Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | OFG Bancorp | |
Entity Central Index Key | 0001030469 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 51,347,086 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity File Number | 001-12647 | |
Entity Incorporation State Country Code | PR | |
Entity Tax Identification Number | 66-0538893 | |
Entity Address Address Line 1 | 254 Muñoz Rivera Avenue | |
Entity Address City Or Town | San Juan | |
Entity Address Country | PR | |
Entity Address Postal Zip Code | 00918 | |
City Area Code | (787) | |
Local Phone Number | 771-6800 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Security 12b Title | Common shares, par value $1.00 per share | |
Trading Symbol | OFG | |
Security Exchange Name | NYSE | |
Series A | ||
Entity Listings [Line Items] | ||
Security 12b Title | 7.125% Noncumulative Monthly Income Preferred Stock, Series A | |
Trading Symbol | OFG.PRA | |
Security Exchange Name | NYSE | |
Series B | ||
Entity Listings [Line Items] | ||
Security 12b Title | 7.0% Noncumulative Monthly Income Preferred Stock, Series B | |
Trading Symbol | OFG.PRB | |
Security Exchange Name | NYSE | |
Series D | ||
Entity Listings [Line Items] | ||
Security 12b Title | 7.125% Noncumulative Perpetual Preferred Stock, Series D | |
Trading Symbol | OFG.PRD | |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 2,267,383 | $ 844,532 |
Money market investments | 14,617 | 6,775 |
Total cash and cash equivalents | 2,282,000 | 851,307 |
Restricted cash | 1,050 | 1,450 |
Investments: | ||
Trading securities, at fair value, with amortized cost of $162 (December 31, 2019 - $182) | 22 | 37 |
Investment securities available-for-sale, at fair value, with amortized cost of $412,900 (December 31, 2019 - $1,074,475); no allowance for credit losses for any period | 423,815 | 1,074,169 |
Federal Home Loan Bank (FHLB) stock, at cost | 8,322 | 13,048 |
Other investments | 2,205 | 560 |
Total investments | 434,364 | 1,087,814 |
Loans: | ||
Loans held-for-sale, at lower of cost or fair value | 54,526 | 19,591 |
Loans held for investment, net of allowance for credit losses of $235,313 (December 31, 2019 - $116,539) | 6,524,614 | 6,622,256 |
Total loans | 6,579,140 | 6,641,847 |
Other assets: | ||
Foreclosed real estate | 19,456 | 29,909 |
Accrued interest receivable | 71,830 | 37,120 |
Deferred tax asset, net | 178,957 | 176,740 |
Premises and equipment, net | 83,270 | 81,105 |
Customers' liability on acceptances | 18,291 | 21,599 |
Core deposit, customer relationship and other intangibles | 48,650 | 56,965 |
Servicing assets | 47,242 | 50,779 |
Goodwill | 86,069 | 86,069 |
Operating lease right-of-use assets | 35,900 | 39,112 |
Other assets | 132,772 | 135,845 |
Total assets | 10,018,991 | 9,297,661 |
Deposits: | ||
Demand deposits | 4,682,991 | 3,579,115 |
Savings accounts | 1,949,362 | 1,836,480 |
Time deposits | 2,000,104 | 2,283,015 |
Total deposits | 8,632,457 | 7,698,610 |
Borrowings: | ||
Securities sold under agreements to repurchase | 0 | 190,274 |
Advances from FHLB | 66,543 | 78,009 |
Subordinated capital notes | 36,083 | 36,083 |
Other borrowings | 238 | 1,195 |
Total borrowings | 102,864 | 305,561 |
Other liabilities: | ||
Derivative liabilities | 1,895 | 913 |
Acceptances executed and outstanding | 18,291 | 21,599 |
Operating lease liabilities | 37,029 | 39,840 |
Accrued expenses and other liabilities | 162,133 | 185,660 |
Total liabilities | 8,954,669 | 8,252,183 |
Commitments and contingencies (See Note 21) | ||
Stockholders' equity: | ||
Preferred stock; 10,000,000 shares authorized; 1,340,000 shares of Series A, 1,380,000 shares of Series B, and 960,000 shares of Series D issued and outstanding (December 31, 2019 - 1,340,000 shares; 1,380,000 shares; and 960,000 shares) $25 liquidation value | 92,000 | 92,000 |
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 51,344,586 shares outstanding (December 31, 2019 - $59,885,234; 51,398,956) | 59,885 | 59,885 |
Additional paid-in capital | 621,978 | 621,515 |
Legal surplus | 101,233 | 95,779 |
Retained earnings | 284,053 | 279,646 |
Treasury stock, at cost, 8,540,648 shares (December 31, 2019 - 8,486,278 shares) | (103,095) | (102,339) |
Accumulated other comprehensive income (loss), net of tax of $753 (December 31, 2019 - $206) | 8,268 | (1,008) |
Total stockholders' equity | 1,064,322 | 1,045,478 |
Total liabilities and stockholders' equity | $ 10,018,991 | $ 9,297,661 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Amortized cost of trading securities | $ 162 | $ 182 |
Amortized cost of investment securities available-for-sale | 412,900 | 1,074,475 |
Allowance for loan losses | $ 235,313 | $ 116,539 |
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 | 59,885,234 | 59,885,234 |
Common stock, shares outstanding | 51,344,586 | 51,398,956 |
Treasury stock, at cost, shares | 8,540,648 | 8,486,278 |
Tax effect on accumulated other comprehensive income (loss) | $ (753) | $ 206 |
Investment available-for-sale, allowance for credit loss | $ 0 | $ 0 |
Series A | ||
Preferred stock, shares issued | 1,340,000 | 1,340,000 |
Preferred stock, shares outstanding | 1,340,000 | 1,340,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series B | ||
Preferred stock, shares issued | 1,380,000 | 1,380,000 |
Preferred stock, shares outstanding | 1,380,000 | 1,380,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series D | ||
Preferred stock, shares issued | 960,000 | 960,000 |
Preferred stock, shares outstanding | 960,000 | 960,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Loans | $ 112,047 | $ 85,772 | $ 347,014 | $ 254,971 |
Mortgage-backed securities | 1,498 | 3,553 | 5,890 | 17,465 |
Investment securities and other | 1,392 | 4,330 | 7,422 | 10,184 |
Total interest income | 114,937 | 93,655 | 360,326 | 282,620 |
Interest expense: | ||||
Deposits | 14,620 | 10,554 | 46,685 | 29,594 |
Securities sold under agreements to repurchase | 0 | 1,342 | 1,335 | 6,234 |
Advances from FHLB and other borrowings | 476 | 550 | 1,521 | 1,671 |
Subordinated capital notes | 308 | 499 | 1,091 | 1,537 |
Total interest expense | 15,404 | 12,945 | 50,632 | 39,036 |
Net interest income | 99,533 | 80,710 | 309,694 | 243,584 |
Provision for credit losses | 13,669 | 43,770 | 78,496 | 73,724 |
Net interest income after provision for credit losses | 85,864 | 36,940 | 231,198 | 169,860 |
Non-interest income: | ||||
Banking service revenue | 16,297 | 10,813 | 45,678 | 32,054 |
Wealth management revenue | 7,272 | 6,611 | 20,924 | 19,162 |
Mortgage banking activities | 3,917 | 1,118 | 10,223 | 2,953 |
Total banking and financial service revenues | 27,486 | 18,542 | 76,825 | 54,169 |
Net gain on: | ||||
Sale of securities | 0 | 3,498 | 4,728 | 8,274 |
Early extinguishment of debt | 0 | 0 | (63) | (7) |
Bargain purchase from Scotiabank PR & USVI acquistion | 3,465 | 0 | 7,336 | 0 |
Other non-interest income | 375 | 138 | 1,102 | 346 |
Total non-interest income, net | 31,326 | 22,178 | 89,928 | 62,782 |
Non-interest expense: | ||||
Compensation and employee benefits | 31,955 | 20,500 | 102,005 | 60,716 |
Occupancy, equipment and infrastructure costs | 11,943 | 7,307 | 35,220 | 22,564 |
Electronic banking charges | 8,734 | 5,505 | 26,284 | 15,698 |
Information technology expenses | 5,381 | 2,247 | 16,259 | 6,953 |
Professional and service fees | 3,331 | 3,662 | 12,596 | 10,297 |
Taxes, other than payroll and income taxes | 3,774 | 2,235 | 10,123 | 6,530 |
Insurance | 2,428 | (366) | 8,667 | 2,057 |
Loss on sale of foreclosed real estate, other repossessed assets and credit related expenses | 1,323 | 2,889 | 6,763 | 8,839 |
Loan servicing and clearing expenses | 2,345 | 1,194 | 4,836 | 3,562 |
Advertising, business promotion, and strategic initiatives | 1,481 | 1,333 | 4,643 | 3,859 |
Communication | 1,117 | 956 | 2,993 | 2,556 |
Printing, postage, stationary and supplies | 1,094 | 672 | 2,767 | 1,885 |
Director and investor relations | 302 | 374 | 928 | 934 |
Merger and restructuring charges | 2,681 | 1,556 | 5,991 | 2,556 |
Pandemic expenses | 2,090 | 0 | 4,266 | 0 |
Other | 3,465 | 663 | 11,906 | 5,325 |
Total non-interest expense | 83,444 | 50,727 | 256,247 | 154,331 |
Income before income taxes | 33,746 | 8,391 | 64,879 | 78,311 |
Income tax expense | 6,308 | 1,008 | 13,853 | 23,479 |
Net income | 27,438 | 7,383 | 51,026 | 54,832 |
Less: dividends on preferred stock | (1,628) | (1,628) | (4,884) | (4,884) |
Income available to common shareholders | $ 25,810 | $ 5,755 | $ 46,142 | $ 49,948 |
Earnings per common share: | ||||
Basic | $ 0.50 | $ 0.11 | $ 0.90 | $ 0.97 |
Diluted | $ 0.50 | $ 0.11 | $ 0.89 | $ 0.97 |
Average common shares outstanding and equivalents | 51,527 | 51,772 | 51,563 | 51,695 |
Cash dividends per share of common stock | $ 0.07 | $ 0.07 | $ 0.21 | $ 0.21 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 27,438 | $ 7,383 | $ 51,026 | $ 54,832 |
Other comprehensive income (loss) before tax: | ||||
Unrealized gain (loss) on securities available-for-sale | 661 | 5,111 | 15,949 | 19,063 |
Realized gain on sale of securities available-for-sale | 0 | (3,498) | (4,728) | (8,274) |
Unrealized (loss) gain on cash flow hedges | 181 | (188) | (987) | (1,160) |
Other comprehensive income before taxes | 842 | 1,425 | 10,234 | 9,629 |
Income tax effect | (162) | (197) | (958) | (1,124) |
Other comprehensive income after taxes | 680 | 1,228 | 9,276 | 8,505 |
Comprehensive income | $ 28,118 | $ 8,611 | $ 60,302 | $ 63,337 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Legal Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period Of Adoption, Adjustment [Member] | Retained Earnings [Member]Cumulative Effect, Period Of Adoption, Adjusted Balance [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] |
Beginning Balance at Dec. 31, 2018 | $ 92,000 | $ 59,885 | $ 619,381 | $ 90,167 | $ 253,040 | $ 252,304 | $ (103,633) | $ (10,963) | ||
Beginning Balance (Topic 842 Adoption [Member]) at Dec. 31, 2018 | $ (736) | |||||||||
Beginning Balance (Topic 326 [Member]) at Dec. 31, 2018 | 0 | |||||||||
Stock-based compensation expense | 1,567 | |||||||||
Lapsed restricted stock units and options | 0 | 697 | ||||||||
Net income | $ 54,832 | 54,832 | ||||||||
Cash dividends declared on common stock | (10,782) | |||||||||
Cash dividends declared on preferred stock | (4,884) | |||||||||
Transfer from retained earnings | 5,616 | |||||||||
Transfer to legal surplus | (5,616) | |||||||||
Stock repurchased | 0 | 0 | ||||||||
Other comprehensive income, net of tax | 8,505 | 8,505 | ||||||||
Ending Balance at Sep. 30, 2019 | 1,049,076 | 92,000 | 59,885 | 620,948 | 95,783 | 285,854 | (102,936) | (2,458) | ||
Beginning Balance at Jun. 30, 2019 | 92,000 | 59,885 | 620,368 | 95,019 | 284,459 | 284,459 | (103,171) | (3,686) | ||
Beginning Balance (Topic 842 Adoption [Member]) at Jun. 30, 2019 | 0 | |||||||||
Beginning Balance (Topic 326 [Member]) at Jun. 30, 2019 | 0 | |||||||||
Stock-based compensation expense | 580 | |||||||||
Lapsed restricted stock units and options | 0 | 235 | ||||||||
Net income | 7,383 | 7,383 | ||||||||
Cash dividends declared on common stock | (3,596) | |||||||||
Cash dividends declared on preferred stock | (1,628) | |||||||||
Transfer from retained earnings | 764 | |||||||||
Transfer to legal surplus | (764) | |||||||||
Stock repurchased | 0 | |||||||||
Other comprehensive income, net of tax | 1,228 | 1,228 | ||||||||
Ending Balance at Sep. 30, 2019 | 1,049,076 | 92,000 | 59,885 | 620,948 | 95,783 | 285,854 | (102,936) | (2,458) | ||
Beginning Balance at Dec. 31, 2019 | 1,045,478 | 92,000 | 59,885 | 621,515 | 95,779 | 279,646 | 254,152 | (102,339) | (1,008) | |
Beginning Balance (Topic 842 Adoption [Member]) at Dec. 31, 2019 | 0 | |||||||||
Beginning Balance (Topic 326 [Member]) at Dec. 31, 2019 | (25,494) | |||||||||
Stock-based compensation expense | 1,468 | |||||||||
Lapsed restricted stock units and options | (1,005) | 1,470 | ||||||||
Net income | 51,026 | 51,026 | ||||||||
Cash dividends declared on common stock | (10,787) | |||||||||
Cash dividends declared on preferred stock | (4,884) | |||||||||
Transfer from retained earnings | 5,454 | |||||||||
Transfer to legal surplus | (5,454) | |||||||||
Stock repurchased | (2,226) | (2,226) | ||||||||
Other comprehensive income, net of tax | 9,276 | 9,276 | ||||||||
Ending Balance at Sep. 30, 2020 | 1,064,322 | 92,000 | 59,885 | 621,978 | 101,233 | 284,053 | (103,095) | 8,268 | ||
Beginning Balance at Jun. 30, 2020 | 92,000 | 59,885 | 621,860 | 98,347 | 264,724 | $ 264,724 | (103,121) | 7,588 | ||
Beginning Balance (Topic 842 Adoption [Member]) at Jun. 30, 2020 | 0 | |||||||||
Beginning Balance (Topic 326 [Member]) at Jun. 30, 2020 | $ 0 | |||||||||
Stock-based compensation expense | 144 | |||||||||
Lapsed restricted stock units and options | (26) | 26 | ||||||||
Net income | 27,438 | 27,438 | ||||||||
Cash dividends declared on common stock | (3,595) | |||||||||
Cash dividends declared on preferred stock | (1,628) | |||||||||
Transfer from retained earnings | 2,886 | |||||||||
Transfer to legal surplus | (2,886) | |||||||||
Stock repurchased | 0 | |||||||||
Other comprehensive income, net of tax | 680 | 680 | ||||||||
Ending Balance at Sep. 30, 2020 | $ 1,064,322 | $ 92,000 | $ 59,885 | $ 621,978 | $ 101,233 | $ 284,053 | $ (103,095) | $ 8,268 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 51,026 | $ 54,832 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of deferred loan origination fees and fair value (discounts) premiums on loans | (7,606) | 3,250 |
Amortization of fair value premiums on acquired deposits | (1,955) | 0 |
Amortization of investment securities premiums, net of accretion of discounts | 4,142 | 3,905 |
Amortization of core deposit, customer relationships and other intangibles | 8,315 | 877 |
Net change in operating leases | 401 | (95) |
Depreciation and amortization of premises and equipment | 9,382 | 6,265 |
Deferred income tax expense, net | 12,127 | 476 |
Provision for credit losses | 78,496 | 73,724 |
Stock-based compensation | 1,468 | 1,567 |
Bargain purchase from Scotiabank PR & USVI acquistion | (7,336) | 0 |
(Gain) loss on: | ||
Sale of securities | (4,728) | (8,274) |
Sale of loans | (2,202) | (380) |
Early extinguishment of debt | 63 | 7 |
Foreclosed real estate and other repossessed assets | 1,078 | 2,666 |
Sale of other assets | (7) | (80) |
Originations and purchases of loans held-for-sale | (143,394) | (59,879) |
Proceeds from sale of loans held-for-sale | 2,188 | 15,208 |
Net (increase) decrease in: | ||
Trading securities | 15 | 319 |
Other investments | 0 | (54) |
Accrued interest receivable | (29,996) | 3,784 |
Servicing assets | 3,537 | 591 |
Other assets | 3,320 | 463 |
Net increase (decrease) in: | ||
Accrued interest on deposits and borrowings | (4,038) | (1,875) |
Accrued expenses and other liabilities | 13,438 | (56,288) |
Net cash (used in) provided by operating activities | (12,266) | 41,009 |
Purchases of: | ||
Investment securities available-for-sale | 60,282 | (1,117) |
FHLB stock | 0 | (1,167) |
Other investments | (1,645) | 0 |
Maturities and redemptions of: | ||
Investment securities available-for-sale | 389,139 | 129,027 |
FHLB stock | 4,726 | 3,286 |
Proceeds from sales of: | ||
Investment securities available-for-sale | 320,984 | 680,466 |
Foreclosed real estate and other repossessed assets, including write-offs | 25,517 | 37,115 |
Loans held-for-investment | 0 | 14,668 |
Fully charged-off loans | 0 | 2,382 |
Premises and equipment | 7 | 2,113 |
Origination and purchase of loans, excluding loans held-for-sale | (1,101,167) | (834,486) |
Principal repayment of loans | 1,060,606 | 722,367 |
Additions to premises and equipment | (11,512) | (9,160) |
Outlays for business acquisitions | 402 | 0 |
Net cash provided by investing activities | 747,339 | 745,494 |
Net increase (decrease) in: | ||
Deposits | 915,076 | 5,242 |
Securities sold under agreements to repurchase | (190,063) | (264,730) |
FHLB advances, federal funds purchased, and other borrowings | (12,361) | 775 |
Exercise of stock options with treasury shares | 465 | 697 |
Purchase of treasury stock | (2,226) | 0 |
Dividends paid on preferred stock | (4,884) | (4,881) |
Dividends paid on common stock | (10,787) | (10,782) |
Net cash provided by (used in) financing activities | 695,220 | (273,679) |
Net change in cash, cash equivalents and restricted cash | 1,430,293 | 512,824 |
Cash, cash equivalents and restricted cash at beginning of period | 852,757 | 450,063 |
Cash, cash equivalents and restricted cash at end of period | 2,283,050 | 962,887 |
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Balance Sheets [Abstract] | ||
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 2,283,050 | 962,887 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | ||
Interest paid | 40,385 | 39,710 |
Income taxes paid | 5,941 | 36,924 |
Operating lease liabilities paid | 9,747 | 5,174 |
Mortgage loans securitized into mortgage-backed securities | 108,244 | 45,716 |
Transfer from held-to-maturity securities to available-for-sale securities | 0 | 424,740 |
Transfer from loans to foreclosed real estate and other repossessed assets | 14,733 | 34,532 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 261 | 25,933 |
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio | 0 | 49 |
Financed sales of foreclosed real estate | 0 | 1,016 |
Interest capitalized on loans subject to the temporary payment moratorium | 35,593 | 0 |
Loans booked under the GNMA buy-back option | 62,651 | 11,403 |
Initial recognition of operating lease right-of-use assets | 0 | 21,930 |
Initial recognition of operating lease liabilities | $ 0 | $ 23,689 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Oriental is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. Oriental operates through various subsidiaries including, a commercial bank, Oriental Bank (the “Bank”), a securities broker-dealer, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), and a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), and OFG Ventures LLC (“OFG Ventures”). Oriental also has a special purpose entity, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”) through which it issued trust preferred securities. Through its operating subsidiaries and their respective divisions, Oriental provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, leasing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. On April 30, 2010, the Bank acquired certain assets and assumed certain deposits and other liabilities of Eurobank, a Puerto Rico commercial bank, in an FDIC-assisted acquisition. On February 6, 2017, the Bank and the FDIC agreed to terminate the shared-loss agreements related to the Eurobank Acquisition. On December 18, 2012, Oriental acquired a group of Puerto Rico-based entities that included Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR”), a Puerto Rico commercial bank, as well as a securities broker-dealer and an insurance agency, which is referred to herein as the “BBVAPR Acquisition.” On December 31, 2019, Oriental purchased from the BNS all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). Immediately following the closing of the Scotiabank Acquisition, Oriental merged SBPR with and into Oriental Bank, with Oriental Bank continuing as the surviving entity. As part of this transaction, Oriental Bank also acquired the U.S. Virgin Islands banking operations of BNS through an acquisition of certain assets and an assumption of certain liabilities, and certain loans and assumed certain liabilities from BNS’s Puerto Rico branch. This transaction is referred to as the “Scotiabank PR & USVI Acquisition.” These acquired businesses have been integrated for financial reporting purposes. During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of Coronavirus (Covid-19). The pandemic has significantly impacted economic conditions in P.R. and the U.S., creating significant uncertainties. After recent disruptions in economic conditions caused by Covid-19, Oriental offered several deferral programs for the payment of principal and interest for all of its loan portfolios for customers whose payments were not over 89 days past due at March 12, 2020. Refer to footnotes for further disclosure associated to this event. Basis of Presentation The accompanying unaudited consolidated financial statements of Oriental have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of Oriental on a consolidated basis, and all such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Operating results for the quarter and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Company evaluated subsequent events through the filing date of its quarterly report on Form 10-Q with the SEC and has recorded or disclosed those material events or transactions as described within the accompanying consolidated financial statements and notes. Significant Accounting Policies Oriental’s significant accounting and reporting policies can be found in Note 1 of the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 . New Accounting Updates Adopted in 2020 Accounting for Financial Instruments -- Credit Losses On January 1, 2020, Oriental adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple existing impairment methods, which generally required that a loss be incurred before it was recognized. The CECL standard also requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have an impact on our portfolio of AFS debt securities. We adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Upon adoption, we recognized an after-tax cumulative effect reduction to retained earnings totaling $ 25.5 million, as detailed in the table below. Operating results for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in our 2019 Form 10-K. The following table details the impact of the adoption of CECL on the assets, liabilities and retained earnings as of January 1, 2020. January 1, 2020 Pre-Adoption Impact of adoption Post-Adoption Cumulative Effect on Retained Earnings (In thousands) Assets: Investment securities available for sale $ 1,074,169 $ - $ 1,074,169 $ - Deferred tax asset 176,740 13,874 190,614 13,874 Loans Commercial 2,222,085 42,143 2,264,228 - Mortgage 2,508,821 7,830 2,516,651 - Consumer 504,507 181 504,688 - Auto 1,522,973 368 1,523,341 - 6,758,386 50,522 6,808,908 - Allowance for credit losses on loans Commercial ( 34,886) ( 45,705) ( 80,591) ( 3,562) Mortgage ( 30,382) ( 18,810) ( 49,192) ( 10,980) Consumer ( 18,446) ( 8,599) ( 27,045) ( 8,418) Auto ( 32,825) ( 16,606) ( 49,431) ( 16,238) ( 116,539) ( 89,720) ( 206,259) ( 39,198) Net loans 6,641,847 ( 39,198) 6,602,649 ( 39,198) Liabilities: Allowance for credit losses on off-balance sheet credit exposures 3,688 170 3,858 170 $ 7,889,068 $ ( 25,494) $ 7,863,574 $ ( 25,494) In connection with the adoption of CECL, we revised certain accounting policies and implemented certain accounting policy elections. The revised accounting policies are described below. Investment securities : Securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them until maturity. Oriental had no securities classified as held to maturity on September 30, 2020 or December 31, 2019. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. Securities held for resale in anticipation of short-term market movements are classified as trading and are carried at fair value, with changes in unrealized holding gains and losses included in income. Management determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, 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 any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the statements of operations. The cost of securities sold is determined by the specific identification method. Allowance for credit losses – available-for-sale securities : For available-for-sale investment securities in an unrealized loss position, Oriental first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For investment securities available-for-sale that do not meet the aforementioned criteria, Oriental evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of security. If the present value of cash flows expected to be collected is less than amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. All securities held by Oriental are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable on available-for-sale debt securities totaled $ 1.6 million and $ 4.1 million on September 30, 2020 and December 31, 2019, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Loans : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses, except for accrued interest receivable on loans that participated in the Covid-19 deferral programs. Oriental has elected to estimate expected credit losses on accrued interest receivable for loans that participated in the Covid-19 deferral programs separately from other components of the amortized costs basis. Accrued interest receivable totaled $ 70.2 million and $ 32.7 million on September 30, 2020 and December 31, 2019, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $ 43.1 million at September 30, 2020, $ 39.2 million corresponds to loans in current status. Allowance for credit losses for accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $ 826 thousand at September 30, 2020. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income through the life of the loan. Loans held for investment that were not purchased with credit deterioration are referred to as Non-PCD loans and loans that were purchased with credit deterioration are referred to as PCD loans. Oriental discontinues accrual of interest after payments become more than 90 days past due or earlier if Oriental does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based upon the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Collections are accounted for on the cash method thereafter, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on contractual yield on the Non-PCD loans. Purchased Credit Deteriorated (PCD) Loans: Oriental has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Oriental considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection 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. As such, our PCD loans are recorded at the purchase price plus the allowance for credit losses expected at the time of acquisition or implementation of the standard. An allowance for credit losses is determined using an undiscounted cashflow methodology. Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. Upon adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount which will be amortized interest income over the remaining life of the pool. On a quarterly basis, management will monitor the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If based on the analysis performed, the pool is classified as non-accrual the accretion/amortization of the non-credit (discount) premium will cease. Changes to the allowance for credit losses after adoption are recorded through the provision expense. Allowance for Credit Losses (“ACL”) – Loans : The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Oriental continues to monitor and modify the level of the ACL to ensure it is adequate. Our methodology for estimating lifetime expected credit losses for our loan portfolios include the following key components: Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. Credit losses for loans that do not share similar risk characteristics are estimated on an individual basis. Individual evaluations are typically performed for nonaccrual loans and modified loans classified as troubled debt restructurings. The lifetime losses for individually measured loans are estimated based on one of several methods, including the estimated fair value of the underlying collateral, observable market value of similar debt or the present value of expected cash flows. ACL reserves are estimated over the contractual term of the financial asset adjusted for expected prepayments. Expected extensions are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Oriental. Loan modifications are also not considered, unless Oriental has a reasonable expectation that it will execute a troubled debt restructuring (“TDR”). In the case of unconditionally cancelable accounts, such as credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. The quantitative model utilizes a discounted cash flow (“DCF”) or undiscounted cash flow (“UDCF”) approach to estimate expected credit losses using probability of default (“PD”), loss given default (“LGD”), and exposure at default ("EAD”). DCF method is used for most of the Non-PCD portfolio using the amortization cost, and UDCF method for the PCD portfolio using the unpaid principal balance. An economic forecast period based on the relation of losses with key economic variables for each portfolio segment; Oriental has elected a 2-year reasonable and supportable forecast period, with an additional 1-year to mean straight-line reversion occurring within the credit loss models based on the economic inputs. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary. Inclusion of qualitative adjustments to consider factors that have not been accounted. For example, factors that Oriental considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. The estimate of credit losses includes expected recoveries of amounts previously charged off (i.e., negative allowance) as well as consideration of expected amounts to be written off. If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off. The ACL excludes accrued interest since all our products are subject to a non-accrual and timely write-off policy, except for accrued interest receivable on loans that participated in the Covid-19 deferral programs with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. In our loss forecasting framework, Oriental incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, business and personal bankruptcies. As any one economic outlook is inherently uncertain, Oriental leverages multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. The ACL for troubled debt restructurings (TDR) is measured based on the present value of projected future lifetime principal and interest cash flows discounted at the loan’s effective interest rate, or in cases where foreclosure is probable or the loan is collateral dependent, at the loan’s collateral value or its observable market price, if available. For purposes of computing the specific loss component of the allowance, larger impaired loans are evaluated individually, and smaller impaired loans are evaluated as a pool. Oriental has identified the following portfolio segments, commercial loans, mortgage loans, consumer loans, and auto loans and leases, and measures the allowance for credit losses using the methods described below for each. Commercial Loans – The segmentation of commercial loans was established by business line, collateral type, and size, delinquency or risk rating/classification to assess the loans based on common risk characteristics. The segmentation aligns with Oriental’s current credit policies, and procedures for these portfolios. The estimate of lifetime expected credit losses on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments, considering that all our lines of credit are unconditionally cancellable. The loss forecasting model determines the probabilities of transition to different credit risk ratings or default at each point over the life of the asset based on the borrower’s current credit risk rating and business segment. Assumptions of expected loss are conditioned to the economic outlook and the model considers key economic variables such as unemployment rate, gross national product (“GNP”) (P.R. projections), gross domestic product (U.S. projections) and retail sales (U.S. projections). Loans that do not share risk characteristics are evaluated on an individual basis. Individual evaluations are typically performed for nonaccrual loans and modified loans classified as troubled debt restructurings. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate, as Oriental elected the collateral-dependent practical expedient. For loans evaluated individually that are not collateral dependent, a discounted cash flow method is used to determine the allowance for credit losses. Commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any. Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing TDRs and residential non-performing TDRs. Since these are large groups of smaller balance homogeneous loans, these are collectively evaluated. To estimate the lifetime expected credit losses for mortgage loans, Oriental estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The most significant attribute in estimating Oriental’s lifetime expected credit losses is the vintage. The estimates are based on Oriental’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the housing price index and GNP are key factors that impact the frequency and severity of loss estimates. Oriental expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the quantitative ACL is zero for these loans. Mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due. For loans that are more than 180 days past due, with the exception of Oriental’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, Oriental will record additional charge-offs. Consumer Loans – This portfolio consists of smaller retail loans such as unsecured personal loans, unsecured personal lines of credit, retail credit cards and overdrafts. Since these are large groups of smaller balance homogeneous loans, these are collectively evaluated. To estimate the lifetime expected credit losses for consumer loans, Oriental estimates the number of loans that will default over the life of the existing portfolio, using quantitative modeling methodologies. The estimates are based on the Oriental’s historical experience with the loan portfolios, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment rate are key factors that impact the frequency and severity of loss estimates. Credit cards are revolving lines of credit without a defined maturity date. Oriental elected to apply the remaining life methodology for the credit cards and revolving line segments. The remaining life methodology takes projected losses based on economic forecast and applies it to a pool of loans on a periodic basis, based on the remaining life expectation of that pool. Economic variables for the forecast are unemployment and personal bankruptcy. Future draws on the credit card lines are excluded from the estimated lifetime expected credit losses as they are unconditionally cancellable. Consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent 120 days in personal loans and 180 days in credit cards and personal lines of credit. Auto Loans and Leases - This portfolio consists of auto loans and leases. Since these are large groups of smaller balance homogeneous loans, these are collectively evaluated. To estimate the lifetime expected credit losses for auto loans and leases, Oriental estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The most significant attribute in estimating Oriental’s lifetime expected credit losses is the FICO score. The estimates are based on Oriental’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment are key factors that impact the frequency and severity of loss estimates. Auto loans and leases are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days, and fully written-off when payments are delinquent 180 days. Off-Balance Sheet Credit Exposures In the ordinary course of business, Oriental enters into off-balance sheet instruments consisting of commitments to extend credit. Such financial instruments are recorded in the financial statements when these are funded, or related fees are incurred or received. Oriental periodically evaluates the credit risks inherent in these commitments and establishes accruals for such risks if and when these are deemed necessary. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures : Oriental also estimates the lifetime expected credit losses related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded banker’s acceptances and binding loan commitments. Reserves are estimated for the unfunded exposure using the same factors as the funded exposure and are reported as reserves for unfunded lending commitments. Other Financial Assets with Zero Expected Credit Losses For certain financial assets, zero expected credit losses will be recognized where the expectation of nonpayment of the amortized cost basis is zero, based on there being no history of loss and the nature of the receivables. Troubled Debt Restructurings Oriental has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of Covid-19. The majority of Oriental’s Covid-19 related loan modifications have not been considered TDRs as they represent short-term or other insignificant modifications, whether under Oriental’s regular loan modification assessments or the Inter Agency Statement guidance; or Oriental has elected to apply the option to suspend the application of accounting guidance for TDRs as provided under section 4013 of the CARES Act. To the extent that certain modifications do not meet any of the above criteria, Oriental accounts for them as TDRs. For loan modifications that include a payment deferral and are not TDRs, the borrower’s past due and nonaccrual status will not be impacted during the deferral period. These loans are not considered past due until after the deferral period is over and scheduled payments resume. Accrued interest on these Covid-19 modified loans is due when the deferral period ends. The credit quality of these loans will be re-evaluated after the deferral period ends. Nonaccrual loans are generally loans placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. Oriental's policy is to write-off all accrued interest on loans when they are placed on nonaccrual status. Interest income will continue to be recognized over the contractual life of the loan. For more information on Oriental's TDR accounting, see Note 1 – Summary of Significant Accounting Policies to the Consolidated Financial Statements of Oriental’s 2019 Annual Report on Form 10-K. Cloud computing arrangements In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance that is intended to reduce potential diversity in practice in accounting for the costs of implementing cloud computing arrangements (i.e., hosting arrangements) that are service contracts. The updated guidance aligns the requirements for capitalizing implementation co |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 2 – BUSINESS COMBINATIONS On December 31, 2019, Oriental purchased from the Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico for an aggregate purchase price of $ 550.0 million, subject to settlement amounts as described herein. Immediately following the closing, Oriental merged Scotiabank de Puerto Rico with and into Oriental Bank, with Oriental Bank continuing as the surviving entity. As part of this transaction, Oriental Bank also acquired the U.S. Virgin Islands banking operations of BNS through an acquisition of certain assets (including loans, ATMs and physical branch locations) and an assumption of certain liabilities (including deposits) for their net book value plus a $ 10.0 million premium on deposits which were settled as part of the final consideration from the acquisition. In addition, Oriental acquired certain loans and assumed certain liabilities, from BNS’s Puerto Rico branch for their net book value which were settled as part of the final consideration from the acquisition. The assets acquired and liabilities assumed as of December 31, 2019 were presented at their fair value. In many cases, the determination of these fair values required management to make estimates about discount rates, expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. The fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. During the nine-month period ended September 30, 2020, Oriental recorded remeasurement adjustments to the preliminary estimated fair values of certain accrued interest receivables that have not been received, the deferred tax asset and accounts receivables to reflect new information obtained during the measurement period (as defined by ASC Topic 805), about facts and circumstances that existed as of the acquisition date that, if known, would have affected the acquisition-date fair value measurements. As detailed in the table below, the adjustment occurred in accrued interest receivable, deferred tax asset, and other assets acquired. The adjustment resulted from the fair value determination of certain accrued interest receivable of loans accounted for under ASC 310-30 and from the receipt of funds from BNS for certain intercompany transactions. December 31, 2019 Measurement Fair Value Fair Value Period as Book Value Adjustments, net Fair Value Adjustments Remeasured (In thousands) Cash and cash equivalents $ 492,512 $ - $ 492,512 $ - $ 492,512 Investments 576,319 ( 102) 576,217 - 576,217 Loans 2,237,337 ( 21,134) 2,216,203 - 2,216,203 Accrued interest receivable 7,722 ( 2,952) 4,770 5,540 10,310 Foreclosed real estate 8,636 ( 352) 8,284 - 8,284 Deferred tax asset, net 37,606 22,335 59,941 1,386 61,327 Premises and equipment 10,866 ( 1,068) 9,798 - 9,798 Servicing asset 40,258 206 40,464 - 40,464 Core deposit intangible - 41,507 41,507 - 41,507 Customer relationship intangible - 12,693 12,693 - 12,693 Other intangible - 567 567 - 567 Operating lease right-of-use assets 15,452 4,011 19,463 - 19,463 Other assets 86,016 ( 6,507) 79,509 410 79,919 Total identifiable assets acquired 3,512,724 49,204 3,561,928 7,336 3,569,264 Deposits 3,028,066 ( 2,607) 3,025,459 - 3,025,459 Operating lease liability 16,317 2,091 18,408 - 18,408 Accrued expenses and other liabilities 87,309 - 87,309 - 87,309 Total liabilities assumed 3,131,692 ( 516) 3,131,176 - 3,131,176 Total identifiable net assets $ 430,752 $ 7,336 $ 438,088 Bargain purchase gain 315 7,336 7,651 Total consideration $ 430,437 $ - $ 430,437 Merger and Restructuring Charges Merger and restructuring charges are recorded in the consolidated statement of operations and include incremental costs to integrate the operations of Oriental and its most recent acquisition. These charges represent costs associated with these one-time activities and do not represent ongoing costs of the fully integrated combined organization. These costs were recorded in merger and restructuring charges within the consolidated statement of operations. The following table presents severance and employee charges, systems integrations charges, and other merger and restructuring charges, related to the Scotiabank PR & USVI Acquisition, for the quarter and nine-month period ended September 30, 2020: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2020 (In thousands) (In thousands) Severance and employee-related charges $ - $ 33 Systems integrations and related charges 2,282 5,424 Other 399 534 Total merger and restructuring charges $ 2,681 $ 5,991 Restructuring Reserve Restructuring reserves are established by a charge to merger and restructuring charges, and the restructuring charges are included in the merger and restructuring charges table. The following table presents the changes in restructuring reserves for the quarter and nine-month period ended September 30, 2020: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2020 (In thousands) (In thousands) Balance at the beginning of the period $ 16,388 $ 17,491 Merger and restructuring charges 2,681 5,991 Cash payments ( 7,164) ( 11,577) Balance at the end of the period $ 11,905 $ 11,905 Payments under merger and restructuring reserves associated with the Scotiabank PR & USVI Acquisition are expected to continue into 2020 and will be under applicable accounting guidance to the cost being incurred. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash | NOTE 3 – RESTRICTED CASH The following table includes the composition of Oriental’s restricted cash: September 30, December 31, 2020 2019 (In thousands) Cash pledged as collateral to other financial institutions to secure: Regulatory requirements $ - $ 400 Obligations under agreement of loans sold with recourse 1,050 1,050 $ 1,050 $ 1,450 At September 30, 2020 and December 31, 2019, the Bank’s international banking entities, OIB and Oriental Overseas, a division of the Bank, held short-term highly liquid securities in the amount of $ 305 thousand and $ 325 thousand, respectively, as the legal reserve required for international banking entities under Puerto Rico law. In addition, as part of the Scotiabank PR & USVI acquisition on December 31, 2019, a certificate of deposit of $ 300 thousand was held for the international banking entity that was retained as part of the integration. As of September 30, 2020, the entity held a $ 325 thousand in short term high liquidity securities. These instruments cannot be withdrawn or transferred without the prior written approval of the Office of the Commissioner of Financial Institutions of Puerto Rico (the "OCFI"). As part of regulatory requirements for the administration of Individual Retirement Accounts (IRAs), Scotiabank maintained $ 100 thousand on a certificate of deposit that was registered as part of the integration on December 31, 2019. This certificate matured and was not renewed. Oriental has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At both, September 30, 2020 and December 31, 2019, Oriental delivered as collateral cash amounting to approximately $ 1.1 million. 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 September 30, 2020 was $ 416.1 million (December 31, 2019 - $ 289.3 million). At September 30, 2020 and December 31, 2019, the Bank complied with this 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 | 9 Months Ended |
Sep. 30, 2020 | |
Investment Securities [Abstract] | |
Investments Securities | NOTE 4 – INVESTMENT SECURITIES Money Market Investments Oriental considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less at the date of acquisition. At September 30, 2020 and December 31, 2019, money market instruments included as part of cash and cash equivalents amounted to $ 14.6 million and $ 6.8 million, respectively. Investment Securities The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by Oriental at September 30, 2020 and December 31, 2019 were as follows: September 30, 2020 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 $ 135,067 $ 4,897 $ - $ 139,964 1.96% GNMA certificates 141,412 4,480 - 145,892 2.29% CMOs issued by US government-sponsored agencies 42,816 1,048 - 43,864 1.97% Total mortgage-backed securities 319,295 10,425 - 329,720 2.11% Investment securities US Treasury securities 91,109 422 - 91,531 1.61% Obligations of US government-sponsored agencies 1,688 26 - 1,714 1.39% Other debt securities 808 42 - 850 2.99% Total investment securities 93,605 490 - 94,095 1.62% Total securities available for sale $ 412,900 $ 10,915 $ - $ 423,815 2.00% December 31, 2019 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 $ 403,227 $ 846 $ 1,417 $ 402,656 2.00% GNMA certificates 215,755 718 4 216,469 2.33% CMOs issued by US government-sponsored agencies 55,235 16 490 54,761 1.97% Total mortgage-backed securities 674,217 1,580 1,911 673,886 2.11% Investment securities US Treasury securities 397,183 - - 397,183 1.60% Obligations of US government-sponsored agencies 1,967 - 6 1,961 1.38% Other debt securities 1,108 31 - 1,139 3.00% Total investment securities 400,258 31 6 400,283 1.60% Total securities available-for-sale $ 1,074,475 $ 1,611 $ 1,917 $ 1,074,169 1.92% The amortized cost and fair value of Oriental’s investment securities at September 30, 2020, 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. September 30, 2020 Available-for-sale Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due less than one year FNMA and FHLMC certificates $ 597 $ 624 Total due in less than one year 597 624 Due from 1 to 5 years GNMA certificates 546 550 Total due from 1 to 5 years 546 550 Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 35,553 $ 36,442 FNMA and FHLMC certificates 103,975 $ 107,933 GNMA certificates 64,979 $ 66,388 Total due after 5 to 10 years 204,507 210,763 Due after 10 years FNMA and FHLMC certificates $ 30,495 $ 31,407 GNMA certificates 75,888 $ 78,954 CMOs issued by US government-sponsored agencies 7,262 $ 7,422 Total due after 10 years 113,645 117,783 Total mortgage-backed securities 319,295 329,720 Investment securities Due less than one year US Treasury securities $ 81,103 $ 81,245 Other debt securities 100 $ 100 Total due in less than one year 81,203 81,345 Due from 1 to 5 years Obligations of US government-sponsored agencies $ 1,688 $ 1,714 US Treasury securities 10,006 $ 10,286 Total due from 1 to 5 years 11,694 12,000 Due from 5 to 10 years Other debt securities 708 750 Total due after 5 to 10 years 708 750 Total investment securities 93,605 94,095 Total $ 412,900 $ 423,815 During the nine-month period ended September 30, 2020, Oriental retained securitized GNMA pools totaling $ 46.2 million amortized cost, at a yield of 2.69% from its own originations, while during the nine-month period ended on September 30, 2019 that amount totaled $ 45.7 million amortized cost, at a yield of 3.42%. During the nine-month period ended September 30, 2020, Oriental sold $ 316.3 million available-for-sale-mortgage-backed securities and recorded a net gain on sale of securities of $ 4.7 million. During the nine-month period ended September 30, 2019 Oriental sold $ 680.5 million available-for-sale mortgage-backed securities and recognized a gain in the sale of $ 8.3 million. Nine-Month Period Ended September 30, 2020 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 $ 229,571 $ 227,213 $ 2,358 $ - GNMA certificates 91,413 89,043 2,370 - Total $ 320,984 $ 316,256 $ 4,728 $ - Nine-Month Period Ended September 30, 2019 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 $ 451,081 $ 447,305 $ 3,776 $ - GNMA certificates 229,385 224,887 4,498 - Total $ 680,466 $ 672,192 $ 8,274 $ - At September 30, 2020, Oriental did not have investment securities in unrealized loss position. Effective January 1, 2020, Oriental adopted the new accounting standard for credit losses that requires evaluation of available-for-sale debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 1 – Significant Accounting Policies. At September 30, 2020, all securities held by Oriental are issued by U.S. government entities and agencies that have a zero-credit loss assumption. The following table show Oriental’s gross unrealized losses and fair value of investment securities available-for-sale at December 31, 2019, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2019 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 35,417 $ 387 $ 35,030 FNMA and FHLMC certificates 259,099 1,415 257,684 Obligations of US Government and sponsored agencies 1,967 6 1,961 GNMA certificates 19 - 19 $ 296,502 $ 1,808 $ 294,694 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 11,503 103 11,400 FNMA and FHLMC certificates 4,919 2 4,917 GNMA certificates 3,549 4 3,545 US Treasury Securities 627 - 627 $ 20,598 $ 109 $ 20,489 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 46,920 490 46,430 FNMA and FHLMC certificates 264,018 1,417 262,601 Obligations of US government and sponsored agencies 1,967 6 1,961 GNMA certificates 3,568 4 3,564 US Treasury Securities 627 - 627 $ 317,100 $ 1,917 $ 315,183 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Loans [Abstract] | |
Loans | NOTE 5 - LOANS Oriental’s loan portfolio is composed of four segments, commercial, mortgage, consumer, and auto. Loans are further segregated into classes which Oriental uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of Oriental’s loan portfolio at September 30, 2020 was as follows: September 30, 2020 Non-PCD PCD Total (In thousands) Commercial loans: Commercial secured by real estate $ 810,755 $ 248,653 $ 1,059,408 Other commercial and industrial 636,610 103,902 740,512 Commercial Paycheck Protection Program (PPP Loans) 289,218 - 289,218 US Loan Program 337,657 - 337,657 2,074,240 352,555 2,426,795 Mortgage 847,671 1,504,914 2,352,585 Consumer Personal loans 327,923 1,934 329,857 Credit lines 46,873 402 47,275 Credit cards 59,618 - 59,618 Overdraft 132 - 132 Auto 1,511,829 31,836 1,543,665 1,946,375 34,172 1,980,547 4,868,286 1,891,641 6,759,927 Allowance for credit losses ( 156,409) ( 78,904) ( 235,313) Total loans held for investment 4,711,877 1,812,737 6,524,614 Mortgage loans held for sale 54,526 - 54,526 Total loans, net $ 4,766,403 $ 1,812,737 $ 6,579,140 At September 30, 2020, and December 31, 2019, Oriental had a carrying balance of $ 121.9 million and $ 134.0 million, respectively, in 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. Loans granted to the Puerto Rico government amounting to $ 97.8 million and $ 129.9 million at September 30, 2020, and December 31, 2019, respectively, are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status and one loan amounting to $ 24.1 million and $ 4.1 million, respectively, to a public corporation acquired in the Scotiabank PR & USVI Acquisition in non-accrual status with an allowance for credit losses of $ 20.0 million at September 30, 2020. Loans acquired in the Scotiabank PR & USVI Acquisition accounted for under ASC 310-30 were recognized at fair value as of December 31, 2019, which included the impact of expected credit losses, and therefore, no allowance for credit losses was recorded at acquisition date. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. The tables below present the aging of the amortized cost of loans held for investment at September 30, 2020 and December 31, 2019, by class of loans. Mortgage loans past due include $ 62.7 million and $ 75.2 million, respectively, of delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option. September 30, 2020 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 2,987 $ 749 $ 23,984 $ 27,720 $ 783,035 $ 810,755 $ - Other commercial and industrial 983 432 6,460 7,875 917,953 925,828 - US Loan Program - - - - 337,657 337,657 - 3,970 1,181 30,444 35,595 2,038,645 2,074,240 - Mortgage 5,793 10,989 96,986 113,768 733,903 847,671 3,666 Consumer Personal loans 4,984 4,209 2,237 11,430 316,493 327,923 - Credit lines 999 196 1,249 2,444 44,429 46,873 - Credit cards 1,104 509 1,561 3,174 56,444 59,618 - Overdraft 31 - - 31 101 132 - Auto 53,782 34,130 21,823 109,735 1,402,094 1,511,829 - 60,900 39,044 26,870 126,814 1,819,561 1,946,375 - Total loans $ 70,663 $ 51,214 $ 154,300 $ 276,177 $ 4,592,109 $ 4,868,286 $ 3,666 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above. December 31, 2019 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 994 $ 946 $ 17,495 $ 19,435 $ 847,271 $ 866,706 $ - Other commercial and industrial 7,584 371 2,716 10,671 712,855 723,526 - US Loan Program - - - - 272,595 272,595 - 8,578 1,317 20,211 30,106 1,832,721 1,862,827 - Mortgage 9,285 13,105 94,109 116,499 783,096 899,595 2,418 Consumer Personal loans 4,978 2,123 1,579 8,680 358,477 367,157 - Credit lines 533 20 221 774 51,840 52,614 - Credit cards 1,438 417 896 2,751 72,451 75,202 - Overdraft 51 - - 51 165 216 - Auto 72,336 31,412 14,270 118,018 1,350,864 1,468,882 - 79,336 33,972 16,966 130,274 1,833,797 1,964,071 - Total loans $ 97,199 $ 48,394 $ 131,286 $ 276,879 $ 4,449,614 $ 4,726,493 $ 2,418 Before the CECL implementation, certain acquired loans were accounted for by Oriental in accordance with ASC 310-30. The carrying amount corresponding to acquired loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at December 31, 2019 was as follows: December 31, 2019 Scotiabank PR & USVI BBVAPR Eurobank (In thousands) Contractual required payments receivable: $ 2,147,249 $ 1,086,367 $ 117,107 Less: Non-accretable discount 294,424 340,466 4,285 Cash expected to be collected 1,852,825 745,901 112,822 Less: Accretable yield 458,885 214,886 34,441 Carrying amount, gross 1,393,940 531,015 78,381 Less: allowance for loan and lease losses - 17,036 14,458 Carrying amount, net $ 1,393,940 $ 513,979 $ 63,923 The following table describes the accretable yield and non-accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the quarter and nine-month period ended September 30, 2019: Quarter Ended September 30, 2019 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 217,549 $ 34,638 $ 43 $ 288 $ 252,518 Accretion ( 5,876) ( 2,379) ( 77) ( 151) ( 8,483) Change in expected cash flows - 3,995 5 151 4,151 Transfer from (to) non-accretable discount ( 9,849) ( 17,128) 57 ( 94) ( 27,014) Balance at end of period $ 201,824 $ 19,126 $ 28 $ 194 $ 221,172 Non-Accretable Discount Activity: Balance at beginning of period $ 292,258 $ 10,904 $ 24,083 $ 18,810 $ 346,055 Change in actual and expected losses ( 21,356) ( 3,913) 44 ( 118) ( 25,343) Transfer (to) from accretable yield 9,849 17,128 ( 57) 94 27,014 Balance at end of period $ 280,751 $ 24,119 $ 24,070 $ 18,786 $ 347,726 Nine-Month Period Ended September 30, 2019 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 232,199 $ 36,508 $ 243 $ 560 $ 269,510 Accretion ( 18,342) ( 7,523) ( 432) ( 639) ( 26,936) Change in expected cash flows - 8,635 16 639 9,290 Transfer from (to) non-accretable discount ( 12,033) ( 18,494) 201 ( 366) ( 30,692) Balance at end of period $ 201,824 $ 19,126 $ 28 $ 194 $ 221,172 Non-Accretable Discount Activity: Balance at beginning of period $ 291,887 $ 10,346 $ 24,245 $ 18,945 $ 345,423 Change in actual and expected losses ( 23,169) ( 4,721) 26 ( 525) ( 28,389) Transfer (to) from accretable yield 12,033 18,494 ( 201) 366 30,692 Balance at end of period $ 280,751 $ 24,119 $ 24,070 $ 18,786 $ 347,726 The following table describes the accretable yield and non-accretable discount activity of acquired Eurobank loans for the quarter and nine-month period ended September 30, 2019: Quarter Ended September 30, 2019 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 36,538 $ 1,856 - $ - $ 38,394 Accretion ( 1,218) ( 1,075) 3 ( 89) ( 2,379) Change in expected cash flows 1,917 550 ( 93) 132 2,506 Transfer from (to) non-accretable discount ( 2,542) ( 438) 90 ( 43) ( 2,933) Balance at end of period $ 34,695 $ 893 $ - $ - $ 35,588 Non-Accretable Discount Activity: Balance at beginning of period $ 1,681 $ - $ - $ 118 $ 1,799 Change in actual and expected losses ( 2,597) ( 438) 90 ( 73) ( 3,018) Transfer (to) from accretable yield 2,542 438 ( 90) 43 2,933 Balance at end of period $ 1,626 $ - $ - $ 88 $ 1,714 Nine-Month Period Ended September 30, 2019 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 38,389 $ 3,310 - $ - $ 41,699 Accretion ( 3,849) ( 3,439) ( 12) ( 152) ( 7,452) Change in expected cash flows 1,524 1,416 ( 134) 250 3,056 Transfer from (to) non-accretable discount ( 1,369) ( 394) 146 ( 98) ( 1,715) Balance at end of period $ 34,695 $ 893 $ - $ - $ 35,588 Non-Accretable Discount Activity: Balance at beginning of period $ 2,826 $ - $ - $ 133 $ 2,959 Change in actual and expected losses ( 2,569) ( 394) 146 ( 143) ( 2,960) Transfer (to) from accretable yield 1,369 394 ( 146) 98 1,715 Balance at end of period $ 1,626 $ - $ - $ 88 $ 1,714 Non-accrual Loans The following table presents the amortized cost basis of loans on nonaccrual status as of September 30, 2020: September 30, 2020 Nonaccrual with Nonaccrual with no Allowance Allowance for Credit Loss for Credit Loss (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 9,902 $ 28,015 Other commercial and industrial 3,806 3,219 13,708 31,234 Mortgage 23,050 12,883 Consumer Personal loans 1,826 565 Personal lines of credit 1,253 - Credit cards 1,562 - Auto and leasing 22,583 - 27,224 565 Total non-accrual loans $ 63,982 $ 44,682 PCD: Commercial Commercial secured by real estate $ 14,566 $ 3,068 Other commercial and industrial 60,946 1,051 75,512 4,119 Mortgage 1,003 - Consumer Personal loans 4 - 4 - Total non-accrual loans $ 76,519 $ 4,119 $ 140,501 $ 48,801 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. The following table presents the recorded investment in loans in non-accrual status by class of loans as of December 31, 2019: December 31, 2019 (In thousands) Commercial Commercial secured by real estate $ 32,720 Other commercial and industrial 9,886 42,606 Mortgage 18,735 Consumer Personal loans 4,164 Personal lines of credit 227 Credit cards 896 Auto and leasing 14,295 19,582 Total non-accrual loans $ 80,923 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 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. At September 30, 2020 and December 31, 2019, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $ 98.7 million and $ 103.7 million, respectively, as they were performing under their new terms. Modifications The following tables present the troubled-debt restructurings in all loan portfolios during the quarters and nine-month periods ended September 30, 2020 and 2019. Quarter Ended September 30, 2020 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 22 $ 2,438 4.98% 286 $ 2,268 4.36% 285 Commercial 1 150 5.50% 12 150 8.00% 36 Consumer 2 32 13.68% 68 32 10.61% 68 Auto 29 187 10.63% 76 187 10.87% 73 Nine-Month Period Ended September 30, 2020 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 51 $ 5,982 5.04% 327 $ 5,736 4.34% 329 Commercial 3 581 6.71% 57 581 7.03% 135 Consumer 20 284 13.11% 67 289 10.63% 78 Auto 31 217 10.88% 74 219 11.02% 71 Quarter Ended September 30, 2019 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 21 $ 2,446 5.97% 358 $ 2,307 5.25% 345 Commercial 1 81 8.50% 60 81 8.50% 95 Consumer 124 1,818 16.50% 65 1,776 11.68% 75 Auto 8 112 6.96% 71 112 8.60% 43 Nine-Month Period Ended September 30, 2019 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 109 $ 13,940 5.91% 383 $ 12,893 5.14% 346 Commercial 3 1,245 7.12% 55 1,245 5.96% 86 Consumer 265 3,833 15.92% 66 3,825 11.69% 75 Auto 21 305 7.35% 70 313 8.97% 45 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above. The following table presents troubled-debt restructurings for which there was a payment default during the twelve-month periods ended September 30, 2020 and 2019: Twelve-month Period Ended September 30, 2020 2019 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 17 $ 2,394 32 $ 4,065 Commercial 1 $ 84 2 $ 350 Consumer 50 $ 627 61 $ 710 Auto - $ - 3 $ 51 Oriental offers various types of concessions when modifying a loan. Concessions made to the original contractual terms of the loan typically consists of the deferral of interest and/or principal payments due to deterioration in the borrowers' financial condition. In these cases, the principal balance on the TDR had matured and/or was in default at the time of restructure, and there were no commitments to lend additional funds to the borrower during the quarters and nine-month periods ended September 30, 2020 and 2019. TDRs disclosed above were not related to COVID-19 modifications. As discussed in Note 1 to these financial statements, Section 4013 of CARES Act and the " Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)" provided banks an option to elect to not account for certain loan modifications related to COVID-19 as TDRs as long as the borrowers were not more than 30 days past due as of December 31, 2019 and at the time of modification program implementation, respectively, and meets other applicable criteria. Oriental’s loan deferrals outstanding balances at September 30, 2020 of approximately $ 135 million resulting from the COVID-19 pandemic were not classified as a TDR . Collateral-dependent Loans The table below present the amortized cost of collateral-dependent loans held for investment at September 30, 2020, by class of loans. September 30, 2020 Real Estate (In thousands) Commercial loans: Commercial secured by real estate $ 29,731 Other commercial and industrial 3,069 Total loans $ 32,800 PCD loans, except for single pooled loans, are not included in the table above as their unit of account is the loan pool. Credit Quality Indicators Oriental categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debt, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans. Oriental uses the following definitions for loan grades: Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards. Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable. Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass loans. As of September 30, 2020 and based on the most recent analysis performed, the risk category of loans subject to risk rating by class of loans is as follows. Term Loans Revolving Amortized Cost Basis by Origination Year Loans Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 31,615 $ 125,253 $ 116,703 $ 87,845 $ 48,245 $ 227,034 $ 56,413 $ 693,108 Special Mention 10,213 3,048 4,762 16,850 8,621 20,599 6,760 70,853 Substandard 188 398 874 8,738 628 28,478 7,411 46,715 Doubtful - - - - - 30 49 79 Loss - - - - - - - - Total commercial secured by real estate 42,016 128,699 122,339 113,433 57,494 276,141 70,633 810,755 Other commercial and industrial: Loan grade: Pass 345,220 87,578 97,500 15,175 8,903 15,342 306,602 876,320 Special Mention 301 8,135 - - 4 5,470 27,984 41,894 Substandard - 796 168 194 2,912 91 3,385 7,546 Doubtful - - - - - - 68 68 Loss - - - - - - - - Total other commercial and industrial: 345,521 96,509 97,668 15,369 11,819 20,903 338,039 925,828 US Loan Program: Loan grade: Pass 57,673 64,563 79,209 7,131 - - 75,345 283,921 Special Mention 63 1,501 43,101 - - - 1,250 45,915 Substandard - - 7,821 - - - - 7,821 Doubtful - - - - - - - - Loss - - - - - - - - Total US loan program: 57,736 66,064 130,131 7,131 - - 76,595 337,657 Total commercial loans $ 445,273 $ 291,272 $ 350,138 $ 135,933 $ 69,313 $ 297,044 $ 485,267 $ 2,074,240 At September 30, 2020, the balance of revolving loans converted to term loans was $ 25.2 million. Oriental considers the performance of the loan portfolio and its impact on the allowance for credit losses. For mortgage and consumer loan classes, Oriental also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in mortgage and consumer loans based on payment activity: Revolving Loans Term Loans Revolving Converted to Amortized Cost Basis by Origination Year Loans Term Loans Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total (In thousands) Mortgage: Payment performance: Performing $ 4,170 $ 21,330 $ 28,735 $ 34,413 $ 40,319 $ 678,226 $ - $ - $ 807,193 Nonperforming - 303 39 626 945 38,565 - - 40,478 Total mortgage loans: 4,170 21,633 28,774 35,039 41,264 716,791 - - 847,671 Consumer: Personal loans: Payment performance: Performing 69,033 130,325 66,447 33,686 16,673 9,367 - - 325,531 Nonperforming 82 543 664 404 326 373 - - 2,392 Total personal loans 69,115 130,868 67,111 34,090 16,999 9,740 - - 327,923 Credit lines: Payment performance: Performing - - - - - - 45,620 - 45,620 Nonperforming - - - - - - 1,253 - 1,253 Total credit lines - - - - - - 46,873 - 46,873 Credit cards: Payment performance: Performing - - - - - - 58,056 - 58,056 Nonperforming - - - - - - 1,562 - 1,562 Total credit cards - - - - - - 59,618 - 59,618 Overdrafts: Payment performance: Performing - - - - - - 132 - 132 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 132 - 132 Total consumer loans 69,115 130,868 67,111 34,090 16,999 9,740 106,623 - 434,546 Total mortgage and consumer loans $ 73,285 $ 152,501 $ 95,885 $ 69,129 $ 58,263 $ 726,531 $ 106,623 $ - $ 1,282,217 Oriental evaluates credit quality for auto loans and leases based on FICO score. The following table presents the amortized cost in auto loans and leases based on their most recent FICO score: Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (In thousands) Auto: FICO score: 1-660 81,738 123,802 105,596 62,980 34,460 28,443 437,019 661-699 54,684 77,710 49,632 25,131 14,147 12,029 233,333 700+ 126,267 222,082 176,364 93,445 52,035 40,791 710,984 No FICO 13,656 43,322 34,291 18,861 10,907 9,456 130,493 Total auto: $ 276,345 $ 466,916 $ 365,883 $ 200,417 $ 111,549 $ 90,719 $ 1,511,829 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above. As of December 31, 2019, and based on the most recent analysis performed, the loan grading of gross originated loans and acquired loans accounted for under ASC 310-20 subject to loan grade by class of loans was as follows: December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Commercial Commercial secured by real estate $ 866,706 $ 762,443 $ 55,870 $ 48,357 $ 36 $ - Other commercial and industrial 723,526 706,831 6,634 9,960 101 - US Loan Program 272,595 262,745 9,850 - - - Total Commercial $ 1,862,827 $ 1,732,019 $ 72,354 $ 58,317 $ 137 $ - December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss Retail Mortgage $ 899,595 $ 805,486 $ - $ 94,109 $ - $ - Consumer: Personal loans 367,157 365,579 - 1,578 - - Personal lines of credit 52,614 52,393 - 221 - - Credit cards 75,202 74,306 - 896 - - Overdrafts 216 165 - 51 - - Auto 1,468,882 1,454,612 - 14,270 - - Total consumer loans 1,964,071 1,947,055 - 17,016 - - Total retail loans $ 2,863,666 $ 2,752,541 $ - $ 111,125 $ - $ - |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | NOTE 6 – ALLOWANCE FOR CREDIT LOSSES On January 1, 2020, Oriental adopted the new accounting standard that requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in Oriental’s relevant financial assets. Upon adoption of the new accounting standard, Oriental recorded a $ 89.7 million increase in the allowance for credit losses on January 1, 2020. For Non-PCD loans, which represents 70% of the total loan portfolio, a $ 39.2 million allowance was recorded. For PCD loans, which represents 30% of the total loan portfolio, a $ 50.5 million adjustment was made through the allowance and loan balances with no impact in capital. The allowance for credit losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. Also included in the ACL are qualitative reserves to cover losses that are expected but, in Oriental's assessment, may not be adequately represented in the quantitative methods or the economic assumptions. In its loss forecasting framework, Oriental incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. For more information on Oriental's credit loss accounting policies, including the allowance for credit losses, see Note 1 – Summary of Significant Accounting Policies. As of January 1, 2020, Oriental used a probability weighted scenario approach as it is expected that Puerto Rico’s economic forecast should be close to an average between the baseline, which represents the middle of all projections, and a moderate recession, which places itself in the downside alternative. During the quarter ended March 31, 2020, there was a significant change in the economic outlook impacting the allowance for credit losses, with key economic factors such as the unemployment rate and gross national product projected to deteriorate sharply driven by the impact of COVID-19. In response to these changes, Oriental reassessed the selection and probability weightings as well as analyzed various scenarios with immediate deterioration in economic variables followed by different recovery assumptions as part of the process for setting the allowance for credit loss reserve. Based on these analyses, Oriental is now effectively fully weighted to a moderate recessionary economic environment within our forecast period. In addition, the allowance for credit losses at September 30, 2020 continues to include qualitative reserves for certain segments that Oriental views as higher risk that may not be fully recognized through its quantitative models such as commercial loans concentrated in certain industries. As a result of these developments, Oriental increased the provision for credit losses in the nine-month period ended September 30, 2020 by $ 39.1 million. There are still many unknowns including the duration of the impact of COVID-19 on the economy and the results of the government fiscal and monetary actions along with recently implemented payment deferral programs. Loans acquired in the Scotiabank PR & USVI Acquisition were recognized at fair value as of December 31, 2019, which included the impact of expected credit losses, and therefore, no allowance for credit losses was recorded at acquisition date. The following table presents the activity in our allowance for credit losses by segment for the periods indicated: Quarter Ended September 30, 2020 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 43,011 $ 19,973 $ 31,954 $ 56,569 $ 151,507 Provision for credit losses ( 1,771) ( 564) ( 378) 16,071 13,358 Charge-offs ( 298) ( 56) ( 5,114) ( 10,123) ( 15,591) Recoveries 253 269 663 5,950 7,135 Balance at end of period $ 41,195 $ 19,622 $ 27,125 $ 68,467 $ 156,409 PCD: Balance at beginning of period $ 48,913 $ 30,920 $ 169 $ 1,192 $ 81,194 Provision for credit losses ( 1,262) 1,077 - 9 ( 176) Charge-offs ( 293) ( 1,677) ( 60) ( 474) ( 2,504) Recoveries 91 89 ( 1) 211 390 Balance at end of period $ 47,449 $ 30,409 $ 108 $ 938 $ 78,904 Total allowance for credit losses at end of period $ 88,644 $ 50,031 $ 27,233 $ 69,405 $ 235,313 Nine-Month Period Ended September 30, 2020 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 25,993 $ 8,727 $ 18,446 $ 31,878 $ 85,044 Impact of ASC 326 adoption 3,562 10,980 8,418 16,238 39,198 Provision for credit losses 13,799 47 13,827 43,261 70,934 Charge-offs ( 4,566) ( 659) ( 15,316) ( 36,476) ( 57,017) Recoveries 2,407 527 1,750 13,566 18,250 Balance at end of period $ 41,195 $ 19,622 $ 27,125 $ 68,467 $ 156,409 PCD: Balance at beginning of period $ 8,893 $ 21,655 $ - $ 947 $ 31,495 Impact of ASC 326 adoption 42,143 7,830 181 368 50,522 Provision for credit losses ( 1,303) 9,131 356 289 8,473 Charge-offs ( 3,036) ( 8,998) ( 521) ( 1,449) ( 14,004) Recoveries 752 791 92 783 2,418 Balance at end of period $ 47,449 $ 30,409 $ 108 $ 938 $ 78,904 Total allowance for credit losses at end of period $ 88,644 $ 50,031 $ 27,233 $ 69,405 $ 235,313 Quarter Ended September 30, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of period $ 15,361 $ 29,265 $ 17,448 $ 29,563 $ 91,637 Provision (recapture) for credit losses 8,836 1,324 3,181 10,087 23,428 Charge-offs ( 16,299) ( 8,421) ( 5,316) ( 12,383) ( 42,419) Recoveries 493 175 1,463 5,802 7,933 Balance at end of period $ 8,391 $ 22,343 $ 16,776 $ 33,069 $ 80,579 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of period $ 42,421 $ 25,448 $ - $ 3,136 $ 71,005 Provision (recapture) for credit losses 8,906 11,832 - ( 396) 20,342 Allowance de-recognition ( 17,060) ( 72) - ( 451) ( 17,583) Balance at end of period $ 34,267 $ 37,208 $ - $ 2,289 $ 73,764 Total allowance for loan and lease losses at end of period $ 42,658 $ 59,551 $ 16,776 $ 35,358 $ 154,343 Nine-Month Period Ended September 30, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of period $ 19,783 $ 30,348 $ 17,476 $ 29,643 $ 97,250 Provision (recapture) for credit losses 5,002 3,225 12,277 23,171 43,675 Charge-offs ( 17,490) ( 11,733) ( 15,148) ( 34,567) ( 78,938) Recoveries 1,096 503 2,171 14,822 18,592 Balance at end of period $ 8,391 $ 22,343 $ 16,776 $ 33,069 $ 80,579 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of period $ 30,607 $ 30,226 $ 4 $ 6,144 $ 66,981 Provision (recapture) for credit losses 21,330 11,429 - ( 2,710) 30,049 Allowance de-recognition ( 17,670) ( 4,447) ( 4) ( 1,145) ( 23,266) Balance at end of period $ 34,267 $ 37,208 $ - $ 2,289 $ 73,764 Total allowance for loan and lease losses at end of period $ 42,658 $ 59,551 $ 16,776 $ 35,358 $ 154,343 December 31, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,874 $ 8,217 $ - $ - $ 15,091 Collectively evaluated for impairment 1,853 17,776 18,446 31,878 69,953 Total ending allowance balance $ 8,727 $ 25,993 $ 18,446 $ 31,878 $ 85,044 Loans: Individually evaluated for impairment $ 71,196 $ 61,128 $ - $ - $ 132,324 Collectively evaluated for impairment 506,220 1,608,507 382,432 1,277,867 3,775,026 Total ending loan balance $ 577,416 $ 1,669,635 $ 382,432 $ 1,277,867 $ 3,907,350 |
Foreclosed Real Estate
Foreclosed Real Estate | 9 Months Ended |
Sep. 30, 2020 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate | NOTE 7 — FORECLOSED REAL ESTATE The following tables present the activity related to foreclosed real estate for the quarters and nine-month periods ended September 30, 2020 and 2019 : Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning of period $ 24,792 $ 29,509 $ 29,909 $ 33,768 Decline in value ( 740) ( 1,093) ( 1,763) ( 4,416) Additions 613 4,572 2,560 12,868 Sales ( 5,209) ( 6,036) ( 11,250) ( 15,268) Balance at end of period $ 19,456 $ 26,952 $ 19,456 $ 26,952 |
Servicing Assets
Servicing Assets | 9 Months Ended |
Sep. 30, 2020 | |
Servicing Assets [Abstract] | |
Servicing Assets | NOTE 8 - SERVICING ASSETS Oriental periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, Oriental may purchase or assume the right to service mortgage loans originated by others. Whenever Oriental 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 Oriental for servicing the loans and leases. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate Oriental for its expected cost. On December 31, 2019, Oriental completed the Scotiabank PR & USVI Acquisition, increasing its servicing assets by $ 40.1 million. All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, Oriental 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 impact of COVID-19 has been considered in the fair value for the quarter and nine-month period ended September 30, 2020. The fair value of servicing rights is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. At September 30, 2020, the servicing asset amounted to $ 47.2 million ($ 50.8 million — December 31, 2019) related to mortgage servicing rights. The following table presents the changes in servicing rights measured using the fair value method for the quarters and nine-month periods ended September 30, 2020 and 2019: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Fair value at beginning of period $ 47,926 $ 10,134 $ 50,779 $ 10,716 Servicing from mortgage securitizations or asset transfers 656 352 1,236 860 Changes due to payments on loans ( 1,365) ( 243) ( 2,810) ( 694) Changes in fair value due to changes in valuation model inputs or assumptions 25 ( 118) ( 1,963) ( 757) Fair value at end of period $ 47,242 $ 10,125 $ 47,242 $ 10,125 The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value for the nine-month periods ended September 30, 2020 and 2019: Nine-Month Period Ended September 30, 2020 2019 Constant prepayment rate 5.02% - 25.8% 4.38% - 9.44% Discount rate 10.00% - 15.50% 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 follows: September 30, 2020 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 47,242 Constant prepayment rate Decrease in fair value due to 10% adverse change $ ( 1,040) Decrease in fair value due to 20% adverse change $ ( 2,042) Discount rate Decrease in fair value due to 10% adverse change $ ( 1,889) Decrease in fair value due to 20% adverse change $ ( 3,648) 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 changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Servicing fee income is based on a contractual percentage of the outstanding principal balance and is recorded as income when earned. Servicing fees on mortgage loans for the quarters ended September 30, 2020 and 2019 totaled $ 4.5 million and $ 1.0 million, respectively. Servicing fees on mortgage loans for the nine-month periods ended September 30, 2020 and 2019 totaled $ 13.4 million and $ 3.2 million, respectively. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivatives [Abstract] | |
Derivatives | NOTE 9 — DERIVATIVES The following table presents Oriental’s derivative assets and liabilities at September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 (In thousands) Derivative assets: Interest rate caps $ 1 $ 6 $ 1 $ 6 Derivative liabilities: Interest rate swaps designated as cash flow hedges $ 1,894 $ 907 Interest rate caps 1 6 $ 1,895 $ 913 Interest Rate Swaps Oriental 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 Oriental’s interest payments on an amount of forecasted interest expense attributable to the variable index rate corresponding to the swap notional stated rate. These swaps are designated as cash flow hedges for the forecasted wholesale borrowing transactions and are properly documented as such; 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 and is subsequently reclassified into operations in the period during which the hedged forecasted transactions affect earnings. Changes in the fair value of these derivatives are recorded in accumulated other comprehensive income to the extent there is no significant ineffectiveness in the cash flow hedging relationships. Currently, Oriental does not expect to reclassify any amount included in other comprehensive income 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 September 30, 2020: Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 30,691 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 30,691 Accumulated unrealized losses of $ 1.9 million and $ 907 thousand were recognized in accumulated other comprehensive income related to the valuation of these swaps at September 30, 2020 and December 31, 2019, respectively, and the related liability is being reflected in the consolidated statements of financial condition. Interest Rate Caps Oriental 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, Oriental 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 September 30, 2020 and December 31, 2019, the outstanding total notional amount of interest rate caps was $ 40.7 million and $ 41.5 million, respectively. At September 30, 2020 and December 31, 2019, the interest rate caps sold to clients represented a liability of $ 1 thousand and $ 6 thousand, respectively, and were included as part of derivative liabilities in the consolidated statements of financial condition. At September 30, 2020 and December 31, 2019, the interest rate caps purchased as mirror-images represented an asset of $ 1 thousand and $ 6 thousand, respectively, and were included as part of derivative assets in the consolidated statements of financial condition. |
Core Deposit, Customer Relation
Core Deposit, Customer Relationship and Other Intangibles | 9 Months Ended |
Sep. 30, 2020 | |
Core Deposit, Customer Relationship and Other Intangibles [Abstract] | |
Core Deposit, Customer Relationship and Other Intangibles | NOTE 10 — CORE DEPOSIT, CUSTOMER RELATIONSHIP AND OTHER INTANGIBLES Core deposit, customer relationship and other intangibles at September 30, 2020 and December 31, 2019 consists of the following: September 30, December 31 2020 2019 (In thousands) Core deposit intangibles $ 37,021 $ 43,185 Customer relationship intangibles 11,275 13,213 Other intangibles 354 567 $ 48,650 $ 56,965 In connection with the FDIC-assisted acquisition, the BBVAPR Acquisition and the Scotiabank PR & USVI Acquisition, Oriental recorded a core deposit intangible representing the value of checking and savings deposits acquired. At September 30, 2020, this core deposit intangible amounted to $ 37.0 million. At December 31, 2019, core deposit intangible amounted to $ 43.2 million, including $ 41.5 from the Scotiabank PR & USVI Acquisition. In addition, Oriental recorded a customer relationship intangible representing the value of customer relationships acquired with the acquisition of a securities broker-dealer and insurance agency in the BBVAPR Acquisition and an insurance agency in the Scotiabank PR & USVI Acquisitions. At September 30, 2020 this customer relationship intangible amounted to $ 11.3 million. At December 31, 2019 customer relationship intangible amounted to $ 13.2 million, including $ 12.7 million from the Scotiabank PR & USVI Acquisition. Oriental also recorded other intangibles from the Scotiabank PR & USVI Acquisition which amounted to $ 354 thousand and $ 567 thousand at September 30, 2020 and December 31, 2019, respectively. |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Interest Receivable And Other Assets [Abstract] | |
Accrued Interest Receivable And Other Assets | NOTE 11 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS Accrued interest receivable at September 30, 2020 and December 31, 2019 consists of the following: September 30, December 31, 2020 2019 (In thousands) Loans, excluding acquired loans $ 70,185 $ 32,728 Investments 1,645 4,053 $ 71,830 $ 36,781 O riental estimates expected credit losses on accrued interest receivable for loans that participated in the Covid-19 deferral programs . An allowance has been established for loans with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. At September 30, 2020, the allowance for credit losses for accrued interest receivable for loans that participated in the Covid-19 deferral programs amounted to $ 826 thousand, and is included in accrued interest receivable in the statement of financial condition. Other assets at September 30, 2020 and December 31, 2019 consist of the following: September 30, December 31, 2020 2019 (In thousands) Prepaid expenses $ 54,611 $ 52,558 Other repossessed assets 1,918 3,327 Tax credits - 277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 75,160 78,600 $ 132,772 $ 135,845 Prepaid expenses amounting to $ 54.6 million at September 30, 2020, include prepaid municipal, property and income taxes aggregating to $ 47.0 million. At December 31, 2019 prepaid expenses amounted to $ 52.6 million, including prepaid municipal, property and income taxes aggregating to $ 45.3 million, from which $ 31.9 million corresponded to the Scotiabank PR & USVI Acquisition. Other repossessed assets totaled $ 1.9 million and $ 3.3 million at September 30, 2020 and December 31, 2019, respectively, that consist mainly of repossessed automobiles, which are recorded at their net realizable value. |
Deposits and Related Interest
Deposits and Related Interest | 9 Months Ended |
Sep. 30, 2020 | |
Deposits and Related Interest [Abstract] | |
Deposits and Related Interest | NOTE 12 — DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of September 30, 2020 and December 31, 2019 consist of the following: September 30, December 31, 2020 2019 (In thousands) Non-interest bearing demand deposits $ 2,333,489 $ 1,675,315 Interest-bearing savings and demand deposits 4,269,360 3,718,846 Retail certificates of deposit 1,642,779 1,781,237 Institutional certificates of deposit 290,739 279,714 Total core deposits 8,536,367 7,455,112 Brokered deposits 96,090 243,498 Total deposits $ 8,632,457 $ 7,698,610 Brokered deposits include $ 66.6 million in certificates of deposits and $ 29.5 million in money market accounts at September 30, 2020, and $ 222.1 million in certificates of deposits and $ 21.4 million in money market accounts at December 31, 2019. The weighted average interest rate of Oriental’s deposits was 0.77% and 0.86%, respectively, at September 30, 2020 and December 31, 2019. Interest expense for the quarters and nine-month periods ended September 30, 2020 and 2019 was as follows: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Demand and savings deposits $ 6,320 $ 3,949 $ 19,528 $ 11,308 Certificates of deposit 8,300 6,605 27,157 18,286 $ 14,620 $ 10,554 $ 46,685 $ 29,594 At September 30, 2020 and December 31, 2019, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 670.4 million and $ 692.1 million, respectively. At September 30, 2020 and December 31, 2019, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $ 308.2 million and $ 278.7 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $ 322.2 million and $ 320.8 million at September 30, 2020 and December 31, 2019, respectively. Excluding accrued interest of approximately $ 8.0 million and $ 11.7 million, the scheduled maturities of certificates of deposit at September 30, 2020 and December 31, 2019 are as follows: September 30, December 31, 2020 2019 (In thousands) Within one year: Three (3) months or less $ 254,168 $ 314,796 Over 3 months through 1 year 1,044,051 881,183 1,298,219 1,195,979 Over 1 through 2 years 343,518 732,421 Over 2 through 3 years 178,202 175,032 Over 3 through 4 years 77,949 89,148 Over 4 through 5 years 94,204 78,706 $ 1,992,092 $ 2,271,286 The table of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $ 1.3 million and and $ 1.0 million as of September 30, 2020 and December 31, 2019, respectively. |
Borrowings and Related Interest
Borrowings and Related Interest | 9 Months Ended |
Sep. 30, 2020 | |
Borrowings and Related Interest [Abstract] | |
Borrowings and Related Interest | NOTE 13 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At September 30, 2020, 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 Oriental the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for Oriental’s securities portfolio. At September 30, 2020, Oriental did not have repurchase agreements outstanding because $ 140 million matured and were not renewed, and $ 50 million were terminated early during the nine-month period ended September 30, 2020. The following table shows Oriental’s repurchase agreements, excluding accrued interest in the amount of $ 274 thousand at December 31, 2019: December 31, 2019 (In thousands) Short-term fixed-rate repurchase agreements, interest ranging from 1.85% to 2.70% (December 31, 2019) $ 140,000 Long-term fixed-rate repurchase agreements, interest ranging from 1.85% to 2.86% (December 31, 2019) 50,000 Total assets sold under agreements to repurchase $ 190,000 Repurchase agreements’ maturities were as follows: December 31, 2019 (In thousands) Less than 90 days $ 140,000 Over 90-days 50,000 Total $ 190,000 The following securities were sold under agreements to repurchase: December 31, 2019 Amortized Approximate Weighted Cost of Fair Value Average Underlying Balance of of Underlying Interest Rate Underlying Securities Securities Borrowing Securities of Security (Dollars in thousands) FNMA and FHLMC Certificates $ 204,225 $ 190,000 $ 204,068 2.98% Total $ 204,225 $ 190,000 $ 204,068 2.98% Advances from the Federal Home Loan Bank of New York Advances are received from the FHLB-NY under an agreement whereby Oriental is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2020 and December 31, 2019, these advances were secured by mortgage and commercial loans amounting to $ 1.186 billion and $ 1.060 billion, respectively. Also, at September 30, 2020 and December 31, 2019, Oriental had an additional borrowing capacity with the FHLB-NY of $ 992 million and $ 983 million, respectively. At September 30, 2020 and December 31, 2019, the weighted average remaining maturity of FHLB’s advances was 19.8 months and 22.7 months, respectively. The original terms of these advances range between one day and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of September 30, 2020. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $ 97 thousand and $ 160 thousand at September 30, 2020 and December 31, 2019, respectively: September 30, December 31 2020 2019 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.36% (December 31, 2019 - 1.85% to 2.59%) $ 30,691 $ 40,472 Long-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.92% to 3.24% (December 31, 2019 - 2.92% to 3.24% ) 35,755 37,377 $ 66,446 $ 77,849 Advances from FHLB mature as follows: September 30, December 31, 2020 2019 (In thousands) Under 90 days $ 30,691 $ 31,955 Over one to three years 26,725 8,517 Over three to five years 4,764 33,018 Over five years 4,266 4,359 $ 66,446 $ 77,849 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 at September 30, 2020 and December 31, 2019. |
Offsetting of Financial Assets
Offsetting of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Offsetting of Financial Assets and Liabilities [Abstract] | |
Offsetting of Financial Assets and Liabilities | NOTE 14 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES Oriental’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, Oriental’s securities purchased under agreements to resell and securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to an account control agreement. The following table presents the potential effect of rights of set-off associated with Oriental’s recognized financial assets and liabilities at September 30, 2020 and December 31, 2019: September 30, 2020 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 $ - $ 1 $ - $ - $ 1 December 31, 2019 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 $ 6 $ - $ 6 $ - $ - $ 6 September 30, 2020 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 $ 1,895 $ - $ 1,895 $ - $ - $ 1,895 Total $ 1,895 $ - $ 1,895 $ - $ - $ 1,895 December 31, 2019 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 $ 913 $ - $ 913 $ - - $ 913 Securities sold under agreements to repurchase 190,000 - 190,000 204,068 - ( 14,068) Total $ 190,913 $ - $ 190,913 $ 204,068 $ - $ ( 13,155) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 15 — INCOME TAXES Oriental is subject to the provisions of the Puerto Rico Internal Revenue Code of 2011, as amended (the “Code”), which imposes a maximum statutory corporate tax rate of 37.5% on a corporation’s net taxable income. Under the Code, all corporations are treated as separate taxable entities and are not entitled to file consolidated tax returns. Such entities are subject to Puerto Rico regular income tax or the alternative minimum tax (“AMT”) on income earned from all sources pursuant to the Code. 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. Oriental also has operations in the United States mainland through its wholly owned subsidiary, OPC, a retirement plan administrator based in Florida. In October 2017, Oriental expanded its operations in the United States through the Bank’s wholly owned subsidiary, OFG USA. In addition, on December 31, 2019, Oriental established a new branch in USVI acquired as a result of the Scotiabank PR & USVI Acquisition. The United States subsidiaries are subject to federal income taxes at the corporate level, while the USVI branch is subject to the federal income taxes under a mirror system and a 10% surtax included in the maximum tax rate. OPC is subject to Florida state taxes and OFG USA is subject to North Carolina state taxes. At September 30, 2020 and December 31, 2019, Oriental’s net deferred tax asset amounted to $ 179.0 million and $ 176.7 million, respectively. In assessing the realizability of the deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is mainly dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax asset is deductible, management believes it is more likely than not that Oriental will realize the deferred tax asset, net of the existing valuation allowances recorded at September 30, 2020 and December 31, 2019. The amount of the deferred tax asset that is considered realizable could be reduced in the near term if there are changes in estimates of future taxable income. On June 30, 2020, Oriental Financial Services (a wholly owned subsidiary of OFG) made the election to be taxed as a partnership effective on January 1, 2019. As a result of this change in tax status, a valuation allowance of $ 1.3 million was recorded on certain deferred tax assets during the second quarter of 2020. Oriental maintained an effective tax rate lower than the statutory rate for the nine-month periods ended September 30, 2020 and 2019 of 21.4% and 30.5%, respectively. The estimated annual effective tax rate for 2020 was 22.3%. The current effective tax rate of 21.4% was lower than the 2019 effective tax rate of 30.5% because of higher levels of exempt income and income taxed at preferential tax rates. Oriental classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At September 30, 2020 and December 31, 2019, unrecognized tax benefits amounted to $ 711 thousand and $ 2.7 million, respectively. This decrease is related to new information that resulted in the reassessment of unrecognized tax benefits and the release of a liability due to the expiration of the statute of limitations. Oriental had accrued $ 15 thousand at September 30, 2020 (December 31, 2019 - $ 51 thousand) for the payment of interest and penalties relating to unrecognized tax benefits. Income tax expense for the quarters ended September 30, 2020 and 2019, was $ 6.3 million and $ 1.0 million, respectively. Income tax expense for the nine-month periods ended September 30, 2020 and 2019, was $ 13.9 million and $ 23.5 million, respectively. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 16 — REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements OFG Bancorp (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 Oriental’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Oriental and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Pursuant to the Dodd-Frank Act, federal banking regulators adopted capital rules based on the framework of the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (“Basel III”), which became effective January 1, 2015 for OFG Bancorp 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 Basel III capital rules: (i) introduce a 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 revised 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 regulations. The Basel III capital rules prescribe a new standardized approach for risk weightings that expand the risk-weighting categories from the previous four Basel I-derived categories (0%, 20%, 50% and 100%) to a larger and more risk-sensitive number of categories, depending on the nature of the assets, and resulting in higher risk weights for a variety of asset classes. Pursuant to the Basel III capital rules, the minimum capital ratios requirements 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% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”). In July 2019, the federal banking agencies adopted a final rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, that simplifies for non-advanced approaches banking organizations. It simplifies the regulatory capital treatment for mortgage servicing assets (MSA) and certain deferred tax assets arising from temporary differences (temporary difference DTAs). It increases CET1 capital threshold deductions from 10 percent to 25 percent and removes the aggregate 15 percent CET1 threshold deduction. However, it retains the 250 percent risk weight applicable to non-deducted amounts of MSAs and temporary difference DTAs. In November 2019, the agencies jointly issued a final rule that permits insured depository institutions and depository institution holding companies to implement the simplifications to the capital rule on January 1, 2020, rather than April 1, 2020. These banking organizations may elect to use the revised effective date of January 1, 2020 or wait until the quarter beginning April 1, 2020. Oriental elected to early implement the simplifications to the capital rule on January 1, 2020. The simplification rule increased the capital ratios. On January 1, 2020, Oriental adopted CECL with the initial implementation adjustment to Non-PCD loans and off-balance sheet instruments against retained earnings. On March 27, 2020, in response to the COVID-19 pandemic, U.S. banking regulators issued an interim final rule that Oriental adopted to delay for two years the initial adoption impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during 2020 and 2021 (i.e., a five-year transition period). During the two-year delay, Oriental will add back to CET1 capital 100 percent of the initial adoption impact of CECL plus 25 percent of the cumulative quarterly changes in the allowance for credit losses (i.e., quarterly transitional amounts). After two years, starting on January 1, 2022, the quarterly transitional amounts along with the initial adoption impact of CECL will be phased out of CET1 capital over the three-year period. For more information, see Note 1 – Significant Accounting Policies. As of September 30, 2020 and December 31, 2019, OFG Bancorp and the Bank met all capital adequacy requirements to which they are subject. As of September 30, 2020 and December 31, 2019, OFG Bancorp and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below. OFG Bancorp’s and the Bank’s actual capital amounts and ratios as of September 30, 2020 and December 31, 2019 are as follows: Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of September 30, 2020 Total capital to risk-weighted assets $ 1,065,745 15.50% $ 550,009 8.00% $ 687,511 10.00% Tier 1 capital to risk-weighted assets $ 979,506 14.25% $ 412,506 6.00% $ 550,009 8.00% Common equity tier 1 capital to risk-weighted assets $ 862,636 12.55% $ 309,380 4.50% $ 446,882 6.50% Tier 1 capital to average total assets $ 979,506 10.00% $ 391,856 4.00% $ 489,820 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 937,962 13.91% $ 539,268 8.00% $ 674,085 10.00% Tier 1 capital to risk-weighted assets $ 852,311 12.64% $ 404,451 6.00% $ 539,268 8.00% Common equity tier 1 capital to risk-weighted assets $ 735,441 10.91% $ 303,338 4.50% $ 438,155 6.50% Tier 1 capital to average total assets $ 852,311 9.24% $ 369,151 4.00% $ 461,438 5.00% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of September 30, 2020 Total capital to risk-weighted assets $ 1,019,228 14.89% $ 547,540 8.00% $ 684,425 10.00% Tier 1 capital to risk-weighted assets $ 933,371 13.64% $ 410,655 6.00% $ 547,540 8.00% Common equity tier 1 capital to risk-weighted assets $ 933,371 13.64% $ 307,991 4.50% $ 444,876 6.50% Tier 1 capital to average total assets $ 933,371 9.58% $ 389,708 4.00% $ 487,135 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 898,812 13.36% $ 538,279 8.00% $ 672,848 10.00% Tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 403,709 6.00% $ 538,279 8.00% Common equity tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 302,782 4.50% $ 437,351 6.50% Tier 1 capital to average total assets $ 813,444 8.85% $ 367,537 4.00% $ 459,421 5.00% |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 17 – STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock At both September 30, 2020 and December 31, 2019, preferred and common stock paid-in capital amounted $ 92.0 million and $ 59.9 million, respectively. 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 September 30, 2020 and December 31, 2019, accumulated issuance costs charged against additional paid-in capital amounted to $ 13.6 million and $ 10.1 million for common and preferred stock, respectively. Legal Surplus The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid in capital on common and preferred stock. At September 30, 2020 and December 31, 2019, the Bank’s legal surplus amounted to $ 101.2 million and $ 95.8 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under Oriental’s current stock repurchase program, it is authorized to purchase in the open market up to $ 5.5 million of its outstanding shares of common stock. The shares of common stock repurchased are to be held by Oriental as treasury shares. During the nine-month period ended September 30, 2020, Oriental purchased 175,000 shares under this program for a total of $ 2.2 million, at an average price of $ 12.69 per share. During the nine-month period ended September 30, 2019, Oriental did not repurchase any shares under the program. At September 30, 2020 the number of shares that may yet be purchased under the $ 70 million program is estimated at 442,251 and was calculated by dividing the remaining balance of $ 5.5 million by $ 12.46 (closing price of Oriental's common stock at September 30, 2020). Oriental did not purchase any shares of its common stock during the nine-month periods ended September 30, 2020, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by Oriental for the nine-month periods ended September 30, 2020 and 2019 is set forth below: Nine-Month Period Ended September 30, 2020 2019 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of period $ 8,486,278 $ 102,339 8,591,310 $ 103,633 Common shares used upon lapse of restricted stock units and options ( 120,630) ( 1,470) ( 53,132) ( 697) Common shares repurchased as part of the stock repurchase program 175,000 2,226 - - End of period $ 8,540,648 $ 103,095 8,538,178 $ 102,936 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 18 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income taxes, as of September 30, 2020 and December 31, 2019 consisted of: September 30, December 31, 2020 2019 (In thousands) Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired $ 10,915 $ ( 306) Income tax effect of unrealized loss on securities available-for-sale ( 1,463) ( 135) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 9,452 ( 441) Unrealized (loss) gain on cash flow hedges ( 1,894) ( 907) Income tax effect of unrealized (loss) gain on cash flow hedges 710 340 Net unrealized (loss) gain on cash flow hedges ( 1,184) ( 567) Accumulated other comprehensive (loss), net of income taxes $ 8,268 $ ( 1,008) The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and nine-months periods ended September 30, 2020 and 2019: Quarter Ended September 30, 2020 2019 Net unrealized Net unrealized Accumulated Net unrealized Net unrealized Accumulated gains on loss on other gains on loss on other securities cash flow comprehensive securities cash flow comprehensive available-for-sale hedges (loss) income available-for-sale hedges (loss) income (In thousands) Beginning balance $ 8,885 $ ( 1,297) $ 7,588 $ ( 3,087) $ ( 599) $ ( 3,686) Other comprehensive income (loss) before reclassifications 566 ( 363) 203 ( 2,143) ( 666) ( 2,809) Amounts reclassified out of accumulated other comprehensive income (loss) 1 476 477 3,488 549 4,037 Other comprehensive income (loss) 567 113 680 1,345 ( 117) 1,228 Ending balance $ 9,452 $ ( 1,184) $ 8,268 $ ( 1,742) $ ( 716) $ ( 2,458) Nine-Month Period Ended September 30, 2020 2019 Net unrealized Net unrealized Accumulated Net unrealized Net unrealized Accumulated gains on loss on other gains on loss on other securities cash flow comprehensive securities cash flow comprehensive available-for-sale hedges (loss) income available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 441) $ ( 567) $ ( 1,008) $ ( 10,972) $ 9 $ ( 10,963) Transfer of securities held-to-maturity to available-for-sale - - - ( 12,041) - ( 12,041) Other comprehensive income (loss) before reclassifications 5,165 ( 2,142) 3,023 13,034 ( 2,050) 10,984 Amounts reclassified out of accumulated other comprehensive (loss) income 4,728 1,525 6,253 8,237 1,325 9,562 Other comprehensive income (loss) 9,893 ( 617) 9,276 9,230 ( 725) 8,505 Ending balance $ 9,452 $ ( 1,184) $ 8,268 $ ( 1,742) $ ( 716) $ ( 2,458) The following table presents reclassifications out of accumulated other comprehensive income for the quarters and nine-month periods ended September 30, 2020 and 2019: Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Quarter Ended September 30, 2020 2019 (In thousands) Cash flow hedges: Interest-rate contracts $ 476 $ 549 Net interest expense Available-for-sale securities: Gain on sale of investments - 3,498 Net gain on sale of securities Tax effect from changes in tax rates 1 ( 10) Income tax expense $ 477 $ 4,037 Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Nine-Month Period Ended September 30, 2020 2019 (In thousands) Cash flow hedges: Interest-rate contracts $ 1,525 $ 1,325 Net interest expense Available-for-sale securities: Gain on sale of investments 4,728 8,274 Net gain on sale of securities Tax effect from changes in tax rates 1 ( 38) Income tax expense $ 6,254 $ 9,561 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 19 – EARNINGS PER COMMON SHARE The calculation of earnings per common share for the quarters and nine-month periods ended September 30, 2020 and 2019 is as follows: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands, except per share data) Net income $ 27,438 $ 7,383 $ 51,026 $ 54,832 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) ( 1,628) ( 1,628) ( 4,884) ( 4,884) Income available to common shareholders $ 25,810 $ 5,755 $ 46,142 $ 49,948 Average common shares outstanding 51,342 51,345 51,361 51,327 Effect of dilutive securities: Average potential common shares-options 185 427 202 368 Total weighted average common shares outstanding and equivalents 51,527 51,772 51,563 51,695 Earnings per common share - basic $ 0.50 $ 0.11 $ 0.90 $ 0.97 Earnings per common share - diluted $ 0.50 $ 0.11 $ 0.89 $ 0.97 For the quarter ended September 30, 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 132 thousand. For the quarter ended September 30, 2019, Oriental did not have weighted-average stock options with an anti-dilutive effect on earnings per share. For the nine-month periods ended September 30, 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 8,105. For the nine-month period ended September 30, 2019, Oriental did not have weighted-average stock options with an anti-dilutive effect on earnings per share. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 20 – GUARANTEES At September 30, 2020 and December 31, 2019, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $ 16.2 million and $ 47.3 million, respectively. Oriental has a liability for residential mortgage loans sold subject to credit recourse pursuant to GNMA’s and FNMA’s residential mortgage loan sales and securitization programs. At September 30, 2020, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 136.8 million. At December 31, 2019, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 147.4 million, from which $ 142.5 million were related to the Scotiabank PR & USVI Acquisition. The following table shows the changes in Oriental’s liability for estimated losses from these credit recourse agreements, included in the consolidated statements of financial condition during the quarters and nine-month periods ended September 30, 2020 and 2019. Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning of period $ 894 $ 225 $ 985 $ 346 Net (charge-offs/terminations) recoveries ( 18) 20 ( 109) ( 101) Balance at end of period $ 876 $ 245 $ 876 $ 245 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 Oriental is obligated to repurchase the loan. If a borrower defaults, pursuant to the credit recourse provided, Oriental is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that Oriental 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 the quarter ended September 30, 2020, Oriental repurchased $ 1 thousand in mortgage loans subject to credit recourse. During the quarter ended September 30, 2019, Oriental did not repurchase any mortgage loans subject to the credit recourse provision. During the nine-month periods ended September 30, 2020, Oriental repurchased $ 481 thousand in mortgage loans subject to credit recourse. During the nine-month periods ended September 30, 2019, Oriental did not repurchase any mortgage loans subject to the credit recourse provision. If a borrower defaults, Oriental has rights to the underlying collateral securing the mortgage loan. Oriental 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 September 30, 2020, Oriental’s liability for estimated credit losses related to loans sold with credit recourse amounted to $ 876 thousand (December 31, 2019– $ 985 thousand). When Oriental sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Oriental's mortgage operations division groups conforming mortgage loans into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA or other private investors for cash. As required under such mortgage backed securities programs, quality review procedures are performed by Oriental to ensure that asset guideline qualifications are met. To the extent the loans do not meet specified characteristics, Oriental may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During the quarter ended September 30, 2020 , Oriental repurchased $ 9.6 million (September 30, 2019 – $ 528 thousand) of unpaid principal balance in mortgage loans , excluding mortgage loans subject to credit recourse provision referred above. During the nine-month periods ended September 30, 2020 , Oriental repurchased $ 18.2 million (September 30, 2019 – $ 10.5 million) of unpaid principal balance in mortgage loans , excluding mortgage loans subject to credit recourse provision referred above. At September 30, 2020 and December 31, 2019, Oriental had a $ 2.8 million and a $ 4.6 million liability, respectively, for the estimated credit losses related to these loans. During the quarters ended September 30, 2020 and 2019, Oriental recognized $ 57 thousand and $ 20 thousand, respectively, in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 892 thousand in gain and $ 19 thousand in losses, respectively, from the repurchase of residential mortgage loans as a result of breaches of customary representations and warranties. During the nine-month periods ended September 30, 2020 and 2019, Oriental recognized $ 1 thousand and $ 48 thousand, respectively, in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 1.2 million thousand and $ 60 thousand, respectively, in losses from the repurchase of residential mortgage loans as a result of breaches of 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 Oriental to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At September 30, 2020 , Oriental serviced $ 4.3 billion (December 31, 2019 - $ 4.4 billion) in mortgage loans for third parties. Oriental generally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantees programs. However, in the meantime, Oriental must absorb the cost of the funds it advances during the time the advance is outstanding. Oriental must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and Oriental would not receive any future servicing income with respect to that loan. At September 30, 2020 , the outstanding balance of funds advanced by Oriental under such mortgage loan servicing agreements was approximately $ 4.6 million (December 31, 2019 - $ 3.6 million). To the extent the mortgage loans underlying Oriental's servicing portfolio experience increased delinquencies, Oriental would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 21 — COMMITMENTS AND CONTINGENCIES Loan Commitments In the normal course of business, Oriental becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial guarantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amount of those instruments reflects the extent of Oriental’s involvement in particular types of financial instruments. Oriental’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. Oriental uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Credit-related financial instruments at September 30, 2020 and December 31, 2019 were as follows: September 30, December 31, 2020 2019 (In thousands) Commitments to extend credit $ 1,050,333 $ 853,148 Commercial letters of credit 57 2,178 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. Oriental evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by Oriental upon the extension of credit, is based on management’s credit evaluation of the counterparty. At September 30, 2020 and December 31, 2019, 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. Commercial letters of credit are issued or confirmed to guarantee payment of customers’ payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts. The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at September 30, 2020 and December 31, 2019, is as follows: September 30, December 31, 2020 2019 (In thousands) Standby letters of credit and financial guarantees $ 16,225 $ 47,251 Loans sold with recourse 136,797 147,399 Standby letters of credit and financial guarantees are written conditional commitments issued by Oriental to guarantee the payment and/or performance of a customer to a third party (“beneficiary”). If the customer fails to comply with the agreement, the beneficiary may draw on the standby letter of credit or financial guarantee as a remedy. The amount of credit risk involved in issuing letters of credit in the event of non-performance 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 Oriental upon extension of credit, is based on management’s credit evaluation of the customer. On January 1, 2020, Oriental adopted CECL, which requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in all financial assets measured at amortized cost and off-balance-sheet credit exposures. Upon adoption, Oriental recognized an increase in the off-balance sheet allowance of $ 0.2 million with the corresponding decrease in retained earnings. At September 30, 2020 and December 31, 2019, the allowance for credit losses for off-balance sheet credit exposures corresponding to commitments to extend credit, stand by letters of credit and loans sold with recourse amounted to $ 1.1 million and $ 2.7 million, respectively, and is included in other liabilities in the statement of financial condition. Contingencies Oriental and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, Oriental and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of Oriental, 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. Oriental seeks to resolve all arbitration, litigation and regulatory matters in the manner management believes is in the best interests of Oriental 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. In accordance with applicable accounting guidance, Oriental establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a matter develops, Oriental, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Once the loss contingency is deemed to be both probable and estimable, Oriental will establish an accrued liability and record a corresponding amount of expense. At September 30, 2020 and December 31, 2019, this accrued liability amounted to $ 9.0 million and $ 6.8 million, respectively. Oriental continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of Oriental’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 Oriental. 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 Oriental’s consolidated results of operations or cash flows in particular quarterly or annual periods. Oriental has evaluated all arbitration, litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. Oriental has determined that the estimate of the reasonably possible loss is not significant. |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2020 | |
Operating Leases [Abstract] | |
Operating Leases | NOTE 22 — OPERATING LEASES Lessee Accounting Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain nonlease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Substantially all leases in which Oriental is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2032. Oriental’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. Oriental leases to others certain space in its principal offices for terms extending through 2023; all are operating leases. Operating Lease Cost Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 Statement of Operations Classification (In thousands) (In thousands) Lease costs $ 3,260 $ 1,608 $ 10,148 $ 4,949 Occupancy and equipment Variable lease costs 459 350 1,630 1,699 Occupancy and equipment Short-term lease cost (benefit) 358 81 386 104 Occupancy and equipment Lease income ( 125) ( 135) ( 374) ( 431) Occupancy and equipment Total lease cost $ 3,952 $ 1,904 $ 11,790 $ 6,321 Operating Lease Assets and Liabilities September 30, December 31, 2020 2019 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 35,900 $ 39,112 Operating lease right-of-use assets Lease Liabilities $ 37,029 $ 39,840 Operating leases liabilities September 30, 2020 (In thousands) Weighted-average remaining lease term 6.2 years Weighted-average discount rate 6.8% Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2020 were as follows: Minimum Rent Year Ending December 31, (In thousands) 2020 $ 2,751 2021 9,519 2022 8,158 2023 6,947 2024 4,732 Thereafter 13,924 Total lease payments $ 46,031 Less imputed interest 9,002 Present value of lease liabilities $ 37,029 In April 2020, the FASB staff issued a Q&A document on accounting for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff noted that entities may elect to not evaluate whether certain concessions provided by lessors to mitigate the effects of COVID-19 on lessees are lease modifications. This option is intended to reduce the operational challenges of individually assessing every COVID-19 related lease concession to determine whether it results in having to apply Topic 842 lease modification guidance. This election is available only for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in either the rights of the lessor or the obligations of the lessee. For entities that choose this election, they may account for the concession as if no changes to the lease contract were made. Under that accounting, a lessor would continue to recognize income. Oriental has elected to apply the relief provided by the FASB not to evaluate individual contracts. Oriental also elected not to apply the lease modification framework for concessions granted. Oriental, as lessor, leases and subleases real property to lessee tenants under operating leases. As of September 30, 2020, no material lease concessions have been granted to lessees. Oriental, as lessee, also leases real estate property for branch locations, ATM locations, and office space. As of September 30, 2020, Oriental has not requested any lease concessions. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | NOTE 23 - FAIR VALUE OF FINANCIAL INSTRUMENTS Oriental follows the fair value measurement framework under U.S. Generally Accepted Accounting Principles (“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 statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. Investment securities The fair value of investment securities is based on valuations obtained from an independent pricing provider, ICE Data Pricing (formerly known as IDC). ICE is a well-recognized pricing company and an established leader in financial information. 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, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument, and such securities are classified as Level 3. At September 30, 2020 and 2019, Oriental did not have investment securities classified as Level 3. Derivative instruments The fair value of the interest rate swaps is largely a function of the financial market’s expectations regarding the future direction of interest rates. Accordingly, current market values are not necessarily indicative of the future impact of derivative instruments on earnings. This will depend, for the most part, on the shape of the yield curve, the level of interest rates, as well as the expectations for rates in the future. The fair value of most of these derivative instruments is based on observable market parameters, which include discounting the instruments’ cash flows using the U.S. dollar LIBOR-based discount rates, and also applying yield curves that account for the industry sector and the credit rating of the counterparty and/or Oriental. Certain other derivative instruments with limited market activity are valued using externally developed models that consider unobservable market parameters. Based on their valuation methodology, derivative instruments are classified as Level 2 or Level 3. Servicing assets Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a discounted cash flow model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3. 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 repossessed automobiles may be determined using internal valuation and an external appraisal. These repossessed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below: September 30, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 91,531 $ 332,284 $ - $ 423,815 Trading securities - 22 - 22 Money market investments 14,617 - - 14,617 Derivative assets - 1 - 1 Servicing assets - - 47,242 47,242 Derivative liabilities - ( 1,895) - ( 1,895) $ 106,148 $ 330,412 $ 47,242 $ 483,802 Non-recurring fair value measurements: Collateral dependent loans - - 32,800 32,800 Foreclosed real estate - - 19,456 19,456 Other repossessed assets - - 1,918 1,918 $ - $ - $ 54,174 $ 54,174 December 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 397,183 $ 676,986 $ - $ 1,074,169 Trading securities - 37 - 37 Money market investments 6,775 - - 6,775 Derivative assets - 6 - 6 Servicing assets - - 50,779 50,779 Derivative liabilities - ( 913) - ( 913) $ 403,958 $ 676,116 $ 50,779 $ 1,130,853 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 61,128 $ 61,128 Foreclosed real estate - - 29,909 29,909 Other repossessed assets - - 3,327 3,327 $ - $ - $ 94,364 $ 94,364 The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2020 and 2019: Level 3 Instruments Only Servicing Assets Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning period $ 47,926 $ 10,134 $ 50,779 $ 10,716 New instruments acquired 656 352 1,236 860 Principal repayments ( 1,365) ( 243) ( 2,810) ( 694) Changes in fair value of servicing assets 25 ( 118) ( 1,963) ( 757) Balance at end of period $ 47,242 $ 10,125 $ 47,242 $ 10,125 There were no transfers into or out of level 3 and no changes in unrealized gains and losses from recurring level 3 fair value measurements held at September 30, 2020 and 2019 during the quarters and nine-month periods then ended included in other comprehensive income. For more information on the qualitative information about level 3 fair value measurements, see Note 8 – Servicing Assets. During the quarters and nine-month periods ended September 30, 2020 and 2019, there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. 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 September 30, 2020: September 30, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 47,242 Cash flow valuation Constant prepayment rate 5.02% - 25.8% 6.87% Discount rate 10.00% - 15.50% 11.52% Collateral dependent loans $ 32,800 Fair value of property or collateral Appraised value less disposition costs 14.20% - 44.20% 21.45% Foreclosed real estate $ 19,456 Fair value of property or collateral Appraised value less disposition costs 14.20% - 40.20% 18.68% Other repossessed assets $ 1,918 Fair value of property or collateral Estimated net realizable value less disposition costs 30.00% - 62.00% 52.06% Information about Sensitivity to Changes in Significant Unobservable Inputs Servicing assets – The significant unobservable inputs used in the fair value measurement of Oriental’s servicing assets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. 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 Oriental. 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 Oriental’s financial instruments at September 30, 2020 and December 31, 2019 is as follows: September 30, December 31, 2020 2019 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 2,282,000 $ 2,282,000 $ 851,307 $ 851,307 Restricted cash $ 1,050 $ 1,050 $ 1,450 $ 1,450 Investment securities available-for-sale $ 91,531 $ 91,531 $ 397,183 $ 397,183 Level 2 Financial Assets: Trading securities $ 22 $ 22 $ 37 $ 37 Investment securities available-for-sale $ 332,284 $ 332,284 $ 676,986 $ 676,986 Federal Home Loan Bank (FHLB) stock $ 8,322 $ 8,322 $ 13,048 $ 13,048 Other investments $ 2,205 $ 2,205 $ 560 $ 560 Derivative assets $ 1 $ 1 $ 6 $ 6 Financial Liabilities: Derivative liabilities $ 1,895 $ 1,895 $ 913 $ 913 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 6,165,071 $ 6,579,140 $ 5,894,745 $ 6,641,847 Accrued interest receivable $ 71,830 $ 71,830 $ 36,781 $ 36,781 Servicing assets $ 47,242 $ 47,242 $ 50,779 $ 50,779 Accounts receivable and other assets $ 75,158 $ 75,158 $ 78,600 $ 78,600 Financial Liabilities: Deposits $ 8,548,518 $ 8,632,457 $ 7,679,685 $ 7,698,610 Securities sold under agreements to repurchase $ - $ - $ 190,345 $ 190,274 Advances from FHLB $ 69,410 $ 66,543 $ 79,620 $ 78,009 Other borrowings $ 238 $ 238 $ 1,195 $ 1,195 Subordinated capital notes $ 34,031 $ 36,083 $ 35,886 $ 36,083 Accrued expenses and other liabilities $ 162,133 $ 162,133 $ 185,660 $ 185,660 The following methods and assumptions were used to estimate the fair values of significant financial instruments at September 30, 2020 and December 31, 2019: • Cash and cash equivalents (including money market investments and time deposits with other banks), restricted cash, accrued interest receivable, accounts receivable and other assets, accrued expenses and other liabilities, and other borrowings have been valued at the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. • 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 observable and unobservable inputs depending on the market activity of the instrument. • The fair value of servicing asset is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. • The fair values of the derivative instruments, which include interest rate swaps and forward-settlement swaps, are based on the net discounted value of the contractual projected cash flows of both the pay-fixed receive-variable legs of the contracts. The projected cash flows are based on the forward yield curve and discounted using current estimated market rates. • The fair value of the loan portfolio (including loans held-for-sale and non-performing loans) is based on the exit market price, which is estimated by segregating by type, such as mortgage, commercial, consumer, auto and leasing. Each loan segment is further segmented into fixed and adjustable interest rates. The fair value 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. • 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, and subordinated capital notes is based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates. |
Banking and Finanial Service Re
Banking and Finanial Service Revenues | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Financial Service Reveues [Abstract] | |
Banking and Financial Service Revenues | NOTE 24 – BANKING AND FINANCIAL SERVICE REVENUES The following table presents the major categories of banking and financial service revenues for the quarters and nine-month periods ended September 30, 2020 and 2019: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Banking service revenues: Checking accounts fees $ 1,940 $ 1,545 $ 6,572 $ 4,494 Savings accounts fees 354 187 1,192 484 Electronic banking fees 12,760 8,018 34,582 24,121 Credit life commissions 59 158 201 426 Branch service commissions 232 337 959 1,055 Servicing and other loan fees 742 433 1,551 1,069 International fees 157 127 454 393 Miscellaneous income 53 8 167 12 Total banking service revenues 16,297 10,813 45,678 32,054 Wealth management revenue: Insurance income 2,486 1,576 7,308 4,505 Broker fees 1,746 1,913 5,128 5,637 Trust fees 2,788 2,895 7,818 8,307 Retirement plan and administration fees 252 227 670 713 Total wealth management revenue 7,272 6,611 20,924 19,162 Mortgage banking activities: Net servicing fees 3,139 1,033 8,506 2,592 Net gains on sale of mortgage loans and valuation 1,368 124 2,187 375 Other ( 590) ( 39) ( 470) ( 14) Total mortgage banking activities 3,917 1,118 10,223 2,953 Total banking and financial service revenues $ 27,486 $ 18,542 $ 76,825 $ 54,169 Oriental recognizes the revenue from banking services, wealth management and mortgage banking based on the nature and timing of revenue streams from contracts with customer: Banking Service Revenues Electronic banking fees are credit and debit card processing services, use of the Bank’s ATMs by non-customers, debit card interchange income and service charges on deposit accounts. Revenue is recorded once the contracted service has been provided. Service charges on checking and saving accounts as consumer periodic maintenance revenue is recognized once the service is rendered, while overdraft and late charges revenue are recorded after the contracted service has been provided. Other income as credit life commissions, servicing and other loan fees, international fees, and miscellaneous fees recognized as banking services revenue are out of the scope of ASC 606 – Revenue from Contracts with Customers . Wealth Management Revenue Insurance income from commissions and sale of annuities are recorded once the sale has been completed. Brokers fees consist of two categories: Sales commissions generated by advisors for their clients’ purchases and sales of securities and other investment products, which are collected once the stand-alone transactions are completed at trade date or as earned, and managed account fees which are fees charged to advisors’ clients’ accounts on the Company corporate advisory platform. These revenues do not cover future services, as a result there is no need to allocate the amount received to any other service. Fees for providing distribution services related to mutual funds, net of compensation paid to a service provider who provides such services, as well as trailer fees (also known as 12b-1 fees). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as the net asset value of the mutual fund is determined and investor activity occurs. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Retirement plan and administration fees are revenues related to the payment received from the clients of OPC for assistance with the planning, design and administration of retirement plans, acting as third-party administrator for such plans, and daily record keeping services of retirement plans. Fees are collected once the stand-alone transaction was completed at trade date. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Trust fees are revenues related to fiduciary services provided to 401K retirement plans, a unit investment trust, and retirement plans, which include investment management, payment of distributions, if any, safekeeping, custodial services of plan assets, servicing of Trust officers, on-going due diligence of the Trust, and recordkeeping of transactions. Fees are billed based on services contracted. Negotiated fees are detailed in the contract. Fees collected in advance, are amortized over the term of the contract. Fees are collected on a monthly basis once the administrative service has been completed. Monthly fee does not include future services. Investment banking fees as compensation fees are out of the scope of ASC 606. Mortgage Banking Activities Mortgage banking activities as servicing fees, gain on sale of mortgage loans valuation and other are out of the scope of ASC 606. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Business Segments [Abstract] | |
Business Segments | NOTE 25 – BUSINESS SEGMENTS Oriental 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 Oriental’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. Oriental 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. Oriental’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant. Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for Oriental’s own portfolio. As part of its mortgage banking activities, Oriental may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities. Wealth Management is comprised 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 Oriental’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 quarters and nine-month periods ended September 30, 2020 and 2019: Quarter Ended September 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 112,832 $ 14 $ 2,091 $ 114,937 $ - $ 114,937 Interest expense ( 14,092) - ( 1,312) ( 15,404) - ( 15,404) Net interest income 98,740 14 779 99,533 - 99,533 Provision for loan and lease losses, net ( 14,461) - 792 ( 13,669) - ( 13,669) Non-interest income 23,994 7,323 9 31,326 - 31,326 Non-interest expenses ( 76,988) ( 5,138) ( 1,318) ( 83,444) - ( 83,444) Intersegment revenue 769 - - 769 ( 769) - Intersegment expenses - ( 225) ( 544) ( 769) 769 - Income before income taxes $ 32,054 $ 1,974 $ ( 282) $ 33,746 $ - $ 33,746 Income tax expense 6,308 ( 13) 13 6,308 - 6,308 Net income $ 25,746 $ 1,987 $ ( 295) $ 27,438 $ - $ 27,438 Total assets $ 9,367,141 $ 33,006 $ 1,725,221 $ 11,125,368 $ ( 1,106,377) $ 10,018,991 Nine-Month Period Ended September 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 351,933 $ 46 $ 8,347 $ 360,326 $ - $ 360,326 Interest expense ( 44,307) - ( 6,325) ( 50,632) - ( 50,632) Net interest income 307,626 46 2,022 309,694 - 309,694 Provision for loan and lease losses, net ( 77,795) - ( 701) ( 78,496) - ( 78,496) Non-interest income 64,349 21,089 4,490 89,928 - 89,928 Non-interest expenses ( 237,943) ( 14,819) ( 3,485) ( 256,247) - ( 256,247) Intersegment revenue 1,920 - - 1,920 ( 1,920) - Intersegment expenses - ( 580) ( 1,340) ( 1,920) 1,920 - Income before income taxes $ 58,157 $ 5,736 $ 986 $ 64,879 $ - $ 64,879 Income tax expense 9,305 4,506 42 13,853 - 13,853 Net income $ 48,852 $ 1,230 $ 944 $ 51,026 $ - $ 51,026 Total assets $ 9,367,141 $ 33,006 $ 1,725,221 $ 11,125,368 $ ( 1,106,377) $ 10,018,991 Quarter Ended September 30, 2019 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 85,147 $ 16 $ 8,492 $ 93,655 $ - $ 93,655 Interest expense ( 9,260) - ( 3,685) ( 12,945) - ( 12,945) Net interest income 75,887 16 4,807 80,710 - 80,710 Provision for loan and lease losses, net ( 43,678) - ( 92) ( 43,770) - ( 43,770) Non-interest income 11,946 6,719 3,513 22,178 - 22,178 Non-interest expenses ( 46,555) ( 3,450) ( 722) ( 50,727) - ( 50,727) Intersegment revenue 507 - - 507 ( 507) - Intersegment expenses - ( 141) ( 366) ( 507) 507 - Income before income taxes $ ( 1,893) $ 3,144 $ 7,140 $ 8,391 $ - $ 8,391 Income tax expense ( 738) 1,226 520 1,008 - 1,008 Net income $ ( 1,155) $ 1,918 $ 6,620 $ 7,383 $ - $ 7,383 Total assets $ 5,919,877 $ 26,596 $ 1,465,329 $ 7,411,802 $ ( 1,078,297) $ 6,333,505 Nine-Month Period Ended September 30, 2019 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 253,138 $ 53 $ 29,429 $ 282,620 $ - $ 282,620 Interest expense ( 27,083) - ( 11,953) ( 39,036) - ( 39,036) Net interest income 226,055 53 17,476 243,584 - 243,584 Provision for loan and lease losses, net ( 73,560) - ( 164) ( 73,724) - ( 73,724) Non-interest income 34,932 19,537 8,313 62,782 - 62,782 Non-interest expenses ( 139,384) ( 11,675) ( 3,272) ( 154,331) - ( 154,331) Intersegment revenue 1,648 - - 1,648 ( 1,648) - Intersegment expenses - ( 480) ( 1,168) ( 1,648) 1,648 - Income before income taxes $ 49,691 $ 7,435 $ 21,185 $ 78,311 $ - $ 78,311 Income tax expense 18,634 2,788 2,057 23,479 - 23,479 Net income $ 31,057 $ 4,647 $ 19,128 $ 54,832 $ - $ 54,832 Total assets $ 5,919,877 $ 26,596 $ 1,465,329 $ 7,411,802 $ ( 1,078,297) $ 6,333,505 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Oriental is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. Oriental operates through various subsidiaries including, a commercial bank, Oriental Bank (the “Bank”), a securities broker-dealer, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), and a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”), and OFG Ventures LLC (“OFG Ventures”). Oriental also has a special purpose entity, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”) through which it issued trust preferred securities. Through its operating subsidiaries and their respective divisions, Oriental provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, leasing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. On April 30, 2010, the Bank acquired certain assets and assumed certain deposits and other liabilities of Eurobank, a Puerto Rico commercial bank, in an FDIC-assisted acquisition. On February 6, 2017, the Bank and the FDIC agreed to terminate the shared-loss agreements related to the Eurobank Acquisition. On December 18, 2012, Oriental acquired a group of Puerto Rico-based entities that included Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR”), a Puerto Rico commercial bank, as well as a securities broker-dealer and an insurance agency, which is referred to herein as the “BBVAPR Acquisition.” On December 31, 2019, Oriental purchased from the BNS all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). Immediately following the closing of the Scotiabank Acquisition, Oriental merged SBPR with and into Oriental Bank, with Oriental Bank continuing as the surviving entity. As part of this transaction, Oriental Bank also acquired the U.S. Virgin Islands banking operations of BNS through an acquisition of certain assets and an assumption of certain liabilities, and certain loans and assumed certain liabilities from BNS’s Puerto Rico branch. This transaction is referred to as the “Scotiabank PR & USVI Acquisition.” These acquired businesses have been integrated for financial reporting purposes. During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of Coronavirus (Covid-19). The pandemic has significantly impacted economic conditions in P.R. and the U.S., creating significant uncertainties. After recent disruptions in economic conditions caused by Covid-19, Oriental offered several deferral programs for the payment of principal and interest for all of its loan portfolios for customers whose payments were not over 89 days past due at March 12, 2020. Refer to footnotes for further disclosure associated to this event. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Oriental have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of Oriental on a consolidated basis, and all such adjustments are of a normal recurring nature. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Operating results for the quarter and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Company evaluated subsequent events through the filing date of its quarterly report on Form 10-Q with the SEC and has recorded or disclosed those material events or transactions as described within the accompanying consolidated financial statements and notes. |
Significant Accounting Policies | Significant Accounting Policies Oriental’s significant accounting and reporting policies can be found in Note 1 of the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 . |
New Accounting Updates Adopted in 2020 | New Accounting Updates Adopted in 2020 Accounting for Financial Instruments -- Credit Losses On January 1, 2020, Oriental adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The CECL methodology utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans, held-to-maturity debt securities, receivables and other financial assets measured at amortized cost at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected lifetime credit losses. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple existing impairment methods, which generally required that a loss be incurred before it was recognized. The CECL standard also requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have an impact on our portfolio of AFS debt securities. We adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Upon adoption, we recognized an after-tax cumulative effect reduction to retained earnings totaling $ 25.5 million, as detailed in the table below. Operating results for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in our 2019 Form 10-K. The following table details the impact of the adoption of CECL on the assets, liabilities and retained earnings as of January 1, 2020. January 1, 2020 Pre-Adoption Impact of adoption Post-Adoption Cumulative Effect on Retained Earnings (In thousands) Assets: Investment securities available for sale $ 1,074,169 $ - $ 1,074,169 $ - Deferred tax asset 176,740 13,874 190,614 13,874 Loans Commercial 2,222,085 42,143 2,264,228 - Mortgage 2,508,821 7,830 2,516,651 - Consumer 504,507 181 504,688 - Auto 1,522,973 368 1,523,341 - 6,758,386 50,522 6,808,908 - Allowance for credit losses on loans Commercial ( 34,886) ( 45,705) ( 80,591) ( 3,562) Mortgage ( 30,382) ( 18,810) ( 49,192) ( 10,980) Consumer ( 18,446) ( 8,599) ( 27,045) ( 8,418) Auto ( 32,825) ( 16,606) ( 49,431) ( 16,238) ( 116,539) ( 89,720) ( 206,259) ( 39,198) Net loans 6,641,847 ( 39,198) 6,602,649 ( 39,198) Liabilities: Allowance for credit losses on off-balance sheet credit exposures 3,688 170 3,858 170 $ 7,889,068 $ ( 25,494) $ 7,863,574 $ ( 25,494) In connection with the adoption of CECL, we revised certain accounting policies and implemented certain accounting policy elections. The revised accounting policies are described below. Investment securities : Securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them until maturity. Oriental had no securities classified as held to maturity on September 30, 2020 or December 31, 2019. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. Securities held for resale in anticipation of short-term market movements are classified as trading and are carried at fair value, with changes in unrealized holding gains and losses included in income. Management determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock in the Federal Reserve Bank and the Federal Home Loan Bank, 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 any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the statements of operations. The cost of securities sold is determined by the specific identification method. Allowance for credit losses – available-for-sale securities : For available-for-sale investment securities in an unrealized loss position, Oriental first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For investment securities available-for-sale that do not meet the aforementioned criteria, Oriental evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of security. If the present value of cash flows expected to be collected is less than amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. All securities held by Oriental are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable on available-for-sale debt securities totaled $ 1.6 million and $ 4.1 million on September 30, 2020 and December 31, 2019, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Loans : Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses, except for accrued interest receivable on loans that participated in the Covid-19 deferral programs. Oriental has elected to estimate expected credit losses on accrued interest receivable for loans that participated in the Covid-19 deferral programs separately from other components of the amortized costs basis. Accrued interest receivable totaled $ 70.2 million and $ 32.7 million on September 30, 2020 and December 31, 2019, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $ 43.1 million at September 30, 2020, $ 39.2 million corresponds to loans in current status. Allowance for credit losses for accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $ 826 thousand at September 30, 2020. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income through the life of the loan. Loans held for investment that were not purchased with credit deterioration are referred to as Non-PCD loans and loans that were purchased with credit deterioration are referred to as PCD loans. Oriental discontinues accrual of interest after payments become more than 90 days past due or earlier if Oriental does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based upon the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Collections are accounted for on the cash method thereafter, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on contractual yield on the Non-PCD loans. Purchased Credit Deteriorated (PCD) Loans: Oriental has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Oriental considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection 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. As such, our PCD loans are recorded at the purchase price plus the allowance for credit losses expected at the time of acquisition or implementation of the standard. An allowance for credit losses is determined using an undiscounted cashflow methodology. Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. Upon adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount which will be amortized interest income over the remaining life of the pool. On a quarterly basis, management will monitor the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If based on the analysis performed, the pool is classified as non-accrual the accretion/amortization of the non-credit (discount) premium will cease. Changes to the allowance for credit losses after adoption are recorded through the provision expense. Allowance for Credit Losses (“ACL”) – Loans : The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Oriental continues to monitor and modify the level of the ACL to ensure it is adequate. Our methodology for estimating lifetime expected credit losses for our loan portfolios include the following key components: Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. Credit losses for loans that do not share similar risk characteristics are estimated on an individual basis. Individual evaluations are typically performed for nonaccrual loans and modified loans classified as troubled debt restructurings. The lifetime losses for individually measured loans are estimated based on one of several methods, including the estimated fair value of the underlying collateral, observable market value of similar debt or the present value of expected cash flows. ACL reserves are estimated over the contractual term of the financial asset adjusted for expected prepayments. Expected extensions are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Oriental. Loan modifications are also not considered, unless Oriental has a reasonable expectation that it will execute a troubled debt restructuring (“TDR”). In the case of unconditionally cancelable accounts, such as credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. The quantitative model utilizes a discounted cash flow (“DCF”) or undiscounted cash flow (“UDCF”) approach to estimate expected credit losses using probability of default (“PD”), loss given default (“LGD”), and exposure at default ("EAD”). DCF method is used for most of the Non-PCD portfolio using the amortization cost, and UDCF method for the PCD portfolio using the unpaid principal balance. An economic forecast period based on the relation of losses with key economic variables for each portfolio segment; Oriental has elected a 2-year reasonable and supportable forecast period, with an additional 1-year to mean straight-line reversion occurring within the credit loss models based on the economic inputs. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary. Inclusion of qualitative adjustments to consider factors that have not been accounted. For example, factors that Oriental considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. The estimate of credit losses includes expected recoveries of amounts previously charged off (i.e., negative allowance) as well as consideration of expected amounts to be written off. If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off. The ACL excludes accrued interest since all our products are subject to a non-accrual and timely write-off policy, except for accrued interest receivable on loans that participated in the Covid-19 deferral programs with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. In our loss forecasting framework, Oriental incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, business and personal bankruptcies. As any one economic outlook is inherently uncertain, Oriental leverages multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. The ACL for troubled debt restructurings (TDR) is measured based on the present value of projected future lifetime principal and interest cash flows discounted at the loan’s effective interest rate, or in cases where foreclosure is probable or the loan is collateral dependent, at the loan’s collateral value or its observable market price, if available. For purposes of computing the specific loss component of the allowance, larger impaired loans are evaluated individually, and smaller impaired loans are evaluated as a pool. Oriental has identified the following portfolio segments, commercial loans, mortgage loans, consumer loans, and auto loans and leases, and measures the allowance for credit losses using the methods described below for each. Commercial Loans – The segmentation of commercial loans was established by business line, collateral type, and size, delinquency or risk rating/classification to assess the loans based on common risk characteristics. The segmentation aligns with Oriental’s current credit policies, and procedures for these portfolios. The estimate of lifetime expected credit losses on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments, considering that all our lines of credit are unconditionally cancellable. The loss forecasting model determines the probabilities of transition to different credit risk ratings or default at each point over the life of the asset based on the borrower’s current credit risk rating and business segment. Assumptions of expected loss are conditioned to the economic outlook and the model considers key economic variables such as unemployment rate, gross national product (“GNP”) (P.R. projections), gross domestic product (U.S. projections) and retail sales (U.S. projections). Loans that do not share risk characteristics are evaluated on an individual basis. Individual evaluations are typically performed for nonaccrual loans and modified loans classified as troubled debt restructurings. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate, as Oriental elected the collateral-dependent practical expedient. For loans evaluated individually that are not collateral dependent, a discounted cash flow method is used to determine the allowance for credit losses. Commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any. Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing TDRs and residential non-performing TDRs. Since these are large groups of smaller balance homogeneous loans, these are collectively evaluated. To estimate the lifetime expected credit losses for mortgage loans, Oriental estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The most significant attribute in estimating Oriental’s lifetime expected credit losses is the vintage. The estimates are based on Oriental’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the housing price index and GNP are key factors that impact the frequency and severity of loss estimates. Oriental expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the quantitative ACL is zero for these loans. Mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due. For loans that are more than 180 days past due, with the exception of Oriental’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, Oriental will record additional charge-offs. Consumer Loans – This portfolio consists of smaller retail loans such as unsecured personal loans, unsecured personal lines of credit, retail credit cards and overdrafts. Since these are large groups of smaller balance homogeneous loans, these are collectively evaluated. To estimate the lifetime expected credit losses for consumer loans, Oriental estimates the number of loans that will default over the life of the existing portfolio, using quantitative modeling methodologies. The estimates are based on the Oriental’s historical experience with the loan portfolios, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment rate are key factors that impact the frequency and severity of loss estimates. Credit cards are revolving lines of credit without a defined maturity date. Oriental elected to apply the remaining life methodology for the credit cards and revolving line segments. The remaining life methodology takes projected losses based on economic forecast and applies it to a pool of loans on a periodic basis, based on the remaining life expectation of that pool. Economic variables for the forecast are unemployment and personal bankruptcy. Future draws on the credit card lines are excluded from the estimated lifetime expected credit losses as they are unconditionally cancellable. Consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent 120 days in personal loans and 180 days in credit cards and personal lines of credit. Auto Loans and Leases - This portfolio consists of auto loans and leases. Since these are large groups of smaller balance homogeneous loans, these are collectively evaluated. To estimate the lifetime expected credit losses for auto loans and leases, Oriental estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The most significant attribute in estimating Oriental’s lifetime expected credit losses is the FICO score. The estimates are based on Oriental’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment are key factors that impact the frequency and severity of loss estimates. Auto loans and leases are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days, and fully written-off when payments are delinquent 180 days. Off-Balance Sheet Credit Exposures In the ordinary course of business, Oriental enters into off-balance sheet instruments consisting of commitments to extend credit. Such financial instruments are recorded in the financial statements when these are funded, or related fees are incurred or received. Oriental periodically evaluates the credit risks inherent in these commitments and establishes accruals for such risks if and when these are deemed necessary. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures : Oriental also estimates the lifetime expected credit losses related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded banker’s acceptances and binding loan commitments. Reserves are estimated for the unfunded exposure using the same factors as the funded exposure and are reported as reserves for unfunded lending commitments. Other Financial Assets with Zero Expected Credit Losses For certain financial assets, zero expected credit losses will be recognized where the expectation of nonpayment of the amortized cost basis is zero, based on there being no history of loss and the nature of the receivables. |
Troubled Debt Restructuring | Troubled Debt Restructurings Oriental has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of Covid-19. The majority of Oriental’s Covid-19 related loan modifications have not been considered TDRs as they represent short-term or other insignificant modifications, whether under Oriental’s regular loan modification assessments or the Inter Agency Statement guidance; or Oriental has elected to apply the option to suspend the application of accounting guidance for TDRs as provided under section 4013 of the CARES Act. To the extent that certain modifications do not meet any of the above criteria, Oriental accounts for them as TDRs. For loan modifications that include a payment deferral and are not TDRs, the borrower’s past due and nonaccrual status will not be impacted during the deferral period. These loans are not considered past due until after the deferral period is over and scheduled payments resume. Accrued interest on these Covid-19 modified loans is due when the deferral period ends. The credit quality of these loans will be re-evaluated after the deferral period ends. Nonaccrual loans are generally loans placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. Oriental's policy is to write-off all accrued interest on loans when they are placed on nonaccrual status. Interest income will continue to be recognized over the contractual life of the loan. For more information on Oriental's TDR accounting, see Note 1 – Summary of Significant Accounting Policies to the Consolidated Financial Statements of Oriental’s 2019 Annual Report on Form 10-K. |
Cloud Computing Arrangements | Cloud computing arrangements In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance that is intended to reduce potential diversity in practice in accounting for the costs of implementing cloud computing arrangements (i.e., hosting arrangements) that are service contracts. The updated guidance aligns the requirements for capitalizing implementation costs for these arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption of this guidance, effective January 1, 2020, did not have a material impact on Oriental’s consolidated financial statements. |
Fair Value Measurements | Fair value measurements In August 2018, the FASB issued updated guidance as part of its disclosure framework project intended to improve the effectiveness of disclosures in the notes to the financial statements. The updated guidance eliminates, adds and modifies certain disclosure requirements related to fair value measurements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption of this guidance, effective January 1, 2020, did not have a material impact on the Company’s consolidated financial statements. |
Goodwill | Goodwill In January 2017, the FASB issued updated guidance intended to simplify how an entity tests goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the updated guidance, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized limited to the total amount of goodwill allocated to that reporting unit. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption of this guidance, effective January 1, 2020, did not have a material impact on the Company’s consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies [Abstract] | |
Impact Of Adoption Of CECL On Assets, Liabilities And Retained Earnings | January 1, 2020 Pre-Adoption Impact of adoption Post-Adoption Cumulative Effect on Retained Earnings (In thousands) Assets: Investment securities available for sale $ 1,074,169 $ - $ 1,074,169 $ - Deferred tax asset 176,740 13,874 190,614 13,874 Loans Commercial 2,222,085 42,143 2,264,228 - Mortgage 2,508,821 7,830 2,516,651 - Consumer 504,507 181 504,688 - Auto 1,522,973 368 1,523,341 - 6,758,386 50,522 6,808,908 - Allowance for credit losses on loans Commercial ( 34,886) ( 45,705) ( 80,591) ( 3,562) Mortgage ( 30,382) ( 18,810) ( 49,192) ( 10,980) Consumer ( 18,446) ( 8,599) ( 27,045) ( 8,418) Auto ( 32,825) ( 16,606) ( 49,431) ( 16,238) ( 116,539) ( 89,720) ( 206,259) ( 39,198) Net loans 6,641,847 ( 39,198) 6,602,649 ( 39,198) Liabilities: Allowance for credit losses on off-balance sheet credit exposures 3,688 170 3,858 170 $ 7,889,068 $ ( 25,494) $ 7,863,574 $ ( 25,494) |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Fair Value Adjustments From Acquisition | December 31, 2019 Measurement Fair Value Fair Value Period as Book Value Adjustments, net Fair Value Adjustments Remeasured (In thousands) Cash and cash equivalents $ 492,512 $ - $ 492,512 $ - $ 492,512 Investments 576,319 ( 102) 576,217 - 576,217 Loans 2,237,337 ( 21,134) 2,216,203 - 2,216,203 Accrued interest receivable 7,722 ( 2,952) 4,770 5,540 10,310 Foreclosed real estate 8,636 ( 352) 8,284 - 8,284 Deferred tax asset, net 37,606 22,335 59,941 1,386 61,327 Premises and equipment 10,866 ( 1,068) 9,798 - 9,798 Servicing asset 40,258 206 40,464 - 40,464 Core deposit intangible - 41,507 41,507 - 41,507 Customer relationship intangible - 12,693 12,693 - 12,693 Other intangible - 567 567 - 567 Operating lease right-of-use assets 15,452 4,011 19,463 - 19,463 Other assets 86,016 ( 6,507) 79,509 410 79,919 Total identifiable assets acquired 3,512,724 49,204 3,561,928 7,336 3,569,264 Deposits 3,028,066 ( 2,607) 3,025,459 - 3,025,459 Operating lease liability 16,317 2,091 18,408 - 18,408 Accrued expenses and other liabilities 87,309 - 87,309 - 87,309 Total liabilities assumed 3,131,692 ( 516) 3,131,176 - 3,131,176 Total identifiable net assets $ 430,752 $ 7,336 $ 438,088 Bargain purchase gain 315 7,336 7,651 Total consideration $ 430,437 $ - $ 430,437 |
Summary of Merger and Restructuring Charges | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2020 (In thousands) (In thousands) Severance and employee-related charges $ - $ 33 Systems integrations and related charges 2,282 5,424 Other 399 534 Total merger and restructuring charges $ 2,681 $ 5,991 |
Summary of Restructuring Reserves | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2020 (In thousands) (In thousands) Balance at the beginning of the period $ 16,388 $ 17,491 Merger and restructuring charges 2,681 5,991 Cash payments ( 7,164) ( 11,577) Balance at the end of the period $ 11,905 $ 11,905 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash Components | September 30, December 31, 2020 2019 (In thousands) Cash pledged as collateral to other financial institutions to secure: Regulatory requirements $ - $ 400 Obligations under agreement of loans sold with recourse 1,050 1,050 $ 1,050 $ 1,450 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investment Securities [Abstract] | |
Investment Securities | September 30, 2020 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 $ 135,067 $ 4,897 $ - $ 139,964 1.96% GNMA certificates 141,412 4,480 - 145,892 2.29% CMOs issued by US government-sponsored agencies 42,816 1,048 - 43,864 1.97% Total mortgage-backed securities 319,295 10,425 - 329,720 2.11% Investment securities US Treasury securities 91,109 422 - 91,531 1.61% Obligations of US government-sponsored agencies 1,688 26 - 1,714 1.39% Other debt securities 808 42 - 850 2.99% Total investment securities 93,605 490 - 94,095 1.62% Total securities available for sale $ 412,900 $ 10,915 $ - $ 423,815 2.00% December 31, 2019 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 $ 403,227 $ 846 $ 1,417 $ 402,656 2.00% GNMA certificates 215,755 718 4 216,469 2.33% CMOs issued by US government-sponsored agencies 55,235 16 490 54,761 1.97% Total mortgage-backed securities 674,217 1,580 1,911 673,886 2.11% Investment securities US Treasury securities 397,183 - - 397,183 1.60% Obligations of US government-sponsored agencies 1,967 - 6 1,961 1.38% Other debt securities 1,108 31 - 1,139 3.00% Total investment securities 400,258 31 6 400,283 1.60% Total securities available-for-sale $ 1,074,475 $ 1,611 $ 1,917 $ 1,074,169 1.92% |
Investment Securities by Contractual Maturity | September 30, 2020 Available-for-sale Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due less than one year FNMA and FHLMC certificates $ 597 $ 624 Total due in less than one year 597 624 Due from 1 to 5 years GNMA certificates 546 550 Total due from 1 to 5 years 546 550 Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 35,553 $ 36,442 FNMA and FHLMC certificates 103,975 $ 107,933 GNMA certificates 64,979 $ 66,388 Total due after 5 to 10 years 204,507 210,763 Due after 10 years FNMA and FHLMC certificates $ 30,495 $ 31,407 GNMA certificates 75,888 $ 78,954 CMOs issued by US government-sponsored agencies 7,262 $ 7,422 Total due after 10 years 113,645 117,783 Total mortgage-backed securities 319,295 329,720 Investment securities Due less than one year US Treasury securities $ 81,103 $ 81,245 Other debt securities 100 $ 100 Total due in less than one year 81,203 81,345 Due from 1 to 5 years Obligations of US government-sponsored agencies $ 1,688 $ 1,714 US Treasury securities 10,006 $ 10,286 Total due from 1 to 5 years 11,694 12,000 Due from 5 to 10 years Other debt securities 708 750 Total due after 5 to 10 years 708 750 Total investment securities 93,605 94,095 Total $ 412,900 $ 423,815 |
Gross Realized Gains and Losses by Category | Nine-Month Period Ended September 30, 2020 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 $ 229,571 $ 227,213 $ 2,358 $ - GNMA certificates 91,413 89,043 2,370 - Total $ 320,984 $ 316,256 $ 4,728 $ - Nine-Month Period Ended September 30, 2019 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 $ 451,081 $ 447,305 $ 3,776 $ - GNMA certificates 229,385 224,887 4,498 - Total $ 680,466 $ 672,192 $ 8,274 $ - |
Unrealized Gains and Losses by Category | December 31, 2019 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 35,417 $ 387 $ 35,030 FNMA and FHLMC certificates 259,099 1,415 257,684 Obligations of US Government and sponsored agencies 1,967 6 1,961 GNMA certificates 19 - 19 $ 296,502 $ 1,808 $ 294,694 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 11,503 103 11,400 FNMA and FHLMC certificates 4,919 2 4,917 GNMA certificates 3,549 4 3,545 US Treasury Securities 627 - 627 $ 20,598 $ 109 $ 20,489 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 46,920 490 46,430 FNMA and FHLMC certificates 264,018 1,417 262,601 Obligations of US government and sponsored agencies 1,967 6 1,961 GNMA certificates 3,568 4 3,564 US Treasury Securities 627 - 627 $ 317,100 $ 1,917 $ 315,183 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Loans [Abstract] | |
Composition of Loan Portfolio | September 30, 2020 Non-PCD PCD Total (In thousands) Commercial loans: Commercial secured by real estate $ 810,755 $ 248,653 $ 1,059,408 Other commercial and industrial 636,610 103,902 740,512 Commercial Paycheck Protection Program (PPP Loans) 289,218 - 289,218 US Loan Program 337,657 - 337,657 2,074,240 352,555 2,426,795 Mortgage 847,671 1,504,914 2,352,585 Consumer Personal loans 327,923 1,934 329,857 Credit lines 46,873 402 47,275 Credit cards 59,618 - 59,618 Overdraft 132 - 132 Auto 1,511,829 31,836 1,543,665 1,946,375 34,172 1,980,547 4,868,286 1,891,641 6,759,927 Allowance for credit losses ( 156,409) ( 78,904) ( 235,313) Total loans held for investment 4,711,877 1,812,737 6,524,614 Mortgage loans held for sale 54,526 - 54,526 Total loans, net $ 4,766,403 $ 1,812,737 $ 6,579,140 |
Aging of Recorded Investment in Gross Loans | September 30, 2020 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 2,987 $ 749 $ 23,984 $ 27,720 $ 783,035 $ 810,755 $ - Other commercial and industrial 983 432 6,460 7,875 917,953 925,828 - US Loan Program - - - - 337,657 337,657 - 3,970 1,181 30,444 35,595 2,038,645 2,074,240 - Mortgage 5,793 10,989 96,986 113,768 733,903 847,671 3,666 Consumer Personal loans 4,984 4,209 2,237 11,430 316,493 327,923 - Credit lines 999 196 1,249 2,444 44,429 46,873 - Credit cards 1,104 509 1,561 3,174 56,444 59,618 - Overdraft 31 - - 31 101 132 - Auto 53,782 34,130 21,823 109,735 1,402,094 1,511,829 - 60,900 39,044 26,870 126,814 1,819,561 1,946,375 - Total loans $ 70,663 $ 51,214 $ 154,300 $ 276,177 $ 4,592,109 $ 4,868,286 $ 3,666 December 31, 2019 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 994 $ 946 $ 17,495 $ 19,435 $ 847,271 $ 866,706 $ - Other commercial and industrial 7,584 371 2,716 10,671 712,855 723,526 - US Loan Program - - - - 272,595 272,595 - 8,578 1,317 20,211 30,106 1,832,721 1,862,827 - Mortgage 9,285 13,105 94,109 116,499 783,096 899,595 2,418 Consumer Personal loans 4,978 2,123 1,579 8,680 358,477 367,157 - Credit lines 533 20 221 774 51,840 52,614 - Credit cards 1,438 417 896 2,751 72,451 75,202 - Overdraft 51 - - 51 165 216 - Auto 72,336 31,412 14,270 118,018 1,350,864 1,468,882 - 79,336 33,972 16,966 130,274 1,833,797 1,964,071 - Total loans $ 97,199 $ 48,394 $ 131,286 $ 276,879 $ 4,449,614 $ 4,726,493 $ 2,418 |
Acquired Loans With Deteriorated Credit Quality | December 31, 2019 Scotiabank PR & USVI BBVAPR Eurobank (In thousands) Contractual required payments receivable: $ 2,147,249 $ 1,086,367 $ 117,107 Less: Non-accretable discount 294,424 340,466 4,285 Cash expected to be collected 1,852,825 745,901 112,822 Less: Accretable yield 458,885 214,886 34,441 Carrying amount, gross 1,393,940 531,015 78,381 Less: allowance for loan and lease losses - 17,036 14,458 Carrying amount, net $ 1,393,940 $ 513,979 $ 63,923 |
Accretable Yield and Non-Accretable Discount Activity | Quarter Ended September 30, 2019 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 217,549 $ 34,638 $ 43 $ 288 $ 252,518 Accretion ( 5,876) ( 2,379) ( 77) ( 151) ( 8,483) Change in expected cash flows - 3,995 5 151 4,151 Transfer from (to) non-accretable discount ( 9,849) ( 17,128) 57 ( 94) ( 27,014) Balance at end of period $ 201,824 $ 19,126 $ 28 $ 194 $ 221,172 Non-Accretable Discount Activity: Balance at beginning of period $ 292,258 $ 10,904 $ 24,083 $ 18,810 $ 346,055 Change in actual and expected losses ( 21,356) ( 3,913) 44 ( 118) ( 25,343) Transfer (to) from accretable yield 9,849 17,128 ( 57) 94 27,014 Balance at end of period $ 280,751 $ 24,119 $ 24,070 $ 18,786 $ 347,726 Nine-Month Period Ended September 30, 2019 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 232,199 $ 36,508 $ 243 $ 560 $ 269,510 Accretion ( 18,342) ( 7,523) ( 432) ( 639) ( 26,936) Change in expected cash flows - 8,635 16 639 9,290 Transfer from (to) non-accretable discount ( 12,033) ( 18,494) 201 ( 366) ( 30,692) Balance at end of period $ 201,824 $ 19,126 $ 28 $ 194 $ 221,172 Non-Accretable Discount Activity: Balance at beginning of period $ 291,887 $ 10,346 $ 24,245 $ 18,945 $ 345,423 Change in actual and expected losses ( 23,169) ( 4,721) 26 ( 525) ( 28,389) Transfer (to) from accretable yield 12,033 18,494 ( 201) 366 30,692 Balance at end of period $ 280,751 $ 24,119 $ 24,070 $ 18,786 $ 347,726 |
Accretable Yield and Non-Accretable Discount Activity of Acquired Eurobank Loans | Quarter Ended September 30, 2019 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 36,538 $ 1,856 - $ - $ 38,394 Accretion ( 1,218) ( 1,075) 3 ( 89) ( 2,379) Change in expected cash flows 1,917 550 ( 93) 132 2,506 Transfer from (to) non-accretable discount ( 2,542) ( 438) 90 ( 43) ( 2,933) Balance at end of period $ 34,695 $ 893 $ - $ - $ 35,588 Non-Accretable Discount Activity: Balance at beginning of period $ 1,681 $ - $ - $ 118 $ 1,799 Change in actual and expected losses ( 2,597) ( 438) 90 ( 73) ( 3,018) Transfer (to) from accretable yield 2,542 438 ( 90) 43 2,933 Balance at end of period $ 1,626 $ - $ - $ 88 $ 1,714 Nine-Month Period Ended September 30, 2019 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 38,389 $ 3,310 - $ - $ 41,699 Accretion ( 3,849) ( 3,439) ( 12) ( 152) ( 7,452) Change in expected cash flows 1,524 1,416 ( 134) 250 3,056 Transfer from (to) non-accretable discount ( 1,369) ( 394) 146 ( 98) ( 1,715) Balance at end of period $ 34,695 $ 893 $ - $ - $ 35,588 Non-Accretable Discount Activity: Balance at beginning of period $ 2,826 $ - $ - $ 133 $ 2,959 Change in actual and expected losses ( 2,569) ( 394) 146 ( 143) ( 2,960) Transfer (to) from accretable yield 1,369 394 ( 146) 98 1,715 Balance at end of period $ 1,626 $ - $ - $ 88 $ 1,714 |
Investment in Loans on Non-Accrual Status | September 30, 2020 Nonaccrual with Nonaccrual with no Allowance Allowance for Credit Loss for Credit Loss (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 9,902 $ 28,015 Other commercial and industrial 3,806 3,219 13,708 31,234 Mortgage 23,050 12,883 Consumer Personal loans 1,826 565 Personal lines of credit 1,253 - Credit cards 1,562 - Auto and leasing 22,583 - 27,224 565 Total non-accrual loans $ 63,982 $ 44,682 PCD: Commercial Commercial secured by real estate $ 14,566 $ 3,068 Other commercial and industrial 60,946 1,051 75,512 4,119 Mortgage 1,003 - Consumer Personal loans 4 - 4 - Total non-accrual loans $ 76,519 $ 4,119 $ 140,501 $ 48,801 December 31, 2019 (In thousands) Commercial Commercial secured by real estate $ 32,720 Other commercial and industrial 9,886 42,606 Mortgage 18,735 Consumer Personal loans 4,164 Personal lines of credit 227 Credit cards 896 Auto and leasing 14,295 19,582 Total non-accrual loans $ 80,923 |
TDR Pre/Post Modifications And Rolling Twelve Months | Quarter Ended September 30, 2020 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 22 $ 2,438 4.98% 286 $ 2,268 4.36% 285 Commercial 1 150 5.50% 12 150 8.00% 36 Consumer 2 32 13.68% 68 32 10.61% 68 Auto 29 187 10.63% 76 187 10.87% 73 Nine-Month Period Ended September 30, 2020 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 51 $ 5,982 5.04% 327 $ 5,736 4.34% 329 Commercial 3 581 6.71% 57 581 7.03% 135 Consumer 20 284 13.11% 67 289 10.63% 78 Auto 31 217 10.88% 74 219 11.02% 71 Quarter Ended September 30, 2019 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 21 $ 2,446 5.97% 358 $ 2,307 5.25% 345 Commercial 1 81 8.50% 60 81 8.50% 95 Consumer 124 1,818 16.50% 65 1,776 11.68% 75 Auto 8 112 6.96% 71 112 8.60% 43 Nine-Month Period Ended September 30, 2019 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 109 $ 13,940 5.91% 383 $ 12,893 5.14% 346 Commercial 3 1,245 7.12% 55 1,245 5.96% 86 Consumer 265 3,833 15.92% 66 3,825 11.69% 75 Auto 21 305 7.35% 70 313 8.97% 45 Twelve-month Period Ended September 30, 2020 2019 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 17 $ 2,394 32 $ 4,065 Commercial 1 $ 84 2 $ 350 Consumer 50 $ 627 61 $ 710 Auto - $ - 3 $ 51 |
Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment | September 30, 2020 Real Estate (In thousands) Commercial loans: Commercial secured by real estate $ 29,731 Other commercial and industrial 3,069 Total loans $ 32,800 |
Credit Quality Indicators of Loans | Term Loans Revolving Amortized Cost Basis by Origination Year Loans Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 31,615 $ 125,253 $ 116,703 $ 87,845 $ 48,245 $ 227,034 $ 56,413 $ 693,108 Special Mention 10,213 3,048 4,762 16,850 8,621 20,599 6,760 70,853 Substandard 188 398 874 8,738 628 28,478 7,411 46,715 Doubtful - - - - - 30 49 79 Loss - - - - - - - - Total commercial secured by real estate 42,016 128,699 122,339 113,433 57,494 276,141 70,633 810,755 Other commercial and industrial: Loan grade: Pass 345,220 87,578 97,500 15,175 8,903 15,342 306,602 876,320 Special Mention 301 8,135 - - 4 5,470 27,984 41,894 Substandard - 796 168 194 2,912 91 3,385 7,546 Doubtful - - - - - - 68 68 Loss - - - - - - - - Total other commercial and industrial: 345,521 96,509 97,668 15,369 11,819 20,903 338,039 925,828 US Loan Program: Loan grade: Pass 57,673 64,563 79,209 7,131 - - 75,345 283,921 Special Mention 63 1,501 43,101 - - - 1,250 45,915 Substandard - - 7,821 - - - - 7,821 Doubtful - - - - - - - - Loss - - - - - - - - Total US loan program: 57,736 66,064 130,131 7,131 - - 76,595 337,657 Total commercial loans $ 445,273 $ 291,272 $ 350,138 $ 135,933 $ 69,313 $ 297,044 $ 485,267 $ 2,074,240 Revolving Loans Term Loans Revolving Converted to Amortized Cost Basis by Origination Year Loans Term Loans Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total (In thousands) Mortgage: Payment performance: Performing $ 4,170 $ 21,330 $ 28,735 $ 34,413 $ 40,319 $ 678,226 $ - $ - $ 807,193 Nonperforming - 303 39 626 945 38,565 - - 40,478 Total mortgage loans: 4,170 21,633 28,774 35,039 41,264 716,791 - - 847,671 Consumer: Personal loans: Payment performance: Performing 69,033 130,325 66,447 33,686 16,673 9,367 - - 325,531 Nonperforming 82 543 664 404 326 373 - - 2,392 Total personal loans 69,115 130,868 67,111 34,090 16,999 9,740 - - 327,923 Credit lines: Payment performance: Performing - - - - - - 45,620 - 45,620 Nonperforming - - - - - - 1,253 - 1,253 Total credit lines - - - - - - 46,873 - 46,873 Credit cards: Payment performance: Performing - - - - - - 58,056 - 58,056 Nonperforming - - - - - - 1,562 - 1,562 Total credit cards - - - - - - 59,618 - 59,618 Overdrafts: Payment performance: Performing - - - - - - 132 - 132 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 132 - 132 Total consumer loans 69,115 130,868 67,111 34,090 16,999 9,740 106,623 - 434,546 Total mortgage and consumer loans $ 73,285 $ 152,501 $ 95,885 $ 69,129 $ 58,263 $ 726,531 $ 106,623 $ - $ 1,282,217 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (In thousands) Auto: FICO score: 1-660 81,738 123,802 105,596 62,980 34,460 28,443 437,019 661-699 54,684 77,710 49,632 25,131 14,147 12,029 233,333 700+ 126,267 222,082 176,364 93,445 52,035 40,791 710,984 No FICO 13,656 43,322 34,291 18,861 10,907 9,456 130,493 Total auto: $ 276,345 $ 466,916 $ 365,883 $ 200,417 $ 111,549 $ 90,719 $ 1,511,829 December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Commercial Commercial secured by real estate $ 866,706 $ 762,443 $ 55,870 $ 48,357 $ 36 $ - Other commercial and industrial 723,526 706,831 6,634 9,960 101 - US Loan Program 272,595 262,745 9,850 - - - Total Commercial $ 1,862,827 $ 1,732,019 $ 72,354 $ 58,317 $ 137 $ - December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss Retail Mortgage $ 899,595 $ 805,486 $ - $ 94,109 $ - $ - Consumer: Personal loans 367,157 365,579 - 1,578 - - Personal lines of credit 52,614 52,393 - 221 - - Credit cards 75,202 74,306 - 896 - - Overdrafts 216 165 - 51 - - Auto 1,468,882 1,454,612 - 14,270 - - Total consumer loans 1,964,071 1,947,055 - 17,016 - - Total retail loans $ 2,863,666 $ 2,752,541 $ - $ 111,125 $ - $ - |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Allowance for Credit Losses [Abstract] | |
Gross Loan and Allowance for Credit Losses | Quarter Ended September 30, 2020 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 43,011 $ 19,973 $ 31,954 $ 56,569 $ 151,507 Provision for credit losses ( 1,771) ( 564) ( 378) 16,071 13,358 Charge-offs ( 298) ( 56) ( 5,114) ( 10,123) ( 15,591) Recoveries 253 269 663 5,950 7,135 Balance at end of period $ 41,195 $ 19,622 $ 27,125 $ 68,467 $ 156,409 PCD: Balance at beginning of period $ 48,913 $ 30,920 $ 169 $ 1,192 $ 81,194 Provision for credit losses ( 1,262) 1,077 - 9 ( 176) Charge-offs ( 293) ( 1,677) ( 60) ( 474) ( 2,504) Recoveries 91 89 ( 1) 211 390 Balance at end of period $ 47,449 $ 30,409 $ 108 $ 938 $ 78,904 Total allowance for credit losses at end of period $ 88,644 $ 50,031 $ 27,233 $ 69,405 $ 235,313 Nine-Month Period Ended September 30, 2020 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 25,993 $ 8,727 $ 18,446 $ 31,878 $ 85,044 Impact of ASC 326 adoption 3,562 10,980 8,418 16,238 39,198 Provision for credit losses 13,799 47 13,827 43,261 70,934 Charge-offs ( 4,566) ( 659) ( 15,316) ( 36,476) ( 57,017) Recoveries 2,407 527 1,750 13,566 18,250 Balance at end of period $ 41,195 $ 19,622 $ 27,125 $ 68,467 $ 156,409 PCD: Balance at beginning of period $ 8,893 $ 21,655 $ - $ 947 $ 31,495 Impact of ASC 326 adoption 42,143 7,830 181 368 50,522 Provision for credit losses ( 1,303) 9,131 356 289 8,473 Charge-offs ( 3,036) ( 8,998) ( 521) ( 1,449) ( 14,004) Recoveries 752 791 92 783 2,418 Balance at end of period $ 47,449 $ 30,409 $ 108 $ 938 $ 78,904 Total allowance for credit losses at end of period $ 88,644 $ 50,031 $ 27,233 $ 69,405 $ 235,313 Quarter Ended September 30, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of period $ 15,361 $ 29,265 $ 17,448 $ 29,563 $ 91,637 Provision (recapture) for credit losses 8,836 1,324 3,181 10,087 23,428 Charge-offs ( 16,299) ( 8,421) ( 5,316) ( 12,383) ( 42,419) Recoveries 493 175 1,463 5,802 7,933 Balance at end of period $ 8,391 $ 22,343 $ 16,776 $ 33,069 $ 80,579 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of period $ 42,421 $ 25,448 $ - $ 3,136 $ 71,005 Provision (recapture) for credit losses 8,906 11,832 - ( 396) 20,342 Allowance de-recognition ( 17,060) ( 72) - ( 451) ( 17,583) Balance at end of period $ 34,267 $ 37,208 $ - $ 2,289 $ 73,764 Total allowance for loan and lease losses at end of period $ 42,658 $ 59,551 $ 16,776 $ 35,358 $ 154,343 Nine-Month Period Ended September 30, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of period $ 19,783 $ 30,348 $ 17,476 $ 29,643 $ 97,250 Provision (recapture) for credit losses 5,002 3,225 12,277 23,171 43,675 Charge-offs ( 17,490) ( 11,733) ( 15,148) ( 34,567) ( 78,938) Recoveries 1,096 503 2,171 14,822 18,592 Balance at end of period $ 8,391 $ 22,343 $ 16,776 $ 33,069 $ 80,579 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of period $ 30,607 $ 30,226 $ 4 $ 6,144 $ 66,981 Provision (recapture) for credit losses 21,330 11,429 - ( 2,710) 30,049 Allowance de-recognition ( 17,670) ( 4,447) ( 4) ( 1,145) ( 23,266) Balance at end of period $ 34,267 $ 37,208 $ - $ 2,289 $ 73,764 Total allowance for loan and lease losses at end of period $ 42,658 $ 59,551 $ 16,776 $ 35,358 $ 154,343 December 31, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,874 $ 8,217 $ - $ - $ 15,091 Collectively evaluated for impairment 1,853 17,776 18,446 31,878 69,953 Total ending allowance balance $ 8,727 $ 25,993 $ 18,446 $ 31,878 $ 85,044 Loans: Individually evaluated for impairment $ 71,196 $ 61,128 $ - $ - $ 132,324 Collectively evaluated for impairment 506,220 1,608,507 382,432 1,277,867 3,775,026 Total ending loan balance $ 577,416 $ 1,669,635 $ 382,432 $ 1,277,867 $ 3,907,350 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate Rollforward | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning of period $ 24,792 $ 29,509 $ 29,909 $ 33,768 Decline in value ( 740) ( 1,093) ( 1,763) ( 4,416) Additions 613 4,572 2,560 12,868 Sales ( 5,209) ( 6,036) ( 11,250) ( 15,268) Balance at end of period $ 19,456 $ 26,952 $ 19,456 $ 26,952 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Servicing Assets [Abstract] | |
Changes in Serving Rights at Fair Value | The following table presents the changes in servicing rights measured using the fair value method for the quarters and nine-month periods ended September 30, 2020 and 2019: Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Fair value at beginning of period $ 47,926 $ 10,134 $ 50,779 $ 10,716 Servicing from mortgage securitizations or asset transfers 656 352 1,236 860 Changes due to payments on loans ( 1,365) ( 243) ( 2,810) ( 694) Changes in fair value due to changes in valuation model inputs or assumptions 25 ( 118) ( 1,963) ( 757) Fair value at end of period $ 47,242 $ 10,125 $ 47,242 $ 10,125 |
Key Economic Assumptions | The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value for the nine-month periods ended September 30, 2020 and 2019: Nine-Month Period Ended September 30, 2020 2019 Constant prepayment rate 5.02% - 25.8% 4.38% - 9.44% Discount rate 10.00% - 15.50% 10.00% - 12.00% |
Sensitivity of Current Fair Value of Servicing Assets | 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 follows: September 30, 2020 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 47,242 Constant prepayment rate Decrease in fair value due to 10% adverse change $ ( 1,040) Decrease in fair value due to 20% adverse change $ ( 2,042) Discount rate Decrease in fair value due to 10% adverse change $ ( 1,889) Decrease in fair value due to 20% adverse change $ ( 3,648) |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivatives [Abstract] | |
Derivative Assets and Liabilities | September 30, December 31, 2020 2019 (In thousands) Derivative assets: Interest rate caps $ 1 $ 6 $ 1 $ 6 Derivative liabilities: Interest rate swaps designated as cash flow hedges $ 1,894 $ 907 Interest rate caps 1 6 $ 1,895 $ 913 |
Interest Rate Swaps and Terms | Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 30,691 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 30,691 |
Core Deposit, Customer Relati_2
Core Deposit, Customer Relationship and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Core Deposit, Customer Relationship and Other Intangibles [Abstract] | |
Summary of Core Deposit, Customer Relationship and Other Intangibles | September 30, December 31 2020 2019 (In thousands) Core deposit intangibles $ 37,021 $ 43,185 Customer relationship intangibles 11,275 13,213 Other intangibles 354 567 $ 48,650 $ 56,965 |
Accrued Interest Receivable a_2
Accrued Interest Receivable and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accrued Interest Receivable And Other Assets [Abstract] | |
Schedule of Accrued interest receivable | September 30, December 31, 2020 2019 (In thousands) Loans, excluding acquired loans $ 70,185 $ 32,728 Investments 1,645 4,053 $ 71,830 $ 36,781 |
Other Assets | September 30, December 31, 2020 2019 (In thousands) Prepaid expenses $ 54,611 $ 52,558 Other repossessed assets 1,918 3,327 Tax credits - 277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 75,160 78,600 $ 132,772 $ 135,845 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deposits and Related Interest [Abstract] | |
Deposits by Component | September 30, December 31, 2020 2019 (In thousands) Non-interest bearing demand deposits $ 2,333,489 $ 1,675,315 Interest-bearing savings and demand deposits 4,269,360 3,718,846 Retail certificates of deposit 1,642,779 1,781,237 Institutional certificates of deposit 290,739 279,714 Total core deposits 8,536,367 7,455,112 Brokered deposits 96,090 243,498 Total deposits $ 8,632,457 $ 7,698,610 |
Interest Expense | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Demand and savings deposits $ 6,320 $ 3,949 $ 19,528 $ 11,308 Certificates of deposit 8,300 6,605 27,157 18,286 $ 14,620 $ 10,554 $ 46,685 $ 29,594 |
Maturities Of Time Deposits | September 30, December 31, 2020 2019 (In thousands) Within one year: Three (3) months or less $ 254,168 $ 314,796 Over 3 months through 1 year 1,044,051 881,183 1,298,219 1,195,979 Over 1 through 2 years 343,518 732,421 Over 2 through 3 years 178,202 175,032 Over 3 through 4 years 77,949 89,148 Over 4 through 5 years 94,204 78,706 $ 1,992,092 $ 2,271,286 |
Borrowings and Related Intere_2
Borrowings and Related Interest (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Borrowings and Related Interest [Abstract] | |
Schedule of Repurchase Agreements | December 31, 2019 (In thousands) Short-term fixed-rate repurchase agreements, interest ranging from 1.85% to 2.70% (December 31, 2019) $ 140,000 Long-term fixed-rate repurchase agreements, interest ranging from 1.85% to 2.86% (December 31, 2019) 50,000 Total assets sold under agreements to repurchase $ 190,000 |
Schedule of Repurchase Agreement by Maturity | December 31, 2019 (In thousands) Less than 90 days $ 140,000 Over 90-days 50,000 Total $ 190,000 |
Schedule Of Underlying Assets Of Repurchase Agreements | December 31, 2019 Amortized Approximate Weighted Cost of Fair Value Average Underlying Balance of of Underlying Interest Rate Underlying Securities Securities Borrowing Securities of Security (Dollars in thousands) FNMA and FHLMC Certificates $ 204,225 $ 190,000 $ 204,068 2.98% Total $ 204,225 $ 190,000 $ 204,068 2.98% |
Summary of Federal Home Loan Bank Advances | September 30, December 31 2020 2019 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.36% (December 31, 2019 - 1.85% to 2.59%) $ 30,691 $ 40,472 Long-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.92% to 3.24% (December 31, 2019 - 2.92% to 3.24% ) 35,755 37,377 $ 66,446 $ 77,849 |
Federal Home Loan Bank Advances, Maturities Summary | September 30, December 31, 2020 2019 (In thousands) Under 90 days $ 30,691 $ 31,955 Over one to three years 26,725 8,517 Over three to five years 4,764 33,018 Over five years 4,266 4,359 $ 66,446 $ 77,849 |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Offsetting of Financial Assets and Liabilities [Abstract] | |
Offsetting Assets | September 30, 2020 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 $ - $ 1 $ - $ - $ 1 December 31, 2019 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 $ 6 $ - $ 6 $ - $ - $ 6 |
Offsetting Liabilities | September 30, 2020 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 $ 1,895 $ - $ 1,895 $ - $ - $ 1,895 Total $ 1,895 $ - $ 1,895 $ - $ - $ 1,895 December 31, 2019 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 $ 913 $ - $ 913 $ - - $ 913 Securities sold under agreements to repurchase 190,000 - 190,000 204,068 - ( 14,068) Total $ 190,913 $ - $ 190,913 $ 204,068 $ - $ ( 13,155) |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations | Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of September 30, 2020 Total capital to risk-weighted assets $ 1,065,745 15.50% $ 550,009 8.00% $ 687,511 10.00% Tier 1 capital to risk-weighted assets $ 979,506 14.25% $ 412,506 6.00% $ 550,009 8.00% Common equity tier 1 capital to risk-weighted assets $ 862,636 12.55% $ 309,380 4.50% $ 446,882 6.50% Tier 1 capital to average total assets $ 979,506 10.00% $ 391,856 4.00% $ 489,820 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 937,962 13.91% $ 539,268 8.00% $ 674,085 10.00% Tier 1 capital to risk-weighted assets $ 852,311 12.64% $ 404,451 6.00% $ 539,268 8.00% Common equity tier 1 capital to risk-weighted assets $ 735,441 10.91% $ 303,338 4.50% $ 438,155 6.50% Tier 1 capital to average total assets $ 852,311 9.24% $ 369,151 4.00% $ 461,438 5.00% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of September 30, 2020 Total capital to risk-weighted assets $ 1,019,228 14.89% $ 547,540 8.00% $ 684,425 10.00% Tier 1 capital to risk-weighted assets $ 933,371 13.64% $ 410,655 6.00% $ 547,540 8.00% Common equity tier 1 capital to risk-weighted assets $ 933,371 13.64% $ 307,991 4.50% $ 444,876 6.50% Tier 1 capital to average total assets $ 933,371 9.58% $ 389,708 4.00% $ 487,135 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 898,812 13.36% $ 538,279 8.00% $ 672,848 10.00% Tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 403,709 6.00% $ 538,279 8.00% Common equity tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 302,782 4.50% $ 437,351 6.50% Tier 1 capital to average total assets $ 813,444 8.85% $ 367,537 4.00% $ 459,421 5.00% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity [Abstract] | |
Activity of Common Shares Held in Treasury | Nine-Month Period Ended September 30, 2020 2019 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of period $ 8,486,278 $ 102,339 8,591,310 $ 103,633 Common shares used upon lapse of restricted stock units and options ( 120,630) ( 1,470) ( 53,132) ( 697) Common shares repurchased as part of the stock repurchase program 175,000 2,226 - - End of period $ 8,540,648 $ 103,095 8,538,178 $ 102,936 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | September 30, December 31, 2020 2019 (In thousands) Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired $ 10,915 $ ( 306) Income tax effect of unrealized loss on securities available-for-sale ( 1,463) ( 135) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 9,452 ( 441) Unrealized (loss) gain on cash flow hedges ( 1,894) ( 907) Income tax effect of unrealized (loss) gain on cash flow hedges 710 340 Net unrealized (loss) gain on cash flow hedges ( 1,184) ( 567) Accumulated other comprehensive (loss), net of income taxes $ 8,268 $ ( 1,008) Quarter Ended September 30, 2020 2019 Net unrealized Net unrealized Accumulated Net unrealized Net unrealized Accumulated gains on loss on other gains on loss on other securities cash flow comprehensive securities cash flow comprehensive available-for-sale hedges (loss) income available-for-sale hedges (loss) income (In thousands) Beginning balance $ 8,885 $ ( 1,297) $ 7,588 $ ( 3,087) $ ( 599) $ ( 3,686) Other comprehensive income (loss) before reclassifications 566 ( 363) 203 ( 2,143) ( 666) ( 2,809) Amounts reclassified out of accumulated other comprehensive income (loss) 1 476 477 3,488 549 4,037 Other comprehensive income (loss) 567 113 680 1,345 ( 117) 1,228 Ending balance $ 9,452 $ ( 1,184) $ 8,268 $ ( 1,742) $ ( 716) $ ( 2,458) Nine-Month Period Ended September 30, 2020 2019 Net unrealized Net unrealized Accumulated Net unrealized Net unrealized Accumulated gains on loss on other gains on loss on other securities cash flow comprehensive securities cash flow comprehensive available-for-sale hedges (loss) income available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 441) $ ( 567) $ ( 1,008) $ ( 10,972) $ 9 $ ( 10,963) Transfer of securities held-to-maturity to available-for-sale - - - ( 12,041) - ( 12,041) Other comprehensive income (loss) before reclassifications 5,165 ( 2,142) 3,023 13,034 ( 2,050) 10,984 Amounts reclassified out of accumulated other comprehensive (loss) income 4,728 1,525 6,253 8,237 1,325 9,562 Other comprehensive income (loss) 9,893 ( 617) 9,276 9,230 ( 725) 8,505 Ending balance $ 9,452 $ ( 1,184) $ 8,268 $ ( 1,742) $ ( 716) $ ( 2,458) |
Reclassifications Out of Other Comprehensive Income | Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Quarter Ended September 30, 2020 2019 (In thousands) Cash flow hedges: Interest-rate contracts $ 476 $ 549 Net interest expense Available-for-sale securities: Gain on sale of investments - 3,498 Net gain on sale of securities Tax effect from changes in tax rates 1 ( 10) Income tax expense $ 477 $ 4,037 Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Nine-Month Period Ended September 30, 2020 2019 (In thousands) Cash flow hedges: Interest-rate contracts $ 1,525 $ 1,325 Net interest expense Available-for-sale securities: Gain on sale of investments 4,728 8,274 Net gain on sale of securities Tax effect from changes in tax rates 1 ( 38) Income tax expense $ 6,254 $ 9,561 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands, except per share data) Net income $ 27,438 $ 7,383 $ 51,026 $ 54,832 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) ( 1,628) ( 1,628) ( 4,884) ( 4,884) Income available to common shareholders $ 25,810 $ 5,755 $ 46,142 $ 49,948 Average common shares outstanding 51,342 51,345 51,361 51,327 Effect of dilutive securities: Average potential common shares-options 185 427 202 368 Total weighted average common shares outstanding and equivalents 51,527 51,772 51,563 51,695 Earnings per common share - basic $ 0.50 $ 0.11 $ 0.90 $ 0.97 Earnings per common share - diluted $ 0.50 $ 0.11 $ 0.89 $ 0.97 |
Guarantees (Tables)
Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Changes in Liabilty of Estimated Loss from Credit Recourse Agreement | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning of period $ 894 $ 225 $ 985 $ 346 Net (charge-offs/terminations) recoveries ( 18) 20 ( 109) ( 101) Balance at end of period $ 876 $ 245 $ 876 $ 245 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies [Abstract] | |
Summarized Credit-Related Financial Instruments | September 30, December 31, 2020 2019 (In thousands) Commitments to extend credit $ 1,050,333 $ 853,148 Commercial letters of credit 57 2,178 September 30, December 31, 2020 2019 (In thousands) Standby letters of credit and financial guarantees $ 16,225 $ 47,251 Loans sold with recourse 136,797 147,399 |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Operating Leases [Abstract] | |
Operating Lease Cost | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 Statement of Operations Classification (In thousands) (In thousands) Lease costs $ 3,260 $ 1,608 $ 10,148 $ 4,949 Occupancy and equipment Variable lease costs 459 350 1,630 1,699 Occupancy and equipment Short-term lease cost (benefit) 358 81 386 104 Occupancy and equipment Lease income ( 125) ( 135) ( 374) ( 431) Occupancy and equipment Total lease cost $ 3,952 $ 1,904 $ 11,790 $ 6,321 |
Operating Lease Assets and Liabilities | September 30, December 31, 2020 2019 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 35,900 $ 39,112 Operating lease right-of-use assets Lease Liabilities $ 37,029 $ 39,840 Operating leases liabilities |
Operating Lease Terms | September 30, 2020 (In thousands) Weighted-average remaining lease term 6.2 years Weighted-average discount rate 6.8% |
Future Minimum Payments for Operating Leases and Present Value | Minimum Rent Year Ending December 31, (In thousands) 2020 $ 2,751 2021 9,519 2022 8,158 2023 6,947 2024 4,732 Thereafter 13,924 Total lease payments $ 46,031 Less imputed interest 9,002 Present value of lease liabilities $ 37,029 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities on Recurring and Non-Recurring Basis | September 30, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 91,531 $ 332,284 $ - $ 423,815 Trading securities - 22 - 22 Money market investments 14,617 - - 14,617 Derivative assets - 1 - 1 Servicing assets - - 47,242 47,242 Derivative liabilities - ( 1,895) - ( 1,895) $ 106,148 $ 330,412 $ 47,242 $ 483,802 Non-recurring fair value measurements: Collateral dependent loans - - 32,800 32,800 Foreclosed real estate - - 19,456 19,456 Other repossessed assets - - 1,918 1,918 $ - $ - $ 54,174 $ 54,174 December 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 397,183 $ 676,986 $ - $ 1,074,169 Trading securities - 37 - 37 Money market investments 6,775 - - 6,775 Derivative assets - 6 - 6 Servicing assets - - 50,779 50,779 Derivative liabilities - ( 913) - ( 913) $ 403,958 $ 676,116 $ 50,779 $ 1,130,853 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 61,128 $ 61,128 Foreclosed real estate - - 29,909 29,909 Other repossessed assets - - 3,327 3,327 $ - $ - $ 94,364 $ 94,364 |
Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) | Level 3 Instruments Only Servicing Assets Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Balance at beginning period $ 47,926 $ 10,134 $ 50,779 $ 10,716 New instruments acquired 656 352 1,236 860 Principal repayments ( 1,365) ( 243) ( 2,810) ( 694) Changes in fair value of servicing assets 25 ( 118) ( 1,963) ( 757) Balance at end of period $ 47,242 $ 10,125 $ 47,242 $ 10,125 |
Qualitative Information for Assets and Liabilities | September 30, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 47,242 Cash flow valuation Constant prepayment rate 5.02% - 25.8% 6.87% Discount rate 10.00% - 15.50% 11.52% Collateral dependent loans $ 32,800 Fair value of property or collateral Appraised value less disposition costs 14.20% - 44.20% 21.45% Foreclosed real estate $ 19,456 Fair value of property or collateral Appraised value less disposition costs 14.20% - 40.20% 18.68% Other repossessed assets $ 1,918 Fair value of property or collateral Estimated net realizable value less disposition costs 30.00% - 62.00% 52.06% |
Estimated Fair Value and Carrying Value | September 30, December 31, 2020 2019 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 2,282,000 $ 2,282,000 $ 851,307 $ 851,307 Restricted cash $ 1,050 $ 1,050 $ 1,450 $ 1,450 Investment securities available-for-sale $ 91,531 $ 91,531 $ 397,183 $ 397,183 Level 2 Financial Assets: Trading securities $ 22 $ 22 $ 37 $ 37 Investment securities available-for-sale $ 332,284 $ 332,284 $ 676,986 $ 676,986 Federal Home Loan Bank (FHLB) stock $ 8,322 $ 8,322 $ 13,048 $ 13,048 Other investments $ 2,205 $ 2,205 $ 560 $ 560 Derivative assets $ 1 $ 1 $ 6 $ 6 Financial Liabilities: Derivative liabilities $ 1,895 $ 1,895 $ 913 $ 913 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 6,165,071 $ 6,579,140 $ 5,894,745 $ 6,641,847 Accrued interest receivable $ 71,830 $ 71,830 $ 36,781 $ 36,781 Servicing assets $ 47,242 $ 47,242 $ 50,779 $ 50,779 Accounts receivable and other assets $ 75,158 $ 75,158 $ 78,600 $ 78,600 Financial Liabilities: Deposits $ 8,548,518 $ 8,632,457 $ 7,679,685 $ 7,698,610 Securities sold under agreements to repurchase $ - $ - $ 190,345 $ 190,274 Advances from FHLB $ 69,410 $ 66,543 $ 79,620 $ 78,009 Other borrowings $ 238 $ 238 $ 1,195 $ 1,195 Subordinated capital notes $ 34,031 $ 36,083 $ 35,886 $ 36,083 Accrued expenses and other liabilities $ 162,133 $ 162,133 $ 185,660 $ 185,660 |
Banking and Finanial Service _2
Banking and Finanial Service Revenues (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Banking and Financial Service Reveues [Abstract] | |
Commissions and Fees Revenues | Quarter Ended September 30, Nine-Month Period Ended September 30, 2020 2019 2020 2019 (In thousands) Banking service revenues: Checking accounts fees $ 1,940 $ 1,545 $ 6,572 $ 4,494 Savings accounts fees 354 187 1,192 484 Electronic banking fees 12,760 8,018 34,582 24,121 Credit life commissions 59 158 201 426 Branch service commissions 232 337 959 1,055 Servicing and other loan fees 742 433 1,551 1,069 International fees 157 127 454 393 Miscellaneous income 53 8 167 12 Total banking service revenues 16,297 10,813 45,678 32,054 Wealth management revenue: Insurance income 2,486 1,576 7,308 4,505 Broker fees 1,746 1,913 5,128 5,637 Trust fees 2,788 2,895 7,818 8,307 Retirement plan and administration fees 252 227 670 713 Total wealth management revenue 7,272 6,611 20,924 19,162 Mortgage banking activities: Net servicing fees 3,139 1,033 8,506 2,592 Net gains on sale of mortgage loans and valuation 1,368 124 2,187 375 Other ( 590) ( 39) ( 470) ( 14) Total mortgage banking activities 3,917 1,118 10,223 2,953 Total banking and financial service revenues $ 27,486 $ 18,542 $ 76,825 $ 54,169 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Segments [Abstract] | |
Schedule of Segment Reporting Information | Quarter Ended September 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 112,832 $ 14 $ 2,091 $ 114,937 $ - $ 114,937 Interest expense ( 14,092) - ( 1,312) ( 15,404) - ( 15,404) Net interest income 98,740 14 779 99,533 - 99,533 Provision for loan and lease losses, net ( 14,461) - 792 ( 13,669) - ( 13,669) Non-interest income 23,994 7,323 9 31,326 - 31,326 Non-interest expenses ( 76,988) ( 5,138) ( 1,318) ( 83,444) - ( 83,444) Intersegment revenue 769 - - 769 ( 769) - Intersegment expenses - ( 225) ( 544) ( 769) 769 - Income before income taxes $ 32,054 $ 1,974 $ ( 282) $ 33,746 $ - $ 33,746 Income tax expense 6,308 ( 13) 13 6,308 - 6,308 Net income $ 25,746 $ 1,987 $ ( 295) $ 27,438 $ - $ 27,438 Total assets $ 9,367,141 $ 33,006 $ 1,725,221 $ 11,125,368 $ ( 1,106,377) $ 10,018,991 Nine-Month Period Ended September 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 351,933 $ 46 $ 8,347 $ 360,326 $ - $ 360,326 Interest expense ( 44,307) - ( 6,325) ( 50,632) - ( 50,632) Net interest income 307,626 46 2,022 309,694 - 309,694 Provision for loan and lease losses, net ( 77,795) - ( 701) ( 78,496) - ( 78,496) Non-interest income 64,349 21,089 4,490 89,928 - 89,928 Non-interest expenses ( 237,943) ( 14,819) ( 3,485) ( 256,247) - ( 256,247) Intersegment revenue 1,920 - - 1,920 ( 1,920) - Intersegment expenses - ( 580) ( 1,340) ( 1,920) 1,920 - Income before income taxes $ 58,157 $ 5,736 $ 986 $ 64,879 $ - $ 64,879 Income tax expense 9,305 4,506 42 13,853 - 13,853 Net income $ 48,852 $ 1,230 $ 944 $ 51,026 $ - $ 51,026 Total assets $ 9,367,141 $ 33,006 $ 1,725,221 $ 11,125,368 $ ( 1,106,377) $ 10,018,991 Quarter Ended September 30, 2019 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 85,147 $ 16 $ 8,492 $ 93,655 $ - $ 93,655 Interest expense ( 9,260) - ( 3,685) ( 12,945) - ( 12,945) Net interest income 75,887 16 4,807 80,710 - 80,710 Provision for loan and lease losses, net ( 43,678) - ( 92) ( 43,770) - ( 43,770) Non-interest income 11,946 6,719 3,513 22,178 - 22,178 Non-interest expenses ( 46,555) ( 3,450) ( 722) ( 50,727) - ( 50,727) Intersegment revenue 507 - - 507 ( 507) - Intersegment expenses - ( 141) ( 366) ( 507) 507 - Income before income taxes $ ( 1,893) $ 3,144 $ 7,140 $ 8,391 $ - $ 8,391 Income tax expense ( 738) 1,226 520 1,008 - 1,008 Net income $ ( 1,155) $ 1,918 $ 6,620 $ 7,383 $ - $ 7,383 Total assets $ 5,919,877 $ 26,596 $ 1,465,329 $ 7,411,802 $ ( 1,078,297) $ 6,333,505 Nine-Month Period Ended September 30, 2019 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 253,138 $ 53 $ 29,429 $ 282,620 $ - $ 282,620 Interest expense ( 27,083) - ( 11,953) ( 39,036) - ( 39,036) Net interest income 226,055 53 17,476 243,584 - 243,584 Provision for loan and lease losses, net ( 73,560) - ( 164) ( 73,724) - ( 73,724) Non-interest income 34,932 19,537 8,313 62,782 - 62,782 Non-interest expenses ( 139,384) ( 11,675) ( 3,272) ( 154,331) - ( 154,331) Intersegment revenue 1,648 - - 1,648 ( 1,648) - Intersegment expenses - ( 480) ( 1,168) ( 1,648) 1,648 - Income before income taxes $ 49,691 $ 7,435 $ 21,185 $ 78,311 $ - $ 78,311 Income tax expense 18,634 2,788 2,057 23,479 - 23,479 Net income $ 31,057 $ 4,647 $ 19,128 $ 54,832 $ - $ 54,832 Total assets $ 5,919,877 $ 26,596 $ 1,465,329 $ 7,411,802 $ ( 1,078,297) $ 6,333,505 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Cumulative effect on retained earnings | $ (1,064,322) | $ (1,045,478) | $ (1,049,076) | |||
Accrued interest receivable | 71,830 | 36,781 | ||||
Allowance for loan and lease losses | 235,313 | 154,343 | ||||
COVID-19 Deferral Program Loans [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Accrued interest receivable | 43,100 | |||||
Allowance for loan and lease losses | 826 | |||||
Interest receivable, current status | 39,200 | |||||
Retained Earnings [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Cumulative effect on retained earnings | (284,053) | $ (264,724) | (279,646) | $ (285,854) | $ (284,459) | $ (253,040) |
Accounting Standards Update 2016-13 [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Accrued interest receivable on available-for-sale debt securities | 1,600 | 4,100 | ||||
Accrued interest receivable on loans | $ 70,200 | 32,700 | ||||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member] | ||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||
Cumulative effect on retained earnings | $ 0 | $ 25,494 | $ 0 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies (Impact Of Adoption Of CECL On Assets, Liabilities And Retained Earnings) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | $ 423,815 | $ 1,074,169 | |
Deferred tax asset, net | 178,957 | 176,740 | |
Loans | 6,759,927 | 4,726,493 | |
Allowance for credit losses | (235,313) | (116,539) | |
Total loans | 6,579,140 | 6,641,847 | |
Liabilities | 8,954,669 | 8,252,183 | |
Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,426,795 | 1,862,827 | |
Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,352,585 | 899,595 | |
Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | $ 1,980,547 | $ 1,964,071 | |
Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | $ 1,074,169 | ||
Deferred tax asset, net | 190,614 | ||
Loans | 6,808,908 | ||
Allowance for credit losses | (206,259) | ||
Total loans | 6,602,649 | ||
Allowance for credit losses on off-balance sheet credit exposures | 3,858 | ||
Liabilities | 7,863,574 | ||
Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,264,228 | ||
Allowance for credit losses | (80,591) | ||
Accounting Standards Update 2016-13 [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,516,651 | ||
Allowance for credit losses | (49,192) | ||
Accounting Standards Update 2016-13 [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 504,688 | ||
Allowance for credit losses | (27,045) | ||
Accounting Standards Update 2016-13 [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 1,523,341 | ||
Allowance for credit losses | (49,431) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | 1,074,169 | ||
Deferred tax asset, net | 176,740 | ||
Loans | 6,758,386 | ||
Allowance for credit losses | (116,539) | ||
Total loans | 6,641,847 | ||
Allowance for credit losses on off-balance sheet credit exposures | 3,688 | ||
Liabilities | 7,889,068 | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,222,085 | ||
Allowance for credit losses | (34,886) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,508,821 | ||
Allowance for credit losses | (30,382) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 504,507 | ||
Allowance for credit losses | (18,446) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 1,522,973 | ||
Allowance for credit losses | (32,825) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | 0 | ||
Deferred tax asset, net | 13,874 | ||
Loans | 50,522 | ||
Allowance for credit losses | (89,720) | ||
Total loans | (39,198) | ||
Allowance for credit losses on off-balance sheet credit exposures | 170 | ||
Liabilities | (25,494) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 42,143 | ||
Allowance for credit losses | (45,705) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 7,830 | ||
Allowance for credit losses | (18,810) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 181 | ||
Allowance for credit losses | (8,599) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 368 | ||
Allowance for credit losses | (16,606) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | 0 | ||
Deferred tax asset, net | 13,874 | ||
Loans | 0 | ||
Allowance for credit losses | (39,198) | ||
Total loans | (39,198) | ||
Allowance for credit losses on off-balance sheet credit exposures | 170 | ||
Liabilities | (25,494) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | (3,562) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | (10,980) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | (8,418) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | $ (16,238) |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
US Virgin Island [Member] | |
Business Acquisition [Line Items] | |
Premium on deposits | $ 10 |
Scotiabank Of Puerto Rico [Member] | |
Business Acquisition [Line Items] | |
Aggregate purchase price | $ 550 |
Business Combinations (Summary
Business Combinations (Summary of Fair Value Adjustments From Acquisition) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Business Acquisition [Line Items] | |||||
Bargain purchase gain | $ 3,465 | $ 0 | $ 7,336 | $ 0 | |
Scotiabank [Member] | Measurement Period Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | $ 0 | ||||
Investments | 0 | ||||
Loans | 0 | ||||
Accrued interest receivable | 5,540 | ||||
Foreclosed real estate | 0 | ||||
Deferred tax asset, net | 1,386 | ||||
Premises and equipment | 0 | ||||
Servicing asset | 0 | ||||
Operating lease right-of-use assets | 0 | ||||
Other assets | 410 | ||||
Total indentifiable assets acquired | 7,336 | ||||
Deposits | 0 | ||||
Operating lease liability | 0 | ||||
Accrued expenses and other liabilities | 0 | ||||
Total liabilities assumed | 0 | ||||
Total identifiable net assets | 7,336 | ||||
Bargain purchase gain | 7,336 | ||||
Total consideration | 0 | ||||
Scotiabank [Member] | Fair Value As Remeasured [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 492,512 | ||||
Investments | 576,217 | ||||
Loans | 2,216,203 | ||||
Accrued interest receivable | 10,310 | ||||
Foreclosed real estate | 8,284 | ||||
Deferred tax asset, net | 61,327 | ||||
Premises and equipment | 9,798 | ||||
Servicing asset | 40,464 | ||||
Operating lease right-of-use assets | 19,463 | ||||
Other assets | 79,919 | ||||
Total indentifiable assets acquired | 3,569,264 | ||||
Deposits | 3,025,459 | ||||
Operating lease liability | 18,408 | ||||
Accrued expenses and other liabilities | 87,309 | ||||
Total liabilities assumed | 3,131,176 | ||||
Total identifiable net assets | 438,088 | ||||
Bargain purchase gain | 7,651 | ||||
Total consideration | 430,437 | ||||
Scotiabank [Member] | Core Deposits [Member] | Measurement Period Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 0 | ||||
Scotiabank [Member] | Core Deposits [Member] | Fair Value As Remeasured [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 41,507 | ||||
Scotiabank [Member] | Customer Relationships Intangible [Member] | Measurement Period Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 0 | ||||
Scotiabank [Member] | Customer Relationships Intangible [Member] | Fair Value As Remeasured [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 12,693 | ||||
Scotiabank [Member] | Other Intangible Assets [Member] | Measurement Period Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 0 | ||||
Scotiabank [Member] | Other Intangible Assets [Member] | Fair Value As Remeasured [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 567 | ||||
Scotiabank [Member] | Book Value [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 492,512 | ||||
Investments | 576,319 | ||||
Loans | 2,237,337 | ||||
Accrued interest receivable | 7,722 | ||||
Foreclosed real estate | 8,636 | ||||
Deferred tax asset, net | 37,606 | ||||
Premises and equipment | 10,866 | ||||
Servicing asset | 40,258 | ||||
Operating lease right-of-use assets | 15,452 | ||||
Other assets | 86,016 | ||||
Total indentifiable assets acquired | 3,512,724 | ||||
Deposits | 3,028,066 | ||||
Operating lease liability | 16,317 | ||||
Accrued expenses and other liabilities | 87,309 | ||||
Total liabilities assumed | 3,131,692 | ||||
Scotiabank [Member] | Book Value [Member] | Core Deposits [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 0 | ||||
Scotiabank [Member] | Book Value [Member] | Customer Relationships Intangible [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 0 | ||||
Scotiabank [Member] | Book Value [Member] | Other Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 0 | ||||
Scotiabank [Member] | Fair Value Adjustment [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Investments | (102) | ||||
Loans | (21,134) | ||||
Accrued interest receivable | (2,952) | ||||
Foreclosed real estate | (352) | ||||
Deferred tax asset, net | 22,335 | ||||
Premises and equipment | (1,068) | ||||
Servicing asset | 206 | ||||
Operating lease right-of-use assets | 4,011 | ||||
Other assets | (6,507) | ||||
Total indentifiable assets acquired | 49,204 | ||||
Deposits | (2,607) | ||||
Operating lease liability | 2,091 | ||||
Accrued expenses and other liabilities | 0 | ||||
Total liabilities assumed | (516) | ||||
Scotiabank [Member] | Fair Value Adjustment [Member] | Core Deposits [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 41,507 | ||||
Scotiabank [Member] | Fair Value Adjustment [Member] | Customer Relationships Intangible [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 12,693 | ||||
Scotiabank [Member] | Fair Value Adjustment [Member] | Other Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 567 | ||||
Scotiabank [Member] | Fair Value [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 492,512 | ||||
Investments | 576,217 | ||||
Loans | 2,216,203 | ||||
Accrued interest receivable | 4,770 | ||||
Foreclosed real estate | 8,284 | ||||
Deferred tax asset, net | 59,941 | ||||
Premises and equipment | 9,798 | ||||
Servicing asset | 40,464 | ||||
Operating lease right-of-use assets | 19,463 | ||||
Other assets | 79,509 | ||||
Total indentifiable assets acquired | 3,561,928 | ||||
Deposits | 3,025,459 | ||||
Operating lease liability | 18,408 | ||||
Accrued expenses and other liabilities | 87,309 | ||||
Total liabilities assumed | 3,131,176 | ||||
Total identifiable net assets | 430,752 | ||||
Bargain purchase gain | 315 | ||||
Total consideration | 430,437 | ||||
Scotiabank [Member] | Fair Value [Member] | Core Deposits [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 41,507 | ||||
Scotiabank [Member] | Fair Value [Member] | Customer Relationships Intangible [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | 12,693 | ||||
Scotiabank [Member] | Fair Value [Member] | Other Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible | $ 567 |
Business Combinations (Summar_2
Business Combinations (Summary of Merger and Restructuing Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Total merger and restructuring charges | $ 2,681 | $ 1,556 | $ 5,991 | $ 2,556 |
Scotiabank PR & USVI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Severance and employee-related charges | 0 | 33 | ||
Systems integrations and related charges | 2,282 | 5,424 | ||
Other | 399 | 534 | ||
Total merger and restructuring charges | $ 2,681 | $ 5,991 |
Business Combinations (Summar_3
Business Combinations (Summary of Restructuring Reserves) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||||
Merger and restructuring charges | $ 2,681 | $ 1,556 | $ 5,991 | $ 2,556 |
Scotiabank PR & USVI Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Balance at the beginning of the period | 16,388 | 17,491 | ||
Merger and restructuring charges | 2,681 | 5,991 | ||
Cash payments | (7,164) | (11,577) | ||
Balance at the end of the period | $ 11,905 | $ 11,905 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,050 | $ 1,450 | $ 1,050 |
Reserve required by local Goverment | 416,100 | 289,300 | |
Scotiabank Of Puerto Rico [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Certificates of deposits held, acquired | 300 | ||
Certificates of deposits, amount registered as part of integration | 100 | ||
OIB [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 305 | 305 | |
Oriental Overseas [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 325 | 325 | |
Obligations Under Agreement of Loans Sold with Recourse [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 1,050 | $ 1,050 | |
Short Term High Liquidity Securities [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 325 |
Restricted Cash (Restricted Cas
Restricted Cash (Restricted Cash Components) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,050 | $ 1,450 | $ 1,050 |
Regulatory Requirements [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 0 | 400 | |
Obligations Under Agreement of Loans Sold with Recourse [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,050 | $ 1,050 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Money market investments | $ 14,617 | $ 8,035 | $ 14,617 | $ 8,035 | $ 6,775 |
Securitized GNMA pools retained, amortized cost | $ 46,200 | $ 45,700 | $ 46,200 | $ 45,700 | |
Securitized GNMA pool retained, yield | 2.69% | 3.42% | 2.69% | 3.42% | |
Proceeds from sale of available for sale securities | $ 316,300 | $ 680,500 | |||
Sale of securities | $ 0 | $ 3,498 | $ 4,728 | $ 8,274 |
Investment Securities (Investme
Investment Securities (Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 412,900 | $ 1,074,475 |
Available-for-sale Securities, Gross Unrealized Gains | 10,915 | 1,611 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 1,917 |
Available-for-sale Securities | $ 423,815 | $ 1,074,169 |
Available for sale - Weighted Average Yield | 2.00% | 1.92% |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 319,295 | $ 674,217 |
Available-for-sale Securities, Gross Unrealized Gains | 10,425 | 1,580 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 1,911 |
Available-for-sale Securities | $ 329,720 | $ 673,886 |
Available for sale - Weighted Average Yield | 2.11% | 2.11% |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 135,067 | $ 403,227 |
Available-for-sale Securities, Gross Unrealized Gains | 4,897 | 846 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 1,417 |
Available-for-sale Securities | $ 139,964 | $ 402,656 |
Available for sale - Weighted Average Yield | 1.96% | 2.00% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 141,412 | $ 215,755 |
Available-for-sale Securities, Gross Unrealized Gains | 4,480 | 718 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 4 |
Available-for-sale Securities | $ 145,892 | $ 216,469 |
Available for sale - Weighted Average Yield | 2.29% | 2.33% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 42,816 | $ 55,235 |
Available-for-sale Securities, Gross Unrealized Gains | 1,048 | 16 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 490 |
Available-for-sale Securities | $ 43,864 | $ 54,761 |
Available for sale - Weighted Average Yield | 1.97% | 1.97% |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 93,605 | $ 400,258 |
Available-for-sale Securities, Gross Unrealized Gains | 490 | 31 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 6 |
Available-for-sale Securities | $ 94,095 | $ 400,283 |
Available for sale - Weighted Average Yield | 1.62% | 1.60% |
Securities Investment [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 91,109 | $ 397,183 |
Available-for-sale Securities, Gross Unrealized Gains | 422 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 91,531 | $ 397,183 |
Available for sale - Weighted Average Yield | 1.61% | 1.60% |
Securities Investment [Member] | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 1,688 | $ 1,967 |
Available-for-sale Securities, Gross Unrealized Gains | 26 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 6 |
Available-for-sale Securities | $ 1,714 | $ 1,961 |
Available for sale - Weighted Average Yield | 1.39% | 1.38% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 808 | $ 1,108 |
Available-for-sale Securities, Gross Unrealized Gains | 42 | 31 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 850 | $ 1,139 |
Available for sale - Weighted Average Yield | 2.99% | 3.00% |
Investment Securities (Invest_2
Investment Securities (Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 412,900 | $ 1,074,475 |
Available-for-sale Securities | 423,815 | 1,074,169 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 319,295 | 674,217 |
Available-for-sale Securities | 329,720 | 673,886 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 135,067 | 403,227 |
Available-for-sale Securities | 139,964 | 402,656 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 141,412 | 215,755 |
Available-for-sale Securities | 145,892 | 216,469 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 42,816 | 55,235 |
Available-for-sale Securities | 43,864 | 54,761 |
Collateralized Mortgage Backed Securities [Member] | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 597 | |
Available-for-sale Securities | 624 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due In Less Than One Year [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 597 | |
Available-for-sale Securities | 624 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 546 | |
Available-for-sale Securities | 550 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 546 | |
Available-for-sale Securities | 550 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 204,507 | |
Available-for-sale Securities | 210,763 | |
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 | 103,975 | |
Available-for-sale Securities | 107,933 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 64,979 | |
Available-for-sale Securities | 66,388 | |
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 | 35,553 | |
Available-for-sale Securities | 36,442 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 113,645 | |
Available-for-sale Securities | 117,783 | |
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 | 30,495 | |
Available-for-sale Securities | 31,407 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 75,888 | |
Available-for-sale Securities | 78,954 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 7,262 | |
Available-for-sale Securities | 7,422 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 93,605 | 400,258 |
Available-for-sale Securities | 94,095 | 400,283 |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 91,109 | 397,183 |
Available-for-sale Securities | 91,531 | 397,183 |
Investment Securities | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,688 | 1,967 |
Available-for-sale Securities | 1,714 | 1,961 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 808 | 1,108 |
Available-for-sale Securities | 850 | $ 1,139 |
Investment Securities | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 81,203 | |
Available-for-sale Securities | 81,345 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 81,103 | |
Available-for-sale Securities | 81,245 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 100 | |
Available-for-sale Securities | 100 | |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 11,694 | |
Available-for-sale Securities | 12,000 | |
Investment Securities | Maturities Due From One To Five Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,006 | |
Available-for-sale Securities | 10,286 | |
Investment Securities | Maturities Due From One To Five Years [Member] | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,688 | |
Available-for-sale Securities | 1,714 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 708 | |
Available-for-sale Securities | 750 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 708 | |
Available-for-sale Securities | $ 750 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains and Losses by Category) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sale Price | $ 320,984 | $ 680,466 |
Book Value at Sale | 316,256 | 672,192 |
Gross Gains | 4,728 | 8,274 |
Gross Losses | 0 | 0 |
FNMA and FHLMC [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Investments, Debt and Equity Securities [Abstract] | ||
Sale Price | 229,571 | 451,081 |
Book Value at Sale | 227,213 | 447,305 |
Gross Gains | 2,358 | 3,776 |
Gross Losses | 0 | 0 |
GNMA [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Investments, Debt and Equity Securities [Abstract] | ||
Sale Price | 91,413 | 229,385 |
Book Value at Sale | 89,043 | 224,887 |
Gross Gains | 2,370 | 4,498 |
Gross Losses | $ 0 | $ 0 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gains and Losses by Category) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | |
Available for sale - Amortized cost - less than 12 month | $ 20,598 |
Available for sale - Amortized cost - more than 12 month | 296,502 |
Total Available for Sale Amortization cost | 317,100 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Available for sale - Unrealized Loss - less than 12 month | 109 |
Available for sale - Unrealized Loss - more than 12 month | 1,808 |
Total Available for Sale Unrealized Loss | 1,917 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | |
Available for sale - Fair Value - less than 12 month | 20,489 |
Available-for-sale, Fair Value - more than 12 month | 294,694 |
Total Available for Sale Fair Value | 315,183 |
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 | 11,503 |
Available for sale - Amortized cost - more than 12 month | 35,417 |
Total Available for Sale Amortization cost | 46,920 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Available for sale - Unrealized Loss - less than 12 month | 103 |
Available for sale - Unrealized Loss - more than 12 month | 387 |
Total Available for Sale Unrealized Loss | 490 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | |
Available for sale - Fair Value - less than 12 month | 11,400 |
Available-for-sale, Fair Value - more than 12 month | 35,030 |
Total Available for Sale Fair Value | 46,430 |
FNMA and FHLMC [Member] | |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | |
Available for sale - Amortized cost - less than 12 month | 4,919 |
Available for sale - Amortized cost - more than 12 month | 259,099 |
Total Available for Sale Amortization cost | 264,018 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Available for sale - Unrealized Loss - less than 12 month | 2 |
Available for sale - Unrealized Loss - more than 12 month | 1,415 |
Total Available for Sale Unrealized Loss | 1,417 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | |
Available for sale - Fair Value - less than 12 month | 4,917 |
Available-for-sale, Fair Value - more than 12 month | 257,684 |
Total Available for Sale Fair Value | 262,601 |
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 | 3,549 |
Available for sale - Amortized cost - more than 12 month | 19 |
Total Available for Sale Amortization cost | 3,568 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Available for sale - Unrealized Loss - less than 12 month | 4 |
Available for sale - Unrealized Loss - more than 12 month | 0 |
Total Available for Sale Unrealized Loss | 4 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | |
Available for sale - Fair Value - less than 12 month | 3,545 |
Available-for-sale, Fair Value - more than 12 month | 19 |
Total Available for Sale Fair Value | 3,564 |
Obligation of US Government Sponsored Agencies [Member] | |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | |
Available for sale - Amortized cost - more than 12 month | 1,967 |
Total Available for Sale Amortization cost | 1,967 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Available for sale - Unrealized Loss - more than 12 month | 6 |
Total Available for Sale Unrealized Loss | 6 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | |
Available-for-sale, Fair Value - more than 12 month | 1,961 |
Total Available for Sale Fair Value | 1,961 |
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 | 627 |
Total Available for Sale Amortization cost | 627 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |
Available for sale - Unrealized Loss - less than 12 month | 0 |
Total Available for Sale Unrealized Loss | 0 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | |
Available for sale - Fair Value - less than 12 month | 627 |
Total Available for Sale Fair Value | $ 627 |
Loans (Narratives) (Details)
Loans (Narratives) (Details) - USD ($) | Jun. 26, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Loans And Leases Receivable Disclosure [Line Items] | ||||
Originated loans granted to Puerto Rico government | $ 121,900,000 | $ 134,000,000 | ||
Financing receivable modifications. recorded investment not included in non-accrual | 98,700,000 | 103,700,000 | ||
Balance of revolving loans converted to term loans, amount | 25,200,000 | |||
Commitment to lend additional funds | 0 | $ 0 | ||
Loan deferral amount, pandemic related | 135,000,000 | |||
Loans | 6,759,927,000 | 4,726,493,000 | ||
Allowance for loan and lease losses | 235,313,000 | 116,539,000 | ||
Allowance for loan and lease losses, loans acquired | $ 0 | |||
Mortgage Loans - GNMA Buy-Back Option Program [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Delinquent loans | 62,700,000 | 75,200,000 | ||
Granted To Puerto Rico Government [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans | 97,800,000 | 129,900,000 | ||
One Loan, Public Corporation Acquired [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Loans | 24,100,000 | $ 4,100,000 | ||
Allowance for loan and lease losses | $ 20,000,000 |
Loans (Composition of Loan Port
Loans (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 6,759,927 | $ 4,726,493 |
Allowance for credit losses | (235,313) | (116,539) |
Total loans held for investment | 6,524,614 | 6,622,256 |
Mortgage loans held-for-sale | 54,526 | |
Total loans | 6,579,140 | 6,641,847 |
Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,426,795 | 1,862,827 |
Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,352,585 | 899,595 |
Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,980,547 | 1,964,071 |
Acquired Non-PCD [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,868,286 | |
Allowance for credit losses | (156,409) | |
Total loans held for investment | 4,711,877 | |
Mortgage loans held-for-sale | 54,526 | |
Total loans | 4,766,403 | |
Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,074,240 | |
Acquired Non-PCD [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 847,671 | |
Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,946,375 | |
Acquired PCD [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,891,641 | |
Allowance for credit losses | (78,904) | |
Total loans held for investment | 1,812,737 | |
Mortgage loans held-for-sale | 0 | |
Total loans | 1,812,737 | |
Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 352,555 | |
Acquired PCD [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,504,914 | |
Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 34,172 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,059,408 | 866,706 |
Commercial Secured By Real Estate [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 810,755 | |
Commercial Secured By Real Estate [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 248,653 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 740,512 | 723,526 |
Other Commercial And Industrial [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 636,610 | |
Other Commercial And Industrial [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 103,902 | |
Commercial Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 289,218 | |
Commercial Paycheck Protection Program [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 289,218 | |
Commercial Paycheck Protection Program [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 337,657 | 272,595 |
US Loan Program [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 337,657 | |
US Loan Program [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 329,857 | 367,157 |
Personal Loan [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 327,923 | |
Personal Loan [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,934 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 47,275 | 52,614 |
Credit Lines [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 46,873 | |
Credit Lines [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 402 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 59,618 | 75,202 |
Credit Cards [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 59,618 | |
Credit Cards [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
Overdraft [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 132 | |
Overdraft [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 132 | |
Overdraft [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,543,665 | 1,468,882 |
Auto Loan [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,511,829 | |
Auto Loan [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 31,836 | |
Originated Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,907,350 | |
Originated Loan [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,862,827 | |
Originated Loan [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 899,595 | |
Originated Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,964,071 | |
Originated Loan [Member] | Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 866,706 | |
Originated Loan [Member] | Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 723,526 | |
Originated Loan [Member] | US Loan Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 272,595 | |
Originated Loan [Member] | Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 367,157 | |
Originated Loan [Member] | Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 52,614 | |
Originated Loan [Member] | Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 75,202 | |
Originated Loan [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,277,867 | |
Originated Loan [Member] | Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,468,882 | |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 577,416 | |
Originated Loan [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,669,635 | |
Originated Loan [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 382,432 |
Loans (Aging of Recorded Invest
Loans (Aging of Recorded Investment in Gross Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 276,879 | |
Current | 4,449,614 | |
Total Loans | $ 6,759,927 | 4,726,493 |
Loans 90+ Days Past Due and Still Accruing | 2,418 | |
PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,891,641 | |
Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 276,177 | |
Current | 4,592,109 | |
Total Loans | 4,868,286 | |
Loans 90+ Days Past Due and Still Accruing | 3,666 | |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 97,199 | |
30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 70,663 | |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 48,394 | |
60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51,214 | |
90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 131,286 | |
90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 154,300 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,106 | |
Current | 1,832,721 | |
Total Loans | 2,426,795 | 1,862,827 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 352,555 | |
Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 35,595 | |
Current | 2,038,645 | |
Total Loans | 2,074,240 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,578 | |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,970 | |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,317 | |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,181 | |
Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,211 | |
Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,444 | |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 116,499 | |
Current | 783,096 | |
Total Loans | 2,352,585 | 899,595 |
Loans 90+ Days Past Due and Still Accruing | 2,418 | |
Mortgage Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,504,914 | |
Mortgage Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 113,768 | |
Current | 733,903 | |
Total Loans | 847,671 | |
Loans 90+ Days Past Due and Still Accruing | 3,666 | |
Mortgage Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,793 | |
Mortgage Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,989 | |
Mortgage Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 96,986 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 130,274 | |
Current | 1,833,797 | |
Total Loans | 1,980,547 | 1,964,071 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 34,172 | |
Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 126,814 | |
Current | 1,819,561 | |
Total Loans | 1,946,375 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 79,336 | |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 60,900 | |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,972 | |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 39,044 | |
Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16,966 | |
Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 26,870 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,435 | |
Current | 847,271 | |
Total Loans | 1,059,408 | 866,706 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 248,653 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 27,720 | |
Current | 783,035 | |
Total Loans | 810,755 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 994 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,987 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 946 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 749 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,495 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23,984 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,875 | |
Current | 917,953 | |
Total Loans | 925,828 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 983 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 432 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,460 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,671 | |
Current | 712,855 | |
Total Loans | 740,512 | 723,526 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 103,902 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 636,610 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,584 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 371 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,716 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Current | 272,595 | |
Total Loans | 337,657 | 272,595 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Current | 337,657 | |
Total Loans | 337,657 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,680 | |
Current | 358,477 | |
Total Loans | 329,857 | 367,157 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,934 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 11,430 | |
Current | 316,493 | |
Total Loans | 327,923 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,978 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,984 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,123 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,209 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,579 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,237 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 774 | |
Current | 51,840 | |
Total Loans | 47,275 | 52,614 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 402 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,444 | |
Current | 44,429 | |
Total Loans | 46,873 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 533 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 999 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 196 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 221 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,249 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,751 | |
Current | 72,451 | |
Total Loans | 59,618 | 75,202 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,174 | |
Current | 56,444 | |
Total Loans | 59,618 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,438 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,104 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 417 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 509 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 896 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,561 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51 | |
Current | 165 | |
Total Loans | 216 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31 | |
Current | 101 | |
Total Loans | 132 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118,018 | |
Current | 1,350,864 | |
Total Loans | 1,543,665 | 1,468,882 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 31,836 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 109,735 | |
Current | 1,402,094 | |
Total Loans | 1,511,829 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72,336 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 53,782 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31,412 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,130 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,270 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 21,823 | |
Originated Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,907,350 | |
Originated Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,106 | |
Current | 1,832,721 | |
Total Loans | 1,862,827 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,578 | |
Originated Loan [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,317 | |
Originated Loan [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,211 | |
Originated Loan [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 116,499 | |
Current | 783,096 | |
Total Loans | 899,595 | |
Loans 90+ Days Past Due and Still Accruing | 2,418 | |
Originated Loan [Member] | Mortgage Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,285 | |
Originated Loan [Member] | Mortgage Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,105 | |
Originated Loan [Member] | Mortgage Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 94,109 | |
Originated Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 130,274 | |
Current | 1,833,797 | |
Total Loans | 1,964,071 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 79,336 | |
Originated Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 33,972 | |
Originated Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 16,966 | |
Originated Loan [Member] | Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 19,435 | |
Current | 847,271 | |
Total Loans | 866,706 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 994 | |
Originated Loan [Member] | Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 946 | |
Originated Loan [Member] | Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,495 | |
Originated Loan [Member] | Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,671 | |
Current | 712,855 | |
Total Loans | 723,526 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,584 | |
Originated Loan [Member] | Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 371 | |
Originated Loan [Member] | Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,716 | |
Originated Loan [Member] | US Loan Program [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Current | 272,595 | |
Total Loans | 272,595 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | US Loan Program [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Originated Loan [Member] | US Loan Program [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Originated Loan [Member] | US Loan Program [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Originated Loan [Member] | Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,680 | |
Current | 358,477 | |
Total Loans | 367,157 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,978 | |
Originated Loan [Member] | Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,123 | |
Originated Loan [Member] | Personal Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,579 | |
Originated Loan [Member] | Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 774 | |
Current | 51,840 | |
Total Loans | 52,614 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Credit Lines [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 533 | |
Originated Loan [Member] | Credit Lines [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20 | |
Originated Loan [Member] | Credit Lines [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 221 | |
Originated Loan [Member] | Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,751 | |
Current | 72,451 | |
Total Loans | 75,202 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Credit Cards [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,438 | |
Originated Loan [Member] | Credit Cards [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 417 | |
Originated Loan [Member] | Credit Cards [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 896 | |
Originated Loan [Member] | Overdrafts [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51 | |
Current | 165 | |
Total Loans | 216 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Overdrafts [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 51 | |
Originated Loan [Member] | Overdrafts [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Originated Loan [Member] | Overdrafts [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | |
Originated Loan [Member] | Auto Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,277,867 | |
Originated Loan [Member] | Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 118,018 | |
Current | 1,350,864 | |
Total Loans | 1,468,882 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Originated Loan [Member] | Auto Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 72,336 | |
Originated Loan [Member] | Auto Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31,412 | |
Originated Loan [Member] | Auto Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,270 | |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 577,416 | |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,669,635 | |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 382,432 |
Loans (Acquired Loans With Dete
Loans (Acquired Loans With Deteriorated Credit Quality) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Scotiabank PR & USVI Loans [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | $ 2,147,249 |
Less: Non-accretable discount | 294,424 |
Cash expected to be collected | 1,852,825 |
Less: Accretable yield | 458,885 |
Carrying amount, gross | 1,393,940 |
Less: allowance for loan and lease losses | 0 |
Carrying amount, net | 1,393,940 |
BBVAPR [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | 1,086,367 |
Less: Non-accretable discount | 340,466 |
Cash expected to be collected | 745,901 |
Less: Accretable yield | 214,886 |
Carrying amount, gross | 531,015 |
Less: allowance for loan and lease losses | 17,036 |
Carrying amount, net | 513,979 |
Eurobank [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | 117,107 |
Less: Non-accretable discount | 4,285 |
Cash expected to be collected | 112,822 |
Less: Accretable yield | 34,441 |
Carrying amount, gross | 78,381 |
Less: allowance for loan and lease losses | 14,458 |
Carrying amount, net | $ 63,923 |
Loans (Accretable Yield and Non
Loans (Accretable Yield and Non-Accretable Discount Activity) (Details) - Acquired under ASC 310-30 Non-Covered Loans [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Accretable Yield Activity: | ||
Balance at beginning of period | $ 252,518,000 | $ 269,510,000 |
Accretion | (8,483,000) | (26,936,000) |
Change in expected cash flow | 4,151,000 | 9,290,000 |
Transfer from (to) non-accretable discount | (27,014,000) | (30,692,000) |
Balance at end of period | 221,172,000 | 221,172,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of period | 346,055,000 | 345,423,000 |
Change in actual and expected losses | (25,343,000) | (28,389,000) |
Transfer (to) from accretable yield | 27,014,000 | 30,692,000 |
Balance at end of period | 347,726,000 | 347,726,000 |
Mortgage Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of period | 217,549,000 | 232,199,000 |
Accretion | (5,876,000) | (18,342,000) |
Change in expected cash flow | 0 | 0 |
Transfer from (to) non-accretable discount | (9,849,000) | (12,033,000) |
Balance at end of period | 201,824,000 | 201,824,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of period | 292,258,000 | 291,887,000 |
Change in actual and expected losses | (21,356,000) | (23,169,000) |
Transfer (to) from accretable yield | 9,849,000 | 12,033,000 |
Balance at end of period | 280,751,000 | 280,751,000 |
Commercial Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of period | 34,638,000 | 36,508,000 |
Accretion | (2,379,000) | (7,523,000) |
Change in expected cash flow | 3,995,000 | 8,635,000 |
Transfer from (to) non-accretable discount | (17,128,000) | (18,494,000) |
Balance at end of period | 19,126,000 | 19,126,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of period | 10,904,000 | 10,346,000 |
Change in actual and expected losses | (3,913,000) | (4,721,000) |
Transfer (to) from accretable yield | 17,128,000 | 18,494,000 |
Balance at end of period | 24,119,000 | 24,119,000 |
Auto Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of period | 43,000 | 243,000 |
Accretion | (77,000) | (432,000) |
Change in expected cash flow | 5,000 | 16,000 |
Transfer from (to) non-accretable discount | 57,000 | 201,000 |
Balance at end of period | 28,000 | 28,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of period | 24,083,000 | 24,245,000 |
Change in actual and expected losses | 44,000 | 26,000 |
Transfer (to) from accretable yield | (57,000) | (201,000) |
Balance at end of period | 24,070,000 | 24,070,000 |
Consumer Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of period | 288,000 | 560,000 |
Accretion | (151,000) | (639,000) |
Change in expected cash flow | 151,000 | 639,000 |
Transfer from (to) non-accretable discount | (94,000) | (366,000) |
Balance at end of period | 194,000 | 194,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of period | 18,810,000 | 18,945,000 |
Change in actual and expected losses | (118,000) | (525,000) |
Transfer (to) from accretable yield | 94,000 | 366,000 |
Balance at end of period | $ 18,786,000 | $ 18,786,000 |
Loans (Accretable Yield and N_2
Loans (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 | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 38,394 | $ 41,699 |
Accretion | (2,379) | (7,452) |
Change in expected cash flow | 2,506 | 3,056 |
Transfer from (to) non-accretable discount | (2,933) | (1,715) |
Balance at end of period | 35,588 | 35,588 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 1,799 | 2,959 |
Change in actual and expected losses | (3,018) | (2,960) |
Transfer (to) from accretable yield | 2,933 | 1,715 |
Balance at end of period | 1,714 | 1,714 |
Mortgage [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 36,538 | 38,389 |
Accretion | (1,218) | (3,849) |
Change in expected cash flow | 1,917 | 1,524 |
Transfer from (to) non-accretable discount | (2,542) | (1,369) |
Balance at end of period | 34,695 | 34,695 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 1,681 | 2,826 |
Change in actual and expected losses | (2,597) | (2,569) |
Transfer (to) from accretable yield | 2,542 | 1,369 |
Balance at end of period | 1,626 | 1,626 |
Commercial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 1,856 | 3,310 |
Accretion | (1,075) | (3,439) |
Change in expected cash flow | 550 | 1,416 |
Transfer from (to) non-accretable discount | (438) | (394) |
Balance at end of period | 893 | 893 |
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 |
Change in actual and expected losses | (438) | (394) |
Transfer (to) from accretable yield | 438 | 394 |
Balance at end of period | 0 | 0 |
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 | 0 |
Accretion | 3 | (12) |
Change in expected cash flow | (93) | (134) |
Transfer from (to) non-accretable discount | 90 | 146 |
Balance at end of period | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Change in actual and expected losses | 90 | 146 |
Transfer (to) from accretable yield | (90) | (146) |
Balance at end of period | 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 | 0 | 0 |
Accretion | (89) | (152) |
Change in expected cash flow | 132 | 250 |
Transfer from (to) non-accretable discount | (43) | (98) |
Balance at end of period | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of period | 118 | 133 |
Change in actual and expected losses | (73) | (143) |
Transfer (to) from accretable yield | 43 | 98 |
Balance at end of period | $ 88 | $ 88 |
Loans (Investment in Loans on N
Loans (Investment in Loans on Non-Accrual Status) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | $ 140,501 | $ 80,923 |
Nonaccrual with no Allowance for Credit Loss | 48,801 | |
PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 76,519 | |
Nonaccrual with no Allowance for Credit Loss | 4,119 | |
Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 63,982 | |
Nonaccrual with no Allowance for Credit Loss | 44,682 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 42,606 | |
Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 75,512 | |
Nonaccrual with no Allowance for Credit Loss | 4,119 | |
Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 13,708 | |
Nonaccrual with no Allowance for Credit Loss | 31,234 | |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 18,735 | |
Mortgage Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,003 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Mortgage Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 23,050 | |
Nonaccrual with no Allowance for Credit Loss | 12,883 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 19,582 | |
Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 4 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 27,224 | |
Nonaccrual with no Allowance for Credit Loss | 565 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 32,720 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 14,566 | |
Nonaccrual with no Allowance for Credit Loss | 3,068 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 9,902 | |
Nonaccrual with no Allowance for Credit Loss | 28,015 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 9,886 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 60,946 | |
Nonaccrual with no Allowance for Credit Loss | 1,051 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 3,806 | |
Nonaccrual with no Allowance for Credit Loss | 3,219 | |
Personal loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 4,164 | |
Personal loans [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 4 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Personal loans [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,826 | |
Nonaccrual with no Allowance for Credit Loss | 565 | |
Personal Lines Of Credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 227 | |
Personal Lines Of Credit [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,253 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 896 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,562 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Auto and Leasing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | $ 14,295 | |
Auto and Leasing [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 22,583 | |
Nonaccrual with no Allowance for Credit Loss | $ 0 |
Loans (TDR Pre_Post Modificatio
Loans (TDR Pre/Post Modifications) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)number | Sep. 30, 2019USD ($)number | Sep. 30, 2020USD ($)number | Sep. 30, 2019USD ($)number | |
Mortgage Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 22 | 21 | 51 | 109 |
Pre-Modification Outstanding Recorded Investment | $ 2,438 | $ 2,446 | $ 5,982 | $ 13,940 |
Pre-Modification Weighted Average Rate | 4.98% | 5.97% | 5.04% | 5.91% |
Pre-Modification Weighted Average Term (in Months) | 286 months | 358 months | 327 months | 383 months |
Post-Modification Outstanding Recorded Investment | $ 2,268 | $ 2,307 | $ 5,736 | $ 12,893 |
Post-Modification Weighted Average Rate | 4.36% | 5.25% | 4.34% | 5.14% |
Post-Modification Weighted Average Term (in Months) | 285 months | 345 months | 329 months | 346 months |
Commercial Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 1 | 1 | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 150 | $ 81 | $ 581 | $ 1,245 |
Pre-Modification Weighted Average Rate | 5.50% | 8.50% | 6.71% | 7.12% |
Pre-Modification Weighted Average Term (in Months) | 12 months | 60 months | 57 months | 55 months |
Post-Modification Outstanding Recorded Investment | $ 150 | $ 81 | $ 581 | $ 1,245 |
Post-Modification Weighted Average Rate | 8.00% | 8.50% | 7.03% | 5.96% |
Post-Modification Weighted Average Term (in Months) | 36 months | 95 months | 135 months | 86 months |
Consumer Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 2 | 124 | 20 | 265 |
Pre-Modification Outstanding Recorded Investment | $ 32 | $ 1,818 | $ 284 | $ 3,833 |
Pre-Modification Weighted Average Rate | 13.68% | 16.50% | 13.11% | 15.92% |
Pre-Modification Weighted Average Term (in Months) | 68 months | 65 months | 67 months | 66 months |
Post-Modification Outstanding Recorded Investment | $ 32 | $ 1,776 | $ 289 | $ 3,825 |
Post-Modification Weighted Average Rate | 10.61% | 11.68% | 10.63% | 11.69% |
Post-Modification Weighted Average Term (in Months) | 68 months | 75 months | 78 months | 75 months |
Auto [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 29 | 8 | 31 | 21 |
Pre-Modification Outstanding Recorded Investment | $ 187 | $ 112 | $ 217 | $ 305 |
Pre-Modification Weighted Average Rate | 10.63% | 6.96% | 10.88% | 7.35% |
Pre-Modification Weighted Average Term (in Months) | 76 months | 71 months | 74 months | 70 months |
Post-Modification Outstanding Recorded Investment | $ 187 | $ 112 | $ 219 | $ 313 |
Post-Modification Weighted Average Rate | 10.87% | 8.60% | 11.02% | 8.97% |
Post-Modification Weighted Average Term (in Months) | 73 months | 43 months | 71 months | 45 months |
Loans (Troubled debt restructur
Loans (Troubled debt restructurings, Rolling Twelve Months) (Details) | 12 Months Ended | |
Sep. 30, 2020USD ($)number | Sep. 30, 2019USD ($)number | |
Mortgage Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 17 | 32 |
Recored Investment | $ | $ 2,394,000 | $ 4,065,000 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 1 | 2 |
Recored Investment | $ | $ 84,000 | $ 350,000 |
Consumer Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 50 | 61 |
Recored Investment | $ | $ 627,000 | $ 710,000 |
Auto [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 0 | 3 |
Recored Investment | $ | $ 0 | $ 51,000 |
Loans (Aging of the Amortized C
Loans (Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment) (Details) - Real Estate [Member] $ in Thousands | Sep. 30, 2020USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Amortized cost of collateral-dependent loans held for investment | $ 32,800 |
Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Amortized cost of collateral-dependent loans held for investment | 29,731 |
Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Amortized cost of collateral-dependent loans held for investment | $ 3,069 |
Loans (Credit Quality Indicator
Loans (Credit Quality Indicators of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | $ 276,345 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 466,916 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 365,883 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 200,417 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 111,549 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 90,719 | |
Total Loans | 1,511,829 | |
Auto Loan [Member] | FICO Score, 1 to 660 [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 81,738 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 123,802 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 105,596 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 62,980 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 34,460 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 28,443 | |
Total Loans | 437,019 | |
Auto Loan [Member] | FICO Score, 661 to 699 [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 54,684 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 77,710 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 49,632 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 25,131 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 14,147 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,029 | |
Total Loans | 233,333 | |
Auto Loan [Member] | 700+ [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 126,267 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 222,082 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 176,364 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 93,445 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 52,035 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 40,791 | |
Total Loans | 710,984 | |
Auto Loan [Member] | No FICO [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 13,656 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 43,322 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 34,291 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 18,861 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 10,907 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,456 | |
Total Loans | 130,493 | |
Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 445,273 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 291,272 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 350,138 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 135,933 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 69,313 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 297,044 | |
Revolving Loans Amortized Cost Basis | 485,267 | |
Total Loans | 2,074,240 | $ 1,862,827 |
Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 42,016 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 128,699 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 122,339 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 113,433 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 57,494 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 276,141 | |
Revolving Loans Amortized Cost Basis | 70,633 | |
Total Loans | 810,755 | 866,706 |
Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 345,521 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 96,509 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 97,668 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 15,369 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 11,819 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 20,903 | |
Revolving Loans Amortized Cost Basis | 338,039 | |
Total Loans | 925,828 | 723,526 |
Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 57,736 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 66,064 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 130,131 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 7,131 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 76,595 | |
Total Loans | 337,657 | 272,595 |
Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 4,170 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 21,633 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 28,774 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 35,039 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 41,264 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 716,791 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 847,671 | 899,595 |
Mortgage Portfolio Segment [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 4,170 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 21,330 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 28,735 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 34,413 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 40,319 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 678,226 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 807,193 | |
Mortgage Portfolio Segment [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 303 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 39 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 626 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 945 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 38,565 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 40,478 | |
Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 69,115 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 130,868 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 67,111 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 34,090 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 16,999 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,740 | |
Revolving Loans Amortized Cost Basis | 106,623 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 434,546 | 1,964,071 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 69,115 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 130,868 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 67,111 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 34,090 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 16,999 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,740 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 327,923 | 367,157 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 69,033 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 130,325 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 66,447 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 33,686 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 16,673 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,367 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 325,531 | |
Consumer Portfolio Segment [Member] | Personal loans [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 82 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 543 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 664 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 404 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 326 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 373 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 2,392 | |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 46,873 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 46,873 | 52,614 |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 45,620 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 45,620 | |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,253 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 1,253 | |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 59,618 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 59,618 | 75,202 |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 58,056 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 58,056 | |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,562 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 1,562 | |
Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 132 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 132 | 216 |
Consumer Portfolio Segment [Member] | Overdraft [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 132 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 132 | |
Consumer Portfolio Segment [Member] | Overdraft [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | |
Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,468,882 | |
Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 73,285 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 152,501 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 95,885 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 69,129 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 58,263 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 726,531 | |
Revolving Loans Amortized Cost Basis | 106,623 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 1,282,217 | 2,863,666 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,732,019 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 31,615 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 125,253 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 116,703 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 87,845 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 48,245 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 227,034 | |
Revolving Loans Amortized Cost Basis | 56,413 | |
Total Loans | 693,108 | 762,443 |
Pass [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 345,220 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 87,578 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 97,500 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 15,175 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 8,903 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 15,342 | |
Revolving Loans Amortized Cost Basis | 306,602 | |
Total Loans | 876,320 | 706,831 |
Pass [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 57,673 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 64,563 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 79,209 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 7,131 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 75,345 | |
Total Loans | 283,921 | 262,745 |
Pass [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 805,486 | |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,947,055 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 365,579 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 52,393 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 74,306 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 165 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,454,612 | |
Pass [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 2,752,541 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 72,354 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 10,213 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 3,048 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 4,762 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 16,850 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 8,621 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 20,599 | |
Revolving Loans Amortized Cost Basis | 6,760 | |
Total Loans | 70,853 | 55,870 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 301 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 8,135 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 4 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,470 | |
Revolving Loans Amortized Cost Basis | 27,984 | |
Total Loans | 41,894 | 6,634 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 63 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,501 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 43,101 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,250 | |
Total Loans | 45,915 | 9,850 |
Special Mention [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 58,317 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 188 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 398 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 874 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 8,738 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 628 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 28,478 | |
Revolving Loans Amortized Cost Basis | 7,411 | |
Total Loans | 46,715 | 48,357 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 796 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 168 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 194 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 2,912 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 91 | |
Revolving Loans Amortized Cost Basis | 3,385 | |
Total Loans | 7,546 | 9,960 |
Substandard [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 7,821 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 7,821 | 0 |
Substandard [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 94,109 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 17,016 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,578 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 221 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 896 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 51 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 14,270 | |
Substandard [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 111,125 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 137 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 30 | |
Revolving Loans Amortized Cost Basis | 49 | |
Total Loans | 79 | 36 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 68 | |
Total Loans | 68 | 101 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | 0 |
Doubtful [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | 0 |
Loss [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | 0 |
Loss [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | $ 0 | 0 |
Loss [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | $ 0 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narrative) (Details) - Accounting Standards Update 2019-04 [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Allowance For Credit Losses Period Increase Decrease | $ 89.7 |
Increase in loan provision | 39.1 |
PCD [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Allowance For Credit Losses Period Increase Decrease | $ 50.5 |
Percent of total loan portfolio | 30.00% |
Non-PCD [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Allowance For Credit Losses Period Increase Decrease | $ 39.2 |
Percent of total loan portfolio | 70.00% |
Allowance for Credit Losses (Al
Allowance for Credit Losses (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | $ 235,313 | $ 154,343 | $ 235,313 | $ 154,343 |
Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 151,507 | 85,044 | ||
Impact of ASC 326 adoption | 39,198 | |||
Provision for credit losses | 13,358 | 70,934 | ||
Charge-offs | (15,591) | (57,017) | ||
Recoveries | 7,135 | 18,250 | ||
Balance at end of period | 156,409 | 156,409 | ||
PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 81,194 | 31,495 | ||
Impact of ASC 326 adoption | 50,522 | |||
Provision for credit losses | (176) | 8,473 | ||
Charge-offs | (2,504) | (14,004) | ||
Recoveries | 390 | 2,418 | ||
Balance at end of period | 78,904 | 78,904 | ||
Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 88,644 | 59,551 | 88,644 | 59,551 |
Commercial Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 43,011 | 25,993 | ||
Impact of ASC 326 adoption | 3,562 | |||
Provision for credit losses | (1,771) | 13,799 | ||
Charge-offs | (298) | (4,566) | ||
Recoveries | 253 | 2,407 | ||
Balance at end of period | 41,195 | 41,195 | ||
Commercial Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 48,913 | 8,893 | ||
Impact of ASC 326 adoption | 42,143 | |||
Provision for credit losses | (1,262) | (1,303) | ||
Charge-offs | (293) | (3,036) | ||
Recoveries | 91 | 752 | ||
Balance at end of period | 47,449 | 47,449 | ||
Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 50,031 | 42,658 | 50,031 | 42,658 |
Mortgage Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 19,973 | 8,727 | ||
Impact of ASC 326 adoption | 10,980 | |||
Provision for credit losses | (564) | 47 | ||
Charge-offs | (56) | (659) | ||
Recoveries | 269 | 527 | ||
Balance at end of period | 19,622 | 19,622 | ||
Mortgage Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 30,920 | 21,655 | ||
Impact of ASC 326 adoption | 7,830 | |||
Provision for credit losses | 1,077 | 9,131 | ||
Charge-offs | (1,677) | (8,998) | ||
Recoveries | 89 | 791 | ||
Balance at end of period | 30,409 | 30,409 | ||
Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 27,233 | 16,776 | 27,233 | 16,776 |
Consumer Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 31,954 | 18,446 | ||
Impact of ASC 326 adoption | 8,418 | |||
Provision for credit losses | (378) | 13,827 | ||
Charge-offs | (5,114) | (15,316) | ||
Recoveries | 663 | 1,750 | ||
Balance at end of period | 27,125 | 27,125 | ||
Consumer Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 169 | 0 | ||
Impact of ASC 326 adoption | 181 | |||
Provision for credit losses | 0 | 356 | ||
Charge-offs | (60) | (521) | ||
Recoveries | (1) | 92 | ||
Balance at end of period | 108 | 108 | ||
Auto Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 69,405 | 35,358 | 69,405 | 35,358 |
Auto Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 56,569 | 31,878 | ||
Impact of ASC 326 adoption | 16,238 | |||
Provision for credit losses | 16,071 | 43,261 | ||
Charge-offs | (10,123) | (36,476) | ||
Recoveries | 5,950 | 13,566 | ||
Balance at end of period | 68,467 | 68,467 | ||
Auto Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 1,192 | 947 | ||
Impact of ASC 326 adoption | 368 | |||
Provision for credit losses | 9 | 289 | ||
Charge-offs | (474) | (1,449) | ||
Recoveries | 211 | 783 | ||
Balance at end of period | $ 938 | $ 938 | ||
Loans Accounted For Under ASC 310-30 Excluded [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 91,637 | 97,250 | ||
Provision for credit losses | 23,428 | 43,675 | ||
Charge-offs | (42,419) | (78,938) | ||
Recoveries | 7,933 | 18,592 | ||
Balance at end of period | 80,579 | 80,579 | ||
Loans Accounted For Under ASC 310-30 Excluded [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 29,265 | 30,348 | ||
Provision for credit losses | 1,324 | 3,225 | ||
Charge-offs | (8,421) | (11,733) | ||
Recoveries | 175 | 503 | ||
Balance at end of period | 22,343 | 22,343 | ||
Loans Accounted For Under ASC 310-30 Excluded [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 15,361 | 19,783 | ||
Provision for credit losses | 8,836 | 5,002 | ||
Charge-offs | (16,299) | (17,490) | ||
Recoveries | 493 | 1,096 | ||
Balance at end of period | 8,391 | 8,391 | ||
Loans Accounted For Under ASC 310-30 Excluded [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 17,448 | 17,476 | ||
Provision for credit losses | 3,181 | 12,277 | ||
Charge-offs | (5,316) | (15,148) | ||
Recoveries | 1,463 | 2,171 | ||
Balance at end of period | 16,776 | 16,776 | ||
Loans Accounted For Under ASC 310-30 Excluded [Member] | Auto Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 29,563 | 29,643 | ||
Provision for credit losses | 10,087 | 23,171 | ||
Charge-offs | (12,383) | (34,567) | ||
Recoveries | 5,802 | 14,822 | ||
Balance at end of period | 33,069 | 33,069 | ||
Loans Accounted Under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 71,005 | 66,981 | ||
Provision for credit losses | 20,342 | (30,049) | ||
Allowance de-recognition | (17,583) | (23,266) | ||
Balance at end of period | 73,764 | 73,764 | ||
Loans Accounted Under ASC 310-30 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 25,448 | 30,226 | ||
Provision for credit losses | 11,832 | (11,429) | ||
Allowance de-recognition | (72) | (4,447) | ||
Balance at end of period | 37,208 | 37,208 | ||
Loans Accounted Under ASC 310-30 [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 42,421 | 30,607 | ||
Provision for credit losses | 8,906 | (21,330) | ||
Allowance de-recognition | (17,060) | (17,670) | ||
Balance at end of period | 34,267 | 34,267 | ||
Loans Accounted Under ASC 310-30 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 0 | 4 | ||
Provision for credit losses | 0 | 0 | ||
Allowance de-recognition | 0 | (4) | ||
Balance at end of period | 0 | 0 | ||
Loans Accounted Under ASC 310-30 [Member] | Auto Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 3,136 | 6,144 | ||
Provision for credit losses | (396) | 2,710 | ||
Allowance de-recognition | (451) | (1,145) | ||
Balance at end of period | $ 2,289 | $ 2,289 |
Allowance for Credit Losses (Gr
Allowance for Credit Losses (Gross Loan and Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | $ 235,313 | $ 154,343 | |||
Total Loans | 6,759,927 | $ 4,726,493 | |||
Originated Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 15,091 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 69,953 | ||||
Total Ending allowance balance | 85,044 | ||||
Financing Receivable, Individually Evaluated for Impairment | 132,324 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 3,775,026 | ||||
Total Loans | 3,907,350 | ||||
Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 50,031 | 42,658 | |||
Mortgage Loan [Member] | Originated Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 6,874 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,853 | ||||
Total Ending allowance balance | 8,727 | ||||
Financing Receivable, Individually Evaluated for Impairment | 71,196 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 506,220 | ||||
Total Loans | 577,416 | ||||
Commercial Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 88,644 | 59,551 | |||
Commercial Loan [Member] | Originated Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 8,217 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 17,776 | ||||
Total Ending allowance balance | 25,993 | ||||
Financing Receivable, Individually Evaluated for Impairment | 61,128 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,608,507 | ||||
Total Loans | 1,669,635 | ||||
Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 27,233 | 16,776 | |||
Consumer Loan [Member] | Originated 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 | 18,446 | ||||
Total Ending allowance balance | 18,446 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 382,432 | ||||
Total Loans | 382,432 | ||||
Auto Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | $ 69,405 | 35,358 | |||
Auto Loan [Member] | Originated 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 | 31,878 | ||||
Total Ending allowance balance | 31,878 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | ||||
Financing Receivable, Collectively Evaluated for Impairment | 1,277,867 | ||||
Total Loans | $ 1,277,867 | ||||
Loans Accounted Under ASC 310-30 [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 73,764 | $ 71,005 | $ 66,981 | ||
Loans Accounted Under ASC 310-30 [Member] | Mortgage Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 34,267 | 42,421 | 30,607 | ||
Loans Accounted Under ASC 310-30 [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 37,208 | 25,448 | 30,226 | ||
Loans Accounted Under ASC 310-30 [Member] | Consumer Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | 0 | 0 | 4 | ||
Loans Accounted Under ASC 310-30 [Member] | Auto Loan [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total Ending allowance balance | $ 2,289 | $ 3,136 | $ 6,144 |
Foreclosed Real Estate (Foreclo
Foreclosed Real Estate (Foreclosed Real Estate Rollforward) (Details) - Originated Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Other Real Estate Owned Rollforward [Line Items] | ||||
Foreclosed real estate beginning balance | $ 24,792 | $ 29,509 | $ 29,909 | $ 33,768 |
Decline in value | (740) | (1,093) | (1,763) | (4,416) |
Additions | 613 | 4,572 | 2,560 | 12,868 |
Sales | (5,209) | (6,036) | (11,250) | (15,268) |
Foreclosed real estate ending balance | $ 19,456 | $ 26,952 | $ 19,456 | $ 26,952 |
Servicing Assets (Narratives) (
Servicing Assets (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 |
Servicing Assets At Fair Value [Line Items] | ||||||||
Servicing Asset at Fair Value, Amount | $ 50,779 | $ 47,242 | $ 10,125 | $ 47,242 | $ 10,125 | $ 47,926 | $ 10,134 | $ 10,716 |
Contractually Specified Servicing Fees Amount | 742 | 433 | 1,551 | 1,069 | ||||
Scotiabank PR & USVI Acquisition [Member] | ||||||||
Servicing Assets At Fair Value [Line Items] | ||||||||
Servicing Asset At Fair Value Period Increase Decrease | $ 40,100 | |||||||
Conventional Loan [Member] | ||||||||
Servicing Assets At Fair Value [Line Items] | ||||||||
Contractually Specified Servicing Fees Amount | $ 4,500 | $ 1,000 | $ 13,400 | $ 3,200 |
Servicing Assets (Changes in Se
Servicing Assets (Changes in Serving Rights at Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Servicing Asset At Fair Value Amount [Roll Forward] | ||||
Fair value | $ 47,926 | $ 10,134 | $ 50,779 | $ 10,716 |
Servicing from mortgage securitizations or asset transfers | 656 | 352 | 1,236 | 860 |
Changes due to payments on loans | (1,365) | (243) | (2,810) | (694) |
Changes in fair value due to changes in valuation model inputs or assumptions | 25 | (118) | (1,963) | (757) |
Fair value | $ 47,242 | $ 10,125 | $ 47,242 | $ 10,125 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Constant prepayment rate | 25.80% | 9.44% |
Discount rate | 15.50% | 12.00% |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Constant prepayment rate | 5.02% | 4.38% |
Discount rate | 10.00% | 10.00% |
Servicing Assets (Sensitivity o
Servicing Assets (Sensitivity of Current Fair Value of Servicing Assets) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Servicing Assets At Fair Value [Line Items] | |
Servicing Asset | $ 47,242 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (1,040) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (2,042) |
Discount Rate - Decrease in fair value due to 10% adverse change | (1,889) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (3,648) |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Unrealized Gain Loss On Derivatives | $ 1,900 | $ 907 |
Derivative Assets | 1 | 6 |
Derivative Liabilities | 1,895 | 913 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 1 | 6 |
Derivative Liabilities | 1 | 6 |
Notional Amount | $ 40,700 | $ 41,500 |
Derivatives (Derivative Assets
Derivatives (Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | $ 1 | $ 6 |
Derivative Liabilities | 1,895 | 913 |
Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Liabilities | 1,894 | 907 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 1 | 6 |
Derivative Liabilities | $ 1 | $ 6 |
Derivatives (Interest Rate Swap
Derivatives (Interest Rate Swaps and Terms) (Details) - Interest rate swap designated as cash flow hedges - 1 Month LIBOR $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 30,691 |
Rate 2.4210% [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 30,691 |
Fixed rate | 2.421% |
Trade Date | Jul. 3, 2013 |
Settlement Date | Jul. 3, 2013 |
Maturity Date | Aug. 1, 2023 |
Core Deposit, Customer Relati_3
Core Deposit, Customer Relationship and Other Intangibles (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | $ 48,650 | $ 56,965 |
Scotiabank PR & USVI Acquisition [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 41,500 | |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 37,021 | 43,185 |
Customer Relationships Intangible [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 11,275 | 13,213 |
Customer Relationships Intangible [Member] | Scotiabank PR & USVI Acquisition [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 12,700 | |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 354 | 567 |
Other Intangible Assets [Member] | Scotiabank PR & USVI Acquisition [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | $ 354 | $ 567 |
Core Deposit, Customer Relati_4
Core Deposit, Customer Relationship and Other Intangibles (Summary of Core Deposit, Customer Relationship and Other Intangibles) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | $ 48,650 | $ 56,965 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 37,021 | 43,185 |
Customer Relationships Intangible [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | 11,275 | 13,213 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Core deposit, customer relationship and other intangibles | $ 354 | $ 567 |
Accrued Interest Receivable a_3
Accrued Interest Receivable and Other Assets (Narratives) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Other assets [Line Items] | |||
Prepaid expenses | $ 54,611 | $ 52,558 | |
Prepaid Taxes | 47,000 | 45,300 | |
Other repossessed assets | 1,918 | 3,327 | |
Allowance for loan and lease losses | 235,313 | $ 154,343 | |
COVID-19 Deferral Program Loans [Member] | |||
Other assets [Line Items] | |||
Allowance for loan and lease losses | $ 826 | ||
Scotiabank PR & USVI Acquisition [Member] | |||
Other assets [Line Items] | |||
Prepaid expenses | $ 31,900 |
Accrued Interest Receivable a_4
Accrued Interest Receivable and Other Assets (Schedule of Accrued Interest Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other asset [Abstract] | ||
Loans, excluding acquired loans | $ 70,185 | $ 32,728 |
Investments | 1,645 | 4,053 |
Accrued interest receivable | $ 71,830 | $ 36,781 |
Accrued Interest Receivable a_5
Accrued Interest Receivable and Other Assets (Other Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other asset [Abstract] | ||
Prepaid expenses | $ 54,611 | $ 52,558 |
Other repossessed assets | 1,918 | 3,327 |
Tax credits | 0 | 277 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 75,160 | 78,600 |
Other assets | $ 132,772 | $ 135,845 |
Deposits and Related Interest_2
Deposits and Related Interest (Narratives) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits and Related Interest [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.77% | 0.86% |
Time Deposits, $250,000 or More | $ 670.4 | $ 692.1 |
Public funds deposit | 308.2 | 278.7 |
Public Fund Collateral Investments | 322.2 | 320.8 |
Accrued Interest, Time Deposits | 8 | 11.7 |
Bank Overdrafts | 1.3 | 1 |
Brokered Certificates of Deposits | 66.6 | 222.1 |
Brokered Money Market Deposit | $ 29.5 | $ 21.4 |
Deposits and Related Interest_3
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits and Related Interest [Abstract] | ||
Non-interest bearing demand deposit | $ 2,333,489 | $ 1,675,315 |
Interest-bearing saving and demand deposits | 4,269,360 | 3,718,846 |
Retail certificates of deposist | 1,642,779 | 1,781,237 |
Institutional certificates of deposit | 290,739 | 279,714 |
Total core deposits | 8,536,367 | 7,455,112 |
Brokered deposists | 96,090 | 243,498 |
Total deposits | $ 8,632,457 | $ 7,698,610 |
Deposits and Related Interest_4
Deposits and Related Interest (Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Deposits and Related Interest [Abstract] | ||||
Demand and savings deposits | $ 6,320 | $ 3,949 | $ 19,528 | $ 11,308 |
Certificates of deposits | 8,300 | 6,605 | 27,157 | 18,286 |
Total | $ 14,620 | $ 10,554 | $ 46,685 | $ 29,594 |
Deposits and Related Interest_5
Deposits and Related Interest (Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits and Related Interest [Abstract] | ||
Three (3) months or less | $ 254,168 | $ 314,796 |
Over 3 months through 1 year | 1,044,051 | 881,183 |
Within one year | 1,298,219 | 1,195,979 |
Over 1 through 2 years | 343,518 | 732,421 |
Over 2 through 3 years | 178,202 | 175,032 |
Over 3 through 4 years | 77,949 | 89,148 |
Over 4 through 5 years | 94,204 | 78,706 |
Certificates of deposit | $ 1,992,092 | $ 2,271,286 |
Borrowings and Related Intere_3
Borrowings and Related Interest (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Repurchase agreements matured and not renewed | $ 140,000,000 | |
Subordinated Debt | 36,083,000 | $ 36,083,000 |
Debt extinguishment costs | 50,000,000 | |
Repurchase Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Interest payable | 274,000 | |
Debt outstanding | 0 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral to secure FHLB advances | 1,186,000,000 | 1,060,000,000 |
Additional Borrowing Capacity | $ 992,000,000 | $ 983,000,000 |
Weighted average period remaining maturity of FHLB advances | 19 months 24 days | 22 months 21 days |
Interest payable | $ 97,000 | $ 160,000 |
Minimum amount of qualifying collateral | 110.00% | |
Minimum [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument term | 1 day | |
Maximum [Member] | Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument term | 7 years |
Borrowings and Related Intere_4
Borrowings and Related Interest (Schedule of Repurchase Agreements) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 190,000 |
Short-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | 140,000 |
Long-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 50,000 |
Minimum [Member] | Short-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 1.85% |
Minimum [Member] | Long-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 1.85% |
Maximum [Member] | Short-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 2.70% |
Maximum [Member] | Long-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 2.86% |
Borrowings and Related Intere_5
Borrowings and Related Interest (Schedule of Repurchase Agreement by Maturity) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 190,000 |
Less Than 90 Days [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | 140,000 |
Over 90-days [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 50,000 |
Borrowings and Related Intere_6
Borrowings and Related Interest (Schedule Of Underlying Assets Of Repurchase Agreements) (Details) - Financial Instruments Owned And Pledged As Collateral Type [Domain] $ in Thousands | Dec. 31, 2019USD ($) |
Assets Sold Under Agreements To Repurchase [Line Items] | |
Amortized Cost of Underlying Securities | $ 204,225 |
Balance of Borrowing | 190,000 |
Approximate Fair Value of Underlying Securities | $ 204,068 |
Weighted Average Interest Rate of Security | 2.98% |
FNMA and FHLMC Certificates [Member] | |
Assets Sold Under Agreements To Repurchase [Line Items] | |
Amortized Cost of Underlying Securities | $ 204,225 |
Balance of Borrowing | 190,000 |
Approximate Fair Value of Underlying Securities | $ 204,068 |
Weighted Average Interest Rate of Security | 2.98% |
Borrowings and Related Intere_7
Borrowings and Related Interest (Summary of Federal Home Loan Bank Advances And Maturity) (Details) - Federal Home Loan Bank Advances [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 66,446 | $ 77,849 |
Under 90 Days [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 30,691 | 31,955 |
Over One to Three Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 26,725 | 8,517 |
Over Three to Five Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 4,764 | 33,018 |
Over FIve Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 4,266 | 4,359 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 30,691 | $ 40,472 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | Minimum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 0.36% | 1.85% |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | Maximum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 2.59% | |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 35,755 | $ 37,377 |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | Minimum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 2.92% | 2.92% |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | Maximum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 3.24% | 3.24% |
Offsetting of Financial Asset_3
Offsetting of Financial Assets and Liabilities (Offsetting Assets) (Details) - Derivatives [Member] - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $ 1,000 | $ 6,000 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets Presented in Statement of Financial Condition | 1,000 | 6,000 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ 1,000 | $ 6,000 |
Offsetting of Financial Asset_4
Offsetting of Financial Assets and Liabilities (Offsetting Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 1,895 | $ 190,913 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,895 | 190,913 |
Financial Instruments | 0 | 204,068 |
Cash Collateral Provided | 0 | 0 |
Net Amount | 1,895 | (13,155) |
Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 1,895 | 913 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,895 | 913 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ 1,895 | 913 |
Securities Sold Under Agreements To Repurchase [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 190,000 | |
Gross amount Offset in the Statement of Financial Condition | 0 | |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 190,000 | |
Financial Instruments | 204,068 | |
Cash Collateral Provided | 0 | |
Net Amount | $ (14,068) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 26, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Income Taxes [Abstract] | ||||||
Statutory tax rate | 37.50% | |||||
Deferred tax asset, net | $ 176,700 | $ 179,000 | $ 179,000 | |||
Effective tax rate | 21.40% | 30.50% | ||||
Estimated annual effective tax rate | 22.30% | |||||
Unrecognized tax benefits | 2,700 | 711 | $ 711 | |||
Unrecognized tax benefits, income tax penalties and interest accrued | $ 51 | 15 | 15 | |||
Income tax expense | $ 6,308 | $ 1,008 | $ 13,853 | $ 23,479 | ||
Surtax percent included in maximum tax rate | 10.00% | |||||
Valuation Allowance Deferred Tax Asset Change In Amount | $ 1,300 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 1,065,745 | $ 937,962 |
Actual - Tier 1 capital | 979,506 | 852,311 |
Actual -Common equity tier 1 capital | 862,636 | 735,441 |
Actual - Tier 1 leverage capital | 979,506 | 852,311 |
Minimum Capital - Total Capital | 550,009 | 539,268 |
Minimum capital - Tier 1 capital | 412,506 | 404,451 |
Minimum capital - Common equity tier 1 capital | 309,380 | 303,338 |
Minimum capital - Tier 1 leverage capital | 391,856 | 369,151 |
Minimum to be well capitalized - Total Capital | 687,511 | 674,085 |
Minimum to be well capitalized - Tier 1 capital | 550,009 | 539,268 |
Minimum to be well capitalized - Common equity tier 1 capital | 446,882 | 438,155 |
Minimum to be well capitalized - Tier 1 leverage | $ 489,820 | $ 461,438 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 15.50% | 13.91% |
Tier One Risk Based Capital to Risk Weighted Assets | 14.25% | 12.64% |
Common Equity Tier OneTo Risk Weighted Assets | 12.55% | 10.91% |
Tier One Leverage Capital to Average Assets | 10.00% | 9.24% |
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 | $ 1,019,228 | $ 898,812 |
Actual - Tier 1 capital | 933,371 | 813,444 |
Actual -Common equity tier 1 capital | 933,371 | 813,444 |
Actual - Tier 1 leverage capital | 933,371 | 813,444 |
Minimum Capital - Total Capital | 547,540 | 538,279 |
Minimum capital - Tier 1 capital | 410,655 | 403,709 |
Minimum capital - Common equity tier 1 capital | 307,991 | 302,782 |
Minimum capital - Tier 1 leverage capital | 389,708 | 367,537 |
Minimum to be well capitalized - Total Capital | 684,425 | 672,848 |
Minimum to be well capitalized - Tier 1 capital | 547,540 | 538,279 |
Minimum to be well capitalized - Common equity tier 1 capital | 444,876 | 437,351 |
Minimum to be well capitalized - Tier 1 leverage | $ 487,135 | $ 459,421 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 14.89% | 13.36% |
Tier One Risk Based Capital to Risk Weighted Assets | 13.64% | 12.09% |
Common Equity Tier OneTo Risk Weighted Assets | 13.64% | 12.09% |
Tier One Leverage Capital to Average Assets | 9.58% | 8.85% |
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% |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||
Preferred stock | $ 92,000,000 | $ 92,000,000 | |
Common stock | 59,885,000 | 59,885,000 | |
Legal surplus | 101,200,000 | 95,800,000 | |
Stock Repurchase Program Remaining Authorized Repurchase Amount | $ 5,500,000 | ||
Stock repurchase program remaining number of shares authorized to be repurchased | 442,251 | ||
Stock Repurchase Program Authorized Amount | $ 70,000,000 | ||
Share price | $ 12.46 | ||
Shares repurchased during period, shares | 175,000 | 0 | |
Common shares repurchased as part of the stock repurchase program (Value) | $ 2,226,000 | $ 0 | |
Share repurchased, average price per share | $ 12.69 | ||
Preferred Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Preferred Stock Issue Costs | $ 10,100,000 | 10,100,000 | |
Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock Issuance Cost | $ 13,600,000 | $ 13,600,000 | |
Shares repurchased during period, shares | 0 |
Stockholders' Equity (Activity
Stockholders' Equity (Activity of Common Shares Held in Treasury) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Beginning of period | 8,486,278 | 8,591,310 |
Common shares used upon lapse of restricted stock units and options (Shares) | (120,630) | (53,132) |
Common shares repurchased as part of the stock repurchase program (Shares) | 175,000 | 0 |
End of period | 8,540,648 | 8,538,178 |
Beginning of period | $ 102,339 | $ 103,633 |
Common shares used upon lapse of restricted stock units and options (Value) | (1,470) | (697) |
Common shares repurchased as part of the stock repurchase program (Value) | 2,226 | 0 |
End of period | $ 103,095 | $ 102,936 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Accumulated Comprehensive Income, Net of Income Tax) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss), net of income taxes | $ 8,268 | $ (1,008) |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss), net of income taxes | 8,268 | (1,008) |
Accumulated Other Than Temporary Impairment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired | 10,915 | (306) |
Income tax effect of unrealized loss on securities available-for-sale | (1,463) | (135) |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | 9,452 | (441) |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized (loss) gain on cash flow hedges | (1,894) | (907) |
Income tax effect of unrealized (loss) gain on cash flow hedges | 710 | 340 |
Net unrealized (loss) gain on cash flow hedges | $ (1,184) | $ (567) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 1,045,478 | |||
Ending Balance | $ 1,064,322 | $ 1,049,076 | 1,064,322 | $ 1,049,076 |
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 7,588 | (3,686) | (1,008) | (10,963) |
Transfer of securities held-to-maturity to available-for-sale | 0 | (12,041) | ||
Other comprehensive income (loss) before reclassifications | 203 | (2,809) | 3,023 | 10,984 |
Amounts reclassified out of accumulated other comprehensive (loss) income | 477 | 4,037 | 6,253 | 9,562 |
Other comprehensive income (loss) | 680 | 1,228 | 9,276 | 8,505 |
Ending Balance | 8,268 | (2,458) | 8,268 | (2,458) |
Net Unrealized Gains On Securities Available-For-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 8,885 | (3,087) | (441) | (10,972) |
Transfer of securities held-to-maturity to available-for-sale | 0 | (12,041) | ||
Other comprehensive income (loss) before reclassifications | 566 | (2,143) | 5,165 | 13,034 |
Amounts reclassified out of accumulated other comprehensive (loss) income | 1 | 3,488 | 4,728 | 8,237 |
Other comprehensive income (loss) | 567 | 1,345 | 9,893 | 9,230 |
Ending Balance | 9,452 | (1,742) | 9,452 | (1,742) |
Net Unrealized Loss On Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (1,297) | (599) | (567) | 9 |
Transfer of securities held-to-maturity to available-for-sale | 0 | 0 | ||
Other comprehensive income (loss) before reclassifications | (363) | (666) | (2,142) | (2,050) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 476 | 549 | 1,525 | 1,325 |
Other comprehensive income (loss) | 113 | (117) | (617) | (725) |
Ending Balance | $ (1,184) | $ (716) | $ (1,184) | $ (716) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Reclassifications Out of Other Comprehensive Income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest-rate contract | $ 476,000 | $ 549,000 | $ 1,525,000 | $ 1,325,000 |
Gain On Sale Of Investments | 0 | 3,498,000 | 4,728,000 | 8,274,000 |
Tax effect from changes in tax rates | 1,000 | (10,000) | 1,000 | (38,000) |
Total | $ 477,000 | $ 4,037,000 | $ 6,254,000 | $ 9,561,000 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 132,000 | 0 | 8,105 | 0 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Common Share [Abstract] | ||||
Net income | $ 27,438 | $ 7,383 | $ 51,026 | $ 54,832 |
Non-convertible preferred stock (Series A,B and D) | (1,628) | (1,628) | (4,884) | (4,884) |
Income available to common shareholders | $ 25,810 | $ 5,755 | $ 46,142 | $ 49,948 |
Average common shares outstanding | 51,342 | 51,345 | 51,361 | 51,327 |
Average potential common shares-options | 185 | 427 | 202 | 368 |
Total weighted average common shares outstanding and equivalents | 51,527 | 51,772 | 51,563 | 51,695 |
Earnings per common share - basic | $ 0.50 | $ 0.11 | $ 0.90 | $ 0.97 |
Earnings per common share - diluted | $ 0.50 | $ 0.11 | $ 0.89 | $ 0.97 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Guarantee Obligations [Line Items] | |||||
Acquired standby letters of credit and financial guarantees | $ 16,200,000 | $ 16,200,000 | $ 47,300,000 | ||
Unpaid principal balance of residential subject loans subject to credit recourse | 136,800,000 | 136,800,000 | 147,400,000 | ||
Repurchased GNMA | 1,000 | $ 0 | 481,000 | $ 0 | |
Repurchased loans not subject to credit recourse provision | 9,600,000 | 528,000 | 18,200,000 | 10,500,000 | |
Losses from repurchased loans subject to credit recourse | 57,000 | 20,000 | 1,000 | 48,000 | |
Gains (loss) on repurchased loan not subject to credit recourse | 892,000 | $ (19,000) | (1,200,000) | $ (60,000) | |
Serviced mortgage loans for third parties | 4,300,000,000 | 4,300,000,000 | 4,400,000,000 | ||
Funds Advanced To Investors Under Servicing Agreements | 4,600,000 | 4,600,000 | 3,600,000 | ||
Scotiabank PR & USVI Acquisition [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Unpaid principal balance of residential subject loans subject to credit recourse | 142,500,000 | ||||
Loan with recourse [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Liability for estimated credit losses to loans sold with credit recourse | 876,000 | 876,000 | 985,000 | ||
Loan serviced under representation warranties [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Liability for estimated credit losses to loans sold with credit recourse | $ 2,800,000 | $ 2,800,000 | $ 4,600,000 |
Guarantees (Changes in Liabilty
Guarantees (Changes in Liabilty of Estimated Loss from Credit Recourse Agreement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Movement In Guaranteed Benefit Liability Gross [Roll Forward] | ||||
Balance at beginning of period | $ 894 | $ 225 | $ 985 | $ 346 |
Net (charge-off/terminations) recoveries | (18) | 20 | (109) | (101) |
Balance at the end of period | $ 876 | $ 245 | $ 876 | $ 245 |
Commitments and Contingencies_2
Commitments and Contingencies (Narratives) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies [Abstract] | |||
Increase (Decrease) In Off-Balance Sheet Allowance | $ 0.2 | ||
Allowance For Credit Losses For Off-Balance Sheet | $ 1.1 | $ 2.7 | |
Contingency loss accrued liability | $ 9 | $ 6.8 |
Commitments and Contingencies_3
Commitments and Contingencies (Summarized Credit-Related Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies [Abstract] | ||
Commitments to extend credit | $ 1,050,333 | $ 853,148 |
Commercial letters of credit | 57 | 2,178 |
Standby letters of credit and financial guarantees | 16,225 | 47,251 |
Loans sold with recourse | $ 136,797 | $ 147,399 |
Operating Leases (Operating Lea
Operating Leases (Operating Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Leases [Abstract] | ||||
Lease costs | $ 3,260 | $ 1,608 | $ 10,148 | $ 4,949 |
Variable lease costs | 459 | 350 | 1,630 | 1,699 |
Short-term lease cost | 358 | 386 | 104 | |
Short-term lease benefit | 81 | |||
Lease income | (125) | (135) | (374) | (431) |
Total lease cost | $ 3,952 | $ 1,904 | $ 11,790 | $ 6,321 |
Operating Leases (Operating L_2
Operating Leases (Operating Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases [Abstract] | ||
Right-of-use assets | $ 35,900 | $ 39,112 |
Leases Liabilities | $ 37,029 | $ 39,840 |
Operating Leases (Operating L_3
Operating Leases (Operating Lease Terms) (Details) | Sep. 30, 2020 |
Operating Leases [Abstract] | |
Weighted-average remaining lease term | 6 years 2 months 12 days |
Weighted-average discount rate | 6.80% |
Operating Leases (Future Minimu
Operating Leases (Future Minimum Payments for Operating Leases and Present Value) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Operating Leases [Abstract] | |
2020 | $ 2,751 |
2021 | 9,519 |
2022 | 8,158 |
2023 | 6,947 |
2024 | 4,732 |
Thereafter | 13,924 |
Total lease payments | $ 46,031 |
Operating Leases (Present Value
Operating Leases (Present Value of Operating Leases) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases [Abstract] | ||
Total lease payments | $ 46,031 | |
Less imputed interest | 9,002 | |
Present value of lease liabilities | $ 37,029 | $ 39,840 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value Assets And Liabilities Measured On Recurring And Non-Recurring Basis [Abstract] | |||
Transfers in or out of level 3 | $ 0 | $ 0 | |
Changes in unrealized gains and losses | 0 | $ 0 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 423,815,000 | $ 1,074,169,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 423,815,000 | 1,074,169,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets and Liabilities on Recurring and Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | $ 423,815 | $ 1,074,169 | ||||
Trading securities | 22 | 37 | ||||
Money market investments | 14,617 | 6,775 | $ 8,035 | |||
Derivative assets | 1 | 6 | ||||
Servicing assets | 47,242 | $ 47,926 | 50,779 | $ 10,125 | $ 10,134 | $ 10,716 |
Other repossessed assets | 1,918 | 3,327 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 91,531 | 397,183 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 332,284 | 676,986 | ||||
Trading securities | 22 | 37 | ||||
Derivative assets | 1 | 6 | ||||
Derivative liabilities | (1,895) | (913) | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Servicing assets | 47,242 | 50,779 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 423,815 | 1,074,169 | ||||
Trading securities | 22 | 37 | ||||
Money market investments | 14,617 | 6,775 | ||||
Derivative assets | 1 | 6 | ||||
Servicing assets | 47,242 | 50,779 | ||||
Derivative liabilities | (1,895) | (913) | ||||
Total | 483,802 | 1,130,853 | ||||
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 | 91,531 | 397,183 | ||||
Trading securities | 0 | 0 | ||||
Money market investments | 14,617 | 6,775 | ||||
Derivative assets | 0 | 0 | ||||
Servicing assets | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Total | 106,148 | 403,958 | ||||
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 | 332,284 | 676,986 | ||||
Trading securities | 22 | 37 | ||||
Money market investments | 0 | 0 | ||||
Derivative assets | 1 | 6 | ||||
Servicing assets | 0 | 0 | ||||
Derivative liabilities | (1,895) | (913) | ||||
Total | 330,412 | 676,116 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Available for sale securities | 0 | 0 | ||||
Trading securities | 0 | 0 | ||||
Money market investments | 0 | 0 | ||||
Derivative assets | 0 | 0 | ||||
Servicing assets | 47,242 | 50,779 | ||||
Derivative liabilities | 0 | 0 | ||||
Total | 47,242 | 50,779 | ||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired commercial loan | 61,128 | |||||
Collateral dependant loans | 32,800 | |||||
Foreclosed real estate | 19,456 | 29,909 | ||||
Other repossessed assets | 1,918 | 3,327 | ||||
Total | 54,174 | 94,364 | ||||
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 | |||||
Collateral dependant loans | 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 | |||||
Collateral dependant loans | 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 | 61,128 | |||||
Collateral dependant loans | 32,800 | |||||
Foreclosed real estate | 19,456 | 29,909 | ||||
Other repossessed assets | 1,918 | 3,327 | ||||
Total | $ 54,174 | $ 94,364 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Changes in fair value of servicing assets | $ 0 | $ 0 | ||
Fair Value, Measurements, Recurring [Member] | Servicing Assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning period | $ 47,926,000 | $ 10,134,000 | 50,779,000 | 10,716,000 |
New instruments acquired | 656,000 | 352,000 | 1,236,000 | 860,000 |
Principal repayments | (1,365,000) | (243,000) | (2,810,000) | (694,000) |
Changes in fair value of servicing assets | 25,000 | (118,000) | (1,963,000) | (757,000) |
Balance at end of period | $ 47,242,000 | $ 10,125,000 | $ 47,242,000 | $ 10,125,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Qualitative Information for Assets and Liabilities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 5.02% | 4.38% |
Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 25.80% | 9.44% |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 5.02% | |
Discount rate | 10.00% | |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 25.80% | |
Discount rate | 15.50% | |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 6.87% | |
Discount rate | 11.52% | |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Appraised Value | 14.20% | |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Appraised Value | 44.20% | |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Appraised Value | 21.45% | |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Appraised Value | 14.20% | |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Appraised Value | 40.20% | |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Appraised Value | 18.68% | |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated net realizable value | 30.00% | |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated net realizable value | 62.00% | |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Weighted Average [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Estimated net realizable value | 52.06% | |
Fair Value, Inputs, Level 3 [Member] | Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 47,242 | |
Fair Value, Inputs, Level 3 [Member] | Collateral dependant impaired loan | Cash Flow Valuation Technique [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | 32,800 | |
Fair Value, Inputs, Level 3 [Member] | Foreclosed real estate [Member] | Cash Flow Valuation Technique [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | 19,456 | |
Fair Value, Inputs, Level 3 [Member] | Other repossessed assets [Member] | Cash Flow Valuation Technique [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value assets and liabilities measured on reccurring basis | $ 1,918 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Estimated Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets, Fair Value Disclosure [Abstract] | ||||||
Available-for-sale Securities | $ 423,815 | $ 1,074,169 | ||||
Federal Home Loan Bank (FHLB) stock | 8,322 | 13,048 | ||||
Other investments | 2,205 | 560 | ||||
Derivative assets | 1 | 6 | ||||
Servicing assets | 47,242 | $ 47,926 | 50,779 | $ 10,125 | $ 10,134 | $ 10,716 |
Assets,Carrying Value [Abstract] | ||||||
Restricted cash | 1,050 | 1,450 | $ 1,050 | |||
Trading Securities | 22 | 37 | ||||
Loans held for investment, net of allowance for credit losses of $235,313 (December 31, 2019 - $116,539) | 6,524,614 | 6,622,256 | ||||
Accrued interest receivable | 71,830 | 37,120 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Deposits, Total | 8,632,457 | 7,698,610 | ||||
Securities Sold under Agreements to Repurchase | 0 | 190,274 | ||||
Subordinated capital notes | 36,083 | 36,083 | ||||
Accrued expenses and other liabilities | 162,133 | 185,660 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Cash and cash equivalents | 2,282,000 | 851,307 | ||||
Restricted cash | 1,050 | 1,450 | ||||
Available-for-sale Securities | 91,531 | 397,183 | ||||
Assets,Carrying Value [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 2,282,000 | 851,307 | ||||
Restricted cash | 1,050 | 1,450 | ||||
Investment securities AFS , carrying value | 91,531 | 397,183 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Trading Securities | 22 | 37 | ||||
Available-for-sale Securities | 332,284 | 676,986 | ||||
Federal Home Loan Bank (FHLB) stock | 8,322 | 13,048 | ||||
Other investments | 2,205 | 560 | ||||
Derivative assets | 1 | 6 | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||
Derivative Liabilities Current | 1,895 | 913 | ||||
Assets,Carrying Value [Abstract] | ||||||
Trading Securities | 22 | 37 | ||||
Investment securities AFS , carrying value | 332,284 | 676,986 | ||||
Federal Home Loan Bank Stock at carrying value | 8,322 | 13,048 | ||||
Other Investment, Carrying Value | 2,205 | 560 | ||||
Derivative Assets, carrying value | 1 | 6 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Derivative liabilities, carrying value | 1,895 | 913 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Total loans (including loans held-for-sale) | 6,165,071 | 5,894,745 | ||||
Receivables, Fair Value Disclosure | 71,830 | 36,781 | ||||
Servicing assets | 47,242 | 50,779 | ||||
Accounts receivable and other assets | 75,158 | 78,600 | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||
Deposits | 8,548,518 | 7,679,685 | ||||
Securities sold under agreements to repurchase | 0 | 190,345 | ||||
Advances from FHLB | 69,410 | 79,620 | ||||
Other borrowings | 238 | 1,195 | ||||
Subordinated capital notes | 34,031 | 35,886 | ||||
Accrued expenses and other liabilities | 162,133 | 185,660 | ||||
Assets,Carrying Value [Abstract] | ||||||
Loans held for investment, net of allowance for credit losses of $235,313 (December 31, 2019 - $116,539) | 6,579,140 | 6,641,847 | ||||
Accrued interest receivable | 71,830 | 36,781 | ||||
Servicing assets, carrying value | 47,242 | 50,779 | ||||
Account receivable and oher assets, carrying value | 75,158 | 78,600 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Deposits, Total | 8,632,457 | 7,698,610 | ||||
Securities Sold under Agreements to Repurchase | 0 | 190,274 | ||||
Advances from FHLB | 66,543 | 78,009 | ||||
Other Borrowings | 238 | 1,195 | ||||
Subordinated capital notes | 36,083 | 36,083 | ||||
Accrued expenses and other liabilities | $ 162,133 | $ 185,660 |
Banking and Finanial Service _3
Banking and Finanial Service Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Banking service revenues: | ||||
Checking accounts fees | $ 1,940 | $ 1,545 | $ 6,572 | $ 4,494 |
Savings accounts fees | 354 | 187 | 1,192 | 484 |
Electronic Banking Fees | 12,760 | 8,018 | 34,582 | 24,121 |
Credit Life Commissions | 59 | 158 | 201 | 426 |
Branch service commissions | 232 | 337 | 959 | 1,055 |
Servicing and other loan fees | 742 | 433 | 1,551 | 1,069 |
International fees | 157 | 127 | 454 | 393 |
Miscellaneous income | 53 | 8 | 167 | 12 |
Total Banking Service Revenues | 16,297 | 10,813 | 45,678 | 32,054 |
Wealth management revenues: | ||||
Insurance income | 2,486 | 1,576 | 7,308 | 4,505 |
Broker fees | 1,746 | 1,913 | 5,128 | 5,637 |
Trust fees | 2,788 | 2,895 | 7,818 | 8,307 |
Retirement plan and administration fees | 252 | 227 | 670 | 713 |
Total Wealth Management Revenue | 7,272 | 6,611 | 20,924 | 19,162 |
Mortgage banking activities: | ||||
Net servicing fees | 3,139 | 1,033 | 8,506 | 2,592 |
Net gains on sale of mortgage loans and valuation | 1,368 | 124 | 2,187 | 375 |
Other | (590) | (39) | (470) | (14) |
Total mortgage banking activities | 3,917 | 1,118 | 10,223 | 2,953 |
Total banking and financial service revenues | $ 27,486 | $ 18,542 | $ 76,825 | $ 54,169 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 114,937 | $ 93,655 | $ 360,326 | $ 282,620 | |
Interest expense | (15,404) | (12,945) | (50,632) | (39,036) | |
Net interest income | 99,533 | 80,710 | 309,694 | 243,584 | |
Provision for loan and lease losses, net | (13,669) | (43,770) | (78,496) | (73,724) | |
Non-interest income | 31,326 | 22,178 | 89,928 | 62,782 | |
Non-interest expenses | (83,444) | (50,727) | (256,247) | (154,331) | |
Intersegment revenues | 0 | 0 | 0 | 0 | |
Intersegment expenses | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 33,746 | 8,391 | 64,879 | 78,311 | |
Income tax expense (benefit) | 6,308 | 1,008 | 13,853 | 23,479 | |
Net income | 27,438 | 7,383 | 51,026 | 54,832 | |
Total assets | 10,018,991 | 6,333,505 | 10,018,991 | 6,333,505 | $ 9,297,661 |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 114,937 | 93,655 | 360,326 | 282,620 | |
Interest expense | (15,404) | (12,945) | (50,632) | (39,036) | |
Net interest income | 99,533 | 80,710 | 309,694 | 243,584 | |
Provision for loan and lease losses, net | (13,669) | (43,770) | (78,496) | (73,724) | |
Non-interest income | 31,326 | 22,178 | 89,928 | 62,782 | |
Non-interest expenses | (83,444) | (50,727) | (256,247) | (154,331) | |
Intersegment revenues | 769 | 507 | 1,920 | 1,648 | |
Intersegment expenses | (769) | (507) | (1,920) | (1,648) | |
Income (loss) before income taxes | 33,746 | 8,391 | 64,879 | 78,311 | |
Income tax expense (benefit) | 6,308 | 1,008 | 13,853 | 23,479 | |
Net income | 27,438 | 7,383 | 51,026 | 54,832 | |
Total assets | 11,125,368 | 7,411,802 | 11,125,368 | 7,411,802 | |
Intersegment Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 0 | 0 | 0 | 0 | |
Provision for loan and lease losses, net | 0 | 0 | 0 | 0 | |
Non-interest income | 0 | 0 | 0 | 0 | |
Non-interest expenses | 0 | 0 | 0 | 0 | |
Intersegment revenues | (769) | (507) | (1,920) | (1,648) | |
Intersegment expenses | 769 | 507 | 1,920 | 1,648 | |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income | 0 | 0 | 0 | 0 | |
Total assets | (1,106,377) | (1,078,297) | (1,106,377) | (1,078,297) | |
Banking [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 112,832 | 85,147 | 351,933 | 253,138 | |
Interest expense | (14,092) | (9,260) | (44,307) | (27,083) | |
Net interest income | 98,740 | 75,887 | 307,626 | 226,055 | |
Provision for loan and lease losses, net | (14,461) | (43,678) | (77,795) | (73,560) | |
Non-interest income | 23,994 | 11,946 | 64,349 | 34,932 | |
Non-interest expenses | (76,988) | (46,555) | (237,943) | (139,384) | |
Intersegment revenues | 769 | 507 | 1,920 | 1,648 | |
Intersegment expenses | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 32,054 | (1,893) | 58,157 | 49,691 | |
Income tax expense (benefit) | 6,308 | (738) | 9,305 | 18,634 | |
Net income | 25,746 | (1,155) | 48,852 | 31,057 | |
Total assets | 9,367,141 | 5,919,877 | 9,367,141 | 5,919,877 | |
Wealth Management [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 14 | 16 | 46 | 53 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 14 | 16 | 46 | 53 | |
Provision for loan and lease losses, net | 0 | 0 | 0 | 0 | |
Non-interest income | 7,323 | 6,719 | 21,089 | 19,537 | |
Non-interest expenses | (5,138) | (3,450) | (14,819) | (11,675) | |
Intersegment revenues | 0 | 0 | 0 | 0 | |
Intersegment expenses | (225) | (141) | (580) | (480) | |
Income (loss) before income taxes | 1,974 | 3,144 | 5,736 | 7,435 | |
Income tax expense (benefit) | (13) | 1,226 | 4,506 | 2,788 | |
Net income | 1,987 | 1,918 | 1,230 | 4,647 | |
Total assets | 33,006 | 26,596 | 33,006 | 26,596 | |
Treasury [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 2,091 | 8,492 | 8,347 | 29,429 | |
Interest expense | (1,312) | (3,685) | (6,325) | (11,953) | |
Net interest income | 779 | 4,807 | 2,022 | 17,476 | |
Provision for loan and lease losses, net | 792 | (92) | (701) | (164) | |
Non-interest income | 9 | 3,513 | 4,490 | 8,313 | |
Non-interest expenses | (1,318) | (722) | (3,485) | (3,272) | |
Intersegment revenues | 0 | 0 | 0 | 0 | |
Intersegment expenses | (544) | (366) | (1,340) | (1,168) | |
Income (loss) before income taxes | (282) | 7,140 | 986 | 21,185 | |
Income tax expense (benefit) | 13 | 520 | 42 | 2,057 | |
Net income | (295) | 6,620 | 944 | 19,128 | |
Total assets | $ 1,725,221 | $ 1,465,329 | $ 1,725,221 | $ 1,465,329 |