Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
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, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,914,844 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 364.5 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Audited) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | ||
Cash and Due from Banks | $ 504,833 | $ 532,010 |
Money market investments | 5,606 | 4,699 |
Total cash and cash equivalents | 510,439 | 536,709 |
Restricted Cash | 3,030 | 3,349 |
Investments: | ||
Trading Securities, at fair value | 347 | 288 |
Investment securities available-for-sale, at fair value | 751,484 | 974,609 |
Investment securities held-to-maturity, at amortized cost | 599,884 | 620,189 |
Federal Home Loan Bank (FHLB) stock, at cost | 10,793 | 20,783 |
Other investments | 3 | 3 |
Total investments | 1,362,511 | 1,615,872 |
Loans: | ||
Mortgage loans held-for-sale, at lower of cost or fair value | 12,499 | 13,614 |
Loans held for investment, net | 4,135,193 | 4,420,599 |
Total loans, net | 4,147,692 | 4,434,213 |
Other asset | ||
FDIC indemnification asset | 14,411 | 22,599 |
Foreclosed real estate | 47,520 | 58,176 |
Accrued interest receivable | 20,227 | 20,637 |
Deferred tax asset, net | 124,200 | 145,901 |
Premises and equipment, net | 70,407 | 74,590 |
Customers' liability on acceptances | 23,765 | 14,582 |
Servicing Assets | 9,858 | 7,455 |
Derivative assets | 1,330 | 3,025 |
Goodwill | 86,069 | 86,069 |
Other assets | 80,365 | 75,972 |
Total assets | 6,501,824 | 7,099,149 |
Deposits: | ||
Demand deposits | 1,939,764 | 1,862,572 |
Savings accounts | 1,196,232 | 1,179,229 |
Tme Deposits | 1,528,491 | 1,675,950 |
Total deposits | 4,664,487 | 4,717,751 |
Borrowings: | ||
Securities Sold under Agreements to Repurchase | 653,756 | 934,691 |
Advances from FHLB | 105,454 | 332,476 |
Subordinated capital notes | 36,083 | 102,633 |
Other borrowings | 61 | 1,734 |
Total borrowings | 795,354 | 1,371,534 |
Derivative liabilities | 2,437 | 6,162 |
Acceptances executed and outstanding | 23,765 | 14,582 |
Accrued expenses and other liabilities | 95,370 | 92,043 |
Total liabilities | 5,581,413 | 6,202,072 |
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 | 540,948 | 540,512 |
Legal surplus | 76,293 | 70,435 |
Retained earnings | 177,808 | 148,886 |
Treasury stock, at cost | (104,860) | (105,379) |
Accumulated Other Comprehensive Income, Net of Tax | 1,596 | 13,997 |
Total stockholders' equity | 920,411 | 897,077 |
Total liabilities and stockholders' equity | $ 6,501,824 | $ 7,099,149 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Audited) (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Amortized cost of trading securities | $ 667,000 | $ 667,000 |
Amortized cost of investment securities available-for-sale | 749,867,000 | 955,646,000 |
Fair value of held to maturity securities | 592,763,000 | 614,679,000 |
Allowance for loan and lease losses | $ 115,937,000 | $ 234,131,000 |
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 | 43,914,844 | 43,867,909 |
Treasury stock, at cost, shares | 8,711,025 | 8,757,960 |
Tax effect on accumulated other comprehensive income (loss) | $ 983,000 | $ (544,000) |
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, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Loans | $ 321,945 | $ 367,622 | $ 435,553 |
Mortgage-backed securities | 30,522 | 35,338 | 44,836 |
Investment securities and other | 4,125 | 3,608 | 4,868 |
Total interest income | 356,592 | 406,568 | 485,257 |
Interest expense: | |||
Deposits | 29,253 | 27,034 | 33,954 |
Securities sold under agreements to repurchase | 18,805 | 29,567 | 29,654 |
Advances from FHLB and other borrowings | 6,186 | 9,072 | 9,185 |
Subordinated capital notes | 2,921 | 3,523 | 3,989 |
Total interest expense | 57,165 | 69,196 | 76,782 |
Net interest income | 299,427 | 337,372 | 408,475 |
Provision for Loan, Lease, and Other Losses | 65,076 | 161,501 | 60,640 |
Net interest income after provision for loan and lease losses | 234,351 | 175,871 | 347,835 |
Non-interest income: | |||
Banking service revenues | 41,647 | 41,466 | 40,712 |
Wealth management revenue | 27,433 | 29,040 | 29,855 |
Mortgage banking activities | 5,021 | 6,128 | 7,381 |
Total Banking and Financial Service Revenues | 74,101 | 76,634 | 77,948 |
Other-than-temporary impairment losses on investment securities | 0 | 4,662 | 0 |
Portion of losses recognized in other comprehensive income (loss), before taxes | 0 | 3,172 | 0 |
Net impairment losses recognized in earnings | 0 | 1,490 | 0 |
FDIC shared-loss expense, net [Abstract] | |||
FDIC shared-loss expense, net | (13,581) | (42,808) | (65,756) |
Reimbursement from FDIC shared-loss coverage in sale of loans | 0 | 20,000 | 0 |
Net gain (loss) on: | |||
Sale of securities | 12,207 | 2,572 | 4,366 |
Derivatives | (71) | (190) | (608) |
Early extinguishment of debt | (12,000) | 0 | 0 |
Other non-interest (loss) income | 6,163 | (2,246) | 1,373 |
Total non-interest income, net | 66,819 | 52,472 | 17,323 |
Non-interest expense: | |||
Compensation and employee benefits | 76,934 | 79,172 | 85,283 |
Professional and service fees | 14,935 | 16,217 | 15,996 |
Occupancy and equipment | 30,966 | 34,186 | 34,710 |
Insurance | 9,109 | 9,567 | 8,830 |
Electronic banking charges | 20,707 | 21,893 | 19,081 |
Information technology related expenses | 7,116 | 5,648 | 6,019 |
Advertising, business promotion, and strategic initiatives | 5,485 | 6,452 | 7,014 |
Foreclosure, repossession and other real estate expenses | 15,702 | 37,522 | 25,125 |
Loan servicing and clearing expenses | 8,068 | 9,075 | 7,567 |
Taxes, other than payroll and income taxes | 9,782 | 9,460 | 14,409 |
Communication | 2,715 | 3,086 | 3,430 |
Printing, postage, stationary and supplies | 2,557 | 2,575 | 2,533 |
Director and investors relations | 1,086 | 1,091 | 1,106 |
Other | 10,828 | 12,457 | 11,622 |
Total non-interest expense | 215,990 | 248,401 | 242,725 |
Income before income taxes | 85,180 | (20,058) | 122,433 |
Income tax expense (benefit) | 25,994 | (17,554) | 37,252 |
Net income | 59,186 | (2,504) | 85,181 |
Dividends on preferred stock | (13,862) | (13,862) | (13,862) |
Income (loss) available to common shareholders | $ 45,324 | $ (16,366) | $ 71,319 |
Earnings (loss) per common share: | |||
Basic | $ 1.03 | $ (0.37) | $ 1.58 |
Diluted | $ 1.03 | $ (0.37) | $ 1.5 |
Average common shares outstanding and equivalents | 51,088 | 51,455 | 52,326 |
Cash dividends per share of common stock | $ 0.24 | $ 0.36 | $ 0.34 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Audited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net income (loss) | $ 59,186 | $ (2,504) | $ 85,181 |
Other comprehensive income (loss) before tax: | |||
Unrealized gain (loss) on securities available-for-sale | (5,023) | (8,814) | 19,843 |
Realized gain on investment securities included in net income | (12,207) | (2,572) | (4,366) |
Other Than Temporary Impairment on securities included in net income | 0 | 1,490 | 0 |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Portion Attributable To Noncontrolling Interest | 0 | 0 | |
Unrealized gain (loss) on cash flow hedges | 3,303 | 4,278 | 2,322 |
Other comprehensive income (loss) before taxes | (13,927) | (5,618) | 17,799 |
Income tax effect | 1,526 | (96) | (1,279) |
Other Comprehensive Income (Loss) After taxes | (12,401) | (5,714) | 16,520 |
Comprehensive income (loss) | $ 46,785 | $ (8,218) | $ 101,701 |
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] | Legal Surplus [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2013 | $ 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 | ||||||
Transfer from retained earnings/transfer to legal surplus | 8,510 | (8,510) | ||||||
Net income (loss) | $ 85,181 | 85,181 | ||||||
Cash dividends declared on common stock | (15,286) | |||||||
Cash dividends declared on preferred stock | (13,862) | |||||||
Stock purchased | (16,948) | |||||||
Reclassification from common stock | 136 | |||||||
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 | ||||||
Transfer from retained earnings/transfer to legal surplus | (32) | 32 | ||||||
Net income (loss) | (2,504) | (2,504) | ||||||
Cash dividends declared on common stock | (15,932) | |||||||
Cash dividends declared on preferred stock | (13,862) | |||||||
Stock purchased | (8,950) | |||||||
Reclassification from common stock | 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 |
Stock-based compensation expense | 1,270 | |||||||
Exercised Stock Options | 0 | 0 | ||||||
Reclassification to treasury stock | 0 | |||||||
Lapsed restricted stock units | (834) | 519 | ||||||
Transfer from retained earnings/transfer to legal surplus | 5,858 | (5,858) | ||||||
Net income (loss) | 59,186 | 59,186 | ||||||
Cash dividends declared on common stock | (10,544) | |||||||
Cash dividends declared on preferred stock | (13,862) | |||||||
Stock purchased | 0 | 0 | ||||||
Reclassification from common stock | 0 | |||||||
Other comprehensive loss, net of tax | (12,401) | (12,401) | ||||||
Ending Balance at Dec. 31, 2016 | $ 920,411 | $ 176,000 | $ 52,626 | $ 540,948 | $ 76,293 | $ 177,808 | $ (104,860) | $ 1,596 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Audited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 59,186 | $ (2,504) | $ 85,181 |
Adjustments to reconcile net income to net cash provied by (used in) operating activities: | |||
Amortization of deferred loan origination fees, net of costs | 3,509 | 3,396 | 2,883 |
Amortization of fair value premiums, net of discounts, on acquired loans | 39 | 3,106 | 12,310 |
Amortization of investment securities premiums, net of accretion of discounts | 8,540 | 12,109 | 3,124 |
Amortization of core deposit and customer relationship intangibles | 1,677 | 1,906 | 2,169 |
Amortization of fair value premium of acquired deposits | 340 | 660 | 4,772 |
FDIC Loss Share Expense | 13,581 | 42,808 | 65,756 |
Other Than Temporary Impairment on securities included in net income | 0 | 1,490 | 0 |
Other | 0 | 0 | 62 |
Depreciation and amortization of premises and equipment | 9,420 | 11,100 | 10,199 |
Deferred income taxes, net | 23,226 | (37,329) | 24,155 |
Provision for loan and lease losses, net | 65,076 | 161,501 | 60,640 |
Stock-based compensation | 1,270 | 1,637 | 1,036 |
(Gain) loss on: | |||
Sale of securities | (12,207) | (2,572) | (4,366) |
Sale of mortgage loans held for sale | (1,570) | (3,135) | (5,123) |
Derivatives | 181 | (81) | 752 |
Early extinguishment of debt | 12,000 | 0 | 0 |
Foreclosed real estate | 11,934 | 33,998 | 9,195 |
Sale of other repossessed asset | (1,623) | 4,828 | 6,770 |
Sale of premises and equipment | 12 | 192 | (11) |
Originations of loans held-for-sale | (179,430) | (211,352) | (176,199) |
Proceeds from sale of loans held-for-sale | 69,862 | 102,383 | 96,804 |
Net (increase) decrease in: | |||
Trading securities | (59) | 1,306 | 275 |
Accrued interest receivable | 410 | 708 | (2,611) |
Servicing Assets | (2,403) | 610 | (191) |
Other assets | (7,941) | (14,849) | 11,738 |
Net increase (decrease) in: | |||
Accrued interest on deposits and borrowings | (862) | (250) | (1,292) |
Accrued expenses and other liabilities | 4,344 | (14,584) | (33,028) |
Net cash provided by (used in) operating activities | 78,512 | 97,082 | 175,000 |
Purchases of: | |||
Investment securities available-for-sale | (119,544) | (1,939) | (219,853) |
Investment securities held-to-maturity | (86,478) | (499,317) | (166,562) |
FHLB stock | (20,421) | 0 | (86,175) |
Maturities and Redemptions of [Abstract] | |||
Investment securities available-for-sale | 145,512 | 238,003 | 490,048 |
Investments securities held-to-maturity | 101,965 | 39,310 | 3,612 |
FHLB Stock | 30,411 | 386 | 89,456 |
Proceeds from sale of: | |||
Investment securities available for sale | 300,483 | 103,831 | 214,518 |
Foreclosed real estate and other repossessed assets, including write-offs | 46,358 | 74,940 | 54,639 |
Proceeds From Sale Of Loans Held For Investment | 1,149 | 42,110 | 9,378 |
Proceeds From Sale And Collection of Loans Held for Sale | 123,137 | 0 | 0 |
Gain (Loss) on Sale of Property Plant Equipment | (48) | 0 | (25) |
Proceeds From Sale Of Mortgage Servicing Rights MSR | 0 | 5,927 | 0 |
Origination and purchase of loans, excluding loans held-for-sale | (768,353) | (802,572) | (739,017) |
Principal repayment of loans, including covered loans | 817,199 | 861,891 | 751,215 |
Reimbursements from the FDIC on shared-loss agreements | 1,573 | 90,697 | 32,692 |
Additions to premises and equipment | (5,297) | (5,283) | (7,909) |
Net change in securities purchased under agreements to resell | 0 | 0 | 60,000 |
Net change in restricted cash | (319) | (5,058) | (73,792) |
Net cash provided by investing activities | 568,061 | 153,042 | 559,859 |
Net increase (decrease) in: | |||
Deposits | (61,078) | (198,052) | (450,976) |
Securities sold under agreements to repurchase | (292,264) | (45,315) | (287,184) |
FHLB advances, federal funds purchased, and other borrowings | (228,633) | (4,155) | (1,469) |
Subordinated capital notes | (66,550) | 1,049 | 1,574 |
Exercise of stock options and restricted unit lapsed, net | (315) | 204 | 643 |
Purchase of treasury stock | 0 | (8,950) | (16,948) |
Dividends paid on preferred stock | (13,862) | (13,862) | (13,862) |
Dividends paid on common stock | (10,141) | (17,761) | (14,479) |
Net cash used in financing activities | (672,843) | (286,842) | (782,701) |
Net change in cash and cash equivalents | (26,270) | (36,718) | (47,842) |
Cash and cash equivalents at beginning of period | 536,709 | 573,427 | 621,269 |
Cash and cash equivalents at end of period | 510,439 | 536,709 | 573,427 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | |||
Interest paid | 56,302 | 67,766 | 81,506 |
Income Taxes Paid | 10,051 | 13,966 | 7,114 |
Mortgage loans securitized into mortgage-backed securities | 112,071 | 116,319 | 95,909 |
Transfer from loans to foreclosed real estate and other repossessed assets | 45,538 | 67,345 | 85,459 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 123,137 | 3,445 | 5,202 |
Reclassification of loans held-for-sale portfolio to investment portfolio | $ 182 | $ 156 | $ 25,801 |
Organization, Consolidation and
Organization, Consolidation and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
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 com mercial bank, Oriental Bank ( the “Bank”), a securities broker-dealer, Oriental Financial Services Corp. (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), and a retirement plan administrator, Orien tal Pension Consultants, Inc. (“OPC”). The Company also has a special purpose entity, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”). Through these subsidiaries and their respective divisions, the Company provides a wide range of ban king and financial services such as commercial, consumer and mortgage lending, leasing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. The main offices of the Company and its subsidiaries are located in San Juan, Puerto 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 Syste m (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 ( “OCFI”) and the Federal De posit Insurance Corporation ( “ FDIC”). The Bank offers bank ing services such as commercial and consumer lending, leasing, auto loans, savings and time deposit products, financial planning, and corporate and individu al trust services, and capitalizes on its commercial banking network to provide mortgage 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 in ternational banking entities licensed pursuant to International Banking Center Regulatory 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 pe rsons 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 ( “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 th e Commissioner of Insurance of Puerto Rico. The Company’s mortgage banking activities 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 lo ans 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 se curitized for issuance of Government National Mortgage Association (“GNMA”) mortgage-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 Federal 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 secur ities. 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 subservicing arrangement with a third party for a portion of its acquired loan portfolio . During 2016, the Company began servicing most of its mortgage loan portfolio. 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 Puer to 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 transac tion is referred to as the “BBVAPR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as the “BBVAPR Companies” or “BBVAPR.” |
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 p rinciples in the United States ("GAAP"). Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requir es 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 revenu e 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 de termination of income taxes, other-than-te mporary impairment of securities, and goodwill valuation and impairment assessment. Cash Equivalents 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. Earnings (Loss) per Common Share Basic earnings (loss) per share is calculated by dividing income (loss) available to common shareholders (net income (loss) reduced (increased) by dividends on preferred stock) by the weighted average of o utstanding common shares. Diluted earnings (loss) per share is similar to the computation of basic earnings (loss) per share except that the weighted average of common shares is increased to include the number of additional common shares that would have be en outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming 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/Sold Under Agreements to Resell/Repurchase The Company purchases securities under agreements to resell the same or similar securities. A mounts advanced under these agreements represent short-term loans and are reflected as assets in the consolidated statements of financial condition. It is the Company’s policy to take possession of securities purchased under resale agreements while the cou nterparty 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 effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and th e obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securi ties 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 a re reported at fair value, with unrealized gains and losses excluded from earnings and reported net of ta x in other comprehensive income (loss) . The Company classifies as trading those securities that are acquired and held principally for the purpose of s elling 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 readily 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 the 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 an y, 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 financia l instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorde d in other comprehensive income (loss) or as part of non-interest income, as approp riate. 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 derivati ve contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the well as time value and yield curve or volatility factors underlying the positions. The Company 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 una djusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 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 — Observable 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 th e 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) de bt securities 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 derived 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 liabilitie s include 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-temporary 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 the carrying value of the in vestment. Any portion of a decline in value associated with a credit loss is recognized in income, while the remaining noncredit-related component is recognize d in other comprehensive income (loss) . A credit loss is determined by assessing whether the amor tized 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 beneficial interest for the s ecurity. 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 i dentification 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 the length of time the inve stment 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 rel ated 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 qual itative 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 signific ant 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 net 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-rat e 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. The 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 changes in interest rates. The effect of th is 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 th e 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 inter est 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 the 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 the 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 option contracts give the Company the righ t 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 tha t are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated and carried at fair value. When using derivative instruments, the Company exposes itself to credit and market risk. If a counterparty fails to fu lfill its performance obligations under a derivative contract due to insolvency or any other event of default, the Company’s credit risk will equal the fair value gain in a derivative plus any cash or securities that may have been delivered to the counterp arty as part of the transaction terms. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes the Company, thus creating a repayment risk for the Company. This risk is generally mitigated by requestin g 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 repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. The Company u ses forward-settlement swaps to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in LIBOR. Once the forecasted wholesale borrowing transactions occur, the interest rate swap will effectively loc k-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 well as its risk-management objective and strategy for undertaking various hedging transactions. This process includes lin king all derivatives that are designated as cash flow hedges to ( i ) specific assets and liabilities on the balance sheet or (ii) specific firm 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 fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in fut ure periods. The changes in fair value of the forward-settlement swaps are recorded in accumulated other comprehensive income (loss) 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 firm commitments or forecasted transactions); (ii) the derivative expires or is sold, terminated, or exercis ed; (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 lon ger 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 si mulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company’s overall interest rate 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 Com pany periodically evaluates the credit risks inherent in these commitments and establishes accruals for such risks if and when these are deemed necessary. 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 value determined in the aggregate. Net unrealized losses are recognized through a valuation allowance by charg es to income. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all conforming 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 ass ets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. The Company is not engaged in sales of mortgage loans and mortgage-backed securities subj ect 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 se t forth in Accounting Standards Codification ("ASC") Topic 860 are met: ( i ) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) t o pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement 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 transaction. 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 servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained a nd 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 true 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 recourse 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 co ncerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. When the Company sells or securitizes mortgage loans, it generally makes cust omary 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 inves tors, 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 principal balance. This buy-back option is considered a conditional option until the delinquency criteria is m et, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, the Company treats the transaction 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 individual 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 whether the Company intends to exercise the buy-back option. Quality review procedures are performed by the Comp any 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 warra nties related to loans sold by the Company, and management believes that, based on historical data, the probability of payments and expected losses under 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 associated 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 incurred loss. The maximum potential amount of future payments that the Company would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. 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 established 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 is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (categoriz ed in the line item "mortgage banking activities" in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability i s a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, foreclosure rate, estimated future defaults and the probability that a loan would be delinquent. Statistical m ethods 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 loa n in good standing would become 90 days delinquent within the following twelve-month period. 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 recognized whenever the compensation for servicing is expected to more than adequately compensate the Company for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not exp ected 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 righ ts 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 the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated s tatement 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 valua tion 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 curr ent 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 discontinues 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 loans. Loans for which the recogni tion 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 accrual status until interest is recei ved 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 methodology includes the consideration o f 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 operations is based on such methodology. Lo an 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 subject to individual review and gradin g. 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 options available to the Company. In cluded 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 payments of principal or interest whe n 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 expedient, at the observable market pri ce 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 evaluated for impairment and loans that a re 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, (ii) that are troubled-debt restructurings (“TDR ’s”), or (iii) when deemed necessary by management. 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 allo wance 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 and is based on the actual loss history exp erienced 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 experience is supplemented with other qualita tive 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 delinquencies and impaired loans; levels of and t rends 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 managemen t 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 requir ements on the level of estimated credit losses in the current portfolio; and effects of changes in credit concentrations and collateral value. An additional impact fr |
Resticted Cash
Resticted Cash | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 1,980 $ 1,980 Obligations under agreement of loans sold with recourse 1,050 1,369 $ 3,030 $ 3,349 At December 31 , 2016 and 2015 , 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 , 2016 and 2015 , the Company had delivered $2.0 million, at both periods, of cash as collateral for such derivatives activities. As part of the BBVA Acqui sition, the Company assumed a contract with FNMA which required collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At December 31 , 2016 and 2015 , the Company delivered as collateral cash amounting to $1.1 million and $1. 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 , 2016 was $ 161.0 million ( December 31 , 2015 - $ 148.3 million). At December 31 , 2016 and 2015 , 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, 2016 | |
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 , 2016 and 2015 , money market instruments included as part of cash and cash equivalents amounted to $5.6 million and $ 4.7 million, respectively. Investment Securities The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by the Company at December 31 , 2016 and 2015 were as follows: December 31, 2016 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 $ 422,168 $ 6,354 $ 3,036 $ 425,486 2.59% GNMA certificates 163,614 2,241 620 165,235 2.95% CMOs issued by US government-sponsored agencies 103,990 64 2,223 101,831 1.88% Total mortgage-backed securities 689,772 8,659 5,879 692,552 2.57% Investment securities US Treasury securities 49,672 - 618 49,054 1.73% Obligations of US government-sponsored agencies 3,903 - 19 3,884 1.38% Obligations of Puerto Rico government and public instrumentalities 4,680 - 607 4,073 5.55% Other debt securities 1,840 81 - 1,921 3.00% Total investment securities 60,095 81 1,244 58,932 2.04% Total securities available for sale $ 749,867 $ 8,740 $ 7,123 $ 751,484 2.53% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 599,884 $ 145 $ 7,266 $ 592,763 2.15% Total $ 1,349,751 $ 8,885 $ 14,389 $ 1,344,247 2.36% 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% The amortized cost and fair value of the Company’s investment securities at December 31 , 2016 , 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, 2016 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) (In thousands) Mortgage-backed securities Due from 1 to 5 years FNMA and FHLMC certificates $ 10,157 $ 10,237 $ - $ - Total due from 1 to 5 years 10,157 $ 10,237 - - Due after 5 to 10 years CMOs issued by US Government-sponsored agencies $ 8,637 $ 8,420 $ - $ - FNMA and FHLMC certificates 25,407 25,740 - - Total due after 5 to 10 years 34,044 34,160 - - Due after 10 years FNMA and FHLMC certificates $ 386,604 $ 389,509 $ 599,884 $ 592,763 GNMA certificates 163,614 165,235 - - CMOs issued by US Government-sponsored agencies 95,353 93,411 - - Total due after 10 years 645,571 648,155 599,884 592,763 Total mortgage-backed securities 689,772 692,552 599,884 592,763 Investment securities Due less than one year US Treasury securities $ 500 $ 500 $ - $ - Total due in less than one year 500 500 - - Due from 1 to 5 years US Treasury securities $ 34,464 $ 34,122 $ - $ - Obligations of Puerto Rico government and public instrumentalities 4,680 4,073 - - Total due from 1 to 5 years 39,144 38,195 - - Due from 5 to 10 years US Treasury securities $ 14,708 $ 14,432 $ - $ - Obligations of US Government and sponsored agencies 3,903 3,884 - - Other debt securities 1,840 1,921 - - Total due after 10 years 20,451 20,237 - - Total investment securities 60,095 58,932 - - Total securities available-for-sale $ 749,867 $ 751,484 $ 599,884 $ 592,763 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 year ended December 31, 2016, the Company retained securitized GNMA pools totaling $ 112.2 million amortized cost, at a yield of 2. 89 % from its own originations. Previously, until June 2015, the Company was selling all securitized GNMA pools. During the years ended 2015 and 2014 , the Company sold $63.5 million and $99.4 million, respectively, of available-for- sale GNMA certificates as part of its recurring mortgage loan origination and securitization activities. These sales did not re sult in any gains or losses during such periods. During the year ended December 31 , 2016, the Company sold $277.2 million of mo rtgage-backed securities and $11.1 million of Puerto Rico government bonds, and recorded a net gain on sale of securities of $12.2 million. Among the 2016 sales, the Company sold all but one of the Puerto Rico government bonds it held. The Company had oth er-than-temporary impairment charges on such securities sold totaling $1.5 million recorded during the second half of 2015. During the year ended December 31 , 2015, the Company sold $101.3 million of mortgage-backed securities, and recorded a net gain on sale of s ecurities of $2.6 million. During the year ended December 31 , 2014, the Company sold $210.2 million of mortgage-backed securities, and recorded a net gain on sale of securities of $4.4 million. T he table below presents the gross realized gains and gross realized l osses by category for such period s: Year Ended December 31, 2016 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 $ 293,505 $ 277,181 $ 16,324 $ - Investment securities Obligations of PR government and public instrumentalities 6,978 11,095 - 4,117 Total $ 300,483 $ 288,276 $ 16,324 $ 4,117 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 mortgage-backed securities $ 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 $ - The following tables show the Company’s gross unrealized losses and fair value of investment securities available-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 , 2016 and 2015 : December 31, 2016 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 33,883 $ 793 $ 33,090 Obligations of Puerto Rico government and public instrumentalities 4,680 607 4,073 $ 38,563 $ 1,400 $ 37,163 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 67,777 $ 1,430 $ 66,347 FNMA and FHLMC certificates 184,782 3,036 181,746 Obligations of US government and sponsored agencies 3,903 19 3,884 GNMA certificates 29,445 620 28,825 US Treausury Securities 49,172 618 48,554 Securities held-to-maturity FNMA and FHLMC Certificates 525,258 7,266 517,992 $ 860,337 $ 12,989 $ 847,348 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 101,660 $ 2,223 $ 99,437 FNMA and FHLMC certificates 184,782 3,036 181,746 Obligations of Puerto Rico Government and political subdivisions 4,680 607 4,073 Obligations of US government and sponsored agencies 3,903 19 3,884 GNMA certificates 29,445 620 28,825 US Treausury Securities 49,172 618 48,554 373,642 7,123 366,519 Securities held-to-maturity FNMA and FHLMC certificates 525,258 7,266 517,992 $ 898,900 $ 14,389 $ 884,511 December 31, 2015 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale Obligations of Puerto Rico Government and public instrumentalities $ 17,801 $ 4,070 $ 13,731 CMOs issued by US government-sponsored agencies 103,340 2,410 100,930 $ 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 $ 180,338 $ 1,869 $ 178,469 Securities held to maturity FNMA and FHLMC certificates 468,487 5,865 462,622 US Treausury Securities 25,032 71 24,961 $ 493,519 $ 5,936 $ 487,583 $ 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 public instrumentalities 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 available-for-sale FNMA and FHLMC certificates 468,487 5,865 462,622 US Treasury Securities 25,032 71 24,961 $ 493,519 $ 5,936 $ 487,583 $ 794,998 $ 14,285 $ 780,713 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 ($ 894.2 million, amortized cost, or 9 9.5 %) with an unreal ized loss position at December 31 , 2016 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 investment ($ 4.7 million, amortized cos t, or 0.5 %) with an unrealized loss position at December 31 , 2016 consist s of an obligation issued by the Puerto Rico Highways and Transportation Authority ("PRHTA") secured by a pledge of toll revenues from the Teodoro Moscoso Bridge operated through a public-private partnership. The decline in the market value of th is securit y is mainly attributed to the significant economic and fiscal challenges that Puerto Rico is facing , which is expected to result on a significant restructuring of the government under the supervision of a federally created Fiscal Oversight Board . All other Puerto Rico government securities were sold during the first quarter of 2016. The PRHTA bond had an aggregate fair value of $ 4.1 million at December 31, 2016 ( 87 % of the b ond's amortized cost). The discounted cash flow analysis for the investment showed a cumulative default probability at maturity of 7.7 %, thus reflecting that it is more likely than not that the bond will not default during its remaining term. Based on this analysis, the Company determined that it is more likely than not that it will recover all interest and principal invested in this Puerto Rico government bond and is, therefore, not required to recognize a credit loss as of December 31, 2016. Also, the Com pany’s conclusion is based on the assessment of the specific source of repayment of the outstanding bond, which continues to perform. PRHTA started principal repayments on July 1, 2014. All scheduled principal and interest payments to date have been collec ted. On July 1, 2016, the Company received a scheduled principal payment of $ 2.0 million. The next payment is due on July 1, 2017. As a result of the aforementioned analysis, no other-than-temporary losses were recorded during the year ended December 31, 2 016 . As of December 31 , 2016 , the Company performed a cash flow analysis of its Puerto Rico government bond to calculate the cash flows expected to be collected and determine if any portion of the decline in market value of this investment was considered an other -than-temporary impairment. The analysis derives an estimate of value based on the present value of risk-adjusted future cash flows of the underlying investment, and included the following components: The contractual future cash flows of the bond are projected based on the key terms as set forth in t he official statements for the investment. Such key terms include among others the interest rate, amortization schedule, if any, and maturity date. The risk-adjusted cash flows are calculated based on a monthly default probability and recovery rate assumptions bas ed on the credit rating of the investment. Constant monthly default rates are assumed throughout the life of the bond which is based on the respective security’s credit rating as of the date of the analysis. The adjusted future cash flows are then discounted at the o riginal effective yield of the investment based on the purchase price and expected risk-adjusted future cash flows as of the purchase date of the investment. The following table p resents a rollforward of credit-related impairment losses recognized in earnings for the years ended December 31, 2016, 2015 and 2014 on available-for-sal e securities Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 1,490 $ - $ - Reductions for securities sold during the period (realized) (1,490) - - 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, 2016 | |
TransfersAndServicingAbstract | |
Pledge Assets [Text Block] | NOTE 4 - PLEDGED ASSETS The following table shows a summary of pledged and not pledged assets at December 31 , 2016 and 2015 . Investment securities available for sale are presented at fair value, and investment securities held-to-maturity, residential mortgage loans, commercial loans and leases are presented at amortized cost: December 31, 2016 2015 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ 700,498 $ 1,021,370 Derivatives 2,397 8,100 Puerto Rico Cash & Money Market Fund - 81,576 Bond for the Bank's trust operations 348 379 Total pledged investment securities 703,243 1,111,425 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 1,028,234 1,095,810 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 381,990 253,263 Federal Reserve Bank Credit Facility 1,303 12,877 Puerto Rico public fund deposits 209,236 410,932 592,529 677,072 Total pledged assets $ 2,324,006 $ 2,884,307 Financial assets not pledged: Investment securities $ 648,125 $ 483,373 Residential mortgage loans 348,030 379,065 Commercial loans 1,064,923 1,287,036 Consumer loans 329,050 295,492 Auto loans and leases 895,097 929,666 Total assets not pledged $ 3,285,225 $ 3,374,632 |
Loans Receivable
Loans Receivable | 12 Months Ended |
Dec. 31, 2016 | |
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 to as "originated and other" loans) and loans acquired (referred to 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-share coverage related to commercial and other-non single family 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 potential sale of a pool of loss-share assets covered under the commercial loss-sharing agreement and paid $ 20 million in loss share coverage with respect to the aggregate loss resulting from the portfolio sale . Covered loans are no longer a material amount. Therefore, the Company changed its loan disclosures during 2015. Loans held for sale are presented separately . At December 31 , 2016 , the remaining covered loans amounting to $ 61.1 million, net carrying amount ($ 73.0 million gross amount), are included as part of acquired Eurobank loans under the name "loans secured by 1-4 family residential properties". At December 31 , 2015 , covered loans amounted to $ 67.2 million, net carrying amount ($ 92.3 million gross amount). Interest income recognized for covered loans during the year ended December 31, 2016 and 2015 was $ 8.6 million and $ 33.7 million, respectively . The decrease in interest income recognized for covered loans is mainly due to the expiration of the FDIC loss-share coverage related to commercial and other-non single family residential loans on June 30, 2015. Effective February 6, 2017, the Bank and the FDIC agreed to terminate the single family and commercial shared-loss agreements . Effective June 30, 2016, pursuant to supervisory direction, the Company revised the purchase credit impaired policy for all loans accounted for under ASC 310-30 ( Loans and Debt Securities Acquired with Deteriorated Credit Quality ). Under the revised policy , the Company writes-off the loan’s recorded investment and derecognizes the associated allowance for loan and lease losses for loans that exit the acquired pools. The revised policy was implemented prospectively due to the immaterial impact of retrospecti ve adoption. Prior to June 30, 2016, the pool’s carrying value and allowance was determined by discounting expected cash flows at the pool’s effective yield. The allowance for loan and lease losses was maintained until all of the loans in the pool were pai d off or charged-off. The transition to this revised policy during 2016 resulted in the de- recognition of $ 10.0 million and $ 7 4.4 million in the recorded investment balance and associated allowance for loans that had exited the pools, for acquired BBVAPR loans and acquired Eurobank loans, respectively, with no impact to the provision for loan and lease losses. Refer to Note 6 Allowances for Loan and Lease Losses . On October 7, 2016 , the Compa ny sold its outstanding $ 200.0 million participation in the Puerto Rico Electric Power Authority ("PREPA") line of credit for $ 123.5 million, slightly lower than the adjusted book balance, net of reserves. As a result of this transaction, the Company recognized a $ 56.2 million charge-off and $ 2.9 million provision for loan and lease losses . The composition of the Company’s loan portfolio at December 31 , 2016 and 2015 was as follows : December 31, 2016 2015 (In thousands) Originated and other loans and leases held for investment: Mortgage $ 721,494 $ 757,828 Commercial 1,277,866 1,441,649 Consumer 290,515 242,950 Auto and leasing 756,395 669,163 3,046,270 3,111,590 Allowance for loan and lease losses on originated and other loans and leases (59,300) (112,626) 2,986,970 2,998,964 Deferred loan costs, net 5,766 4,203 Total originated and other loans loans held for investment, net 2,992,736 3,003,167 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 5,562 7,457 Consumer 32,862 38,385 Auto 53,026 106,911 91,450 152,753 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20 (b) (4,300) (5,542) 87,150 147,211 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 569,253 608,294 Commercial 222,856 287,311 Construction 69,708 88,180 Consumer 4,301 11,843 Auto 85,676 153,592 951,794 1,149,220 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30 (31,056) (25,785) 920,738 1,123,435 Total acquired BBVAPR loans, net 1,007,888 1,270,646 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 73,018 92,273 Commercial and construction 81,460 142,377 Consumer 1,372 2,314 Total acquired Eurobank loans 155,850 236,964 Allowance for loan and lease losses on Eurobank loans (21,281) (90,178) Total acquired Eurobank loans, net 134,569 146,786 Total acquired loans, net 1,142,457 1,417,432 Total held for investment, net 4,135,193 4,420,599 Mortgage loans held-for-sale 12,499 13,614 Total loans, net $ 4,147,692 $ 4,434,213 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 tables present the aging of the recorded investment in gross originated and other loans held for investment as of December 31 , 2016 and 2015 by class of loans. Mortgage loans past due include delinquent loans in the GNMA buy-back option program. Servicers of loans u nderlying 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, 2016 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 $ 196 $ 2,176 $ 3,371 $ 5,743 $ - $ 44,542 $ 50,285 $ 158 Years 2003 and 2004 156 3,872 7,272 11,300 181 79,226 90,707 - Year 2005 - 1,952 4,306 6,258 180 43,571 50,009 - Year 2006 506 2,905 6,261 9,672 94 59,534 69,300 - Years 2007, 2008 and 2009 409 1,439 11,732 13,580 111 63,038 76,729 398 Years 2010, 2011, 2012, 2013 349 1,772 10,417 12,538 126 127,196 139,860 583 Years 2014, 2015 and 2016 47 123 1,357 1,527 - 106,672 108,199 - 1,663 14,239 44,716 60,618 692 523,779 585,089 1,139 Non-traditional - 498 4,730 5,228 - 17,631 22,859 - Loss mitigation program 8,911 7,205 16,541 32,657 3,599 67,272 103,528 1,724 10,574 21,942 65,987 98,503 4,291 608,682 711,476 2,863 Home equity secured personal loans - - - - - 337 337 - GNMA's buy-back option program - - 9,681 9,681 - - 9,681 - 10,574 21,942 75,668 108,184 4,291 609,019 721,494 2,863 Commercial Commercial secured by real estate: Corporate - - - - - 242,770 242,770 - Institutional - - 254 254 - 26,546 26,800 - Middle market - 60 3,319 3,379 1,304 230,298 234,981 - Retail 154 350 6,594 7,098 4,638 237,992 249,728 - Floor plan - - - - - 2,989 2,989 - Real estate - - - - - 16,395 16,395 - 154 410 10,167 10,731 5,942 756,990 773,663 - Other commercial and industrial: Corporate - - - - - 136,438 136,438 - Institutional - - - - - 180,285 180,285 - Middle market - - - - 1,278 80,355 81,633 - Retail 930 100 969 1,999 294 71,412 73,705 - Floor plan 8 - 61 69 - 32,073 32,142 - 938 100 1,030 2,068 1,572 500,563 504,203 - 1,092 510 11,197 12,799 7,514 1,257,553 1,277,866 - December 31, 2016 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 $ 527 $ 283 $ 525 $ 1,335 $ - $ 25,023 $ 26,358 $ - Overdrafts 16 12 5 33 - 174 207 - Personal lines of credit 41 4 32 77 - 2,327 2,404 - Personal loans 2,474 1,489 1,081 5,044 259 240,969 246,272 - Cash collateral personal loans 240 20 4 264 - 15,010 15,274 - 3,298 1,808 1,647 6,753 259 283,503 290,515 - Auto and leasing 42,714 19,014 8,173 69,901 181 686,313 756,395 - Total $ 57,678 $ 43,274 $ 96,685 $ 197,637 $ 12,245 $ 2,836,388 $ 3,046,270 $ 2,863 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 During 2015, the Company changed its early delinquency reporting on mortgage loans from one scheduled payment due to two scheduled payments due to be comparable with local peers, except for troubled-debt restructured loans which continue using one scheduled payment due for delinquency reporting. During 2016, the Company changed its early delinquency reporting on consumer and auto loans from one scheduled payment due to two scheduled payments to report consistently its retail portfolio. The change re sulted in a $ 19 thousand and $ 5.9 million reduction in early and total delinquency for consumer and auto loans, respectively. At December 31 , 2016 and 2015 , the Company had carrying balance of $ 136.6 million and $ 334.6 million, respectively, in origin ated and other loans held for investment granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities as part of the institutional commercial loan segment. All originated and other loans granted to the Puerto Rico government were c urrent at December 31 , 2016 and 2015 . Acquired Loans Acquired loans were initially measured at fair value and subsequently accounted for under either ASC 310-30 or ASC 310-20 (Non-refundable fees and Other Costs). We have acquired loans 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 c ontractually 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 statu s when past due in accordance with the Company’s non-accrual policy, and 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 lo an category at the end of the reporting period upon refinancing, renewal or normal re-underwriting. The following tables present the aging of the recorded investment in gross acquired BBVAPR loans accounted for under ASC 310-20 as of December 31 , 2016 an d 2015 , by class of loans: December 31, 2016 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 $ 33 $ - $ 110 $ 143 $ - $ - $ 143 $ - Floor plan - - 219 219 929 1,242 2,390 - 33 - 329 362 929 1,242 2,533 - Other commercial and industrial Retail 97 34 121 252 - 2,775 3,027 - Floor plan - - 2 2 - - 2 - 97 34 123 254 - 2,775 3,029 - 130 34 452 616 929 4,017 5,562 - Consumer Credit cards 736 369 708 1,813 - 28,280 30,093 - Personal loans 48 14 120 182 - 2,587 2,769 - 784 383 828 1,995 - 30,867 32,862 - Auto 3,652 1,355 517 5,524 15 47,487 53,026 - Total $ 4,566 $ 1,772 $ 1,797 $ 8,135 $ 944 $ 82,371 $ 91,450 $ - 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 $ - 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 , 2016 and 2015 is as follows: December 31, 2016 2015 (In thousands) Contractual required payments receivable: $ 1,669,602 $ 1,945,098 Less: Non-accretable discount 363,107 434,190 Cash expected to be collected 1,306,495 1,510,908 Less: Accretable yield 354,701 361,688 Carrying amount, gross 951,794 1,149,220 Less: allowance for loan and lease losses 31,056 25,785 Carrying amount, net $ 920,738 $ 1,123,435 At December 31 , 2016 and 2015 , the Company had $ 66.2 million and $ 80.9 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. 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 , 2016 , 2015 Year Ended December 31, 2016 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 268,794 $ 45,411 $ 19,615 $ 21,578 $ 6,290 $ 361,688 Accretion (32,834) (20,443) (5,811) (13,567) (2,982) (75,637) Change in expected cash flows (1) 13,949 310 1,251 (242) 15,267 Transfer (to) from non-accretable discount 56,156 (1,800) (865) (724) 616 53,383 Balance at end of year $ 292,115 $ 37,117 $ 13,249 $ 8,538 $ 3,682 $ 354,701 Non-Accretable Discount Activity: Balance at beginning of year $ 374,772 $ 11,781 $ 6,764 $ 22,039 $ 18,834 $ 434,190 Change in actual and expected losses (13,001) (3,916) (329) (356) (98) (17,700) Transfer from (to) accretable yield (56,156) 1,800 865 724 (616) (53,383) Balance at end of year $ 305,615 $ 9,665 $ 7,300 $ 22,407 $ 18,120 $ 363,107 Year Ended December 31, 2015 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 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 actual and expected losses - 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 year $ 268,794 $ 45,411 $ 19,615 $ 21,578 $ 6,290 $ 361,688 Non-Accretable Discount Activity: Balance at beginning of year $ 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 year $ 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 year $ 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 year $ 298,364 $ 61,196 $ 25,829 $ 53,998 $ 6,559 $ 445,946 Non-Accretable Discount Activity: Balance at beginning of year $ 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 year $ 389,839 $ 23,069 $ 3,486 $ 16,215 $ 24,018 $ 456,627 Acquired Eurobank Loans The carrying amount of acquired Eurobank loans at December 31 , 2016 and 2015 is as follows: December 31 2016 2015 (In thousands) Contractual required payments receivable: $ 232,698 $ 342,511 Less: Non-accretable discount 12,340 21,156 Cash expected to be collected 220,358 321,355 Less: Accretable yield 64,508 84,391 Carrying amount, gross 155,850 236,964 Less: Allowance for covered loan and lease losses 21,281 90,178 Carrying amount, net $ 134,569 $ 146,786 The following tables describe the accretable yield and non- accretable discount activity of acquired Eurobank loans for the years ended December 31 , 2016 , 2015 and 2014 : Year Ended December 31, 2016 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 year $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Accretion (8,942) (19,593) (90) (60) (1,813) (30,498) Change in expected cash flows 2,134 13,722 1 (15) (1,386) 14,456 Transfer from (to) non-accretable discount 693 (4,624) 28 75 (13) (3,841) Balance at end of year $ 45,839 $ 16,475 $ 2,194 $ - $ - $ 64,508 Non-Accretable Discount Activity: Balance at beginning of year $ 12,869 $ - $ - $ - $ 8,287 $ 21,156 Change in actual and expected losses (3,735) (744) 39 75 (8,292) (12,657) Transfer from (to) accretable yield (693) 4,624 (28) (75) 13 3,841 Balance at end of year $ 8,441 $ 3,880 $ 11 $ - $ 8 $ 12,340 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 year $ 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 actual and expected losses 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 year $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Non-Accretable Discount Activity: Balance at beginning of year $ 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 (to) from accretable yield (13,372) 23,486 937 (1,030) (2,467) 7,554 Balance at end of year $ 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 year $ 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 year $ 47,636 $ 37,920 $ 20,753 $ 2,479 $ 1,071 $ 109,859 Non-Accretable Discount Activity: Balance at beginning of year $ 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 year $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 Non-accrual Loans The following table presents the recorded investment in loans in non-accrual status by class of loans as of December 31 , 2016 and 2015 : December 31, December 31, 2016 2015 (In thousands) Originated and other loans and leases held for investment Mortgage Traditional (by origination year): Up to the year 2002 $ 3,336 $ 3,786 Years 2003 and 2004 7,668 5,737 Year 2005 4,487 3,627 Year 2006 6,746 8,189 Years 2007, 2008 and 2009 11,526 14,625 Years 2010, 2011, 2012, 2013 10,089 10,588 Years 2014, 2015 and 2016 1,404 663 45,256 47,215 Non-traditional 4,730 5,092 Loss mitigation program 20,744 20,172 70,730 72,479 Home equity loans, secured personal loans - 64 70,730 72,543 Commercial Commercial secured by real estate Middle market 4,682 12,729 Retail 11,561 8,726 16,243 21,455 Other commercial and industrial Institutional - 190,290 Middle market 1,278 1,565 Retail 1,950 1,932 Floor plan 61 39 3,289 193,826 19,532 215,281 Consumer Credit cards 525 369 Personal lines of credit 32 100 Personal loans 1,420 1,146 Cash collateral personal loans 4 16 1,981 1,631 Auto and leasing 9,052 8,418 Total non-accrual originated loans $ 101,295 $ 297,873 December 31, December 31, 2016 2015 (In thousands) Acquired BBVAPR loans accounted for under ASC 310-20 Commercial Commercial secured by real estate Retail $ 143 $ 228 Floor plan 1,149 467 1,292 695 Other commercial and industrial Retail 121 178 Floor plan 2 7 123 185 1,415 880 Consumer Credit cards 708 489 Personal loans 120 46 828 535 Auto 552 831 Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20 2,795 2,246 Total non-accrual loans $ 104,090 $ 300,119 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. In addition, these loans are excluded fr om the impairment analysis. At December 31 , 2016 and 2015 , loans whose terms have been extended an d which are classified as troubled-debt restructurings that are not included in non-accrual loans amounted to $ 98.1 million and $ 93.6 million, respectively, as they are performing under their new terms. 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 $ 54.3 million and $ 235.8 million at December 31 , 2016 and 2015 , respectively. Impaired commercial loans at December 31 , 2015 included the PREPA line of credit with an unpaid principal balance of $ 190.3 million which was sold in 2016 . The impaired commercial loans were measured based on the fair value o f collateral or the present value of cash flows, including those identified as troubled-debt restructurings . The allowance for loan and lease losses for impaired commercial loans amounted to $ 1.8 million and $ 55.9 million at December 31 , 2016 and 2015 , respectively. The allowance for loan and lease losses for impaired commercial loans at December 31, 2015 include d $ 53.3 million of specific allowance for PREPA. The total investment in impaired mortgage loans was $ 91.6 million and $ 90.0 million at December 31 , 2016 and 2015 , respectively. Impairment on mortgage loans assessed as troubled-debt restructurings was measured using the present value of cash flows. The allowance for loan losses for impaired mortgage loans amounted to $ 7.8 million and $ 9.2 mi llion at December 31 , 2016 and 2015 , respectively. Originated and Other Loans and Leases Held for Investment The 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 allowance for loan and lease losses at December 31 , 2016 and 2015 are as follows: December 31, 2016 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 13,183 $ 11,698 $ 1,626 14% Residential impaired and troubled-debt restructuring 100,101 91,650 7,761 8% Impaired loans with no specific allowance: Commercial 49,038 41,441 N/A 0% Total investment in impaired loans $ 162,322 $ 144,789 $ 9,387 6% 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 0% Total investment in impaired loans $ 350,252 $ 325,267 $ 65,180 11% Acquired BBVAPR Loans Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) The 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 , 2016 and 2015 are as follows: December 31, 2016 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 944 $ 929 141 15% Impaired loans with no specific allowance Commercial $ 240 $ 221 N/A 0% Total investment in impaired loans $ 1,184 $ 1,150 $ 141 12% December 31, 2015 Unpaid Recorded Specific Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 486 $ 474 N/A 0% Total investment in impaired loans $ 486 $ 474 $ - 0% Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) The 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 , 2016 and 2015 are as follows : December 31, 2016 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 595,757 $ 569,250 $ 2,682 0% Commercial 160,254 156,241 19,873 13% Construction 38,838 39,287 3,579 9% Auto 92,797 85,676 4,922 6% Total investment in impaired loan pools $ 887,646 $ 850,454 $ 31,056 4% 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% 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 spec ific allowance for loan losses . Acquired Eurobank Loans The Company’s recorded investment in acquired Eurobank loan pools that have recorded impairments and their related allowance for loan and lease losses as of December 31 , 2016 and 2015 are as follows : December 31, 2016 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 $ 88,017 $ 73,018 $ 11,947 16% Commercial and construction 81,992 72,140 9,328 13% Consumer 29 1,372 6 0% Total investment in impaired loan pools $ 170,038 $ 146,530 $ 21,281 15% December 31, 2015 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 $ 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% The tables above only present information with respect to acquired Eurobank 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 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 2016, 2015, and 2014 : Year Ended December 31, 2016 2015 2014 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 $ 452 $ 118,980 $ 280 $ 175,115 $ 237 $ 5,899 Residential troubled-debt restructuring 3,190 91,139 3,219 90,736 2,623 90,383 Impaired loans with no specific allowance Commercial 1,941 40,443 1,350 64,356 9,400 90,748 Total interest income from impaired loans $ 5,583 $ 250,562 $ 4,849 $ 330,207 $ 12,260 $ 187,030 Acquired loans accounted for under ASC 310-20: Impaired loans with specific allowance Commercial $ - $ 319 $ - $ - $ - $ - Impaired loans with no specific allowance Commercial - 608 - - - - Total interest income from impaired loans $ 5,583 $ 251,489 $ 4,849 $ 330,207 $ 12,260 $ 187,030 Modifications The following tables present the troubled-debt restructurings during the years ended 2016, 2015 and 2014 Year Ended December 31, 2016 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 90 $ 11,684 6.05% 351 $ 11,625 4.77% 439 Co |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2016 | |
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 , 2016 and 2015 was as follows : December 31, December 31, 2016 2015 (In thousands) Allowance for loans and lease losses on non-acquired loans: Originated and other loans and leases held for investment: Mortgage $ 17,344 $ 18,352 Commercial 8,995 64,791 Consumer 13,067 11,197 Auto and leasing 19,463 18,261 Unallocated 431 25 Total allowance for originated and other loans and lease losses 59,300 112,626 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 169 26 Consumer 3,028 3,429 Auto 1,103 2,087 4,300 5,542 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 2,682 1,762 Commercial 23,452 21,161 Auto 4,922 2,862 31,056 25,785 Total allowance for acquired BBVAPR loans and lease losses 35,356 31,327 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 11,947 22,570 Commercial and other construction 9,328 67,365 Consumer 6 243 Total allowance for acquired Eurobank loan and lease losses 21,281 90,178 Total allowance for loan and lease losses $ 115,937 $ 234,131 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. Allowance for Originated and Other Loan and Lease Losses Held for Investment The following tables presents 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, 2016 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 $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Charge-offs (6,767) (62,445) (11,554) (31,731) - (112,497) Recoveries 330 460 452 12,871 - 14,113 Provision for originated and other loans and lease losses 5,429 6,189 12,972 20,062 406 45,058 Balance at end of year $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 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 year $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 December 31, 2016 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 $ 7,761 $ 1,626 $ - $ - $ - $ 9,387 Collectively evaluated for impairment 9,583 7,369 13,067 19,463 431 49,913 Total ending allowance balance $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 Loans: Individually evaluated for impairment $ 91,650 $ 53,139 $ - $ - $ - $ 144,789 Collectively evaluated for impairment 629,844 1,224,727 290,515 756,395 - 2,901,481 Total ending loan balance $ 721,494 $ 1,277,866 $ 290,515 $ 756,395 $ - $ 3,046,270 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 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, 2016 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 26 $ 3,429 $ 2,087 $ 5,542 Charge-offs (42) (3,619) (2,155) (5,816) Recoveries 73 301 1,945 2,319 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 112 2,917 (774) 2,255 Balance at end of year $ 169 $ 3,028 $ 1,103 $ 4,300 Year Ended December 31, 2015 Commercial Consumer Auto 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 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 December 31, 2016 Commercial Consumer Auto 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: Individually evaluated for impairment $ 141 $ - $ - $ 141 Collectively evaluated for impairment 28 3,028 1,103 4,159 Total ending allowance balance $ 169 $ 3,028 $ 1,103 $ 4,300 Loans: Individually evaluated for impairment $ 1,150 $ - $ - $ 1,150 Collectively evaluated for impairment 4,412 32,862 53,026 90,300 Total ending loan balance $ 5,562 $ 32,862 $ 53,026 $ 91,450 December 31, 2015 Commercial Consumer Auto 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 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, 2016 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 $ 1,762 $ 21,161 $ - $ 2,862 $ 25,785 Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 1,105 11,710 - 2,693 15,508 Loan pools fully charged-off (14) (66) - (202) (282) Allowance de-recognition (171) (9,353) - (431) (9,955) Balance at end of year $ 2,682 $ 23,452 $ - $ 4,922 $ 31,056 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 $ 5 $ 13,476 $ - $ - $ 13,481 Provision (recapture) for BBVAPR loans and lease losses accounted for under ASC 310-30 1,757 12,037 - 2,862 16,656 Loan pools fully charged-off - (4,352) - - (4,352) Balance at end of year $ 1,762 $ 21,161 $ - $ 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 $ 5 1,713 413 732 2,863 Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 - 11,763 (413) (732) 10,618 Loan pools fully charged-off - - - - - Balance at end of year $ 5 $ 13,476 $ - $ - $ 13,481 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 trends are assessed at the pool level, by comparing information from the latest evaluation period through the end of the reporting period. The changes in the allowance for loan and lease losses on acquired Eurobank loans for the years ended December 31, 2016, 2015 and 2014 were as follows: Year Ended December 31, 2016 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 $ 22,570 $ 67,365 $ 243 $ - $ 90,178 Provision for (recapture) covered loan and lease losses, net 1,080 $ 1,183 (8) - 2,255 Loan pools fully charged-off - (134) - - (134) Allowance de-recognition from new policy (15,094) (59,086) (229) - (74,409) FDIC shared-loss portion of provision for covered loan and lease losses, net 3,391 - - - 3,391 Balance at end of year $ 11,947 $ 9,328 $ 6 $ - $ 21,281 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 $ 5,469 $ 58,511 $ 265 $ - $ 64,245 Provision for covered loan 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 covered loan and lease losses, net 105 2,398 - - 2,503 Balance at end of year $ 22,570 $ 67,365 $ 243 $ - $ 90,178 Year Ended December 31, 2014 Mortgage Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for Eurobank loans: Balance at beginning of year $ 2,441 $ 49,797 $ 491 $ - $ 52,729 Provision for (recapture) covered loan and lease losses, net 2,144 3,717 (181) - 5,680 FDIC shared-loss portion of provision for covered loan and lease losses, net 884 4,997 (45) - 5,836 Balance at end of year $ 5,469 $ 58,511 $ 265 $ - $ 64,245 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. At December 31 , 2016 and 2015 , allowance for loan losses on loans covered by the FDIC shared-loss agreement amounted $ 11.9 million and $ 2 2.6 mill ion, respectively, the provision for covered loan and lease losses for the years ended December 31, 2016, 2015, and 2014 was $ 1. 1 million , $ 17.7 million, and $ 5.7 million, respectively. |
FDIC Indemnification Asset and
FDIC Indemnification Asset and True-up Payment Obligation | 12 Months Ended |
Dec. 31, 2016 | |
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 other repossessed properties covered by the agreements. The acquired loans, foreclosed real estate, and other repossessed properties subject to the shared-l oss 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 fam ily residential mortgage loans is ten years with respect to losses and loss recoveries, while the term of the shared-loss agreement covering commercial loans is five years with respect to losses and eight years with respect to loss recoveries, from the Apr il 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 related to the collection and preservation of covered assets to be reimbursed at an 80% level. The FDIC indemnification asset represents the portion of estimated losses covered by the shared-loss agreements between the Bank and the FDIC. The following table presents the activity in the FDIC indemnification asset and true-up paymen t obligation for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 (In thousands) FDIC indemnification asset: Balance at beginning of year $ 22,599 $ 97,378 $ 189,240 Shared-loss agreements reimbursements from the FDIC (1,573) (55,723) (47,666) Increase in expected credit losses to be covered under shared-loss agreements, net 3,391 2,503 5,836 FDIC indemnification asset expense (8,040) (36,398) (62,285) Final settlement with the FDIC on commercial loans - (1,589) - Net expenses (reimbursements) incurred under shared-loss agreements (1,966) 16,428 12,253 Balance at end of year $ 14,411 $ 22,599 $ 97,378 True-up payment obligation: Balance at beginning of year $ 24,658 $ 21,981 $ 18,510 Change in true-up payment obligation 2,128 2,677 3,471 Balance at end of year $ 26,786 $ 24,658 $ 21,981 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 account. The underly ing factors 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 beha vior of defaults, recoveries and losses of the corresponding pool of covered loans. The FDIC indemnification asset shared-loss expense for the year ended December 31, 2016, 2015 and 2014 amounted to $8.0 million, $36 .4 million and $62.3 million, respectiv ely. 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 quar ter of 2015. At December 31, 2016 and 2015, the FDIC indemnification asset reflects only the balance for single family residential mortgage loans. The Company owes the FDIC for the recovery of prior claims. At December 31, 2016 and 2015, the liability for these payments amounted to $ 500 thousand and $ 2.1 million, respectively , and is recorded in other liabilities in the consolidated statements of financial condition unti l cash is paid to the FDIC. 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 w ill 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 t he 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 aver age 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 conditi on. 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-lo ss 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 2016 and 2015 : December 31, 2016 2015 (In thousands) Carrying amount (fair value) $ 26,786 $ 24,658 Undiscounted amount $ 33,635 $ 34,956 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, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 (In thousands) FDIC indemnification asset expense $ 8,040 $ 36,398 $ 62,285 Change in true-up payment obligation 2,128 2,677 3,471 Reimbursement to FDIC for recoveries 3,413 2,144 - Final settlement with the FDIC on commercial loans - 1,589 - Total FDIC shared-loss expense, net $ 13,581 $ 42,808 $ 65,756 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment Abstract | |
Property Plant And Equipment Disclosure Text Block | NOTE 8 — PREMISES AND EQUIPMENT Premises and equipment at December 31, 201 6 and 201 5 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, (Years) 2016 2015 (In thousands) Land — $ 5,638 $ 5,638 Buildings and improvements 40 64,048 64,392 Leasehold improvements 5 — 10 20,414 20,166 Furniture and fixtures 3 — 7 14,479 13,656 Information technology and other 3 — 7 26,003 23,226 130,582 127,078 Less: accumulated depreciation and amortization (60,175) (52,488) $ 70,407 $ 74,590 Depreciation and amortization of premises and equipment totaled $ 9.4 million in 201 6 , $ 11.1 million in 2015 and $ 10.2 million in 2014. 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, 2016 | |
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 calcu lates 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. At December 31 , 2016 , the servicing asset amounted to $9.9 million ($7.5 million — December 31 , 2015 ) related to mortgage servicing rights. During 2015, the Company completed the sale of certain servicing assets for approximately $ 7.0 million. The Com pany 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, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 (In thousands) Fair value at beginning of year $ 7,455 $ 13,992 $ 13,801 Sale of mortgage servicing rights - (5,927) - Servicing from mortgage securitizations or asset transfers 2,616 2,620 2,149 Changes due to payments on loans (489) (1,017) (1,072) 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 276 726 (886) Fair value at end of year $ 9,858 $ 7,455 $ 13,992 The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the year ended 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Constant prepayment rate 4.24% - 9.14% 5.23% - 15.24% 4.16% - 13.98% 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, 2016 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 9,858 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (220) Decrease in fair value due to 20% adverse change $ (430) Discount rate Decrease in fair value due to 10% adverse change $ (51) Decrease in fair value due to 20% adverse change $ (103) 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. Changes 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 contractual percentage of the outstanding principal balance and is recorded as income when earned. Serv icing fees on mortgage loans for the years ended 2016, 2015 and 2014 totaled $ 3.7 million, $ 4.8 million and $ 6.3 million, respectively |
Derivative Activities
Derivative Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Activities [Abstract] | |
Derivative Acitivities | NOTE 10 — DERIVATIVE S The following table presents the Company’s derivative assets and liabilities at December 31, 201 6 and 201 5 : December 31, 2016 2015 (In thousands) Derivative assets: Options tied to S&P 500 Index $ - $ 1,170 Interest rate swaps not designated as hedges 1,187 1,819 Interest rate caps 143 32 Other - 4 $ 1,330 $ 3,025 Derivative liabilities: Interest rate swaps designated as cash flow hedges 1,004 4,307 Interest rate swaps not designated as hedges 1,187 1,819 Interest rate caps 139 32 Other 107 4 $ 2,437 $ 6,162 Interest Rate Swaps The Company enters into interest rate swap contracts to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in a predetermined variable index rate. The interest rate swaps effectively fix the Company’s interest payments on an amount of forecasted interest expense attributable to the variable index rate corresponding to the swap notional stated rate. These swaps are designated as cash flow hedges for the forecasted wholesale borrowing transactions, are properly documented as such, and therefore, qualify for cash flow hedge accounting. Any gain or loss associated with the effective portion of the cash flow hedges is recognized in other comprehensive income (loss) and is subsequ ently 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 accumulated other comprehensive income to the extent there is no significant in effectiveness 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 interest rate swaps to operations in the next twelve months. The following table shows a summary of these swaps and their terms at December 31, 201 6 : Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 36,582 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 36,582 An accumulated unrealized loss of $ 1.0 million and $ 4.3 million was recognized in accumulated other comprehensive income (loss) related to the valuation of these swaps at December 31, 2016 and 2015, respectively , and the related liability is being reflected in the audited consolidated statements of financial condition. At December 31, 2016 and 2015, interest rate swaps not designated as hedging instruments that were offered to clients represented an asset of $1. 2 million and $1.8 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, 2016 a nd 2015, interest rate swaps not designated as hedging instruments that are the mirror-images of the derivatives offered to clients represented a liability of $1.2 million and $1.8 million, respectively, and were included as part of derivative liabilities in the consolidated statements of financial condition. The following table shows a summary of these interest rate swaps not designated as hedging instruments and their terms at December 31, 2016: Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 Interest Rate Swaps - Mirror Image Derivatives $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 Interest Rate Caps The Company has entered into interest rate cap transactions with various clients with floating-rate debt who wish to protect their financial results against increases in interest rates. In these cases, the Company simultaneously enters into mirror-image interest rate cap transactions with financial counterparties. None of these cap transactions qualify for hedge accounting, and therefore, they are marked to market through earnings. As of December 31, 2016 and 2015 , t he outstanding total notional amount of interest rate caps was $ 136.1 million and $ 109.8 million, respectively. At December 31, 2016 and 2015 , the interest rate caps sold to clients represented a liability of $13 9 thousand and $32 thousand, respectively, and were included as part of derivative liabilities in the audited consolidated statements of financial condition. At December 31, 2016 and December 31, 2015 , the interest rate caps purchased as mirror-images represented an asset of $1 4 3 thousand and $ 32 thousand, respectively , and were included as part of derivative assets in the audited consolidated statements of financial condition. Options Tied to Standard & Poor’s 500 Stock Market Index (S&P Index) In the past, the Company offered its customers certificates of deposit with an option tied to the performance of the S&P 500 Index. The Company used option agreements with major broker-dealers to manage its exposure to changes in this index. Under the terms of the option agreements, the Company received the average increase i n the month-end value of the index in exchange for a fixed premium. The changes in fair value of the option agreements used to manage the exposure in the stock market in the certificates of deposit were recorded in earnings. At December 31, 2016, there wer e no transactions outstanding, and given the market conditions and lack of client demand, the Company is not offering option indexed certificates of deposit to customers. At December 31, 2015, the purchased options used to manage exposure to the S&P 500 Ind ex on stock indexed deposits represented an asset of $1.2 million (notional amount of $ 3.4 million), and the options sold to customers embedded in the certificates of deposit and recorded as deposits in the consolidated statements of financial condition, r epresented a liability of $ 1.1 million (notional amount of $ 3.2 million). |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consists of the following: December 31, 2016 2015 (In thousands) Loans, excluding acquired loans $ 16,706 $ 16,020 Investments 3,521 4,617 $ 20,227 $ 20,637 Other assets at December 31, 2016 and 2015 consist of the following : December 31, 2016 2015 (In thousands) Prepaid expenses $ 17,096 $ 11,762 Other repossessed assets 3,224 6,226 Core deposit and customer relationship intangibles 6,160 7,838 Mortgage tax credits 6,277 6,277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 46,525 42,786 $ 80,365 $ 75,972 Prepaid expenses amounting to $17.1 million and $11.8 million at December 31, 2016 and 2015, respectively, include prepaid municipal, property and income taxes aggregating to $ 12.5 million and $ 7.0 million, respectively. In connection with the FDIC-assisted acquisition and the BBVAPR Acquisition, the Company recorded a core deposit intangible representing the value of checking and savings deposits acquired. At December 31, 2016 and 2015 this core deposit intangible amounted to $ 4.3 million a nd $ 5.3 million , respectively. In addition, 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 Acquisitio n. At December 31, 2016 and 2015 , this customer relati onship intangible amounted to $ 1.9 million and $ 2.5 million , respectively . Other repossessed assets totaled $3.2 million and $6.2 million at December 31, 2016 and 2015, respectively, include repossesse d automobiles amounting to $ 3.0 million and $ 5.5 million , respectively, which are recorded at their net realizable value. At December 31, 2016 and 2015, tax credits for the Company totaled $6.3 million for both periods. These tax credits do not have an ex piration date. |
Deposits and Related Interest
Deposits and Related Interest | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consist of the following: December 31, 2016 2015 (In thousands) Non-interest bearing demand deposits $ 848,502 $ 762,009 Interest-bearing savings and demand deposits 2,219,452 2,208,180 Individual retirement accounts 265,754 268,799 Retail certificates of deposit 563,965 441,998 Institutional certificates of deposit 190,419 253,791 Total core deposits 4,088,092 3,934,777 Brokered deposits 576,395 782,974 Total deposits $ 4,664,487 $ 4,717,751 Brokered deposits include $ 508.4 million in certificates of deposits and $ 68.0 million in money market accounts at December 31, 2016, and $ 711.4 million in certificates of deposits and $ 71.6 million in money market accounts at December 31, 2015. T he weighted average interest rate of the Company’s deposits was 0.6 2 % and 0.57 % at December 31, 2016, and 2015 respectively. Interest expense for the years ended December 31, 2016, 2015 and 2014 was as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Demand and savings deposits $ 12,004 $ 12,414 $ 17,724 Certificates of deposit 17,249 14,620 16,230 $ 29,253 $ 27,034 $ 33,954 At December 31, 2016 and 2015, demand and interest-bearing deposits and certificates of deposit included deposits of Puerto Rico Cash & Money Market Fund, Inc., which amounted to $ 15.3 million and $ 103.7 million, respectively, with a weighted average rate of 0.77 % for both periods. As of December 31, 2015 deposits were collateralized with investment securities with a fair value of $ 81.6 million. As of December 31, 2016, these deposits were not collateralized. The Puerto Rico Cash & Money Market Fund, Inc. ("the Fund") has commenced a process for its eventual dissolution and liquidation, as set forth in the no-objection letter issued by the OCFI on June 21, 2016 . At December 31, 2016 and 2015, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 344.0 million and $ 376.8 million, respectively. Such amounts include public fund time deposits from various Puerto Rico government municipalities, agencies, and corporations of $ 2.1 million and $ 7.6 million at a weighted average rate of 0.50 % and 0.49 % at December 31, 2016 and 2015, respectively. At December 31, 2016 and 2015, total public fund dep osits from various Puerto Rico government municipalities, agencies, and corporations amounted to $ 170.7 million and $ 99.0 million, respectively. These public funds were collateralized with commercial loans amounting to $ 209.2 million at December 31, 2016 a nd $ 410.9 million at December 31, 2015 Excluding accrued interest of $ 1.7 million , the scheduled maturities of certificates of deposit at December 31, 2016 are as follows : December 31, 2016 (In thousands) Within one year: Three (3) months or less $ 277,621 Over 3 months through 1 year 534,548 812,169 Over 1 through 2 years 488,440 Over 2 through 3 years 154,545 Over 3 through 4 years 29,701 Over 4 through 5 years 41,949 $ 1,526,804 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 $ 575 thousand and $ 1.5 million as of December 31, 2016 and 2015, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 13 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At December 31, 2016, 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 these agreements. At December 31, 2016 and 2015, securities sold under agreements to repurchase (classified by counterpar ty), excluding accrued interest in the amount of $ 1.5 million and $ 2.2 million, respectively, were as follows: December 31, 2016 2015 Fair Value of Fair Value of Borrowing Underlying Borrowing Underlying Balance Collateral Balance Collateral (In thousands) PR Cash and Money Market Fund $ 70,010 $ 74,538 $ - $ - JP Morgan Chase Bank NA 350,219 376,674 262,500 283,483 Credit Suisse Securities (USA) LLC 232,000 249,286 670,000 737,887 Total $ 652,229 $ 700,498 $ 932,500 $ 1,021,370 The following table shows a summary of the Company’s repurchase agreements and their terms, excluding accrued interest in the amount of $1.5 million, at December 31, 2016: Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2017 $ 70,010 0.77% 12/27/2016 1/3/2017 47,719 0.20% 12/7/2016 1/5/2017 232,000 4.78% 3/2/2007 3/2/2017 2018 202,500 1.42% 12/10/2012 4/29/2018 2019 25,000 1.52% 12/9/2016 6/9/2019 75,000 1.46% 12/9/2016 12/9/2019 $ 652,229 2.47% A l l the repurchase agreements referred above with maturity up to the date of this report were renewed by the Company. A repurchase agreement in the original amount of $ 500 million with an original term of ten years, maturing on March 2, 2017, was modified in February 2016 to terminate, before maturity, $ 268.0 million of this repurchase agreement at a cost of $12.0 million, included as a loss on early extinguishment of debt in the consolidated statements of operations. The remaining balance of this repurchase agreement was $ 232.0 million at December 31, 2016 . 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, 2016 and 2015. There was no cash collateral at December 31, 2016 and 2015. December 31, 2016 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 $ 349,729 3.35% $ 248,288 $ 75,536 $ 48,954 $ 372,778 Over 90 days 302,500 1.44% 327,627 93 - 327,720 Total $ 652,229 2.47% $ 575,915 $ 75,629 $ 48,954 $ 700,498 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 The following summarizes significant data on securities sold under agreements to re purchase as of December 31, 2016 and 201 5 , excluding accrued interest: December 31, 2016 2015 (In thousands) Average daily aggregate balance outstanding $ 663,845 $ 1,012,756 Maximum outstanding balance at any month-end $ 902,500 $ 1,158,945 Weighted average interest rate during the year 2.83% 2.92% Weighted average interest rate at year end 2.47% 3.10% 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 December 31, 2016 and 2015, these advances were secured by mortgage and commercial loans amounting to $ 1.4 billion and $ 1. 3 billion, respectively. Also, at December 31, 2016 and 2015, the Company had an additional borrowing capacity with the FHLB-NY of $ 1.2 billion and $ 770.6 million, respectively. At December 31, 2016 and 2015, the weighted average remaining maturity of FHLB ’s advances was 10.6 months and 6.3 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, 20 16. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $ 3 00 thousand , at December 31, 2016 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2017 $ 36,582 0.69% 12/1/2016 1/3/2017 4,031 1.24% 4/3/2012 4/3/2017 40,613 2018 30,000 2.19% 1/16/2013 1/16/2018 25,000 2.18% 1/16/2013 1/16/2018 55,000 2020 9,541 2.59% 7/19/2013 7/20/2020 $ 105,154 1.66% All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. Subordinated Capital Notes Subordinated capital notes amounted to $36.1 million and $102.6 million at December 31, 2016 and 2015 , respectively. On September 29, 2016, the Company repaid $ 67.0 million of subordinated capital notes at maturity. In August 2003, the Statutory Trust II, a special purpose entity of the Company, was formed for the purpose of issuing trust r edeemable 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 ( 3.94 % at December, 2016; 3 .48 .% at December 31, 2015), is payable quarterly, and matures on September 17, 2033. It may be called at par after five years and quarterly thereafter (next call date March 2017). The trust redeemable preferred securities have the same maturity and call provisions as the subordinated deferrable interest debenture. The subordinated deferrable interest debenture issued by the Company is accounted for as a liability denominated as a subordinated capital note on the consolidat ed 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 preferred 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 Tier 1 capital. Therefore, the Company is permitted to continue to include its existing trust pre Other borrowings As of December 31, 2015, the Company pr esented in the consolidated statements of financial condition other borrowings amounting to $1.7 million, which mainly consist ed of unsecured fixed-rate borrowings. On July 21, 2016, the $ 1.7 million outstanding as a fixed-rate borrowing was repaid, as requested by the Trustee o f the Certificate of the Fund . |
Offset of Assets_Liabilities
Offset of Assets/Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015: December 31, 2016 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 $ 1,330 $ - $ 1,330 $ 2,003 $ - $ (673) 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, 2016 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 $ 2,437 $ - $ 2,437 $ - $ 1,980 $ 457 Securities sold under agreements to repurchase 652,229 - 652,229 700,498 - (48,269) Total $ 654,666 $ - $ 654,666 $ 700,498 $ 1,980 $ (47,812) 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) |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure Abstract | |
Pension And Other Postretirement Benefits Disclosure Text Block | NOTE 15 — 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 $ 18,000 . The Company's matching contribution is 50 cents for each dollar contributed by an employee, up to 4% of such employee’s base salary. It 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 to ERISA Section 407. The Company contributed $ 792 t housand, $ 808 thousand and $ 812 thousand in cash during 2016, 2015 and 2014, respectively. The Company’s contribution becomes 100% vested once the employee completes three years of service. 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 non-qualified plans are not subject to ERISA contribution limits nor are they subject to discrimination tests in terms of wh o 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 du e when the funds are withdrawn. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 16 — 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, 2016, 2015 and 2014 was as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Balance at the beginning of year $ 31,475 $ 27,011 $ 18,963 New loans and disbursements 2,329 13,581 21,797 Repayments (4,784) (9,117) (13,725) Credits of persons no longer considered related parties - - (24) Balance at the end of year $ 29,020 $ 31,475 $ 27,011 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 17 — INCOME TAXES The Company is subject to the dispositions of the 2011 Puerto Rico Internal Revenue Code , as amended (the " Code " ). T he Code imposes a maximum corporate tax rate of 39%. T he Company maintained a lower effective tax rate for the years ended December 31, 2016, 2015 and 2014 . Under Puerto Rico law, all companies 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 reg ular income tax or the alternative minimum tax (“ 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, 2016, 2015 and 2014 are as follows Year Ended December 31, 2016 2015 2014 (In thousands) Current income tax expense $ 2,768 $ 19,775 $ 13,097 Deferred income tax expense (benefit) 23,226 (37,329) 24,155 Total income tax expense (benefit) $ 25,994 $ (17,554) $ 37,252 In relation to the exempt income level, for 2016, 2015, and 2014 the Bank’s investment securities portfolio and loans portfolio generated net tax-exempt interest income of $ 10.0 million, $ 17.6 million, and $ 40.5 million, respectively. OIB generated exempt income of $ 10.3 million, $ 6.3 million and $ 16.5 million for the years ended 2016, 2015 and 2014, respectively. The Company’s income tax expense differs from amounts computed by applying the applicable statutory rate to income (loss) before income taxe s as follow: Year Ended December 31, 2016 2015 2014 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense (benefit) at statutory rates $ 33,220 39.00% $ (7,823) -39.00% $ 47,749 39.00% Tax effect of exempt and excluded income, net (11,178) -13.12% (8,625) -43.00% (10,002) -26.85% Disallowed net operating loss carryover 1,406 1.65% 556 2.77% 8,289 22.25% Change in valuation allowance (9) -0.01% (2,219) -11.06% (958) -2.57% Release of unrecognized tax benefits, net (135) -0.16% (385) -1.92% (1,093) -2.94% Loan tax basis change effect - 0.00% - 0.00% (7,642) -20.51% Capital (gain) loss at preferential rate 2,394 2.81% 283 1.41% - 0.00% Other items, net 296 0.34% 659 3.28% 909 2.00% Income tax expense (benefit) $ 25,994 30.51% $ (17,554) -87.52% $ 37,252 10.82% The Company classifies unrecognized tax benefits in income taxes payable. These gross unrecognized tax benefits would affect the effective tax rate if realized. At December 31, 2016 the amount of unrecognized tax benefits was $ 2.0 million (December 31, 2015 - $ 2.2 million). The Company had accrued $ 229 thousand at December 31, 2016 (December 31, 2015 - $ 175 thousand) for the payment of interest and penalties relating to unrecognized tax benefits. During 2016, $1. 4 million was released ba sed on the application of the statute of limitations, and an a dditional accrual of $ 1. 1 million was recorded due to other tax positions taken by management. The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2016 2015 2014 In thousands) Balance at beginning of year $ 2,175 $ 2,560 $ 4,042 Additions for tax positions of prior years 229 175 187 Additions (reductions) due to new tax positions 999 (560) (1,388) Reduction for tax positions as a result of lapse of statute of limitations (1,363) - (281) Balance at end of year $ 2,040 $ 2,175 $ 2,560 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 estim ates 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, 2016 2015 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 84,959 $ 129,234 Loans and other real estate valuation adjustment 11,120 10,759 Net capital and operating loss carry forwards 9,686 11,043 Alternative minimum tax 15,799 16,240 Deposit and borrowings valuation adjustment - 133 Unrealized net loss included in other comprehensive income 725 1,680 S&P option contracts - 393 Acquired portfolio 36,237 37,523 FDIC shared-loss indemnification asset 5,344 2,802 Other assets allowances 1,547 1,547 Other deferred tax assets 4,391 5,612 Total gross deferred tax asset 169,808 216,966 Less: valuation allowance (3,133) (3,142) Net gross deferred tax assets 166,675 213,824 Deferred tax liability: FDIC-assisted acquisition, net (25,862) (47,956) Customer deposit and customer relationship intangibles (2,402) (3,057) Loans and building valuation adjustment (9,522) (9,991) Unrealized net gain on available-for-sale securities - (2,566) Servicing asset (3,844) (2,907) Other deferred tax liabilities (845) (1,446) Total gross deferred tax liabilities (42,475) $ (67,923) Net deferred tax asset $ 124,200 $ 145,901 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 taxab le income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax asset are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowances at December 31, 2016. 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 re duced. The Company and its subsidiaries have operating loss carry-forwards for income tax purposes which are available to offset future taxable income and capital gains and are available until December 2025. The se operating loss carry-forwa rds amount to approximately $ 9. 5 million as of December 31, 2016. The Company follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for reco gnition 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 t ax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2016 and 2015 , 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 r isk-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, 2016 and 2015 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, 2016 Total capital to risk-weighted assets $ 876,657 19.62% $ 357,404 8.00% $ 446,756 10.00% Tier 1 capital to risk-weighted assets $ 819,662 18.35% $ 268,053 6.00% $ 357,404 8.00% Common equity tier 1 capital to risk-weighted assets $ 627,733 14.05% $ 201,040 4.50% $ 290,391 6.50% Tier 1 capital to average total assets $ 819,662 12.99% $ 252,344 4.00% $ 315,430 5.00% 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% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2016 Total capital to risk-weighted assets $ 857,259 19.23% $ 356,596 8.00% $ 445,745 10.00% Tier 1 capital to risk-weighted assets $ 800,544 17.96% $ 267,447 6.00% $ 356,596 8.00% Common equity tier 1 capital to risk-weighted assets $ 800,544 17.96% $ 200,585 4.50% $ 289,734 6.50% Tier 1 capital to average total assets $ 800,544 12.75% $ 251,200 4.00% $ 314,000 5.00% 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% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 is set forth below: Year Ended December 31, 2016 2015 2014 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 951,523 $ 12.45 888,571 $ 14.12 908,118 $ 14.46 Options granted - - 179,225 17.44 193,100 16.10 Options exercised (24,752) 12.43 (112,704) 19.78 (54,397) 11.86 Options forfeited (9,502) 16.65 (3,569) 16.09 (158,250) 19.29 End of year 917,269 $ 14.08 951,523 $ 12.45 888,571 $ 14.12 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2016 : 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 2.3 4,078 8.28 8.46 to 11.26 1,000 10.29 0.6 1,000 10.29 11.27 to 14.08 437,266 11.91 3.6 401,002 11.92 14.09 to 16.90 302,200 15.37 6.7 110,550 15.10 16.91 to 19.71 171,225 17.44 8.2 - - 19.72 to 22.53 1,500 21.86 1.2 1,500 21.86 917,269 $ 14.08 5.5 518,130 $ 12.60 Aggregate Intrinsic Value $ - $ 261,189 The average fair value of each option granted was $ 5.77 during 2015 and 2014 . 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 res trictions 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 price volatility and average life of each option grant. T he following assumptions were used in estimating the fair value of the options granted during the years ended December 31, 2015 and 2014, since there were no options granted during the year ended December 31, 2016. Year Ended December 31, 2015 2014 Weighted average assumptions: Dividend yield 1.89% 1.87% Expected volatility 40.93% 42.08% Risk-free interest rate 2.41% 2.38% Expected life (in years) 8.0 8.0 The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 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 138,400 $ 16.17 153,050 $ 14.95 158,750 $ 13.95 Restricted units granted - - 26,700 16.66 39,200 16.10 Restricted units lapsed (76,903) 16.04 (39,750) 11.83 (37,342) 12.03 Restricted units forfeited (1,697) 17.02 (1,600) 15.45 (7,558) 14.30 End of year 59,800 $ 16.64 138,400 $ 16.17 153,050 $ 14.95 The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2016 was $ 1.8 million and is expected to be recognized over a weighted-average period of 2.3 year s. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
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 both periods , December 31, 2016 and 2015 accumulated issuance costs charged against additional paid in capital amounted to $ 13.6 million and $ 10.1 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, 2016 and 2015, the Bank’s legal surplus amounted to $ 76.3 million and $ 70.4 million , respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under the Company’s current stock repurchase program it is authorized to purchase in the open market up to $ 70 million of its outstanding shares of common stock, of which approximately $ 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, 2016 the Company did not purchase any shares under the program. During the year ended December 31, 2015 , t he Co mpany 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 At December 31, 2016 the number of shares that may yet be purchased under the $70 million program is estimated at 590,141 and was calculated by dividing the remaining balance of $ 7.7 million by $ 13.10 (closing price of the Company common stock at December 31, 2016 . The activity in connection with common shares held in treasury by the Company for the years ended December 31, 2016 and 2015 is set forth below : Year Ended December 31, 2016 2015 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of year 8,757,960 $ 105,379 8,012,254 $ 97,070 Common shares used upon lapse of restricted stock units (46,935) (519) (58,279) (641) Common shares repurchased as part of the stock repurchase program - - 803,985 8,950 End of year 8,711,025 $ 104,860 8,757,960 $ 105,379 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Abstract | |
Comprehensive Income Note Text Block | NOTE 21 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income tax es , as of December 31, 2016, and 2015 consisted of: December 31, 2016 2015 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 1,617 $ 22,044 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 592 (1,924) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 2,209 16,924 Unrealized loss on cash flow hedges (1,004) (4,307) Income tax effect of unrealized loss on cash flow hedges 391 1,380 Net unrealized loss on cash flow hedges (613) (2,927) Accumulated other comprehensive income, net of income taxes $ 1,596 $ 13,997 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, 2016 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 16,924 $ (2,927) $ 13,997 Other comprehensive loss before reclassifications (14,454) (1,628) (16,082) Amounts reclassified out of accumulated other comprehensive income (loss) (261) 3,942 3,681 Other comprehensive income (loss) (14,715) 2,314 (12,401) Ending balance $ 2,209 $ (613) $ 1,596 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 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 125 7,345 7,470 Other comprehensive income 14,332 2,188 16,520 Ending balance $ 25,765 $ (6,054) $ 19,711 The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2016 , 2015 and 2014 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Year Ended December 31, Consolidated Statement 2016 2015 2014 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 3,642 $ 6,443 $ 6,572 Net interest expense Tax effect from increase in capital gains tax rate 300 (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 32 45 170 Income tax expense Tax effect from increase in capital gains tax rate (293) 516 (45) Income tax expense $ 3,681 $ 5,217 $ 7,470 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Text Block | NOTE 22 – EARNINGS (LOSS) PER COMMON SHARE The calculation of earnings (loss) per common share for the years ended December 31, 2016, 2015 and 2014 is as follows: Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Net income (loss) $ 59,186 $ (2,504) $ 85,181 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) Income (loss) available to common shareholders $ 45,324 $ (16,366) $ 71,319 Effect of assumed conversion of the convertible ' ' preferred stock 7,350 7,350 7,350 Income (loss) available to common shareholders assuming conversion $ 52,674 $ (9,016) $ 78,669 Weighted average common shares and share equivalents: Average common shares outstanding 43,913 44,231 45,024 Effect of dilutive securities: Average potential common shares-options 37 68 155 Average potential common shares-assuming ' ' conversion of convertible preferred stock 7,138 7,156 7,147 Total weighted average common shares ' ' outstanding and equivalents 51,088 51,455 52,326 Earnings (loss) per common share - basic $ 1.03 $ (0.37) $ 1.58 Earnings (loss) per common share - diluted $ 1.03 $ (0.37) $ 1.50 In computing diluted earnings (loss) per common share , the 84,000 shares of convertible preferred stock, which remain outstanding at December 31 , 2016 , 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 earnings (loss) p er common share, the divide nds declared during the years ended 2016, 2015 and 2014 on the convertible preferred stock were added back as income available to common shareholders. For the years ended 2016, 2015 and 2014 , weighted-average stock options with an anti-dilutive effect on (loss) earnings per share not included in the calculation amounted to 949,134 , 887 ,307 and 320,772 , respectively |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2016 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 23 – GUARANTEES At December 31, 2016, the unamortized balance of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $ 2. 0 million (December 31, 2015- $ 14.7 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 and securitization programs. At December 31, 2016 and 2015, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 20.1 million and $ 22.4 million, respectively. The following table shows the changes in the Company’s liability for estimated losses from these credit recourse agreements, included in the c onsolidated statements of financial condition during the years ended December 31, 2016, 2015 and 2014. Year Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 439 $ 927 $ 1,955 Net (charge-offs/terminations) recoveries 271 (488) (1,028) Balance at end of year $ 710 $ 439 $ 927 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. The reco urse obligation will be fully extinguished before the end of 2017. If a borrower 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 p otential amount of future payments that the Company would be required to make under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During 2016, the Company repurchased approximately $ 515 thousand of unpaid principal balance 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 Compan y suffers losses on these mortgage loans when the proceeds from a foreclosure 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 December 31, 2016, the Company’s liability for estimated credit losses related to loans sold with credit recourse amounted to $ 710 thousand (December 31, 2015– $ 439 thousand ). When the Company sells or securitizes mortgage loans, it general ly makes customary representations and warranties regarding the characteristics of the loans sold. The Company's mortgage operations division groups conforming mortgage loans into pools which are exchanged for FNMA and GNMA mortgage-backed securities, whic h are generally sold to private investors, or are sold directly to FNMA or other private investors for cash. As required under such mortgage backed securities programs, quality review procedures are performed by the Company to ensure that asset guideline q ualifications are met. To the extent the loans do not meet specified characteristics, the Company may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During the year ended December 31, 2016, t he Company repurchased $ 3.7 million (December 31, 2015 – $ 22.1 million) of unpaid principal balance in mortgage loans , excluding mortgage loans subject to credit recourse provision referred above . During 2016, 2015 and 2014, the Company recognized $ 380 thousand, $ 1.4 million and $ 143 thousand, respectively, in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 1.3 millio n, $ 2.5 million , and $ 2.5 million during 2016, 2015, and 2014, respectively, from the repurc hase of residential mortgage loans as a result of breaches of the customary representations and warranties. Servicing agreements relating to the mortgage-backed securities programs of FNMA and GNMA, and to mortgage loans sold or serviced to certain other investors, including the 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 December 31, 2016, the Company serviced $ 7 99.7 mill ion in mortgage loans for third-parties. The Company generally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applica ble FHA and VA insurance and guarantees programs. However, in the meantime, the Company must absorb the cost of the funds it advances during the time the advance is outstanding. The Company must also bear the costs of attempting to collect on delinquent an d 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 December 31, 2 016, the outstanding balance of funds advanced by the Company under such mortgage loan servicing agreements was approximately $ 33 4 thousand (December 31, 2015 - $ 301 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, 2016 | |
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, 201 6 and 201 5 were as follows: December 31, 2016 2015 (In thousands) Commitments to extend credit $ 492,885 $ 456,720 Commercial letters of credit 2,721 1,508 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. At December 31, 2016 and 2015, commitments to extend credit consisted mainly of undisbursed available amounts on commercial lines of credit, construction loans, and revolving credit card arrangements. Since many of the unused commitments are expected to expire unused or be only partially used, the total amount of these unused commitments does not necessarily represent future cash requirements. These lines of credit had a reserve of $ 667 thousand at December 31, 2016 and 2015. Commercial letters of cr edit are issued or confirmed to guarantee payment of customers’ payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term natu re of this instrument serves to mitigate the risk associated with these contracts. The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requireme nts for guarantees, including indirect guarantees of indebtedness of oth ers, at December 31, 2016, and 2015, is as follows: December 31, 2016 2015 (In thousands) Standby letters of credit and financial guarantees $ 4,041 $ 14,656 Loans sold with recourse 20,126 22,374 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 cred it risk involved in issuing letters of credit in the event of nonperformance is the face amount of the letter of credit or financial guarantee. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The amount of collateral obtained, if it is deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the customer. 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, 2016, 2015 and 2014, amounted to $ 8.5 million, $ 9.2 million and $ 9.7 million, respectively, and is included in the “occupancy and equipment” caption in the audited consolidated statements of operations. Future rental commitments under leases in effect at December 31, 2016 , exclusive of taxes, insurance, and maintenance expenses pa yable by the Company, are summarized as follows: Minimum Rent Year Ending December 31, (In thousands) 2017 $ 7,138 2018 6,563 2019 6,522 2020 5,795 2021 4,965 Thereafter 7,678 $ 38,661 |
Contingencies | Contingencies The Company and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, the Company and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of the Company, including the Bank (and its subsidiary OIB), Oriental Financial Services, and Oriental Insurance, are subject to regulation by various U.S., Puerto Rico and other regulators. The Company seeks to resolve all litigation and regulatory matters in the manner management believes is in the best interests of the Company and its shareholders, and contests allegations of liability or wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of the Company’s management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters would not be likely to have a material adverse effect on the 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 par ticular 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 significa nt . |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 25 - FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows the fair value measurement framework under GAAP. Fair Value Measurement The fair value measurement framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This framework also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Money market investments The fair value of money market investments is based on the carrying amounts reflected in the consolidated sta tements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. Investment securities The fair value of investment securities is based on quoted market prices, when available, or market price s provided by Interactive Data Corporation ("IDC"), and independent, well-recognized pricing company. Such securities are classified as Level 1 or Level 2 depending on the basis for determining fair value. If listed prices or quotes are not available, fai r 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, 2016 and 2015, the Company did not have in vestment 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 fa ir value of most of these derivative instruments is based on observable market parameters, which include discounting the instruments’ cash flows using the U.S. dollar LIBOR-based discount rates, and also applying yield curves that account for the industry sector and the credit rating of the counterparty and/or the Company. Certain other derivative instruments with limited market activity are valued using externally developed models that consider unobservable market parameters. Based on their valuation meth odology, derivative instruments are classified as Level 2 or Level 3. In the past, the Company offered its customers certificates of deposit with an option tied to the performance of the S&P Index and used equity indexed option agreements with major broker -dealers to manage its exposure to changes in this index. Their fair value was obtained through the use of an external based valuation that was thoroughly evaluated and adopted by management as its measurement tool for these options. The payoff of these op tions was linked to the average value of the S&P Index on a specific set of dates during the life of the option. The methodology used an average rate option or a cash-settled option whose payoff was based on the difference between the expected average valu e of the S&P Index during the remaining life of the option and the strike price at inception. The assumptions, which were uncertain and required a degree of judgment, included primarily S&P Index volatility, forward interest rate projections, estimated ind ex dividend payout, and leverage. At Dec ember 3 1 , 2016 , there were no options tied to the S&P Index outstanding . Servicing assets Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a discounted cash flow model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service and other economic factors. Due to the unobservable natu re of certain valuation inputs, the servicing rights are classified as Level 3. Impaired Loans Impaired loans are carried at the present value of expected future cash flows using the loan’s existing rate in a discounted cash flow calculation, or the fair value of the collateral if the loan is collateral-dependent. Expected cash flows are based on internal inputs reflecting expected default rates on contractual cash flows. This method of estimating fair value 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, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions of ASC 310-10-35 less disposition costs. Currently, the assoc iated loans considered impaired are classified as Level 3. Foreclosed real estate Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, broker price option or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. Other repossessed assets Other repossessed assets include repossessed automobiles. The fair value of the r epossessed 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 appraisal s. Assets and liabilities measured at fair value on a recurring and non-recurring basis , are summarized below: December 31, 2016 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 751,484 $ - $ 751,484 Trading securities - 347 - 347 Money market investments 5,606 - - 5,606 Derivative assets - 1,330 - 1,330 Servicing assets - - 9,858 9,858 Derivative liabilities - (2,437) - (2,437) $ 5,606 $ 750,724 $ 9,858 $ 766,188 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 54,289 $ 54,289 Foreclosed real estate - - 47,520 47,520 Other repossessed assets - - 3,224 3,224 $ - $ - $ 105,033 $ 105,033 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 - 1,855 1,170 3,025 Servicing assets - - 7,455 7,455 Derivative liabilities - (6,162) (1,095) (7,257) $ 4,699 $ 970,590 $ 7,530 $ 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 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, 2016, 2015 and 2014 : Year Ended December 31, 2016 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 $ - $ 1,171 $ 7,455 $ (1,095) $ 7,531 Gains (losses) included in earnings - (1,171) - 1,067 (104) New instruments acquired - - 2,616 - 2,616 Principal repayments - - (489) - (489) Amortization - - - 28 28 Changes in fair value of servicing assets - - 276 - 276 Balance at end of period $ - $ - $ 9,858 $ - $ 9,858 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 During 2016 , 2015 and 2014 , there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. There were no transfers into and out of Level 1 and Level 2 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, 2016 : December 31, 2016 Fair Value Valuation Technique Unobservable Input Range (In thousands) Servicing assets $ 9,858 Cash flow valuation Constant prepayment rate 4.24% - 9.14% Discount rate 10.00% - 12.00% Collateral dependant impaired loans $ 20,610 Fair value of property or collateral Appraised value less disposition costs 22.20% - 36.20% Other non-collateral dependant impaired loans $ 33,679 Cash flow valuation Discount rate 3.25% - 10.50% Foreclosed real estate $ 47,520 Fair value of property or collateral Appraised value less disposition costs 22.20% - 36.20% Other repossessed assets $ 3,224 Fair value of property or collateral Appraised value less disposition costs 22.20% - 36.20% Information about Sensitivity to Changes in Significant Unobservable Inputs Derivative asset (S&P Purchased Options) – The significant unobservable inputs used in the fair value measurement of the Company’s derivative assets related to S&P purchased options are implied option volatility and counterparty credit risk. Significant changes in any of those inputs in isolation would result in a significantly different fair value measurement. Generally, a change in the assumption used for implied option vola tility is not necessarily accompanied by directionally similar or opposite changes in the assumption used for counterparty credit risk. Servicing assets – The significant unobservable inputs used in the fair value measurement of the Company’s servicing as sets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the va luation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Derivative liability (S&P Embedded Options) – The significant unobservable inputs used in the fair value measurement of the Company’s derivative liability related to S&P purchased options were implied option volatility and counterparty credit risk. Significant changes in any of those inputs in isola tion 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 counterpa rty credit ris k. Fair Value of Financial Instruments The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Company. The estimated fair value is subjective in nature, involves uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could affect these fair value estimates. The fair value estimates do not take into consideration the value of future business and the value of assets and liabilities that are not financial instruments. Other significant tangible and intangible assets that are not considered financial instruments are the value of long-term customer relationships of retail deposits, and premises and equipment . The estimated fair value and carrying value of the Company ’s financial instruments at D ecember 31, 2016 and 2015 is as follows: December 31, December 31, 2016 2015 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 510,439 $ 510,439 $ 536,709 $ 536,709 Restricted cash $ 3,030 $ 3,030 $ 3,349 $ 3,349 Level 2 Financial Assets: Trading securities $ 347 $ 347 $ 288 $ 288 Investment securities available-for-sale $ 751,484 $ 751,484 $ 974,609 $ 974,609 Investment securities held-to-maturity $ 592,763 $ 599,884 $ 614,679 $ 620,189 Federal Home Loan Bank (FHLB) stock $ 10,793 $ 10,793 $ 20,783 $ 20,783 Other investments $ 3 $ 3 $ 3 $ 3 Derivative assets $ 1,330 $ 1,330 $ 1,855 $ 1,855 Financial Liabilities: Derivative liabilities $ 2,437 $ 2,437 $ 6,162 $ 6,162 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 3,917,340 $ 4,147,692 $ 4,101,219 $ 4,434,213 Derivative assets $ - $ - $ 1,170 $ 1,170 FDIC indemnification asset $ 8,669 $ 14,411 $ 17,786 $ 22,599 Accrued interest receivable $ 20,227 $ 20,227 $ 20,637 $ 20,637 Servicing assets $ 9,858 $ 9,858 $ 7,455 $ 7,455 Accounts receivable and other assets $ 46,518 $ 46,518 $ 42,786 $ 42,786 Financial Liabilities: Deposits $ 4,644,629 $ 4,664,487 $ 4,705,878 $ 4,716,656 Securities sold under agreements to repurchase $ 651,898 $ 653,756 $ 955,859 $ 934,691 Advances from FHLB $ 106,422 $ 105,454 $ 335,812 $ 332,476 Other borrowings $ 61 $ 61 $ 2,593 $ 1,734 Subordinated capital notes $ 30,230 $ 36,083 $ 94,940 $ 102,633 Accrued expenses and other liabilities $ 95,370 $ 95,370 $ 92,043 $ 92,043 Derivative liabilities embedded in deposits $ - $ - $ 1,095 $ 1,095 The following methods and assumptions were used to estimate the fair values of significant financial instruments at December 31, 2016 and 2015: • 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 carrying amounts reflected in the consolidated statements of financial condition as these are reasonable e stimates of fair value given the short-term nature of the instruments . • Investments in FHLB-NY stock are valued at their redemption value. • The fair value of investment securities, including trading securities and other investments, is based on quoted market prices, when available or prices provided from contracted pricing providers, or market prices provided by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both ob servable and unobservable inputs depending on the market activity of the instrument . • The fair value of the FDIC indemnification asset represents the present value of the net estimated cash payments expected to be received from the FDIC for future losses on covered assets based on the credit assumptions on estimated cash flows for each covered asset and the loss sharing percentages. The ultimate collectability of the FDIC indemnification asset is dependent upon the performance of the underlying covered lo ans, the passage of time and claims paid by the FDIC which are impacted by the Bank’s adherence to certain guidelines established by the FDIC . • The fair value of servicing asset is estimated by using a cash flow valuation model which calculates the prese nt 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 va lues of the derivative instruments are provided by valuation experts and counterparties. Certain derivatives with limited market activity are valued using externally developed models that consider unobservable market parameters. In the past, the Company of fered its customers certificates of deposit with an option tied to the performance of the S&P Index and used equity indexed option agreements with major broker-dealers to manage its exposure to changes in this index. Their fair value was obtained through t he use of an external based valuation that was thoroughly evaluated and adopted by management as its measurement tool for these options. The payoff of these options was linked to the average value of the S&P Index on a specific set of dates during the life of the option. The methodology used an average rate option or a cash-settled option whose payoff was 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 were uncertain and required a degree of judgment, included primarily S&P Index volatility, forward interest rate projections, estimated index dividend payout, and leverage. At D e c ember 3 1 , 2016, there were no options tied to S&P Index outstanding . • Fair value of derivative liabilities, which include interest rate swaps and forward-settlement swaps, are based on the net discounted value of the contractual projected cash flows of both the pay-fixed receive-variable legs of the contracts. The project ed cash flows are based on the forward yield curve, and discounted using current estimated market rates . • The fair value of the loan portfolio (including loans held-for-sale) is estimated by segregating by type, such as mortgage, commercial, consumer, au to and leasing. Each loan segment is further segmented into fixed and adjustable interest rates and by performing and non-performing categories. The fair value of performing loans is calculated by discounting contractual cash flows, adjusted for prepayment estimates (voluntary and involuntary), if any, using estimated current market discount rates that reflect the credit and interest rate risk inherent in the loan. This fair value is not currently an indication of an exit price as that type of assumption co uld result in a different fair value estimate. Non-performing loans have been valued at the carrying amounts . • The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is based on the discounted value of the contractual cash flows, using estimated current market discount rates for deposits of similar remaining maturities . • The fair value of long-term borrowings, which include securities sold under agreements to repurchase, advances from FHLB, subordinated capital notes, and other long term borrowings is based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, r emaining maturities and put dates . |
Business Segment
Business Segment | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 26 – BUSINESS SEGMENTS 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 information by operating segment for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 321,868 $ 65 $ 34,659 $ 356,592 $ - $ 356,592 Interest expense (27,838) - (29,327) (57,165) - (57,165) Net interest income 294,030 65 5,332 299,427 - 299,427 Provision for loan and lease losses (65,076) - - (65,076) - (65,076) Non-interest income 35,587 26,788 4,444 66,819 - 66,819 Non-interest expenses (193,156) (17,443) (5,391) (215,990) - (215,990) Intersegment revenue 1,521 - 883 2,404 (2,404) - Intersegment expenses (883) (1,108) (413) (2,404) 2,404 - Income before income taxes $ 72,023 $ 8,302 $ 4,855 $ 85,180 $ - $ 85,180 Total assets $ 5,584,866 $ 23,315 $ 1,837,514 $ 7,445,695 $ (943,871) $ 6,501,824 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 (loss) 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 - (Loss) income 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 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) $ 7,449,109 |
Holding Company Financial Infor
Holding Company Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 and 2014 , Oriental Insurance paid $ 5.0 million and $ 2.7 million , respectively, and Oriental Financi al Services paid $ 1.0 million and $ 3.2 million, respectively, in dividends to the Company. During 2015, Oriental Insurance and Oriental Financial Services did not pa y any dividends to the Company. The following condensed financial information presents th e financial position of the holding company only as of December 31, 201 6 and 201 5 , and the results of its operations and its cash flows for the years ended December 31, 201 6 , 201 5 and 201 4: OFG BANCORP CON DENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only) December 31, 2016 2015 (In thousands) ASSETS Cash and cash equivalents $ 22,573 $ 20,240 Investment securities available-for-sale, at fair value - 6,017 Investment in bank subsidiary, equity method 920,085 890,449 Investment in nonbank subsidiaries, equity method 18,427 19,137 Due from bank subsidiary,net 92 119 Deferred tax asset, net 2,643 3,047 Other assets 2,085 2,042 Total assets $ 965,905 $ 941,051 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 6,501 6,098 Due to affiliates 237 9 Accrued expenses and other liabilities 2,673 1,784 Subordinated capital notes 36,083 36,083 Total liabilities 45,494 43,974 Stockholders’ equity 920,411 897,077 Total liabilities and stockholders’ equity $ 965,905 $ 941,051 O FG BANCORP CON DENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only) Year Ended December 31, 2016 2015 2014 (In thousands) Income: Interest income $ 174 $ 321 $ 404 Gain on sale of securities 211 - - Investment trading activities, net and other 4,066 4,007 4,308 Total income 4,451 4,328 4,712 Expenses: Interest expense 1,370 1,222 1,201 Operating expenses 7,179 6,866 6,607 Total expenses 8,549 8,088 7,808 Income (loss) before income taxes (4,098) (3,760) (3,096) Income tax (expense) benefit (518) 3,088 - Income (loss) before changes in undistributed earnings of subsidiaries (4,616) (672) (3,096) Equity in undistributed earnings from: Bank subsidiary 58,580 (3,804) 84,787 Nonbank subsidiaries 5,222 1,972 3,490 Net income (loss) $ 59,186 $ (2,504) $ 85,181 O FG BANCORP CON DENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only) Year ended December 31, 2016 2015 2014 (In thousands) Net income (loss) $ 59,186 $ (2,504) $ 85,181 Other comprehensive (loss) income before tax: Unrealized gain (loss) on securities available-for-sale (204) (170) 209 Other comprehensive income from bank subsidiary (12,238) (5,578) 16,361 Other comprehensive (loss) income before taxes (12,442) (5,748) 16,570 Income tax effect 41 34 (50) Other comprehensive (loss) income after taxes (12,401) (5,714) 16,520 Comprehensive income (loss) $ 46,785 $ (8,218) $ 101,701 OFG BANCORP CON DENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only) 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 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events Text Block | NOTE 28 – SUBSEQUENT EVENTS Effective February 6, 2017, the Bank and the FDIC agreed to terminate the s ingle f amily and commercial s hared- l oss a greement s related to the FDIC assisted acquisition of Eu robank on April 30, 2010. Pursuant to the terms of the s hared- l oss a greements, the FDIC would reimburse the Bank for 80% of all qualifying losses with respect to assets covered by such agreements, and the Bank would reimburse the FDIC for 80% of qualifying recoveries with respect t o losses for which the FDIC reimbursed the Bank. The s ingle f amily s hared- l oss a greement provided for FDIC loss sharing and the Bank’s reimbursement to the FDIC to last for ten years, and the c ommercial s hared- l oss a greement provided for FDIC loss sharing and the Bank’s reimbursement to the FDIC to last for five years, with additional recovery sharing for three years thereaft er. At December 31, 2016, $ 52.7 million in net carrying value of single family mortgages and $ 1.7 million in real estate owned were co vered by the s hared- l oss a greements. As part of t he loss share termination transaction , the Bank made a payment of $ 10.1 million to the FDIC and recorded a benefit of $ 1.4 million. Such termination payment takes into account the anticipated reimbursements over the life of the shared-loss agreements and the true-up payment liability of the Bank anticipated at the end of the ten year term of the single family shared-loss agreement . All rights and obligations of the parties under the shared-l oss a greements te rminated as of the closing date of the a greement. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requir es 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 revenu e 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 de termination of income taxes, other-than-te mporary impairment of securities, and goodwill valuation and impairment assessment. |
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 p rinciples in the United States ("GAAP"). |
Cash And Cash Equivalents Policy | Cash Equivalents 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. |
Earnings Per Share Policy Text Block | Earnings (Loss) per Common Share Basic earnings (loss) per share is calculated by dividing income (loss) available to common shareholders (net income (loss) reduced (increased) by dividends on preferred stock) by the weighted average of o utstanding common shares. Diluted earnings (loss) per share is similar to the computation of basic earnings (loss) per share except that the weighted average of common shares is increased to include the number of additional common shares that would have be en outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming 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/Sold Under Agreements to Resell/Repurchase The Company purchases securities under agreements to resell the same or similar securities. A mounts advanced under these agreements represent short-term loans and are reflected as assets in the consolidated statements of financial condition. It is the Company’s policy to take possession of securities purchased under resale agreements while the cou nterparty 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 effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and th e obligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securi ties 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 a re reported at fair value, with unrealized gains and losses excluded from earnings and reported net of ta x in other comprehensive income (loss) . The Company classifies as trading those securities that are acquired and held principally for the purpose of s elling 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 readily 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 the 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 an y, 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 financia l instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorde d in other comprehensive income (loss) or as part of non-interest income, as approp riate. 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 derivati ve contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the well as time value and yield curve or volatility factors underlying the positions. The Company 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 una djusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 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 — Observable 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 th e 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) de bt securities 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 derived 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 liabilitie s include 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-temporary 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 the carrying value of the in vestment. Any portion of a decline in value associated with a credit loss is recognized in income, while the remaining noncredit-related component is recognize d in other comprehensive income (loss) . A credit loss is determined by assessing whether the amor tized 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 beneficial interest for the s ecurity. 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 i dentification 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 the length of time the inve stment 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 rel ated 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 qual itative 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 signific ant 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 net 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-rat e 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. The 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 changes in interest rates. The effect of th is 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 th e 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 inter est 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 the 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 the 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 option contracts give the Company the righ t 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 tha t are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated and carried at fair value. When using derivative instruments, the Company exposes itself to credit and market risk. If a counterparty fails to fu lfill its performance obligations under a derivative contract due to insolvency or any other event of default, the Company’s credit risk will equal the fair value gain in a derivative plus any cash or securities that may have been delivered to the counterp arty as part of the transaction terms. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes the Company, thus creating a repayment risk for the Company. This risk is generally mitigated by requestin g 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 repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. The Company u ses forward-settlement swaps to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in LIBOR. Once the forecasted wholesale borrowing transactions occur, the interest rate swap will effectively loc k-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 well as its risk-management objective and strategy for undertaking various hedging transactions. This process includes lin king all derivatives that are designated as cash flow hedges to ( i ) specific assets and liabilities on the balance sheet or (ii) specific firm 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 fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in fut ure periods. The changes in fair value of the forward-settlement swaps are recorded in accumulated other comprehensive income (loss) 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 firm commitments or forecasted transactions); (ii) the derivative expires or is sold, terminated, or exercis ed; (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 lon ger 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 si mulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the Company’s overall interest rate 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 Com pany periodically evaluates the credit risks inherent in these commitments and establishes accruals for such risks if and when these are deemed necessary. |
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 value determined in the aggregate. Net unrealized losses are recognized through a valuation allowance by charg es to income. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all conforming 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 ass ets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. The Company is not engaged in sales of mortgage loans and mortgage-backed securities subj ect 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 se t forth in Accounting Standards Codification ("ASC") Topic 860 are met: ( i ) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) t o pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement 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 transaction. 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 servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained a nd 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 true 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 recourse 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 co ncerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. When the Company sells or securitizes mortgage loans, it generally makes cust omary 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 inves tors, 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 principal balance. This buy-back option is considered a conditional option until the delinquency criteria is m et, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, the Company treats the transaction 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 individual 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 whether the Company intends to exercise the buy-back option. Quality review procedures are performed by the Comp any 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 warra nties related to loans sold by the Company, and management believes that, based on historical data, the probability of payments and expected losses under 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 associated 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 incurred loss. The maximum potential amount of future payments that the Company would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. 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 established 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 is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (categoriz ed in the line item "mortgage banking activities" in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability i s a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, foreclosure rate, estimated future defaults and the probability that a loan would be delinquent. Statistical m ethods 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 loa n in good standing would become 90 days delinquent within the following twelve-month period. 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 recognized whenever the compensation for servicing is expected to more than adequately compensate the Company for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not exp ected 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 righ ts 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 the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated s tatement 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 valua tion 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 curr ent 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 discontinues 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 loans. Loans for which the recogni tion 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 accrual status until interest is recei ved 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 methodology includes the consideration o f 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 operations is based on such methodology. Lo an 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 subject to individual review and gradin g. 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 options available to the Company. In cluded 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 payments of principal or interest whe n 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 expedient, at the observable market pri ce 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 evaluated for impairment and loans that a re 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, (ii) that are troubled-debt restructurings (“TDR ’s”), or (iii) when deemed necessary by management. 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 allo wance 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 and is based on the actual loss history exp erienced 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 experience is supplemented with other qualita tive 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 delinquencies and impaired loans; levels of and t rends 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 managemen t 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 requir ements on the level of estimated credit losses in the current portfolio; and effects of changes in credit concentrations and collateral value. An additional impact from the historical loss experience is applied based on levels of delinquency, loan classif ication, FICO score and/or origination date, depending on the 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 portfo lio 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 acquires 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 expected to be collected on the loans and discounting those cash flows at a m arket 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 2010. For each acquisition, the Company considered the following factors as in dicators 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 had 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 bank 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 collate ral type and accounted for under ASC 310-30 by analogy or (ii) accounted for under ASC 310-20 (non-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 provisions of ASC 310-30. The provisions of ASC 310-20 require t hat 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 life 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. Loans accounted for under ASC 310-20 are placed on non-accrual sta tus 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. Suc h 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 portfolio. Acquired Loans Accounted under ASC 310-30 (including tho se 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 credit losses into the loans’ fair valuation in consideration of fa ctors 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 i n 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 value. The excess of expected cash flows from acquired loans ov er 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 requ ired 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 credit 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 lo sses, 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 Comp any’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 curre ntly 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. In accordance with ASC 310-30, recognition of income is dependent on having a rea sonable 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 individually accounted for under ASC 310-30 and those in pools accounted for und er 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 determination 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 flows 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 incorporates 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 th e 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 considered 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. The Company writes-off the loan’s recorded investment and derecognizes the associated allowance for loan and lease losse s for loans that exit the acquired pools. Effective February 6, 2017, the Company and the FDIC agreed to terminate the loss and recovery sharing agreements in connection with a portfolio of loans acquired in an FDIC assisted transaction. As of December 3 1, 2016, these agreements continued in effect, and therefore, their terms and conditions are considered in the accounting of these loans referred to herein as “covered loans.” Because of the loss protection provided by the FDIC under these agreements, the risk of these covered loans are significantly different from other loans. Covered loans are accounted for under ASC 310-30. To the extent credit deterioration occurs after the date of acquisition, the Company increases both the allowance for loan and leas e losses and the FDIC shared-loss indemnification asset for the expected reimbursement from the FDIC under the shared-loss agreement. As of December 31, 2016 and 2015, covered loans are no longer a material amount. Therefore, the Company changed its curren t and prior year disclosures to group together covered loans with other acquired loans. |
Loans and Leases Receivable Allowance for Loan Losses Policy | Allowance for Loan and Lease Losses 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 considering the Bank's historical loss experience adjusted for an estimated loss emergence period and the consideration of environmental factors. Environmental factors considered are: chang e 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 staff, 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 requirem ents on the level of estimated credit losses. The sum of the adjusted loss 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 2016 the following assumptions were reviewed: An assessment of the look-back period and historical loss factor was per formed 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 of the assessment, the commercial portfolio look-back period was maintained at 36 mont hs. Also, for the auto, leasing and consumer portfolios, a look-back period of 24 months was maintained. For the residential mortgages portfolio a 12-month look-back period was maintained as management concluded that, given the charge off evolution, a shor ter period of losses is more representative of the recent trends and more accurate in predicting future losses. During the third quarter of 2016, 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 their impact to our portfolio, taking into consideration the c urrent evolution of the portfolios and expected impact, due to recent economic developments, changes in values of collateral and delinquencies, among others. During the third quarter of 2016 the loss realization period was revised to 2.10 years from 1.60 in 2015 for commercial real estate portfolio, other portfolios remained at one year. This change in the allowance for loan and lease losses’ loss realization period for the commercial real estate portfolio is 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 loa ns, commercial loans, consumer loans, and auto and 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 secured 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 te rms. 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 mortgage loans is impacted by the adjusted historical loss factors on the sub-s egments 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 market, 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 establishe d considering the Bank's past 36 month historical 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 fact or used for the determination of the allowance for loan and lease losses on each segment. Consumer loans: The consumer portfolio consists of smaller retail loans such as retail credit cards, overdrafts, unsecured personal lines of credit, and personal un secured 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 used 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 loan s guaranteed by vehicles in the form of 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 portf olio is segmented by FICO score, which is updated 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 includes 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 e xperience, and other factors that warrant 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 portfol io. Our allowance for loan losses consists 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 sim ilar 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 unab le 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 imp aired. 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, o r we use the present value of estimated 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 wo uld obtain an appraisal through our internal 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 current 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 accretable 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. Charge-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 with our pol icy 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 ASC 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 yield. |
Loans and Leases Receivable Troubled Debt Restructuring Policy | Tr oubled 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 restruc turing, 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 presumed 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 th at 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 tha t is modified in a TDR can remain 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 histo rical repayment performance for a reasonable period before the modification. Tr oubled 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 restruc turing, 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 presumed 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 th at 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 tha t is modified in a TDR can remain 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 histo rical repayment performance for 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 rel ated to unfunded credit facilities 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 t o the reserve for unfunded commitments are included in other operating expenses in the consolidated statements of operations. |
FDIC Shared Loss Indemnification Asset 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 acquired 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 maturity. 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 as sets based on the credit adjustment estimated 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 t o the FDIC and compliance with the obligations 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 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 al so 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. The true-up payment obligation ass ociated 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 liabilities in the consolidated state ments 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. FDIC Indemnification Asset and True-up Payment Obligation The FDIC indemnification asset is accounted for and measured separately from the covered loans acquired 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 maturity. 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 as sets based on the credit adjustment estimated 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 t o the FDIC and compliance with the obligations 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 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 al so 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. The true-up payment obligation ass ociated 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 liabilities in the consolidated state ments 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 Co mpany ’s goodwill and other identifiable intangible assets having an indefinite useful life are tested for impairment. Intangibles with indefinite lives are evaluated for impairment at least annually, and on a more frequent basis, if events or circumstances indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated change in the competitive environment and a decision to change the operations or dispo se of a reporting unit. Under applicable accounting standards, goodwill impairment analysis is a two-step test. 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 compares 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 ann ual goodwill impairment test as of October 31 and monitors for interim triggering events on an ongoing basis. The Company performed its annual impairment review of goodwill during the fourth quarter of 2016 and 2015 using October 31, 2016 and 2015 as the a nnual evaluation dates and concluded that there was no impairment at December 31, 2016 and 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 estimated 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 estimat ed cost to sell, based on recent appraised 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 these properties in portfolio are expensed as incurred. Foreclosed Real Estate covered by the FDIC Covered foreclosed real estate is initially recorded at its estimated fair value on the acquisition date, based on apprai sal value less estimated selling costs. 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-in terest income for the loss reimbursement 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, 2016 and 2015 foreclosed real estate covered by the FDIC amounted to $1.9 million at each period. |
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 st raight-line method 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 Long-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 imp airment loss is recognized. The amount of the impairment is the excess of the carrying amount over the fair value of the asset. As of December 31, 2016 and 2015 , there was no indication of impairment as a result of such review. |
Income Tax Policy | Income Taxes In preparing the consolidated financial 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 o f assets and liabilities for 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 int erpretation 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 adjus ted in light of changing facts 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 recognized 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 deter mination 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 gene rate 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 in come tax expense in the consolidated 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 b elieves that it is more likely 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 establishes 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 uncerta in tax positions are adjusted 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 other 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 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 or litigation processes, if any. The second ste p is to measure the tax benefit 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 inc ome taxes on the consolidated statements of operations. The Company is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2012 to 2016, until the applicable statute of limitations expires. Tax audits by their n ature are often complex and can require several years to complete. |
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 thro ugh 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 2 010. The purpose of the Omnibus Plan is to provide flexibility to the Company to attract, retain and motivate directors, officers, and key employees through the grant of awards based on performance and to adjust its compensation practices to the best com pensation practice and corporate governance trends as they develop from time to time. The Omnibus Plan is further intended to motivate high levels of individual performance coupled with increased shareholder returns. Therefore, awards under the Omnibus Pla n (each, an “Award”) are intended to be based upon the recipient’s individual performance, level of responsibility and potential 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 Omnibus Plan is terminated by the Company’s Board of Directors. The Board’s Compensation Committee (the “Committee”), or such other c ommittee 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 shall determine, to any employee or group of employees any portion of its authority and powers under the Omnibus Plan with respect t o participants who are not directors or executive officers subject to the reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Only the Committee may exercise authority in respect to Awards gra nted 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, s ubject 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 Comp any follows the fair value method of recording stock-based compensation. The Company used the modified prospective transition method, 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 unvested 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 transactions 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 qualif y and are designated for cash flows hedge accounting, net of taxes, are reported as a separate component of the stockholders’ equity 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 t he amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as 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, 2016, and has adjusted and disclosed those events that have occurred that would require adjustment or disclosure in the consolidated financial statements. |
New Accounting Pronouncements Policy [Policy Text Block] | New Accounting Updates No t Yet Adopted Simplifying the Test for Goodwill Impairment . In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017 -0 4 , which simplifies the measurement of goodwill impairment. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. This ASU will be applied prospectively for annual and interim periods in fiscal years beginning after December 15, 2019. We are currently assessing the impact that the adoption of ASU 201 7 -0 4 will have on our consolidated finan cial statements and related disclosures. Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, which amends Topic 230 (Statement of Cash Flows) and requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. ASU No. 2016-18 is intended to reduce diversity in practice in how restricted cash or restricted cash equivalents are presented and classified in the statement of cash flows. ASU No. 2016-18 is effective for fiscal years, and interim periods, beginning after December 15, 2017, with early adoption permitted. The standard requires application using a retrospective transition method. The adoption of ASU N o. 2016-18 will change the presentation and classification of restricted cash and restricted cash equivalents in our consolidated statements of cash flows. Measurement of Credit Losses on Financial Instruments. In June 2016, the FASB issued ASU No. 2016-1 3, which includes an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses . ASU No. 2016-13 is effective for fiscal years, and interim periods, beginning after December 15, 2019. Early application is permitted for fiscal years, and interim periods, beginni ng after December 15, 2018. While we continue to assess the impact of ASU No. 2016-13, we have developed a roadmap with time schedules in place from 2016 to implementation date. Improvements to Employee Share-Based Payment Accounting. In March 2016, the FASB issued ASU No. 2016-09, which simplifies the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. ASU No. 2016-09 is effective for fiscal years, and interim periods, beginn ing after December 15, 2016. Early application is permitted, but we have not yet adopted ASU No. 2016-09. We are currently assessing the impact the adoption of ASU No. 2016-09 will have on our consolidated financial statements and related disclosures. The adoption of ASU No. 2016-09 on January 1, 2017 will change how we recognize tax benefits from stock-based compensation plans in our consolidated financial statements. Leases. In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to rec ognize a right-of-use asset and related lease liability for leases classified as operating leases at the commencement date that have lease terms of more than 12 months. This ASU retains the classification distinction between finance leases and operating le ases. ASU No. 2016-02 is effective for fiscal years, and interim periods, beginning after December 15, 2018. Early application is permitted, but we have not yet adopted ASU No. 2016-02. We are currently assessing the impact the adoption of ASU 2016-02 will have on our consolidated financial statements and related disclosures. Revenue from Contracts with Customers. In May 2014, the FASB issued ASU No. 2014-09, which supersedes the revenue recognition requirements Topic 605 (Revenue Recognition), and most in dustry-specific guidance. ASU No. 2014-09 is based on the principle that revenue is recognized to depict the transfer of 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. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets rec ognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially a pplying the guidance recognized at the date of initial application (modified retrospective method). In August 2015, the FASB issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 by one year to fiscal years beginning after December 15, 2017 . ASU No. 2015-14 also permits early adoption of ASU No. 2014-09, but not before the original effective date, which was for fiscal years beginning after December 15, 2016. We currently anticipate adopting ASU 2014-09, as amended by ASU No. 2015-14, using t he modified retrospective method and do not believe the adoption will have a material impact on the timing of our revenue recognition as it is not applicable to our finance charges and premiums earned sources of revenue. We are currently evaluating the eff ect that ASU 2014-09, as amended by ASU No. 2015-14, will have on our other income source of revenue. New Accounting Updates Adopted During the Current Year Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. In April 2015, the FASB iss ued ASU No. 2015-05 which provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change the custom er's accounting for service contracts. ASU No. 2015-05 is effective for fiscal years, and interim periods, beginning after December 15, 2015 with early adoption permitted. The adoption of ASU No. 2015-05 on January 1, 2016 did not have a material impact on our consolidated financial statements and related disclosures. Simplifying the Presentation of Debt Issuance Costs. In April 2015, the FASB issued ASU No. 2015-03, which amends Topic 835 (Interest) and requires the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. In August 2015, the FASB issued ASU No. 2015-15, which amends Subtopic 835-30 (Presentation and Subsequent Measurement of Debt Issuance Co sts Associated with Line-of-Credit Arrangements) and states that the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. ASU Nos. 2015-03 and 2015-15 are effective for fiscal years, and interim periods, beginning after December 15, 2015, with early adopti on permitted. The adoption of ASU No. 2015-03, as amended by ASU No. 2015-15, on January 1, 2016 did not have a material impact on our consolidated financial statements and related disclosures. Amendments to the Consolidation Analysis. In February 2015, the FASB issued ASU No. 2015-02, which amends Topic 810 (Consolidation) and requires an entity to evaluate whether it should consolidate certain legal entities. ASU No. 2015-02 is effective for fiscal years, and interim periods, beginning after December 15 , 2015 with early adoption permitted. The adoption of ASU No. 2015-02 on January 1, 2016 did not have a material impact on our consolidated financial statements and related disclosures . |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 1,980 $ 1,980 Obligations under agreement of loans sold with recourse 1,050 1,369 $ 3,030 $ 3,349 |
Investments Securities (Tables)
Investments Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 , 2016 and 2015 were as follows: December 31, 2016 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 $ 422,168 $ 6,354 $ 3,036 $ 425,486 2.59% GNMA certificates 163,614 2,241 620 165,235 2.95% CMOs issued by US government-sponsored agencies 103,990 64 2,223 101,831 1.88% Total mortgage-backed securities 689,772 8,659 5,879 692,552 2.57% Investment securities US Treasury securities 49,672 - 618 49,054 1.73% Obligations of US government-sponsored agencies 3,903 - 19 3,884 1.38% Obligations of Puerto Rico government and public instrumentalities 4,680 - 607 4,073 5.55% Other debt securities 1,840 81 - 1,921 3.00% Total investment securities 60,095 81 1,244 58,932 2.04% Total securities available for sale $ 749,867 $ 8,740 $ 7,123 $ 751,484 2.53% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 599,884 $ 145 $ 7,266 $ 592,763 2.15% Total $ 1,349,751 $ 8,885 $ 14,389 $ 1,344,247 2.36% 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% The amortized cost and fair value of the Company’s investment securities at December 31 , 2016 , by contractual maturity, are shown in the next table. December 31, 2016 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) (In thousands) Mortgage-backed securities Due from 1 to 5 years FNMA and FHLMC certificates $ 10,157 $ 10,237 $ - $ - Total due from 1 to 5 years 10,157 $ 10,237 - - Due after 5 to 10 years CMOs issued by US Government-sponsored agencies $ 8,637 $ 8,420 $ - $ - FNMA and FHLMC certificates 25,407 25,740 - - Total due after 5 to 10 years 34,044 34,160 - - Due after 10 years FNMA and FHLMC certificates $ 386,604 $ 389,509 $ 599,884 $ 592,763 GNMA certificates 163,614 165,235 - - CMOs issued by US Government-sponsored agencies 95,353 93,411 - - Total due after 10 years 645,571 648,155 599,884 592,763 Total mortgage-backed securities 689,772 692,552 599,884 592,763 Investment securities Due less than one year US Treasury securities $ 500 $ 500 $ - $ - Total due in less than one year 500 500 - - Due from 1 to 5 years US Treasury securities $ 34,464 $ 34,122 $ - $ - Obligations of Puerto Rico government and public instrumentalities 4,680 4,073 - - Total due from 1 to 5 years 39,144 38,195 - - Due from 5 to 10 years US Treasury securities $ 14,708 $ 14,432 $ - $ - Obligations of US Government and sponsored agencies 3,903 3,884 - - Other debt securities 1,840 1,921 - - Total due after 10 years 20,451 20,237 - - Total investment securities 60,095 58,932 - - Total securities available-for-sale $ 749,867 $ 751,484 $ 599,884 $ 592,763 |
Realized Gain Loss On Investments Table Text Block | Year Ended December 31, 2016 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 $ 293,505 $ 277,181 $ 16,324 $ - Investment securities Obligations of PR government and public instrumentalities 6,978 11,095 - 4,117 Total $ 300,483 $ 288,276 $ 16,324 $ 4,117 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 mortgage-backed securities $ 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 $ - |
Unrealized Gain Loss On Investments Table Text Block | The following tables show the Company’s gross unrealized losses and fair value of investment securities available-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, 2016 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 33,883 $ 793 $ 33,090 Obligations of Puerto Rico government and public instrumentalities 4,680 607 4,073 $ 38,563 $ 1,400 $ 37,163 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 67,777 $ 1,430 $ 66,347 FNMA and FHLMC certificates 184,782 3,036 181,746 Obligations of US government and sponsored agencies 3,903 19 3,884 GNMA certificates 29,445 620 28,825 US Treausury Securities 49,172 618 48,554 Securities held-to-maturity FNMA and FHLMC Certificates 525,258 7,266 517,992 $ 860,337 $ 12,989 $ 847,348 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 101,660 $ 2,223 $ 99,437 FNMA and FHLMC certificates 184,782 3,036 181,746 Obligations of Puerto Rico Government and political subdivisions 4,680 607 4,073 Obligations of US government and sponsored agencies 3,903 19 3,884 GNMA certificates 29,445 620 28,825 US Treausury Securities 49,172 618 48,554 373,642 7,123 366,519 Securities held-to-maturity FNMA and FHLMC certificates 525,258 7,266 517,992 $ 898,900 $ 14,389 $ 884,511 December 31, 2015 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale Obligations of Puerto Rico Government and public instrumentalities $ 17,801 $ 4,070 $ 13,731 CMOs issued by US government-sponsored agencies 103,340 2,410 100,930 $ 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 $ 180,338 $ 1,869 $ 178,469 Securities held to maturity FNMA and FHLMC certificates 468,487 5,865 462,622 US Treausury Securities 25,032 71 24,961 $ 493,519 $ 5,936 $ 487,583 $ 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 public instrumentalities 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 available-for-sale FNMA and FHLMC certificates 468,487 5,865 462,622 US Treasury Securities 25,032 71 24,961 $ 493,519 $ 5,936 $ 487,583 $ 794,998 $ 14,285 $ 780,713 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings | The following table p resents a rollforward of credit-related impairment losses recognized in earnings for the years ended December 31, 2016, 2015 and 2014 on available-for-sal e securities Year Ended December 31, 2016 2015 2014 Balance at beginning of year $ 1,490 $ - $ - Reductions for securities sold during the period (realized) (1,490) - - 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, 2016 | |
TransfersAndServicingAbstract | |
ScheduleOfFinancialInstrumentsOwnedAndPledgedAsCollateralTextBlock | December 31, 2016 2015 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ 700,498 $ 1,021,370 Derivatives 2,397 8,100 Puerto Rico Cash & Money Market Fund - 81,576 Bond for the Bank's trust operations 348 379 Total pledged investment securities 703,243 1,111,425 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 1,028,234 1,095,810 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 381,990 253,263 Federal Reserve Bank Credit Facility 1,303 12,877 Puerto Rico public fund deposits 209,236 410,932 592,529 677,072 Total pledged assets $ 2,324,006 $ 2,884,307 Financial assets not pledged: Investment securities $ 648,125 $ 483,373 Residential mortgage loans 348,030 379,065 Commercial loans 1,064,923 1,287,036 Consumer loans 329,050 295,492 Auto loans and leases 895,097 929,666 Total assets not pledged $ 3,285,225 $ 3,374,632 |
Loans Receivable (Tables)
Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable Text Block | December 31, 2016 2015 (In thousands) Originated and other loans and leases held for investment: Mortgage $ 721,494 $ 757,828 Commercial 1,277,866 1,441,649 Consumer 290,515 242,950 Auto and leasing 756,395 669,163 3,046,270 3,111,590 Allowance for loan and lease losses on originated and other loans and leases (59,300) (112,626) 2,986,970 2,998,964 Deferred loan costs, net 5,766 4,203 Total originated and other loans loans held for investment, net 2,992,736 3,003,167 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 5,562 7,457 Consumer 32,862 38,385 Auto 53,026 106,911 91,450 152,753 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20 (b) (4,300) (5,542) 87,150 147,211 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 569,253 608,294 Commercial 222,856 287,311 Construction 69,708 88,180 Consumer 4,301 11,843 Auto 85,676 153,592 951,794 1,149,220 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30 (31,056) (25,785) 920,738 1,123,435 Total acquired BBVAPR loans, net 1,007,888 1,270,646 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 73,018 92,273 Commercial and construction 81,460 142,377 Consumer 1,372 2,314 Total acquired Eurobank loans 155,850 236,964 Allowance for loan and lease losses on Eurobank loans (21,281) (90,178) Total acquired Eurobank loans, net 134,569 146,786 Total acquired loans, net 1,142,457 1,417,432 Total held for investment, net 4,135,193 4,420,599 Mortgage loans held-for-sale 12,499 13,614 Total loans, net $ 4,147,692 $ 4,434,213 |
Past Due Financing Receivables [Table Text Block] | The following tables present the aging of the recorded investment in gross originated and other loans held for investment as of December 31 , 2016 and 2015 by class of loans. Mortgage loans past due include delinquent loans in the GNMA buy-back option program. Servicers of loans u nderlying 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, 2016 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 $ 196 $ 2,176 $ 3,371 $ 5,743 $ - $ 44,542 $ 50,285 $ 158 Years 2003 and 2004 156 3,872 7,272 11,300 181 79,226 90,707 - Year 2005 - 1,952 4,306 6,258 180 43,571 50,009 - Year 2006 506 2,905 6,261 9,672 94 59,534 69,300 - Years 2007, 2008 and 2009 409 1,439 11,732 13,580 111 63,038 76,729 398 Years 2010, 2011, 2012, 2013 349 1,772 10,417 12,538 126 127,196 139,860 583 Years 2014, 2015 and 2016 47 123 1,357 1,527 - 106,672 108,199 - 1,663 14,239 44,716 60,618 692 523,779 585,089 1,139 Non-traditional - 498 4,730 5,228 - 17,631 22,859 - Loss mitigation program 8,911 7,205 16,541 32,657 3,599 67,272 103,528 1,724 10,574 21,942 65,987 98,503 4,291 608,682 711,476 2,863 Home equity secured personal loans - - - - - 337 337 - GNMA's buy-back option program - - 9,681 9,681 - - 9,681 - 10,574 21,942 75,668 108,184 4,291 609,019 721,494 2,863 Commercial Commercial secured by real estate: Corporate - - - - - 242,770 242,770 - Institutional - - 254 254 - 26,546 26,800 - Middle market - 60 3,319 3,379 1,304 230,298 234,981 - Retail 154 350 6,594 7,098 4,638 237,992 249,728 - Floor plan - - - - - 2,989 2,989 - Real estate - - - - - 16,395 16,395 - 154 410 10,167 10,731 5,942 756,990 773,663 - Other commercial and industrial: Corporate - - - - - 136,438 136,438 - Institutional - - - - - 180,285 180,285 - Middle market - - - - 1,278 80,355 81,633 - Retail 930 100 969 1,999 294 71,412 73,705 - Floor plan 8 - 61 69 - 32,073 32,142 - 938 100 1,030 2,068 1,572 500,563 504,203 - 1,092 510 11,197 12,799 7,514 1,257,553 1,277,866 - December 31, 2016 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 $ 527 $ 283 $ 525 $ 1,335 $ - $ 25,023 $ 26,358 $ - Overdrafts 16 12 5 33 - 174 207 - Personal lines of credit 41 4 32 77 - 2,327 2,404 - Personal loans 2,474 1,489 1,081 5,044 259 240,969 246,272 - Cash collateral personal loans 240 20 4 264 - 15,010 15,274 - 3,298 1,808 1,647 6,753 259 283,503 290,515 - Auto and leasing 42,714 19,014 8,173 69,901 181 686,313 756,395 - Total $ 57,678 $ 43,274 $ 96,685 $ 197,637 $ 12,245 $ 2,836,388 $ 3,046,270 $ 2,863 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 The following tables present the aging of the recorded investment in gross acquired BBVAPR loans accounted for under ASC 310-20 as of December 31 , 2016 an d 2015 , by class of loans: December 31, 2016 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 $ 33 $ - $ 110 $ 143 $ - $ - $ 143 $ - Floor plan - - 219 219 929 1,242 2,390 - 33 - 329 362 929 1,242 2,533 - Other commercial and industrial Retail 97 34 121 252 - 2,775 3,027 - Floor plan - - 2 2 - - 2 - 97 34 123 254 - 2,775 3,029 - 130 34 452 616 929 4,017 5,562 - Consumer Credit cards 736 369 708 1,813 - 28,280 30,093 - Personal loans 48 14 120 182 - 2,587 2,769 - 784 383 828 1,995 - 30,867 32,862 - Auto 3,652 1,355 517 5,524 15 47,487 53,026 - Total $ 4,566 $ 1,772 $ 1,797 $ 8,135 $ 944 $ 82,371 $ 91,450 $ - 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 $ - |
Carrying Amounts Of Acquired Loans Tabular Disclosure [Table Text Block] | December 31, 2016 2015 (In thousands) Contractual required payments receivable: $ 1,669,602 $ 1,945,098 Less: Non-accretable discount 363,107 434,190 Cash expected to be collected 1,306,495 1,510,908 Less: Accretable yield 354,701 361,688 Carrying amount, gross 951,794 1,149,220 Less: allowance for loan and lease losses 31,056 25,785 Carrying amount, net $ 920,738 $ 1,123,435 |
Accretable Yield for Acquired Loans [Table Text Block] | Year Ended December 31, 2016 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 268,794 $ 45,411 $ 19,615 $ 21,578 $ 6,290 $ 361,688 Accretion (32,834) (20,443) (5,811) (13,567) (2,982) (75,637) Change in expected cash flows (1) 13,949 310 1,251 (242) 15,267 Transfer (to) from non-accretable discount 56,156 (1,800) (865) (724) 616 53,383 Balance at end of year $ 292,115 $ 37,117 $ 13,249 $ 8,538 $ 3,682 $ 354,701 Non-Accretable Discount Activity: Balance at beginning of year $ 374,772 $ 11,781 $ 6,764 $ 22,039 $ 18,834 $ 434,190 Change in actual and expected losses (13,001) (3,916) (329) (356) (98) (17,700) Transfer from (to) accretable yield (56,156) 1,800 865 724 (616) (53,383) Balance at end of year $ 305,615 $ 9,665 $ 7,300 $ 22,407 $ 18,120 $ 363,107 Year Ended December 31, 2015 Mortgage Commercial Construction Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 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 actual and expected losses - 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 year $ 268,794 $ 45,411 $ 19,615 $ 21,578 $ 6,290 $ 361,688 Non-Accretable Discount Activity: Balance at beginning of year $ 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 year $ 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 year $ 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 year $ 298,364 $ 61,196 $ 25,829 $ 53,998 $ 6,559 $ 445,946 Non-Accretable Discount Activity: Balance at beginning of year $ 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 year $ 389,839 $ 23,069 $ 3,486 $ 16,215 $ 24,018 $ 456,627 |
Eurobank loans carrying amount [Table Text Block] | December 31 2016 2015 (In thousands) Contractual required payments receivable: $ 232,698 $ 342,511 Less: Non-accretable discount 12,340 21,156 Cash expected to be collected 220,358 321,355 Less: Accretable yield 64,508 84,391 Carrying amount, gross 155,850 236,964 Less: Allowance for covered loan and lease losses 21,281 90,178 Carrying amount, net $ 134,569 $ 146,786 |
Accretable Yield for Acquired Eurobank Loans [Table Text Block] | Year Ended December 31, 2016 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 year $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Accretion (8,942) (19,593) (90) (60) (1,813) (30,498) Change in expected cash flows 2,134 13,722 1 (15) (1,386) 14,456 Transfer from (to) non-accretable discount 693 (4,624) 28 75 (13) (3,841) Balance at end of year $ 45,839 $ 16,475 $ 2,194 $ - $ - $ 64,508 Non-Accretable Discount Activity: Balance at beginning of year $ 12,869 $ - $ - $ - $ 8,287 $ 21,156 Change in actual and expected losses (3,735) (744) 39 75 (8,292) (12,657) Transfer from (to) accretable yield (693) 4,624 (28) (75) 13 3,841 Balance at end of year $ 8,441 $ 3,880 $ 11 $ - $ 8 $ 12,340 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 year $ 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 actual and expected losses 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 year $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Non-Accretable Discount Activity: Balance at beginning of year $ 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 (to) from accretable yield (13,372) 23,486 937 (1,030) (2,467) 7,554 Balance at end of year $ 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 year $ 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 year $ 47,636 $ 37,920 $ 20,753 $ 2,479 $ 1,071 $ 109,859 Non-Accretable Discount Activity: Balance at beginning of year $ 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 year $ 27,348 $ 24,464 $ - $ - $ 10,598 $ 62,410 |
Financing Receivable Recorded Investment Nonaccrual Status By Class Of Loans [Table Text Block] | Non-accrual Loans The following table presents the recorded investment in loans in non-accrual status by class of loans as of December 31 , 2016 and 2015 : December 31, December 31, 2016 2015 (In thousands) Originated and other loans and leases held for investment Mortgage Traditional (by origination year): Up to the year 2002 $ 3,336 $ 3,786 Years 2003 and 2004 7,668 5,737 Year 2005 4,487 3,627 Year 2006 6,746 8,189 Years 2007, 2008 and 2009 11,526 14,625 Years 2010, 2011, 2012, 2013 10,089 10,588 Years 2014, 2015 and 2016 1,404 663 45,256 47,215 Non-traditional 4,730 5,092 Loss mitigation program 20,744 20,172 70,730 72,479 Home equity loans, secured personal loans - 64 70,730 72,543 Commercial Commercial secured by real estate Middle market 4,682 12,729 Retail 11,561 8,726 16,243 21,455 Other commercial and industrial Institutional - 190,290 Middle market 1,278 1,565 Retail 1,950 1,932 Floor plan 61 39 3,289 193,826 19,532 215,281 Consumer Credit cards 525 369 Personal lines of credit 32 100 Personal loans 1,420 1,146 Cash collateral personal loans 4 16 1,981 1,631 Auto and leasing 9,052 8,418 Total non-accrual originated loans $ 101,295 $ 297,873 December 31, December 31, 2016 2015 (In thousands) Acquired BBVAPR loans accounted for under ASC 310-20 Commercial Commercial secured by real estate Retail $ 143 $ 228 Floor plan 1,149 467 1,292 695 Other commercial and industrial Retail 121 178 Floor plan 2 7 123 185 1,415 880 Consumer Credit cards 708 489 Personal loans 120 46 828 535 Auto 552 831 Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20 2,795 2,246 Total non-accrual loans $ 104,090 $ 300,119 |
Impaired Financing Receivables [Table Text Block] | Originated and Other Loans and Leases Held for Investment The 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 allowance for loan and lease losses at December 31 , 2016 and 2015 are as follows: December 31, 2016 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 13,183 $ 11,698 $ 1,626 14% Residential impaired and troubled-debt restructuring 100,101 91,650 7,761 8% Impaired loans with no specific allowance: Commercial 49,038 41,441 N/A 0% Total investment in impaired loans $ 162,322 $ 144,789 $ 9,387 6% 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 0% Total investment in impaired loans $ 350,252 $ 325,267 $ 65,180 11% Acquired BBVAPR Loans Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) The 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 , 2016 and 2015 are as follows: December 31, 2016 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 944 $ 929 141 15% Impaired loans with no specific allowance Commercial $ 240 $ 221 N/A 0% Total investment in impaired loans $ 1,184 $ 1,150 $ 141 12% December 31, 2015 Unpaid Recorded Specific Principal Investment Allowance Coverage (In thousands) Impaired loans with no specific allowance Commercial $ 486 $ 474 N/A 0% Total investment in impaired loans $ 486 $ 474 $ - 0% Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) The 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 , 2016 and 2015 are as follows December 31, 2016 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 595,757 $ 569,250 $ 2,682 0% Commercial 160,254 156,241 19,873 13% Construction 38,838 39,287 3,579 9% Auto 92,797 85,676 4,922 6% Total investment in impaired loan pools $ 887,646 $ 850,454 $ 31,056 4% 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% Acquired Eurobank Loans The Company’s recorded investment in acquired Eurobank loan pools that have recorded impairments and their related allowance for loan and lease losses as of December 31 , 2016 and 2015 are as follows : December 31, 2016 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 $ 88,017 $ 73,018 $ 11,947 16% Commercial and construction 81,992 72,140 9,328 13% Consumer 29 1,372 6 0% Total investment in impaired loan pools $ 170,038 $ 146,530 $ 21,281 15% December 31, 2015 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 $ 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% |
Impaired Financing Receivables Loans, excluding ASC 310-30 [Table Text Block] | Year Ended December 31, 2016 2015 2014 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 $ 452 $ 118,980 $ 280 $ 175,115 $ 237 $ 5,899 Residential troubled-debt restructuring 3,190 91,139 3,219 90,736 2,623 90,383 Impaired loans with no specific allowance Commercial 1,941 40,443 1,350 64,356 9,400 90,748 Total interest income from impaired loans $ 5,583 $ 250,562 $ 4,849 $ 330,207 $ 12,260 $ 187,030 Acquired loans accounted for under ASC 310-20: Impaired loans with specific allowance Commercial $ - $ 319 $ - $ - $ - $ - Impaired loans with no specific allowance Commercial - 608 - - - - Total interest income from impaired loans $ 5,583 $ 251,489 $ 4,849 $ 330,207 $ 12,260 $ 187,030 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | Modifications The following tables present the troubled-debt restructurings during the years ended 2016, 2015 and 2014 Year Ended December 31, 2016 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 90 $ 11,684 6.05% 351 $ 11,625 4.77% 439 Commercial 20 9,833 5.73% 64 10,151 5.93% 116 Consumer 75 817 13.60% 73 902 11.23% 66 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 The following table presents troubled-debt restructurings for which there was a payment default during the years ended 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 19 $ 2,241 65 $ 7,387 15 $ 1,700 Commercial 2 $ 157 - $ - - $ - Consumer 11 $ 126 8 $ 177 5 $ 37 Auto - $ - 1 $ 64 - $ - |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31 , 2016 and 2015 , and based on the most recent analysis performed, the risk 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, 2016 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 $ 242,770 $ 226,768 $ 16,002 $ - $ - $ - Institutional 26,800 16,067 9,090 - - 1,643 Middle market 234,981 194,913 9,437 514 - 30,117 Retail 249,728 221,687 7,860 4,318 - 15,863 Floor plan 2,989 2,989 - - - - Real estate 16,395 16,395 - - - - 773,663 678,819 42,389 4,832 - 47,623 Other commercial and industrial: Corporate 136,438 136,438 - - - - Institutional 180,285 180,185 100 - - - Middle market 81,633 63,556 16,150 149 - 1,778 Retail 73,705 68,529 731 740 - 3,705 Floor plan 32,142 29,267 2,814 28 - 33 504,203 477,975 19,795 917 - 5,516 Total 1,277,866 1,156,794 62,184 5,749 - 53,139 Commercial - acquired loans (under ASC 310-20) Commercial secured by real estate: Retail 143 - - 143 - - Floor plan 2,390 905 337 - - 1,148 2,533 905 337 143 - 1,148 Other commercial and industrial: Retail 3,027 3,014 - 13 - - Floor plan 2 - - - - 2 3,029 3,014 - 13 - 2 Total 5,562 3,919 337 156 - 1,150 Total $ 1,283,428 $ 1,160,713 $ 62,521 $ 5,905 $ - $ 54,289 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 For residential and consumer loan classes, the Company evaluates credit quality based on the delinquency status of the loan. As of December 31 , 2016 and 2015 , 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, 2016 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 $ 50,285 $ 44,248 $ - $ 2,095 $ 368 $ 1,315 $ 1,552 $ 707 Years 2003 and 2004 90,707 78,501 - 3,712 1,767 2,675 2,100 1,952 Year 2005 50,009 43,177 - 1,952 561 1,024 2,181 1,114 Year 2006 69,300 57,271 82 2,397 353 2,210 3,410 3,577 Years 2007, 2008 and 2009 76,729 61,547 83 1,439 865 2,330 6,459 4,006 Years 2010, 2011, 2012 2013 139,860 127,375 60 1,451 1,459 1,667 3,584 4,264 Years 2014, 2015 and 2016 108,199 106,672 - 123 386 210 761 47 585,089 518,791 225 13,169 5,759 11,431 20,047 15,667 Non-traditional 22,859 17,631 - 498 366 1,263 3,101 - Loss mitigation program 103,528 17,814 2,304 1,681 388 1,599 3,759 75,983 711,476 554,236 2,529 15,348 6,513 14,293 26,907 91,650 Home equity secured personal loans 337 337 - - - - - - GNMA's buy-back option program 9,681 (1) - - 2,441 3,141 4,100 - 721,494 554,572 2,529 15,348 8,954 17,434 31,007 91,650 Consumer Credit cards 26,358 25,023 527 283 191 334 - - Overdrafts 207 174 16 12 1 4 - - Unsecured personal lines of credit 2,404 2,327 41 4 3 25 4 - Unsecured personal loans 246,272 241,227 2,474 1,489 1,074 8 - - Cash collateral personal loans 15,274 15,010 240 20 4 - - - 290,515 283,761 3,298 1,808 1,273 371 4 - Auto and Leasing 756,395 686,493 42,714 19,014 6,253 1,921 - - 1,768,404 1,524,826 48,541 36,170 16,480 19,726 31,011 91,650 Acquired loans (accounted for under ASC 310-20) Consumer Credit cards 30,093 28,281 736 369 227 480 - - Personal loans 2,769 2,587 48 14 21 99 - - 32,862 30,868 784 383 248 579 - - Auto 53,026 47,503 3,652 1,355 415 101 - - 85,888 78,371 4,436 1,738 663 680 - - Total $ 1,854,292 $ 1,603,197 $ 52,977 $ 37,908 $ 17,143 $ 20,406 $ 31,011 $ 91,650 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 Year 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 |
Allowance for Loan and Lease 41
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 , 2016 and 2015 was as follows : December 31, December 31, 2016 2015 (In thousands) Allowance for loans and lease losses on non-acquired loans: Originated and other loans and leases held for investment: Mortgage $ 17,344 $ 18,352 Commercial 8,995 64,791 Consumer 13,067 11,197 Auto and leasing 19,463 18,261 Unallocated 431 25 Total allowance for originated and other loans and lease losses 59,300 112,626 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 169 26 Consumer 3,028 3,429 Auto 1,103 2,087 4,300 5,542 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 2,682 1,762 Commercial 23,452 21,161 Auto 4,922 2,862 31,056 25,785 Total allowance for acquired BBVAPR loans and lease losses 35,356 31,327 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 11,947 22,570 Commercial and other construction 9,328 67,365 Consumer 6 243 Total allowance for acquired Eurobank loan and lease losses 21,281 90,178 Total allowance for loan and lease losses $ 115,937 $ 234,131 Allowance for Originated and Other Loan and Lease Losses Held for Investment The following tables presents 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, 2016 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 $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Charge-offs (6,767) (62,445) (11,554) (31,731) - (112,497) Recoveries 330 460 452 12,871 - 14,113 Provision for originated and other loans and lease losses 5,429 6,189 12,972 20,062 406 45,058 Balance at end of year $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 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 year $ 19,679 $ 8,432 $ 9,072 $ 14,255 $ 1 $ 51,439 December 31, 2016 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 $ 7,761 $ 1,626 $ - $ - $ - $ 9,387 Collectively evaluated for impairment 9,583 7,369 13,067 19,463 431 49,913 Total ending allowance balance $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 Loans: Individually evaluated for impairment $ 91,650 $ 53,139 $ - $ - $ - $ 144,789 Collectively evaluated for impairment 629,844 1,224,727 290,515 756,395 - 2,901,481 Total ending loan balance $ 721,494 $ 1,277,866 $ 290,515 $ 756,395 $ - $ 3,046,270 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 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, 2016 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 26 $ 3,429 $ 2,087 $ 5,542 Charge-offs (42) (3,619) (2,155) (5,816) Recoveries 73 301 1,945 2,319 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 112 2,917 (774) 2,255 Balance at end of year $ 169 $ 3,028 $ 1,103 $ 4,300 Year Ended December 31, 2015 Commercial Consumer Auto 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 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 December 31, 2016 Commercial Consumer Auto 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: Individually evaluated for impairment $ 141 $ - $ - $ 141 Collectively evaluated for impairment 28 3,028 1,103 4,159 Total ending allowance balance $ 169 $ 3,028 $ 1,103 $ 4,300 Loans: Individually evaluated for impairment $ 1,150 $ - $ - $ 1,150 Collectively evaluated for impairment 4,412 32,862 53,026 90,300 Total ending loan balance $ 5,562 $ 32,862 $ 53,026 $ 91,450 December 31, 2015 Commercial Consumer Auto 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 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, 2016 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 $ 1,762 $ 21,161 $ - $ 2,862 $ 25,785 Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 1,105 11,710 - 2,693 15,508 Loan pools fully charged-off (14) (66) - (202) (282) Allowance de-recognition (171) (9,353) - (431) (9,955) Balance at end of year $ 2,682 $ 23,452 $ - $ 4,922 $ 31,056 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 $ 5 $ 13,476 $ - $ - $ 13,481 Provision (recapture) for BBVAPR loans and lease losses accounted for under ASC 310-30 1,757 12,037 - 2,862 16,656 Loan pools fully charged-off - (4,352) - - (4,352) Balance at end of year $ 1,762 $ 21,161 $ - $ 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 $ 5 1,713 413 732 2,863 Provision for BBVAPR loans and lease losses accounted for under ASC 310-30 - 11,763 (413) (732) 10,618 Loan pools fully charged-off - - - - - Balance at end of year $ 5 $ 13,476 $ - $ - $ 13,481 The changes in the allowance for loan and lease losses on acquired Eurobank loans for the years ended December 31, 2016, 2015 and 2014 were as follows: Year Ended December 31, 2016 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 $ 22,570 $ 67,365 $ 243 $ - $ 90,178 Provision for (recapture) covered loan and lease losses, net 1,080 $ 1,183 (8) - 2,255 Loan pools fully charged-off - (134) - - (134) Allowance de-recognition from new policy (15,094) (59,086) (229) - (74,409) FDIC shared-loss portion of provision for covered loan and lease losses, net 3,391 - - - 3,391 Balance at end of year $ 11,947 $ 9,328 $ 6 $ - $ 21,281 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 $ 5,469 $ 58,511 $ 265 $ - $ 64,245 Provision for covered loan 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 covered loan and lease losses, net 105 2,398 - - 2,503 Balance at end of year $ 22,570 $ 67,365 $ 243 $ - $ 90,178 Year Ended December 31, 2014 Mortgage Commercial and Construction Consumer Leasing Total (In thousands) Allowance for loan and lease losses for Eurobank loans: Balance at beginning of year $ 2,441 $ 49,797 $ 491 $ - $ 52,729 Provision for (recapture) covered loan and lease losses, net 2,144 3,717 (181) - 5,680 FDIC shared-loss portion of provision for covered loan and lease losses, net 884 4,997 (45) - 5,836 Balance at end of year $ 5,469 $ 58,511 $ 265 $ - $ 64,245 |
FDIC Indemnification and True-u
FDIC Indemnification and True-up Payment Obligation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 paymen t obligation for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 (In thousands) FDIC indemnification asset: Balance at beginning of year $ 22,599 $ 97,378 $ 189,240 Shared-loss agreements reimbursements from the FDIC (1,573) (55,723) (47,666) Increase in expected credit losses to be covered under shared-loss agreements, net 3,391 2,503 5,836 FDIC indemnification asset expense (8,040) (36,398) (62,285) Final settlement with the FDIC on commercial loans - (1,589) - Net expenses (reimbursements) incurred under shared-loss agreements (1,966) 16,428 12,253 Balance at end of year $ 14,411 $ 22,599 $ 97,378 True-up payment obligation: Balance at beginning of year $ 24,658 $ 21,981 $ 18,510 Change in true-up payment obligation 2,128 2,677 3,471 Balance at end of year $ 26,786 $ 24,658 $ 21,981 |
Schedule Of Business Acquisitions By Acquisition Contingent Consideration Text Block | December 31, 2016 2015 (In thousands) Carrying amount (fair value) $ 26,786 $ 24,658 Undiscounted amount $ 33,635 $ 34,956 |
FDIC Indemnification Asset Expense [Table Text block] | Year Ended December 31, 2016 2015 2014 (In thousands) FDIC indemnification asset expense $ 8,040 $ 36,398 $ 62,285 Change in true-up payment obligation 2,128 2,677 3,471 Reimbursement to FDIC for recoveries 3,413 2,144 - Final settlement with the FDIC on commercial loans - 1,589 - Total FDIC shared-loss expense, net $ 13,581 $ 42,808 $ 65,756 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment Abstract | |
Property Plant And Equipment Text Block | Useful Life December 31, (Years) 2016 2015 (In thousands) Land — $ 5,638 $ 5,638 Buildings and improvements 40 64,048 64,392 Leasehold improvements 5 — 10 20,414 20,166 Furniture and fixtures 3 — 7 14,479 13,656 Information technology and other 3 — 7 26,003 23,226 130,582 127,078 Less: accumulated depreciation and amortization (60,175) (52,488) $ 70,407 $ 74,590 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
TransfersAndServicingOfFinancialAssetsAbstract | |
ScheduleOfServicingAssetsAtFairValueTextBlock | The following table presents the changes in servicing rights measured using the fair value method for years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 (In thousands) Fair value at beginning of year $ 7,455 $ 13,992 $ 13,801 Sale of mortgage servicing rights - (5,927) - Servicing from mortgage securitizations or asset transfers 2,616 2,620 2,149 Changes due to payments on loans (489) (1,017) (1,072) 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 276 726 (886) Fair value at end of year $ 9,858 $ 7,455 $ 13,992 |
ScheduleOfAssumptionsForFairValueOnSecuritizationDateOfInterestsContinuedToBeHeldByTransferorServicingAssetsOrServicingLiabilitiesTextBlock | The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the year ended 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Constant prepayment rate 4.24% - 9.14% 5.23% - 15.24% 4.16% - 13.98% 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, 2016 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 9,858 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (220) Decrease in fair value due to 20% adverse change $ (430) Discount rate Decrease in fair value due to 10% adverse change $ (51) Decrease in fair value due to 20% adverse change $ (103) |
Derivative Activities (Tables)
Derivative Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instrument Detail [Abstract] | |
Schedule Of Derivative Instruments Text Block | The following table presents the Company’s derivative assets and liabilities at December 31, 201 6 and 201 5 : December 31, 2016 2015 (In thousands) Derivative assets: Options tied to S&P 500 Index $ - $ 1,170 Interest rate swaps not designated as hedges 1,187 1,819 Interest rate caps 143 32 Other - 4 $ 1,330 $ 3,025 Derivative liabilities: Interest rate swaps designated as cash flow hedges 1,004 4,307 Interest rate swaps not designated as hedges 1,187 1,819 Interest rate caps 139 32 Other 107 4 $ 2,437 $ 6,162 The following table shows a summary of these swaps and their terms at December 31, 201 6 : Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 36,582 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 36,582 Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 Interest Rate Swaps - Mirror Image Derivatives $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other asset | |
Schedule of Accrued interest receivable [Table Text Block] | December 31, 2016 2015 (In thousands) Loans, excluding acquired loans $ 16,706 $ 16,020 Investments 3,521 4,617 $ 20,227 $ 20,637 |
Schedule of Other Assets [Table Text Block] | Other assets at December 31, 2016 and 2015 consist of the following December 31, 2016 2015 (In thousands) Prepaid expenses $ 17,096 $ 11,762 Other repossessed assets 3,224 6,226 Core deposit and customer relationship intangibles 6,160 7,838 Mortgage tax credits 6,277 6,277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 46,525 42,786 $ 80,365 $ 75,972 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits, by Component, Alternative [Abstract] | |
Deposits By Component [Table Text Block] | December 31, 2016 2015 (In thousands) Non-interest bearing demand deposits $ 848,502 $ 762,009 Interest-bearing savings and demand deposits 2,219,452 2,208,180 Individual retirement accounts 265,754 268,799 Retail certificates of deposit 563,965 441,998 Institutional certificates of deposit 190,419 253,791 Total core deposits 4,088,092 3,934,777 Brokered deposits 576,395 782,974 Total deposits $ 4,664,487 $ 4,717,751 |
Interest Expense Domestic Deposit Liabilities [Table Text Block] | Year Ended December 31, 2016 2015 2014 (In thousands) Demand and savings deposits $ 12,004 $ 12,414 $ 17,724 Certificates of deposit 17,249 14,620 16,230 $ 29,253 $ 27,034 $ 33,954 |
Maturities Of Time Deposits [Table Text Block] | December 31, 2016 (In thousands) Within one year: Three (3) months or less $ 277,621 Over 3 months through 1 year 534,548 812,169 Over 1 through 2 years 488,440 Over 2 through 3 years 154,545 Over 3 through 4 years 29,701 Over 4 through 5 years 41,949 $ 1,526,804 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instruments [Abstract] | |
Schedule Of Repurchase Agreement Counterparty [Table Text Block] | December 31, 2016 2015 Fair Value of Fair Value of Borrowing Underlying Borrowing Underlying Balance Collateral Balance Collateral (In thousands) PR Cash and Money Market Fund $ 70,010 $ 74,538 $ - $ - JP Morgan Chase Bank NA 350,219 376,674 262,500 283,483 Credit Suisse Securities (USA) LLC 232,000 249,286 670,000 737,887 Total $ 652,229 $ 700,498 $ 932,500 $ 1,021,370 |
Schedule of Repurchase Agreement by Maturity [Table text Block] | Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2017 $ 70,010 0.77% 12/27/2016 1/3/2017 47,719 0.20% 12/7/2016 1/5/2017 232,000 4.78% 3/2/2007 3/2/2017 2018 202,500 1.42% 12/10/2012 4/29/2018 2019 25,000 1.52% 12/9/2016 6/9/2019 75,000 1.46% 12/9/2016 12/9/2019 $ 652,229 2.47% |
Schedule of Repurchase Agreements [Table] | December 31, 2016 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 $ 349,729 3.35% $ 248,288 $ 75,536 $ 48,954 $ 372,778 Over 90 days 302,500 1.44% 327,627 93 - 327,720 Total $ 652,229 2.47% $ 575,915 $ 75,629 $ 48,954 $ 700,498 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 |
Repurchased Agreements Other Details[Table Text Block] | December 31, 2016 2015 (In thousands) Average daily aggregate balance outstanding $ 663,845 $ 1,012,756 Maximum outstanding balance at any month-end $ 902,500 $ 1,158,945 Weighted average interest rate during the year 2.83% 2.92% Weighted average interest rate at year end 2.47% 3.10% |
Federal Home Loan Bank Advances Maturities Summary [Table Text Block] | December 31, 20 16. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $ 3 00 thousand , at December 31, 2016 : Weighted- Borrowing Average Maturity Year of Maturity Balance Coupon Settlement Date Date (In thousands) 2017 $ 36,582 0.69% 12/1/2016 1/3/2017 4,031 1.24% 4/3/2012 4/3/2017 40,613 2018 30,000 2.19% 1/16/2013 1/16/2018 25,000 2.18% 1/16/2013 1/16/2018 55,000 2020 9,541 2.59% 7/19/2013 7/20/2020 $ 105,154 1.66% |
Offset of Assets_Liabilities (T
Offset of Assets/Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Offsetting [Abstract] | |
Offsetting Assets [Table Text Block] | December 31, 2016 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 $ 1,330 $ - $ 1,330 $ 2,003 $ - $ (673) 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 |
Offsetting Liabilities [Table Text Block] | December 31, 2016 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 $ 2,437 $ - $ 2,437 $ - $ 1,980 $ 457 Securities sold under agreements to repurchase 652,229 - 652,229 700,498 - (48,269) Total $ 654,666 $ - $ 654,666 $ 700,498 $ 1,980 $ (47,812) 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) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 was as follows: Year Ended December 31, 2016 2015 2014 (In thousands) Balance at the beginning of year $ 31,475 $ 27,011 $ 18,963 New loans and disbursements 2,329 13,581 21,797 Repayments (4,784) (9,117) (13,725) Credits of persons no longer considered related parties - - (24) Balance at the end of year $ 29,020 $ 31,475 $ 27,011 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014 are as follows Year Ended December 31, 2016 2015 2014 (In thousands) Current income tax expense $ 2,768 $ 19,775 $ 13,097 Deferred income tax expense (benefit) 23,226 (37,329) 24,155 Total income tax expense (benefit) $ 25,994 $ (17,554) $ 37,252 |
Schedule Of Effective Income Tax Rate Reconciliation Table Text Block | Year Ended December 31, 2016 2015 2014 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense (benefit) at statutory rates $ 33,220 39.00% $ (7,823) -39.00% $ 47,749 39.00% Tax effect of exempt and excluded income, net (11,178) -13.12% (8,625) -43.00% (10,002) -26.85% Disallowed net operating loss carryover 1,406 1.65% 556 2.77% 8,289 22.25% Change in valuation allowance (9) -0.01% (2,219) -11.06% (958) -2.57% Release of unrecognized tax benefits, net (135) -0.16% (385) -1.92% (1,093) -2.94% Loan tax basis change effect - 0.00% - 0.00% (7,642) -20.51% Capital (gain) loss at preferential rate 2,394 2.81% 283 1.41% - 0.00% Other items, net 296 0.34% 659 3.28% 909 2.00% Income tax expense (benefit) $ 25,994 30.51% $ (17,554) -87.52% $ 37,252 10.82% |
Summary Of Income Tax Contingencies Text Block | Year Ended December 31, 2016 2015 2014 In thousands) Balance at beginning of year $ 2,175 $ 2,560 $ 4,042 Additions for tax positions of prior years 229 175 187 Additions (reductions) due to new tax positions 999 (560) (1,388) Reduction for tax positions as a result of lapse of statute of limitations (1,363) - (281) Balance at end of year $ 2,040 $ 2,175 $ 2,560 |
Schedule Of Deferred Tax Assets And Liabilities Table Text Block | December 31, 2016 2015 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 84,959 $ 129,234 Loans and other real estate valuation adjustment 11,120 10,759 Net capital and operating loss carry forwards 9,686 11,043 Alternative minimum tax 15,799 16,240 Deposit and borrowings valuation adjustment - 133 Unrealized net loss included in other comprehensive income 725 1,680 S&P option contracts - 393 Acquired portfolio 36,237 37,523 FDIC shared-loss indemnification asset 5,344 2,802 Other assets allowances 1,547 1,547 Other deferred tax assets 4,391 5,612 Total gross deferred tax asset 169,808 216,966 Less: valuation allowance (3,133) (3,142) Net gross deferred tax assets 166,675 213,824 Deferred tax liability: FDIC-assisted acquisition, net (25,862) (47,956) Customer deposit and customer relationship intangibles (2,402) (3,057) Loans and building valuation adjustment (9,522) (9,991) Unrealized net gain on available-for-sale securities - (2,566) Servicing asset (3,844) (2,907) Other deferred tax liabilities (845) (1,446) Total gross deferred tax liabilities (42,475) $ (67,923) Net deferred tax asset $ 124,200 $ 145,901 |
Regulatory Capital Requiremen52
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 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, 2016 Total capital to risk-weighted assets $ 876,657 19.62% $ 357,404 8.00% $ 446,756 10.00% Tier 1 capital to risk-weighted assets $ 819,662 18.35% $ 268,053 6.00% $ 357,404 8.00% Common equity tier 1 capital to risk-weighted assets $ 627,733 14.05% $ 201,040 4.50% $ 290,391 6.50% Tier 1 capital to average total assets $ 819,662 12.99% $ 252,344 4.00% $ 315,430 5.00% 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% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2016 Total capital to risk-weighted assets $ 857,259 19.23% $ 356,596 8.00% $ 445,745 10.00% Tier 1 capital to risk-weighted assets $ 800,544 17.96% $ 267,447 6.00% $ 356,596 8.00% Common equity tier 1 capital to risk-weighted assets $ 800,544 17.96% $ 200,585 4.50% $ 289,734 6.50% Tier 1 capital to average total assets $ 800,544 12.75% $ 251,200 4.00% $ 314,000 5.00% 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% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 951,523 $ 12.45 888,571 $ 14.12 908,118 $ 14.46 Options granted - - 179,225 17.44 193,100 16.10 Options exercised (24,752) 12.43 (112,704) 19.78 (54,397) 11.86 Options forfeited (9,502) 16.65 (3,569) 16.09 (158,250) 19.29 End of year 917,269 $ 14.08 951,523 $ 12.45 888,571 $ 14.12 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2016 : 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 2.3 4,078 8.28 8.46 to 11.26 1,000 10.29 0.6 1,000 10.29 11.27 to 14.08 437,266 11.91 3.6 401,002 11.92 14.09 to 16.90 302,200 15.37 6.7 110,550 15.10 16.91 to 19.71 171,225 17.44 8.2 - - 19.72 to 22.53 1,500 21.86 1.2 1,500 21.86 917,269 $ 14.08 5.5 518,130 $ 12.60 Aggregate Intrinsic Value $ - $ 261,189 |
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions Table Text Block | T he following assumptions were used in estimating the fair value of the options granted during the years ended December 31, 2015 and 2014, since there were no options granted during the year ended December 31, 2016. Year Ended December 31, 2015 2014 Weighted average assumptions: Dividend yield 1.89% 1.87% Expected volatility 40.93% 42.08% Risk-free interest rate 2.41% 2.38% Expected life (in years) 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, 2016, 2015 and 2014: Year Ended December 31, 2016 2015 2014 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 138,400 $ 16.17 153,050 $ 14.95 158,750 $ 13.95 Restricted units granted - - 26,700 16.66 39,200 16.10 Restricted units lapsed (76,903) 16.04 (39,750) 11.83 (37,342) 12.03 Restricted units forfeited (1,697) 17.02 (1,600) 15.45 (7,558) 14.30 End of year 59,800 $ 16.64 138,400 $ 16.17 153,050 $ 14.95 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 The activity in connection with common shares held in treasury by the Company for the years ended December 31, 2016 and 2015 is set forth below Year Ended December 31, 2016 2015 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of year 8,757,960 $ 105,379 8,012,254 $ 97,070 Common shares used upon lapse of restricted stock units (46,935) (519) (58,279) (641) Common shares repurchased as part of the stock repurchase program - - 803,985 8,950 End of year 8,711,025 $ 104,860 8,757,960 $ 105,379 |
Accumulated Other Comprehensi55
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block Abstract | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income, net of income tax es , as of December 31, 2016, and 2015 consisted of: December 31, 2016 2015 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 1,617 $ 22,044 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 592 (1,924) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 2,209 16,924 Unrealized loss on cash flow hedges (1,004) (4,307) Income tax effect of unrealized loss on cash flow hedges 391 1,380 Net unrealized loss on cash flow hedges (613) (2,927) Accumulated other comprehensive income, net of income taxes $ 1,596 $ 13,997 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31, 2016, 2015 and 2014 : Year Ended December 31, 2016 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges income (In thousands) Beginning balance $ 16,924 $ (2,927) $ 13,997 Other comprehensive loss before reclassifications (14,454) (1,628) (16,082) Amounts reclassified out of accumulated other comprehensive income (loss) (261) 3,942 3,681 Other comprehensive income (loss) (14,715) 2,314 (12,401) Ending balance $ 2,209 $ (613) $ 1,596 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 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 125 7,345 7,470 Other comprehensive income 14,332 2,188 16,520 Ending balance $ 25,765 $ (6,054) $ 19,711 |
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, 2016 , 2015 and 2014 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Year Ended December 31, Consolidated Statement 2016 2015 2014 of Operations (In thousands) Cash flow hedges: Interest-rate contracts $ 3,642 $ 6,443 $ 6,572 Net interest expense Tax effect from increase in capital gains tax rate 300 (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 32 45 170 Income tax expense Tax effect from increase in capital gains tax rate (293) 516 (45) Income tax expense $ 3,681 $ 5,217 $ 7,470 |
Earning Per Common Share (Table
Earning Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculation of earnings (loss) per common share for the years ended December 31, 2016, 2015 and 2014 is as follows: Year Ended December 31, 2016 2015 2014 (In thousands, except per share data) Net income (loss) $ 59,186 $ (2,504) $ 85,181 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) Income (loss) available to common shareholders $ 45,324 $ (16,366) $ 71,319 Effect of assumed conversion of the convertible ' ' preferred stock 7,350 7,350 7,350 Income (loss) available to common shareholders assuming conversion $ 52,674 $ (9,016) $ 78,669 Weighted average common shares and share equivalents: Average common shares outstanding 43,913 44,231 45,024 Effect of dilutive securities: Average potential common shares-options 37 68 155 Average potential common shares-assuming ' ' conversion of convertible preferred stock 7,138 7,156 7,147 Total weighted average common shares ' ' outstanding and equivalents 51,088 51,455 52,326 Earnings (loss) per common share - basic $ 1.03 $ (0.37) $ 1.58 Earnings (loss) per common share - diluted $ 1.03 $ (0.37) $ 1.50 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 c onsolidated statements of financial condition during the years ended December 31, 2016, 2015 and 2014. Year Ended December 31, 2016 2015 2014 (In thousands) Balance at beginning of year $ 439 $ 927 $ 1,955 Net (charge-offs/terminations) recoveries 271 (488) (1,028) Balance at end of year $ 710 $ 439 $ 927 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Line Of Credit Facilities Text Block | Credi t-related financial instruments at December 31, 201 6 and 201 5 were as follows: December 31, 2016 2015 (In thousands) Commitments to extend credit $ 492,885 $ 456,720 Commercial letters of credit 2,721 1,508 The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requireme nts for guarantees, including indirect guarantees of indebtedness of oth ers, at December 31, 2016, and 2015, is as follows: December 31, 2016 2015 (In thousands) Standby letters of credit and financial guarantees $ 4,041 $ 14,656 Loans sold with recourse 20,126 22,374 |
Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block] | Minimum Rent Year Ending December 31, (In thousands) 2017 $ 7,138 2018 6,563 2019 6,522 2020 5,795 2021 4,965 Thereafter 7,678 $ 38,661 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 751,484 $ - $ 751,484 Trading securities - 347 - 347 Money market investments 5,606 - - 5,606 Derivative assets - 1,330 - 1,330 Servicing assets - - 9,858 9,858 Derivative liabilities - (2,437) - (2,437) $ 5,606 $ 750,724 $ 9,858 $ 766,188 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 54,289 $ 54,289 Foreclosed real estate - - 47,520 47,520 Other repossessed assets - - 3,224 3,224 $ - $ - $ 105,033 $ 105,033 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 - 1,855 1,170 3,025 Servicing assets - - 7,455 7,455 Derivative liabilities - (6,162) (1,095) (7,257) $ 4,699 $ 970,590 $ 7,530 $ 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 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, 2016, 2015 and 2014 : Year Ended December 31, 2016 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 $ - $ 1,171 $ 7,455 $ (1,095) $ 7,531 Gains (losses) included in earnings - (1,171) - 1,067 (104) New instruments acquired - - 2,616 - 2,616 Principal repayments - - (489) - (489) Amortization - - - 28 28 Changes in fair value of servicing assets - - 276 - 276 Balance at end of period $ - $ - $ 9,858 $ - $ 9,858 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 |
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, 2016 Fair Value Valuation Technique Unobservable Input Range (In thousands) Servicing assets $ 9,858 Cash flow valuation Constant prepayment rate 4.24% - 9.14% Discount rate 10.00% - 12.00% Collateral dependant impaired loans $ 20,610 Fair value of property or collateral Appraised value less disposition costs 22.20% - 36.20% Other non-collateral dependant impaired loans $ 33,679 Cash flow valuation Discount rate 3.25% - 10.50% Foreclosed real estate $ 47,520 Fair value of property or collateral Appraised value less disposition costs 22.20% - 36.20% Other repossessed assets $ 3,224 Fair value of property or collateral Appraised value less disposition costs 22.20% - 36.20% |
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, 2016 and 2015 is as follows: December 31, December 31, 2016 2015 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 510,439 $ 510,439 $ 536,709 $ 536,709 Restricted cash $ 3,030 $ 3,030 $ 3,349 $ 3,349 Level 2 Financial Assets: Trading securities $ 347 $ 347 $ 288 $ 288 Investment securities available-for-sale $ 751,484 $ 751,484 $ 974,609 $ 974,609 Investment securities held-to-maturity $ 592,763 $ 599,884 $ 614,679 $ 620,189 Federal Home Loan Bank (FHLB) stock $ 10,793 $ 10,793 $ 20,783 $ 20,783 Other investments $ 3 $ 3 $ 3 $ 3 Derivative assets $ 1,330 $ 1,330 $ 1,855 $ 1,855 Financial Liabilities: Derivative liabilities $ 2,437 $ 2,437 $ 6,162 $ 6,162 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 3,917,340 $ 4,147,692 $ 4,101,219 $ 4,434,213 Derivative assets $ - $ - $ 1,170 $ 1,170 FDIC indemnification asset $ 8,669 $ 14,411 $ 17,786 $ 22,599 Accrued interest receivable $ 20,227 $ 20,227 $ 20,637 $ 20,637 Servicing assets $ 9,858 $ 9,858 $ 7,455 $ 7,455 Accounts receivable and other assets $ 46,518 $ 46,518 $ 42,786 $ 42,786 Financial Liabilities: Deposits $ 4,644,629 $ 4,664,487 $ 4,705,878 $ 4,716,656 Securities sold under agreements to repurchase $ 651,898 $ 653,756 $ 955,859 $ 934,691 Advances from FHLB $ 106,422 $ 105,454 $ 335,812 $ 332,476 Other borrowings $ 61 $ 61 $ 2,593 $ 1,734 Subordinated capital notes $ 30,230 $ 36,083 $ 94,940 $ 102,633 Accrued expenses and other liabilities $ 95,370 $ 95,370 $ 92,043 $ 92,043 Derivative liabilities embedded in deposits $ - $ - $ 1,095 $ 1,095 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Following are the results of operations and the selected financial information by operating segment for the years ended December 31, 2016, 2015 and 2014: Year Ended December 31, 2016 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 321,868 $ 65 $ 34,659 $ 356,592 $ - $ 356,592 Interest expense (27,838) - (29,327) (57,165) - (57,165) Net interest income 294,030 65 5,332 299,427 - 299,427 Provision for loan and lease losses (65,076) - - (65,076) - (65,076) Non-interest income 35,587 26,788 4,444 66,819 - 66,819 Non-interest expenses (193,156) (17,443) (5,391) (215,990) - (215,990) Intersegment revenue 1,521 - 883 2,404 (2,404) - Intersegment expenses (883) (1,108) (413) (2,404) 2,404 - Income before income taxes $ 72,023 $ 8,302 $ 4,855 $ 85,180 $ - $ 85,180 Total assets $ 5,584,866 $ 23,315 $ 1,837,514 $ 7,445,695 $ (943,871) $ 6,501,824 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 (loss) 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 - (Loss) income 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 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) $ 7,449,109 |
Holding Company Financial Inf61
Holding Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure Abstract | |
CondensedConsolidatingBalanceSheetTableTextBlock | December 31, 2016 2015 (In thousands) ASSETS Cash and cash equivalents $ 22,573 $ 20,240 Investment securities available-for-sale, at fair value - 6,017 Investment in bank subsidiary, equity method 920,085 890,449 Investment in nonbank subsidiaries, equity method 18,427 19,137 Due from bank subsidiary,net 92 119 Deferred tax asset, net 2,643 3,047 Other assets 2,085 2,042 Total assets $ 965,905 $ 941,051 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 6,501 6,098 Due to affiliates 237 9 Accrued expenses and other liabilities 2,673 1,784 Subordinated capital notes 36,083 36,083 Total liabilities 45,494 43,974 Stockholders’ equity 920,411 897,077 Total liabilities and stockholders’ equity $ 965,905 $ 941,051 |
CondensedConsolidatingStatementOfOperationsTableTextBlock | Year Ended December 31, 2016 2015 2014 (In thousands) Income: Interest income $ 174 $ 321 $ 404 Gain on sale of securities 211 - - Investment trading activities, net and other 4,066 4,007 4,308 Total income 4,451 4,328 4,712 Expenses: Interest expense 1,370 1,222 1,201 Operating expenses 7,179 6,866 6,607 Total expenses 8,549 8,088 7,808 Income (loss) before income taxes (4,098) (3,760) (3,096) Income tax (expense) benefit (518) 3,088 - Income (loss) before changes in undistributed earnings of subsidiaries (4,616) (672) (3,096) Equity in undistributed earnings from: Bank subsidiary 58,580 (3,804) 84,787 Nonbank subsidiaries 5,222 1,972 3,490 Net income (loss) $ 59,186 $ (2,504) $ 85,181 |
CondensedConsolidatingOtherComprenhensiveIncomeTableTextBlock | Year ended December 31, 2016 2015 2014 (In thousands) Net income (loss) $ 59,186 $ (2,504) $ 85,181 Other comprehensive (loss) income before tax: Unrealized gain (loss) on securities available-for-sale (204) (170) 209 Other comprehensive income from bank subsidiary (12,238) (5,578) 16,361 Other comprehensive (loss) income before taxes (12,442) (5,748) 16,570 Income tax effect 41 34 (50) Other comprehensive (loss) income after taxes (12,401) (5,714) 16,520 Comprehensive income (loss) $ 46,785 $ (8,218) $ 101,701 |
CondensedConsolidatingStatementOfCashFlowsTableTextBlock | Year Ended December 31, 2016 2015 2014 (In thousands) Cash flows from operating activities: Net income (loss) $ 59,186 $ (2,504) $ 85,181 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary (58,580) 3,804 (84,787) Equity in undistributed earnings from nonbanking subsidiaries (5,222) (1,972) (3,490) Amortization of investment securities premiums, net of accretion of discounts 12 44 21 Realized gain on sale of securities 211 - - Other impairments on securities - - 62 Stock-based compensation 1,270 1,637 1,036 Deferred income tax, net 444 (3,088) - Net decrease in other assets 42 148 554 Net (decrease) in accrued expenses, other liabilities, and dividend payable 800 (221) (696) Dividends from banking subsidiary 17,600 45,000 28,000 Dividends from non-banking subsidiary 6,000 - 5,900 Net cash provided by operating activities 21,763 42,848 31,781 Cash flows from investing activities: Maturities and redemptions of investment securities available-for-sale 702 2,013 1,318 Proceeds from sales of investment securities available-for-sale 4,888 - - Net (increase) decrease in due from bank subsidiary, net 317 317 (218) Proceeds from sales of premises and equipment 324 - - Capital contribution to banking subsidiary (894) (1,167) (892) Capital contribution to non-banking subsidiary (68) (94) (76) Additions to premises and equipment (381) (132) - Net cash provided by investing activities 4,888 937 132 Cash flows from financing activities: Proceeds from (payments to) exercise of stock options and lapsed restricted units, net (315) 204 643 Purchase of treasury stock - (8,950) (16,948) Dividends paid (24,003) (31,623) (28,341) Net cash used in financing activities (24,318) (40,369) (44,646) Net change in cash and cash equivalents 2,333 3,416 (12,733) Cash and cash equivalents at beginning of year 20,240 16,824 29,557 Cash and cash equivalents at end of year $ 22,573 $ 20,240 $ 16,824 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash And Cash Equivalents Items Line Items | ||
Certificates Of Deposits Oriental International Banking and Oriental Overseas | $ 300 | $ 300 |
Reserve required by local Goverment | 161,000 | 148,300 |
Deposit pledged as collateral | 3,030 | 3,349 |
Derivative | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | 1,980 | 1,980 |
Residential Loans Sold with Recourse [Member] | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 1,050 | $ 1,369 |
Restricted Cash (Composition) (
Restricted Cash (Composition) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 3,030 | $ 3,349 |
Derivatives | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | 1,980 | 1,980 |
Obligations under agreements of loans sold with recourse | ||
Restricted Cash And Cash Equivalents Items Line Items | ||
Deposit pledged as collateral | $ 1,050 | $ 1,369 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Investments Guaranteed by US Treasury and Sponsored Agencies in Unrealized Loss on Position | $ 894,200 | |||
Investments Guaranteed by Puerto Rico Government and its Political Subdivisions in Unrealized Loss On Position | $ 4,700 | |||
Investments Guaranteed By Us Treasury And Sponsored Agencies in Unrealized Loss Position Percentage To Total Investment in Unrealized Loss Position | 99.50% | |||
Investments Guaranteed By Puerto Rico Government and Its Political Subdivisions in Unrealized Loss Position Percentage To Total Investment in Unrealized Loss Position | 0.50% | |||
Maximum GovernmentBond Probability Of Default | 7.70% | |||
Money market investments | $ 5,606 | $ 4,699 | ||
Securitized GNMA pools, amortized cost | $ 112,200 | |||
Securitized GNMA pool, yield | 2.89% | |||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Book Value | $ 288,276 | 101,259 | $ 210,152 | |
Gain (Loss) on Sale of Securities, Net | 12,207 | 2,572 | 4,366 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 0 | 1,490 | 0 | $ 0 |
Investments Guaranteed By Local Government And Its Political Subdivisions In Unrealized Loss On Position with Cumulative Default Probability Fair Value | $ 4,100 | |||
Investments Guaranteed By Local Government And Its Political Subdivisions In Unrealized Loss Position Fair Vaue Percentage to Total Cost | 87.00% | |||
Government Investment with Default Probability Payment Received | $ 2,000 | |||
Collateralized Mortgage Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Book Value | 277,181 | 101,259 | 210,152 | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Book Value | 277,181 | 37,736 | 110,792 | |
Collateralized Mortgage Backed Securities [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Book Value | $ 63,523 | $ 99,360 | ||
Securities Investment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Book Value | 11,095 | |||
Securities Investment [Member] | Obligations of Puerto Rico Government and Public Instrumentalities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities, Book Value | $ 11,095 |
Investment Securities (Investme
Investment Securities (Investment securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 749,867 | $ 955,646 |
Available-for-sale Securities, Gross Unrealized Gains | 8,740 | 27,312 |
Available-for-sale Securities, Gross Unrealized Losses | 7,123 | 8,349 |
Available-for-sale Securities | $ 751,484 | $ 974,609 |
Available for sale - Weighted Average Yield | 2.53% | 2.87% |
Held-to-maturity, Amortized cost | $ 599,884 | $ 620,189 |
Held to maturity Securities Unrecognized Gains | 145 | 426 |
Held-to-maturity Securities, Unrecognized Loss | 7,266 | 5,936 |
Held to maturity Fair Value | $ 592,763 | $ 614,679 |
Held to maturity - Weighted Average Yield | 2.15% | 2.17% |
Total Securities - Amortized Cost | $ 1,349,751 | $ 1,575,835 |
Total Securities Gross Unrealized Gains | 8,885 | 27,738 |
Total Securities Gross Unrealized Losses | 14,389 | 14,285 |
Total Securities Fair Value | $ 1,344,247 | $ 1,589,288 |
Marketable Securities Weighted Average Yield | 2.36% | 2.60% |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 689,772 | $ 930,279 |
Available-for-sale Securities, Gross Unrealized Gains | 8,659 | 27,184 |
Available-for-sale Securities, Gross Unrealized Losses | 5,879 | 4,250 |
Available-for-sale Securities | $ 692,552 | $ 953,213 |
Available for sale - Weighted Average Yield | 2.57% | 2.82% |
Held-to-maturity, Amortized cost | $ 599,884 | $ 595,157 |
Held to maturity Securities Unrecognized Gains | 145 | 426 |
Held-to-maturity Securities, Unrecognized Loss | 7,266 | 5,865 |
Held to maturity Fair Value | $ 592,763 | $ 589,718 |
Held to maturity - Weighted Average Yield | 2.15% | 2.24% |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 422,168 | $ 735,363 |
Available-for-sale Securities, Gross Unrealized Gains | 6,354 | 25,791 |
Available-for-sale Securities, Gross Unrealized Losses | 3,036 | 1,509 |
Available-for-sale Securities | $ 425,486 | $ 759,645 |
Available for sale - Weighted Average Yield | 2.59% | 2.97% |
Held-to-maturity, Amortized cost | $ 599,884 | $ 595,157 |
Held to maturity Securities Unrecognized Gains | 145 | 426 |
Held-to-maturity Securities, Unrecognized Loss | 7,266 | 5,865 |
Held to maturity Fair Value | $ 592,763 | $ 589,718 |
Held to maturity - Weighted Average Yield | 2.15% | 2.24% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 163,614 | $ 57,129 |
Available-for-sale Securities, Gross Unrealized Gains | 2,241 | 1,366 |
Available-for-sale Securities, Gross Unrealized Losses | 620 | 0 |
Available-for-sale Securities | $ 165,235 | $ 58,495 |
Available for sale - Weighted Average Yield | 2.95% | 3.19% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 103,990 | $ 137,787 |
Available-for-sale Securities, Gross Unrealized Gains | 64 | 27 |
Available-for-sale Securities, Gross Unrealized Losses | 2,223 | 2,741 |
Available-for-sale Securities | $ 101,831 | $ 135,073 |
Available for sale - Weighted Average Yield | 1.88% | 1.85% |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 60,095 | $ 25,367 |
Available-for-sale Securities, Gross Unrealized Gains | 81 | 128 |
Available-for-sale Securities, Gross Unrealized Losses | 1,244 | 4,099 |
Available-for-sale Securities | $ 58,932 | $ 21,396 |
Available for sale - Weighted Average Yield | 2.04% | 4.94% |
Securities Investment [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 49,672 | |
Available-for-sale Securities, Gross Unrealized Gains | 0 | |
Available-for-sale Securities, Gross Unrealized Losses | 618 | |
Available-for-sale Securities | $ 49,054 | |
Available for sale - Weighted Average Yield | 1.73% | |
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 | $ 3,903 | $ 5,122 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 19 | 29 |
Available-for-sale Securities | $ 3,884 | $ 5,093 |
Available for sale - Weighted Average Yield | 1.38% | 1.36% |
Securities Investment [Member] | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 4,680 | $ 17,801 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 607 | 4,070 |
Available-for-sale Securities | $ 4,073 | $ 13,731 |
Available for sale - Weighted Average Yield | 5.55% | 6.24% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 1,840 | $ 2,444 |
Available-for-sale Securities, Gross Unrealized Gains | 81 | 128 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 1,921 | $ 2,572 |
Available for sale - Weighted Average Yield | 3.00% | 2.98% |
Investment Securities (Invest66
Investment Securities (Investment securities by contractual maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 749,867 | $ 955,646 |
Available-for-sale Securities | 751,484 | 974,609 |
Held-to-maturity, Amortized cost | 599,884 | 620,189 |
Held to maturity Fair Value | 592,763 | 614,679 |
Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 49,301 | |
Available-for-sale Securities | 48,432 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 54,495 | |
Available-for-sale Securities | 54,397 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 645,571 | |
Available-for-sale Securities | 648,155 | |
Held-to-maturity, Amortized cost | 599,884 | |
Held to maturity Fair Value | 592,763 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 689,772 | 930,279 |
Available-for-sale Securities | 692,552 | 953,213 |
Held-to-maturity, Amortized cost | 599,884 | 595,157 |
Held to maturity Fair Value | 592,763 | 589,718 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 422,168 | 735,363 |
Available-for-sale Securities | 425,486 | 759,645 |
Held-to-maturity, Amortized cost | 599,884 | 595,157 |
Held to maturity Fair Value | 592,763 | 589,718 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 163,614 | 57,129 |
Available-for-sale Securities | 165,235 | 58,495 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 103,990 | 137,787 |
Available-for-sale Securities | 101,831 | 135,073 |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,157 | |
Available-for-sale Securities | 10,237 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,157 | |
Available-for-sale Securities | 10,237 | |
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] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 34,044 | |
Available-for-sale Securities | 34,160 | |
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 | 25,407 | |
Available-for-sale Securities | 25,740 | |
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] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 8,637 | |
Available-for-sale Securities | 8,420 | |
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 | 645,571 | |
Available-for-sale Securities | 648,155 | |
Held-to-maturity, Amortized cost | 599,884 | |
Held to maturity Fair Value | 592,763 | |
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 | 386,604 | |
Available-for-sale Securities | 389,509 | |
Held-to-maturity, Amortized cost | 599,884 | |
Held to maturity Fair Value | 592,763 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 163,614 | |
Available-for-sale Securities | 165,235 | |
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 | 95,353 | |
Available-for-sale Securities | 93,411 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 60,095 | 25,367 |
Available-for-sale Securities | 58,932 | 21,396 |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 49,672 | |
Available-for-sale Securities | 49,054 | |
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 | 3,903 | 5,122 |
Available-for-sale Securities | 3,884 | 5,093 |
Investment Securities | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 4,680 | 17,801 |
Available-for-sale Securities | 4,073 | 13,731 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,840 | 2,444 |
Available-for-sale Securities | 1,921 | $ 2,572 |
Investment Securities | Maturities Due In Less Than One Year [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 500 | |
Available-for-sale Securities | 500 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 0 | |
Available-for-sale Securities | 0 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 39,144 | |
Available-for-sale Securities | 38,195 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 34,464 | |
Available-for-sale Securities | 34,122 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
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 | 4,680 | |
Available-for-sale Securities | 4,073 | |
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 | 20,451 | |
Available-for-sale Securities | 20,237 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 14,708 | |
Available-for-sale Securities | 14,432 | |
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 | 3,903 | |
Available-for-sale Securities | 3,884 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,840 | |
Available-for-sale Securities | 1,921 | |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | $ 300,483 | $ 103,831 | $ 214,518 |
Book Value | 288,276 | 101,259 | 210,152 |
Available-for-sale Securities, Gross Realized Gains | 16,324 | 2,572 | 4,366 |
Available-for-sale Securities, Gross Realized Losses | 4,117 | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | 293,505 | 103,831 | 214,518 |
Book Value | 277,181 | 101,259 | 210,152 |
Available-for-sale Securities, Gross Realized Gains | 16,324 | 2,572 | 4,366 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | 293,505 | 40,307 | 115,158 |
Book Value | 277,181 | 37,736 | 110,792 |
Available-for-sale Securities, Gross Realized Gains | 16,324 | 2,571 | 4,366 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | 63,524 | 99,360 | |
Book Value | 63,523 | 99,360 | |
Available-for-sale Securities, Gross Realized Gains | 1 | 0 | |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | |
Securities Investment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | 6,978 | ||
Book Value | 11,095 | ||
Available-for-sale Securities, Gross Realized Gains | 0 | ||
Available-for-sale Securities, Gross Realized Losses | 4,117 | ||
Securities Investment [Member] | Obligations of Puerto Rico Government and Public Instrumentalities | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Sale Price | 6,978 | ||
Book Value | 11,095 | ||
Available-for-sale Securities, Gross Realized Gains | 0 | ||
Available-for-sale Securities, Gross Realized Losses | $ 4,117 |
Investment Securities (Gains an
Investment Securities (Gains and losses by category) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | $ 335,079,000 | $ 180,338,000 |
Available for sale - Amortized cost - more than 12 month | 38,563,000 | 121,141,000 |
Total Available for Sale Amortization cost | 373,642,000 | 301,479,000 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 5,723,000 | 1,869,000 |
Available for sale - Unrealized Loss - more than 12 month | 1,400,000 | 6,480,000 |
Total Available for Sale Unrealized Loss | 7,123,000 | 8,349,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 329,356,000 | 178,469,000 |
Available-for-sale, Fair Value - more than 12 month | 37,163,000 | 114,661,000 |
Total Available for Sale Fair Value | 366,519,000 | 293,130,000 |
Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Held to Maturity - Amortized cost - less than 12 month | 525,258,000 | 493,519,000 |
Held to Maturity - Amortized Cost | 525,258,000 | 493,519,000 |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity- Unrealized Loss - less than 12 month | 7,266,000 | 5,936,000 |
Held to Maturity- Unrealized Loss | 7,266,000 | 5,936,000 |
Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Held-to-Maturity - Fair Value - less than 12 Month | 517,992,000 | 487,583,000 |
Held to Maturity - Fair Value | 517,992,000 | 487,583,000 |
Investment Securities Continuous Unrealized Loss Position [Abstract] | ||
Investment Securities - Amortized Cost | 898,900,000 | 794,998,000 |
Investment Securities - Unrealized Loss | 14,389,000 | 14,285,000 |
Investment Securities - Fair Value | 884,511,000 | 780,713,000 |
CMO's issued by us government sponsored agencies at loss | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 67,777,000 | 25,736,000 |
Available for sale - Amortized cost - more than 12 month | 33,883,000 | 103,340,000 |
Total Available for Sale Amortization cost | 101,660,000 | 129,076,000 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 1,430,000 | 331,000 |
Available for sale - Unrealized Loss - more than 12 month | 793,000 | 2,410,000 |
Total Available for Sale Unrealized Loss | 2,223,000 | 2,741,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 66,347,000 | 25,405,000 |
Available-for-sale, Fair Value - more than 12 month | 33,090,000 | 100,930,000 |
Total Available for Sale Fair Value | 99,437,000 | 126,335,000 |
Obligation of Puerto Rico Government and public instrumentalities at loss | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - more than 12 month | 4,680,000 | 17,801,000 |
Total Available for Sale Amortization cost | 4,680,000 | 17,801,000 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - more than 12 month | 607,000 | 4,070,000 |
Total Available for Sale Unrealized Loss | 607,000 | 4,070,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available-for-sale, Fair Value - more than 12 month | 4,073,000 | 13,731,000 |
Total Available for Sale Fair Value | 4,073,000 | 13,731,000 |
FNMA and FHLMC [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 184,782,000 | 149,480,000 |
Total Available for Sale Amortization cost | 184,782,000 | 149,480,000 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 3,036,000 | 1,509,000 |
Available for sale - Unrealized Loss - more than 12 month | 0 | |
Total Available for Sale Unrealized Loss | 3,036,000 | 1,509,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 181,746,000 | 147,971,000 |
Total Available for Sale Fair Value | 181,746,000 | 147,971,000 |
Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Held to Maturity - Amortized cost - less than 12 month | 525,258,000 | 468,487,000 |
Held to Maturity - Amortized Cost | 525,258,000 | 468,487,000 |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity- Unrealized Loss - less than 12 month | 7,266,000 | 5,865,000 |
Held to Maturity- Unrealized Loss | 7,266,000 | 5,865,000 |
Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Held-to-Maturity - Fair Value - less than 12 Month | 517,992,000 | 462,622,000 |
Held to Maturity - Fair Value | 517,992,000 | 462,622,000 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 29,445,000 | |
Total Available for Sale Amortization cost | 29,445,000 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 620,000 | |
Total Available for Sale Unrealized Loss | 620,000 | |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 28,825,000 | 5,093,000 |
Total Available for Sale Fair Value | 28,825,000 | 5,093,000 |
Obligation of US Government sponsored agencies at loss [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 3,903,000 | 5,122,000 |
Total Available for Sale Amortization cost | 3,903,000 | 5,122,000 |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 19,000 | 29,000 |
Total Available for Sale Unrealized Loss | 19,000 | 29,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 3,884,000 | |
Total Available for Sale Fair Value | 3,884,000 | |
US Treasury Securities at loss | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 49,172,000 | |
Total Available for Sale Amortization cost | 49,172,000 | |
Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 618,000 | |
Total Available for Sale Unrealized Loss | 618,000 | |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 48,554,000 | |
Total Available for Sale Fair Value | $ 48,554,000 | |
Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Held to Maturity - Amortized cost - less than 12 month | 25,032,000 | |
Held to Maturity - Amortized Cost | 25,032,000 | |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity- Unrealized Loss - less than 12 month | 71,000 | |
Held to Maturity- Unrealized Loss | 71,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Held-to-Maturity - Fair Value - less than 12 Month | 24,961,000 | |
Held to Maturity - Fair Value | $ 24,961,000 |
Investment Securities (Other-th
Investment Securities (Other-than-temporarily Impaired Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Roll Forward | |||
Begging Balance | $ 1,490 | $ 0 | $ 0 |
Reduction from Securities Sold during the period | 1,490 | 0 | 0 |
Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses | 0 | 1,490 | 0 |
Ending Balance | $ 0 | $ 1,490 | $ 0 |
Pledge Assets (Details)
Pledge Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | $ 2,324,006 | $ 2,884,307 |
Assets Not Pledged | 3,285,225 | 3,374,632 |
Investment Securities | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 648,125 | 483,373 |
Residential Mortgage Member | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 348,030 | 379,065 |
Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 1,064,923 | 1,287,036 |
Consumer Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 329,050 | 295,492 |
Auto and Leases Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Assets Not Pledged | 895,097 | 929,666 |
Investment [Member] | Investment Securities | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 703,243 | 1,111,425 |
Mortgage Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,028,234 | 1,095,810 |
Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 592,529 | 677,072 |
Securities sold under agreements to repurchase secured with cash or equivalents [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 700,498 | 1,021,370 |
Puerto Rico public fund deposits [Member] | Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 209,236 | 410,932 |
Puerto Rico Cash & Money Market Fund [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 0 | 81,576 |
Interest Rate Swap [Member] | Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 2,397 | 8,100 |
Federal Reserve Bank Credit Facilities | Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,303 | 12,877 |
Bond For Trust Operation [Member] | Investment [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 348 | 379 |
Federal Home Loan Bank Advances [Member] | Mortgage Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 1,028,234 | 1,095,810 |
Federal Home Loan Bank Advances [Member] | Commercial Loan [Member] | ||
FinancialInstrumentsOwnedAndPledgedAsCollateralLineItems | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | $ 381,990 | $ 253,263 |
Loans Receivable (Narratives) (
Loans Receivable (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Notes And Loans Receivable Line Items | ||
Financing Receivable Modifications Recorded Investment Not Included In Non Accrual | $ 98,100 | $ 93,600 |
Originated Loans Granted To Puerto Rico Government | 66,200 | 80,900 |
Loans And Leases Receivable Gross Carrying Amount Covered | 73,000 | 92,300 |
Loans And Leases Receivable Net Reported Amount Covered | 61,100 | 67,200 |
Line Of Credit Facility Maximum Borrowing Capacity to Puerto Rico Government | 202,800 | 415,400 |
Credit Facilities Granted to the Puerto Rico Public Corporation | 136,600 | 334,600 |
Unpaid principal balance of the revolving line of credit granted to the Government of Puerto Rico | 190,300 | |
General obligations debt of municipalities secured | 191,800 | |
Credit facilities to State Insurance Fund | 11,000 | |
Puerto Rico Housing Finance Authority credit facilities | 10,900 | |
Impaired Commercial Loans | 54,300 | 235,800 |
Allowance for impaired commercial loans | 1,800 | 55,900 |
Impaired Mortgage Loans | 91,600 | 90,000 |
Allowance For Impaired Mortgage Loans | 7,800 | 9,200 |
Credit facilities granted to Puerto Rico Public Corporations | 200,800 | |
Interest Income Recognized for Covered Loans | 8,600 | 33,700 |
Change In Consumer Loans Delinquency Due To The Use Of Two Schedule Payments | 19 | |
Change In Auto Loans Delinquency Due To The Use Of Two Schedule Payments | 5,900 | |
Allowance de-recognition due to change in policy from acquired BBVAPR loans | 10,000 | |
Allowance de-recognition due to change in policy from loans acquired Eurobank loans | 74,400 | |
PREPA fuel line of credit, sale price | 123,500 | |
PREPA Line of Credit Sold Unpaid Principal Balance | 190,300 | |
PREPA Line of Credit Sold Specific Allowance | $ 53,300 | |
PREPA Line of Credit Sold Charge-off | 56,200 | |
PREPA Line of Credit Sold Provision | 2,900 | |
PREPA Line of Credit Sold Outstanding Participation Balance | $ 200,000 |
Loans Receivable (Composition o
Loans Receivable (Composition of loan portfolio) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,245,364,000 | $ 4,650,527,000 |
Allowance for loan and lease losses | (115,937,000) | (234,131,000) |
Loans, net of allowance for loan and lease losse, net. | 4,129,427,000 | 4,416,396,000 |
Deferred loan cost (fees), net | 5,766,000 | 4,203,000 |
Loans receivable net of deferred loan cost (fees) | 4,135,193,000 | 4,420,599,000 |
Mortgage loans held-for-sale | 12,499,000 | 13,614,000 |
Total loans, net | 4,147,692,000 | 4,434,213,000 |
Acquired BBVAPR loans [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,043,244,000 | 1,301,973,000 |
Allowance for loan and lease losses | (35,356,000) | (31,327,000) |
Loans, net of allowance for loan and lease losse, net. | 1,007,888,000 | 1,270,646,000 |
Loans receivable net of deferred loan cost (fees) | 1,007,888,000 | 1,270,646,000 |
Total loans, net | 1,007,888,000 | 1,270,646,000 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 91,450,000 | 152,753,000 |
Allowance for loan and lease losses | (4,300,000) | (5,542,000) |
Loans, net of allowance for loan and lease losse, net. | 87,150,000 | 147,211,000 |
Loans receivable net of deferred loan cost (fees) | 87,150,000 | 147,211,000 |
Total loans, net | 87,150,000 | 147,211,000 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 5,562,000 | 7,457,000 |
Allowance for loan and lease losses | (169,000) | (26,000) |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 32,862,000 | 38,385,000 |
Allowance for loan and lease losses | (3,028,000) | (3,429,000) |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 53,026,000 | 106,911,000 |
Allowance for loan and lease losses | (1,103,000) | (2,087,000) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 951,794,000 | 1,149,220,000 |
Allowance for loan and lease losses | (31,056,000) | (25,785,000) |
Loans, net of allowance for loan and lease losse, net. | 920,738,000 | 1,123,435,000 |
Loans receivable net of deferred loan cost (fees) | 920,738,000 | 1,123,435,000 |
Total loans, net | 920,738,000 | 1,123,435,000 |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 569,253,000 | 608,294,000 |
Allowance for loan and lease losses | (2,682,000) | (1,762,000) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 222,856,000 | 287,311,000 |
Allowance for loan and lease losses | (23,452,000) | (21,161,000) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,301,000 | 11,843,000 |
Allowance for loan and lease losses | 0 | 0 |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 85,676,000 | 153,592,000 |
Allowance for loan and lease losses | (4,922,000) | (2,862,000) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Construction Loans [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 69,708,000 | 88,180,000 |
Eurobank Acquired Loans | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 155,850,000 | 236,964,000 |
Allowance for loan and lease losses | (21,281,000) | (90,178,000) |
Loans, net of allowance for loan and lease losse, net. | 134,569,000 | 146,786,000 |
Loans receivable net of deferred loan cost (fees) | 134,569,000 | 146,786,000 |
Total loans, net | 134,569,000 | 146,786,000 |
Eurobank Acquired Loans | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 81,460,000 | 142,377,000 |
Eurobank Acquired Loans | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,372,000 | 2,314,000 |
Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 73,018,000 | 92,273,000 |
Originated Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,046,270,000 | 3,111,590,000 |
Allowance for loan and lease losses | (59,300,000) | (112,626,000) |
Loans, net of allowance for loan and lease losse, net. | 2,986,970,000 | 2,998,964,000 |
Deferred loan cost (fees), net | 5,766,000 | 4,203,000 |
Loans receivable net of deferred loan cost (fees) | 2,992,736,000 | 3,003,167,000 |
Total loans, net | 2,992,736,000 | 3,003,167,000 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 721,494,000 | 757,828,000 |
Allowance for loan and lease losses | (17,344,000) | (18,352,000) |
Originated Loan [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,277,866,000 | 1,441,649,000 |
Allowance for loan and lease losses | (8,995,000) | (64,791,000) |
Originated Loan [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 290,515,000 | 242,950,000 |
Allowance for loan and lease losses | (13,067,000) | (11,197,000) |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 756,395,000 | 669,163,000 |
Allowance for loan and lease losses | (19,463,000) | (18,261,000) |
Acquired loans [Member] | Eurobank Acquired Loans | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | (21,281,000) | (90,178,000) |
Acquired loans [Member] | Eurobank Acquired Loans | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | (6,000) | (243,000) |
Acquired loans [Member] | Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | (11,947,000) | (22,570,000) |
Acquired loans [Member] | Eurobank Acquired Loans | Commercial and Other Construction Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | $ (9,328,000) | $ (67,365,000) |
Loans Receivable (Aging of reco
Loans Receivable (Aging of recorded investment in gross loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 4,245,364 | $ 4,650,527 |
Originated Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 57,678 | 70,660 |
60 - 89 Days Past Due | 43,274 | 44,483 |
Greater than 90 Days Past Due | 96,685 | 100,854 |
Total Past Due | 197,637 | 215,997 |
Current but Non-Accrual Loans | 12,245 | 201,991 |
Current | 2,836,388 | 2,693,602 |
Total Loans | 3,046,270 | 3,111,590 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,863 | 3,825 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 10,574 | 11,751 |
60 - 89 Days Past Due | 21,942 | 24,339 |
Greater than 90 Days Past Due | 75,668 | 74,841 |
Total Past Due | 108,184 | 110,931 |
Current but Non-Accrual Loans | 4,291 | 5,964 |
Current | 609,019 | 640,933 |
Total Loans | 721,494 | 757,828 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,863 | 3,825 |
Originated Loan [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,663 | 1,793 |
60 - 89 Days Past Due | 14,239 | 16,475 |
Greater than 90 Days Past Due | 44,716 | 46,823 |
Total Past Due | 60,618 | 65,091 |
Current but Non-Accrual Loans | 692 | 358 |
Current | 523,779 | 552,556 |
Total Loans | 585,089 | 618,005 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,139 | 742 |
Originated Loan [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 196 | 80 |
60 - 89 Days Past Due | 2,176 | 2,217 |
Greater than 90 Days Past Due | 3,371 | 3,889 |
Total Past Due | 5,743 | 6,186 |
Current but Non-Accrual Loans | 0 | 41 |
Current | 44,542 | 51,562 |
Total Loans | 50,285 | 57,789 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 158 | 144 |
Originated Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 156 | 251 |
60 - 89 Days Past Due | 3,872 | 5,036 |
Greater than 90 Days Past Due | 7,272 | 5,536 |
Total Past Due | 11,300 | 10,823 |
Current but Non-Accrual Loans | 181 | 0 |
Current | 79,226 | 88,623 |
Total Loans | 90,707 | 99,446 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 79 |
60 - 89 Days Past Due | 1,952 | 2,553 |
Greater than 90 Days Past Due | 4,306 | 3,549 |
Total Past Due | 6,258 | 6,181 |
Current but Non-Accrual Loans | 180 | 0 |
Current | 43,571 | 48,040 |
Total Loans | 50,009 | 54,221 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 506 | 551 |
60 - 89 Days Past Due | 2,905 | 2,878 |
Greater than 90 Days Past Due | 6,261 | 7,934 |
Total Past Due | 9,672 | 11,363 |
Current but Non-Accrual Loans | 94 | 176 |
Current | 59,534 | 66,864 |
Total Loans | 69,300 | 78,403 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 409 | 170 |
60 - 89 Days Past Due | 1,439 | 2,053 |
Greater than 90 Days Past Due | 11,732 | 14,733 |
Total Past Due | 13,580 | 16,956 |
Current but Non-Accrual Loans | 111 | 0 |
Current | 63,038 | 74,590 |
Total Loans | 76,729 | 91,546 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 398 | 526 |
Originated Loan [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 349 | 662 |
60 - 89 Days Past Due | 1,772 | 1,673 |
Greater than 90 Days Past Due | 10,417 | 10,519 |
Total Past Due | 12,538 | 12,854 |
Current but Non-Accrual Loans | 126 | 141 |
Current | 127,196 | 137,749 |
Total Loans | 139,860 | 150,744 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 583 | 72 |
Originated Loan [Member] | Originated In Years 2014, 2015 and 2016 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 47 | 0 |
60 - 89 Days Past Due | 123 | 65 |
Greater than 90 Days Past Due | 1,357 | 663 |
Total Past Due | 1,527 | 728 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 106,672 | 85,128 |
Total Loans | 108,199 | 85,856 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 64 |
Total Past Due | 0 | 64 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 337 | 346 |
Total Loans | 337 | 410 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 498 | 977 |
Greater than 90 Days Past Due | 4,730 | 5,079 |
Total Past Due | 5,228 | 6,056 |
Current but Non-Accrual Loans | 0 | 13 |
Current | 17,631 | 23,483 |
Total Loans | 22,859 | 29,552 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 8,911 | 9,958 |
60 - 89 Days Past Due | 7,205 | 6,887 |
Greater than 90 Days Past Due | 16,541 | 14,930 |
Total Past Due | 32,657 | 31,775 |
Current but Non-Accrual Loans | 3,599 | 5,593 |
Current | 67,272 | 64,548 |
Total Loans | 103,528 | 101,916 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 1,724 | 3,083 |
Originated Loan [Member] | Total Traditional, non-traditional and loss mitigation program [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 10,574 | 11,751 |
60 - 89 Days Past Due | 21,942 | 24,339 |
Greater than 90 Days Past Due | 65,987 | 66,832 |
Total Past Due | 98,503 | 102,922 |
Current but Non-Accrual Loans | 4,291 | 5,964 |
Current | 608,682 | 640,587 |
Total Loans | 711,476 | 749,473 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,863 | 3,825 |
Originated 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 |
Greater than 90 Days Past Due | 9,681 | 7,945 |
Total Past Due | 9,681 | 7,945 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 0 |
Total Loans | 9,681 | 7,945 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,092 | 2,593 |
60 - 89 Days Past Due | 510 | 1,868 |
Greater than 90 Days Past Due | 11,197 | 16,677 |
Total Past Due | 12,799 | 21,138 |
Current but Non-Accrual Loans | 7,514 | 195,545 |
Current | 1,257,553 | 1,224,966 |
Total Loans | 1,277,866 | 1,441,649 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 154 | 2,073 |
60 - 89 Days Past Due | 410 | 1,178 |
Greater than 90 Days Past Due | 10,167 | 16,034 |
Total Past Due | 10,731 | 19,285 |
Current but Non-Accrual Loans | 5,942 | 2,907 |
Current | 756,990 | 706,764 |
Total Loans | 773,663 | 728,956 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 242,770 | 227,557 |
Total Loans | 242,770 | 227,557 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Institutional Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 213 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 254 | 0 |
Total Past Due | 254 | 213 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 26,546 | 33,594 |
Total Loans | 26,800 | 33,807 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 1,174 |
60 - 89 Days Past Due | 60 | 712 |
Greater than 90 Days Past Due | 3,319 | 9,113 |
Total Past Due | 3,379 | 10,999 |
Current but Non-Accrual Loans | 1,304 | 1,730 |
Current | 230,298 | 194,219 |
Total Loans | 234,981 | 206,948 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 154 | 686 |
60 - 89 Days Past Due | 350 | 466 |
Greater than 90 Days Past Due | 6,594 | 6,921 |
Total Past Due | 7,098 | 8,073 |
Current but Non-Accrual Loans | 4,638 | 1,177 |
Current | 237,992 | 231,840 |
Total Loans | 249,728 | 241,090 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,989 | 2,892 |
Total Loans | 2,989 | 2,892 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 16,395 | 16,662 |
Total Loans | 16,395 | 16,662 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 938 | 520 |
60 - 89 Days Past Due | 100 | 690 |
Greater than 90 Days Past Due | 1,030 | 643 |
Total Past Due | 2,068 | 1,853 |
Current but Non-Accrual Loans | 1,572 | 192,638 |
Current | 500,563 | 518,202 |
Total Loans | 504,203 | 712,693 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 136,438 | 108,582 |
Total Loans | 136,438 | 108,582 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 0 | 190,290 |
Current | 180,285 | 190,695 |
Total Loans | 180,285 | 380,985 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated 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 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current but Non-Accrual Loans | 1,278 | 1,565 |
Current | 80,355 | 105,748 |
Total Loans | 81,633 | 107,313 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 930 | 282 |
60 - 89 Days Past Due | 100 | 639 |
Greater than 90 Days Past Due | 969 | 604 |
Total Past Due | 1,999 | 1,525 |
Current but Non-Accrual Loans | 294 | 783 |
Current | 71,412 | 75,489 |
Total Loans | 73,705 | 77,797 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 8 | 238 |
60 - 89 Days Past Due | 0 | 51 |
Greater than 90 Days Past Due | 61 | 39 |
Total Past Due | 69 | 328 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 32,073 | 37,688 |
Total Loans | 32,142 | 38,016 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 3,298 | 2,750 |
60 - 89 Days Past Due | 1,808 | 1,378 |
Greater than 90 Days Past Due | 1,647 | 1,043 |
Total Past Due | 6,753 | 5,171 |
Current but Non-Accrual Loans | 259 | 433 |
Current | 283,503 | 237,346 |
Total Loans | 290,515 | 242,950 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 527 | 449 |
60 - 89 Days Past Due | 283 | 182 |
Greater than 90 Days Past Due | 525 | 369 |
Total Past Due | 1,335 | 1,000 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 25,023 | 21,766 |
Total Loans | 26,358 | 22,766 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 16 | 24 |
60 - 89 Days Past Due | 12 | 0 |
Greater than 90 Days Past Due | 5 | 0 |
Total Past Due | 33 | 24 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 174 | 166 |
Total Loans | 207 | 190 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 41 | 74 |
60 - 89 Days Past Due | 4 | 0 |
Greater than 90 Days Past Due | 32 | 45 |
Total Past Due | 77 | 119 |
Current but Non-Accrual Loans | 0 | 19 |
Current | 2,327 | 2,106 |
Total Loans | 2,404 | 2,244 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 2,474 | 2,078 |
60 - 89 Days Past Due | 1,489 | 1,179 |
Greater than 90 Days Past Due | 1,081 | 627 |
Total Past Due | 5,044 | 3,884 |
Current but Non-Accrual Loans | 259 | 414 |
Current | 240,969 | 196,858 |
Total Loans | 246,272 | 201,156 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 240 | 125 |
60 - 89 Days Past Due | 20 | 17 |
Greater than 90 Days Past Due | 4 | 2 |
Total Past Due | 264 | 144 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 15,010 | 16,450 |
Total Loans | 15,274 | 16,594 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 42,714 | 53,566 |
60 - 89 Days Past Due | 19,014 | 16,898 |
Greater than 90 Days Past Due | 8,173 | 8,293 |
Total Past Due | 69,901 | 78,757 |
Current but Non-Accrual Loans | 181 | 49 |
Current | 686,313 | 590,357 |
Total Loans | 756,395 | 669,163 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 4,566 | 8,683 |
60 - 89 Days Past Due | 1,772 | 2,721 |
Greater than 90 Days Past Due | 1,797 | 2,246 |
Total Past Due | 8,135 | 13,650 |
Current but Non-Accrual Loans | 944 | 0 |
Current | 82,371 | 139,103 |
Total Loans | 91,450 | 152,753 |
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 | 130 | 186 |
60 - 89 Days Past Due | 34 | 29 |
Greater than 90 Days Past Due | 452 | 880 |
Total Past Due | 616 | 1,095 |
Current but Non-Accrual Loans | 929 | 0 |
Current | 4,017 | 6,362 |
Total Loans | 5,562 | 7,457 |
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 | 33 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 329 | 695 |
Total Past Due | 362 | 695 |
Current but Non-Accrual Loans | 929 | 0 |
Current | 1,242 | 2,422 |
Total Loans | 2,533 | 3,117 |
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 | 33 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 110 | 228 |
Total Past Due | 143 | 228 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 0 |
Total Loans | 143 | 228 |
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 | 0 |
Greater than 90 Days Past Due | 219 | 467 |
Total Past Due | 219 | 467 |
Current but Non-Accrual Loans | 929 | 0 |
Current | 1,242 | 2,422 |
Total Loans | 2,390 | 2,889 |
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 | 130 | 186 |
60 - 89 Days Past Due | 34 | 29 |
Greater than 90 Days Past Due | 452 | 185 |
Total Past Due | 616 | 400 |
Current but Non-Accrual Loans | 929 | 0 |
Current | 4,017 | 3,940 |
Total Loans | 5,562 | 4,340 |
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 | 97 | 186 |
60 - 89 Days Past Due | 34 | 29 |
Greater than 90 Days Past Due | 121 | 178 |
Total Past Due | 252 | 393 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,775 | 3,331 |
Total Loans | 3,027 | 3,724 |
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 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 2 | 7 |
Total Past Due | 2 | 7 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 0 | 609 |
Total Loans | 2 | 616 |
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 | 784 | 944 |
60 - 89 Days Past Due | 383 | 413 |
Greater than 90 Days Past Due | 828 | 535 |
Total Past Due | 1,995 | 1,892 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 30,867 | 36,493 |
Total Loans | 32,862 | 38,385 |
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 | 736 | 930 |
60 - 89 Days Past Due | 369 | 384 |
Greater than 90 Days Past Due | 708 | 489 |
Total Past Due | 1,813 | 1,803 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 28,280 | 33,414 |
Total Loans | 30,093 | 35,217 |
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 | 48 | 14 |
60 - 89 Days Past Due | 14 | 29 |
Greater than 90 Days Past Due | 120 | 46 |
Total Past Due | 182 | 89 |
Current but Non-Accrual Loans | 0 | 0 |
Current | 2,587 | 3,079 |
Total Loans | 2,769 | 3,168 |
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 | 3,652 | 7,553 |
60 - 89 Days Past Due | 1,355 | 2,279 |
Greater than 90 Days Past Due | 517 | 831 |
Total Past Due | 5,524 | 10,663 |
Current but Non-Accrual Loans | 15 | 0 |
Current | 47,487 | 96,248 |
Total Loans | 53,026 | 106,911 |
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) - Acquired under ASC 310-30 Non-Covered Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable Line Items | ||||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 1,669,602 | $ 1,945,098 | ||
Non-acretable discount | 363,107 | 434,190 | $ 456,627 | $ 579,587 |
Cash expected to be collected | 1,306,495 | 1,510,908 | ||
Accretable yield | 354,701 | 361,688 | ||
Carrying amount, gross | 951,794 | 1,149,220 | ||
Allowance for loan and lease losses | 31,056 | 25,785 | ||
Carrying amount, net | $ 920,738 | $ 1,123,435 |
Loans Receivable (Accretable yi
Loans Receivable (Accretable yield and non-accretable discount activity) (Details) - Acquired under ASC 310-30 Non-Covered Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 361,688 | $ 445,946 | $ 517,553 |
Accretion Accretable | 75,637 | 112,113 | 153,536 |
Change in expected cash flow | 15,267 | 8,531 | |
Transfer from (to) non-accretable discount | 53,383 | 19,324 | 81,929 |
Balance at end of period | 354,701 | 361,688 | 445,946 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 434,190 | 456,627 | 579,587 |
Change in actual and expected losses | (17,700) | (3,113) | (41,031) |
Transfer (to) from accretable yield | (53,383) | (19,324) | (81,929) |
Balance at end of period | 363,107 | 434,190 | 456,627 |
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 | 268,794 | 298,364 | 287,841 |
Accretion Accretable | 32,834 | 34,842 | 37,612 |
Change in expected cash flow | (1) | 0 | |
Transfer from (to) non-accretable discount | 56,156 | 5,272 | 48,135 |
Balance at end of period | 292,115 | 268,794 | 298,364 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 374,772 | 389,839 | 463,166 |
Change in actual and expected losses | (13,001) | (9,795) | (25,192) |
Transfer (to) from accretable yield | (56,156) | (5,272) | (48,135) |
Balance at end of period | 305,615 | 374,772 | 389,839 |
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 | 45,411 | 61,196 | 96,139 |
Accretion Accretable | 20,443 | 39,268 | 49,039 |
Change in expected cash flow | 13,949 | 6,130 | |
Transfer from (to) non-accretable discount | (1,800) | 17,353 | 14,096 |
Balance at end of period | 37,117 | 45,411 | 61,196 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 11,781 | 23,069 | 42,515 |
Change in actual and expected losses | (3,916) | 6,065 | (5,350) |
Transfer (to) from accretable yield | 1,800 | (17,353) | (14,096) |
Balance at end of period | 9,665 | 11,781 | 23,069 |
Construction Loans [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 19,615 | 25,829 | 42,993 |
Accretion Accretable | 5,811 | 10,161 | 21,894 |
Change in expected cash flow | 310 | 2,402 | |
Transfer from (to) non-accretable discount | (865) | 1,545 | 4,730 |
Balance at end of period | 13,249 | 19,615 | 25,829 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 6,764 | 3,486 | 5,851 |
Change in actual and expected losses | (329) | 4,823 | 2,365 |
Transfer (to) from accretable yield | 865 | (1,545) | (4,730) |
Balance at end of period | 7,300 | 6,764 | 3,486 |
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 | 21,578 | 53,998 | 77,845 |
Accretion Accretable | 13,567 | 23,463 | 39,023 |
Change in expected cash flow | 1,251 | 0 | |
Transfer from (to) non-accretable discount | (724) | (8,957) | 15,176 |
Balance at end of period | 8,538 | 21,578 | 53,998 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 22,039 | 16,215 | 39,645 |
Change in actual and expected losses | (356) | (3,133) | (8,254) |
Transfer (to) from accretable yield | 724 | 8,957 | (15,176) |
Balance at end of period | 22,407 | 22,039 | 16,215 |
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 | 6,290 | 6,559 | 12,735 |
Accretion Accretable | 2,982 | 4,379 | 5,968 |
Change in expected cash flow | (242) | (1) | |
Transfer from (to) non-accretable discount | 616 | 4,111 | 208 |
Balance at end of period | 3,682 | 6,290 | 6,559 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 18,834 | 24,018 | 28,410 |
Change in actual and expected losses | (98) | (1,073) | (4,600) |
Transfer (to) from accretable yield | (616) | (4,111) | 208 |
Balance at end of period | $ 18,120 | $ 18,834 | $ 24,018 |
Loans Receivable (Eurobank Acqu
Loans Receivable (Eurobank Acquired Loan carrying amounts) (Details) - Eurobank Acquired Loans - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Notes And Loans Receivable Line Items | ||||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 232,698 | $ 342,511 | ||
Non-acretable discount | 12,340 | 21,156 | $ 62,410 | $ 129,477 |
Cash expected to be collected | 220,358 | 321,355 | ||
Accretable yield | 64,508 | 84,391 | ||
Carrying amount, gross | 155,850 | 236,964 | ||
Financing Receivable, Allowance for Credit Losses | 21,281 | 90,178 | ||
Carrying amount, net | $ 134,569 | $ 146,786 |
Loans Receivable (Accretable 77
Loans Receivable (Accretable yield and non-accretable discount activity of acquired Eurobank loans) (Details) - Acquired Loans In An F D I C Assisted Transaction [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 84,391 | $ 109,859 | $ 162,959 |
Accretion Accretable | 30,498 | 52,411 | 88,969 |
Change in expected cash flow | 14,456 | 34,497 | |
Transfer from (to) non-accretable discount | (3,841) | (7,554) | 35,869 |
Balance at end of period | 64,508 | 84,391 | 109,859 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 21,156 | 62,410 | 129,477 |
Change in actual and expected losses | (12,657) | (48,808) | (31,198) |
Transfer (to) from accretable yield | 3,841 | 7,554 | (35,869) |
Balance at end of period | 12,340 | 21,156 | 62,410 |
Mortgage | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 51,954 | 47,636 | 53,250 |
Accretion Accretable | 8,942 | 13,685 | 15,731 |
Change in expected cash flow | 2,134 | 4,631 | |
Transfer from (to) non-accretable discount | 693 | 13,372 | 10,117 |
Balance at end of period | 45,839 | 51,954 | 47,636 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 12,869 | 27,348 | 39,182 |
Change in actual and expected losses | (3,735) | (1,107) | (1,717) |
Transfer (to) from accretable yield | (693) | (13,372) | (10,117) |
Balance at end of period | 8,441 | 12,869 | 27,348 |
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 | 26,970 | 37,920 | 95,093 |
Accretion Accretable | 19,593 | 32,124 | 57,099 |
Change in expected cash flow | 13,722 | 44,660 | |
Transfer from (to) non-accretable discount | (4,624) | (23,486) | (74) |
Balance at end of period | 16,475 | 26,970 | 37,920 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 0 | 24,464 | 81,092 |
Change in actual and expected losses | (744) | (47,950) | (56,702) |
Transfer (to) from accretable yield | 4,624 | 23,486 | 74 |
Balance at end of period | 3,880 | 0 | 24,464 |
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 | 2,255 | 20,753 | 1,690 |
Accretion Accretable | 90 | 2,513 | 4,102 |
Change in expected cash flow | 1 | (15,048) | |
Transfer from (to) non-accretable discount | 28 | (937) | 23,165 |
Balance at end of period | 2,194 | 2,255 | 20,753 |
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 | 39 | (937) | 23,165 |
Transfer (to) from accretable yield | (28) | 937 | (23,165) |
Balance at end of period | 11 | 0 | 0 |
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 | 0 | 2,479 | 10,238 |
Accretion Accretable | 60 | 3,458 | 9,837 |
Change in expected cash flow | (15) | (51) | |
Transfer from (to) non-accretable discount | 75 | 1,030 | 2,078 |
Balance at end of period | 0 | 0 | 2,479 |
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 | 75 | 1,030 | 2,078 |
Transfer (to) from accretable yield | (75) | (1,030) | (2,078) |
Balance at end of period | 0 | 0 | 0 |
Consumer Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 3,212 | 1,071 | 2,688 |
Accretion Accretable | 1,813 | 631 | 2,200 |
Change in expected cash flow | (1,386) | 305 | |
Transfer from (to) non-accretable discount | (13) | 2,467 | 583 |
Balance at end of period | 0 | 3,212 | 1,071 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 8,287 | 10,598 | 9,203 |
Change in actual and expected losses | (8,292) | 156 | 1,978 |
Transfer (to) from accretable yield | 13 | (2,467) | (583) |
Balance at end of period | $ 8 | $ 8,287 | $ 10,598 |
Loans Receivable (Investment in
Loans Receivable (Investment in loans on non-accrual status) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 104,090 | $ 300,119 |
Originated Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 101,295 | 297,873 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 70,730 | 72,479 |
Originated Loan [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 45,256 | 47,215 |
Originated Loan [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,336 | 3,786 |
Originated Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,668 | 5,737 |
Originated Loan [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,487 | 3,627 |
Originated Loan [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,746 | 8,189 |
Originated Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,526 | 14,625 |
Originated Loan [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,089 | 10,588 |
Originated Loan [Member] | Originated In Years 2014, 2015 and 2016 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,404 | 663 |
Originated Loan [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,730 | 5,092 |
Originated Loan [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 20,744 | 20,172 |
Originated Loan [Member] | Home equity secured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 64 |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 19,532 | 215,281 |
Originated Loan [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 16,243 | 21,455 |
Originated Loan [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,682 | 12,729 |
Originated Loan [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 11,561 | 8,726 |
Originated Loan [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,289 | 193,826 |
Originated Loan [Member] | Corporate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 190,290 |
Originated Loan [Member] | Middle Market Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,278 | 1,565 |
Originated Loan [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,950 | 1,932 |
Originated Loan [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 61 | 39 |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,981 | 1,631 |
Originated Loan [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 525 | 369 |
Originated Loan [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 32 | 100 |
Originated Loan [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,420 | 1,146 |
Originated Loan [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4 | 16 |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,052 | 8,418 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,795 | 2,246 |
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 | 1,415 | 880 |
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 | 1,292 | 695 |
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 | 143 | 228 |
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 | 1,149 | 467 |
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 | 123 | 185 |
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 | 121 | 178 |
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 | 2 | 7 |
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 | 828 | 535 |
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 | 708 | 489 |
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 | 120 | 46 |
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 | $ 552 | $ 831 |
Loans Receivable (Recorded Inve
Loans Receivable (Recorded Investment in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan and lease losses | $ 115,937 | $ 234,131 |
Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 162,322 | 350,252 |
Recorded Investment | 144,789 | 325,267 |
Allowance for loan and lease losses | $ 9,387 | $ 65,180 |
Coverage | 0.06% | 0.11% |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 1,184 | $ 486 |
Recorded Investment | 1,150 | 474 |
Allowance for loan and lease losses | $ 141 | $ 0 |
Coverage | 0.12% | 0.00% |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 887,646 | $ 1,137,377 |
Recorded Investment | 850,454 | 1,017,976 |
Allowance for loan and lease losses | $ 31,056 | $ 25,785 |
Coverage | 0.04% | 0.03% |
Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 170,038 | $ 241,305 |
Recorded Investment | 146,530 | 236,964 |
Allowance for loan and lease losses | $ 21,281 | $ 90,178 |
Coverage | 0.15% | 0.38% |
Commercial impaired loans with specific allowance [Member] | Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 13,183 | $ 210,718 |
Recorded Investment | 11,698 | 199,366 |
Allowance for loan and lease losses | $ 1,626 | $ 55,947 |
Coverage | 0.14% | 0.13% |
Commercial impaired loans with specific allowance [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 944 | |
Recorded Investment | 929 | |
Allowance for loan and lease losses | $ 141 | |
Coverage | 0.15% | |
Residential troubled-debt restructuring impaired loans with specific allowance [Member] | Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 100,101 | $ 97,424 |
Recorded Investment | 91,650 | 89,973 |
Allowance for loan and lease losses | $ 7,761 | $ 9,233 |
Coverage | 0.08% | 0.09% |
Commercial impaired loans with no specific allowance financing receivable | Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 49,038 | $ 42,110 |
Recorded Investment | $ 41,441 | $ 35,928 |
Coverage | 0.00% | 0.00% |
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 | $ 240 | $ 486 |
Recorded Investment | $ 221 | $ 474 |
Coverage | 0.00% | 0.00% |
Mortgage impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 595,757 | $ 608,294 |
Recorded Investment | 569,250 | 608,294 |
Allowance for loan and lease losses | $ 2,682 | $ 1,761 |
Coverage | 0.00% | 0.00% |
Commercial impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 160,254 | $ 287,311 |
Recorded Investment | 156,241 | 168,107 |
Allowance for loan and lease losses | $ 19,873 | $ 15,455 |
Coverage | 0.13% | 0.09% |
Construction impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 38,838 | $ 88,180 |
Recorded Investment | 39,287 | 87,983 |
Allowance for loan and lease losses | $ 3,579 | $ 5,707 |
Coverage | 0.09% | 0.06% |
Auto impaired loan pool. | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 92,797 | $ 153,592 |
Recorded Investment | 85,676 | 153,592 |
Allowance for loan and lease losses | $ 4,922 | $ 2,862 |
Coverage | 0.06% | 0.02% |
Consumer impaired loan pool. | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 29 | $ 6,713 |
Recorded Investment | 1,372 | 2,314 |
Allowance for loan and lease losses | $ 6 | $ 243 |
Coverage | 0.00% | 0.11% |
Loans secured by 1-4 family residential properties, covered [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 88,017 | $ 101,444 |
Recorded Investment | 73,018 | 92,273 |
Allowance for loan and lease losses | $ 11,947 | $ 22,570 |
Coverage | 0.16% | 0.24% |
Commercial and Other Construction Loan [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 81,992 | $ 133,148 |
Recorded Investment | 72,140 | 142,377 |
Allowance for loan and lease losses | $ 9,328 | $ 67,365 |
Coverage | 0.13% | 0.47% |
Loans Receivable (Interest Inco
Loans Receivable (Interest Income Recognized in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loan [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | $ 5,583 | ||
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 251,489 | ||
Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | 5,583 | $ 4,849 | $ 12,260 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 250,562 | 330,207 | 187,030 |
Most recent acquired loans accounted for under ASC 310-20 [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | 0 | 0 | |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 927 | 0 | |
Commercial Loan [Member] | Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 452 | 280 | 237 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 1,941 | 1,350 | 9,400 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 118,980 | 175,115 | 5,899 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 40,443 | 64,356 | 90,748 |
Commercial Loan [Member] | Most recent acquired loans accounted for under ASC 310-20 [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 0 | 0 | 0 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 0 | 0 | 0 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 319 | 0 | 0 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 608 | 0 | 0 |
Troubled Debt Restructuring [Member] | Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 3,190 | 3,219 | 2,623 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | $ 91,139 | $ 90,736 | $ 90,383 |
Loans Receivable (TDR Pre_Post
Loans Receivable (TDR Pre/Post Modifications) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)number | Dec. 31, 2015USD ($)number | Dec. 31, 2014USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 90 | 160 | 162 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 11,684 | $ 21,053 | $ 21,188 |
Pre Modification Weighted Average Rate | 6.05% | 5.42% | 6.03% |
Pre Modification Weighted Average Term | 351 months | 356 months | 350 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 11,625 | $ 21,182 | $ 20,958 |
Post Modification Weighted Average Rate | 4.77% | 4.35% | 4.25% |
Post Modification Weighted Average Term | 439 months | 272 months | 420 months |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 20 | 9 | 26 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 9,833 | $ 5,664 | $ 200,446 |
Pre Modification Weighted Average Rate | 5.73% | 6.79% | 7.25% |
Pre Modification Weighted Average Term | 64 months | 66 months | 3 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 10,151 | $ 13,174 | $ 200,125 |
Post Modification Weighted Average Rate | 5.93% | 4.57% | 7.25% |
Post Modification Weighted Average Term | 116 months | 56 months | 10 months |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 75 | 64 | 26 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 817 | $ 611 | $ 212 |
Pre Modification Weighted Average Rate | 13.60% | 13.85% | 10.09% |
Pre Modification Weighted Average Term | 73 months | 71 months | 56 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 902 | $ 898 | $ 240 |
Post Modification Weighted Average Rate | 11.23% | 13.43% | 12.96% |
Post Modification Weighted Average Term | 66 months | 60 months | 65 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 Rate | 10.51% | ||
Pre Modification Weighted Average Term | 65 months | ||
Financing Receivable Modifications Post Modification Recorded Investment | $ 131 | ||
Post Modification Weighted Average Rate | 10.87% | ||
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, 2016USD ($)number | Dec. 31, 2015USD ($)number | Dec. 31, 2014USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 19 | 65 | 15 |
Recored Investment | $ | $ 2,241 | $ 7,387 | $ 1,700 |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 2 | 0 | 0 |
Recored Investment | $ | $ 157 | $ 0 | $ 0 |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 11 | 8 | 5 |
Recored Investment | $ | $ 126 | $ 177 | $ 37 |
Auto [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 0 | 1 | 0 |
Recored Investment | $ | $ 0 | $ 64 | $ 0 |
Loans Receivable (Credit Qualit
Loans Receivable (Credit Quality Indicator of loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,245,364 | $ 4,650,527 |
Financing Receivable, Individually Evaluated for Impairment | 54,289 | 235,767 |
Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,046,270 | 3,111,590 |
Financing Receivable, Individually Evaluated for Impairment | 144,789 | 325,267 |
Commercial Secured [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 773,663 | 728,956 |
Pass | 678,819 | 657,623 |
Special Mention | 42,389 | 32,780 |
Substandard | 4,832 | 5,097 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 47,623 | 33,456 |
Commercial Secured [Member] | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,533 | 3,117 |
Pass | 905 | 602 |
Special Mention | 337 | 1,820 |
Substandard | 143 | 228 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,148 | 467 |
Corporate | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 242,770 | 227,557 |
Pass | 226,768 | 212,410 |
Special Mention | 16,002 | 15,147 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Institutional | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 26,800 | 33,807 |
Pass | 16,067 | 25,907 |
Special Mention | 9,090 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,643 | 7,900 |
Middle Market | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 234,981 | 206,948 |
Pass | 194,913 | 181,916 |
Special Mention | 9,437 | 9,697 |
Substandard | 514 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 30,117 | 15,335 |
Retail | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 249,728 | 241,090 |
Pass | 221,687 | 217,836 |
Special Mention | 7,860 | 7,936 |
Substandard | 4,318 | 5,097 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 15,863 | 10,221 |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 143 | 228 |
Pass | 0 | 0 |
Special Mention | 0 | 0 |
Substandard | 143 | 228 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,989 | 2,892 |
Pass | 2,989 | 2,892 |
Special Mention | 0 | 0 |
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 | 2,390 | 2,889 |
Pass | 905 | 602 |
Special Mention | 337 | 1,820 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,148 | 467 |
Real Estate | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 16,395 | 16,662 |
Pass | 16,395 | 16,662 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Other commercial and industrial [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 504,203 | 712,693 |
Pass | 477,975 | 498,428 |
Special Mention | 19,795 | 11,243 |
Substandard | 917 | 1,184 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 5,516 | 201,838 |
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 | 3,029 | 4,340 |
Pass | 3,014 | 4,246 |
Special Mention | 0 | 0 |
Substandard | 13 | 87 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 2 | 7 |
Corporate | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 136,438 | 108,582 |
Pass | 136,438 | 100,826 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 7,756 |
Institutional | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 180,285 | 380,985 |
Pass | 180,185 | 190,695 |
Special Mention | 100 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 190,290 |
Middle Market | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 81,633 | 107,313 |
Pass | 63,556 | 97,288 |
Special Mention | 16,150 | 8,052 |
Substandard | 149 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 1,778 | 1,973 |
Retail | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 73,705 | 77,797 |
Pass | 68,529 | 73,757 |
Special Mention | 731 | 1,076 |
Substandard | 740 | 1,184 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 3,705 | 1,780 |
Retail | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,027 | 3,724 |
Pass | 3,014 | 3,637 |
Special Mention | 0 | 0 |
Substandard | 13 | 87 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Floor Plan | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 32,142 | 38,016 |
Pass | 29,267 | 35,862 |
Special Mention | 2,814 | 2,115 |
Substandard | 28 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 33 | 39 |
Floor Plan | Commercial Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2 | 616 |
Pass | 0 | 609 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 2 | 7 |
Total Commercial subject to risk rating [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,283,428 | 1,449,106 |
Pass | 1,160,713 | 1,160,899 |
Special Mention | 62,521 | 45,843 |
Substandard | 5,905 | 6,596 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 54,289 | 235,768 |
Total Commercial subject to risk rating [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,277,866 | 1,441,649 |
Pass | 1,156,794 | 1,156,051 |
Special Mention | 62,184 | 44,023 |
Substandard | 5,749 | 6,281 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 53,139 | 235,294 |
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 | 5,562 | 7,457 |
Pass | 3,919 | 4,848 |
Special Mention | 337 | 1,820 |
Substandard | 156 | 315 |
Doubtful | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $ 1,150 | $ 474 |
Loans Receivable (Risk category
Loans Receivable (Risk category of gross loans not subject to risk rating ) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,245,364 | $ 4,650,527 |
Financing Receivable, Individually Evaluated for Impairment | 54,289 | 235,767 |
Loans, Not Subject To Risk Ratings [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,854,292 | 1,815,237 |
0 - 29 Days Past Due | 1,603,197 | 1,541,282 |
30 - 59 Days Past Due | 52,977 | 70,443 |
60 - 89 Days Past Due | 37,908 | 39,648 |
90-119 Days Past Due | 17,143 | 14,727 |
120 - 364 Days Past Due | 20,406 | 22,412 |
365+ Days Past Due | 31,011 | 36,752 |
Financing Receivable, Individually Evaluated for Impairment | 91,650 | 89,973 |
Originated loans, not subject to risk rating [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,768,404 | 1,669,941 |
0 - 29 Days Past Due | 1,524,826 | 1,408,542 |
30 - 59 Days Past Due | 48,541 | 61,946 |
60 - 89 Days Past Due | 36,170 | 36,956 |
90-119 Days Past Due | 16,480 | 13,917 |
120 - 364 Days Past Due | 19,726 | 21,855 |
365+ Days Past Due | 31,011 | 36,752 |
Financing Receivable, Individually Evaluated for Impairment | 91,650 | 89,973 |
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 | 721,494 | 757,828 |
0 - 29 Days Past Due | 554,572 | 580,214 |
30 - 59 Days Past Due | 2,529 | 5,642 |
60 - 89 Days Past Due | 15,348 | 18,811 |
90-119 Days Past Due | 8,954 | 7,390 |
120 - 364 Days Past Due | 17,434 | 19,046 |
365+ Days Past Due | 31,007 | 36,752 |
Financing Receivable, Individually Evaluated for Impairment | 91,650 | 89,973 |
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 | 585,089 | 618,005 |
0 - 29 Days Past Due | 518,791 | 540,340 |
30 - 59 Days Past Due | 225 | 1,469 |
60 - 89 Days Past Due | 13,169 | 15,857 |
90-119 Days Past Due | 5,759 | 4,518 |
120 - 364 Days Past Due | 11,431 | 11,055 |
365+ Days Past Due | 20,047 | 29,535 |
Financing Receivable, Individually Evaluated for Impairment | 15,667 | 15,231 |
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 | 50,285 | 57,789 |
0 - 29 Days Past Due | 44,248 | 50,912 |
30 - 59 Days Past Due | 0 | 82 |
60 - 89 Days Past Due | 2,095 | 2,218 |
90-119 Days Past Due | 368 | 530 |
120 - 364 Days Past Due | 1,315 | 1,504 |
365+ Days Past Due | 1,552 | 1,858 |
Financing Receivable, Individually Evaluated for Impairment | 707 | 685 |
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 | 90,707 | 99,446 |
0 - 29 Days Past Due | 78,501 | 87,060 |
30 - 59 Days Past Due | 0 | 251 |
60 - 89 Days Past Due | 3,712 | 4,867 |
90-119 Days Past Due | 1,767 | 1,261 |
120 - 364 Days Past Due | 2,675 | 1,353 |
365+ Days Past Due | 2,100 | 2,921 |
Financing Receivable, Individually Evaluated for Impairment | 1,952 | 1,733 |
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 | 50,009 | 54,221 |
0 - 29 Days Past Due | 43,177 | 47,197 |
30 - 59 Days Past Due | 0 | 79 |
60 - 89 Days Past Due | 1,952 | 2,553 |
90-119 Days Past Due | 561 | 292 |
120 - 364 Days Past Due | 1,024 | 1,068 |
365+ Days Past Due | 2,181 | 2,189 |
Financing Receivable, Individually Evaluated for Impairment | 1,114 | 843 |
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 | 69,300 | 78,403 |
0 - 29 Days Past Due | 57,271 | 63,659 |
30 - 59 Days Past Due | 82 | 318 |
60 - 89 Days Past Due | 2,397 | 2,878 |
90-119 Days Past Due | 353 | 1,168 |
120 - 364 Days Past Due | 2,210 | 1,895 |
365+ Days Past Due | 3,410 | 4,871 |
Financing Receivable, Individually Evaluated for Impairment | 3,577 | 3,614 |
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 | 76,729 | 91,546 |
0 - 29 Days Past Due | 61,547 | 71,439 |
30 - 59 Days Past Due | 83 | 170 |
60 - 89 Days Past Due | 1,439 | 1,665 |
90-119 Days Past Due | 865 | 685 |
120 - 364 Days Past Due | 2,330 | 2,972 |
365+ Days Past Due | 6,459 | 10,725 |
Financing Receivable, Individually Evaluated for Impairment | 4,006 | 3,890 |
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 | 139,860 | 150,744 |
0 - 29 Days Past Due | 127,375 | 134,945 |
30 - 59 Days Past Due | 60 | 569 |
60 - 89 Days Past Due | 1,451 | 1,611 |
90-119 Days Past Due | 1,459 | 434 |
120 - 364 Days Past Due | 1,667 | 1,982 |
365+ Days Past Due | 3,584 | 6,737 |
Financing Receivable, Individually Evaluated for Impairment | 4,264 | 4,466 |
Originated loans, not subject to risk rating [Member] | Originated In Years 2014, 2015 and 2016 [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 108,199 | 85,856 |
0 - 29 Days Past Due | 106,672 | 85,128 |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 123 | 65 |
90-119 Days Past Due | 386 | 148 |
120 - 364 Days Past Due | 210 | 281 |
365+ Days Past Due | 761 | 234 |
Financing Receivable, Individually Evaluated for Impairment | 47 | 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 | 22,859 | 29,552 |
0 - 29 Days Past Due | 17,631 | 23,497 |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 498 | 977 |
90-119 Days Past Due | 366 | 552 |
120 - 364 Days Past Due | 1,263 | 2,621 |
365+ Days Past Due | 3,101 | 1,905 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 |
Originated loans, not subject to risk rating [Member] | Loss Mitigation Program [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 103,528 | 101,916 |
0 - 29 Days Past Due | 17,814 | 16,031 |
30 - 59 Days Past Due | 2,304 | 4,173 |
60 - 89 Days Past Due | 1,681 | 1,977 |
90-119 Days Past Due | 388 | 727 |
120 - 364 Days Past Due | 1,599 | 1,728 |
365+ Days Past Due | 3,759 | 2,538 |
Financing Receivable, Individually Evaluated for Impairment | 75,983 | 74,742 |
Originated loans, not subject to risk rating [Member] | Total Traditional, non-traditional and loss mitigation program [Member] | ||
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 711,476 | 749,473 |
0 - 29 Days Past Due | 554,236 | 579,868 |
30 - 59 Days Past Due | 2,529 | 5,642 |
60 - 89 Days Past Due | 15,348 | 18,811 |
90-119 Days Past Due | 6,513 | 5,797 |
120 - 364 Days Past Due | 14,293 | 15,404 |
365+ Days Past Due | 26,907 | 33,978 |
Financing Receivable, Individually Evaluated for Impairment | 91,650 | 89,973 |
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 | 337 | 410 |
0 - 29 Days Past Due | 337 | 346 |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90-119 Days Past Due | 0 | 0 |
120 - 364 Days Past Due | 0 | 64 |
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 | 9,681 | 7,945 |
0 - 29 Days Past Due | (1) | 0 |
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
90-119 Days Past Due | 2,441 | 1,593 |
120 - 364 Days Past Due | 3,141 | 3,578 |
365+ Days Past Due | 4,100 | 2,774 |
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 | 290,515 | 242,950 |
0 - 29 Days Past Due | 283,761 | 237,846 |
30 - 59 Days Past Due | 3,298 | 2,755 |
60 - 89 Days Past Due | 1,808 | 1,306 |
90-119 Days Past Due | 1,273 | 819 |
120 - 364 Days Past Due | 371 | 224 |
365+ Days Past Due | 4 | 0 |
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 | 26,358 | 22,766 |
0 - 29 Days Past Due | 25,023 | 21,766 |
30 - 59 Days Past Due | 527 | 449 |
60 - 89 Days Past Due | 283 | 182 |
90-119 Days Past Due | 191 | 179 |
120 - 364 Days Past Due | 334 | 190 |
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 | 207 | 190 |
0 - 29 Days Past Due | 174 | 166 |
30 - 59 Days Past Due | 16 | 24 |
60 - 89 Days Past Due | 12 | 0 |
90-119 Days Past Due | 1 | 0 |
120 - 364 Days Past Due | 4 | 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 | 2,404 | 2,244 |
0 - 29 Days Past Due | 2,327 | 2,125 |
30 - 59 Days Past Due | 41 | 74 |
60 - 89 Days Past Due | 4 | 0 |
90-119 Days Past Due | 3 | 17 |
120 - 364 Days Past Due | 25 | 28 |
365+ Days Past Due | 4 | 0 |
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 | 246,272 | 201,156 |
0 - 29 Days Past Due | 241,227 | 197,339 |
30 - 59 Days Past Due | 2,474 | 2,083 |
60 - 89 Days Past Due | 1,489 | 1,107 |
90-119 Days Past Due | 1,074 | 621 |
120 - 364 Days Past Due | 8 | 6 |
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 | 15,274 | 16,594 |
0 - 29 Days Past Due | 15,010 | 16,450 |
30 - 59 Days Past Due | 240 | 125 |
60 - 89 Days Past Due | 20 | 17 |
90-119 Days Past Due | 4 | 2 |
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 | 756,395 | 669,163 |
0 - 29 Days Past Due | 686,493 | 590,482 |
30 - 59 Days Past Due | 42,714 | 53,549 |
60 - 89 Days Past Due | 19,014 | 16,839 |
90-119 Days Past Due | 6,253 | 5,708 |
120 - 364 Days Past Due | 1,921 | 2,585 |
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 | 85,888 | 145,296 |
0 - 29 Days Past Due | 78,371 | 132,740 |
30 - 59 Days Past Due | 4,436 | 8,497 |
60 - 89 Days Past Due | 1,738 | 2,692 |
90-119 Days Past Due | 663 | 810 |
120 - 364 Days Past Due | 680 | 557 |
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 | 32,862 | 38,385 |
0 - 29 Days Past Due | 30,868 | 36,493 |
30 - 59 Days Past Due | 784 | 944 |
60 - 89 Days Past Due | 383 | 413 |
90-119 Days Past Due | 248 | 187 |
120 - 364 Days Past Due | 579 | 348 |
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 | 30,093 | 35,217 |
0 - 29 Days Past Due | 28,281 | 33,414 |
30 - 59 Days Past Due | 736 | 930 |
60 - 89 Days Past Due | 369 | 384 |
90-119 Days Past Due | 227 | 186 |
120 - 364 Days Past Due | 480 | 303 |
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 | 2,769 | 3,168 |
0 - 29 Days Past Due | 2,587 | 3,079 |
30 - 59 Days Past Due | 48 | 14 |
60 - 89 Days Past Due | 14 | 29 |
90-119 Days Past Due | 21 | 1 |
120 - 364 Days Past Due | 99 | 45 |
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 | 53,026 | 106,911 |
0 - 29 Days Past Due | 47,503 | 96,247 |
30 - 59 Days Past Due | 3,652 | 7,553 |
60 - 89 Days Past Due | 1,355 | 2,279 |
90-119 Days Past Due | 415 | 623 |
120 - 364 Days Past Due | 101 | 209 |
365+ Days Past Due | 0 | 0 |
Financing Receivable, Individually Evaluated for Impairment | $ 0 | $ 0 |
Allowance for Loan and Lease 85
Allowance for Loan and Lease Losses (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans And Leases Receivable Allowance, Covered | $ 11.9 | $ 22.6 | |
Provision (recapture) for Loan Losses, Covered | 1.1 | $ 17.7 | $ 5.7 |
Allowance de-recognition due to change in policy from most recent acquisition | 10 | ||
Allowance de-recognition due to change in policy from loans acquired acquisition | 74.4 | ||
PREPA Line of Credit Sold Charge-off | 56.2 | ||
PREPA Line of Credit Sold Provision | $ 2.9 |
Allowance for Loan and Lease 86
Allowance for Loan and Lease Losses (Composition of the Company's allowance for loan and lease losses) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | $ 115,937,000 | $ 234,131,000 |
Acquired BBVAPR loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 35,356,000 | 31,327,000 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 4,300,000 | 5,542,000 |
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 | 169,000 | 26,000 |
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 | 3,028,000 | 3,429,000 |
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 | 1,103,000 | 2,087,000 |
Acquired BBVAPR accounted under ASC 310-30 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 31,056,000 | 25,785,000 |
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 | 2,682,000 | 1,762,000 |
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 | 23,452,000 | 21,161,000 |
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 | 0 | 0 |
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 | 4,922,000 | 2,862,000 |
Eurobank Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 21,281,000 | 90,178,000 |
Originated Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 59,300,000 | 112,626,000 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 17,344,000 | 18,352,000 |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 8,995,000 | 64,791,000 |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 13,067,000 | 11,197,000 |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 19,463,000 | 18,261,000 |
Originated Loan [Member] | Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 431,000 | 25,000 |
Acquired loans [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 21,281,000 | 90,178,000 |
Acquired loans [Member] | Eurobank Acquired Loans | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 6,000 | 243,000 |
Acquired loans [Member] | 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 | 11,947,000 | 22,570,000 |
Acquired loans [Member] | Eurobank Acquired Loans | Commercial and Other Construction Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | $ 9,328,000 | $ 67,365,000 |
Allowance for Loan and Lease 87
Allowance for Loan and Lease Losses (Allowance for loan and lease losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision For Loan And Lease Losses | $ 65,076 | $ 161,501 | $ 60,640 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 5,542 | 4,597 | 2,354 |
Charge-offs | 5,816 | 9,345 | 13,445 |
Recoveries | 2,319 | 2,821 | 2,773 |
Provision For Loan And Lease Losses | 2,255 | 7,469 | 12,915 |
Balance at end of period | 4,300 | 5,542 | 4,597 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 26 | 65 | 926 |
Charge-offs | 42 | 42 | 532 |
Recoveries | 73 | 31 | 73 |
Provision For Loan And Lease Losses | 112 | (28) | (402) |
Balance at end of period | 169 | 26 | 65 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 3,429 | 1,211 | 0 |
Charge-offs | 3,619 | 4,755 | 6,902 |
Recoveries | 301 | 680 | 531 |
Provision For Loan And Lease Losses | 2,917 | 6,293 | 7,582 |
Balance at end of period | 3,028 | 3,429 | 1,211 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 2,087 | 3,321 | 1,428 |
Charge-offs | 2,155 | 4,548 | 6,011 |
Recoveries | 1,945 | 2,110 | 2,169 |
Provision For Loan And Lease Losses | (774) | 1,204 | 5,735 |
Balance at end of period | 1,103 | 2,087 | 3,321 |
Originated Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 112,626 | 51,439 | 49,081 |
Charge-offs | 112,497 | 53,001 | 39,258 |
Recoveries | 14,113 | 14,852 | 10,189 |
Provision For Loan And Lease Losses | 45,058 | 99,336 | 31,427 |
Balance at end of period | 59,300 | 112,626 | 51,439 |
Originated Loan [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18,352 | 19,679 | 19,937 |
Charge-offs | 6,767 | 5,397 | 5,011 |
Recoveries | 330 | 391 | 428 |
Provision For Loan And Lease Losses | 5,429 | 3,679 | 4,325 |
Balance at end of period | 17,344 | 18,352 | 19,679 |
Originated Loan [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 64,791 | 8,432 | 14,897 |
Charge-offs | 62,445 | 5,546 | 2,424 |
Recoveries | 460 | 432 | 333 |
Provision For Loan And Lease Losses | 6,189 | 61,473 | (4,374) |
Balance at end of period | 8,995 | 64,791 | 8,432 |
Originated Loan [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 11,197 | 9,072 | 6,006 |
Charge-offs | 11,554 | 8,683 | 5,782 |
Recoveries | 452 | 871 | 570 |
Provision For Loan And Lease Losses | 12,972 | 9,937 | 8,278 |
Balance at end of period | 13,067 | 11,197 | 9,072 |
Originated Loan [Member] | Leasing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18,261 | 14,255 | 7,866 |
Charge-offs | 31,731 | 33,375 | 26,041 |
Recoveries | 12,871 | 13,158 | 8,858 |
Provision For Loan And Lease Losses | 20,062 | 24,223 | 23,572 |
Balance at end of period | 19,463 | 18,261 | 14,255 |
Originated Loan [Member] | Unallocated Financing Receivables | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 25 | 1 | 375 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision For Loan And Lease Losses | 406 | 24 | (374) |
Balance at end of period | 431 | 25 | 1 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 25,785 | 13,481 | 2,863 |
Charge-offs | 282 | 4,352 | 0 |
Provision For Loan And Lease Losses | 15,508 | 16,656 | 10,618 |
Allowance de-recognition from new policy | (9,955) | ||
Balance at end of period | 31,056 | 25,785 | 13,481 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 1,762 | 5 | 5 |
Charge-offs | 14 | 0 | 0 |
Provision For Loan And Lease Losses | 1,105 | 1,757 | 0 |
Allowance de-recognition from new policy | (171) | ||
Balance at end of period | 2,682 | 1,762 | 5 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 21,161 | 13,476 | 1,713 |
Charge-offs | 66 | 4,352 | 0 |
Provision For Loan And Lease Losses | 11,710 | 12,037 | 11,763 |
Allowance de-recognition from new policy | (9,353) | ||
Balance at end of period | 23,452 | 21,161 | 13,476 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 413 |
Charge-offs | 0 | 0 | 0 |
Provision For Loan And Lease Losses | 0 | 0 | (413) |
Allowance de-recognition from new policy | 0 | ||
Balance at end of period | 0 | 0 | 0 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 2,862 | 0 | 732 |
Charge-offs | 202 | 0 | 0 |
Provision For Loan And Lease Losses | 2,693 | 2,862 | (732) |
Allowance de-recognition from new policy | (431) | ||
Balance at end of period | $ 4,922 | $ 2,862 | $ 0 |
Allowance for Loan and Lease 88
Allowance for Loan and Lease Losses (Gross Loan and Allowance for loan and lease losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | $ 54,289 | $ 235,767 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,245,364 | 4,650,527 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 141 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,159 | 5,542 | ||
Financing Receivable, Allowance for Credit Losses | 4,300 | 5,542 | $ 4,597 | $ 2,354 |
Financing Receivable, Individually Evaluated for Impairment | 1,150 | 474 | ||
Financing Receivable, Collectively Evaluated for Impairment | 90,300 | 152,279 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 91,450 | 152,753 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 141 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 28 | 26 | ||
Financing Receivable, Allowance for Credit Losses | 169 | 26 | 65 | 926 |
Financing Receivable, Individually Evaluated for Impairment | 1,150 | 474 | ||
Financing Receivable, Collectively Evaluated for Impairment | 4,412 | 6,983 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 5,562 | 7,457 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,028 | 3,429 | ||
Financing Receivable, Allowance for Credit Losses | 3,028 | 3,429 | 1,211 | 0 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 32,862 | 38,385 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 32,862 | 38,385 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auotomobile Loans Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,103 | 2,087 | ||
Financing Receivable, Allowance for Credit Losses | 1,103 | 2,087 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 53,026 | 106,911 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 53,026 | 106,911 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 951,794 | 1,149,220 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 569,253 | 608,294 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 222,856 | 287,311 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 4,301 | 11,843 | ||
Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 9,387 | 65,180 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 49,913 | 47,446 | ||
Financing Receivable, Allowance for Credit Losses | 59,300 | 112,626 | 51,439 | 49,081 |
Financing Receivable, Individually Evaluated for Impairment | 144,789 | 325,267 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,901,481 | 2,786,323 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,046,270 | 3,111,590 | ||
Originated Loan [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 7,761 | 9,233 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,583 | 9,119 | ||
Financing Receivable, Allowance for Credit Losses | 17,344 | 18,352 | 19,679 | 19,937 |
Financing Receivable, Individually Evaluated for Impairment | 91,650 | 89,973 | ||
Financing Receivable, Collectively Evaluated for Impairment | 629,844 | 667,855 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 721,494 | 757,828 | ||
Originated Loan [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 1,626 | 55,947 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,369 | 8,844 | ||
Financing Receivable, Allowance for Credit Losses | 8,995 | 64,791 | 8,432 | 14,897 |
Financing Receivable, Individually Evaluated for Impairment | 53,139 | 235,294 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,224,727 | 1,206,355 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,277,866 | 1,441,649 | ||
Originated Loan [Member] | Consumer 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 | 13,067 | 11,197 | ||
Financing Receivable, Allowance for Credit Losses | 13,067 | 11,197 | 9,072 | 6,006 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 290,515 | 242,950 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 290,515 | 242,950 | ||
Originated Loan [Member] | Finance Leases Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 19,463 | 18,261 | 14,255 | 7,866 |
Originated Loan [Member] | Auto and Leasing [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 | 19,463 | 18,261 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 756,395 | 669,163 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 756,395 | 669,163 | ||
Originated Loan [Member] | Unallocated Financing Receivables | ||||
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 | 431 | 25 | ||
Financing Receivable, Allowance for Credit Losses | 431 | 25 | 1 | 375 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 0 | 0 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 31,056 | 25,785 | 13,481 | 2,863 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 2,682 | 1,762 | 5 | 5 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | 23,452 | 21,161 | 13,476 | 1,713 |
Originated Loan [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Allowance for Credit Losses | $ 0 | $ 0 | $ 0 | $ 413 |
Allowance for Loan and Lease 89
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loan Receivable Type | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 90,178 | $ 64,245 | $ 52,729 |
Provision for loan and lease losses, net | 2,255 | 38,040 | 5,680 |
Charge-offs | 134 | 14,610 | |
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 3,391 | 2,503 | 5,836 |
Allowance de-recognition from new policy | (74,409) | ||
Balance at end of period | 21,281 | 90,178 | 64,245 |
Loans secured by 1-4 family residential properties, covered [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 22,570 | 5,469 | 2,441 |
Provision for loan and lease losses, net | 1,080 | 17,718 | 2,144 |
Charge-offs | 0 | 722 | |
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 3,391 | 105 | 884 |
Allowance de-recognition from new policy | (15,094) | ||
Balance at end of period | 11,947 | 22,570 | 5,469 |
Commercial and Construction | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 67,365 | 58,511 | 49,797 |
Provision for loan and lease losses, net | 1,183 | 20,043 | 3,717 |
Charge-offs | 134 | 13,587 | |
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 0 | 2,398 | 4,997 |
Allowance de-recognition from new policy | (59,086) | ||
Balance at end of period | 9,328 | 67,365 | 58,511 |
Consumer Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 243 | 265 | 491 |
Provision for loan and lease losses, net | (8) | 279 | (181) |
Charge-offs | 0 | 301 | |
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 0 | 0 | 45 |
Allowance de-recognition from new policy | (229) | ||
Balance at end of period | 6 | 243 | 265 |
Leasing | |||
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 | 0 | |
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 0 | 0 | 0 |
Allowance de-recognition from new policy | 0 | ||
Balance at end of period | $ 0 | $ 0 | $ 0 |
FDIC Indemnification Indemnific
FDIC Indemnification Indemnification Asset and True-up Payment Obligation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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. | ||
FDIC Owed Payment | $ 500 | $ 2,100 | |
FDIC indemnification asset, expense | $ 8,040 | $ 36,398 | $ 62,285 |
FDIC Indemnification Asset an91
FDIC Indemnification Asset and True-up Payment Obligation (FDIC Indemnification Asset Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
FDIC Indemnification Asset [Roll Forward] | |||
Balance | $ 22,599 | $ 97,378 | $ 189,240 |
Shared-loss agreements reimbursements expected from the FDIC | (1,573) | (55,723) | (47,666) |
Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net | 3,391 | 2,503 | 5,836 |
FDIC indemnification asset, expense | (8,040) | (36,398) | (62,285) |
Final settlement with the FDIC on commercial loans | 0 | (1,589) | 0 |
Net (reimbursements) expenses incurred under shared-loss agreements | (1,966) | 16,428 | 12,253 |
Balance | 14,411 | 22,599 | 97,378 |
True-up payment obligation [Roll Forward] | |||
Balance | 24,658 | 21,981 | 18,510 |
Change in true-up payment obligation expense | 2,128 | 2,677 | 3,471 |
Balance | $ 26,786 | $ 24,658 | $ 21,981 |
FDIC Indemnification Asset an92
FDIC Indemnification Asset and True-up Payment Obligation (Fair value and the undiscounted amount of the true-up payment obligation) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
FDIC-Assisted Acquisition [Abstract] | ||
Business Combination Contingent Consideration Liability | $ 26,786 | $ 24,658 |
Business Combination Contingent Consideration Potential Cash Payment | $ 33,635 | $ 34,956 |
FDIC Indemnification Asset an93
FDIC Indemnification Asset and True-up Payment Obligation (FDIC Indemnification Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fdic Shared Loss Expense [Abstract] | |||
FDIC indemnification asset, expense | $ (8,040) | $ (36,398) | $ (62,285) |
Change in true-up payment obligation expense | (2,128) | (2,677) | (3,471) |
Reimbursement to FDIC for recoveries | (3,413) | (2,144) | 0 |
Final settlement with the FDIC on commercial loans | 0 | (1,589) | 0 |
FDIC shared-loss expense, net | $ (13,581) | $ (42,808) | $ (65,756) |
Premises and equipment (Narrati
Premises and equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment Abstract | |||
Depreciation | $ 9.4 | $ 11.1 | $ 10.2 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 130,582,000 | $ 127,078,000 |
Accumulated depreciation and amortization | (60,175,000) | (52,488,000) |
Total Premises and Equipment, net | 70,407,000 | 74,590,000 |
Land And Land Improvements | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 5,638,000 | $ 5,638,000 |
Land And Land Improvements | Minimum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 0 years | 0 years |
Land And Land Improvements | Maximum [Member] | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Useful Life | 0 years | 0 years |
Building And Building Improvements | ||
Property Plant And Equipment Line Items | ||
Property Plant And Equipment Gross | $ 64,048,000 | $ 64,392,000 |
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 | $ 20,414,000 | $ 20,166,000 |
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 | $ 14,479,000 | $ 13,656,000 |
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 | $ 26,003,000 | $ 23,226,000 |
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 ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Servicing Assets At Fair Value Line Items | ||||
Servicing Asset at Fair Value, Amount | $ 9,858 | $ 7,455 | $ 13,992 | $ 13,801 |
Servicing fee | 3,700 | 4,800 | 6,300 | |
Mortgage Servicing Rights Sale Price | 7,000 | |||
Proceeds from the sale of Mortgage Servicing Rights | $ 0 | 5,927 | $ 0 | |
Loss on MSR Held-for-Sale | $ 2,700 |
Servicing Assets (Changes in se
Servicing Assets (Changes in serving rights at fair value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Servicing Asset At Fair Value Amount Roll Forward | |||
Fair value | $ 7,455 | $ 13,992 | $ 13,801 |
Sale of Mortgage Servicing Rights | 0 | (5,927) | 0 |
Servicing from mortgage securitizations or asset transfers | 2,616 | 2,620 | 2,149 |
Changes due to payments on loans | (489) | (1,017) | (1,072) |
Changes in fair value due to sales price of mortgage servicing rights held-for-sale | 0 | (2,939) | 0 |
Changes in fair value due to changes in valuation model inputs or assumptions | 276 | 726 | (886) |
Fair value | $ 9,858 | $ 7,455 | $ 13,992 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) - Mortgage related servicing assets [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum [Member] | |||
Servicing Assets At Fair Value Line Items | |||
Constant prepayment rate | 4.24% | 5.23% | 4.16% |
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 | 9.14% | 15.24% | 13.98% |
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, 2016USD ($) |
Servicing Assets At Fair Value Line Items | |
Servicing Asset | $ 9,858 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (220) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (430) |
Discount Rate - Decrease in fair value due to 10% adverse change | (51) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (103) |
Derivative Activities (Narrativ
Derivative Activities (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Unrealized Gain Loss On Derivatives | $ 1,000 | $ 4,300 |
Notional Amount Purchased Option | 3,400 | |
Embedded Derivative, Fair Value of Embedded Derivative Liability | 1,100 | |
Derivative Assets | 1,330 | 3,025 |
Derivative Liabilities | 2,437 | 6,162 |
Notional Amount Embedded Option | 3,200 | |
Derivative, Notional Amount | 136,100 | 109,800 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 143 | 32 |
Derivative Liabilities | 139 | 32 |
Options tied to Standard & Poor 500 Stock Market Index [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 0 | 1,170 |
Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Liabilities | 1,004 | 4,307 |
Not Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 1,187 | 1,819 |
Derivative Liabilities | 1,187 | 1,819 |
Other derivative | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 0 | 4 |
Derivative Liabilities | $ 107 | $ 4 |
Derivative Activities (Derivati
Derivative Activities (Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | $ 1,330 | $ 3,025 |
Derivative Liabilities | 2,437 | 6,162 |
Options tied to Standard & Poor 500 Stock Market Index [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 0 | 1,170 |
Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Liabilities | 1,004 | 4,307 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 1,187 | 1,819 |
Derivative Liabilities | 1,187 | 1,819 |
Interest Rate Cap [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 143 | 32 |
Derivative Liabilities | 139 | 32 |
Other derivative | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 0 | 4 |
Derivative Liabilities | $ 107 | $ 4 |
Derivative Activities (Interest
Derivative Activities (Interest rate swap and their term) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional Amount | $ 136,100 | $ 109,800 |
Interest rate swap designated as cash flow hedges - 1 Month LIBOR | ||
Derivative [Line Items] | ||
Notional Amount | 36,582 | |
Interest rate swap designated as cash flow hedges - 1 Month LIBOR | Rate 2.4210% [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 36,582 | |
Fixed rate | 0.02421% | |
Trade Date | Jul. 3, 2013 | |
Settlement Date | Jul. 3, 2013 | |
Maturity Date | Aug. 1, 2023 |
Derivative Activities (Inter103
Derivative Activities (Interest rate swap not designated as hedging instruments and their term) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | $ 136,100 | $ 109,800 |
Derivatives Offered to Clients - 1 Month LIBOR [Member] | Rate 5.51% [Member] | ||
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | $ 12,500 | |
Fixed rate | 5.505% | |
Settlement Date | Apr. 11, 2009 | |
Maturity Date | Apr. 11, 2019 | |
Mirror Image Derivatives - 1 Month LIBOR [Member] | Rate 5.51% [Member] | ||
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | $ 12,500 | |
Fixed rate | 5.505% | |
Settlement Date | Apr. 11, 2009 | |
Maturity Date | Apr. 11, 2019 |
Accrued Interest and Other Asse
Accrued Interest and Other Assets (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other assets [Line Items] | ||
Other prepaid expenses | $ 17,096 | $ 11,762 |
Prepaid Taxes | 12,500 | 7,000 |
Other Intangible Assets | 4,300 | 5,300 |
Other repossessed assets | 3,224 | 6,226 |
Repossessed auto | 3,000 | 5,500 |
Mortgage tax credits | 6,277 | 6,277 |
Customer Relationships [Member] | ||
Other assets [Line Items] | ||
Other Intangible Assets | $ 1,900 | $ 2,500 |
Accrued Interest Receivable 105
Accrued Interest Receivable and Other Assets (Accrued Interest)(Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Receivable Net Abstract | ||
Accrued Interest Receivable On Non Acquired Loans | $ 16,706 | $ 16,020 |
Accrued Investment Income Receivable | 3,521 | 4,617 |
Total Interest Receivable | $ 20,227 | $ 20,637 |
Accrued Interest and Other A106
Accrued Interest and Other Assets (Other assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other asset | ||
Other prepaid expenses | $ 17,096 | $ 11,762 |
Other repossessed assets | 3,224 | 6,226 |
Core deposit intangible and customer relationship intangibles | 6,160 | 7,838 |
Mortgage tax credits | 6,277 | 6,277 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 46,525 | 42,786 |
Other assets | $ 80,365 | $ 75,972 |
Deposits and Related Interes107
Deposits and Related Interest (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.62% | 0.57% |
Puerto Rico Cash & Money Market Fund Deposits | $ 15,300 | $ 103,700 |
Puerto Rico Cash & Money Market Fund Deposits Weighted Average Rate | 0.77% | 0.77% |
Puerto Rico Cash & Money Market Fund Deposits Collateral | $ 81,600 | |
Time Deposits, $250,000 or More | $ 344,000 | 376,800 |
Public Fund Time Deposits, $250,000 or more | $ 2,100 | $ 7,600 |
Public Fund Time Deposits Weighted Average Rate, $250,000 or more | 0.50% | 0.49% |
Public funds deposit | $ 170,700 | $ 99,000 |
Public Fund Collateral Investments | 209,200 | 410,900 |
Accrued Interest, Time Deposits | 1,700 | |
Bank Overdrafts | 575 | 1,500 |
Brokered Certificates of Deposits | 508,400 | 711,400 |
Brokered Money Market Deposit | $ 68,000 | $ 71,600 |
Deposits and Related Interes108
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits, by Component, Alternative [Abstract] | ||
Noninterest-bearing demand deposit | $ 848,502 | $ 762,009 |
Interest-bearing saving and demand deposits | 2,219,452 | 2,208,180 |
Individual Retirement Account | 265,754 | 268,799 |
Retail certificates of deposists | 563,965 | 441,998 |
Institutional certificates of deposits | 190,419 | 253,791 |
Total Core Deposits | 4,088,092 | 3,934,777 |
Brokered Deposists | 576,395 | 782,974 |
Deposits, Total | $ 4,664,487 | $ 4,717,751 |
Deposits and Related Interes109
Deposits and Related Interest (Interest expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest Expense Domestic Deposit Liabilities [Abstract] | |||
Demand and saving deposits | $ 12,004 | $ 12,414 | $ 17,724 |
Certificates of Deposits | 17,249 | 14,620 | 16,230 |
Total | $ 29,253 | $ 27,034 | $ 33,954 |
Deposits and Related Interes110
Deposits and Related Interest (Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Maturities of Time Deposits [Abstract] | |
Time Deposit Maturities Less Than Three Month | $ 277,621 |
Time Deposit Maturities Three To Twelve Month | 534,548 |
Total Time deposits | 812,169 |
Time Deposit Maturities, Year Two | 488,440 |
Time Deposit Maturities, Year Three | 154,545 |
Time Deposit Maturities, Year Four | 29,701 |
Time Deposit Maturities, Year Five | 41,949 |
Certificates of deposit | $ 1,526,804 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2003 | |
Debt Instrument [Line Items] | ||||
New Repurchase Agreement Debt Amount du to Unwind | $ 232,000 | |||
Extinguished Debt | 268,000 | |||
Total Of Debt Matured Under Repurchased Agreement | 500,000 | |||
Other borrowings | 61 | $ 1,734 | ||
Subordinated Debt | $ 36,083 | $ 102,633 | ||
Trust redeemable preferred securities issued | $ 35,000 | |||
Debt Instrument Interest Rate Terms | 3-month LIBOR plus 295 basis points | |||
Debt Instrument Basis Spread On Variable Rate | 3.94% | 3.48% | ||
Gains Losses On Extinguishment Of Debt | $ (12,000) | $ 0 | $ 0 | |
Repayments Of Subordinated Debt | 67,000 | |||
Oher borrowings repaid | 1,700 | |||
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans pledged as collateral to secure FHLB advances | 1,400,000 | 1,300,000 | ||
Additional Borrowing Capacity | $ 1,200,000 | $ 770,600 | ||
Weighted average period remaining maturity of FHLB advances | 10.6 months | 6.3 months | ||
Interest Payable | $ 300 | |||
Minimum amount of qualifying collateral | 110.00% | |||
Repurchase agreement | ||||
Debt Instrument [Line Items] | ||||
Interest Payable | $ 1,500 | $ 2,200 |
Borrowings (Securities Sold Und
Borrowings (Securities Sold Under Agreement to Repurchase by Counterparties) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Borrowings | $ 795,354 | $ 1,371,534 |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 652,229 | 932,500 |
Fair Value of Underlying Collateral | 700,498 | 1,021,370 |
Securities Sold under Agreements to Repurchase [Member] | PR Money Market Market Fund | ||
Debt Instrument [Line Items] | ||
Borrowings | 70,010 | 0 |
Fair Value of Underlying Collateral | 74,538 | 0 |
Securities Sold under Agreements to Repurchase [Member] | Jp Morgan Chase Bank Na [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 350,219 | 262,500 |
Fair Value of Underlying Collateral | 376,674 | 283,483 |
Securities Sold under Agreements to Repurchase [Member] | Credit Suisse Securities LLC [Member] | ||
Debt Instrument [Line Items] | ||
Borrowings | 232,000 | 670,000 |
Fair Value of Underlying Collateral | $ 249,286 | $ 737,887 |
Borrowings (Repurchase Agreemen
Borrowings (Repurchase Agreements) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 795,354 | $ 1,371,534 |
Securities Sold under Agreements to Repurchase [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 652,229 | $ 932,500 |
Weighted Average Coupon | 2.47% | |
Securities Sold under Agreements to Repurchase [Member] | Due date: 06 09 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 25,000 | |
Weighted Average Coupon | 1.52% | |
Settlement Date | Dec. 9, 2016 | |
Investment Repurchase Agreement, Repurchase Date | Jun. 9, 2019 | |
Securities Sold under Agreements to Repurchase [Member] | Due date: 03 02 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 232,000 | |
Weighted Average Coupon | 4.78% | |
Settlement Date | Mar. 2, 2007 | |
Investment Repurchase Agreement, Repurchase Date | Mar. 2, 2017 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date: 04 29 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 202,500 | |
Weighted Average Coupon | 1.42% | |
Settlement Date | Dec. 10, 2012 | |
Investment Repurchase Agreement, Repurchase Date | Apr. 29, 2018 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date 01/03/2017 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 70,010 | |
Weighted Average Coupon | 0.77% | |
Settlement Date | Dec. 27, 2016 | |
Investment Repurchase Agreement, Repurchase Date | Jan. 3, 2017 | |
Securities Sold under Agreements to Repurchase [Member] | Due Date 01/05/2017 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 47,719 | |
Weighted Average Coupon | 0.20% | |
Settlement Date | Dec. 7, 2016 | |
Investment Repurchase Agreement, Repurchase Date | Jan. 5, 2017 | |
Securities Sold under Agreements to Repurchase [Member] | Due date; 12/09/2019 [Member] | ||
Debt Instrument [Line Items] | ||
Borrowing Balance | $ 75,000 | |
Weighted Average Coupon | 1.46% | |
Settlement Date | Dec. 9, 2016 | |
Investment Repurchase Agreement, Repurchase Date | Dec. 9, 2019 |
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, 2016 | Dec. 31, 2015 |
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 652,229 | $ 932,500 |
Assets Sold Under Agreements To Repurchase Interest Rate | 2.47% | 3.10% |
Market value of underlying collateral of a repurchase agreement | $ 700,498 | $ 1,021,370 |
FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 575,915 | 1,006,659 |
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 | 75,629 | 2,131 |
US Treasury Securities [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Market value of underlying collateral of a repurchase agreement | 48,954 | 12,580 |
Mturity less than 90 Days Member | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 349,729 | $ 30,000 |
Assets Sold Under Agreements To Repurchase Interest Rate | 3.35% | 0.70% |
Market value of underlying collateral of a repurchase agreement | $ 372,778 | $ 31,961 |
Mturity less than 90 Days Member | FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | 248,288 | 31,961 |
Mturity less than 90 Days Member | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | 75,536 | 0 |
Mturity less than 90 Days Member | US Treasury Securities [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | 48,954 | 0 |
Maturity over 90 days | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 302,500 | $ 902,500 |
Assets Sold Under Agreements To Repurchase Interest Rate | 1.44% | 3.18% |
Market value of underlying collateral of a repurchase agreement | $ 327,720 | $ 989,409 |
Maturity over 90 days | FNMA and FHLMC [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | 327,627 | 974,698 |
Maturity over 90 days | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | 93 | 2,131 |
Maturity over 90 days | US Treasury Securities [Member] | ||
Assets Sold Under Agreements To Repurchase Line Items | ||
Assets Sold Under Agreements To Repurchase Repurchase Liability | $ 0 | $ 12,580 |
Borrowings (Other Significant D
Borrowings (Other Significant Details) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
DisclosureOfRepurchaseAgreementsAbstract | ||
Average Daily Aggregate Balance Outstanding | $ 663,845 | $ 1,012,756 |
Maximum Outstanding Balance At Any Month End | $ 902,500 | $ 1,158,945 |
Repurchase agreement weighted average interest rate during the year | 2.83% | 2.92% |
Weighted average interest rate at year end | 2.47% | 3.10% |
Borrowings (Advances from the F
Borrowings (Advances from the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 795,354 | $ 1,371,534 |
Federal Home Loan Bank Advances [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 105,154 | |
FHLB, Weighted Average Interest Rate | 1.66% | |
Federal Home Loan Bank Advances [Member] | January 3, 2017 [Member] | Thirty Seven Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 36,582 | |
FHLB, Weighted Average Interest Rate | 0.69% | |
Settlement Date | Dec. 1, 2016 | |
Maturity Date | Jan. 3, 2017 | |
Federal Home Loan Bank Advances [Member] | April 3, 2017 [Member] | Four Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 4,031 | |
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 | $ 9,541 | |
FHLB, Weighted Average Interest Rate | 2.59% | |
Settlement Date | Jul. 19, 2013 | |
Maturity Date | Jul. 20, 2020 |
Offsetting Arrangements (Assets
Offsetting Arrangements (Assets Offsetting) (Details) - Derivative - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $ 1,330 | $ 3,025 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 1,330 | 3,025 |
Financial Instruments | 2,003 | 2,000 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ (673) | $ 1,025 |
Offsetting Arrangement (Liabili
Offsetting Arrangement (Liabilities Offsetting) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 654,666 | $ 939,757 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 654,666 | 939,757 |
Financial Instruments | 700,498 | 1,021,370 |
Cash Collateral Provided | 1,980 | 1,980 |
Net Amount | (47,812) | (83,593) |
Derivative Financial Instruments, Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 2,437 | 7,257 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 2,437 | 7,257 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 1,980 | 1,980 |
Net Amount | 457 | 5,277 |
Securities Loaned or Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 652,229 | 932,500 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 652,229 | 932,500 |
Financial Instruments | 700,498 | 1,021,370 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ (48,269) | $ (88,870) |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation And Retirement Disclosure Abstract | |||
Defined Contribution Plan Maximum Annual Contributions Per Employee Amount | $ 18,000 | ||
Defined Contribution Plan Cost Recognized | $ 792,000 | $ 808,000 | $ 812,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Balance | $ 31,475 | $ 27,011 | $ 18,963 |
New loans | 2,329 | 13,581 | 21,797 |
Repayments and sales | (4,784) | (9,117) | (13,725) |
Credits of persons no longer considered related parties | 0 | 0 | (24) |
Balance | $ 29,020 | $ 31,475 | $ 27,011 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 229,000 | $ 175,000 | |
Deferred Tax Assets, Net | 124,200,000 | 145,901,000 | |
OtherComprehensiveIncomeLossTax | 983,000 | (544,000) | |
Income Tax Expense (Benefit) | 25,994,000 | (17,554,000) | $ 37,252,000 |
Exempt Income | 10,000,000 | 17,600,000 | 40,500,000 |
Operating Loss Carryforwards | 9,500,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2,000,000 | 2,200,000 | |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | 1,363,000 | 0 | 281,000 |
Other tax position taken by management | 1,100,000 | ||
International Banking Entity [Member] | |||
Exempt Income | $ 10,300,000 | $ 6,300,000 | $ 16,500,000 |
Income Taxes (Components of inc
Income Taxes (Components of income tax expense (benefit)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract | |||
Current Income Tax Expense Benefit | $ 2,768,000 | $ 19,775,000 | $ 13,097,000 |
Deferred Income Tax Expense (Benefit) | 23,226,000 | (37,329,000) | 24,155,000 |
Income Tax Expense (Benefit) | $ 25,994,000 | $ (17,554,000) | $ 37,252,000 |
Income taxes (Effective Income
Income taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract | |||
Income Tax Reconciliation State And Local Income Taxes | $ 33,220 | $ (7,823) | $ 47,749 |
Income Tax Reconciliation Tax Exempt Income | (11,178) | (8,625) | (10,002) |
Income Tax Reconciliation Disallowed net operating loss carryover | 1,406 | 556 | 8,289 |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance | (9) | (2,219) | (958) |
Income Tax Reconciliation Tax Contingencies | (135) | (385) | (1,093) |
Income Tax Loan Basis Change Effect | 0 | (7,642) | |
Income Tax Reconciliation Capital (gain) loss at preferential rate | 2,394 | 283 | 0 |
Income Tax Reconciliation Other Adjustments | 296 | 659 | 909 |
Total Income Tax Expense (Benefit) | $ 25,994 | $ (17,554) | $ 37,252 |
EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract | |||
Tax at statutory rates | 39.00% | (39.00%) | 39.00% |
Tax effect of exempt income, net | (13.12%) | (43.00%) | (26.85%) |
Effective Income Tax Rate Disallowed Net Operating Loss Carryover | 1.65% | 2.77% | 22.25% |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance | (0.01%) | (11.06%) | (2.57%) |
Effective Income Tax Rate Reconciliation Tax Contingencies | (0.16%) | (1.92%) | (2.94%) |
Effective Income Tax Rate Loan Basis Change Effect | 0.00% | 0.00% | (20.51%) |
Effective Income Tax Rate Capital Loss (Gain) at Preferential Rate | 2.81% | 1.41% | 0.00% |
Other items, net | 0.34% | 3.28% | 2.00% |
Total Income Tax Expense (Benefit) | 30.51% | (87.52%) | 10.82% |
Income Tax (Reconciliation of u
Income Tax (Reconciliation of unrecognized tax benefits) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Balance at beginning of year | $ 2,175,000 | $ 2,560,000 | $ 4,042,000 |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 229,000 | 175,000 | 187,000 |
Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities | 999,000 | 560,000 | 1,388,000 |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | 1,363,000 | 0 | 281,000 |
Balance at end of year | $ 2,040,000 | $ 2,175,000 | $ 2,560,000 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ComponentsOfDeferredTaxAssetsAbstract | ||
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts | $ 84,959 | $ 129,234 |
Deferred Tax Assets Acquired Loans And Other Real Estate Valuation Adjustments | 11,120 | 10,759 |
Deferred Tax Assets Operating Loss And Capital Net Carryforwards | 9,686 | 11,043 |
Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax | 15,799 | 16,240 |
Deferred tax asset deposit and borrowings valuation adjustment | 0 | 133 |
Deferred Tax Assets Other Comprehensive Loss | 725 | 1,680 |
Deferred Tax Assets Derivative Instruments | 0 | 393 |
Deferred tax asset acquired portfolio | 36,237 | 37,523 |
Deferred Tax Assets Indemnification Asset | 5,344 | 2,802 |
Deferred Tax Assets Other Assets Allowances | 1,547 | 1,547 |
Deferred Tax Assets Other | 4,391 | 5,612 |
Deferred Tax Assets Gross | 169,808 | 216,966 |
Components Of Deferred Tax Liabilities Abstract | ||
Deferred Tax Liability Fdic Assisted Acquisition | (25,862) | (47,956) |
Deferred tax liabilities customer deposit and customer relationship | (2,402) | (3,057) |
Deferred tax liabilities building valuation adjusment | (9,522) | (9,991) |
Deferred Tax Liabilities Unrealized Gains On Trading Securities | 0 | (2,566) |
Deferred Tax Liabilities Mortgage Servicing Rights | (3,844) | (2,907) |
Deferred Tax Liabilities Other | (845) | (1,446) |
Deferred Tax Liability Gross | (42,475) | (67,923) |
Deferred Tax Assets Valuation Allowance | (3,133) | (3,142) |
Deferred Tax Assets, Net | $ 124,200 | $ 145,901 |
Regulatory Capital Requireme126
Regulatory Capital Requirements (Group's and the Bank's actual capital amounts and ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 876,657 | $ 846,748 |
Actual - Tier 1 capital | 819,662 | 782,912 |
Actual -Common equity tier 1 capital | 627,733 | 594,482 |
Actual - Tier 1 leverage capital | 819,662 | 782,912 |
Minimum Capital - Total Capital | 357,404 | 391,723 |
Minimum capital - Tier 1 capital | 268,053 | 293,792 |
Minimum capital - Common equity tier 1 capital | 201,040 | 220,344 |
Minimum capital - Tier 1 leverage capital | 252,344 | 280,009 |
Minimum to be well capitalized - Total Capital | 446,756 | 489,654 |
Minimum to be well capitalized - Tier 1 capital | 357,404 | 391,723 |
Minimum to be well capitalized - Common equity tier 1 capital | 290,391 | 318,275 |
Minimum to be well capitalized - Tier 1 leverage | $ 315,430 | $ 350,011 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 19.62% | 17.29% |
Tier One Risk Based Capital to Risk Weighted Assets | 18.35% | 15.99% |
Common Equity Tier OneTo Risk Weighted Assets | 14.05% | 12.14% |
Tier One Leverage Capital to Average Assets | 12.99% | 11.18% |
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% | 6.00% |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 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% | 8.00% |
Tier One Risk Common Equity Tier One Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 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 | $ 857,259 | $ 815,458 |
Actual - Tier 1 capital | 800,544 | 751,886 |
Actual -Common equity tier 1 capital | 800,544 | 751,886 |
Actual - Tier 1 leverage capital | 800,544 | 751,886 |
Minimum Capital - Total Capital | 356,596 | 390,688 |
Minimum capital - Tier 1 capital | 267,447 | 293,016 |
Minimum capital - Common equity tier 1 capital | 200,585 | 219,762 |
Minimum capital - Tier 1 leverage capital | 251,200 | 278,399 |
Minimum to be well capitalized - Total Capital | 445,745 | 488,360 |
Minimum to be well capitalized - Tier 1 capital | 356,596 | 390,688 |
Minimum to be well capitalized - Common equity tier 1 capital | 289,734 | 317,434 |
Minimum to be well capitalized - Tier 1 leverage | $ 314,000 | $ 347,999 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 19.23% | 16.70% |
Tier One Risk Based Capital to Risk Weighted Assets | 17.96% | 15.40% |
Common Equity Tier OneTo Risk Weighted Assets | 17.96% | 15.40% |
Tier One Leverage Capital to Average Assets | 12.75% | 10.80% |
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% | 6.00% |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 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% | 8.00% |
Tier One Risk Common Equity Tier One Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Equity-based Compensation Pl127
Equity-based Compensation Plan (Narratives) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Average Fair Value | $ 5.77 | $ 5.77 | |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 | 2 years 3 months | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 1.8 |
Equity-based compensation Pl128
Equity-based compensation Plan (Equity-Based Compensation Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding RollForward | |||
Number of options - Beginning of period | 951,523 | 888,571 | 908,118 |
Number of options - Options granted | 0 | 179,225 | 193,100 |
Number of options - Options exercises | (24,752) | (112,704) | (54,397) |
Number of options - Options forfeited | 9,502 | 3,569 | 158,250 |
Number of options - End of period | 917,269 | 951,523 | 888,571 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward | |||
Weighted Average Exercise Price - Beginning of period | $ 12.45 | $ 14.12 | $ 14.46 |
Weighted Average Exercise Price - Options granted | 0 | 17.44 | 16.1 |
Weighted Average Exercise Price - Options exercises | 12.43 | 19.78 | 11.86 |
Weighted Average Exercise Price - Options forfeited | 16.65 | 16.09 | 19.29 |
Weighted Average Exercise Price - End of period | $ 14.08 | $ 12.45 | $ 14.12 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Number of Options Outstanding | 917,269 | 951,523 | 888,571 | 908,118 |
Weighted Average Exercise Price outstanding | $ 14.08 | $ 12.45 | $ 14.12 | $ 14.46 |
Weighted Average Contract Life Remaining | 5 years 6 months | |||
Number of Options Exercisable | 518,130 | |||
Weighted Average Exercise Price | $ 12.6 | |||
Price Range One [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 | 4,078 | |||
Weighted Average Exercise Price outstanding | $ 8.28 | |||
Weighted Average Contract Life Remaining | 2 years 4 months | |||
Number of Options Exercisable | 4,078 | |||
Weighted Average Exercise Price | $ 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 | 8.46 | |||
Range of Exercise Prices -Upper Range | $ 11.26 | |||
Number of Options Outstanding | 1,000 | |||
Weighted Average Exercise Price outstanding | $ 10.29 | |||
Weighted Average Contract Life Remaining | 7 months | |||
Number of Options Exercisable | 1,000 | |||
Weighted Average Exercise Price | $ 10.29 | |||
Price Range Three [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 | 437,266 | |||
Weighted Average Exercise Price outstanding | $ 11.91 | |||
Weighted Average Contract Life Remaining | 3 years 7 months | |||
Number of Options Exercisable | 401,002 | |||
Weighted Average Exercise Price | $ 11.92 | |||
Price Range Four [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 | 302,200 | |||
Weighted Average Exercise Price outstanding | $ 15.37 | |||
Weighted Average Contract Life Remaining | 6 years 8 months | |||
Number of Options Exercisable | 110,550 | |||
Weighted Average Exercise Price | $ 15.1 | |||
Price Range Five [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Line Items | ||||
Range of Exercise Prices - Lower Range | 16.91 | |||
Range of Exercise Prices -Upper Range | $ 19.71 | |||
Number of Options Outstanding | 171,225 | |||
Weighted Average Exercise Price outstanding | $ 17.44 | |||
Weighted Average Contract Life Remaining | 8 years 2 months | |||
Number of Options Exercisable | 0 | |||
Weighted Average Exercise Price | $ 0 | |||
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 | 1 year 2 months | |||
Number of Options Exercisable | 1,500 | |||
Weighted Average Exercise Price | $ 21.86 |
Equity-based Compensation Pl130
Equity-based Compensation Plan (Assumptions used in estimating fair value of the options granted) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology Abstract | ||
Dividend yield | 1.89% | 1.87% |
Expected volatility | 40.93% | 42.08% |
Risk-free interest rate | 2.41% | 2.38% |
Expected life (in years) | 8 years | 8 years |
Equity-based Compensation Pl131
Equity-based Compensation Plan (Summary of the restricted units' activity under the Omnibus Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward | |||
Restricted units - Beginning of period | 138,400 | 153,050 | 158,750 |
Restricted units granted | 0 | 26,700 | 39,200 |
Restricted units lapsed | 76,903 | 39,750 | 37,342 |
Restricted stock forfeited | 1,697 | 1,600 | 7,558 |
Restricted units - End of period | 59,800 | 138,400 | 153,050 |
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 | $ 16.17 | $ 14.95 | $ 13.95 |
Weighted average grant date - Granted | 0 | 16.66 | 16.1 |
Weighted average grant date - Lapsed | 16.04 | 11.83 | 12.03 |
Weighted average grant date - Forfeited | 17.02 | 15.45 | 14.3 |
Weighted average grant date - End Of Period | $ 16.64 | $ 16.17 | $ 14.95 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||
Stock Repurchase Program Authorized Amount1 | $ 70,000 | ||
Treasury Stock, Value, Acquired, Cost Method | 0 | ||
Stock Repurchase Program Remaining Authorized Repurchase Amount1 | $ 7,700 | ||
Stock repurchase program remaining number of shares authorized to be repurchased | 590,141 | ||
SharePrice | $ 13.1 | ||
legal surplus | $ 76,300 | $ 70,400 | |
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 | |
Seventy Millions Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total number of shares purchased | 803,985 | 1,153,998 | |
Treasury Stock Acquired, Average Cost Per Share | $ 11.1 | $ 14.66 | |
Treasury Stock, Value, Acquired, Cost Method | $ 8,900 |
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 | Dec. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||
Treasury Stock, Value | $ 105,379 | $ 104,860 | |
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 | ||
Seventy Millions Repurchase Program [Member] | |||
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 | $ 8,925 |
Stockholders' Equity (Common sh
Stockholders' Equity (Common shares held in treasury, activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | ||
Beginning of period | 8,757,960 | 8,012,254 |
Common shares used for exercise of restricted stock units (Shares) | (46,935) | (58,279) |
Common shares repurchased as part of the stock repurchase program (Shares) | 0 | 803,985 |
End of period | 8,711,025 | 8,757,960 |
Beginning of period | $ 105,379 | $ 97,070 |
Common shares used for exercise of restricted stock units (Value) | (519) | (641) |
Stock purchased under the repurchase program | 0 | |
End of period | $ 104,860 | $ 105,379 |
Accumulated Other Comprehens135
Accumulated Other Comprehensive Income (Accumulated Comprehensive Income, net of income tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized loss on securities available-for-sale which are other-than-temporarily impaired | $ 0 | $ 3,172 | $ 0 |
Accumulated other comprehensive income, net of tax, Total | 1,596 | 13,997 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Accumulated other comprehensive income, net of tax, Total | 1,596 | 13,997 | |
AccumulatedOtherThanTemporaryImpairmentMember | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | 1,617 | 22,044 | |
Unrealized loss on securities available-for-sale which are other-than-temporarily impaired | 0 | 3,196 | |
Income tax effect of unrealized gain on securities available-for-sale | 592 | (1,924) | |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | 2,209 | 16,924 | |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized loss on cash flow hedges | (1,004) | (4,307) | |
Income tax effect of unrealized loss on cash flow hedges | 391 | 1,380 | |
Net unrealized (loss) income on cash flow hedges | $ (613) | $ (2,927) |
Accumulated Other Comprehens136
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income [Line Items] | |||
Other-than-temporary impairment losses on investment securities | $ 0 | $ 4,662 | $ 0 |
Net unrealized gains on securities available for sale | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Beginning balance | 16,924 | 25,765 | 11,433 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (14,454) | (3,250) | 14,207 |
Other-than-temporary impairment losses on investment securities | 4,662 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | (261) | (929) | 125 |
Other Comprehensive Income (Loss) Other Net Of Tax | (14,715) | (8,841) | 14,332 |
Ending balance | 2,209 | 16,924 | 25,765 |
Net unrealized loss on cash flow hedges | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Beginning balance | (2,927) | (6,054) | (8,242) |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (1,628) | (3,019) | (5,157) |
Other-than-temporary impairment losses on investment securities | 0 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | 3,942 | 6,146 | 7,345 |
Other Comprehensive Income (Loss) Other Net Of Tax | 2,314 | 3,127 | 2,188 |
Ending balance | (613) | (2,927) | (6,054) |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Beginning balance | 13,997 | 19,711 | 3,191 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (16,082) | (6,269) | 9,050 |
Other-than-temporary impairment losses on investment securities | 4,662 | ||
Reclassification Out Of Accumulated Other Comprehensive Income | 3,681 | 5,217 | 7,470 |
Other Comprehensive Income (Loss) Other Net Of Tax | (12,401) | (5,714) | 16,520 |
Ending balance | $ 1,596 | $ 13,997 | $ 19,711 |
Accumulated Other Comprehens137
Accumulated Other Comprehensive Income (Reclassifications out of other comprehensive income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income | $ 0 | $ 1,490 | $ 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Rate Contract | 3,642 | 6,443 | 6,572 |
Tax effect from increase in capital gains tax rate, Cash flow hedges | 300 | (297) | 773 |
Other-than-temporary impairment amount reclassified from accumulated other comprehensive income | 0 | 1,490 | 0 |
Residual tax effect from OIB's change in applicable tax rate AFS | 32 | 45 | 170 |
Tax effect from increase in capital gains tax rate AFS | (293) | 516 | (45) |
Total | $ 3,681 | $ 5,217 | $ 7,470 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Stock Conversion Rate | 86.4225 | ||
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 949,134 | 887,307 | 320,772 |
Convertible Preferred Stock | $ 84,000 | $ 84,000 | |
Series C Convertible Preferred Stock | |||
Preferred stock, shares issued | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 59,186 | $ (2,504) | $ 85,181 |
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 | 45,324 | (16,366) | 71,319 |
Effect of assumed conversion of convertible preferred stock | 7,350 | 7,350 | 7,350 |
Income available to common sharesholders assuming conversion | $ 52,674 | $ (9,016) | $ 78,669 |
Average common shares outstanding | 43,913 | 44,231 | 45,024 |
Average potential common shares options | 37 | 68 | 155 |
Average potential common shares convertible preferred stock | 7,138 | 7,156 | 7,147 |
Average common shares outstanding and equivalents | 51,088 | 51,455 | 52,326 |
Earnings per common share - basic | $ 1.03 | $ (0.37) | $ 1.58 |
Earnings per common share - diluted | $ 1.03 | $ (0.37) | $ 1.5 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Guarantee Obligations [Line Items] | |||
Acquired standby letters of credit and financial guarantees | $ 2,000,000 | $ 14,700,000 | |
Unpaid principal balance of residential subject loans subject to credit recourse | 20,100,000 | 22,400,000 | |
Repurchased GNMA | 515,000 | ||
Liability for estimated credit losses to loans sold with credit recourse | 710,000 | 439,000 | |
Repurchased loans not subject to credit recourse provision | 3,700,000 | 22,100,000 | |
Losses from repurchased loans subject to credit recourse | 380,000 | 1,400,000 | $ 143,000 |
Losses On Repurchased Loan Not Subject To Credit Recourse | 1,300,000 | 2,500,000 | $ 2,500,000 |
Serviced mortgage loans for third parties | 799,700,000 | ||
Funds Advanced To Investors Under Servicing Agreements | $ 334,000 | $ 301,000 |
Guarantees (Changes in liabilty
Guarantees (Changes in liabilty of estimated loss from credit recourse agreement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement In Guaranteed Benefit Liability Gross Roll Forward | |||
Balance at beginning of the period | $ 439 | $ 927 | $ 1,955 |
Net charge-off/terminations | 271 | (488) | (1,028) |
Balance at the end of the period | $ 710 | $ 439 | $ 927 |
Commitments (Narratives) (Detai
Commitments (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |||
Rent Expenses | $ 8,500 | $ 9,200 | $ 9,700 |
Line of credit reserve | $ 667 | $ 667 |
Commitments (Summarized credit-
Commitments (Summarized credit-related financial instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies [Abstract] | ||
Commitments To Extend Credit | $ 492,885 | $ 456,720 |
Commercial letters credit | 2,721 | 1,508 |
Standby letters of credit and financial guarantees | 4,041 | 14,656 |
Loans sold with recourse | $ 20,126 | $ 22,374 |
Commitments (Future rental comm
Commitments (Future rental commitments under leases) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,017 | $ 7,138 |
2,018 | 6,563 |
2,019 | 6,522 |
2,020 | 5,795 |
2,021 | 4,965 |
Thereafter | 7,678 |
Total | $ 38,661 |
Fair Value (Assets and liabilit
Fair Value (Assets and liabilities on recurring and non-recurring basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $ 751,484 | $ 974,609 | ||
Money Market Funds, at Carrying Value | 5,606 | 4,699 | ||
Derivative Assets | 1,330 | 3,025 | ||
Servicing Assets | 9,858 | 7,455 | $ 13,992 | $ 13,801 |
Derivative liabilities | (2,437) | (7,257) | ||
Trading Securities | 347 | 288 | ||
Total | 766,188 | 982,819 | ||
Impaired Commercial Loan | 54,289 | 235,767 | ||
Foreclosed real estate | 47,520 | 58,176 | ||
Other repossessed assets | 3,224 | 6,226 | ||
Total | 105,033 | 300,169 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 5,606 | 4,699 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Trading Securities | 0 | 0 | ||
Total | 5,606 | 4,699 | ||
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 | 751,484 | 974,609 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 1,330 | 1,855 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | (2,437) | (6,162) | ||
Trading Securities | 347 | 288 | ||
Total | 750,724 | 970,590 | ||
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 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 0 | 1,170 | ||
Servicing Assets | 9,858 | 7,455 | ||
Derivative liabilities | 0 | (1,095) | ||
Trading Securities | 0 | 0 | ||
Total | 9,858 | 7,530 | ||
Impaired Commercial Loan | 54,289 | 235,767 | ||
Foreclosed real estate | 47,520 | 58,176 | ||
Other repossessed assets | 3,224 | 6,226 | ||
Total | 105,033 | 300,169 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 751,484 | 974,609 | ||
Money Market Funds, at Carrying Value | 5,606 | 4,699 | ||
Derivative Assets | 1,330 | 3,025 | ||
Servicing Assets | 9,858 | 7,455 | ||
Derivative liabilities | (2,437) | (7,257) | ||
Trading Securities | 347 | 288 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 5,606 | 4,699 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Trading Securities | 0 | 0 | ||
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 | 751,484 | 974,609 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 1,330 | 1,855 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | (2,437) | (6,162) | ||
Trading Securities | 347 | 288 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Derivative Assets | 0 | 1,170 | ||
Servicing Assets | 9,858 | 7,455 | ||
Derivative liabilities | 0 | (1,095) | ||
Trading Securities | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired Commercial Loan | 54,289 | 235,767 | ||
Foreclosed real estate | 47,520 | 58,176 | ||
Other repossessed assets | 3,224 | 6,226 | ||
Total | 105,033 | 300,169 | ||
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 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired Commercial Loan | 54,289 | 235,767 | ||
Foreclosed real estate | 47,520 | 58,176 | ||
Other repossessed assets | 3,224 | 6,226 | ||
Total | $ 105,033 | $ 300,169 |
Fair Value (Reconciliation of a
Fair Value (Reconciliation of assets and liabilities using significant unobservable inputs (Level 3)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Sale of Mortgage Servicing Rights | $ 0 | $ (5,927) | $ 0 |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 7,531 | 14,070 | 34,175 |
Gains (losses) included in earnings | (104) | (187) | (1,216) |
Sale of Mortgage Servicing Rights | (5,927) | ||
Changes in fair value of investment securities available for sale included in other comprehensive income | 320 | ||
New instruments acquired | 2,616 | 2,620 | 2,149 |
Change due to principal payments | (489) | (1,017) | (21,072) |
Amortization | 28 | 185 | 600 |
Changes in fair value related to pricr of MSRs held for sale | (2,939) | 320 | |
Changes in fair value of servicing assets | 276 | 726 | (886) |
Balance | 9,858 | 7,531 | 14,070 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 0 | 0 | 19,680 |
Gains (losses) included in earnings | 0 | 0 | 0 |
Sale of Mortgage Servicing Rights | 0 | ||
Changes in fair value of investment securities available for sale included in other comprehensive income | 320 | ||
New instruments acquired | 0 | 0 | |
Change due to principal payments | 0 | 0 | (20,000) |
Amortization | 0 | 0 | |
Changes in fair value related to pricr of MSRs held for sale | 0 | ||
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | 0 | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 1,171 | 5,555 | 16,430 |
Gains (losses) included in earnings | (1,171) | (4,384) | (10,875) |
Sale of Mortgage Servicing Rights | 0 | ||
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | ||
New instruments acquired | 0 | 0 | 0 |
Change due to principal payments | 0 | 0 | 0 |
Amortization | 0 | 0 | 0 |
Changes in fair value related to pricr of MSRs held for sale | 0 | ||
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | 0 | 1,171 | 5,555 |
Fair Value, Measurements, Recurring [Member] | Servicing Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 7,455 | 13,992 | 13,801 |
Gains (losses) included in earnings | 0 | 0 | 0 |
Sale of Mortgage Servicing Rights | (5,927) | ||
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | ||
New instruments acquired | 2,616 | 2,620 | 2,149 |
Change due to principal payments | (489) | (1,017) | (1,072) |
Amortization | 0 | 0 | 0 |
Changes in fair value related to pricr of MSRs held for sale | (2,939) | ||
Changes in fair value of servicing assets | 276 | 726 | (886) |
Balance | 9,858 | 7,455 | 13,992 |
Fair Value, Measurements, Recurring [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | (1,095) | (5,477) | (15,736) |
Gains (losses) included in earnings | 1,067 | 4,197 | 9,659 |
Sale of Mortgage Servicing Rights | 0 | ||
Changes in fair value of investment securities available for sale included in other comprehensive income | 0 | ||
New instruments acquired | 0 | 0 | 0 |
Change due to principal payments | 0 | 0 | 0 |
Amortization | 28 | 185 | 600 |
Changes in fair value related to pricr of MSRs held for sale | 0 | ||
Changes in fair value of servicing assets | 0 | 0 | 0 |
Balance | $ 0 | $ (1,095) | $ (5,477) |
Fair Value (Qualitative informa
Fair Value (Qualitative information for assets and liabilities) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 | $ 9,858 |
Valuation Technique | Cash flow valuation |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Minimum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Constant prepayment rate | 4.24% |
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 | 9.14% |
Discount rate | 12.00% |
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 | $ 20,610 |
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 less disposition costs | 22.20% |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Appraised value less disposition costs | 36.20% |
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 | $ 33,679 |
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] | |
Constant prepayment rate | 3.25% |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Constant prepayment rate | 10.50% |
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 | $ 47,520 |
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 less disposition costs | 22.20% |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Appraised value less disposition costs | 36.20% |
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 | $ 3,224 |
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 less disposition costs | 22.20% |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Maximum [Member] | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Appraised value less disposition costs | 36.20% |
Fair value (Estimated fair valu
Fair value (Estimated fair value and carrying value) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | $ 751,484 | $ 974,609 | ||
Held to maturity Fair Value | 592,763 | 614,679 | ||
Federal Home Loan Bank (FHLB) stock | 10,793 | 20,783 | ||
Other Investments | 3 | 3 | ||
Derivative Assets | 1,330 | 3,025 | ||
Servicing Assets | 9,858 | 7,455 | $ 13,992 | $ 13,801 |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 2,437 | 7,257 | ||
Assets,Carrying Value [Abstract] | ||||
Restricted Cash And Cash Equivalents | 3,030 | 3,349 | ||
Trading Securities | 347 | 288 | ||
Investment held for sale, carrying amount | 599,884 | 620,189 | ||
Loans, net of allowance for loan and lease losses | 4,129,427 | 4,416,396 | ||
FDIC Indemnification Asset | 14,411 | 22,599 | $ 97,378 | $ 189,240 |
Accrued interest receivable | 20,227 | 20,637 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 4,664,487 | 4,717,751 | ||
Securities Sold under Agreements to Repurchase | 653,756 | 934,691 | ||
Subordinated capital notes | 36,083 | 102,633 | ||
Accrued expenses and other liabilities | 95,370 | 92,043 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 510,439 | 536,709 | ||
Restricted Cash, at Fair Value | 3,030 | 3,349 | ||
Available-for-sale Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 0 | 0 | ||
Assets,Carrying Value [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 510,439 | 536,709 | ||
Restricted Cash And Cash Equivalents | 3,030 | 3,349 | ||
Trading Securities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading Securities | 347 | 288 | ||
Available-for-sale Securities | 751,484 | 974,609 | ||
Held to maturity Fair Value | 592,763 | 614,679 | ||
Federal Home Loan Bank (FHLB) stock | 10,793 | 20,783 | ||
Other Investments | 3 | 3 | ||
Derivative Assets | 1,330 | 1,855 | ||
Receivables, Fair Value Disclosure | 2,437 | 6,162 | ||
Servicing Assets | 0 | 0 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 2,437 | 6,162 | ||
Assets,Carrying Value [Abstract] | ||||
Trading Securities | 347 | 288 | ||
Investment securities AFS , carrying value | 751,484 | 974,609 | ||
Investment held for sale, carrying amount | 599,884 | 620,189 | ||
Federal Home Loan Bank Stock at carrying value | 10,793 | 20,783 | ||
Other Investment, Carrying Value | 3 | 3 | ||
Derivative Assets, carrying value | 1,330 | 1,855 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Loans Including HFS Fair Value | 3,917,340 | 4,101,219 | ||
Derivative Assets | 0 | 1,170 | ||
FDIC Indemnification Asset Fair Value Disclosure | 8,669 | 17,786 | ||
Receivables, Fair Value Disclosure | 20,227 | 20,637 | ||
Servicing Assets | 9,858 | 7,455 | ||
Account Receivable and Other assets, Fair Value | 46,518 | 42,786 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits, Fair Value Disclosure | 4,644,629 | 4,705,878 | ||
Securities sold under agreements to repurchase | 651,898 | 955,859 | ||
Advances from FHLB | 106,422 | 335,812 | ||
Other Borrowings | 61 | 2,593 | ||
Subordinated capital notes | 30,230 | 94,940 | ||
Derivative Liabilities Current | 0 | 1,095 | ||
Accrued expenses and other liabilities | 95,370 | 92,043 | ||
Assets,Carrying Value [Abstract] | ||||
Trading Securities | 0 | 0 | ||
Loans, net of allowance for loan and lease losses | 4,147,692 | 4,434,213 | ||
Derivative Assets, carrying value | 0 | 1,170 | ||
FDIC Indemnification Asset | 14,411 | 22,599 | ||
Accrued interest receivable | 20,227 | 20,637 | ||
Servicing assets, carrying value | 9,858 | 7,455 | ||
Account receivable and oher assets, carrying value | 46,518 | 42,786 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 4,664,487 | 4,716,656 | ||
Securities Sold under Agreements to Repurchase | 653,756 | 934,691 | ||
Advances from FHLB | 105,454 | 332,476 | ||
Other Borrowings | 61 | 1,734 | ||
Subordinated capital notes | 36,083 | 102,633 | ||
Accrued expenses and other liabilities | 95,370 | 92,043 | ||
Derivative liabilities, carrying value | $ 0 | $ 1,095 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 356,592 | $ 406,568 | $ 485,257 |
Interest expense | (57,165) | (69,196) | (76,782) |
Net interest income | 299,427 | 337,372 | 408,475 |
Provision for Loan and Lease Losses, net | (65,076) | (161,501) | (60,640) |
Total non-interest income (loss), net | 66,819 | 52,472 | 17,323 |
Non-interest expenses | (215,990) | (248,401) | (242,725) |
Intersegment revenues | 0 | 0 | 0 |
Intersegment expenses | 0 | 0 | 0 |
Income (loss) before Income Taxes, Parent | 85,180 | (20,058) | 122,433 |
Total assets | 6,501,824 | 7,099,149 | |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 321,868 | 367,620 | 435,580 |
Interest expense | (27,838) | (28,425) | (34,721) |
Net interest income | 294,030 | 339,195 | 400,859 |
Provision for Loan and Lease Losses, net | (65,076) | (161,501) | (60,640) |
Total non-interest income (loss), net | 35,587 | 23,900 | (13,389) |
Non-interest expenses | (193,156) | (219,415) | (213,935) |
Intersegment revenues | 1,521 | 1,427 | 1,410 |
Intersegment expenses | (883) | (948) | (327) |
Income (loss) before Income Taxes, Parent | 72,023 | (17,342) | 113,978 |
Total assets | 5,584,866 | 5,867,874 | 6,454,015 |
Financial Services | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 65 | 95 | 174 |
Interest expense | 0 | 0 | 0 |
Net interest income | 65 | 95 | 174 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 26,788 | 28,288 | 28,525 |
Non-interest expenses | (17,443) | (22,564) | (21,748) |
Intersegment revenues | 0 | 0 | 0 |
Intersegment expenses | (1,108) | (1,027) | (1,089) |
Income (loss) before Income Taxes, Parent | 8,302 | 4,792 | 5,862 |
Total assets | 23,315 | 22,349 | 21,644 |
Treasury [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 34,659 | 38,853 | 49,503 |
Interest expense | (29,327) | (40,771) | (42,061) |
Net interest income | 5,332 | (1,918) | 7,442 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 4,444 | 284 | 2,187 |
Non-interest expenses | (5,391) | (6,422) | (7,042) |
Intersegment revenues | 883 | 948 | 327 |
Intersegment expenses | (413) | (400) | (321) |
Income (loss) before Income Taxes, Parent | 4,855 | (7,508) | 2,593 |
Total assets | 1,837,514 | 2,126,921 | 1,940,504 |
Major Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 356,592 | 406,568 | 485,257 |
Interest expense | (57,165) | (69,196) | (76,782) |
Net interest income | 299,427 | 337,372 | 408,475 |
Provision for Loan and Lease Losses, net | (65,076) | (161,501) | (60,640) |
Total non-interest income (loss), net | 66,819 | 52,472 | 17,323 |
Non-interest expenses | (215,990) | (248,401) | (242,725) |
Intersegment revenues | 2,404 | 2,375 | 1,737 |
Intersegment expenses | (2,404) | (2,375) | (1,737) |
Income (loss) before Income Taxes, Parent | 85,180 | (20,058) | 122,433 |
Total assets | 7,445,695 | 8,017,144 | 8,416,163 |
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 | (2,404) | (2,375) | (1,737) |
Intersegment expenses | 2,404 | 2,375 | 1,737 |
Income (loss) before Income Taxes, Parent | 0 | 0 | 0 |
Total assets | (943,871) | (917,995) | (967,054) |
Consolidated Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 356,592 | 406,568 | 485,257 |
Interest expense | (57,165) | (69,196) | (76,782) |
Net interest income | 299,427 | 337,372 | 408,475 |
Provision for Loan and Lease Losses, net | (65,076) | (161,501) | (60,640) |
Total non-interest income (loss), net | 66,819 | 52,472 | 17,323 |
Non-interest expenses | (215,990) | (248,401) | (242,725) |
Intersegment revenues | 0 | 0 | 0 |
Intersegment expenses | 0 | 0 | 0 |
Income (loss) before Income Taxes, Parent | 85,180 | (20,058) | 122,433 |
Total assets | $ 6,501,824 | $ 7,099,149 | $ 7,449,109 |
OFG BANCORP Holding Company Onl
OFG BANCORP Holding Company Only Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Oriental Insurance [Member] | ||
Subsidiary Or Equity Method Investee [Line Items] | ||
Dividends And Interest Paid | $ 5 | $ 2.7 |
Oriental Financial Service [Member] | ||
Subsidiary Or Equity Method Investee [Line Items] | ||
Dividends And Interest Paid | $ 1 | $ 3.2 |
OFG BANCORP Holding Comapany On
OFG BANCORP Holding Comapany Only Financial Information (Balance sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets [Abstract] | ||||
Investment securities available-for-sale, at fair value | $ 751,484 | $ 974,609 | ||
Deferred Tax Assets, Net | 124,200 | 145,901 | ||
Other Assets | 80,365 | 75,972 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Accrued expenses and other liabilities | 95,370 | 92,043 | ||
Subordinated capital notes | 36,083 | 102,633 | ||
Stockholders' Equity Attributable to Parent, Total | 920,411 | 897,077 | $ 942,197 | |
Parent Company [Member] | ||||
Assets [Abstract] | ||||
Cash And Due From Banks, Parent | 22,573 | 20,240 | $ 16,824 | $ 29,557 |
Investment securities available-for-sale, at fair value | 0 | 6,017 | ||
Investment in bank subsidiary | 920,085 | 890,449 | ||
Investment in non bank subsidiary | 18,427 | 19,137 | ||
Due From Bank Subsidiary | 92 | 119 | ||
Deferred Tax Assets, Net | 2,643 | 3,047 | ||
Other Assets | 2,085 | 2,042 | ||
Total Parent Assets | 965,905 | 941,051 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
DividendsPayableCurrent | 6,501 | 6,098 | ||
Due to affiliate | 237 | 9 | ||
Accrued expenses and other liabilities | 2,673 | 1,784 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
LiabilitiesRelatedToParent | 45,494 | 43,974 | ||
Stockholders' Equity Attributable to Parent, Total | 920,411 | 897,077 | ||
Total Parent Liabilities and Stockholders' Equity | $ 965,905 | $ 941,051 |
OFG BANCORP Holding Company 152
OFG BANCORP Holding Company Only Financial Information (Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Parent Income [Abstract] | |||
Investment securities and other | $ 4,125 | $ 3,608 | $ 4,868 |
Costs And Expenses Abstract | |||
Interest Expense | 57,165 | 69,196 | 76,782 |
Income (loss) before income taxes | 85,180 | (20,058) | 122,433 |
Parent Company [Member] | |||
Parent Income [Abstract] | |||
Interest income, parent | 174 | 321 | 404 |
Gain On Sale Of Investments | 211 | 0 | 0 |
Investment securities and other | 4,066 | 4,007 | 4,308 |
Total income, parent | 4,451 | 4,328 | 4,712 |
Costs And Expenses Abstract | |||
Interest Expense | 1,370 | 1,222 | 1,201 |
Operating expenses, parent | 7,179 | 6,866 | 6,607 |
Total expenses | 8,549 | 8,088 | 7,808 |
Income (loss) before income taxes | (4,098) | (3,760) | (3,096) |
Parent Income (Loss) Tax Expense (Benefit) | (518) | 3,088 | 0 |
Income (loss) before changes in undistributed earnings (losses) in subsidiary | (4,616) | (672) | (3,096) |
Bank subsidiary | 58,580 | (3,804) | 84,787 |
Non bank subsidiaries | 5,222 | 1,972 | 3,490 |
Net (loss) income | $ 59,186 | $ (2,504) | $ 85,181 |
OFG BANCORP Holding Company 153
OFG BANCORP Holding Company Only Financial Information (Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Legal Entity [Line Items] | |||
Net Income (Loss) Attributable to Parent | $ 59,186 | $ (2,504) | $ 85,181 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | (5,023) | (8,814) | 19,843 |
ParentMember | |||
Legal Entity [Line Items] | |||
Net Income (Loss) Attributable to Parent | 59,186 | (2,504) | 85,181 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Other Comprehensive Income, Unrealized Holding Gain (Loss) on Securities Arising During Period, before Tax | (204) | (170) | 209 |
Other comprehensive income (loss) from bank subsidiary | (12,238) | (5,578) | 16,361 |
Other comprehensive income (loss) before taxes | (12,442) | (5,748) | 16,570 |
Income tax effect | 41 | 34 | (50) |
Other comprehensive income (loss) after taxes | (12,401) | (5,714) | 16,520 |
Comprehensive income | $ 46,785 | $ (8,218) | $ 101,701 |
OFG BANCORP Holding Company 154
OFG BANCORP Holding Company Only Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Legal Entity [Line Items] | |||
Net Income (Loss) Attributable to Parent | $ 59,186 | $ (2,504) | $ 85,181 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Amortization of investment securities premiums, net of accretion of discounts | 8,540 | 12,109 | 3,124 |
Sale of securities | (12,207) | (2,572) | (4,366) |
Stock-based compensation | 1,270 | 1,637 | 1,036 |
Deferred income taxes, net | 23,226 | (37,329) | 24,155 |
Other assets | 7,941 | 14,849 | (11,738) |
Accrued expenses and other liabilities | 4,344 | (14,584) | (33,028) |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 145,512 | 238,003 | 490,048 |
Proceeds from Sale and Maturity of Available-for-sale Securities | 300,483 | 103,831 | 214,518 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Purchase of treasury stock | 0 | 8,950 | 16,948 |
Cash and Cash Equivalents, Period Increase (Decrease) | (26,270) | (36,718) | (47,842) |
Parent Company [Member] | |||
Legal Entity [Line Items] | |||
Net Income (Loss) Attributable to Parent | 59,186 | (2,504) | 85,181 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] | |||
Equity in undistributed earnings from banking subsidiary | (58,580) | 3,804 | (84,787) |
Equity in undistributed earnings from nonbanking subsidiaries | (5,222) | (1,972) | (3,490) |
Amortization of investment securities premiums, net of accretion of discounts | 12 | 44 | 21 |
Other impairments on securities | 0 | 0 | 62 |
Stock-based compensation | 1,270 | 1,637 | 1,036 |
Deferred income taxes, net | 444 | (3,088) | 0 |
Other assets | 42 | 148 | 554 |
Accrued expenses and other liabilities | 800 | (221) | (696) |
Dividends from banking subsidiary | 17,600 | 45,000 | 28,000 |
Dividends from non-banking subsidiary | 6,000 | 0 | 5,900 |
Net cash provided by (used in) operating activities | 21,763 | 42,848 | 31,781 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 702 | 2,013 | 1,318 |
Proceeds from Sale and Maturity of Available-for-sale Securities | 4,888 | 0 | 0 |
Net (increase) decrease in due from bank subsidiary, net | 317 | 317 | (218) |
Proceeds from sales of premises and equipment | 324 | 0 | 0 |
Capital contribution to banking subsidiary | (894) | (1,167) | (892) |
Capital contribution to non-banking subsidiary | (68) | (94) | (76) |
Additions to premises and equipment | (381) | (132) | 0 |
Parent net cash provided by used in investing activities | 4,888 | 937 | 132 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Exercise of stock options and restricted units lapsed, net | (315) | 204 | 643 |
Purchase of treasury stock | 0 | (8,950) | (16,948) |
Dividends paid | (24,003) | (31,623) | (28,341) |
Net cash provided by (used in) financing activities | (24,318) | (40,369) | (44,646) |
Cash and Cash Equivalents, Period Increase (Decrease) | 2,333 | 3,416 | (12,733) |
Cash and due from banks, parent | 20,240 | 16,824 | 29,557 |
Cash and due from banks, parent | $ 22,573 | $ 20,240 | $ 16,824 |
Subsequent event (Narrative) (D
Subsequent event (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Subsequent Events [Abstract] | |
True-Up Payment 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. |
Percent Of Losses Fdic Absorbed | 80.00% |
Percent Of Losses Recoveries Fdic Shares | 80.00% |
Loans And Leases Receivable Gross Carrying Amount for Single Family Mortgages, Covered | $ 52.7 |
Loans And Leases Receivable Gross Carrying Amount For Real Estate Owned, Covered | 1.7 |
FDIC Assistance Termination Agreement Payment | 10.1 |
Regulatory Assistance Termination Agreement Benefit | $ 1.4 |