31, 2015 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 367,620 $ 95 $ 38,853 $ 406,568 $ - $ 406,568 Interest expense (28,425) - (40,771) (69,196) - (69,196) Net interest income 339,195 95 (1,918) 337,372 - 337,372 Provision for loan and lease losses (161,501) - - (161,501) - (161,501) Non-interest income 23,900 28,288 284 52,472 - 52,472 Non-interest expenses (219,415) (22,564) (6,422) (248,401) - (248,401) Intersegment revenue 1,427 - 948 2,375 (2,375) - Intersegment expenses (948) (1,027) (400) (2,375) 2,375 - Income (loss) before income taxes $ (17,342) $ 4,792 (7,508) $ (20,058) $ - $ (20,058) Total assets 5,867,874 $ 22,349 $ 2,126,921 $ 8,017,144 $ (917,995) $ 7,099,149 Year Ended December 31, 2014 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 435,580 $ 174 $ 49,503 $ 485,257 $ - $ 485,257 Interest expense (34,721) - (42,061) (76,782) - (76,782) Net interest income 400,859 174 7,442 408,475 - 408,475 Provision for loan and lease losses (60,640) - - (60,640) - (60,640) Non-interest (loss) income (13,389) 28,525 2,187 17,323 - 17,323 Non-interest expenses (213,935) (21,748) (7,042) (242,725) - (242,725) Intersegment revenue 1,410 - 327 1,737 (1,737) - Intersegment expenses (327) (1,089) (321) (1,737) 1,737 - Income before income taxes $ 113,978 $ 5,862 $ 2,593 $ 122,433 $ - $ 122,433 Total assets $ 6,454,015 $ 21,644 $ 1,940,504 $ 8,416,163 $ (967,054) $(967,054) $ 7,449,109 Year Ended December 2013 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 445,363 $ 354 $ 47,915 $ 493,632 $ - $ 493,632 Interest expense (42,044) - (41,916) (83,960) - (83,960) Net interest income 403,319 354 5,999 409,672 - 409,672 Provision for loan and lease losses (72,894) - - (72,894) - (72,894) Non-interest (loss) income (17,438) 30,614 3,919 17,095 - 17,095 Non-interest expenses (222,408) (26,603) (15,125) (264,136) - (264,136) Intersegment revenue 618 - 1,195 1,813 (1,813) - Intersegment expenses - (1,813) (1,813) 1,813 - Income (loss) before income taxes $ 91,197 $ 2,552 $ (4,012) $ 89,737 $ - $ 89,737 Total assets $ 5,820,726 $ 23,280 $ 3,084,409 $ 8,928,415 $ (770,400) $(967,054) $ 8,158,015 |
OFG BANCORP Holding Company F60
OFG BANCORP Holding Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure Abstract | |
CondensedConsolidatingBalanceSheetTableTextBlock | December 31, 2015 2014 (In thousands) ASSETS Cash and cash equivalents $ 20,240 $ 16,824 Investment securities available-for-sale, at fair value 6,017 8,244 Investment in bank subsidiary, equity method 890,449 943,664 Investment in nonbank subsidiaries, equity method 19,137 17,071 Due from bank subsidiary, net 119 87 Deferred tax asset, net 3,047 - Other assets 2,042 2,089 Total assets $ 941,051 $ 987,979 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 6,098 7,927 Deferred tax liabilities, net - 75 Due to affiliates 9 9 Accrued expenses and other liabilities 1,784 1,688 Subordinated capital notes 36,083 36,083 Total liabilities 43,974 45,782 Stockholders’ equity 897,077 942,197 Total liabilities and stockholders’ equity $ 941,051 $ 987,979 |
CondensedConsolidatingStatementOfOperationsTableTextBlock | Year Ended December 31, 2015 2014 2013 (In thousands) Income: Interest income $ 321 $ 404 $ 400 Investment trading activities, net and other 4,007 4,308 3,668 Total income 4,328 4,712 4,068 Expenses: Interest expense 1,222 1,201 1,219 Operating expenses 6,866 6,607 6,003 Total expenses 8,088 7,808 7,222 (Loss) before income taxes (3,760) (3,096) (3,154) Income tax expense (benefit) 3,088 - (2) (Loss) before changes in undistributed earnings of subsidiaries (672) (3,096) (3,156) Bank subsidiary (3,804) 84,787 98,133 Nonbank subsidiaries 1,972 3,490 3,469 Net (loss) income $ (2,504) $ 85,181 $ 98,446 |
CondensedConsolidatingOtherComprenhensiveIncomeTableTextBlock | Year ended December 31, 2015 2014 2013 (In thousands) Net (loss) income $ (2,504) $ 85,181 $ 98,446 Other comprehensive (loss) income before tax: Unrealized (loss) gain on securities available-for-sale (170) 209 (519) Other comprehensive (loss) income from Bank subsidiary (5,578) 16,361 (52,249) Other comprehensive (loss) income before taxes (5,748) 16,570 (52,768) Income tax effect 34 (50) 79 Other comprehensive income (loss) after taxes (5,714) 16,520 (52,689) Comprehensive income (loss) $ (8,218) $ 101,701 $ 45,757 |
CondensedConsolidatingStatementOfCashFlowsTableTextBlock | Year Ended December 31, 2015 2014 2013 (In thousands) Cash flows from operating activities: Net (loss) income $ (2,504) $ 85,181 $ 98,446 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary 3,804 (84,787) (98,133) Equity in undistributed earnings from nonbanking subsidiaries (1,972) (3,490) (3,469) Amortization of investment securities premiums, net of accretion of discounts 44 21 141 Other impairments on securities - 62 7 Stock-based compensation 1,637 1,036 1,823 Deferred income tax, net (3,088) - 2,272 Net decrease in other assets 148 554 11 Net (decrease) in accrued expenses, other liabilities, and dividend payable (221) (696) (2,051) Dividends from banking subsidiary 45,000 28,000 - Dividends from non-banking subsidiary - 5,900 15,600 Net cash provided by operating activities 42,848 31,781 14,647 Cash flows from investing activities: Maturities and redemptions of investment securities available-for-sale 2,013 1,318 4,676 Net (increase) decrease in due from bank subsidiary, net 317 (218) 2,461 Capital contribution to banking subsidiary (1,167) (892) (1,385) Capital contribution to non-banking subsidiary (94) (76) (99) Additions to premises and equipment (132) - - Net cash provided by investing activities 937 132 5,653 Cash flows from financing activities: Proceeds from (payments to) exercise of stock options and lapsed restricted units, net 204 643 (572) Proceeds from issuance of common stock, net - - (16) Proceeds from issuance of preferred stock, net - - (25) Purchase of treasury stock (8,950) (16,948) - Dividends paid (31,623) (28,341) (24,651) Net cash used in financing activities (40,369) (44,646) (25,264) Net change in cash and cash equivalents 3,416 (12,733) (4,964) Cash and cash equivalents at beginning of year 16,824 29,557 34,521 Cash and cash equivalents at end of year $ 20,240 $ 16,824 $ 29,557 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 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 | $ 148,300 | $ 141,500 |
Restricted Cash (Composition) (
Restricted Cash (Composition) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 3,349 | $ 8,407 |
Derivatives | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | 1,980 | 2,980 |
Obligations under agreements of loans sold with recourse | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 1,369 | $ 5,427 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Investments Guaranteed by US Treasury and Sponsored Agencies in Unrealized Loss on Position | $ 777.2 |
Investments Guaranteed by Puerto Rico Government and its Political Subdivisions in Unrealized Loss On Position | $ 17.8 |
Investments Guaranteed By Us Treasury And Sponsored Agencies in Unrealized Loss Position Percentage To Total Investment in Unrealized Loss Position | 98.00% |
Investments Guaranteed By Puerto Rico Government and Its Political Subdivisions in Unrealized Loss Position Percentage To Total Investment in Unrealized Loss Position | 2.00% |
Minimum Government Bond Probability of Default | 9.78% |
Investments Guaranteed By Local Government And Its Political Subdivisions In Unrealized Loss On Position with Default Probability | $ 6.7 |
Investments Guaranteed By Local Government And Its Political Subdivisions In Unrealized Loss On Position with Cumulative Default | $ 12.6 |
Investments Guaranteed By Local Government And Its Political Subdivisions In Unrealized Loss Position with Cumulative Default Probability PercentageToTotal | 36.00% |
Investments Guaranteed By Local Government And Its Political Subdivisions In Unrealized Loss Position With Cumulative Default Percentage to Total | 64.00% |
Government Bond Recovery Rate | 65.00% |
Securitized GNMA pools | $ 54.5 |
Securitized GNMA pool, yield | 3.09% |
Investment Securities (Investme
Investment Securities (Investment securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 955,646 | $ 1,187,679 |
Available-for-sale Securities, Gross Unrealized Gains | 27,312 | 38,490 |
Available-for-sale Securities, Gross Unrealized Losses | 8,349 | 9,631 |
Available-for-sale Securities | $ 974,609 | $ 1,216,538 |
Available for sale - Weighted Average Yield | 2.87% | 2.96% |
Held-to-maturity, Amortized cost | $ 620,189 | $ 162,752 |
Held to maturity Securities Unrecognized Gains | 426 | 1,402 |
Held-to-maturity Securities, Unrecognized Loss | 5,936 | 0 |
Held to maturity Fair Value | $ 614,679 | $ 164,154 |
Held to maturity - Weighted Average Yield | 2.17% | 2.48% |
Total Securities - Amortized Cost | $ 1,575,835 | $ 1,350,431 |
Total Securities Gross Unrealized Gains | 27,738 | 39,892 |
Total Securities Gross Unrealized Losses | 14,285 | 9,631 |
Total Securities Fair Value | $ 1,589,288 | $ 1,380,692 |
Marketable Securities Weighted Average Yield | 2.60% | 2.90% |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 930,279 | $ 1,156,455 |
Available-for-sale Securities, Gross Unrealized Gains | 27,184 | 38,300 |
Available-for-sale Securities, Gross Unrealized Losses | 4,250 | 4,364 |
Available-for-sale Securities | $ 953,213 | $ 1,190,391 |
Available for sale - Weighted Average Yield | 2.82% | 2.92% |
Held-to-maturity, Amortized cost | $ 595,157 | |
Held to maturity Securities Unrecognized Gains | 426 | |
Held-to-maturity Securities, Unrecognized Loss | 5,865 | |
Held to maturity Fair Value | $ 589,718 | |
Held to maturity - Weighted Average Yield | 2.24% | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 735,363 | $ 972,836 |
Available-for-sale Securities, Gross Unrealized Gains | 25,791 | 37,876 |
Available-for-sale Securities, Gross Unrealized Losses | 1,509 | 1,203 |
Available-for-sale Securities | $ 759,645 | $ 1,009,509 |
Available for sale - Weighted Average Yield | 2.97% | 3.12% |
Held-to-maturity, Amortized cost | $ 595,157 | $ 162,752 |
Held to maturity Securities Unrecognized Gains | 426 | 1,402 |
Held-to-maturity Securities, Unrecognized Loss | 5,865 | 0 |
Held to maturity Fair Value | $ 589,718 | $ 164,154 |
Held to maturity - Weighted Average Yield | 2.24% | 2.48% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 57,129 | $ 4,473 |
Available-for-sale Securities, Gross Unrealized Gains | 1,366 | 288 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 8 |
Available-for-sale Securities | $ 58,495 | $ 4,753 |
Available for sale - Weighted Average Yield | 3.19% | 4.94% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 137,787 | $ 179,146 |
Available-for-sale Securities, Gross Unrealized Gains | 27 | 136 |
Available-for-sale Securities, Gross Unrealized Losses | 2,741 | 3,153 |
Available-for-sale Securities | $ 135,073 | $ 176,129 |
Available for sale - Weighted Average Yield | 1.85% | 1.81% |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 25,367 | $ 31,224 |
Available-for-sale Securities, Gross Unrealized Gains | 128 | 190 |
Available-for-sale Securities, Gross Unrealized Losses | 4,099 | 5,267 |
Available-for-sale Securities | $ 21,396 | $ 26,147 |
Available for sale - Weighted Average Yield | 4.94% | 4.23% |
Held-to-maturity, Amortized cost | $ 25,032 | |
Held to maturity Securities Unrecognized Gains | 0 | |
Held-to-maturity Securities, Unrecognized Loss | 71 | |
Held to maturity Fair Value | $ 24,961 | |
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 | $ 25,032 | |
Held to maturity Securities Unrecognized Gains | 0 | |
Held-to-maturity Securities, Unrecognized Loss | 71 | |
Held to maturity Fair Value | $ 24,961 | |
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 | $ 5,122 | $ 7,148 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 33 |
Available-for-sale Securities, Gross Unrealized Losses | 29 | 0 |
Available-for-sale Securities | $ 5,093 | $ 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 | $ 17,801 | $ 20,939 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 4,070 | 5,267 |
Available-for-sale Securities | $ 13,731 | $ 15,672 |
Available for sale - Weighted Average Yield | 6.24% | 5.41% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 2,444 | $ 3,137 |
Available-for-sale Securities, Gross Unrealized Gains | 128 | 157 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 2,572 | $ 3,294 |
Available for sale - Weighted Average Yield | 2.98% | 2.95% |
Investment Securities (Invest65
Investment Securities (Investment securities by contractual maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 955,646 | $ 1,187,679 |
Available-for-sale Securities | 974,609 | 1,216,538 |
Held-to-maturity, Amortized cost | 620,189 | 162,752 |
Held to maturity Fair Value | 614,679 | 164,154 |
Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | 25,032 | |
Held to maturity Fair Value | 24,961 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 930,279 | 1,156,455 |
Available-for-sale Securities | 953,213 | 1,190,391 |
Held-to-maturity, Amortized cost | 595,157 | |
Held to maturity Fair Value | 589,718 | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 735,363 | 972,836 |
Available-for-sale Securities | 759,645 | 1,009,509 |
Held-to-maturity, Amortized cost | 595,157 | 162,752 |
Held to maturity Fair Value | 589,718 | 164,154 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 57,129 | 4,473 |
Available-for-sale Securities | 58,495 | 4,753 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 137,787 | 179,146 |
Available-for-sale Securities | 135,073 | 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 | 15,098 | |
Available-for-sale Securities | 15,228 | |
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 | 15,098 | |
Available-for-sale Securities | 15,228 | |
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 | 915,181 | |
Available-for-sale Securities | 937,985 | |
Held-to-maturity, Amortized cost | 595,157 | |
Held to maturity Fair Value | 589,718 | |
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 | 720,265 | |
Available-for-sale Securities | 744,417 | |
Held-to-maturity, Amortized cost | 595,157 | |
Held to maturity Fair Value | 589,718 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 57,129 | |
Available-for-sale Securities | 58,495 | |
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 | 137,787 | |
Available-for-sale Securities | 135,073 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 25,367 | 31,224 |
Available-for-sale Securities | 21,396 | 26,147 |
Held-to-maturity, Amortized cost | 25,032 | |
Held to maturity Fair Value | 24,961 | |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | 25,032 | |
Held to maturity Fair Value | 24,961 | |
Investment Securities | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 5,122 | 7,148 |
Available-for-sale Securities | 5,093 | 7,181 |
Investment Securities | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 17,801 | 20,939 |
Available-for-sale Securities | 13,731 | 15,672 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,444 | 3,137 |
Available-for-sale Securities | 2,572 | $ 3,294 |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 8,733 | |
Available-for-sale Securities | 7,438 | |
Held-to-maturity, Amortized cost | 25,032 | |
Held to maturity Fair Value | 24,961 | |
Investment Securities | Maturities Due From One To Five Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity, Amortized cost | 25,032 | |
Held to maturity Fair Value | 24,961 | |
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 | 8,733 | |
Available-for-sale Securities | 7,438 | |
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 | 5,122 | |
Available-for-sale Securities | 5,093 | |
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 | 5,122 | |
Available-for-sale Securities | 5,093 | |
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 | 11,512 | |
Available-for-sale Securities | 8,865 | |
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 | 9,068 | |
Available-for-sale Securities | 6,293 | |
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 | 2,444 | |
Available-for-sale Securities | 2,572 | |
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | $ 103,831 | $ 214,518 | $ 141,202 |
Book Value | 101,259 | 210,152 | 141,237 |
Available-for-sale Securities, Gross Realized Gains | 2,572 | 4,366 | 0 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 35 |
FNMA and FHLMC [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | 40,307 | 115,158 | |
Book Value | 37,736 | 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 | 99,360 | 141,202 |
Book Value | 63,523 | 99,360 | 141,237 |
Available-for-sale Securities, Gross Realized Gains | 1 | 0 | 0 |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | $ 35 |
Investment Securities (Gains an
Investment Securities (Gains and losses by category) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | $ 794,998,000 | $ 357,228,000 |
Total Available for Sale Unrealized Loss | 14,285,000 | 9,631,000 |
Total Available for Sale Fair Value | 780,713,000 | 347,597,000 |
12 months or more | ||
Available for sale - Amortized cost | 121,141,000 | 278,320,000 |
Available for sale - Unrealized Loss | 6,480,000 | 9,533,000 |
Available-for-sale, Fair Value | 114,661,000 | 268,787,000 |
Less than 12 months | ||
Available for sale - Amortized cost | 673,857,000 | 78,908,000 |
Available for sale - Unrealized Loss | 7,805,000 | 98,000 |
Available for sale - Fair Value | 666,052,000 | 78,810,000 |
CMO's issued by us government sponsored agenciesat loss | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 129,076,000 | 159,100,000 |
Total Available for Sale Unrealized Loss | 2,741,000 | 3,153,000 |
Total Available for Sale Fair Value | 126,335,000 | 155,947,000 |
12 months or more | ||
Available for sale - Amortized cost | 103,340,000 | 143,928,000 |
Available for sale - Unrealized Loss | 2,410,000 | 3,086,000 |
Available-for-sale, Fair Value | 100,930,000 | 140,842,000 |
Less than 12 months | ||
Available for sale - Amortized cost | 25,736,000 | 15,172,000 |
Available for sale - Unrealized Loss | 331,000 | 67,000 |
Available for sale - Fair Value | 25,405,000 | 15,105,000 |
Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 17,801,000 | 20,939,000 |
Total Available for Sale Unrealized Loss | 4,070,000 | 5,267,000 |
Total Available for Sale Fair Value | 13,731,000 | 15,672,000 |
12 months or more | ||
Available for sale - Amortized cost | 17,801,000 | 20,939,000 |
Available for sale - Unrealized Loss | 4,070,000 | 5,267,000 |
Available-for-sale, Fair Value | 13,731,000 | 15,672,000 |
FNMA and FHLMC [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 149,480,000 | 177,112,000 |
Total Available for Sale Unrealized Loss | 1,509,000 | 1,203,000 |
Total Available for Sale Fair Value | 147,971,000 | 175,909,000 |
12 months or more | ||
Available for sale - Amortized cost | 113,376,000 | |
Available for sale - Unrealized Loss | 1,172,000 | |
Available-for-sale, Fair Value | 112,204,000 | |
Less than 12 months | ||
Available for sale - Amortized cost | 149,480,000 | 63,736,000 |
Available for sale - Unrealized Loss | 1,509,000 | 31,000 |
Available for sale - Fair Value | 147,971,000 | 63,705,000 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 0 | 77,000 |
Total Available for Sale Unrealized Loss | 0 | 8,000 |
Total Available for Sale Fair Value | 0 | 69,000 |
12 months or more | ||
Available for sale - Amortized cost | 77,000 | |
Available for sale - Unrealized Loss | 8,000 | |
Available-for-sale, Fair Value | $ 69,000 | |
Less than 12 months | ||
Available for sale - Amortized cost | 0 | |
Available for sale - Unrealized Loss | 0 | |
Available for sale - Fair Value | 0 | |
Obligation of US Government sponsored agencies at loss [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Total Available for Sale Amortization cost | 5,122,000 | |
Total Available for Sale Unrealized Loss | 29,000 | |
Total Available for Sale Fair Value | 5,093,000 | |
Less than 12 months | ||
Available for sale - Amortized cost | 5,122,000 | |
Available for sale - Unrealized Loss | 29,000 | |
Available for sale - Fair Value | $ 5,093,000 |
Investment Securities (Other-th
Investment Securities (Other-than-temporarily Impaired Securities) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Roll Forward | |||
Begging Balance | $ 0 | $ 0 | $ 0 |
Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses | 1,490,000 | 0 | 0 |
Ending Balance | $ 0 | $ 0 | $ 0 |
Pledge Assets (Details)
Pledge Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | $ 2,884,307 | $ 3,802,797 |
Assets Not Pledged | 3,374,632 | 2,532,620 |
Investment Securities | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 483,373 | 207,357 |
Residential Mortgage Member | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 379,065 | 586,040 |
Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 1,287,036 | 1,349,467 |
Consumer Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 295,492 | 266,498 |
Auto and Leases Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 929,666 | 123,258 |
Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,111,425 | 1,171,933 |
Mortgage Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,095,810 | 1,013,106 |
Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 677,072 | 733,419 |
Auto Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 0 | 884,339 |
Securities sold under agreements to repurchase secured with cash or equivalents [Member] | Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,021,370 | 1,088,526 |
Puerto Rico public fund deposits [Member] | Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 410,932 | 414,481 |
Derivative | Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 8,100 | 7,043 |
Puerto Rico Cash & Money Market Fund [Member] | Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 81,576 | 76,259 |
Federal Reserve Bank Credit Facilities | Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 12,877 | 179,895 |
Federal Reserve Bank Credit Facilities | Auto Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 0 | 884,339 |
Bond For Trust Operation [Member] | Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 379 | 105 |
Federal Home Loan Bank Advances [Member] | Mortgage Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,095,810 | 1,013,106 |
Federal Home Loan Bank Advances [Member] | Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | $ 253,263 | $ 139,043 |
Loans Receivable (Narratives) (
Loans Receivable (Narratives) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts Notes And Loans Receivable Line Items | |||||
Covered non-performing commercial loans sold, principal balance | $ 197,100,000 | $ 197,100,000 | |||
Covered non-performing commercial loans sold, carrying value | 100,000,000 | 100,000,000 | |||
Covered non-performing commercial loans sold, sales price | 36,300,000 | 36,300,000 | |||
Reimbursement from FDIC shared-loss coverage in sale of loans | 20,000,000 | $ 0 | $ 0 | ||
Additional provision related to covered non-performing commercial loans sold | 32,900,000 | ||||
Cost recoveries associated with covered non-performing commercial loans sold | 4,600,000 | ||||
Acquired but non-covered non-performing commercial and real estate loans sold, principal balance | 38,100,000 | 38,100,000 | |||
Acquired but non-covered non-performing commercial and real estate loans sold, carrying value | 9,900,000 | 9,900,000 | |||
Acquired but non-covered non-performing commercial and real estate loans sold, sale price | 5,200,000 | 5,200,000 | |||
Additional provision related to acquired but non-covered non-performing commercial loans sold | 5,200,000 | ||||
Cost recoveries associated with acquired but non-covered non-performing commercial loans sold | 2,400,000 | ||||
Real Estate Owned Sold, Carrying Amount | 11,000,000 | 11,000,000 | |||
Real Estate Owned Sold, Sale Price | 1,700,000 | 1,700,000 | |||
Financing Receivable Modifications Recorded Investment Not Included In Non Accrual | 93,600,000 | 93,600,000 | 274,400,000 | ||
Originated Loans Granted To Puerto Rico Government | 334,600,000 | 334,600,000 | 450,200,000 | ||
Acquired Loans Under ASC 310-30 granted to the Puerto Rico Government | 80,900,000 | 80,900,000 | 168,800,000 | ||
Loans And Leases Receivable Gross Carrying Amount Covered | 92,300,000 | 92,300,000 | 363,200,000 | ||
Loans And Leases Receivable Net Reported Amount Covered | 59,600,000 | 59,600,000 | 298,900,000 | ||
Line Of Credit Facility Maximum Borrowing Capacity to Puerto Rico Government | 415,400,000 | 415,400,000 | 619,000,000 | ||
Credit Facilities Granted to the Puerto Rico Public Corporation | 212,000,000 | 212,000,000 | |||
Total four bank syndicate revolving line of credit granted to the Government of Puerto Rico | 550,000,000 | 550,000,000 | |||
Unpaid principal balance of the revolving line of credit granted to the Government of Puerto Rico | 190,300,000 | 190,300,000 | 200,000,000 | ||
Provision for Local Government Line of Credit | 29,300,000 | $ 24,000,000 | |||
Allowance for Local Government Line of Credit | 53,300,000 | 53,300,000 | |||
Credit facilities to State Insurance Fund | 78,000,000 | 78,000,000 | |||
Puerto Rico Housing Finance Authority credit facilities | 21,000,000 | 21,000,000 | |||
Interest income for covered loans | $ 33,700,000 | $ 33,700,000 | $ 89,000 |
Loans Receivable (Composition o
Loans Receivable (Composition of loan portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,650,527 | $ 4,941,587 |
Allowance for loan and lease losses | (234,131) | (133,762) |
Loans, net of allowance for loan and lease losses, excluding loans held-for-sale. | 4,416,396 | 4,807,825 |
Deferred loan cost (fees), net | 4,203 | 4,282 |
Loans receivable net of deferred loan cost (fees) | 4,420,599 | 4,812,107 |
Mortgage loans held-for-sale | 13,614 | 14,539 |
Total loans, net | 4,434,213 | 4,826,646 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 152,753 | 242,801 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 7,457 | 12,675 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 38,385 | 45,344 |
Non-Acquired Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,111,590 | 2,843,825 |
Allowance for loan and lease losses | (112,626) | (51,439) |
Loans, net of allowance for loan and lease losses, excluding loans held-for-sale. | 2,998,964 | 2,792,386 |
Deferred loan cost (fees), net | 4,203 | 4,282 |
Loans receivable net of deferred loan cost (fees) | 3,003,167 | 2,796,668 |
Total loans, net | 3,003,167 | 2,796,668 |
Non-Acquired Loan [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 757,828 | 791,751 |
Allowance for loan and lease losses | (18,352) | (19,679) |
Non-Acquired Loan [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,441,649 | 1,289,732 |
Allowance for loan and lease losses | (64,791) | (8,432) |
Non-Acquired Loan [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 242,950 | 186,760 |
Allowance for loan and lease losses | (11,197) | (9,072) |
Non-Acquired Loan [Member] | Auto and Leasing [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 669,163 | 575,582 |
Allowance for loan and lease losses | (18,261) | (14,255) |
Acquired loans [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,417,432 | 2,015,439 |
Allowance for loan and lease losses | (143,953) | (69,517) |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 152,753 | 242,801 |
Allowance for loan and lease losses | (5,542) | (4,597) |
Loans, net of allowance for loan and lease losses, excluding loans held-for-sale. | 147,211 | 238,204 |
Loans receivable net of deferred loan cost (fees) | 147,211 | 238,204 |
Total loans, net | 147,211 | 238,204 |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 7,457 | 12,675 |
Allowance for loan and lease losses | (26) | (65) |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 38,385 | 45,344 |
Allowance for loan and lease losses | (3,429) | (1,211) |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 106,911 | 184,782 |
Allowance for loan and lease losses | (2,087) | (3,321) |
Acquired loans [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,149,220 | 1,491,805 |
Allowance for loan and lease losses | (25,785) | (13,481) |
Loans, net of allowance for loan and lease losses, excluding loans held-for-sale. | 1,123,435 | 1,478,324 |
Loans receivable net of deferred loan cost (fees) | 1,123,435 | 1,478,324 |
Total loans, net | 1,123,435 | 1,478,324 |
Acquired loans [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 608,294 | 656,122 |
Allowance for loan and lease losses | (1,678) | 0 |
Acquired loans [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 287,311 | 452,201 |
Allowance for loan and lease losses | (21,161) | (13,476) |
Acquired loans [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 11,843 | 29,888 |
Allowance for loan and lease losses | (84) | (5) |
Acquired loans [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 153,592 | 247,233 |
Allowance for loan and lease losses | (2,862) | 0 |
Acquired loans [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | Construction Loans [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 88,180 | 106,361 |
Acquired loans [Member] | Eurobank Acquired Loans | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 236,964 | 363,156 |
Allowance for loan and lease losses | (90,178) | (64,245) |
Loans, net of allowance for loan and lease losses, excluding loans held-for-sale. | 146,786 | 298,911 |
Loans receivable net of deferred loan cost (fees) | 146,786 | 298,911 |
Total loans, net | 146,786 | 298,911 |
Acquired loans [Member] | Eurobank Acquired Loans | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 142,377 | 256,488 |
Acquired loans [Member] | Eurobank Acquired Loans | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,314 | 4,506 |
Acquired loans [Member] | Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 92,273 | $ 102,162 |
Loans Receivable (Aging of reco
Loans Receivable (Aging of recorded investment in gross loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 4,650,527 | $ 4,941,587 |
Non-Acquired Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 70,660 | 94,218 |
60 - 89 Days Past Due | 44,483 | 45,366 |
90+ Days Past Due | 100,854 | 116,065 |
Total Past Due | 215,997 | 255,649 |
Current but Non-Accrual Loans | 201,991 | 19,730 |
Current | 2,693,602 | 2,568,446 |
Total Loans | 3,111,590 | 2,843,825 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 3,825 | 3,354 |
Non-Acquired Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 11,751 | 42,785 |
60 - 89 Days Past Due | 24,339 | 25,886 |
90+ Days Past Due | 74,841 | 98,131 |
Total Past Due | 110,931 | 166,802 |
Current but Non-Accrual Loans | 5,964 | 8,253 |
Current | 640,933 | 616,696 |
Total Loans | 757,828 | 791,751 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 3,825 | 3,354 |
Non-Acquired Loan [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,793 | 33,109 |
60 - 89 Days Past Due | 16,475 | 18,196 |
90+ Days Past Due | 46,823 | 38,551 |
Total Past Due | 65,091 | 89,856 |
Current but Non-Accrual Loans | 358 | 1,895 |
Current | 552,556 | 527,597 |
Total Loans | 618,005 | 619,348 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 742 | 588 |
Non-Acquired Loan [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 80 | 4,128 |
60 - 89 Days Past Due | 2,217 | 3,157 |
90+ Days Past Due | 3,889 | 4,395 |
Total Past Due | 6,186 | 11,680 |
Current but Non-Accrual Loans | 41 | 0 |
Current | 51,562 | 54,064 |
Total Loans | 57,789 | 65,744 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 144 | 134 |
Non-Acquired Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 251 | 10,484 |
60 - 89 Days Past Due | 5,036 | 4,735 |
90+ Days Past Due | 5,536 | 6,489 |
Total Past Due | 10,823 | 21,708 |
Current but Non-Accrual Loans | 0 | 455 |
Current | 88,623 | 87,506 |
Total Loans | 99,446 | 109,669 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 79 | 3,824 |
60 - 89 Days Past Due | 2,553 | 2,205 |
90+ Days Past Due | 3,549 | 4,454 |
Total Past Due | 6,181 | 10,483 |
Current but Non-Accrual Loans | 0 | 131 |
Current | 48,040 | 49,858 |
Total Loans | 54,221 | 60,472 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 551 | 5,706 |
60 - 89 Days Past Due | 2,878 | 3,298 |
90+ Days Past Due | 7,934 | 8,667 |
Total Past Due | 11,363 | 17,671 |
Current but Non-Accrual Loans | 176 | 548 |
Current | 66,864 | 67,331 |
Total Loans | 78,403 | 85,550 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 89 |
Non-Acquired Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 170 | 5,283 |
60 - 89 Days Past Due | 2,053 | 1,809 |
90+ Days Past Due | 14,733 | 7,646 |
Total Past Due | 16,956 | 14,738 |
Current but Non-Accrual Loans | 0 | 761 |
Current | 74,590 | 77,990 |
Total Loans | 91,546 | 93,489 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 526 | 0 |
Non-Acquired Loan [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 662 | 3,394 |
60 - 89 Days Past Due | 1,673 | 2,992 |
90+ Days Past Due | 10,519 | 6,900 |
Total Past Due | 12,854 | 13,286 |
Current but Non-Accrual Loans | 141 | 0 |
Current | 137,749 | 149,030 |
Total Loans | 150,744 | 162,316 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 72 | 365 |
Non-Acquired Loan [Member] | Originated In Years 2014 and 2015 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 290 |
60 - 89 Days Past Due | 65 | 0 |
90+ Days Past Due | 663 | 0 |
Total Past Due | 728 | 290 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 85,128 | 41,818 |
Total Loans | 85,856 | 42,108 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 1,477 |
60 - 89 Days Past Due | 977 | 584 |
90+ Days Past Due | 5,079 | 3,223 |
Total Past Due | 6,056 | 5,284 |
Current but Non-Accrual Loans | 13 | 0 |
Current | 23,483 | 30,916 |
Total Loans | 29,552 | 36,200 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 9,958 | 8,199 |
60 - 89 Days Past Due | 6,887 | 7,106 |
90+ Days Past Due | 14,930 | 14,114 |
Total Past Due | 31,775 | 29,419 |
Current but Non-Accrual Loans | 5,593 | 6,358 |
Current | 64,548 | 57,666 |
Total Loans | 101,916 | 93,443 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 3,083 | 2,766 |
Non-Acquired Loan [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 | 64 | 0 |
Total Past Due | 64 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 346 | 517 |
Total Loans | 410 | 517 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [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 | 7,945 | 42,243 |
Total Past Due | 7,945 | 42,243 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 0 |
Total Loans | 7,945 | 42,243 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 2,593 | 1,196 |
60 - 89 Days Past Due | 1,868 | 1,618 |
90+ Days Past Due | 16,677 | 9,350 |
Total Past Due | 21,138 | 12,164 |
Current but Non-Accrual Loans | 195,545 | 10,986 |
Current | 1,224,966 | 1,266,582 |
Total Loans | 1,441,649 | 1,289,732 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 2,073 | 330 |
60 - 89 Days Past Due | 1,178 | 1,206 |
90+ Days Past Due | 16,034 | 7,671 |
Total Past Due | 19,285 | 9,207 |
Current but Non-Accrual Loans | 2,907 | 9,939 |
Current | 706,764 | 504,497 |
Total Loans | 728,956 | 523,643 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [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 | 227,557 | 133,076 |
Total Loans | 227,557 | 133,076 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Institutional Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 213 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90+ Days Past Due | 0 | 0 |
Total Past Due | 213 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 33,594 | 36,611 |
Total Loans | 33,807 | 36,611 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,174 | 0 |
60 - 89 Days Past Due | 712 | 645 |
90+ Days Past Due | 9,113 | 396 |
Total Past Due | 10,999 | 1,041 |
Current but Non-Accrual Loans | 1,730 | 8,494 |
Current | 194,219 | 154,515 |
Total Loans | 206,948 | 164,050 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 686 | 330 |
60 - 89 Days Past Due | 466 | 561 |
90+ Days Past Due | 6,921 | 7,275 |
Total Past Due | 8,073 | 8,166 |
Current but Non-Accrual Loans | 1,177 | 1,445 |
Current | 231,840 | 166,017 |
Total Loans | 241,090 | 175,628 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [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 | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,892 | 1,650 |
Total Loans | 2,892 | 1,650 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [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 | 16,662 | 12,628 |
Total Loans | 16,662 | 12,628 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 520 | 866 |
60 - 89 Days Past Due | 690 | 412 |
90+ Days Past Due | 643 | 1,679 |
Total Past Due | 1,853 | 2,957 |
Current but Non-Accrual Loans | 192,638 | 1,047 |
Current | 518,202 | 762,085 |
Total Loans | 712,693 | 766,089 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [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 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 108,582 | 63,746 |
Total Loans | 108,582 | 63,746 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Institutional 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 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 190,290 | 0 |
Current | 190,695 | 478,935 |
Total Loans | 380,985 | 478,935 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [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 | 0 | 618 |
Total Past Due | 0 | 618 |
Current but Non-Accrual Loans | 1,565 | 0 |
Current | 105,748 | 91,716 |
Total Loans | 107,313 | 92,334 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 282 | 866 |
60 - 89 Days Past Due | 639 | 412 |
90+ Days Past Due | 604 | 1,061 |
Total Past Due | 1,525 | 2,339 |
Current but Non-Accrual Loans | 783 | 1,047 |
Current | 75,489 | 86,785 |
Total Loans | 77,797 | 90,171 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 238 | 0 |
60 - 89 Days Past Due | 51 | 0 |
90+ Days Past Due | 39 | 0 |
Total Past Due | 328 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 37,688 | 40,903 |
Total Loans | 38,016 | 40,903 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 2,750 | 2,579 |
60 - 89 Days Past Due | 1,378 | 946 |
90+ Days Past Due | 1,043 | 1,164 |
Total Past Due | 5,171 | 4,689 |
Current but Non-Accrual Loans | 433 | 346 |
Current | 237,346 | 181,725 |
Total Loans | 242,950 | 186,760 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 449 | 360 |
60 - 89 Days Past Due | 182 | 139 |
90+ Days Past Due | 369 | 375 |
Total Past Due | 1,000 | 874 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 21,766 | 18,197 |
Total Loans | 22,766 | 19,071 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 24 | 20 |
60 - 89 Days Past Due | 0 | 0 |
90+ Days Past Due | 0 | 0 |
Total Past Due | 24 | 20 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 166 | 287 |
Total Loans | 190 | 307 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 74 | 102 |
60 - 89 Days Past Due | 0 | 25 |
90+ Days Past Due | 45 | 102 |
Total Past Due | 119 | 229 |
Current but Non-Accrual Loans | 19 | 9 |
Current | 2,106 | 1,962 |
Total Loans | 2,244 | 2,200 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 2,078 | 1,822 |
60 - 89 Days Past Due | 1,179 | 743 |
90+ Days Past Due | 627 | 678 |
Total Past Due | 3,884 | 3,243 |
Current but Non-Accrual Loans | 414 | 337 |
Current | 196,858 | 144,359 |
Total Loans | 201,156 | 147,939 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 125 | 275 |
60 - 89 Days Past Due | 17 | 39 |
90+ Days Past Due | 2 | 9 |
Total Past Due | 144 | 323 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 16,450 | 16,920 |
Total Loans | 16,594 | 17,243 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Non-Acquired Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 53,566 | 47,658 |
60 - 89 Days Past Due | 16,898 | 16,916 |
90+ Days Past Due | 8,293 | 7,420 |
Total Past Due | 78,757 | 71,994 |
Current but Non-Accrual Loans | 49 | 145 |
Current | 590,357 | 503,443 |
Total Loans | 669,163 | 575,582 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,417,432 | 2,015,439 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 8,683 | 12,887 |
60 - 89 Days Past Due | 2,721 | 4,417 |
90+ Days Past Due | 2,246 | 3,849 |
Total Past Due | 13,650 | 21,153 |
Current but Non-Accrual Loans | 0 | 88 |
Current | 139,103 | 221,560 |
Total Loans | 152,753 | 242,801 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 186 | 357 |
60 - 89 Days Past Due | 29 | 263 |
90+ Days Past Due | 880 | 1,111 |
Total Past Due | 1,095 | 1,731 |
Current but Non-Accrual Loans | 0 | 12 |
Current | 6,362 | 10,932 |
Total Loans | 7,457 | 12,675 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | 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 | 695 | 696 |
Total Past Due | 695 | 758 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,422 | 3,724 |
Total Loans | 3,117 | 4,482 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | 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 | 228 | 351 |
Total Past Due | 228 | 351 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 0 |
Total Loans | 228 | 351 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [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 | 62 |
90+ Days Past Due | 467 | 345 |
Total Past Due | 467 | 407 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,422 | 3,724 |
Total Loans | 2,889 | 4,131 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 186 | 357 |
60 - 89 Days Past Due | 29 | 201 |
90+ Days Past Due | 185 | 415 |
Total Past Due | 400 | 973 |
Current but Non-Accrual Loans | 0 | 12 |
Current | 3,940 | 7,208 |
Total Loans | 4,340 | 8,193 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 186 | 155 |
60 - 89 Days Past Due | 29 | 67 |
90+ Days Past Due | 178 | 192 |
Total Past Due | 393 | 414 |
Current but Non-Accrual Loans | 0 | 2 |
Current | 3,331 | 3,705 |
Total Loans | 3,724 | 4,121 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 202 |
60 - 89 Days Past Due | 0 | 134 |
90+ Days Past Due | 7 | 223 |
Total Past Due | 7 | 559 |
Current but Non-Accrual Loans | 0 | 10 |
Current | 609 | 3,503 |
Total Loans | 616 | 4,072 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 944 | 1,527 |
60 - 89 Days Past Due | 413 | 701 |
90+ Days Past Due | 535 | 1,476 |
Total Past Due | 1,892 | 3,704 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 36,493 | 41,640 |
Total Loans | 38,385 | 45,344 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 930 | 1,376 |
60 - 89 Days Past Due | 384 | 654 |
90+ Days Past Due | 489 | 1,399 |
Total Past Due | 1,803 | 3,429 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 33,414 | 38,419 |
Total Loans | 35,217 | 41,848 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 14 | 151 |
60 - 89 Days Past Due | 29 | 47 |
90+ Days Past Due | 46 | 77 |
Total Past Due | 89 | 275 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 3,079 | 3,221 |
Total Loans | 3,168 | 3,496 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 7,553 | 11,003 |
60 - 89 Days Past Due | 2,279 | 3,453 |
90+ Days Past Due | 831 | 1,262 |
Total Past Due | 10,663 | 15,718 |
Current but Non-Accrual Loans | 0 | 76 |
Current | 96,248 | 168,988 |
Total Loans | 106,911 | 184,782 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | $ 0 | $ 0 |
Loans Receivable (BBVAPR Acquir
Loans Receivable (BBVAPR Acquired Loan 310-30 carrying amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 1,945,098 | $ 2,394,378 |
Non-acretable discount | 434,190 | 456,627 |
Cash expected to be collected | 1,510,908 | 1,937,751 |
Accretable Yield | 361,688 | 445,946 |
Carrying amount, gross | 1,149,220 | 1,491,805 |
Allowance for loan and lease losses | $ 25,785 | $ 13,481 |
Loans Receivable (Accretable yi
Loans Receivable (Accretable yield and non-accretable discount activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | $ 153,536 | ||
Transfer from (to) non-accretable discount | 81,929 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (41,031) | ||
Transfer (to) from accretable yield | (81,929) | ||
Mortgage Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | 37,612 | ||
Transfer from (to) non-accretable discount | 48,135 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (25,192) | ||
Transfer (to) from accretable yield | (48,135) | ||
Commercial Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | 49,039 | ||
Transfer from (to) non-accretable discount | 14,096 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (5,350) | ||
Transfer (to) from accretable yield | (14,096) | ||
Construction Loans [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | 21,894 | ||
Transfer from (to) non-accretable discount | 4,730 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | 2,365 | ||
Transfer (to) from accretable yield | (4,730) | ||
Auto Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | 39,023 | ||
Transfer from (to) non-accretable discount | 15,176 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (8,254) | ||
Transfer (to) from accretable yield | (15,176) | ||
Consumer Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | 5,968 | ||
Transfer from (to) non-accretable discount | (208) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (4,600) | ||
Transfer (to) from accretable yield | 208 | ||
Acquired under ASC 310-30 Non-Covered Loans [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 445,946 | 517,553 | $ 655,833 |
Accretion Accretable | 112,113 | 153,536 | 199,178 |
Change in expected cash flow | 8,531 | ||
Transfer from (to) non-accretable discount | 19,324 | 81,929 | 60,898 |
Balance at end of period | 361,688 | 445,946 | 517,553 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 456,627 | 579,587 | 714,462 |
Change in actual and expected losses | (3,113) | (41,031) | (73,977) |
Transfer (to) from accretable yield | (19,324) | (81,929) | (60,898) |
Balance at end of period | 434,190 | 456,627 | 579,587 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | Mortgage Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 298,364 | 287,841 | 328,243 |
Accretion Accretable | 34,842 | 37,612 | 42,740 |
Change in expected cash flow | 0 | ||
Transfer from (to) non-accretable discount | 5,272 | 48,135 | 2,338 |
Balance at end of period | 268,794 | 298,364 | 287,841 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 389,839 | 463,166 | 502,857 |
Change in actual and expected losses | (9,795) | (25,192) | (37,353) |
Transfer (to) from accretable yield | (5,272) | (48,135) | (2,338) |
Balance at end of period | 374,772 | 389,839 | 463,166 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | 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 | 61,196 | 96,139 | 145,173 |
Accretion Accretable | 39,268 | 49,039 | 59,998 |
Change in expected cash flow | 6,130 | ||
Transfer from (to) non-accretable discount | 17,353 | 14,096 | 10,964 |
Balance at end of period | 45,411 | 61,196 | 96,139 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 23,069 | 42,515 | 60,275 |
Change in actual and expected losses | 6,065 | (5,350) | (6,796) |
Transfer (to) from accretable yield | (17,353) | (14,096) | (10,964) |
Balance at end of period | 11,781 | 23,069 | 42,515 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | 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 | 25,829 | 42,993 | 30,802 |
Accretion Accretable | 10,161 | 21,894 | 29,557 |
Change in expected cash flow | 2,402 | ||
Transfer from (to) non-accretable discount | 1,545 | 4,730 | 41,748 |
Balance at end of period | 19,615 | 25,829 | 42,993 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 3,486 | 5,851 | 62,803 |
Change in actual and expected losses | 4,823 | 2,365 | (15,204) |
Transfer (to) from accretable yield | (1,545) | (4,730) | (41,748) |
Balance at end of period | 6,764 | 3,486 | 5,851 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | Auto Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 53,998 | 77,845 | 126,803 |
Accretion Accretable | 23,463 | 39,023 | 55,255 |
Change in expected cash flow | 0 | ||
Transfer from (to) non-accretable discount | (8,957) | 15,176 | 6,297 |
Balance at end of period | 21,578 | 53,998 | 77,845 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 16,215 | 39,645 | 55,733 |
Change in actual and expected losses | (3,133) | (8,254) | (9,791) |
Transfer (to) from accretable yield | 8,957 | (15,176) | (6,297) |
Balance at end of period | 22,039 | 16,215 | 39,645 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | 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 | 6,559 | 12,735 | 24,812 |
Accretion Accretable | 4,379 | 5,968 | 11,628 |
Change in expected cash flow | (1) | ||
Transfer from (to) non-accretable discount | 4,111 | (208) | (449) |
Balance at end of period | 6,290 | 6,559 | 12,735 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 24,018 | 28,410 | 32,794 |
Change in actual and expected losses | (1,073) | (4,600) | (4,833) |
Transfer (to) from accretable yield | (4,111) | 208 | 449 |
Balance at end of period | $ 18,834 | $ 24,018 | $ 28,410 |
Loans Receivable (Eurobank Acqu
Loans Receivable (Eurobank Acquired Loan carrying amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 1,945,098 | $ 2,394,378 |
Non-acretable discount | 434,190 | 456,627 |
Cash expected to be collected | 1,510,908 | 1,937,751 |
Accretable Yield | 361,688 | 445,946 |
Carrying amount, gross | 1,149,220 | 1,491,805 |
Eurobank Acquired Loans | ||
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Acquired With Deteriorated Credit Quality | 342,511 | 535,425 |
Non-acretable discount | 21,156 | 62,410 |
Cash expected to be collected | 321,355 | 473,015 |
Accretable Yield | 84,391 | 109,859 |
Carrying amount, gross | 236,964 | 363,156 |
Financing Receivable, Allowance for Credit Losses | 90,178 | 64,245 |
Carrying amount, net | $ 146,786 | $ 298,911 |
Loans Receivable (Accretable 76
Loans Receivable (Accretable yield and non-accretable discount activity of covered loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | $ 153,536 | ||
Transfer from (to) non-accretable discount | 81,929 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (41,031) | ||
Transfer (to) from accretable yield | (81,929) | ||
Consumer Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Accretion Accretable | 5,968 | ||
Transfer from (to) non-accretable discount | (208) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Change in actual and expected losses | (4,600) | ||
Transfer (to) from accretable yield | 208 | ||
Acquired Loans In An F D I C Assisted Transaction [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 109,859 | 162,959 | $ 188,008 |
Accretion Accretable | 52,411 | 88,969 | 91,769 |
Change in expected cash flow | 34,497 | ||
Transfer from (to) non-accretable discount | (7,554) | 35,869 | 66,720 |
Balance at end of period | 109,859 | 162,959 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 62,410 | 129,477 | 237,555 |
Change in actual and expected losses | (48,808) | (31,198) | (41,358) |
Transfer (to) from accretable yield | 7,554 | (35,869) | (66,720) |
Balance at end of period | 21,156 | 62,410 | 129,477 |
Acquired Loans In An F D I C Assisted Transaction [Member] | 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 | 47,636 | 53,250 | 57,569 |
Accretion Accretable | 13,685 | 15,731 | 18,784 |
Change in expected cash flow | 4,631 | ||
Transfer from (to) non-accretable discount | 13,372 | 10,117 | 26,793 |
Balance at end of period | 51,954 | 47,636 | 53,250 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 27,348 | 39,182 | 66,021 |
Change in actual and expected losses | (47,950) | (1,717) | (46) |
Transfer (to) from accretable yield | 23,486 | (10,117) | (26,793) |
Balance at end of period | 12,869 | 27,348 | 39,182 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Commercial and Other Construction Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 37,920 | 95,093 | 103,591 |
Accretion Accretable | 32,124 | 57,099 | 54,821 |
Change in expected cash flow | 44,660 | ||
Transfer from (to) non-accretable discount | (23,486) | (74) | 31,580 |
Balance at end of period | 26,970 | 37,920 | 95,093 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 24,464 | 81,092 | 154,185 |
Change in actual and expected losses | (937) | (56,702) | (41,513) |
Transfer (to) from accretable yield | 937 | 74 | (31,580) |
Balance at end of period | 0 | 24,464 | 81,092 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Construction and development secured by 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 | 20,753 | 1,690 | 7,380 |
Accretion Accretable | 2,513 | 4,102 | 3,715 |
Change in expected cash flow | (15,048) | ||
Transfer from (to) non-accretable discount | (937) | 23,165 | 539 |
Balance at end of period | 2,255 | 20,753 | 1,690 |
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 |
Change in actual and expected losses | 1,030 | 23,165 | 539 |
Transfer (to) from accretable yield | (1,030) | (23,165) | (539) |
Balance at end of period | 0 | 0 | 0 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Auto and Leasing [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 2,479 | 10,238 | 16,916 |
Accretion Accretable | 3,458 | 9,837 | 13,402 |
Change in expected cash flow | (51) | ||
Transfer from (to) non-accretable discount | 1,030 | 2,078 | 6,099 |
Balance at end of period | 0 | 2,479 | 10,238 |
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 | 6,345 |
Change in actual and expected losses | 156 | 2,078 | (246) |
Transfer (to) from accretable yield | (2,467) | (2,078) | (6,099) |
Balance at end of period | 0 | 0 | 0 |
Acquired Loans In An F D I C Assisted Transaction [Member] | 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 | 1,071 | 2,688 | 2,552 |
Accretion Accretable | 631 | 2,200 | 1,047 |
Change in expected cash flow | 305 | ||
Transfer from (to) non-accretable discount | 2,467 | 583 | 1,709 |
Balance at end of period | 3,212 | 1,071 | 2,688 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 10,598 | 9,203 | 11,004 |
Change in actual and expected losses | (48,808) | 1,978 | (92) |
Transfer (to) from accretable yield | 7,554 | (583) | (1,709) |
Balance at end of period | $ 8,287 | $ 10,598 | $ 9,203 |
Loans Receivable (Investment in
Loans Receivable (Investment in loans on non-accrual status) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 300,119 | $ 101,542 |
Non-Acquired Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 297,873 | 97,367 |
Non-Acquired Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 72,479 | 65,430 |
Non-Acquired Loan [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 47,215 | 41,272 |
Non-Acquired Loan [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,786 | 4,427 |
Non-Acquired Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,737 | 7,042 |
Non-Acquired Loan [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,627 | 4,585 |
Non-Acquired Loan [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,189 | 9,274 |
Non-Acquired Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 14,625 | 8,579 |
Non-Acquired Loan [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,588 | 7,365 |
Non-Acquired Loan [Member] | Originated In Years 2014 and 2015 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 663 | 0 |
Non-Acquired Loan [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,092 | 3,224 |
Non-Acquired Loan [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 20,172 | 20,934 |
Non-Acquired Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 215,281 | 21,679 |
Non-Acquired Loan [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 21,455 | 18,534 |
Non-Acquired Loan [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 12,729 | 9,534 |
Non-Acquired Loan [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,726 | 9,000 |
Non-Acquired Loan [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 193,826 | 3,145 |
Non-Acquired Loan [Member] | Institutional | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 190,290 | 0 |
Non-Acquired Loan [Member] | Middle Market Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,565 | 618 |
Non-Acquired Loan [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,932 | 2,527 |
Non-Acquired Loan [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 39 | 0 |
Non-Acquired Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,631 | 1,590 |
Non-Acquired Loan [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 369 | 375 |
Non-Acquired Loan [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 100 | 110 |
Non-Acquired Loan [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,146 | 1,092 |
Non-Acquired Loan [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 16 | 13 |
Non-Acquired Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,418 | 8,668 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,246 | 4,175 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 880 | 1,187 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 695 | 758 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 228 | 351 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Floor Plan Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 467 | 407 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 185 | 429 |
Most recent acquired loans 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 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7 | 234 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 535 | 1,476 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 489 | 1,399 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 46 | 77 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 831 | $ 1,512 |
Loans Receivable (Recorded Inve
Loans Receivable (Recorded Investment in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan and lease losses | $ 234,131 | $ 133,762 |
Non-Acquired Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 350,252 | 344,102 |
Recorded Investment | 325,267 | 330,455 |
Allowance for loan and lease losses | $ 65,180 | $ 9,809 |
Coverage | 11.00% | 3.00% |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 486 | $ 672 |
Recorded Investment | 474 | 672 |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 1,137,377 | 415,826 |
Recorded Investment | 1,017,976 | 369,258 |
Allowance for loan and lease losses | $ 25,785 | $ 13,481 |
Coverage | 3.00% | 4.00% |
Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 241,305 | $ 293,588 |
Recorded Investment | 236,964 | 204,253 |
Allowance for loan and lease losses | $ 90,178 | $ 64,245 |
Coverage | 38.00% | 31.00% |
Commercial impaired loans with specific allowance [Member] | Non-Acquired Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 210,718 | $ 6,349 |
Recorded Investment | 199,366 | 6,226 |
Allowance for loan and lease losses | $ 55,947 | $ 841 |
Coverage | 13.00% | 14.00% |
Residential troubled-debt restructuring impaired loans with specific allowance [Member] | Non-Acquired Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 97,424 | $ 99,947 |
Recorded Investment | 89,973 | 94,185 |
Allowance for loan and lease losses | $ 9,233 | $ 8,968 |
Coverage | 9.00% | 10.00% |
Commercial impaired loans with no specific allowance financing receivable | Non-Acquired Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 42,110 | $ 237,806 |
Recorded Investment | 35,928 | 230,044 |
Commercial impaired loans with no specific allowance financing receivable | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 486 | 672 |
Recorded Investment | 474 | 672 |
Mortgage impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 608,294 | 289,228 |
Recorded Investment | 608,294 | 255,619 |
Allowance for loan and lease losses | $ 1,761 | $ 5,506 |
Coverage | 0.00% | 2.00% |
Commercial impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 287,311 | $ 90,786 |
Recorded Investment | 168,107 | 83,751 |
Allowance for loan and lease losses | $ 15,455 | $ 7,970 |
Coverage | 9.00% | 10.00% |
Construction impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 88,180 | $ 35,812 |
Recorded Investment | 87,983 | 29,888 |
Allowance for loan and lease losses | $ 5,707 | $ 5 |
Coverage | 6.00% | 0.00% |
Auto impaired loan pool. | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 153,592 | |
Recorded Investment | 153,592 | |
Allowance for loan and lease losses | $ 2,862 | |
Coverage | 2.00% | |
Consumer impaired loan pool. | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 6,713 | $ 7,992 |
Recorded Investment | 2,314 | 4,506 |
Allowance for loan and lease losses | $ 243 | $ 389 |
Coverage | 11.00% | 9.00% |
Loans secured by 1-4 family residential properties, covered [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 101,444 | $ 134,579 |
Recorded Investment | 92,273 | 106,116 |
Allowance for loan and lease losses | $ 22,570 | $ 15,522 |
Coverage | 24.00% | 15.00% |
Commercial and Other Construction Loan [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 133,148 | $ 151,017 |
Recorded Investment | 142,377 | 93,631 |
Allowance for loan and lease losses | $ 67,365 | $ 48,334 |
Coverage | 47.00% | 52.00% |
Loans Receivable (Interest Inco
Loans Receivable (Interest Income Recognized in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | $ 4,849 | $ 12,260 | $ 3,565 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 330,207 | 187,030 | 120,925 |
Commercial Loan [Member] | Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 280 | 237 | 160 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 1,350 | 9,400 | 1,139 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 175,115 | 5,899 | 12,709 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 64,356 | 90,748 | 26,188 |
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 | 3,219 | 2,623 | 2,266 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | $ 90,736 | $ 90,383 | $ 82,028 |
Loans Receivable (TDR Pre_Post
Loans Receivable (TDR Pre/Post Modifications) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)number | Dec. 31, 2014USD ($)number | Dec. 31, 2013USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 160 | 162 | 145 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 21,053 | $ 21,188 | $ 20,143 |
Pre Modification Weighted Average Rate | 5.42% | 6.03% | 6.52% |
Pre Modification Weighted Average Term | 356 months | 350 months | 340 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 21,182 | $ 20,958 | $ 20,971 |
Post Modification Weighted Average Rate | 4.35% | 4.25% | 4.34% |
Post Modification Weighted Average Term | 272 months | 420 months | 409 months |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 9 | 26 | 2 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 5,664 | $ 200,446 | $ 1,842 |
Pre Modification Weighted Average Rate | 6.79% | 7.25% | 8.99% |
Pre Modification Weighted Average Term | 66 months | 3 months | 87 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 13,174 | $ 200,125 | $ 1,842 |
Post Modification Weighted Average Rate | 4.57% | 7.25% | 4.00% |
Post Modification Weighted Average Term | 56 months | 10 months | 66 months |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 64 | 26 | 2 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 611 | $ 212 | $ 15 |
Pre Modification Weighted Average Rate | 13.85% | 10.09% | 13.43% |
Pre Modification Weighted Average Term | 71 months | 56 months | 75 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 898 | $ 240 | $ 15 |
Post Modification Weighted Average Rate | 13.43% | 12.96% | 12.67% |
Post Modification Weighted Average Term | 60 months | 65 months | 67 months |
Auto Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 5 | ||
Financing Receivable Modifications Pre Modification Recorded Investment | $ 130 | ||
Pre Modification Weighted Average Term | 65 months | ||
Post Modification Weighted Average Term | 61 months |
Loans Receivable (Troubled debt
Loans Receivable (Troubled debt restructurings, Rolling Twelve Months) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)number | Dec. 31, 2014USD ($)number | Dec. 31, 2013USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 65 | 15 | 15 |
Recored Investment | $ | $ 7,387 | $ 1,700 | $ 1,689 |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 8 | 5 | 1 |
Recored Investment | $ | $ 177 | $ 37 | $ 9 |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 1 | 0 | 0 |
Recored Investment | $ | $ 64 | $ 0 | $ 0 |
Loans Receivable (Credit Qualit
Loans Receivable (Credit Quality Indicator of loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,650,527 | $ 4,941,587 |
Financing Receivable, Individually Evaluated for Impairment | 235,767 | 236,942 |
Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,111,590 | 2,843,825 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 325,267 | 330,455 |
Commercial Secured [Member] | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 728,956 | 523,643 |
Pass | 657,623 | 457,260 |
Special Mention | 32,780 | 32,364 |
Substandard | 5,097 | 2,637 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 33,456 | 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 | 3,117 | 4,482 |
Pass | 602 | 3,724 |
Special Mention | 1,820 | 0 |
Substandard | 228 | 351 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 467 | 407 |
Corporate | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 227,557 | 133,076 |
Pass | 212,410 | 109,282 |
Special Mention | 15,147 | 15,615 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 8,179 |
Institutional | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 33,807 | 36,611 |
Pass | 25,907 | 27,089 |
Special Mention | 0 | 9,284 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 7,900 | 238 |
Middle Market | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 206,948 | 164,050 |
Pass | 181,916 | 148,360 |
Special Mention | 9,697 | 2,817 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 15,335 | 12,873 |
Retail | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 241,090 | 175,628 |
Pass | 217,836 | 159,209 |
Special Mention | 7,936 | 3,690 |
Substandard | 5,097 | 2,637 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 10,221 | 10,092 |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 228 | 351 |
Pass | 0 | 0 |
Special Mention | 0 | 0 |
Substandard | 228 | 351 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,892 | 1,650 |
Pass | 2,892 | 692 |
Special Mention | 0 | 958 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,889 | 4,131 |
Pass | 602 | 3,724 |
Special Mention | 1,820 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 467 | 407 |
Real Estate | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 16,662 | 12,628 |
Pass | 16,662 | 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-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 712,693 | 766,089 |
Pass | 498,428 | 554,179 |
Special Mention | 11,243 | 4,321 |
Substandard | 1,184 | 2,701 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 201,838 | 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 | 4,340 | 8,193 |
Pass | 4,246 | 7,887 |
Special Mention | 0 | 8 |
Substandard | 87 | 33 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 7 | 265 |
Institutional | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 108,582 | 63,746 |
Pass | 100,826 | 63,746 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 7,756 | 0 |
Institutional | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 380,985 | 478,935 |
Pass | 190,695 | 278,953 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 190,290 | 199,982 |
Middle Market | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 107,313 | 92,334 |
Pass | 97,288 | 87,126 |
Special Mention | 8,052 | 2,815 |
Substandard | 0 | 0 |
Doubtful | 0 | |
Financing Receivable, Individually Evaluated for Impairment | 1,973 | 2,393 |
Retail | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 77,797 | 90,171 |
Pass | 73,757 | 85,941 |
Special Mention | 1,076 | 259 |
Substandard | 1,184 | 2,575 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,780 | 1,396 |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,724 | 4,121 |
Pass | 3,637 | 4,080 |
Special Mention | 0 | 8 |
Substandard | 87 | 33 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 38,016 | 40,903 |
Pass | 35,862 | 38,413 |
Special Mention | 2,115 | 1,247 |
Substandard | 0 | 126 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 39 | 1,117 |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 616 | 4,072 |
Pass | 609 | 3,807 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 7 | 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 | 1,449,106 | 1,302,407 |
Pass | 1,160,899 | 1,023,050 |
Special Mention | 45,843 | 36,693 |
Substandard | 6,596 | 5,722 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 235,768 | 236,942 |
Total Commercial subject to risk rating [Member] | Non-Acquired Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,441,649 | 1,289,732 |
Pass | 1,156,051 | 1,011,439 |
Special Mention | 44,023 | 36,685 |
Substandard | 6,281 | 5,338 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 235,294 | 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 | 7,457 | 12,675 |
Pass | 4,848 | 11,611 |
Special Mention | 1,820 | 8 |
Substandard | 315 | 384 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $ 474 | $ 672 |
Loans Receivable (Risk category
Loans Receivable (Risk category of gross loans not subject to risk rating ) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,650,527 | $ 4,941,587 |
Financing Receivable, Individually Evaluated for Impairment | 235,767 | 236,942 |
Non Covered Loan, Not Subject To Risk Ratings [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,815,237 | 1,784,219 |
0 - 29 Days Past Due | 1,541,282 | 1,460,335 |
30 - 59 Days Past Due | 70,443 | 95,898 |
60 - 89 Days Past Due | 39,648 | 40,639 |
90-119 Days Past Due | 14,727 | 20,735 |
120 - 364 Days Past Due | 22,412 | 40,053 |
365+ Days Past Due | 36,752 | 32,374 |
Financing Receivable, Individually Evaluated for Impairment | 89,973 | 94,185 |
Originated loans, not subject to risk rating [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,669,941 | 1,554,093 |
0 - 29 Days Past Due | 1,408,542 | 1,249,631 |
30 - 59 Days Past Due | 61,946 | 83,368 |
60 - 89 Days Past Due | 36,956 | 36,485 |
90-119 Days Past Due | 13,917 | 19,340 |
120 - 364 Days Past Due | 21,855 | 38,710 |
365+ Days Past Due | 36,752 | 32,374 |
Financing Receivable, Individually Evaluated for Impairment | 89,973 | 94,185 |
Originated loans, not subject to risk rating [Member] | Mortgage Loan [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 757,828 | 791,751 |
0 - 29 Days Past Due | 580,214 | 563,972 |
30 - 59 Days Past Due | 5,642 | 33,131 |
60 - 89 Days Past Due | 18,811 | 18,623 |
90-119 Days Past Due | 7,390 | 13,303 |
120 - 364 Days Past Due | 19,046 | 36,166 |
365+ Days Past Due | 36,752 | 32,371 |
Financing Receivable, Individually Evaluated for Impairment | 89,973 | 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 | 618,005 | 619,348 |
0 - 29 Days Past Due | 540,340 | 521,657 |
30 - 59 Days Past Due | 1,469 | 30,659 |
60 - 89 Days Past Due | 15,857 | 16,916 |
90-119 Days Past Due | 4,518 | 5,607 |
120 - 364 Days Past Due | 11,055 | 14,432 |
365+ Days Past Due | 29,535 | 13,931 |
Financing Receivable, Individually Evaluated for Impairment | 15,231 | 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 | 57,789 | 65,744 |
0 - 29 Days Past Due | 50,912 | 53,432 |
30 - 59 Days Past Due | 82 | 3,963 |
60 - 89 Days Past Due | 2,218 | 3,083 |
90-119 Days Past Due | 530 | 1,044 |
120 - 364 Days Past Due | 1,504 | 1,360 |
365+ Days Past Due | 1,858 | 1,975 |
Financing Receivable, Individually Evaluated for Impairment | 685 | 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 | 99,446 | 109,669 |
0 - 29 Days Past Due | 87,060 | 86,941 |
30 - 59 Days Past Due | 251 | 10,391 |
60 - 89 Days Past Due | 4,867 | 4,362 |
90-119 Days Past Due | 1,261 | 1,657 |
120 - 364 Days Past Due | 1,353 | 3,215 |
365+ Days Past Due | 2,921 | 1,330 |
Financing Receivable, Individually Evaluated for Impairment | 1,733 | 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 | 54,221 | 60,472 |
0 - 29 Days Past Due | 47,197 | 49,275 |
30 - 59 Days Past Due | 79 | 3,824 |
60 - 89 Days Past Due | 2,553 | 2,205 |
90-119 Days Past Due | 292 | 389 |
120 - 364 Days Past Due | 1,068 | 1,673 |
365+ Days Past Due | 2,189 | 1,893 |
Financing Receivable, Individually Evaluated for Impairment | 843 | 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 | 78,403 | 85,550 |
0 - 29 Days Past Due | 63,659 | 65,113 |
30 - 59 Days Past Due | 318 | 5,263 |
60 - 89 Days Past Due | 2,878 | 2,967 |
90-119 Days Past Due | 1,168 | 1,242 |
120 - 364 Days Past Due | 1,895 | 2,801 |
365+ Days Past Due | 4,871 | 4,624 |
Financing Receivable, Individually Evaluated for Impairment | 3,614 | 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 | 91,546 | 93,489 |
0 - 29 Days Past Due | 71,439 | 76,246 |
30 - 59 Days Past Due | 170 | 4,230 |
60 - 89 Days Past Due | 1,665 | 1,809 |
90-119 Days Past Due | 685 | 337 |
120 - 364 Days Past Due | 2,972 | 3,986 |
365+ Days Past Due | 10,725 | 2,813 |
Financing Receivable, Individually Evaluated for Impairment | 3,890 | 4,068 |
Originated loans, not subject to risk rating [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 150,744 | 162,316 |
0 - 29 Days Past Due | 134,945 | 148,832 |
30 - 59 Days Past Due | 569 | 2,698 |
60 - 89 Days Past Due | 1,611 | 2,490 |
90-119 Days Past Due | 434 | 938 |
120 - 364 Days Past Due | 1,982 | 1,397 |
365+ Days Past Due | 6,737 | 1,296 |
Financing Receivable, Individually Evaluated for Impairment | 4,466 | 4,665 |
Originated loans, not subject to risk rating [Member] | Originated In Years 2014 and 2015 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 85,856 | |
0 - 29 Days Past Due | 85,128 | |
30 - 59 Days Past Due | 0 | |
60 - 89 Days Past Due | 65 | |
90-119 Days Past Due | 148 | |
120 - 364 Days Past Due | 281 | |
365+ Days Past Due | 234 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | |
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 | 29,552 | 36,200 |
0 - 29 Days Past Due | 23,497 | 30,916 |
30 - 59 Days Past Due | 0 | 1,477 |
60 - 89 Days Past Due | 977 | 584 |
90-119 Days Past Due | 552 | 478 |
120 - 364 Days Past Due | 2,621 | 600 |
365+ Days Past Due | 1,905 | 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 | 101,916 | 93,443 |
0 - 29 Days Past Due | 16,031 | 10,882 |
30 - 59 Days Past Due | 4,173 | 995 |
60 - 89 Days Past Due | 1,977 | 1,123 |
90-119 Days Past Due | 727 | 802 |
120 - 364 Days Past Due | 1,728 | 405 |
365+ Days Past Due | 2,538 | 1,246 |
Financing Receivable, Individually Evaluated for Impairment | 74,742 | 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 | 410 | 517 |
0 - 29 Days Past Due | 346 | 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 | 64 | 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 | 7,945 | 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 | 1,593 | 6,416 |
120 - 364 Days Past Due | 3,578 | 20,729 |
365+ Days Past Due | 2,774 | 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 | 242,950 | 186,760 |
0 - 29 Days Past Due | 237,846 | 182,071 |
30 - 59 Days Past Due | 2,755 | 2,579 |
60 - 89 Days Past Due | 1,306 | 946 |
90-119 Days Past Due | 819 | 841 |
120 - 364 Days Past Due | 224 | 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 | 22,766 | 19,071 |
0 - 29 Days Past Due | 21,766 | 18,198 |
30 - 59 Days Past Due | 449 | 360 |
60 - 89 Days Past Due | 182 | 139 |
90-119 Days Past Due | 179 | 171 |
120 - 364 Days Past Due | 190 | 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 | 190 | 307 |
0 - 29 Days Past Due | 166 | 287 |
30 - 59 Days Past Due | 24 | 20 |
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] | Unsecured personal lines of credit [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,244 | 2,200 |
0 - 29 Days Past Due | 2,125 | 1,970 |
30 - 59 Days Past Due | 74 | 102 |
60 - 89 Days Past Due | 0 | 25 |
90-119 Days Past Due | 17 | 38 |
120 - 364 Days Past Due | 28 | 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 | 201,156 | 147,939 |
0 - 29 Days Past Due | 197,339 | 144,696 |
30 - 59 Days Past Due | 2,083 | 1,822 |
60 - 89 Days Past Due | 1,107 | 743 |
90-119 Days Past Due | 621 | 623 |
120 - 364 Days Past Due | 6 | 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 | 16,594 | 17,243 |
0 - 29 Days Past Due | 16,450 | 16,920 |
30 - 59 Days Past Due | 125 | 275 |
60 - 89 Days Past Due | 17 | 39 |
90-119 Days Past Due | 2 | 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] | Auto and Leasing [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 669,163 | 575,582 |
0 - 29 Days Past Due | 590,482 | 503,588 |
30 - 59 Days Past Due | 53,549 | 47,658 |
60 - 89 Days Past Due | 16,839 | 16,916 |
90-119 Days Past Due | 5,708 | 5,196 |
120 - 364 Days Past Due | 2,585 | 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 | 145,296 | 230,126 |
0 - 29 Days Past Due | 132,740 | 210,704 |
30 - 59 Days Past Due | 8,497 | 12,530 |
60 - 89 Days Past Due | 2,692 | 4,154 |
90-119 Days Past Due | 810 | 1,395 |
120 - 364 Days Past Due | 557 | 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 | 38,385 | 45,344 |
0 - 29 Days Past Due | 36,493 | 41,640 |
30 - 59 Days Past Due | 944 | 1,527 |
60 - 89 Days Past Due | 413 | 701 |
90-119 Days Past Due | 187 | 628 |
120 - 364 Days Past Due | 348 | 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 | 35,217 | 41,848 |
0 - 29 Days Past Due | 33,414 | 38,419 |
30 - 59 Days Past Due | 930 | 1,376 |
60 - 89 Days Past Due | 384 | 654 |
90-119 Days Past Due | 186 | 589 |
120 - 364 Days Past Due | 303 | 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 | 3,168 | 3,496 |
0 - 29 Days Past Due | 3,079 | 3,221 |
30 - 59 Days Past Due | 14 | 151 |
60 - 89 Days Past Due | 29 | 47 |
90-119 Days Past Due | 1 | 39 |
120 - 364 Days Past Due | 45 | 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] | Auto Loan [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 106,911 | 184,782 |
0 - 29 Days Past Due | 96,247 | 169,064 |
30 - 59 Days Past Due | 7,553 | 11,003 |
60 - 89 Days Past Due | 2,279 | 3,453 |
90-119 Days Past Due | 623 | 767 |
120 - 364 Days Past Due | 209 | 495 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 |
Allowance for Loan and Lease 84
Allowance for Loan and Lease Losses (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans And Leases Receivable Allowance, Covered | $ 32.6 | $ 64.3 | |
Provision for Loan Losses, Covered | $ 17.7 | $ 5.7 | $ 5.3 |
Allowance for Loan and Lease 85
Allowance for Loan and Lease Losses (Composition of the Company's allowance for loan and lease losses) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | $ 234,131,000 | $ 133,762,000 |
Non-Acquired Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 112,626,000 | 51,439,000 |
Non-Acquired Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 18,352,000 | 19,679,000 |
Non-Acquired Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 64,791,000 | 8,432,000 |
Non-Acquired Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 11,197,000 | 9,072,000 |
Non-Acquired Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 18,261,000 | 14,255,000 |
Non-Acquired Loan [Member] | Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 25,000 | 1,000 |
Acquired loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 143,953,000 | 69,517,000 |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 5,542,000 | 4,597,000 |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 26,000 | 65,000 |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 3,429,000 | 1,211,000 |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 2,087,000 | 3,321,000 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 25,785,000 | 13,481,000 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 1,678,000 | 0 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 21,161,000 | 13,476,000 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 84,000 | 5,000 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Auto Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 2,862,000 | 0 |
Eurobank Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 90,178,000 | 64,245,000 |
Eurobank Acquired Loans | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 367,000 | 389,000 |
Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 32,624,000 | 15,522,000 |
Eurobank Acquired Loans | Commercial and Other Construction Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | $ 57,187,000 | $ 48,334,000 |
Allowance for Loan and Lease 86
Allowance for Loan and Lease Losses (Allowance for loan and lease losses) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision For Loan And Lease Losses | $ (72,894,000) | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 4,597,000 | $ 2,354,000 | |
Charge-offs | 11,205,000 | ||
Recoveries | 4,442,000 | ||
Provision For Loan And Lease Losses | 9,117,000 | ||
Balance at end of period | 4,597,000 | 2,354,000 | |
Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 13,481,000 | 2,863,000 | |
Provision For Loan And Lease Losses | 2,863,000 | ||
Balance at end of period | 25,785,000 | 13,481,000 | 2,863,000 |
Non-Acquired Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 51,439,000 | 49,081,000 | 39,921,000 |
Charge-offs | 53,001,000 | 39,258,000 | 48,541,000 |
Recoveries | 14,852,000 | 10,189,000 | 2,122,000 |
Provision For Loan And Lease Losses | 99,336,000 | 31,427,000 | 55,579,000 |
Balance at end of period | 112,626,000 | 51,439,000 | 49,081,000 |
Non-Acquired Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge-offs | 13,445,000 | 11,205,000 | |
Recoveries | 2,773,000 | 4,442,000 | |
Provision For Loan And Lease Losses | 12,915,000 | 9,117,000 | |
Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 4,597,000 | 2,354,000 | |
Charge-offs | 9,345,000 | 13,445,000 | |
Recoveries | 2,821,000 | 2,773,000 | |
Provision For Loan And Lease Losses | 7,469,000 | 12,915,000 | |
Balance at end of period | 5,542,000 | 4,597,000 | 2,354,000 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 13,481,000 | 2,863,000 | |
Charge-offs | 4,352,000 | ||
Provision For Loan And Lease Losses | 16,656,000 | 10,618,000 | |
Balance at end of period | 25,785,000 | 13,481,000 | 2,863,000 |
Mortgage Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Provision For Loan And Lease Losses | 0 | ||
Balance at end of period | 1,678,000 | 0 | 0 |
Mortgage Loan [Member] | Non-Acquired Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 19,679,000 | 19,937,000 | 21,092,000 |
Charge-offs | 5,397,000 | 5,011,000 | 36,566,000 |
Recoveries | 391,000 | 428,000 | 6,000 |
Provision For Loan And Lease Losses | 3,679,000 | 4,325,000 | 35,405,000 |
Balance at end of period | 18,352,000 | 19,679,000 | 19,937,000 |
Mortgage Loan [Member] | Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | |
Charge-offs | 0 | ||
Provision For Loan And Lease Losses | 1,678,000 | 0 | |
Balance at end of period | 1,678,000 | 0 | 0 |
Commercial Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 65,000 | 926,000 | |
Charge-offs | 25,000 | ||
Recoveries | 9,000 | ||
Provision For Loan And Lease Losses | 942,000 | ||
Balance at end of period | 65,000 | 926,000 | |
Commercial Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 13,476,000 | 1,713,000 | 0 |
Provision For Loan And Lease Losses | 1,713,000 | ||
Balance at end of period | 21,161,000 | 13,476,000 | 1,713,000 |
Commercial Loan [Member] | Non-Acquired Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 8,432,000 | 14,897,000 | 17,072,000 |
Charge-offs | 5,546,000 | 2,424,000 | 5,889,000 |
Recoveries | 432,000 | 333,000 | 383,000 |
Provision For Loan And Lease Losses | 61,473,000 | (4,374,000) | 3,331,000 |
Balance at end of period | 64,791,000 | 8,432,000 | 14,897,000 |
Commercial Loan [Member] | Non-Acquired Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge-offs | 532,000 | 25,000 | |
Recoveries | 73,000 | 9,000 | |
Provision For Loan And Lease Losses | (402,000) | 942,000 | |
Commercial Loan [Member] | Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 65,000 | 926,000 | |
Charge-offs | 42,000 | 532,000 | |
Recoveries | 31,000 | 73,000 | |
Provision For Loan And Lease Losses | (28,000) | (402,000) | |
Balance at end of period | 26,000 | 65,000 | 926,000 |
Commercial Loan [Member] | Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 13,476,000 | 1,713,000 | |
Charge-offs | 4,352,000 | ||
Provision For Loan And Lease Losses | 12,037,000 | 11,763,000 | |
Balance at end of period | 21,161,000 | 13,476,000 | 1,713,000 |
Consumer Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 1,211,000 | 0 | |
Charge-offs | 5,530,000 | ||
Recoveries | 1,035,000 | ||
Provision For Loan And Lease Losses | 4,495,000 | ||
Balance at end of period | 1,211,000 | 0 | |
Consumer Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 5,000 | 418,000 | 0 |
Provision For Loan And Lease Losses | 418,000 | ||
Balance at end of period | 84,000 | 5,000 | 418,000 |
Consumer Loan [Member] | Non-Acquired Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 9,072,000 | 6,006,000 | 856,000 |
Charge-offs | 8,683,000 | 5,782,000 | 1,485,000 |
Recoveries | 871,000 | 570,000 | 165,000 |
Provision For Loan And Lease Losses | 9,937,000 | 8,278,000 | 6,470,000 |
Balance at end of period | 11,197,000 | 9,072,000 | 6,006,000 |
Consumer Loan [Member] | Non-Acquired Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge-offs | 6,902,000 | 5,530,000 | |
Recoveries | 531,000 | 1,035,000 | |
Provision For Loan And Lease Losses | 7,582,000 | 4,495,000 | |
Consumer Loan [Member] | Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 1,211,000 | 0 | |
Charge-offs | 4,755,000 | 6,902,000 | |
Recoveries | 680,000 | 531,000 | |
Provision For Loan And Lease Losses | 6,293,000 | 7,582,000 | |
Balance at end of period | 3,429,000 | 1,211,000 | 0 |
Consumer Loan [Member] | Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 5,000 | 418,000 | |
Charge-offs | 0 | ||
Provision For Loan And Lease Losses | 79,000 | (413,000) | |
Balance at end of period | 84,000 | 5,000 | 418,000 |
Auto Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 3,321,000 | 1,428,000 | |
Charge-offs | 5,650,000 | ||
Recoveries | 3,398,000 | ||
Provision For Loan And Lease Losses | 3,680,000 | ||
Balance at end of period | 3,321,000 | 1,428,000 | |
Auto Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 732,000 | 0 |
Provision For Loan And Lease Losses | 732,000 | ||
Balance at end of period | 2,862,000 | 0 | 732,000 |
Auto Loan [Member] | Non-Acquired Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge-offs | 6,011,000 | 5,650,000 | |
Recoveries | 2,169,000 | 3,398,000 | |
Provision For Loan And Lease Losses | 5,735,000 | 3,680,000 | |
Auto Loan [Member] | Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 3,321,000 | 1,428,000 | |
Charge-offs | 4,548,000 | 6,011,000 | |
Recoveries | 2,110,000 | 2,169,000 | |
Provision For Loan And Lease Losses | 1,204,000 | 5,735,000 | |
Balance at end of period | 2,087,000 | 3,321,000 | 1,428,000 |
Auto Loan [Member] | Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 732,000 | |
Charge-offs | 0 | ||
Provision For Loan And Lease Losses | 2,862,000 | (732,000) | |
Balance at end of period | 2,862,000 | 0 | 732,000 |
Auto and Leasing Portfolio Segment | Non-Acquired Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 14,255,000 | 7,866,000 | 533,000 |
Charge-offs | 33,375,000 | 26,041,000 | 4,601,000 |
Recoveries | 13,158,000 | 8,858,000 | 1,568,000 |
Provision For Loan And Lease Losses | 24,223,000 | 23,572,000 | 10,366,000 |
Balance at end of period | 18,261,000 | 14,255,000 | 7,866,000 |
Unallocated Financing Receivables | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Provision For Loan And Lease Losses | 0 | ||
Balance at end of period | 0 | ||
Unallocated Financing Receivables | Non-Acquired Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 1,000 | 375,000 | 368,000 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision For Loan And Lease Losses | 24,000 | (374,000) | 7,000 |
Balance at end of period | 25,000 | 1,000 | 375,000 |
Unallocated Financing Receivables | Acquired loans [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision For Loan And Lease Losses | 0 | 0 | |
Balance at end of period | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease 87
Allowance for Loan and Lease Losses (Gross Loan and Allowance for loan and lease losses) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | $ 235,767,000 | $ 236,942,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,650,527,000 | 4,941,587,000 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,542,000 | 4,597,000 | ||
Financing Receivable, Allowance for Credit Losses | 4,597,000 | $ 2,354,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 474,000 | 672,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 152,279,000 | 242,129,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 152,753,000 | 242,801,000 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 25,785,000 | 13,481,000 | 2,863,000 | |
Non-Acquired Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 65,180,000 | 9,809,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 47,446,000 | 41,630,000 | ||
Financing Receivable, Allowance for Credit Losses | 112,626,000 | 51,439,000 | 49,081,000 | $ 39,921,000 |
Financing Receivable, Individually Evaluated for Impairment | 325,267,000 | 330,455,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,786,323,000 | 2,513,370,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,111,590,000 | 2,843,825,000 | ||
Mortgage Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 1,678,000 | 0 | 0 | 0 |
Mortgage Loan [Member] | Non-Acquired Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 9,233,000 | 8,968,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,119,000 | 10,711,000 | ||
Financing Receivable, Allowance for Credit Losses | 18,352,000 | 19,679,000 | 19,937,000 | 21,092,000 |
Financing Receivable, Individually Evaluated for Impairment | 89,973,000 | 94,185,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 667,855,000 | 697,566,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 757,828,000 | 791,751,000 | ||
Commercial Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 26,000 | 65,000 | ||
Financing Receivable, Allowance for Credit Losses | 65,000 | 926,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 474,000 | 672,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 6,983,000 | 12,003,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 7,457,000 | 12,675,000 | ||
Commercial Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 21,161,000 | 13,476,000 | 1,713,000 | 0 |
Commercial Loan [Member] | Non-Acquired Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 55,947,000 | 841,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 8,844,000 | 7,591,000 | ||
Financing Receivable, Allowance for Credit Losses | 64,791,000 | 8,432,000 | 14,897,000 | 17,072,000 |
Financing Receivable, Individually Evaluated for Impairment | 235,294,000 | 236,270,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,206,355,000 | 1,053,462,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,441,649,000 | 1,289,732,000 | ||
Consumer Loan [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,429,000 | 1,211,000 | ||
Financing Receivable, Allowance for Credit Losses | 1,211,000 | 0 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 38,385,000 | 45,344,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 38,385,000 | 45,344,000 | ||
Consumer Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 84,000 | 5,000 | 418,000 | 0 |
Consumer Loan [Member] | Non-Acquired Loan [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 | 11,197,000 | 9,072,000 | ||
Financing Receivable, Allowance for Credit Losses | 11,197,000 | 9,072,000 | 6,006,000 | 856,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 242,950,000 | 186,760,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 242,950,000 | 186,760,000 | ||
Auotomobile Loans Portfolio Segment | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,087,000 | 3,321,000 | ||
Financing Receivable, Allowance for Credit Losses | 2,087,000 | 3,321,000 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 106,911,000 | 184,782,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 106,911,000 | 184,782,000 | ||
Auto and Leasing [Member] | Non-Acquired Loan [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 | 18,261,000 | 14,255,000 | ||
Financing Receivable, Allowance for Credit Losses | 18,261,000 | 14,255,000 | 7,866,000 | 533,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 669,163,000 | 575,582,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 669,163,000 | 575,582,000 | ||
Unallocated Financing Receivables | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses | 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-Acquired Loan [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 | 25,000 | 1,000 | ||
Financing Receivable, Allowance for Credit Losses | 25,000 | 1,000 | $ 375,000 | $ 368,000 |
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 88
Allowance for Loan and Lease Losses (Allowance for Acquired Eurobank Loan and Lease Losses) (Details) - Eurobank Acquired Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loan Receivable Type | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 64,245 | $ 52,729 | $ 54,124 |
Provision for loan and lease losses, net | 38,040 | 5,680 | 5,335 |
Charge-offs | 14,610 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 2,503 | 5,836 | (6,730) |
Balance at end of period | 64,245 | 52,729 | |
Loans secured by 1-4 family residential properties, covered [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 15,523 | 12,495 | 4,986 |
Provision for loan and lease losses, net | 17,718 | 2,144 | 9,461 |
Charge-offs | 722 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 105 | 884 | (1,952) |
Balance at end of period | 15,523 | 12,495 | |
Commercial Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 48,333 | 39,619 | 48,460 |
Provision for loan and lease losses, net | 20,043 | 3,717 | (4,110) |
Charge-offs | 13,587 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 2,398 | 4,997 | (4,731) |
Balance at end of period | 48,333 | 39,619 | |
Consumer Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 389 | 615 | 678 |
Provision for loan and lease losses, net | 279 | (181) | (16) |
Charge-offs | 301 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 0 | (45) | (47) |
Balance at end of period | 389 | 615 | |
Auto and Leasing [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Provision for loan and lease losses, net | 0 | 0 | 0 |
Charge-offs | 0 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | $ 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 |
FDIC Indemnification Indemnific
FDIC Indemnification Indemnification Asset and True-up Payment Obligation and FDIC shared-loss expense (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FDIC-Assisted Acquisition [Abstract] | |||
Percent Of Losses Fdic Absorbs | 80.00% | ||
Percent Of Losses Recoveries Fdic Shares | 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 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 discount (per bid) (or $227.5 million); plus (B) 25% of the cumulative shared-loss payments (defined as the aggregate of all of the payments made or payable to the Bank minus the aggregate of all of the payments made or payable to the FDIC); plus (C) the sum of the period servicing amounts for every consecutive twelve-month period prior to and ending on the True-Up Measurement Date in respect of each of the shared-loss agreements during which the shared-loss provisions of the applicable shared-loss agreement is in effect (defined as the product of the simple average of the principal amount of shared-loss loans and shared-loss assets at the beginning and end of such period times 1%). The estimated liability is included within accrued expenses and other liabilities in the consolidated statements of financial condition. This true-up payment obligation may increase if actual and expected losses decline. The Company measures the true-up payment obligation at fair value. The 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. | ||
Change in additional amortization of the FDIC indemnification asset | $ 2.5 | $ 2.8 | $ 11.1 |
FDIC Indemnification Asset an90
FDIC Indemnification Asset and True-up Payment Obligation and FDIC shared-loss expense (FDIC Indemnification Asset Roll Forward) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FDIC Indemnification Asset [Roll Forward] | |||
Balance | $ 97,378,000 | $ 189,240,000 | $ 302,295,000 |
Indemnification agreements reimbursements from FDIC | (55,723,000) | (47,666,000) | (47,100,000) |
FDIC indemnification asset, expense | 36,398,000 | 62,285,000 | 66,253,000 |
Final settlement with the FDIC on commercial loans | 1,589,000 | 0 | 0 |
Incurred expenses to be reimbursed under shared-loss agreements | 16,428,000 | 12,253,000 | 7,028,000 |
Balance | 22,599,000 | 97,378,000 | 189,240,000 |
True-up payment obligation [Roll Forward] | |||
Balance | 21,981,000 | 18,510,000 | 15,496,000 |
Change in true-up payment obligation expense | 2,677,000 | 3,471,000 | 3,014,000 |
Balance | $ 2,677,000 | $ 21,981,000 | $ 18,510,000 |
FDIC Indemnification Asset an91
FDIC Indemnification Asset and True-up Payment Obligation and FDIC shared-loss expense (Fair value and the undiscounted amount of the true-up payment obligation and FDIC shared-loss expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
FDIC-Assisted Acquisition [Abstract] | ||
Business Combination Contingent Consideration Liability | $ 24,658 | $ 21,981 |
Business Combination Contingent Consideration Potential Cash Payment | $ 34,956 | $ 40,266 |
FDIC Shared-loss expense (Detai
FDIC Shared-loss expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FDIC Shared-loss expense [Abstract] | |||
FDIC indemnification asset, expense | $ 36,398 | $ 62,285 | $ 66,253 |
Change in true-up payment obligation expense | (2,677) | (3,471) | (3,014) |
Reimbursement To FDIC For Recoveries | 2,144 | 0 | 0 |
Final settlement with the FDIC on commercial loans | 1,589 | 0 | 0 |
FDIC shared-loss expense, net | $ (42,808) | $ (65,756) | $ (69,267) |
Premises and equipment (Narrati
Premises and equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment Abstract | |||
Depreciation | $ 11.1 | $ 10.2 | $ 10.3 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 127,078,000 | $ 133,271,000 |
Accumulated depreciation and amortization | (52,488,000) | (52,672,000) |
Total Premises and Equipment, net | 74,590,000 | 80,599,000 |
Land And Land Improvements | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | 5,638,000 | $ 5,680,000 |
Land And Land Improvements | Minimum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 0 years | |
Land And Land Improvements | Maximum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 0 years | |
Building And Building Improvements | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 64,392,000 | $ 65,430,000 |
Building And Building Improvements | Minimum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 0 years | 0 years |
Building And Building Improvements | Maximum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 40 years | 40 years |
Leasehold Improvements | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 20,166,000 | $ 23,000,000 |
Leasehold Improvements | Minimum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 5 years | 5 years |
Leasehold Improvements | Maximum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 10 years | 10 years |
Furniture And Fixtures | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 13,656,000 | $ 12,739,000 |
Furniture And Fixtures | Minimum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 3 years | 3 years |
Furniture And Fixtures | Maximum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 7 years | 7 years |
Software And Software Development Costs | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 23,226,000 | $ 26,422,000 |
Software And Software Development Costs | Minimum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 3 years | 3 years |
Software And Software Development Costs | Maximum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 7 years | 7 years |
Servicing Assets (Narratives) (
Servicing Assets (Narratives) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Servicing Assets At Fair Value Line Items | ||||
Servicing Asset at Fair Value, Amount | $ 7,455,000 | $ 13,992,000 | $ 13,801,000 | $ 10,795,000 |
Servicing fee | 4,800,000 | 6,300,000 | 5,500,000 | |
Mortgage Servicing Rights Sale Price | 7,000,000 | |||
Proceeds from the sale of Mortgage Servicing Rights | 5,927,000 | $ 0 | $ 0 | |
Loss on MSR Held-for-Sale | $ (2,700,000) |
Servicing Assets (Changes in se
Servicing Assets (Changes in serving rights at fair value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Asset At Fair Value Amount Roll Forward | |||
Fair value | $ 13,992 | $ 13,801 | $ 10,795 |
Sale of Mortgage Servicing Rights | 5,927 | 0 | 0 |
Servicing from mortgage securitizations or asset transfers | 2,620 | 2,149 | 3,177 |
Changes due to payments on loans | (1,017) | (1,072) | (950) |
Changes in fair value due to sales price of mortgage servicing rights held-for-sale | 726 | (886) | 779 |
Changes in fair value due to changes in valuation model inputs or assumptions | (2,939) | 0 | 0 |
Fair value | $ 7,455 | $ 13,992 | $ 13,801 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) - Mortgage related servicing assets [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Minimum [Member] | |||
Servicing Assets At Fair Value Line Items | |||
Constant prepayment rate | 5.23% | 4.16% | 5.78% |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate | 10.00% | 10.00% | 10.00% |
Maximum [Member] | |||
Servicing Assets At Fair Value Line Items | |||
Constant prepayment rate | 15.24% | 13.98% | 14.33% |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate | 12.00% | 12.00% | 12.00% |
Servicing Assets (Sensitivity o
Servicing Assets (Sensitivity of current fair value of servicing assets) (Details) - Traditional loan $ in Thousands | Dec. 31, 2015USD ($) |
Servicing Assets At Fair Value Line Items | |
Servicing Asset | $ 7,455 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (202) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (394) |
Discount Rate - Decrease in fair value due to 10% adverse change | (307) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (592) |
Derivative Activities (Narrativ
Derivative Activities (Narratives) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount Purchased Option | $ 3,400,000 | $ 10,700,000 |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 1,100,000 | 5,500,000 |
Notional Amount Embedded Option | 3,200,000 | 10,500,000 |
Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 109,800,000 | |
Contract Termination Member | Interest Rate Cap [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 110,000,000 |
Derivative Activities (Derivati
Derivative Activities (Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | $ 3,025 | $ 8,107 |
Derivative Liabilities | 6,162 | 11,221 |
Options tied to Standard & Poor 500 Stock Market Index [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 1,170 | 5,555 |
Designated as Hedging Instrument [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Liabilities | 4,307 | 8,585 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 1,819 | 2,399 |
Derivative Liabilities | 1,819 | 2,399 |
Interest Rate Cap [Member] | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 32 | 152 |
Derivative Liabilities | 32 | 152 |
Other derivative | ||
Derivative Assets Liabilities At Fair Value Net [Line Items] | ||
Derivative Assets | 4 | 1 |
Derivative Liabilities | $ 4 | $ 85 |
Derivative Activities (Interest
Derivative Activities (Interest rate swap and their term) (Details) - Interest rate swap designated as cash flow hedges $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |
Amount | $ 262,982 |
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 |
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 |
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 |
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 |
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 |
Rate 2.4210% [Member] | |
Derivative [Line Items] | |
Amount | $ 37,982 |
Fixed rate | 2.421% |
Trade Date | Jul. 3, 2013 |
Settlement Date | Jul. 3, 2013 |
Maturity Date | Aug. 1, 2023 |
Derivative Activities (Inter102
Derivative Activities (Interest rate swap not designated as hedging instruments and their term) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivatives Offered to Clients [Member] | Rate 5.13% [Member] | |
Derivative [Line Items] | |
Amount | $ 3,774 |
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] | Rate 5.13% [Member] | |
Derivative [Line Items] | |
Amount | $ 3,774 |
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 |
Derivative Activities (Maturity
Derivative Activities (Maturity Years of Swaptions tied to S&P) (Details) - Swaption Member | Dec. 31, 2015USD ($) |
ContractReceivableAbstract | |
Contract Receivable Due One Year Or Less | $ 3,375,000 |
Contract Receivable, Total | 3,375,000 |
PurchaseObligationFiscalYearMaturityAbstract | |
Purchase Obligation Due In Next Twelve Months | 3,152,000 |
Purchase Obligation, Total | $ 3,152,000 |
Accrued Interest and Other Asse
Accrued Interest and Other Assets (Narratives) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets [Line Items] | ||
Prepaid Taxes | $ 7,000,000 | $ 9,600,000 |
Mortgage tax credits | 6,277,000 | 6,277,000 |
Other Intangible Assets | 2,500,000 | |
Repossessed auto | 5,500,000 | 20,700,000 |
CoreDepositsMember | Eurobank [Member] | ||
Other assets [Line Items] | ||
Other Intangible Assets | $ 5,300,000 | 6,500,000 |
Customer Relationships [Member] | ||
Other assets [Line Items] | ||
Other Intangible Assets | $ 3,300,000 |
Accrued Interest Receivable 105
Accrued Interest Receivable and Other Assets (Accrued Interest)(Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable Net Abstract | ||
Accrued Interest Receivable On Non Acquired Loans | $ 16,020 | $ 17,005 |
Accrued Investment Income Receivable | 4,617 | 4,340 |
Total Interest Receivable | $ 20,637 | $ 21,345 |
Accrued Interest and Other A106
Accrued Interest and Other Assets (Other assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other asset | ||
FDIC Certification Receivable | $ 0 | $ 14,974 |
Other prepaid expenses | 11,762 | 16,018 |
Other repossessed assets | 6,226 | 21,800 |
Core deposit intangible and customer relationship intangibles | 7,838 | 9,743 |
Mortgage tax credits | 6,277 | 6,277 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 42,786 | 38,830 |
Other assets | $ 75,972 | $ 108,725 |
Deposits and Related Interes107
Deposits and Related Interest (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.57% | 0.66% |
Puerto Rico Cash & Money Market Fund Deposits | $ 103,700 | $ 96,800 |
Puerto Rico Cash & Money Market Fund Deposits Weighted Average Rate | 0.77% | 0.78% |
Puerto Rico Cash & Money Market Fund Deposits Collateral | $ 81,600 | $ 76,300 |
Time Deposits, $100,000 or More | 597,600 | 608,100 |
Public Fund Time Deposits, $100,000 or more | $ 7,700 | $ 6,900 |
Public Fund Time Deposits Weighted Average Rate, $100,000 or more | 0.49% | 0.50% |
Public funds deposit | $ 99,000 | $ 318,500 |
Public Fund Collateral Investments | 97,800 | |
Public Fund Time Deposits Collateral Commercial Loans | 410,900 | 414,500 |
Accrued Interest, Time Deposits | 1,500 | |
Unamortized deposit discounts | 311 | |
Bank Overdrafts | 1,500 | 845 |
Brokered Certificates of Deposits | 711,400 | 526,200 |
Brokered Money Market Deposit | 71,600 | $ 93,100 |
Equity indexed option | $ 1,100 |
Deposits and Related Interes108
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deposits, by Component, Alternative [Abstract] | ||
Noninterest-bearing demand deposit | $ 761,117 | $ 745,142 |
Interest-bearing saving and demand deposits | 2,208,180 | 2,544,665 |
Individual Retirement Account | 268,799 | 303,049 |
Retail certificates of deposists | 441,998 | 452,150 |
Institutional certificates of deposits | 253,791 | 260,090 |
Total Core Deposits | 3,933,885 | 4,305,096 |
Brokered Deposists | 782,974 | 619,310 |
Deposits, Total | $ 4,716,859 | $ 4,924,406 |
Deposits and Related Interes109
Deposits and Related Interest (Interest expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense Domestic Deposit Liabilities [Abstract] | |||
Demand and saving deposits | $ 12,414 | $ 17,724 | $ 22,498 |
Certificates of Deposits | 14,620 | 16,230 | 18,479 |
Total | $ 27,034 | $ 33,954 | $ 40,977 |
Deposits and Related Interes110
Deposits and Related Interest (Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Time Deposits [Abstract] | |
Time Deposit Maturities Less Than Three Month | $ 474,051 |
Time Deposit Maturities Three To Twelve Month | 501,551 |
Total Time deposits | 975,602 |
Time Deposit Maturities, Year Two | 454,906 |
Time Deposit Maturities, Year Three | 176,406 |
Time Deposit Maturities, Year Four | 32,396 |
Time Deposit Maturities, Year Five | 33,715 |
Certificates of deposit | $ 1,673,025 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2003 | |
Debt Instrument [Line Items] | |||
Other borrowings | $ 1,734,000 | $ 4,004,000 | |
Subordinated Debt | $ 102,633,000 | 101,584,000 | |
Trust redeemable preferred securities issued | $ 35,000,000 | ||
Tier Two Risk Based Capital | $ 13,400,000 | ||
Next Call Date | March 2,016 | ||
DebtInstrumentInterestRateTerms | 3-month LIBOR plus 295 basis points | ||
Debt Instrument Basis Spread On Variable Rate | 3.48% | 3.19% | |
Subordinated Capital Note 2006 [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated Debt | $ 30,000,000 | ||
DebtInstrumentInterestRateTerms | three-month LIBOR | ||
Debt Instrument Basis Spread On Variable Rate | 2.16% | 181.00% | |
Subordinated Capital Note 2006 Fixed Rate [Member] | |||
Debt Instrument [Line Items] | |||
Subordinated Debt | $ 37,000,000 | ||
DebtInstrumentInterestRateTerms | three-month LIBOR plus 1.56% | ||
Debt Instrument Basis Spread On Variable Rate | 2.16% | 1.81% | |
Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Loans Receivable, Gross, Commercial, Mortgage | $ 1,300,000,000 | $ 1,200,000,000 | |
Additional Borrowing Capacity | $ 770,600,000 | $ 606,600,000 | |
Weighted average period remaining maturity of FHLB advances | 6.3 months | 8.8 months | |
Interest Payable | $ 362,000 | ||
Term Notes | |||
Debt Instrument [Line Items] | |||
Other borrowings | $ 1,000,000 | ||
Index Appreciation | 1,300,000 | ||
Repurchase agreement | |||
Debt Instrument [Line Items] | |||
Interest Payable | $ 2,200,000 | $ 2,300,000 |
Borrowings (Securities Sold Und
Borrowings (Securities Sold Under Agreement to Repurchase by Counterparties) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Borrowings | $ 1,371,534,000 | $ 1,420,006,000 |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 932,500,000 | 977,816,000 |
Fair Value of Underlying Collateral | 1,021,370,000 | 1,088,525,000 |
Securities Sold under Agreements to Repurchase [Member] | Jp Morgan Chase Bank Na [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 262,500,000 | 307,816,000 |
Fair Value of Underlying Collateral | 283,483,000 | 328,198,000 |
Securities Sold under Agreements to Repurchase [Member] | Credit Suisse Securities LLC [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 670,000,000 | 670,000,000 |
Fair Value of Underlying Collateral | $ 737,887,000 | $ 760,327,000 |
Borrowings (Repurchase Agreemen
Borrowings (Repurchase Agreements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 1,371,534 | $ 1,420,006 |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 932,500 | $ 977,816 |
Weighted Average Coupon | 3.10% | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 1 5 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 30,000 | |
Weighted Average Coupon | 0.70% | |
Settlement Date | Dec. 3, 2015 | |
Investment Repurchase Agreement, Repurchase Date | Jan. 5, 2016 | |
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 | $ 232,500 | |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 932,500 | $ 977,816 |
Assets Sold Under Agreements To Repurchase Interest Rate | 3.10% | 2.89% |
Market value of underlying collateral of a repurchase agreement | $ 1,021,370 | $ 1,088,525 |
FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 1,006,659 | 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 | 2,131 | 1,253 |
Maturity up to 30 days | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 30,000 | $ 52,816 |
Assets Sold Under Agreements To Repurchase Interest Rate | 0.70% | 0.39% |
Market value of underlying collateral of a repurchase agreement | $ 31,961 | $ 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 | 31,961 | 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 up to 30 days | US Treasury Securities [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 0 | |
Maturity over 90 days | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 902,500 | $ 925,000 |
Assets Sold Under Agreements To Repurchase Interest Rate | 3.18% | 2.83% |
Market value of underlying collateral of a repurchase agreement | $ 989,409 | $ 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 | 974,698 | 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 | 2,131 | $ 1,253 |
Maturity over 90 days | US Treasury Securities [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | $ 12,580 |
Borrowings (Other Significant D
Borrowings (Other Significant Details) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
DisclosureOfRepurchaseAgreementsAbstract | ||
Average Daily Aggregate Balance Outstanding | $ 1,012,756 | $ 1,041,378 |
Maximum Outstanding Balance At Any Month End | $ 1,158,945 | $ 1,149,167 |
Repurchase agreement weighted average interest rate during the year | 2.92% | 2.85% |
Weighted average interest rate at year end | 3.10% | 2.95% |
Borrowings (Advances from the F
Borrowings (Advances from the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 1,371,534 | $ 1,420,006 |
Federal Home Loan Bank Advances [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 332,114 | |
FHLB, Weighted Average Interest Rate | 0.93% | |
Federal Home Loan Bank Advances [Member] | April 3, 2017 [Member] | Four Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 4,267 | |
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 | $ 9,865 | |
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 | $ 262,982 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | January 4, 2016 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 0.56% | |
Settlement Date | Dec. 4, 2015 | |
Maturity Date | Jan. 4, 2016 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | January 11, 2016 [Member] | Fifty Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 50,000 | |
FHLB, Weighted Average Interest Rate | 0.66% | |
Settlement Date | Dec. 10, 2015 | |
Maturity Date | Jan. 11, 2016 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | January 19, 2016 [Member] | One Hundred Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 100,000 | |
FHLB, Weighted Average Interest Rate | 0.64% | |
Settlement Date | Dec. 16, 2015 | |
Maturity Date | Jan. 19, 2016 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | January 25, 2016 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 0.59% | |
Settlement Date | Dec. 24, 2015 | |
Maturity Date | Jan. 25, 2016 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | January 29, 2016 [Member] | Twenty Five Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 25,000 | |
FHLB, Weighted Average Interest Rate | 0.53% | |
Settlement Date | Dec. 30, 2015 | |
Maturity Date | Jan. 29, 2016 | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | January 4, 2016 (2) [Member] | Fourty Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 37,982 | |
FHLB, Weighted Average Interest Rate | 0.49% | |
Settlement Date | Dec. 1, 2015 | |
Maturity Date | Jan. 4, 2016 |
Borrowings (Redemption Fund) (D
Borrowings (Redemption Fund) (Details) - Redemption Fund [Member] $ in Thousands | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
Redemption fund - December 31, 2015 | $ 61,975 |
2,016 | 5,025 |
Total | $ 67,000 |
Offsetting Arrangements (Assets
Offsetting Arrangements (Assets Offsetting) (Details) - Derivative - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $ 3,025 | $ 8,107 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 3,025 | 8,107 |
Financial Instruments | 2,000 | 2,006 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 1,025 | $ 6,101 |
Offsetting Arrangement (Liabili
Offsetting Arrangement (Liabilities Offsetting) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 939,757 | $ 994,514 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 939,757 | 994,514 |
Financial Instruments | 1,021,370 | 1,088,525 |
Cash Collateral Provided | 1,980 | 2,980 |
Net Amount | (83,593) | (96,991) |
Derivative Financial Instruments, Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 7,257 | 16,698 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 7,257 | 16,698 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 1,980 | 2,980 |
Net Amount | 5,277 | 13,718 |
Securities Loaned or Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 932,500 | 977,816 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 932,500 | 977,816 |
Financial Instruments | 1,021,370 | 1,088,525 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ (88,870) | $ (110,709) |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation And Retirement Disclosure Abstract | |||
Defined Contribution Plan Maximum Annual Contributions Per Employee Amount | $ 18,000 | ||
Stock Issued During Period Shares Employee Benefit Plan | 7,318 | ||
Defined Contribution Plan Cost Recognized | $ 110,000 | ||
Defined Contribution Plan Employer Discretionary Contribution Amount | $ 808,690 | $ 811,513 | $ 657,504 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Balance | $ 27,011 | $ 18,963 | $ 6,055 |
New loans | 13,581 | 21,797 | 18,499 |
Repayments and sales | (9,117) | (13,725) | (4,798) |
Credits of persons no longer considered related parties | 0 | 24 | 793 |
Balance | $ 31,475 | $ 27,011 | $ 18,963 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Abstract] | |||
Effective Income Tax Rate Reconciliation State And Local Income Taxes | (39.00%) | 39.00% | 39.00% |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 175,000 | $ 470,000 | |
Interest and Penalties Released Related to Unrecognized Tax Benefits | 560,000 | ||
Deferred Tax Assets, Net | 145,901,000 | 108,708,000 | |
OtherComprehensiveIncomeLossTax | 1,182,000 | 447,000 | |
Income Tax Expense (Benefit) | (17,554,000) | 37,252,000 | $ (8,709,000) |
Exempt Income | 17,600,000 | 40,500,000 | 11,700,000 |
Operating Loss Carryforwards | 14,000,000 | ||
Capital Loss Carry forwards | 4,000,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,200,000 | 2,600,000 | |
International Banking Entity [Member] | |||
Exempt Income | 6,300,000 | $ 16,500,000 | $ 12,100,000 |
Bank [Member] | |||
Operating Loss Carryforwards | $ 27,600,000 |
Income Taxes (Components of inc
Income Taxes (Components of income tax expense (benefit)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract | |||
Current Income Tax Expense Benefit | $ 19,775,000 | $ 13,097,000 | $ 2,357,000 |
Deferred Income Tax Expense (Benefit) | (37,329,000) | 24,155,000 | (11,066,000) |
Income Tax Expense (Benefit) | $ (17,554,000) | $ 37,252,000 | $ (8,709,000) |
Income taxes (Effective Income
Income taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract | |||
Tax (benefit) expense at statutory rates | $ (7,823,000) | $ 47,749,000 | $ 34,997 |
Tax effect of exempt income, net | (8,625,000) | (10,002,000) | (4,652) |
Effect of tax rate on capital loss carryforward | 0 | 0 | (840) |
Disallowed net operating loss carryover | (556,000) | (8,289,000) | 0 |
Change In Deferred Tax Assets Valuation Allowance | (2,219,000) | (958,000) | 1,896 |
Release of unrecognized tax benefits, net | (385,000) | (1,093,000) | (1,559) |
Effect in deferred taxes due to increase or decrease in tax rate | 0 | 0 | (38,068) |
Loan Tax Basis Change Effect | 0 | (7,642,000) | 0 |
Effect Of Change In Tax Of Unit Segment | 0 | 0 | 148 |
IncomeTax Reconciliation Unrealized Capital Loss | 283,000 | 0 | 0 |
Income Tax Reconciliation Other Adjustments | 659,000 | 909,000 | (2,311) |
Total Income Tax Expense (Benefit) | $ (17,554,000) | $ 37,252,000 | $ (8,709,000) |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | |||
Tax at statutory rates | (39.00%) | 39.00% | 39.00% |
Tax effect of exempt income, net | (43.00%) | (26.85%) | 4.90% |
Effective Income Tax Rate Reconciliation Capital Loss Carryforward | 0.00% | 0.00% | (0.94%) |
Effective Income Tax Rate Disallowed Net Operating Loss Carryover | (2.77%) | (22.25%) | 0.00% |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance | (11.06%) | (2.57%) | 2.11% |
Effective Income Tax Rate Reconciliation Release of Unrecognized Tax Benefits, net | (1.92%) | (2.94%) | (1.57%) |
Effect in deferred taxes due to increase or decrease in tax rates | 0.00% | 0.00% | (43.04%) |
Effective Income Tax Rate Loan Basis Change Effect | 0.00% | (20.51%) | 0.00% |
Effect of change in tax of IBE tax rate | 0.00% | 0.00% | 0.17% |
Effective Income Tax Rate Unrealized Capital Loss | 1.41% | 0.00% | 0.00% |
Other items, net | 3.28% | 2.00% | (2.58%) |
Total Income Tax Expense (Benefit) | (87.52%) | 10.82% | (9.70%) |
Income Tax (Reconciliation of u
Income Tax (Reconciliation of unrecognized tax benefits) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $ 2,560,000 | $ 4,042,000 | $ 5,452,000 |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 175,000 | 187,000 | 287,000 |
Unrecognized Tax Benefits Increases Resulting From Acquisition | 0 | 0 | 0 |
Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities | (560,000) | (1,388,000) | 0 |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | 0 | (281,000) | (1,697,000) |
Balance at end of year | $ 2,175,000 | $ 2,560,000 | $ 4,042,000 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ComponentsOfDeferredTaxAssetsAbstract | ||
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts | $ 129,234 | $ 90,090 |
Deferred Tax Assets Acquired Loans And Other Real Estate Valuation Adjustments | 10,759 | 9,295 |
Deferred Tax Assets Operating Loss And Capital Net Carryforwards | 11,043 | 28,973 |
Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax | 16,240 | 16,208 |
Deferred tax asset deposit and borrowings valuation adjustment | 133 | 390 |
Deferred Tax Assets Unrealized Net Loss Included in Other Comprehensive Income | 1,680 | 3,273 |
Deferred Tax Assets S&P option contracts | 393 | 1,882 |
Deferred tax asset acquired portfolio | 37,523 | 46,146 |
FDIC shared-loss indemnification asset | 2,802 | 0 |
Deferred Tax Asset in other asset allowances | 1,547 | 1,424 |
Deferred Tax Assets Other | 5,612 | 6,262 |
Deferred Tax Assets Gross | 216,966 | 203,943 |
Components Of Deferred Tax Liabilities Abstract | ||
Deferred Tax Liabilities Fdic Indemnification Asset | 0 | (21,809) |
Deferred Tax Liability Fdic Assisted Acquisition | (47,956) | (40,740) |
Deferred tax liabilities customer deposit and customer relationship | (3,057) | (3,800) |
Deferred tax liabilities building valuation adjusment | (9,991) | (11,656) |
Deferred Tax Liabilities Unrealized Gains On Trading Securities | (2,566) | (3,799) |
Deferred Tax Liabilities Mortgage Servicing Rights | (2,907) | (5,457) |
Deferred Tax Liabilities Other | (1,446) | (2,703) |
Deferred Tax Liability Gross | (67,923) | (89,964) |
Deferred Tax Assets Valuation Allowance | (3,142) | (5,271) |
Deferred Tax Assets, Net | $ 145,901 | $ 108,708 |
Regulatory Capital Requireme127
Regulatory Capital Requirements (Group's and the Bank's actual capital amounts and ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 846,748 | $ 851,437 |
Actual - Tier 1 capital | 782,912 | 776,525 |
Actual -Common equity tier 1 capital | 594,482 | |
Actual - Tier 1 leverage capital | 782,912 | 776,525 |
Minimum Capital - Total Capital | 391,723 | 387,772 |
Minimum capital - Tier 1 capital | 293,792 | 193,886 |
Minimum capital - Common equity tier 1 capital | 220,344 | |
Minimum capital - Tier 1 leverage capital | 280,009 | 292,738 |
Minimum to be well capitalized - Total Capital | 489,654 | 484,715 |
Minimum to be well capitalized - Tier 1 capital | 391,723 | 290,829 |
Minimum to be well capitalized - Common equity tier 1 capital | 318,275 | |
Minimum to be well capitalized - Tier 1 leverage | $ 350,011 | $ 365,922 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 17.29% | 17.57% |
Tier One Risk Based Capital to Risk Weighted Assets | 15.99% | 16.02% |
Common Equity Tier OneTo Risk Weighted Assets | 12.14% | |
Tier One Leverage Capital to Average Assets | 11.18% | 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 | $ 815,458 | $ 820,884 |
Actual - Tier 1 capital | 751,886 | 746,177 |
Actual -Common equity tier 1 capital | 751,886 | |
Actual - Tier 1 leverage capital | 751,886 | 746,177 |
Minimum Capital - Total Capital | 390,688 | 386,444 |
Minimum capital - Tier 1 capital | 293,016 | 193,222 |
Minimum capital - Common equity tier 1 capital | 219,762 | |
Minimum capital - Tier 1 leverage capital | 278,399 | 290,879 |
Minimum to be well capitalized - Total Capital | 488,360 | 483,055 |
Minimum to be well capitalized - Tier 1 capital | 390,688 | 289,833 |
Minimum to be well capitalized - Common equity tier 1 capital | 317,434 | |
Minimum to be well capitalized - Tier 1 leverage | $ 347,999 | $ 363,599 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 16.70% | 16.99% |
Tier One Risk Based Capital to Risk Weighted Assets | 15.40% | 15.45% |
Common Equity Tier OneTo Risk Weighted Assets | 15.40% | |
Tier One Leverage Capital to Average Assets | 10.80% | 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% |
Equity-based Compensation Pl128
Equity-based Compensation Plan (Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Average Fair Value | $ 5.77 | $ 5.77 | $ 5.94 |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 | 2 years 8 months | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 3.1 |
Equity-based compensation Pl129
Equity-based compensation Plan (Equity-Based Compensation Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding RollForward | |||
Number of options - Beginning of period | 888,571 | 908,118 | 922,593 |
Number of options - Options granted | 179,225 | 193,100 | 196,000 |
Number of options - Options exercises | (112,704) | (54,397) | (34,396) |
Number of options - Options forfeited | 3,569 | 158,250 | 176,079 |
Number of options - End of period | 951,523 | 888,571 | 908,118 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward | |||
Weighted Average Exercise Price - Beginning of period | $ 14.12 | $ 14.46 | $ 14.5 |
Weighted Average Exercise Price - Options granted | 17.44 | 16.1 | 14.52 |
Weighted Average Exercise Price - Options exercises | 19.78 | 11.86 | 12.65 |
Weighted Average Exercise Price - Options forfeited | 16.09 | 19.29 | 15.11 |
Weighted Average Exercise Price - End of period | $ 12.45 | $ 14.12 | $ 14.46 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of the range of exercise prices and the weighted average remaining contractual life of the options) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Number of Options Outstanding | 951,523 | 888,571 | 908,118 | 922,593 |
Weighted Average Exercise Price outstanding | $ 12.45 | $ 14.12 | $ 14.46 | $ 14.5 |
Weighted Average Contract Life Remaining | 6 years 4 months | |||
Number of Options Exercisable | 415,432 | |||
Weighted Average Exercise Price | $ 14.22 | |||
Price Range One [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Number of Options Outstanding | 4,078 | |||
Weighted Average Exercise Price outstanding | $ 8.28 | |||
Price Range Two [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Range of Exercise Prices - Lower Range | 5.63 | |||
Range of Exercise Prices -Upper Range | $ 8.45 | |||
Number of Options Outstanding | 1,000 | |||
Weighted Average Exercise Price outstanding | $ 10.29 | |||
Weighted Average Contract Life Remaining | 3 years | |||
Number of Options Exercisable | 4,078 | |||
Weighted Average Exercise Price | $ 8.28 | |||
Price Range Three [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Range of Exercise Prices - Lower Range | 8.46 | |||
Range of Exercise Prices -Upper Range | $ 11.26 | |||
Number of Options Outstanding | 461,820 | |||
Weighted Average Exercise Price outstanding | $ 11.93 | |||
Weighted Average Contract Life Remaining | 1 year 7 months | |||
Number of Options Exercisable | 1,000 | |||
Weighted Average Exercise Price | $ 10.29 | |||
Price Range Four [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Range of Exercise Prices - Lower Range | 11.27 | |||
Range of Exercise Prices -Upper Range | $ 14.08 | |||
Number of Options Outstanding | 305,300 | |||
Weighted Average Exercise Price outstanding | $ 15.37 | |||
Weighted Average Contract Life Remaining | 4 years | |||
Number of Options Exercisable | 373,754 | |||
Weighted Average Exercise Price | $ 11.95 | |||
Price Range Five [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Range of Exercise Prices - Lower Range | 14.09 | |||
Range of Exercise Prices -Upper Range | $ 16.9 | |||
Number of Options Outstanding | 177,825 | |||
Weighted Average Exercise Price outstanding | $ 17.44 | |||
Weighted Average Contract Life Remaining | 7 years | |||
Number of Options Exercisable | 35,100 | |||
Weighted Average Exercise Price | $ 14.52 | |||
Price Range Six [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Range of Exercise Prices - Lower Range | 19.72 | |||
Range of Exercise Prices -Upper Range | $ 22.53 | |||
Number of Options Outstanding | 1,500 | |||
Weighted Average Exercise Price outstanding | $ 21.86 | |||
Weighted Average Contract Life Remaining | 2 years | |||
Number of Options Exercisable | 1,500 | |||
Weighted Average Exercise Price | $ 21.86 |
Equity-based Compensation Pl131
Equity-based Compensation Plan (Assumptions used in estimating fair value of the options granted) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology Abstract | |||
Dividend yield | 1.89% | 1.87% | 1.66% |
Expected volatility | 40.93% | 42.08% | 44.34% |
Risk-free interest rate | 2.41% | 2.38% | 1.55% |
Expected life (in years) | 8 years | 8 years | 8 years |
Equity-based Compensation Pl132
Equity-based Compensation Plan (Summary of the restricted units' activity under the Omnibus Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward | |||
Restricted units - Beginning of period | 153,050 | 158,750 | 197,500 |
Restricted units granted | 26,700 | 39,200 | 85,700 |
Restricted units lapsed | 39,750 | 37,342 | 113,367 |
Restricted stock forfeited | 1,600 | 7,558 | 11,083 |
Restricted units - End of period | 138,400 | 153,050 | 158,750 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value RollForward | |||
Weighted average grant date - Beginning Of Period | $ 14.95 | $ 13.95 | $ 12.13 |
Weighted average grant date - Granted | 16.66 | 16.1 | 15.86 |
Weighted average grant date - Lapsed | 11.83 | 12.03 | 12.34 |
Weighted average grant date - Forfeited | 15.45 | 14.3 | 12.87 |
Weighted average grant date - End Of Period | $ 16.17 | $ 14.95 | $ 13.95 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program Authorized Amount1 | $ 70,000 | ||
Total number of shares purchased | shares | 803,985 | 1,153,998 | |
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 11.1 | $ 14.66 | |
Treasury Stock, Value, Acquired, Cost Method | $ 8,950 | $ 16,948 | $ 0 |
Stock Repurchase Program Remaining Authorized Repurchase Amount1 | $ 7,700 | ||
Stock repurchase program remaining number of shares authorized to be repurchased | shares | 1,056,128 | ||
SharePrice | $ / shares | $ 7.32 | ||
Average Share Price | 11.1 | 14.66 | |
Preferred Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Preferred Stock Issue Costs | $ 13,600 | $ 13,600 | |
Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock Issuance Cost | $ 10,100 | $ 10,100 |
Stockholders' Equity (Shares re
Stockholders' Equity (Shares repurchased under the stock repurchase program) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 803,985 | 1,153,998 |
Treasury Stock Acquired, Average Cost Per Share | $ 11.1 | $ 14.66 |
Treasury Stock, Value | $ 105,379 | $ 97,070 |
January 2014 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 57,700 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.73 | |
Treasury Stock, Value | $ 850 | |
February 2014 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 649,700 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.66 | |
Treasury Stock, Value | $ 9,522 | |
April 2015 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 204,338 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.38 | |
Treasury Stock, Value | $ 2,939 | |
May 2015 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 48,200 | |
Treasury Stock Acquired, Average Cost Per Share | $ 13.09 | |
Treasury Stock, Value | $ 631 | |
June 2015 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 51,447 | |
Treasury Stock Acquired, Average Cost Per Share | $ 12.81 | |
Treasury Stock, Value | $ 659 | |
July 2015 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 500,000 | |
Treasury Stock Acquired, Average Cost Per Share | $ 9.39 | |
Treasury Stock, Value | $ 4,696 | |
August 2014 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 100 | |
Treasury Stock Acquired, Average Cost Per Share | $ 15.5 | |
Treasury Stock, Value | $ 2 | |
November 2014 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 63,100 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.69 | |
Treasury Stock, Value | $ 927 | |
December 2014 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 1,885 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.7 | |
Treasury Stock, Value | $ 28 | |
October 2014 [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Common shares repurchased as part of the stock repurchase program (Shares) | 381,513 | |
Treasury Stock Acquired, Average Cost Per Share | $ 14.64 | |
Treasury Stock, Value | $ 5,585 |
Stockholders' Equity (Common sh
Stockholders' Equity (Common shares held in treasury, activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | |||
Beginning of period | 8,012,254 | 7,030,101 | 7,090,597 |
Common shares used for exercise of restricted stock units (Shares) | (58,279) | (36,294) | (53,178) |
Common shares repurchased as part of the stock repurchase program (Shares) | 803,985 | 1,153,998 | |
Reclassification from common stock (shares) | 135,551 | 0 | |
Common shares used to match defined contribution plan, net | (7,318) | ||
End of period | 8,757,960 | 8,012,254 | 7,030,101 |
Beginning of period | $ 97,070 | $ 80,642 | $ 81,275 |
Common shares used for exercise of restricted stock units (Value) | (641) | (384) | 556 |
Stock purchased under the repurchase program | 8,950 | 16,948 | 0 |
Reclassification from common stock | 136 | 0 | |
Common shares used to match defined contribution plan, net (Value) | (77) | ||
End of period | $ 105,379 | $ 97,070 | $ 80,642 |
Accumulated Other Comprehens136
Accumulated Other Comprehensive Income (Accumulated Comprehensive Income, net of income tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized loss on securities available-for-sale which are other-than-temporarily impaired | $ (3,172) | $ 0 | $ 0 |
Accumulated other comprehensive income, net of tax, Total | 13,997 | 19,711 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive income, net of tax, Total | 13,997 | 19,711 | |
AccumulatedOtherThanTemporaryImpairmentMember | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | 22,044 | 28,743 | |
Unrealized loss on securities available-for-sale which are other-than-temporarily impaired | (3,196) | ||
Income tax effect of unrealized gain on securities available-for-sale | 1,924 | 2,978 | |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | 16,924 | 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 | (4,307) | (8,585) | |
Income tax effect of unrealized loss on cash flow hedges | 1,380 | 2,531 | |
Net unrealized (loss) income on cash flow hedges | $ (2,927) | $ (6,054) |
Accumulated Other Comprehens137
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income [Line Items] | |||
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income | $ 4,662 | $ 0 | $ 0 |
Net unrealized gains on securities available for sale | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Beginning balance | 25,765 | 11,433 | 68,245 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (3,250) | 14,207 | (56,960) |
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income | (4,662) | 0 | |
Reclassification Out Of Accumulated Other Comprehensive Income | (929) | 125 | 148 |
Other Comprehensive Income (Loss) Other Net Of Tax | (8,841) | 14,332 | (56,812) |
Ending balance | 16,924 | 25,765 | 11,433 |
Net unrealized loss on cash flow hedges | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Beginning balance | (6,054) | (8,242) | (12,365) |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (3,019) | (5,157) | (1,930) |
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income | 0 | 0 | |
Reclassification Out Of Accumulated Other Comprehensive Income | 6,146 | 7,345 | 6,053 |
Other Comprehensive Income (Loss) Other Net Of Tax | 3,127 | 2,188 | 4,123 |
Ending balance | (2,927) | (6,054) | (8,242) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Beginning balance | 19,711 | 3,191 | 55,880 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (6,269) | 9,050 | (58,890) |
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income | (4,662) | 0 | |
Reclassification Out Of Accumulated Other Comprehensive Income | 5,217 | 7,470 | 6,201 |
Other Comprehensive Income (Loss) Other Net Of Tax | (5,714) | 16,520 | (52,689) |
Ending balance | $ 13,997 | $ 19,711 | $ 3,191 |
Accumulated Other Comprehens138
Accumulated Other Comprehensive Income (Reclassifications out of other comprehensive income) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other Than Temporary Impairment on securities | $ (1,490,000) | $ 0 | $ 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Rate Contract | 6,443,000 | 6,572,000 | 6,053,000,000 |
Tax effect from increase in capital gains tax rate, Cash flow hedges | (297,000) | 773,000 | 0 |
Other Than Temporary Impairment on securities | (1,490,000) | 0 | 0 |
Residual tax effect from OIB's change in applicable tax rate AFS | 45,000 | 170,000 | 148,000,000 |
Tax effect from increase in capital gains tax rate AFS | 516,000 | (45,000) | 0 |
Total | $ 5,217,000 | $ 7,470,000 | $ 6,201,000,000 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Stock Conversion Rate | 86.4225 | ||
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 887,307 | 320,772 | 230,392 |
Convertible Preferred Stock | $ 84,000 | $ 84,000 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings per common share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Net (loss) income | $ (2,504) | $ 85,181 | $ 98,446 |
Non-Convertible Preferred Stock Dividend (Series A,B and D) | (6,512) | (6,512) | (6,512) |
Convertible Preferred Stock Dividend (Series C) | (7,350) | (7,350) | (7,350) |
Income available to common shareholders | (16,366) | 71,319 | 84,584 |
Effect of assumed conversion of convertible preferred stock | 7,350 | 7,350 | 7,350 |
Income available to common sharesholders assuming conversion | $ (9,016) | $ 78,669 | $ 91,934 |
Average common shares outstanding | 44,231 | 45,024 | 45,706 |
Average potential common shares options | 68 | 155 | 189 |
Average potential common shares convertible preferred stock | 7,156 | 7,147 | 7,138 |
Average common shares outstanding and equivalents | 51,455 | 52,326 | 53,033 |
Earnings per common share - basic | $ (0.37) | $ 1.58 | $ 1.85 |
Earnings per common share - diluted | $ (0.37) | $ 1.5 | $ 1.73 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantee Obligations [Line Items] | |||
Representation and warranty arrangements | $ 1,400,000 | $ 143,000 | $ 281,000 |
Loss On GNMA Repurchased Loan Not Subject To Credit Recourse | 2,500,000 | ||
Funds Advanced To Investors Under Servicing Agreements | 301,000 | 391,000 | |
Serviced mortgage loans for third parties | 664,600,000 | ||
Loan with recourse [Member] | |||
Guarantee Obligations [Line Items] | |||
Continuing Involvement With Transferred Financial Assets Principal Amount Outstanding | 22,400,000 | 67,800,000 | |
Repurchased GNMA | 4,100,000 | ||
Representation and warranty arrangements | $ 22,100,000 | $ 10,700,000 |
Guarantees (Changes in liabilty
Guarantees (Changes in liabilty of estimated loss from credit recourse agreement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement In Guaranteed Benefit Liability Gross Roll Forward | |||
Balance at beginning of the period | $ 927 | $ 1,955 | $ 2,460 |
Net charge-off/terminations | (488) | (1,028) | (505) |
Balance at the end of the period | $ 439 | $ 927 | $ 1,955 |
Commitments (Narratives) (Detai
Commitments (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | |||
Rent Expenses | $ 9,200 | $ 9,700 | $ 10,100 |
Line of credit reserve | $ 667 | $ 621 |
Commitments (Summarized credit-
Commitments (Summarized credit-related financial instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies [Abstract] | ||
Commitments To Extend Credit | $ 607,051 | $ 493,248 |
Commercial letters credit | 1,508 | 885 |
Standby letters of credit and financial guarantees | 14,656 | 32,970 |
Performance letters of credit and financial guarantees | 22,374 | |
Loans sold with recourse | $ 34,888 | 67,803 |
Commitments To Sell Or Securitize Mortgage Loans | $ 10,207 |
Commitments (Future rental comm
Commitments (Future rental commitments under leases) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,015 | $ 7,755 |
2,016 | 7,283 |
2,017 | 6,278 |
2,018 | 6,182 |
2,019 | 5,455 |
Thereafter | 12,397 |
Total | $ 45,350 |
Fair Value (Assets and liabilit
Fair Value (Assets and liabilities on recurring and non-recurring basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $ 974,609 | $ 1,216,538 | ||
Trading Securities | 288 | 1,594 | ||
Money Market Funds, at Carrying Value | 4,699 | 4,675 | ||
Derivative Assets | 3,025 | 8,107 | ||
Servicing Assets | 7,455 | 13,992 | $ 13,801 | $ 10,795 |
Derivative liabilities | (6,162) | (11,221) | ||
Impaired Commercial Loan | 235,767 | 236,942 | ||
Foreclosed real estate | 58,176 | 95,661 | ||
Other repossessed assets | 6,226 | 21,800 | ||
Total | 300,169 | 354,403 | ||
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 | ||
Trading Securities | 0 | |||
Money Market Funds, at Carrying Value | 4,699 | 4,675 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Impaired Commercial Loan | 0 | 0 | ||
Foreclosed real estate | 0 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 974,609 | 1,216,538 | ||
Trading Securities | 288 | 1,594 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 1,854 | 2,552 | ||
Servicing Assets | 0 | 0 | ||
Impaired Commercial Loan | 0 | 0 | ||
Foreclosed real estate | 0 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
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 | ||
Trading Securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 1,171 | 5,555 | ||
Servicing Assets | 7,455 | 13,992 | ||
Impaired Commercial Loan | 235,767 | 236,942 | ||
Foreclosed real estate | 58,176 | 95,661 | ||
Other repossessed assets | 6,226 | 21,800 | ||
Total | 300,169 | 354,403 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 974,609 | 1,216,538 | ||
Trading Securities | 288 | 1,594 | ||
Money Market Funds, at Carrying Value | 4,699 | 4,675 | ||
Derivative Assets | 3,025 | 8,107 | ||
Servicing Assets | 7,455 | 13,992 | ||
Derivative liabilities | (7,257) | (16,698) | ||
Total | 982,819 | 1,228,208 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Trading Securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 4,699 | 4,675 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Total | 4,699 | 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 | 974,609 | 1,216,538 | ||
Trading Securities | 288 | 1,594 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 1,854 | 2,552 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | (6,162) | (11,221) | ||
Total | 970,589 | 1,209,463 | ||
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 | ||
Trading Securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 1,171 | 5,555 | ||
Servicing Assets | 7,455 | 13,992 | ||
Derivative liabilities | (1,095) | (5,477) | ||
Total | 7,531 | 14,070 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired Commercial Loan | 235,767 | 236,942 | ||
Foreclosed real estate | 58,176 | 95,661 | ||
Other repossessed assets | 6,226 | 21,800 | ||
Total | 300,169 | 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 | 235,767 | 236,942 | ||
Foreclosed real estate | 58,176 | 95,661 | ||
Other repossessed assets | 6,226 | 21,800 | ||
Total | $ 300,169 | $ 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 ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | $ 14,070,000 | $ 34,175,000 | $ 31,333,000 |
Gains (losses) included in earnings | (187,000) | (1,216,000) | (1,842,000) |
Changes in fair value of investment securities available for sale included in other comprehensive income | (5,927,000) | 320,000 | (332,000) |
New instruments acquired | 2,620,000 | 2,149,000 | 3,178,000 |
Principal repayments | (1,017,000) | (21,072,000) | (951,000) |
Amortization | 185,000 | 600,000 | 2,010,000 |
Sale of instruments | (2,939,000) | ||
Changes in fair value of servicing assets | 726,000 | (886,000) | 779,000 |
Balance | 7,531,000 | 14,070,000 | 34,175,000 |
Other Debt Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 0 | 19,680,000 | 20,012,000 |
Gains (losses) included in earnings | 0 | 0 | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | 320,000 | (332,000) |
New instruments acquired | 0 | 0 | |
Principal repayments | 0 | (20,000,000) | 0 |
Amortization | 0 | 0 | 0 |
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | 0 | 0 | 19,680,000 |
Derivative Financial Instruments, Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 5,555,000 | 16,430,000 | 13,233,000 |
Gains (losses) included in earnings | (4,384,000) | (10,875,000) | 3,197,000 |
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 | 1,171,000 | 5,555,000 | 16,430,000 |
Servicing Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 13,992,000 | 13,801,000 | 10,795,000 |
Gains (losses) included in earnings | 0 | 0 | 0 |
Changes in fair value of investment securities available for sale included in other comprehensive income | (5,927,000) | 0 | 0 |
New instruments acquired | 2,620,000 | 2,149,000 | 3,178,000 |
Principal repayments | (1,017,000) | (1,072,000) | (951,000) |
Amortization | 0 | 0 | 0 |
Sale of instruments | (2,939,000) | ||
Changes in fair value of servicing assets | 726,000 | (886,000) | 779,000 |
Balance | 7,455,000 | 13,992,000 | 13,801,000 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | (5,477,000) | (15,736,000) | (12,707,000) |
Gains (losses) included in earnings | 4,197,000 | 9,659,000 | (5,039,000) |
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 | 185,000 | 600,000 | 2,010,000 |
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | $ (1,095,000) | $ (5,477,000) | $ (15,736,000) |
Fair Value (Qualitative informa
Fair Value (Qualitative information for assets and liabilities) (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Fair Value assets and liabilities measured on reccurring basis | $ 1,170 |
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 | 34.31% |
Counterparty credit risk (based on 5-year CDS spread) | 72.00% |
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 | 38.61% |
Counterparty credit risk (based on 5-year CDS spread) | 72.00% |
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 | $ 7,455 |
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 | 5.60% |
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 | 11.24% |
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 | $ (1,095) |
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 | 34.31% |
Counterparty credit risk (based on 5-year CDS spread) | 72.00% |
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 | 38.61% |
Counterparty credit risk (based on 5-year CDS spread) | 72.00% |
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 | $ 40,532 |
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 | 28.20% |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Appraised value | 44.20% |
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 | $ 190,290 |
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 | $ 4,945 |
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 | 5.75% |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Discount rate | 16.95% |
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 | $ 58,176 |
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 | 28.20% |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Appraised value | 44.20% |
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 | $ 6,226 |
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 | 28.20% |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Appraised value | 44.20% |
Fair value (Estimated fair valu
Fair value (Estimated fair value and carrying value) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | $ 974,609 | $ 1,216,538 | ||
Held to maturity Fair Value | 614,679 | 164,154 | ||
Federal Home Loan Bank (FHLB) stock | 20,783 | 21,169 | ||
Other Investments | 3 | 3 | ||
Derivative Assets | 3,025 | 8,107 | ||
Servicing Assets | 7,455 | 13,992 | $ 13,801 | $ 10,795 |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative liabilities | 6,162 | 11,221 | ||
Assets,Carrying Value [Abstract] | ||||
Total cash and cash equivalents | 536,709 | 573,427 | 621,269 | |
Restricted Cash And Cash Equivalents | 3,349 | 8,407 | ||
Trading Securities | 288 | 1,594 | ||
Loans, net of allowance for loan and lease losses | 4,416,396 | 4,807,825 | ||
FDIC Indemnification Asset | 22,599 | 97,378 | $ 189,240 | $ 302,295 |
Accrued interest receivable | 20,637 | 21,345 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 4,716,859 | 4,924,406 | ||
Securities Sold under Agreements to Repurchase | 934,691 | 980,087 | ||
Subordinated capital notes | 102,633 | 101,584 | ||
Securities Purchased But Not Yet Received | 0 | 0 | ||
Accrued expenses and other liabilities | 92,935 | 133,290 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 536,709 | 573,427 | ||
Restricted Cash, at Fair Value | 3,349 | 8,407 | ||
Available-for-sale Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Assets,Carrying Value [Abstract] | ||||
Restricted Cash And Cash Equivalents | 3,349 | 8,407 | ||
Trading Securities | 0 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | 974,609 | 1,216,538 | ||
Held to maturity Fair Value | 614,679 | 164,154 | ||
Federal Home Loan Bank (FHLB) stock | 20,783 | 21,169 | ||
Other Investments | 3 | 3 | ||
Derivative Assets | 1,854 | 2,552 | ||
Receivables, Fair Value Disclosure | 6,162 | 11,221 | ||
Servicing Assets | 0 | 0 | ||
Assets,Carrying Value [Abstract] | ||||
Trading Securities | 288 | 1,594 | ||
Investment securities AFS , carrying value | 974,609 | |||
Investment held for sale, carrying amount | 620,189 | 162,752 | ||
Federal Home Loan Bank Stock at carrying value | 20,783 | 21,169 | ||
Other Investment, Carrying Value | 3 | 3 | ||
Derivative Assets, carrying value | 1,855 | 2,552 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Derivative liabilities at carrying value | 6,162 | 11,221 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Non-covered loans, net | 4,101,219 | 4,909,361 | ||
Derivative Assets | 1,171 | 5,555 | ||
FDIC Indemnification Asset Fair Value Disclosure | 17,786 | 75,969 | ||
Receivables, Fair Value Disclosure | 20,637 | 21,345 | ||
Servicing Assets | 7,455 | 13,992 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits, Fair Value Disclosure | 4,705,878 | 4,887,770 | ||
Securities sold under agreements to repurchase | 955,859 | 1,020,621 | ||
Advances from FHLB | 335,812 | 339,172 | ||
Notes Payable Fair Value Disclosure | 2,593 | 3,979 | ||
Subordinated capital notes | 94,940 | 104,288 | ||
Accrued expenses and other liabilities | 92,935 | 133,290 | ||
Assets,Carrying Value [Abstract] | ||||
Trading Securities | 0 | 0 | ||
Loans, net of allowance for loan and lease losses | 4,434,213 | 4,826,646 | ||
Derivative Assets, carrying value | 1,170 | 5,555 | ||
FDIC Indemnification Asset | 22,599 | 97,378 | ||
Accrued interest receivable | 20,637 | 21,345 | ||
Servicing assets, carrying value | 7,455 | 13,992 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 4,715,764 | 4,918,929 | ||
Securities Sold under Agreements to Repurchase | 934,691 | 980,087 | ||
Advances from FHLB | 332,476 | 334,331 | ||
Term Notes | 1,734 | 4,004 | ||
Subordinated capital notes | 102,633 | 101,584 | ||
Accrued expenses and other liabilities | 92,935 | 133,290 | ||
Derivative liabilities at carrying value | $ 1,095 | $ 5,477 |
Business Segments (Details)
Business Segments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 406,568,000 | $ 485,257,000 | $ 493,632,000 |
Interest expense | (69,196,000) | (76,782,000) | (83,960,000) |
Net interest income | 337,372,000 | 408,475,000 | 409,672,000 |
Provision for Loan and Lease Losses, net | 72,894,000 | ||
Total non-interest income (loss), net | 52,472,000 | 17,323,000 | 17,095,000 |
Non-interest expenses | (248,401,000) | (242,725,000) | (264,136,000) |
Total assets | 7,099,149,000 | 7,449,109,000 | |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 367,620,000 | 435,580,000 | 445,363,000 |
Interest expense | (28,425,000) | (34,721,000) | (42,044,000) |
Net interest income | 339,195,000 | 400,859,000 | 403,319,000 |
Provision for Loan and Lease Losses, net | (161,501,000) | (60,640,000) | (72,894,000) |
Total non-interest income (loss), net | 23,900,000 | (13,389,000) | (17,438,000) |
Non-interest expenses | (219,415,000) | (213,935,000) | (222,408,000) |
Intersegment revenues | 1,427,000 | 1,410,000 | 618,000 |
Intersegment expenses | (948,000) | (327,000) | 0 |
Income (loss) before Income Taxes, Parent | (17,342,000) | 113,978,000 | 91,197,000 |
Total assets | 5,867,874,000 | 6,454,015,000 | 5,820,726,000 |
Financial Services | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 95,000 | 174,000 | 354,000 |
Interest expense | 0 | 0 | 0 |
Net interest income | 95,000 | 174,000 | 354,000 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 28,288,000 | 28,525,000 | 30,614,000 |
Non-interest expenses | (22,564,000) | (21,748,000) | (26,603,000) |
Intersegment revenues | 0 | 0 | 0 |
Intersegment expenses | (1,027,000) | (1,089,000) | (1,813,000) |
Income (loss) before Income Taxes, Parent | 4,792,000 | 5,862,000 | 2,552,000 |
Total assets | 22,349,000 | 21,644,000 | 23,280,000 |
Treasury [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 38,853,000 | 49,503,000 | 47,915,000 |
Interest expense | (40,771,000) | (42,061,000) | (41,916,000) |
Net interest income | (1,918,000) | 7,442,000 | 5,999,000 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 284,000 | 2,187,000 | 3,919,000 |
Non-interest expenses | (6,422,000) | (7,042,000) | (15,125,000) |
Intersegment revenues | 948,000 | 327,000 | 1,195,000 |
Intersegment expenses | (400,000) | (321,000) | |
Income (loss) before Income Taxes, Parent | (7,508,000) | 2,593,000 | (4,012,000) |
Total assets | 2,126,921,000 | 1,940,504,000 | 3,084,409,000 |
Major Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 406,568,000 | 485,257,000 | 493,632,000 |
Interest expense | (69,196,000) | (76,782,000) | (83,960,000) |
Net interest income | 337,372,000 | 408,475,000 | 409,672,000 |
Provision for Loan and Lease Losses, net | (161,501,000) | (60,640,000) | (72,894,000) |
Total non-interest income (loss), net | 52,472,000 | 17,323,000 | 17,095,000 |
Non-interest expenses | (248,401,000) | (242,725,000) | (264,136,000) |
Intersegment revenues | 2,375,000 | 1,737,000 | 1,813,000 |
Intersegment expenses | (2,375,000) | (1,737,000) | (1,813,000) |
Income (loss) before Income Taxes, Parent | (20,058,000) | 122,433,000 | 89,737,000 |
Total assets | 8,017,144,000 | 8,416,163,000 | 8,928,415,000 |
Intersegment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 0 | 0 | 0 |
Non-interest expenses | 0 | 0 | 0 |
Intersegment revenues | (2,375,000) | (1,737,000) | (1,813,000) |
Intersegment expenses | 2,375,000 | 1,737,000 | 1,813,000 |
Income (loss) before Income Taxes, Parent | 0 | 0 | 0 |
Total assets | (917,995,000) | (967,054,000) | (770,400,000) |
Consolidated Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 7,099,149,000 | $ 7,449,109,000 | $ 8,158,015,000 |
OFG BANCORP Holding Company Onl
OFG BANCORP Holding Company Only Financial Information (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Oriental Insurance [Member] | ||
Subsidiary [Line items] | ||
Dividends Paid | $ 2,700,000 | $ 12,400,000 |
Oriental Financial Services [Member] | ||
Subsidiary [Line items] | ||
Dividends Paid | $ 3,200,000 | $ 3,200,000 |
OFG BANCORP Holding Comapany On
OFG BANCORP Holding Comapany Only Financial Information (Balance sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets [Abstract] | ||||
Investment securities available-for-sale, at fair value | $ 974,609 | $ 1,216,538 | ||
Deferred tax asset | 145,901 | 108,708 | ||
Other Assets | 75,972 | 108,725 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Accrued expenses and other liabilities | 92,935 | 133,290 | ||
Subordinated capital notes | 102,633 | 101,584 | ||
Stockholder's Equity | 897,077 | 942,197 | $ 884,913 | |
Parent [Member] | ||||
Assets [Abstract] | ||||
Cash and due from banks, parent | 20,240 | 16,824 | $ 29,557 | $ 34,521 |
Investment securities available-for-sale, at fair value | 6,017 | 8,244 | ||
Investment in bank subsidiary, equity method | 890,449 | 943,664 | ||
Investment in nonbank subsidiaries, equity method | 19,137 | 17,071 | ||
Due from Bank Subsidiary, net | 119 | 87 | ||
Deferred tax asset | 3,047 | 0 | ||
Other Assets | 2,042 | 2,089 | ||
Total Parent Assets | 941,051 | 987,979 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Dividends Payable | 6,098 | 7,927 | ||
Deferred tax liabilities, net | 0 | 75 | ||
Due to affiliates | 9 | 9 | ||
Accrued expenses and other liabilities | 1,784 | 1,688 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Total Parent Liabilities | 43,974 | 45,782 | ||
Stockholder's Equity | 897,077 | 942,197 | ||
Total Parent Liabilities and Stockholders' Equity | $ 941,051 | $ 987,979 |
OFG BANCORP Holding Company 153
OFG BANCORP Holding Company Only Financial Information (Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Parent income [Abstract] | |||
Investment Securities | $ 3,608 | $ 4,868 | $ 8,803 |
Costs And Expenses [Abstract] | |||
Interest expense | 69,196 | 76,782 | 83,960 |
Parent [Member] | |||
Parent income [Abstract] | |||
Interest income | 321 | 404 | 400 |
Investment Securities | 4,007 | 4,308 | 3,668 |
Total income | 4,328 | 4,712 | 4,068 |
Costs And Expenses [Abstract] | |||
Interest expense | 1,222 | 1,201 | 1,219 |
Operating expenses | 6,866 | 6,607 | 6,003 |
Total expenses | 8,088 | 7,808 | 7,222 |
(Loss) income before income taxes | (3,760) | (3,096) | (3,154) |
Parent (Loss) Income Tax (Benefit) Expense | 3,088 | 0 | (2) |
(Loss) income before changes in undistributed earnings of subsidiaries | (672) | (3,096) | (3,156) |
Bank subsidiary | (3,804) | 84,787 | 98,133 |
Nonbank subsidiaries | 1,972 | 3,490 | 3,469 |
Net (loss) income | $ (2,504) | $ 85,181 | $ 98,446 |
OFG BANCORP Holding Company 154
OFG BANCORP Holding Company Only Financial Information (Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Legal Entity [Line items] | |||
Net (loss) income | $ (2,504) | $ 85,181 | $ 98,446 |
Other comprehensive income (loss) before tax: | |||
Unrealized gain (loss) on securities available-for-sale | (8,814) | 19,843 | (62,080) |
Other comprehensive income (loss) from bank subsidiary | (5,578) | 16,361 | (52,249) |
Other comprehensive income (loss) before taxes | (5,748) | 16,570 | (52,768) |
Income tax effect | 34 | (50) | 79 |
Other comprehensive income (loss) after taxes | (5,714) | 16,520 | (52,689) |
Parent comprehensive income net of tax | (8,218) | 101,701 | 45,757 |
Parent [Member] | |||
Legal Entity [Line items] | |||
Net (loss) income | (2,504) | 85,181 | 98,446 |
Other comprehensive income (loss) before tax: | |||
Unrealized gain (loss) on securities available-for-sale | (170) | 209 | (519) |
Other comprehensive income (loss) from bank subsidiary | (5,578) | 16,361 | (52,249) |
Other comprehensive income (loss) before taxes | (5,748) | 16,570 | (52,768) |
Income tax effect | 34 | (50) | 79 |
Other comprehensive income (loss) after taxes | (5,714) | 16,520 | (52,689) |
Parent comprehensive income net of tax | $ (8,218) | $ 101,701 | $ 45,757 |
OFG BANCORP Holding Company 155
OFG BANCORP Holding Company Only Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Legal Entity [Line items] | |||
Net Income (Loss) Attributable to Parent | $ (2,504) | $ 85,181 | $ 98,446 |
Adjustments to reconcile net income to net cash provied by (used in) operating activities [Abstract] | |||
Amortization of investment securities premiums, net of accretion of discounts | 12,109 | 3,124 | 19,014 |
Stock-based compensation | 1,637 | 1,036 | 1,823 |
Deferred income taxes, net | (37,329) | 24,155 | (11,066) |
Net (increase) decrease in other assets | 14,849 | (11,738) | (29,123) |
Net increase (decrease) in accrued expenses and other liabilities | (14,584) | (33,028) | 18,425 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Maturities and redemptions of investment securities available-for-sale | 238,003 | 490,048 | 554,801 |
Cash flows from financing activities: | |||
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net | 204 | 643 | (572) |
Proceeds From Issuance Of Common Stock | 0 | 0 | (16) |
Proceeds from issuance of preferred stock, net | 0 | 0 | (25) |
Purchase of treasury stock | 8,950 | 16,948 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (36,718) | (47,842) | (233,966) |
Parent [Member] | |||
Legal Entity [Line items] | |||
Net Income (Loss) Attributable to Parent | (2,504) | 85,181 | 98,446 |
Adjustments to reconcile net income to net cash provied by (used in) operating activities [Abstract] | |||
Equity in undistributed earnings from banking subsidiary | 3,804 | (84,787) | (98,133) |
Equity in undistributed earnings from nonbanking subsidiaries | (1,972) | (3,490) | (3,469) |
Amortization of investment securities premiums, net of accretion of discounts | (44) | (21) | (141) |
Other Impairments On Securities | 0 | 62 | 7 |
Stock-based compensation | 1,637 | 1,036 | 1,823 |
Deferred income taxes, net | (3,088) | 0 | 2,272 |
Net (increase) decrease in other assets | 148 | 554 | 11 |
Net increase (decrease) in accrued expenses and other liabilities | (221) | (696) | (2,051) |
Dividends from banking subsidiary | 45,000 | 28,000 | 0 |
Dividends from non-banking subsidiary | 0 | 5,900 | 15,600 |
Net cash provided by (used in) operating activities | 42,848 | 31,781 | 14,647 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Maturities and redemptions of investment securities available-for-sale | 2,013 | 1,318 | 4,676 |
Net (increase) decrease in due from bank subsidiary, net | 317 | (218) | 2,461 |
Capital contribution to banking subsidiary | (1,167) | (892) | (1,385) |
Capital contribution to non-banking subsidiary | (94) | (76) | (99) |
Additions to premises and equipment | (132) | 0 | 0 |
Net cash procided by (used in) investing activities | 937 | 132 | 5,653 |
Cash flows from financing activities: | |||
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net | 204 | 643 | (572) |
Proceeds From Issuance Of Common Stock | 0 | 0 | (16) |
Proceeds from issuance of preferred stock, net | 0 | 0 | (25) |
Purchase of treasury stock | (8,950) | (16,948) | 0 |
Dividends paid | (31,623) | (28,341) | (24,651) |
Net cash provided by (used in) financing activities | (40,369) | (44,646) | (25,264) |
Cash and Cash Equivalents, Period Increase (Decrease) | 3,416 | (12,733) | (4,964) |
Cash and due from banks, parent | 16,824 | 29,557 | 34,521 |
Cash and due from banks, parent | $ 20,240 | $ 16,824 | $ 29,557 |