Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
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 | 51,662,157 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Security 12b Title | Common shares, par value $1.00 per share | |
Trading Symbol | OFG | |
Security Exchange Name | NYSE | |
Entity File Number | 001-12647 | |
Entity Incorporation State Country Code | PR | |
Entity Tax Identification Number | 66-0538893 | |
Entity Address Address Line 1 | 254 Muñoz Rivera Avenue | |
Entity Address City Or Town | San Juan | |
Entity Address Country | PR | |
Entity Address Postal Zip Code | 00918 | |
City Area Code | (787) | |
Local Phone Number | 771-6800 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 2,756,288 | $ 2,142,294 |
Money market investments | 11,206 | 11,908 |
Total cash and cash equivalents | 2,767,494 | 2,154,202 |
Restricted cash | 199 | 1,375 |
Investments: | ||
Trading securities, at fair value, with amortized cost of $432 (December 31, 2020- $432) | 29 | 22 |
Investment securities available-for-sale, at fair value, with amortized cost of $491,321 (December 31, 2020, amortized cost $432,176); no allowance for credit losses | 501,619 | 446,438 |
Investment securities held-to-maturity, at amortized cost no allowance for credit losses | 125,138 | 0 |
Federal Home Loan Bank (FHLB) stock, at cost | 7,541 | 8,278 |
Other investments | 9,168 | 3,962 |
Total investments | 643,495 | 458,700 |
Loans: | ||
Loans held-for-sale, at lower of cost or fair value | 47,665 | 43,935 |
Loans held for investment, net of allowance for credit losses of $191,717 (December 31, 2020 - $204,809) | 6,306,375 | 6,457,324 |
Total loans | 6,354,040 | 6,501,259 |
Other assets: | ||
Foreclosed real estate | 15,093 | 11,596 |
Accrued interest receivable | 59,850 | 65,547 |
Deferred tax asset, net | 144,799 | 162,478 |
Premises and equipment, net | 85,993 | 83,786 |
Customers' liability on acceptances | 27,703 | 33,349 |
Servicing assets | 47,712 | 47,295 |
Goodwill | 86,069 | 86,069 |
Other intangible assets | 40,995 | 45,896 |
Operating lease right-of-use assets | 32,621 | 31,383 |
Other assets | 155,750 | 143,076 |
Total assets | 10,461,813 | 9,826,011 |
Deposits: | ||
Demand deposits | 5,329,429 | 4,613,309 |
Savings accounts | 2,285,558 | 1,944,415 |
Time deposits | 1,475,505 | 1,857,916 |
Total deposits | 9,090,492 | 8,415,640 |
Borrowings: | ||
Advances from FHLB | 63,569 | 65,561 |
Subordinated capital notes | 36,083 | 36,083 |
Other borrowings | 298 | 707 |
Total borrowings | 99,950 | 102,351 |
Other liabilities: | ||
Derivative liabilities | 1,293 | 1,712 |
Acceptances executed and outstanding | 27,703 | 33,349 |
Operating lease liabilities | 34,052 | 32,566 |
Accrued expenses and other liabilities | 128,326 | 154,418 |
Total liabilities | 9,381,816 | 8,740,036 |
Commitments and contingencies (See Note 26) | ||
Stockholders' equity: | ||
Preferred stock; 10,000,000 shares authorized; 960,000 shares of Series D issued and outstanding (December 31, 2020 - 1,340,000 shares; 1,380,000 shares; and 960,000 shares) $25 liquidation value | 24,000 | 92,000 |
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 51,660,507 shares outstanding (December 31, 2020 - $59,885,234; 51,387,071) | 59,885 | 59,885 |
Additional paid-in capital | 626,995 | 622,652 |
Legal surplus | 110,235 | 103,269 |
Retained earnings | 352,001 | 300,096 |
Treasury stock, at cost, 8,224,727 shares (December 31, 2020 - 8,498,163 shares) | (100,719) | (102,949) |
Accumulated other comprehensive income (loss), net of tax of $1,405 (December 31, 2020 - $1,529) | 7,600 | 11,022 |
Total stockholders' equity | 1,079,997 | 1,085,975 |
Total liabilities and stockholders' equity | $ 10,461,813 | $ 9,826,011 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Amortized cost of trading securities | $ 432,000 | $ 432,000 |
Amortized cost of investment securities available-for-sale | 491,321,000 | 432,176,000 |
Allowance for loan losses | $ 191,717,000 | $ 204,809,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 59,885,234 | 59,885,234 |
Common stock, shares outstanding | 51,660,507 | 51,387,071 |
Treasury stock, at cost, shares | 8,224,727 | 8,498,163 |
Tax effect on accumulated other comprehensive income (loss) | $ 1,405,000 | $ 1,529,000 |
Investment available-for-sale, allowance for credit loss | 0 | 0 |
Investment held-to-maturity, allowance for credit loss | $ 0 | $ 0 |
Series A [Member] | ||
Preferred stock, shares issued | 1,340,000 | |
Preferred stock, shares outstanding | 1,340,000 | |
Preferred stock, liquidation value | $ 25 | |
Series B [Member] | ||
Preferred stock, shares issued | 1,380,000 | |
Preferred stock, shares outstanding | 1,380,000 | |
Preferred stock, liquidation value | $ 25 | |
Series D [Member] | ||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Loans | $ 110,061 | $ 118,532 | $ 218,272 | $ 234,967 |
Mortgage-backed securities | 2,556 | 1,619 | 4,597 | 4,392 |
Investment securities and other | 846 | 1,541 | 1,576 | 6,030 |
Total interest income | 113,463 | 121,692 | 224,445 | 245,389 |
Interest expense: | ||||
Deposits | 10,460 | 15,445 | 22,484 | 32,065 |
Securities sold under agreements to repurchase | 0 | 335 | 0 | 1,335 |
Advances from FHLB and other borrowings | 452 | 505 | 911 | 1,045 |
Subordinated capital notes | 294 | 347 | 589 | 783 |
Total interest expense | 11,206 | 16,632 | 23,984 | 35,228 |
Net interest income | 102,257 | 105,060 | 200,461 | 210,161 |
Provision for credit losses | (8,305) | 17,696 | (1,981) | 64,827 |
Net interest income after (recapture) provision for credit losses | 110,562 | 87,364 | 202,442 | 145,334 |
Non-interest income: | ||||
Banking service revenue | 18,248 | 13,668 | 34,741 | 29,381 |
Wealth management revenue | 8,263 | 6,366 | 15,651 | 13,652 |
Mortgage banking activities | 4,537 | 3,072 | 10,108 | 6,306 |
Total banking and financial service revenues | 31,048 | 23,106 | 60,500 | 49,339 |
Net gain on: | ||||
Sale of securities | 0 | 0 | 0 | 4,728 |
Bargain purchase from Scotiabank PR & USVI acquistion | 0 | 3,462 | 0 | 3,872 |
Other non-interest income | 1,143 | 584 | 2,098 | 663 |
Total non-interest income, net | 32,191 | 27,152 | 62,598 | 58,602 |
Non-interest expense: | ||||
Compensation and employee benefits | 32,919 | 34,506 | 65,537 | 70,050 |
Occupancy, equipment and infrastructure costs | 12,528 | 11,837 | 25,656 | 23,276 |
Electronic banking charges | 9,316 | 7,962 | 17,548 | 17,550 |
Information technology expenses | 5,532 | 3,944 | 9,786 | 10,878 |
Professional and service fees | 5,399 | 3,475 | 9,935 | 9,264 |
Taxes, other than payroll and income taxes | 3,617 | 3,171 | 7,278 | 6,349 |
Insurance | 2,673 | 2,761 | 5,129 | 6,239 |
Foreclosed real estate and other repossessed assets (income) expenses | 327 | 2,918 | 278 | 5,440 |
Loan servicing and clearing expenses | 1,942 | 1,148 | 3,782 | 2,491 |
Advertising, business promotion, and strategic initiatives | 1,707 | 1,533 | 3,137 | 3,163 |
Communication | 1,039 | 905 | 2,004 | 1,876 |
Printing, postage, stationary and supplies | 941 | 951 | 2,159 | 1,673 |
Director and investor relations | 324 | 316 | 623 | 626 |
Merger and restructuring charges | 0 | 3,006 | 0 | 3,310 |
Pandemic expenses | 1,531 | 2,033 | 3,300 | 2,201 |
Other | 2,881 | 5,015 | 4,190 | 8,417 |
Total non-interest expense | 82,676 | 85,481 | 160,342 | 172,803 |
Income before income taxes | 60,077 | 29,035 | 104,698 | 31,133 |
Income tax expense | 19,250 | 7,248 | 33,498 | 7,545 |
Net income | 40,827 | 21,787 | 71,200 | 23,588 |
Less: dividends on preferred stock | 0 | (1,628) | (1,255) | (3,256) |
Income available to common shareholders | $ 40,827 | $ 20,159 | $ 69,945 | $ 20,332 |
Earnings per common share: | ||||
Basic | $ 0.79 | $ 0.39 | $ 1.36 | $ 0.40 |
Diluted | $ 0.78 | $ 0.39 | $ 1.35 | $ 0.39 |
Average common shares outstanding and equivalents | 52,048 | 51,470 | 51,885 | 51,584 |
Cash dividends per share of common stock | $ 0.08 | $ 0.07 | $ 0.16 | $ 0.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 40,827 | $ 21,787 | $ 71,200 | $ 23,588 |
Other comprehensive income (loss) before tax: | ||||
Unrealized gain (loss) on securities available-for-sale | 1,404 | 1,359 | (3,964) | 15,288 |
Realized gain on sale of securities available-for-sale | 0 | 0 | 0 | (4,728) |
Unrealized gain (loss) on cash flow hedges | 172 | (19) | 419 | (1,169) |
Other comprehensive (loss) income before taxes | 1,576 | 1,340 | (3,545) | 9,391 |
Income tax effect | (206) | (42) | 123 | (795) |
Other comprehensive (loss) income after taxes | 1,370 | 1,298 | (3,422) | 8,596 |
Comprehensive income | $ 42,197 | $ 23,085 | $ 67,778 | $ 32,184 |
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, 2019 | $ 92,000 | $ 59,885 | $ 621,515 | $ 95,779 | $ 279,646 | $ 254,152 | $ (102,339) | $ (1,008) | |||
Beginning Balance (Topic 326 [Member]) at Dec. 31, 2019 | $ (25,494) | ||||||||||
Redemption of preferred stock | 0 | ||||||||||
Redemption of preferred stock and issuance cost | 0 | 0 | |||||||||
Stock-based compensation expense | 1,323 | ||||||||||
Stock repurchased | $ (2,226) | (2,226) | |||||||||
Lapsed restricted stock units and options | (978) | 1,444 | |||||||||
Net income | 23,588 | 23,588 | |||||||||
Cash dividends declared on common stock | (7,191) | ||||||||||
Cash dividends declared on preferred stock | (3,256) | ||||||||||
Transfer from retained earnings | 2,568 | ||||||||||
Transfer to legal surplus | (2,568) | ||||||||||
Other comprehensive income (loss), net of tax | 8,596 | 8,596 | |||||||||
Ending Balance at Jun. 30, 2020 | 1,041,284 | 92,000 | 59,885 | 621,860 | 98,347 | 264,725 | (103,121) | 7,588 | |||
Beginning Balance at Mar. 31, 2020 | 92,000 | 59,885 | 621,206 | 95,945 | 250,557 | 250,557 | (103,289) | 6,290 | |||
Beginning Balance (Topic 326 [Member]) at Mar. 31, 2020 | 0 | ||||||||||
Redemption of preferred stock | 0 | ||||||||||
Redemption of preferred stock and issuance cost | 0 | 0 | |||||||||
Stock-based compensation expense | 822 | ||||||||||
Stock repurchased | 0 | ||||||||||
Lapsed restricted stock units and options | (168) | 168 | |||||||||
Net income | 21,787 | 21,787 | |||||||||
Cash dividends declared on common stock | [1] | (3,588) | |||||||||
Cash dividends declared on preferred stock | (1,628) | ||||||||||
Transfer from retained earnings | 2,402 | ||||||||||
Transfer to legal surplus | (2,403) | ||||||||||
Other comprehensive income (loss), net of tax | 1,298 | 1,298 | |||||||||
Ending Balance at Jun. 30, 2020 | 1,041,284 | 92,000 | 59,885 | 621,860 | 98,347 | 264,725 | (103,121) | 7,588 | |||
Beginning Balance at Dec. 31, 2020 | 1,085,975 | 92,000 | 59,885 | 622,652 | 103,269 | 300,096 | 300,096 | (102,949) | 11,022 | ||
Beginning Balance (Topic 326 [Member]) at Dec. 31, 2020 | 0 | ||||||||||
Redemption of preferred stock | (68,000) | ||||||||||
Redemption of preferred stock and issuance cost | 2,677 | (2,677) | |||||||||
Stock-based compensation expense | 3,614 | ||||||||||
Stock repurchased | 0 | 0 | |||||||||
Lapsed restricted stock units and options | (1,948) | 2,230 | |||||||||
Net income | 71,200 | 71,200 | |||||||||
Cash dividends declared on common stock | (8,397) | ||||||||||
Cash dividends declared on preferred stock | (1,255) | ||||||||||
Transfer from retained earnings | 6,966 | ||||||||||
Transfer to legal surplus | (6,966) | ||||||||||
Other comprehensive income (loss), net of tax | (3,422) | (3,422) | |||||||||
Ending Balance at Jun. 30, 2021 | 1,079,997 | 24,000 | 59,885 | 626,995 | 110,235 | 352,001 | (100,719) | 7,600 | |||
Beginning Balance at Mar. 31, 2021 | 92,000 | 59,885 | 622,935 | 106,165 | 322,202 | $ 322,202 | (100,994) | 6,230 | |||
Beginning Balance (Topic 326 [Member]) at Mar. 31, 2021 | $ 0 | ||||||||||
Redemption of preferred stock | (68,000) | ||||||||||
Redemption of preferred stock and issuance cost | 2,677 | (2,677) | |||||||||
Stock-based compensation expense | 1,405 | ||||||||||
Stock repurchased | 0 | ||||||||||
Lapsed restricted stock units and options | (22) | 275 | |||||||||
Net income | 40,827 | 40,827 | |||||||||
Cash dividends declared on common stock | [1] | (4,281) | |||||||||
Cash dividends declared on preferred stock | 0 | ||||||||||
Transfer from retained earnings | 4,070 | ||||||||||
Transfer to legal surplus | (4,070) | ||||||||||
Other comprehensive income (loss), net of tax | 1,370 | 1,370 | |||||||||
Ending Balance at Jun. 30, 2021 | $ 1,079,997 | $ 24,000 | $ 59,885 | $ 626,995 | $ 110,235 | $ 352,001 | $ (100,719) | $ 7,600 | |||
[1] | [1] Dividends declared per common share during the quarter ended June 30, 2021- $ 0.08 (June 30, 2020 - $ 0.07). Dividends declared per common share during the six-month period ended June 30, 2021 - $ 0.16 (June 30, 2020 - $ 0.14). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | ||||
Dividends declared per common share | $ 0.08 | $ 0.07 | $ 0.16 | $ 0.14 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 71,200 | $ 23,588 |
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 | 997 | (5,267) |
Amortization of fair value premiums on acquired deposits | 0 | (1,303) |
Amortization of investment securities premiums, net of accretion of discounts | 1,583 | 3,099 |
Amortization of other intangibles assets | 4,901 | 5,559 |
Net change in operating leases | 248 | 274 |
Depreciation and amortization of premises and equipment | 6,913 | 6,190 |
Deferred income tax expense, net | 8,733 | 1,053 |
Provision for credit losses | (1,981) | 64,827 |
Stock-based compensation | 3,614 | 1,323 |
(Gain) loss on: | ||
Sale of securities | 0 | (4,728) |
Sale of loans | (3,833) | (819) |
Early extinguishment of debt | 0 | 63 |
Foreclosed real estate and other repossessed assets | (2,757) | 1,343 |
Sale of other assets | (570) | (7) |
Originations and purchases of loans held-for-sale | (197,376) | (55,198) |
Proceeds from sale of loans held-for-sale | 127,053 | 819 |
Net (increase) decrease in: | ||
Trading securities | (7) | 15 |
Accrued interest receivable | 5,947 | (45,363) |
Servicing assets | (417) | 2,853 |
Other assets | (3,321) | 8,540 |
Net increase (decrease) in: | ||
Accrued interest on deposits and borrowings | (578) | (1,292) |
Accrued expenses and other liabilities | 48,085 | 15,985 |
Net cash provided by operating activities | 68,434 | 21,554 |
Purchases of: | ||
Investment securities available-for-sale | (27,886) | 23,469 |
Investment securities held-to-maturity | (126,777) | 0 |
Other investments | (5,206) | (516) |
Maturities and redemptions of: | ||
Investment securities available-for-sale | 51,129 | 257,278 |
Investment securities held-to-maturity | 1,578 | 0 |
FHLB stock | 737 | 4,682 |
Proceeds from sales of: | ||
Investment securities available-for-sale | 0 | 320,984 |
Foreclosed real estate and other repossessed assets, including write-offs | 19,581 | 14,824 |
Premises and equipment | 570 | 32 |
Origination and purchase of loans, excluding loans held-for-sale | (1,003,889) | (728,791) |
Principal repayment of loans | 1,093,923 | 522,880 |
Additions to premises and equipment | (9,633) | (7,344) |
Net cash (used in) provided by investing activities | (5,873) | 407,498 |
Net increase (decrease) in: | ||
Deposits | 629,322 | 831,303 |
Securities sold under agreements to repurchase | 0 | (190,063) |
FHLB advances, federal funds purchased, and other borrowings | (2,397) | (10,805) |
Exercise of stock options with treasury shares | 282 | 466 |
Redemption of preferred stock | (68,000) | 0 |
Purchase of treasury stock | 0 | (2,226) |
Dividends paid on preferred stock | (1,255) | (3,256) |
Dividends paid on common stock | (8,397) | (7,191) |
Net cash provided by financing activities | 549,555 | 618,228 |
Net change in cash, cash equivalents and restricted cash | 612,116 | 1,047,280 |
Cash, cash equivalents and restricted cash at beginning of period | 2,155,577 | 852,757 |
Cash, cash equivalents and restricted cash at end of period | 2,767,693 | 1,900,037 |
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition: | ||
Cash and due from banks | 2,756,288 | 1,888,965 |
Money market investments | 11,206 | 10,022 |
Restricted cash | 199 | 1,050 |
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of period | 2,767,693 | 1,900,037 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | ||
Interest paid | 17,210 | 26,966 |
Income taxes paid | 880 | 5,628 |
Operating lease liabilities paid | 5,976 | 6,614 |
Mortgage loans held-for-sale securitized into mortgage-backed securities | 83,909 | 55,612 |
Transfer from loans to foreclosed real estate and other repossessed assets | 20,637 | 9,083 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 17,993 | 261 |
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio | 4,178 | 0 |
Interest capitalized on loans subject to the temporary payment moratorium | 0 | 34,826 |
Financed sales of foreclosed real estate | 407 | 0 |
Loans booked under the GNMA buy-back option | $ 28,118 | $ 75,091 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES Nature of Operations OFG is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG 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”), among other subsidiaries. OFG 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, OFG 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, OFG 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, OFG purchased from the Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). 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. Immediately following the closing of the Scotiabank Acquisition, OFG merged SBPR with and into Oriental Bank, with Oriental Bank continuing as the surviving entity. This transaction is referred to as the “Scotiabank Acquisition.” These acquired businesses have been integrated. Basis of Presentation The accompanying unaudited consolidated financial statements of OFG 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 OFG 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, 2020. Operating results for the six-months period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 OFG’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, 2020 . New Accounting Updates Adopted in 2021 Simplifying the Accounting for Income Taxes. On January 1, 2021, OFG adopted ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period tax allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. Our adoption of this standard did not have an impact on our financial statements. Investments—Equity Securities. On January 1, 2021, OFG adopted ASU 2020-01, which clarifies accounting for certain equity method investments (ASU 2020-01) clarifies the interactions between Topic 321 (equity securities), Topic 323 (equity method and joint ventures) and Topic 815 (derivatives and hedge accounting). The ASU addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. Our adoption of this standard did not have an impact on our financial statements. New Accounting Updates Not Yet Adopted Certain Leases with Variable Lease Payments. In July 2021, the FASB issued guidance within ASU 2021-05, which amends the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both: the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3; and the lessor would have otherwise recognized a day-one loss. OFG does not expect to be materially impacted by this amendment. Issuer’s Accounting for Certain Modifications on Exchanges of Freestanding Equity-Classified Written Call Options. In May 2021, the FASB issued ASU 2021-04, which clarifies the accounting for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after a modification or exchange and the related EPS effects of such transaction if recognized as an adjustment to equity. Upon adoption of this ASU, we will consider this guidance for modifications or exchanges of freestanding equity-classified written call options. Reference Rate Reform . In March 2020, the FASB issued guidance within ASU 2020-04, which provides accounting relief from the future impact of the cessation of LIBOR by, among other things, providing optional expedients to treat contract modifications resulting from such reference rate reform as a continuation of the existing contract and for hedging relationships to not be de-designated resulting from such changes provided certain criteria are met. OFG’s LIBOR exposure is mainly concentrated within its commercial loan portfolio, representing 7.6% of total loans held for investment at June 30, 2021. OFG has identified its LIBOR-based contracts that will be impacted by the cessation of LIBOR and is incorporating fallback language in negotiated contracts and incorporating a non-LIBOR reference rate and/or fallback language in new contracts to prepare for these changes. Furthermore, management has established a LIBOR transition team to lead OFG in the execution of its project plan. Notwithstanding these efforts, OFG expects to use the optional expedients provided by ASU 2020-04 for contracts left unmodified. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash | NOTE 2 – RESTRICTED CASH The following table includes the composition of OFG’s restricted cash: June 30, December 31, 2021 2020 (In thousands) Cash pledged as collateral to other financial institutions to secure: Regulatory requirements $ - $ 325 Obligations under agreement of loans sold with recourse 199 1,050 $ 199 $ 1,375 As of December 31, 2020, cash of $ 325 thousand was held as the legal reserve required by the Puerto Rico’s Office of the Commissioner of Financial Institutions (“OCFI”) in connection with an international banking entity (“IBE”) unit license acquired in the Scotiabank Acquisition. This cash was released during the six-month period ended June 30, 2021, as a result of the cancellation of this IBE license. OFG has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At June 30, 2021 and December 31, 2020, OFG delivered as collateral cash amounting to approximately $ 199 thousand and $ 1.1 million, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances for the week that covered June 30, 2021 was $ 477.7 million (December 31, 2020 - $ 408.5 million). At June 30, 2021 and December 31, 2020, 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 | 6 Months Ended |
Jun. 30, 2021 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE 3 – INVESTMENT SECURITIES Money Market Investments OFG considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less at the date of acquisition. At June 30, 2021 and December 31, 2020, money market instruments included as part of cash and cash equivalents amounted to $ 11.2 million and $ 11.9 million, respectively. Investment Securities The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by OFG at June 30, 2021 and December 31, 2020, were as follows: June 30, 2021 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 $ 208,840 $ 3,481 $ 2,242 $ 210,079 1.71% GNMA certificates 237,547 8,256 176 245,627 2.35% CMOs issued by US government-sponsored agencies 30,546 762 - 31,308 1.96% Total mortgage-backed securities 476,933 12,499 2,418 487,014 2.05% Investment securities US Treasury securities 10,739 171 - 10,910 1.48% Obligations of US government-sponsored agencies 1,396 11 - 1,407 1.39% Other debt securities 2,253 35 - 2,288 4.73% Total investment securities 14,388 217 - 14,605 1.98% Total securities available for sale $ 491,321 $ 12,716 $ 2,418 $ 501,619 2.05% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 125,138 $ 63 $ 444 $ 124,757 1.70% December 31, 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 $ 206,195 $ 4,786 $ 32 $ 210,949 1.78% GNMA certificates 174,472 8,478 178 182,772 2.21% CMOs issued by US government-sponsored agencies 38,309 905 - 39,214 1.96% Total mortgage-backed securities 418,976 14,169 210 432,935 1.97% Investment securities US Treasury securities 10,740 243 - 10,983 1.49% Obligations of US government-sponsored agencies 1,585 21 - 1,606 1.39% Other debt securities 875 39 - 914 2.31% Total investment securities 13,200 303 - 13,503 1.53% Total securities available-for-sale $ 432,176 $ 14,472 $ 210 $ 446,438 1.96% At June 30, 2021 and December 31, 2020, all securities held by OFG are issued by U.S. government entities and agencies that have a zero-credit loss assumption. At both June 30, 2021 and December 31, 2020, the Bank’s international banking entities held short-term US Treasury securities in the amount of $ 305 thousand and $ 325 thousand as the legal reserve required for international banking entities under Puerto Rico law. These instruments cannot be withdrawn or transferred without the prior written approval of the OCFI. The amortized cost and fair value of OFG’s investment securities at June 30, 2021, by contractual maturity, are shown in the next table. Securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2021 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due less than one year FNMA and FHLMC certificates $ 6 $ 6 $ - $ - Total due in less than one year 6 6 - - Due from 1 to 5 years GNMA certificates 2,203 2,274 - - Total due from 1 to 5 years 2,203 2,274 - - Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 28,246 $ 28,976 $ - $ - FNMA and FHLMC certificates 90,140 93,172 - - GNMA certificates 45,513 46,827 - - Total due after 5 to 10 years 163,899 168,975 - - Due after 10 years FNMA and FHLMC certificates $ 118,694 $ 116,901 $ 125,138 $ 124,757 GNMA certificates 189,831 196,526 - - CMOs issued by US government-sponsored agencies 2,300 2,332 - - Total due after 10 years 310,825 315,759 125,138 124,757 Total mortgage-backed securities 476,933 487,014 125,138 124,757 Investment securities Due less than one year Obligations of US government-sponsored agencies $ 1,396 $ 1,407 $ - $ - US Treasury securities 735 735 - - Other debt securities 250 250 - - Total due in less than one year 2,381 2,392 - - Due from 1 to 5 years US Treasury securities $ 10,004 $ 10,175 $ - $ - Other debt securities 2,003 2,038 - - Total due from 1 to 5 years 12,007 12,213 - - Due from 5 to 10 years Total investment securities 14,388 14,605 - - Total $ 491,321 $ 501,619 $ 125,138 $ 124,757 During the six-month period ended June 30, 2020, OFG sold $ 316.3 million available-for-sale mortgage-backed securities and recognized a $ 4.7 million gain in the sale. There were no sales of securities during the six-month period ended on June 30, 2021. During the six-month periods ended June 30, 2021 and 2020, OFG retained securitized GNMA pools totaling $ 84.0 million and $ 31.1 million amortized cost, respectively, at a yield of 2.66% and 2.81%, from its own originations. Six-Month Period Ended June 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 $ - The following tables show OFG’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity at June 30, 2021 and December 31, 2020, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: June 30, 2021 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 106,318 $ 2,242 $ 104,076 GNMA certificates 967 176 791 $ 107,285 $ 2,418 $ 104,867 Held-to-maturity FNMA and FHLMC certificates $ 100,180 $ 444 $ 99,736 December 31, 2020 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 34,628 $ 32 $ 34,596 GNMA certificates 5,104 178 4,926 $ 39,732 $ 210 $ 39,522 OFG had investment securities in a continuous loss position for 12 months or more at June 30, 2021 or December 31, 2020. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2021 | |
Loans [Abstract] | |
Loans | NOTE 4 - LOANS OFG’s loan portfolio is composed of four segments, commercial, mortgage, consumer, and auto. Loans are further segregated into classes which OFG uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of OFG’s loan portfolio at June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 Non-PCD PCD Total Non-PCD PCD Total (In thousands) (In thousands) Commercial loans: Commercial secured by real estate $ 829,053 $ 224,987 $ 1,054,040 $ 807,284 $ 243,229 $ 1,050,513 Other commercial and industrial 677,775 35,640 713,415 647,444 39,931 687,375 Commercial Paycheck Protection Program (PPP Loans) 228,677 - 228,677 289,218 - 289,218 US commercial loans 397,038 - 397,038 374,904 - 374,904 2,132,543 260,627 2,393,170 2,118,850 283,160 2,402,010 Mortgage 760,168 1,324,274 2,084,442 823,443 1,459,932 2,283,375 Consumer: Personal loans 300,631 673 301,304 313,257 1,043 314,300 Credit lines 31,378 308 31,686 43,805 351 44,156 Credit cards 49,153 - 49,153 56,185 - 56,185 Overdraft 313 - 313 305 - 305 Auto 1,618,788 19,236 1,638,024 1,534,269 27,533 1,561,802 2,000,263 20,217 2,020,480 1,947,821 28,927 1,976,748 4,892,974 1,605,118 6,498,092 4,890,114 1,772,019 6,662,133 Allowance for credit losses ( 148,314) ( 43,403) ( 191,717) ( 161,015) ( 43,794) ( 204,809) Total loans held for investment 4,744,660 1,561,715 6,306,375 4,729,099 1,728,225 6,457,324 Mortgage loans held for sale 37,885 - 37,885 41,654 - 41,654 Other loans held for sale 9,780 - 9,780 2,281 - 2,281 Total loans held for sale 47,665 - 47,665 43,935 - 43,935 Total loans, net $ 4,792,325 $ 1,561,715 $ 6,354,040 $ 4,773,034 $ 1,728,225 $ 6,501,259 At June 30, 2021 and December 31, 2020, OFG had carrying balances of $ 99.3 million and $ 99.1 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. The Bank’s loans to the Puerto Rico government amounting to $ 98.2 million and $ 98.0 million at June 30, 2021 and December 31, 2020, 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. 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 June 30, 2021 and December 31, 2020, by class of loans. Mortgage loans past due include $ 28.1 million and $ 56.2 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. June 30, 2021 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 $ 971 $ 335 $ 15,790 $ 17,096 $ 811,957 $ 829,053 $ - Other commercial and industrial 635 284 2,044 2,963 903,489 906,452 - US commercial loans 1,490 - - 1,490 395,548 397,038 - 3,096 619 17,834 21,549 2,110,994 2,132,543 - Mortgage 8,302 7,206 72,451 87,959 672,209 760,168 3,448 Consumer Personal loans 2,484 1,031 1,086 4,601 296,030 300,631 - Credit lines 1,217 197 378 1,792 29,586 31,378 - Credit cards 661 254 850 1,765 47,388 49,153 - Overdraft 85 - 2 87 226 313 - Auto 46,719 19,349 7,192 73,260 1,545,528 1,618,788 - 51,166 20,831 9,508 81,505 1,918,758 2,000,263 - Total loans $ 62,564 $ 28,656 $ 99,793 $ 191,013 $ 4,701,961 $ 4,892,974 $ 3,448 December 31, 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 $ 2,781 $ 750 $ 17,862 $ 21,393 $ 785,891 $ 807,284 $ - Other commercial and industrial 1,674 234 4,695 6,603 930,059 936,662 - US commercial loans 2,604 - - 2,604 372,300 374,904 - 7,059 984 22,557 30,600 2,088,250 2,118,850 - Mortgage 7,385 14,953 101,528 123,866 699,577 823,443 3,974 Consumer Personal loans 4,784 2,515 2,062 9,361 303,896 313,257 - Credit lines 2,136 476 1,269 3,881 39,924 43,805 - Credit cards 1,357 824 1,585 3,766 52,419 56,185 - Overdraft 138 - - 138 167 305 - Auto 57,176 31,181 20,485 108,842 1,425,427 1,534,269 - 65,591 34,996 25,401 125,988 1,821,833 1,947,821 - Total loans $ 80,035 $ 50,933 $ 149,486 $ 280,454 $ 4,609,660 $ 4,890,114 $ 3,974 Upon adoption of Current Expected Credit Losses accounting standard (“CECL”), OFG 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 tables above. Non-accrual Loans The following table presents the amortized cost basis of loans on nonaccrual status as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Nonaccrual with Nonaccrual with no Nonaccrual with Nonaccrual with no Allowance Allowance Allowance Allowance for Credit Loss for Credit Loss Total for Credit Loss for Credit Loss Total (In thousands) (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 15,217 $ 19,162 $ 34,379 $ 15,225 $ 21,462 $ 36,687 Other commercial and industrial 3,119 361 3,480 2,138 3,174 5,312 18,336 19,523 37,859 17,363 24,636 41,999 Mortgage 21,092 21,913 43,005 24,920 17,747 42,667 Consumer Personal loans 927 298 1,225 1,752 377 2,129 Personal lines of credit 389 - 389 1,272 - 1,272 Credit cards 848 - 848 1,586 - 1,586 Auto and leasing 7,605 - 7,605 20,766 - 20,766 9,769 298 10,067 25,376 377 25,753 Total non-accrual loans $ 49,197 $ 41,734 $ 90,931 $ 67,659 $ 42,760 $ 110,419 PCD: Commercial Commercial secured by real estate $ 27,730 $ 5,670 $ 33,400 $ 31,338 $ 4,031 $ 35,369 Other commercial and industrial 1,102 - 1,102 1,102 - 1,102 28,832 5,670 34,502 32,440 4,031 36,471 Mortgage 2,067 - 2,067 1,003 - 1,003 Consumer Personal loans - - - 1 - 1 - - - 1 - 1 Total non-accrual loans $ 30,899 $ 5,670 $ 36,569 $ 33,444 $ 4,031 $ 37,475 $ 80,096 $ 47,404 $ 127,500 $ 101,103 $ 46,791 $ 147,894 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 June 30, 2021 and December 31 2020, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $ 122.3 million and $ 109.2 million, respectively, as they were performing under their new terms. Modifications OFG 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. The amount of outstanding commitments to lend additional funds to commercial borrowers whose terms have been modified in TDRs amounted to $ 2.1 million and $ 7.7 million at June 30, 2021 and December 31, 2020, respectively. The following table presents the troubled-debt restructurings in all loan portfolios as of June 30, 2021 and December 31, 2020. June 30, 2021 Related Accruing Non-accruing Total Allowance (In thousands) Commercial Commercial secured by real estate $ 11,448 $ 14,922 $ 26,370 $ 233 US commercial loans 7,157 - 7,157 214 Other commercial and industrial 3,594 350 3,944 64 22,199 15,272 37,471 511 Mortgage 95,820 10,810 106,630 4,245 Consumer Personal loans 4,000 139 4,139 199 Auto and leasing 269 56 325 21 4,269 195 4,464 220 Total loans $ 122,288 $ 26,277 $ 148,565 $ 4,976 December 31, 2020 Related Accruing Non-accruing Total Allowance (In thousands) Commercial Commercial secured by real estate $ 10,047 $ 16,609 $ 26,656 $ 223 US commercial loans 7,157 - 7,157 345 Other commercial and industrial 3,872 375 4,247 59 21,076 16,984 38,060 627 Mortgage 87,539 11,202 98,741 4,882 Consumer Personal loans 4,944 67 5,011 257 Auto and leasing 331 44 375 23 5,275 111 5,386 280 Total loans $ 113,890 $ 28,297 $ 142,187 $ 5,789 The following table presents the troubled-debt restructurings by loan portfolios and modification type as of June 30, 2021 and December 31, 2020. June 30, 2021 Combination of reduction Reduction in Maturity or term in interest rate interest rate extension and extension of maturity Forbearance Total (In thousands) Commercial Commercial secured by real estate $ 911 $ 4,651 $ 20,808 $ - $ 26,370 US commercial loans 7,157 - - - 7,157 Other commercial and industrial 723 2,682 539 - 3,944 8,791 7,333 21,347 - 37,471 Mortgage 28,370 7,493 33,675 37,092 106,630 Consumer Personal loans 1,949 312 1,606 272 4,139 Auto and leasing 62 - 45 218 325 2,011 312 1,651 490 4,464 Total loans $ 39,172 $ 15,138 $ 56,673 $ 37,582 $ 148,565 December 31, 2020 Combination of reduction Reduction in Maturity or term in interest rate interest rate extension and extension of maturity Forbearance Total (In thousands) Commercial Commercial secured by real estate $ 740 $ 3,926 $ 21,990 $ - $ 26,656 US commercial loans 7,157 - - - 7,157 Other commercial and industrial 718 2,960 569 - 4,247 8,615 6,886 22,559 - 38,060 Mortgage 27,593 6,271 29,734 35,143 98,741 Consumer Personal loans 2,315 407 1,896 393 5,011 Auto and leasing 38 - 38 299 375 2,353 407 1,934 692 5,386 Total loans $ 38,561 $ 13,564 $ 54,227 $ 35,835 $ 142,187 TDRs disclosed above were not related to Covid-19 modifications. 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. OFG ’s loan deferrals outstanding balances at June 30, 2021 and December 31, 2020 of approximately $ 74.9 million and $ 95.7 million resulting from the Covid-19 pandemic were not classified as a TDR , which consist of commercial loans from well-capitalized customers in the hospitality industry and FHA and VA insured mortgage loans. 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. Loan modifications that are considered TDR loans completed during the quarters and six-month periods ended June 30, 2021 and 2020 were as follows: Quarter Ended June 30, 2021 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 44 $ 5,104 4.24% 303 $ 4,880 3.59% 349 Commercial 1 991 4.25% 175 880 5.75% 60 Consumer 7 139 12.76% 72 139 9.47% 76 Auto 3 44 13.15% 78 44 10.15% 73 Six-Month Period Ended June 30, 2021 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 70 $ 8,661 4.14% 302 $ 8,460 3.60% 342 Commercial 3 1,176 4.72% 157 1,085 5.95% 60 Consumer 9 155 12.65% 70 156 9.52% 75 Auto 8 126 9.04% 70 126 9.93% 49 Quarter Ended June 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) Consumer 1 21 5.99% 60 20 6.50% 72 Six-Month Period Ended June 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 26 $ 3,093 5.14% 359 $ 3,046 4.29% 360 Commercial 1 281 8.00% 105 281 6.00% 240 Consumer 16 220 12.95% 67 225 10.63% 81 The following table presents troubled-debt restructurings for which there was a payment default during the twelve-month periods ended June 30, 2021 and 2020: Twelve month period ended June 30, 2021 2020 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 19 $ 2,191 17 $ 2,267 Consumer 1 $ 14 90 $ 1,231 Auto 11 $ 64 3 $ 32 As of June 30, 2021, the recorded investment on residential mortgage loans collateralized by residential real estate property that were in the process of foreclosure amounted to $ 26.1 million. OFG commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent. Puerto Rico and the USVI require the foreclosure to be processed through the state’s court. Foreclosure timelines vary according to local jurisdiction law and investor guidelines. Occasionally, foreclosures may be delayed due to, among other reasons, mandatory mediations, bankruptcy, court delays and title issues. Collateral-dependent Loans The table below present the amortized cost of collateral-dependent loans held for investment at June 30, 2021 and December 31, 2020, by class of loans. June 30, 2021 December 31, 2020 (In thousands) Commercial loans: Commercial secured by real estate $ 25,189 $ 29,279 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 OFG 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. OFG 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 June 30, 2021 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 2021 2020 2019 2018 2017 Prior Cost Basis Total (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 59,344 $ 125,832 $ 97,799 $ 84,239 $ 66,936 $ 206,046 $ 37,274 $ 677,470 Special Mention 672 10,436 51,806 24,581 10,657 12,031 956 111,139 Substandard 850 314 69 905 8,598 21,130 1,289 33,155 Doubtful - - - - - 25 7,264 7,289 Loss - - - - - - - - Total commercial secured by real estate 60,866 136,582 149,674 109,725 86,191 239,232 46,783 829,053 Other commercial and industrial: Loan grade: Pass 289,682 165,556 55,504 45,725 10,762 7,459 271,518 846,206 Special Mention 89 320 8,172 19,597 17 - 28,409 56,604 Substandard 446 22 163 496 108 106 2,243 3,584 Doubtful - - - - - - 58 58 Loss - - - - - - - - Total other commercial and industrial: 290,217 165,898 63,839 65,818 10,887 7,565 302,228 906,452 US commercial loans: Loan grade: Pass 37,333 59,081 50,358 77,683 - - 134,118 358,573 Special Mention - - 1,512 12,339 - - - 13,851 Substandard - 7,157 - 17,457 - - - 24,614 Doubtful - - - - - - - - Loss - - - - - - - - Total US commercial loans: 37,333 66,238 51,870 107,479 - - 134,118 397,038 Total commercial loans $ 388,416 $ 368,718 $ 265,383 $ 283,022 $ 97,078 $ 246,797 $ 483,129 $ 2,132,543 As of December 31, 2020 the risk category of loans subject to risk rating by class of loans is as follows. Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total (In thousands) Commercial Commercial secured by real estate: Loan grade: Pass $ 113,474 $ 105,156 $ 106,283 $ 81,338 $ 44,008 $ 187,189 $ 30,686 $ 668,134 Special Mention 10,592 20,605 5,233 11,771 8,514 3,090 37,680 97,485 Substandard 183 63 758 8,923 584 23,746 7,331 41,588 Doubtful - - - - - 77 - 77 Total commercial secured by real estate 124,249 125,824 112,274 102,032 53,106 214,102 75,697 807,284 Other commercial and industrial: Loan grade: Pass 384,901 84,433 75,023 14,502 8,326 7,922 300,429 875,536 Special Mention 151 8,242 19,626 - - 3,337 23,732 55,088 Substandard 207 66 486 164 2,809 119 2,122 5,973 Doubtful - - - - - - 65 65 Loss - - - - - - - - Total other commercial and industrial: 385,259 92,741 95,135 14,666 11,135 11,378 326,348 936,662 US commercial loans: Loan grade: Pass 68,688 62,264 77,762 7,124 - - 98,324 314,162 Special Mention - 1,501 33,282 - - - 1,250 36,033 Substandard 7,156 - 17,553 - - - - 24,709 Total US commercial loans 75,844 63,765 128,597 7,124 - - 99,574 374,904 Total Commercial $ 585,352 $ 282,330 $ 336,006 $ 123,822 $ 64,241 $ 225,480 $ 501,619 $ 2,118,850 At June 30, 2021 and December 31, 2020, the balance of revolving loans converted to term loans was $ 20.0 million and $ 21.0 million, respectively. OFG considers the performance of the loan portfolio and its impact on the allowance for credit losses. For mortgage and consumer loan classes, OFG also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following tables presents the amortized cost in mortgage and consumer loans based on payment activity as of June 30, 2021: Revolving Loans Term Loans Revolving Converted to Amortized Cost Basis by Origination Year Loans Term Loans Amortized Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total (In thousands) Mortgage: Payment performance: Performing $ 8,584 $ 15,005 $ 15,576 $ 21,657 $ 26,204 $ 620,368 $ - $ - $ 707,394 Nonperforming - 126 536 465 2,500 49,147 - - 52,774 Total mortgage loans: 8,584 15,131 16,112 22,122 28,704 669,515 - - 760,168 Consumer: Personal loans: Payment performance: Performing 61,458 72,563 90,158 43,084 19,871 12,272 - - 299,406 Nonperforming 124 182 179 273 93 374 - - 1,225 Total personal loans 61,582 72,745 90,337 43,357 19,964 12,646 - - 300,631 Credit lines: Payment performance: Performing - - - - - - 30,989 - 30,989 Nonperforming - - - - - - 389 - 389 Total credit lines - - - - - - 31,378 - 31,378 Credit cards: Payment performance: Performing - - - - - - 48,305 - 48,305 Nonperforming - - - - - - 848 - 848 Total credit cards - - - - - - 49,153 - 49,153 Overdrafts: Payment performance: Performing - - - - - - 313 - 313 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 313 - 313 Total consumer loans 61,582 72,745 90,337 43,357 19,964 12,646 80,844 - 381,475 Total mortgage and consumer loans $ 70,166 $ 87,876 $ 106,449 $ 65,479 $ 48,668 $ 682,161 $ 80,844 $ - $ 1,141,643 The following tables presents the amortized cost in mortgage and consumer loans based on payment activity as of December 31, 2020: 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 $ 14,842 $ 20,516 $ 27,359 $ 33,088 $ 38,637 $ 642,045 $ - $ - $ 776,487 Nonperforming - 347 722 894 950 44,043 - - 46,956 Total mortgage loans: 14,842 20,863 28,081 33,982 39,587 686,088 - - 823,443 Consumer: Personal loans: Payment performance: Performing 88,653 115,295 58,009 28,424 13,565 7,181 - - 311,127 Nonperforming 201 591 492 318 134 394 - - 2,130 Total personal loans 88,854 115,886 58,501 28,742 13,699 7,575 - - 313,257 Credit lines: Payment performance: Performing - - - - - - 42,531 - 42,531 Nonperforming - - - - - - 1,274 - 1,274 Total credit lines - - - - - - 43,805 - 43,805 Credit cards: Payment performance: Performing - - - - - - 54,599 - 54,599 Nonperforming - - - - - - 1,586 - 1,586 Total credit cards - - - - - - 56,185 - 56,185 Overdrafts: Payment performance: Performing - - - - - - 305 - 305 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 305 - 305 Total consumer loans 88,854 115,886 58,501 28,742 13,699 7,575 100,295 - 413,552 Total mortgage and consumer loans $ 103,696 $ 136,749 $ 86,582 $ 62,724 $ 53,286 $ 693,663 $ 100,295 $ - $ 1,236,995 OFG 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 as of June 30, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year As of June 30, 2021 2021 2020 2019 2018 2017 Prior Total (In thousands) Auto: FICO score: 1-660 75,895 106,442 92,663 79,610 46,518 35,412 436,540 661-699 57,205 90,482 59,027 41,148 20,923 16,544 285,329 700+ 123,165 187,673 211,175 156,703 78,045 58,314 815,075 No FICO 21,891 14,994 20,524 12,204 6,889 5,342 81,844 Total auto: $ 278,156 $ 399,591 $ 383,389 $ 289,665 $ 152,375 $ 115,612 $ 1,618,788 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2020 2020 2019 2018 2017 2016 Prior Total (In thousands) Auto: FICO score: 1-660 121,878 112,476 97,725 56,935 30,307 22,360 441,681 661-699 84,673 68,698 44,633 23,308 13,571 9,031 243,914 700+ 173,834 214,287 164,205 85,743 45,947 32,177 716,193 No FICO 21,512 42,597 33,305 18,127 9,656 7,284 132,481 Total auto: $ 401,897 $ 438,058 $ 339,868 $ 184,113 $ 99,481 $ 70,852 $ 1,534,269 Upon adoption of CECL, OFG 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 tables above. |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | NOTE 5 – ALLOWANCE FOR CREDIT LOSSES On January 1, 2020, OFG 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 OFG’s relevant financial assets. The allowance for credit losses (“ACL”) 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 OFG's assessment, may not be adequately represented in the quantitative methods or the economic assumptions. In its loss forecasting framework, OFG 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. At June 30, 2021 , OFG used a probability weighted scenario approach using Moody’s Economic Forecast Scenarios as it is expected that Puerto Rico’s economic performance should be close to the baseline scenario, and to a lesser extent to the S3 (pessimistic) scenario. In addition, the allowance for credit losses at June 30, 2021 continues to include qualitative reserves for certain segments that OFG views as higher risk that may not be fully recognized through its quantitative models such as commercial loans concentrated in certain industries. 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. The following tables present the activity in OFG’s allowance for credit losses by segment for the quarters and six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, 2021 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 47,683 $ 17,035 $ 21,191 $ 71,069 $ 156,978 (Recapture) provision for credit losses ( 4,503) ( 592) 74 ( 2,538) ( 7,559) Charge-offs ( 653) ( 268) ( 2,897) ( 5,170) ( 8,988) Recoveries 996 193 697 5,997 7,883 Balance at end of period $ 43,523 $ 16,368 $ 19,065 $ 69,358 $ 148,314 PCD: Balance at beginning of period $ 14,306 $ 29,939 $ 52 $ 698 $ 44,995 (Recapture) provision for credit losses ( 1,974) 1,727 ( 47) ( 285) ( 579) Charge-offs ( 6) ( 1,742) - ( 226) ( 1,974) Recoveries 430 184 33 314 961 Balance at end of period $ 12,756 $ 30,108 $ 38 $ 501 $ 43,403 Total allowance for credit losses at end of period $ 56,279 $ 46,476 $ 19,103 $ 69,859 $ 191,717 Six-Month Period Ended June 30, 2021 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 (Recapture) provision for credit losses ( 2,961) ( 3,071) ( 85) 1,501 ( 4,616) Charge-offs ( 720) ( 1,056) ( 7,366) ( 14,253) ( 23,395) Recoveries 1,425 808 1,263 11,814 15,310 Balance at end of period $ 43,523 $ 16,368 $ 19,065 $ 69,358 $ 148,314 PCD: Balance at beginning of period $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 (Recapture) provision for credit losses ( 4,466) 7,721 ( 52) ( 457) 2,746 Charge-offs ( 50) ( 4,332) ( 22) ( 682) ( 5,086) Recoveries 867 330 55 697 1,949 Balance at end of period $ 12,756 $ 30,108 $ 38 $ 501 $ 43,403 Total allowance for credit losses at end of period $ 56,279 $ 46,476 $ 19,103 $ 69,859 $ 191,717 Quarter ended June 30, 2020 Commercial Mortgage Consumer Auto and Leasing Total (In thousands) Non-PCD: Balance at beginning of period $ 49,196 $ 19,694 $ 27,763 $ 53,308 $ 149,961 (Recapture) Provision for credit losses ( 6,319) 455 7,935 13,156 15,227 Charge-offs ( 497) ( 185) ( 4,187) ( 13,300) ( 18,169) Recoveries 631 9 443 3,405 4,488 Balance at end of period $ 43,011 $ 19,973 $ 31,954 $ 56,569 $ 151,507 PCD: Balance at beginning of period $ 48,836 $ 30,603 $ 177 $ 1,178 $ 80,794 Provision (recapture) for credit losses 177 1,915 ( 8) 385 2,469 Charge-offs ( 386) ( 2,178) ( 30) ( 600) ( 3,194) Recoveries 286 580 30 229 1,125 Balance at end of period $ 48,913 $ 30,920 $ 169 $ 1,192 $ 81,194 Total allowance for loan and lease losses at end of period $ 91,924 $ 50,893 $ 32,123 $ 57,761 $ 232,701 Six-Month Period Ended June 30, 2020 Commercial Mortgage Consumer Auto and Leasing 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 15,571 611 14,205 27,190 57,577 Charge-offs ( 4,268) ( 603) ( 10,202) ( 26,353) ( 41,426) Recoveries 2,153 258 1,087 7,616 11,114 Balance at end of period $ 43,011 $ 19,973 $ 31,954 $ 56,569 $ 151,507 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 (Recapture) provision for credit losses ( 41) 8,054 356 280 8,649 Charge-offs ( 2,743) ( 7,321) ( 461) ( 975) ( 11,500) Recoveries 661 702 93 572 2,028 Balance at end of period $ 48,913 $ 30,920 $ 169 $ 1,192 $ 81,194 Total allowance for loan and lease losses at end of period $ 91,924 $ 50,893 $ 32,123 $ 57,761 $ 232,701 |
Foreclosed Real Estate
Foreclosed Real Estate | 6 Months Ended |
Jun. 30, 2021 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate | NOTE 6 — FORECLOSED REAL ESTATE The following tables present the activity related to foreclosed real estate for the quarters and six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) Balance at beginning of period $ 15,598 $ 27,292 $ 11,596 $ 29,909 Additions 2,907 47 9,544 1,946 Sales ( 3,098) ( 2,074) ( 5,521) ( 6,040) Decline in value ( 314) ( 473) ( 526) ( 1,023) Balance at end of period $ 15,093 $ 24,792 $ 15,093 $ 24,792 |
Servicing Assets
Servicing Assets | 6 Months Ended |
Jun. 30, 2021 | |
Servicing Assets [Abstract] | |
Servicing Assets | NOTE 7 - SERVICING ASSETS At June 30, 2021, the servicing asset amounted to $ 47.7 million ($ 47.3 million — December 31, 2020) related to mortgage servicing rights. The impact of Covid-19 has been considered in the fair value for quarter and six-month period ended June 30, 2021. The following table presents the changes in servicing rights measured using the fair value method for the quarters and six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) Fair value at beginning of period $ 47,911 $ 49,287 $ 47,295 $ 50,779 Servicing from mortgage securitizations or asset transfers 2,023 124 3,443 580 Changes due to payments on loans [1] ( 1,862) ( 678) ( 3,369) ( 1,445) Changes in fair value due to changes in valuation model inputs or assumptions ( 360) ( 807) 343 ( 1,988) Fair value at end of period $ 47,712 $ 47,926 $ 47,712 $ 47,926 [1] Represents changes due to collection/realization of expected cash flows over time. The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value for the six-month periods ended June 30, 2021 and 2020: Six-Month Period Ended June 30, 2021 2020 Constant prepayment rate 4.82% - 25.64% 5.61% - 20.8% Discount rate 10.00% - 15.50% 10.00% - 15.50% 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: June 30, 2021 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 47,712 Constant prepayment rate Decrease in fair value due to 10% adverse change $ ( 1,035) Decrease in fair value due to 20% adverse change $ ( 2,033) Discount rate Decrease in fair value due to 10% adverse change $ ( 2,107) Decrease in fair value due to 20% adverse change $ ( 4,054) These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% 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 June 30, 2021 and 2020 totaled $ 5.3 million and $ 4.2 million, respectively. Servicing fees on mortgage loans for the six-months periods ended June 30, 2021 and 2020 totaled $ 10.5 million and $ 8.9 million, respectively. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2021 | |
Derivatives [Abstract] | |
Derivatives | NOTE 8 — DERIVATIVES The following table presents OFG’s derivatives at June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 (In thousands) Derivative liabilities: Interest rate swaps designated as cash flow hedges $ 1,293 $ 1,712 Interest Rate Swaps OFG 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 OFG’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, OFG 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 June 30, 2021: Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 29,380 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 29,380 Accumulated unrealized losses of $ 1.3 million and $ 1.7 million were recognized in accumulated other comprehensive income related to the valuation of these swaps at June 30, 2021 and December 31, 2020, respectively, and the related liability is being reflected in the consolidated statements of financial condition. Interest Rate Caps OFG 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, OFG 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 June 30, 2021 and December 31, 2020, the outstanding total notional amount of interest rate caps was $ 26.4 million and $ 40.4 million, respectively. At both June 30, 2021 and December 31, 2020, the interest rate caps sold to clients represented a liability with zero value. At both June 30, 2021 and December 31, 2020, the interest rate caps purchased as mirror-images represented an asset of zero value. |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | NOTE 9 — GOODWILL AND OTHER INTANGIBLE ASSETS As of June 30, 2021 and December 31, 2020, OFG had $ 86.1 million of goodwill allocated as follows: $ 84.1 million to the banking segment and $ 2.0 million to the wealth management segment (refer to Note 24 for the definition of OFG’s reportable business segments). There were no changes in the carrying amount of goodwill as of June 30, 2021 and December 31, 2020. Goodwill recorded in connection with the BBVAPR Acquisition and the FDIC-assisted Eurobank Acquisition is not amortized to expense but is tested at least annually for impairment. No goodwill was recorded in connection with the Scotiabank Acquisition. OFG performs annual goodwill impairment test as of October 31 and monitors for interim triggering events on an ongoing basis. Actual values may differ significantly from such estimates. Among these are future growth rates for the reporting units, selection of comparable market transactions, discount rates and earnings capitalization rates. Changes in assumptions and results due to economic conditions, industry factors, and reporting unit performance and cash flow projections could result in different assessments of the fair values of reporting segments and could result in impairment charges. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting segment below its carrying amount, an interim impairment test is required. Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions, adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events. OFG performed its annual impairment review of goodwill during the fourth quarter of 2020 using October 31, 2020, respectively, as the annual evaluation date and concluded that there was no impairment at 2020. There were no additional events that caused OFG to perform interim testing during the six-month period ended June 30, 2021. The following table reflects the components of other intangible assets subject to amortization at June 30, 2021 and December 31, 2020: Gross Net Carrying Accumulated Carrying Amount Amortization Value (In thousands) June 30, 2021 Core deposit intangibles $ 51,402 $ 20,096 $ 31,306 Customer relationship intangibles 17,753 8,254 9,499 Other intangibles 567 377 190 Total other intangible assets $ 69,722 $ 28,727 $ 40,995 December 31, 2020 Core deposit intangibles $ 51,402 $ 16,419 $ 34,983 Customer relationship intangibles 17,753 7,124 10,629 Other intangibles 567 283 284 Total other intangible assets $ 69,722 $ 23,826 $ 45,896 In connection with the Eurobank Acquisition, the BBVAPR Acquisition and the Scotiabank Acquisition, OFG recorded a core deposit intangible representing the value of checking and savings deposits acquired. In addition, OFG 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 Acquisition. Other intangible assets have a definite useful life. Amortization of other intangible assets for the quarters ended June 30, 2021 and 2020 was $ 2.5 million and $ 2.8 million, respectively. Amortization of other intangible assets for the six-month periods ended June 30, 2021 and 2020 was $ 4.9 million and $ 5.6 million, respectively. The following table presents the estimated amortization of other intangible assets for each of the following periods. Year Ending December 31, (In thousands) 2021 $ 9,802 2022 8,501 2023 6,898 2024 5,913 2025 4,927 Thereafter 9,854 |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Interest Receivable and Other Assets [Abstract] | |
Accrued Interest Receivable and Other Assets | NOTE 10 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS Accrued interest receivable at June 30, 2021 and December 31, 2020 consists of the following: June 30, December 31, 2021 2020 (In thousands) Loans $ 58,373 $ 64,465 Investments 1,477 1,082 $ 59,850 $ 65,547 OFG 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 June 30, 2021 and December 31, 2020, the allowance for credit losses for accrued interest receivable for loans that participated in the Covid-19 deferral programs amounted to $ 461 thousand and $ 711 thousand, respectively, and is included in accrued interest receivable in the statement of financial condition. Other assets at June 30, 2021 and December 31, 2020 consist of the following: June 30, December 31, 2021 2020 (In thousands) Prepaid expenses $ 61,617 $ 61,332 Other repossessed assets 1,725 1,816 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 91,325 78,845 $ 155,750 $ 143,076 Prepaid expenses amounting to $ 61.6 million at June 30, 2021, include prepaid municipal, property and income taxes aggregating to $ 57.6 million. At December 31, 2020 prepaid expenses amounted to $ 61.3 million, including prepaid municipal, property and income taxes aggregating to $ 54.3 million. Other repossessed assets totaled $ 1.7 million and $ 1.8 million at June 30, 2021 and December 31, 2020, respectively, that consist mainly of repossessed automobiles, which are recorded at their net realizable value. |
Deposits and Related Interest
Deposits and Related Interest | 6 Months Ended |
Jun. 30, 2021 | |
Deposits and Related Interest [Abstract] | |
Deposits and Related Interest | NOTE 11 — DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of June 30, 2021 and December 31, 2020 consist of the following: June 30, December 31, 2021 2020 (In thousands) Non-interest bearing demand deposits $ 2,678,799 $ 2,259,048 Interest-bearing savings and demand deposits 4,936,188 4,274,586 Retail certificates of deposit 1,215,897 1,540,406 Institutional certificates of deposit 248,237 292,485 Total core deposits 9,079,121 8,366,525 Brokered deposits 11,371 49,115 Total deposits $ 9,090,492 $ 8,415,640 Brokered deposits include $ 11.4 million in certificates of deposits at June 30, 2021, and $ 25.0 million in certificates of deposits and $ 24.1 million in money market accounts at December 31, 2020. At June 30, 2021, money market accounts amounting to $ 23.8 million were reclassified from brokered deposits to interest-bearing savings accounts as a result of a FDIC exemption from the brokered deposit definition. The weighted average interest rate of OFG’s deposits was 0.60% and 0.80%, respectively, at June 30, 2021 and December 31, 2020. Interest expense for the quarters and six-month periods ended June 30, 2021 and 2020 was as follows: Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) Demand and savings deposits $ 6,209 $ 6,224 $ 12,580 $ 13,208 Certificates of deposit 4,251 9,221 9,904 18,857 $ 10,460 $ 15,445 $ 22,484 $ 32,065 At June 30, 2021 and December 31, 2020, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 478.6 million and $ 628.4 million, respectively. At June 30, 2021 and December 31, 2020, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $ 255.0 million and $ 218.9 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $ 299.9 million and $ 242.8 million at June 30, 2021 and December 31, 2020, respectively. Excluding accrued interest of approximately $ 955 thousand and $ 1.5 million, the scheduled maturities of certificates of deposit at June 30, 2021 and December 31, 2020 are as follows: June 30, December 31, 2021 2020 (In thousands) Within one year: Three (3) months or less $ 364,339 $ 379,563 Over 3 months through 1 year 446,899 805,117 811,238 1,184,680 Over 1 through 2 years 370,490 328,336 Over 2 through 3 years 138,638 177,701 Over 3 through 4 years 63,617 75,094 Over 4 through 5 years 90,567 90,590 $ 1,474,550 $ 1,856,401 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 $ 840 thousand and $ 1.1 million as of June 30, 2021 and December 31, 2020, respectively. |
Borrowings and Related Interest
Borrowings and Related Interest | 6 Months Ended |
Jun. 30, 2021 | |
Borrowings and Related Interest [Abstract] | |
Borrowings and Related Interest | NOTE 12 — BORROWINGS AND RELATED INTEREST Advances from the Federal Home Loan Bank of New York Advances are received from the FHLB-NY under an agreement whereby OFG is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At June 30, 2021 and December 31, 2020, these advances were secured by mortgage and commercial loans amounting to $ 1.051 billion and $ 1.159 billion, respectively. Also, at June 30, 2021 and December 31, 2020, OFG had an additional borrowing capacity with the FHLB-NY of $ 734 million and $ 814 million, respectively. At June 30, 2021 and December 31, 2020, the weighted average remaining maturity of FHLB’s advances was 15.0 months and 18.2 months, respectively. The original terms of these advances range between one day and five years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of June 30, 2021. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $ 93 thousand and $ 96 thousand at June 30, 2021 and December 31, 2020, respectively: June 30, December 31, 2021 2020 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.35% (December 31, 2020 - 0.34%) $ 29,380 $ 30,259 Long-term fixed-rate advances from FHLB, with a weighted average interest rate from 2.92% to 3.24% (December 31, 2020 - from 2.92% to 3.24% ) 34,096 35,206 $ 63,476 $ 65,465 Advances from FHLB mature as follows: June 30, December 31, 2021 2020 (In thousands) Under 90 days $ 29,380 $ 30,259 Over one to three years 29,925 30,972 Over three to five years 4,171 4,234 $ 63,476 $ 65,465 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 June 30, 2021 and December 31, 2020. |
Offsetting of Financial Assets
Offsetting of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting of Financial Assets and Liabilities [Abstract] | |
Offsetting of Financial Assets and Liabilities | NOTE 13 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES OFG’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, OFG’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 OFG’s recognized financial liabilities at June 30, 2021 and December 31, 2020: June 30, 2021 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 $ 1,293 $ - $ 1,293 $ - $ - $ 1,293 Total $ 1,293 $ - $ 1,293 $ - $ - $ 1,293 December 31, 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 $ 1,712 $ - $ 1,712 $ - - $ 1,712 Total $ 1,712 $ - $ 1,712 $ - $ - $ 1,712 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 14 — INCOME TAXES OFG 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. OFG also has operations in the United States mainland through its wholly owned subsidiary, OPC, a retirement plan administrator based in Florida. In October 2017, OFG expanded its operations in the United States through the Bank’s wholly owned subsidiary, OFG USA. In addition, in March 2019, OFG incorporated in Delaware OFG Ventures, a limited liability company, which will hold new investments; also, on December 31, 2019, OFG 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, OFG USA is subject to North Carolina state taxes, and current investments in OFG Ventures are subject to state taxes in Missouri. At June 30, 2021 and December 31, 2020, OFG’s net deferred tax asset amounted to $ 144.8 million and $ 162.5 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 OFG will realize the deferred tax asset, net of the existing valuation allowances recorded at June 30, 2021 and December 31, 2020. 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. OFG maintained an effective tax rate lower than the statutory rate for the six-month periods ended June 30, 2021 and 2020 of 32.0% and 24.2%, respectively. The estimated annual effective tax rate was 32.7%, however, the current effective tax rate was 32.0% due in essence to discrete tax windfall on stock awards. The current effective tax rate was lower than statutory tax rates mainly due to the exempt income and income taxed at preferential tax rates. OFG classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At June 30, 2021 and December 31, 2020, unrecognized tax benefits amounted to $ 763 thousand and $ 728 thousands, respectively. Income tax expense for the quarters ended June 30, 2021 and 2020, was $ 19.3 million and $ 7.2 million, respectively. Income tax expense for the six-month periods ended June 30, 2021 and 2020, was $ 33.5 million and $ 7.5 million, respectively. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 15 — REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements OFG (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 OFG’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, OFG 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. As of June 30, 2021 and December 31, 2020, OFG and the Bank met all capital adequacy requirements to which they are subject. As of June 30, 2021 and December 31, 2020, OFG 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’s and the Bank’s actual capital amounts and ratios as of June 30, 2021 and December 31, 2020 are as follows: Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of June 30, 2021 Total capital to risk-weighted assets $ 1,094,786 15.95% $ 720,498 10.50% $ 686,189 10.00% Tier 1 capital to risk-weighted assets $ 1,008,785 14.70% $ 583,261 8.50% $ 548,951 8.00% Common equity tier 1 capital to risk-weighted assets $ 957,238 13.95% $ 480,332 7.00% $ 446,023 6.50% Tier 1 capital to average total assets $ 1,008,785 9.84% $ 409,975 4.00% $ 512,469 5.00% As of December 31, 2020 Total capital to risk-weighted assets $ 1,096,766 16.04% $ 717,974 10.50% $ 683,785 10.00% Tier 1 capital to risk-weighted assets $ 1,010,945 14.78% $ 581,217 8.50% $ 547,028 8.00% Common equity tier 1 capital to risk-weighted assets $ 894,075 13.08% $ 478,649 7.00% $ 444,460 6.50% Tier 1 capital to average total assets $ 1,010,945 10.30% $ 392,424 4.00% $ 490,530 5.00% Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of June 30, 2021 Total capital to risk-weighted assets $ 993,250 14.58% $ 715,375 10.50% $ 681,310 10.00% Tier 1 capital to risk-weighted assets $ 907,851 13.33% $ 579,113 8.50% $ 545,048 8.00% Common equity tier 1 capital to risk-weighted assets $ 907,851 13.33% $ 476,917 7.00% $ 442,851 6.50% Tier 1 capital to average total assets $ 907,851 8.96% $ 405,219 4.00% $ 506,524 5.00% As of December 31, 2020 Total capital to risk-weighted assets $ 1,044,275 15.32% $ 714,480 10.50% $ 680,457 10.00% Tier 1 capital to risk-weighted assets $ 786,731 14.06% $ 578,388 8.50% $ 544,366 8.00% Common equity tier 1 capital to risk-weighted assets $ 956,845 14.06% $ 476,320 7.00% $ 442,297 6.50% Tier 1 capital to average total assets $ 956,845 9.81% $ 390,304 4.00% $ 487,879 5.00% |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 16 – STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock On April 30, 2021, OFG redeemed Series A and Series B preferred stock at a redemption price of $ 25.00 per share. As of June 30, 2021 and December 31, 2020 preferred stock amounted to $ 24.0 million and $ 92.0 million, respectively. At both June 30, 2021 and December 31, 2020, common stock amounted to $ 59.9 million. Additional Paid-in Capital Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of June 30, 2021 and December 31, 2020, accumulated preferred stock issuance costs charged against additional paid in capital amounted to $ 7.5 million and $ 10.1 million, respectively. At both June 30, 2021 and December 31, 2020, accumulated common stock issuance costs charged against additional paid in capital amounted to $ 13.6 million. 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 June 30, 2021 and December 31, 2020, the Bank’s legal surplus amounted to $ 110.2 million and $ 103.3 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under OFG’s stock repurchase program in effect at June 30, 2021, it was 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 OFG as treasury shares. During the six-month period ended June 30, 2020, OFG repurchased 175,000 shares under this program for a total of $ 2.2 million, at an average price of $ 12.69 per share. OFG did not purchase any shares of its common stock during the six-month period ended June 30, 2020 other than through its publicly announced stock repurchase program. During the six-month period ended June 30, 2021, OFG did not repurchased any shares. At June 30, 2021 the number of shares that may yet be purchased under the $ 70 million program is estimated at , 249116 and was calculated by dividing the remaining balance of $ 5.5 million by $ 22.12 (closing price of OFG’s common stock at June 30, 2021). The activity in connection with common shares held in treasury by OFG for the six-months period ended June 30, 2021 and 2020 is set forth below: Six-Month Period Ended June 30, 2021 2020 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of period $ 8,498,163 $ 102,949 8,486,278 $ 102,339 Common shares used upon lapse of restricted stock units and options ( 273,436) ( 2,230) ( 118,276) ( 1,444) Common shares repurchased as part of the stock repurchase program - - 175,000 2,226 End of period $ 8,224,727 $ 100,719 8,543,002 $ 103,121 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 17 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income taxes, as of June 30, 2021 and December 31, 2020 consisted of: June 30, December 31, 2021 2020 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 10,298 $ 14,262 Income tax effect of unrealized gain on securities available-for-sale ( 1,890) ( 2,170) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 8,408 12,092 Unrealized loss on cash flow hedges ( 1,293) ( 1,711) Income tax effect of unrealized loss on cash flow hedges 485 641 Net unrealized loss on cash flow hedges ( 808) ( 1,070) Accumulated other comprehensive income, net of income taxes $ 7,600 $ 11,022 The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the quarters and six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, 2021 2020 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 $ 7,145 $ ( 915) $ 6,230 $ 7,575 $ ( 1,285) $ 6,290 Other comprehensive loss before reclassifications 1,262 ( 345) 917 1,310 ( 517) 793 Amounts reclassified out of accumulated other comprehensive income 1 452 453 - 505 505 Other comprehensive income (loss) 1,263 107 1,370 1,310 ( 12) 1,298 Ending balance $ 8,408 $ ( 808) $ 7,600 $ 8,885 $ ( 1,297) $ 7,588 Six-Month Period Ended June 30, 2021 2020 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 $ 12,092 $ ( 1,070) $ 11,022 $ ( 441) $ ( 567) $ ( 1,008) Other comprehensive income (loss) before reclassifications ( 3,687) ( 649) ( 4,336) 4,598 ( 1,775) 2,823 Amounts reclassified out of accumulated other comprehensive income 3 911 914 4,728 1,045 5,773 Other comprehensive income (loss) ( 3,684) 262 ( 3,422) 9,326 ( 730) 8,596 Ending balance $ 8,408 $ ( 808) $ 7,600 $ 8,885 $ ( 1,297) $ 7,588 The following table presents reclassifications out of accumulated other comprehensive income for the quarters and six-month periods ended June 30, 2021 and 2020: Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Quarter Ended June 30, 2021 2020 (In thousands) Cash flow hedges: Interest-rate contracts $ 452 $ 505 Net interest expense Available-for-sale securities: Tax effect from changes in tax rates 1 - Income tax expense $ 453 $ 505 Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Six-Month Period Ended June 30, 2021 2020 (In thousands) Cash flow hedges: Interest-rate contracts $ 911 $ 1,045 Net interest expense Available-for-sale securities: Gain on sale of investments - 4,728 Net gain on sale of securities Tax effect from changes in tax rates 3 - Income tax expense $ 914 $ 5,773 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 18 – EARNINGS PER COMMON SHARE The calculation of earnings per common share for the quarters and six-month periods ended June 30, 2021 and 2020 is as follows: Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands, except per share data) Net income $ 40,827 $ 21,787 $ 71,200 $ 23,588 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) - ( 1,628) ( 1,255) ( 3,256) Income available to common shareholders $ 40,827 $ 20,159 $ 69,945 $ 20,332 Average common shares outstanding $ 51,636 $ 51,336 $ 51,517 $ 51,370 Effect of dilutive securities: Average potential common shares-options 412 134 368 214 Total weighted average common shares outstanding and equivalents $ 52,048 $ 51,470 $ 51,885 $ 51,584 Earnings per common share - basic $ 0.79 $ 0.39 $ 1.36 $ 0.40 Earnings per common share - diluted $ 0.78 $ 0.39 $ 1.35 $ 0.39 For the quarters ended June 30, 2021 and 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 1,514 and 6,164, respectively. For the six-month periods ended June 30, 2021 and 2020, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to zero and 2,688, respectively. |
Guarantees
Guarantees | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Guarantees | NOTE 19 – GUARANTEES At June 30, 2021 and December 31, 2020, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit was $ 36.3 million and $ 19.5 million, respectively. OFG 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 June 30, 2021 and December 31, 2020, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 128.1 million and $ 135.3 million, respectively. The following table shows the changes in OFG’s liability for estimated losses from these credit recourse agreements, included in the consolidated statements of financial condition during the quarters and six-month periods ended June 30, 2021 and 2020. Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) (In thousands) Balance at beginning of period $ 195 $ 906 $ 218 $ 985 Net (charge-offs/terminations) recoveries 10 ( 12) ( 13) ( 91) Balance at end of period $ 205 $ 894 $ 205 $ 894 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 OFG is obligated to repurchase the loan. If a borrower defaults, pursuant to the credit recourse provided, OFG is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that OFG 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 quarters ended June 30, 2021 and 2020, OFG repurchased $ 887 thousand and $ 1 thousand, respectively, in mortgage loans subject to credit recourse. During the six-month periods ended June 30, 2021 and 2020, Oriental repurchased $ 1.9 million and $ 480 thousand, respectively, in mortgage loans subject to credit recourse. If a borrower defaults, OFG has rights to the underlying collateral securing the mortgage loan. OFG 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 June 30, 2021, OFG’s liability for estimated credit losses related to loans sold with credit recourse amounted to $ 205 thousand (December 31, 2020– $ 218 thousand). When OFG sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. OFG'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 OFG to ensure that asset guideline qualifications are met. To the extent the loans do not meet specified characteristics, OFG may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During the quarter ended June 30, 2021 , OFG repurchased $ 9.9 million (June 30, 2020 – $ 225 thousand) of unpaid principal balance in mortgage loans , excluding mortgage loans subject to credit recourse provision referred above. During the six-month period ended June 30, 2021 , Oriental repurchased $ 22.5 million (June 30, 2020 – $ 8.6 million) of unpaid principal balance in mortgage loans, excluding mortgage loans subject to credit recourse provision referred above. At June 30, 2021 and December 31, 2020, OFG had $ 4.2 million and $ 2.6 million, respectively, liability for the estimated credit losses related to these loans. During the quarters ended June 30, 2021 and 2020, OFG recognized $ 90 thousand and $ 44 thousand in losses, net of reserves, respectively, from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 1.4 million in losses and $ 117 thousand in gain, respectively, from the repurchase of residential mortgage loans as a result of breaches of customary representations and warranties. During the six-month periods ended June 30, 2021 and 2020, Oriental recognized $ 68 thousand and $ 58 thousand, respectively, in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 2.8 million and $ 288 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 OFG to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At June 30, 2021 , OFG serviced $ 5.6 billion (December 31, 2020 - $ 5.4 billion) in mortgage loans for third parties. OFG 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, OFG must absorb the cost of the funds it advances during the time the advance is outstanding. OFG 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 OFG would not receive any future servicing income with respect to that loan. At June 30, 2021 , the outstanding balance of funds advanced by OFG under such mortgage loan servicing agreements was approximately $ 17.8 million (December 31, 2020 - $ 20.7 million). To the extent the mortgage loans underlying OFG's servicing portfolio experience increased delinquencies, OFG 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 | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 20— COMMITMENTS AND CONTINGENCIES Loan Commitments In the normal course of business, OFG 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 OFG’s involvement in particular types of financial instruments. OFG’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. OFG uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Credit-related financial instruments at June 30, 2021 and December 31, 2020 were as follows: June 30, December 31, 2021 2020 (In thousands) Commitments to extend credit $ 1,229,975 $ 1,133,503 Commercial letters of credit 519 225 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. OFG evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by OFG upon the extension of credit, is based on management’s credit evaluation of the counterparty. At June 30, 2021 and December 31, 2020, 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 June 30, 2021 and December 31, 2020, is as follows: June 30, December 31, 2021 2020 (In thousands) Standby letters of credit and financial guarantees $ 36,307 $ 19,476 Loans sold with recourse 128,124 135,252 Standby letters of credit and financial guarantees are written conditional commitments issued by OFG 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 OFG upon extension of credit, is based on management’s credit evaluation of the customer. On January 1, 2020, OFG adopted CECL, which requires the measurement of the allowance for credit losses to be based on management’s best estimate of expected credit losses inherent in all financial assets measured at amortized cost and off-balance-sheet credit exposures. At June 30, 2021 and December 31, 2020, the allowance for credit losses for off-balance sheet credit exposures corresponding to commitments to extend credit and stand by letters of credit amounted to $ 1.3 million and $ 1.1 million, respectively, and is included in other liabilities in the statement of financial condition. At June 30, 2021 and December 31, 2020, OFG maintained other non-credit commitments amounting to $ 11.4 million and $ 9.0 million, respectively, primarily for the acquisition of other investments. Contingencies OFG and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, OFG and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of OFG, 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. OFG seeks to resolve all arbitration, litigation and regulatory matters in the manner management believes is in the best interests of OFG 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, OFG 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, OFG, 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, OFG will establish an accrued liability and record a corresponding amount of expense. At June 30, 2021 and December 31, 2020, this accrued liability amounted to $ 5.6 million and $ 8.1 million, respectively. OFG 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 OFG’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 OFG. 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 OFG’s consolidated results of operations or cash flows in particular quarterly or annual periods. OFG has evaluated all arbitration, litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. OFG has determined that the estimate of the reasonably possible loss is not significant. |
Operating Leases
Operating Leases | 6 Months Ended |
Jun. 30, 2021 | |
Operating Leases [Abstract] | |
Operating Leases | NOTE 21 — OPERATING LEASES Substantially all leases in which OFG is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2038. OFG’s leases do not contain residual value guarantees or 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. OFG leases to others certain space in its principal offices for terms extending through 2023; all are operating leases. Operating Lease Cost Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 Statement of Operations Classification (In thousands) Lease costs $ 2,851 $ 3,550 $ 6,224 $ 6,888 Occupancy and equipment Variable lease costs 495 583 988 1,171 Occupancy and equipment Short-term lease cost 126 185 146 28 Occupancy and equipment Lease income ( 112) ( 125) ( 232) ( 248) Occupancy and equipment Total lease cost $ 3,360 $ 4,193 $ 7,126 $ 7,839 Operating Lease Assets and Liabilities June 30, December 31 2021 2020 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 32,621 $ 31,383 Operating lease right-of-use assets Lease Liabilities $ 34,052 $ 32,566 Operating leases liabilities June 30, 2021 (In thousands) Weighted-average remaining lease term 5.6 years Weighted-average discount rate 6.6% Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2021 were as follows: Minimum Rent Year Ending December 31, (In thousands) 2021 $ 9,959 2022 9,273 2023 8,197 2024 6,100 2025 4,417 Thereafter 10,264 Total lease payments $ 48,210 Less imputed interest 14,158 Present value of lease liabilities $ 34,052 OFG, as lessor, leases and subleases real property to lessee tenants under operating leases. As of June 30, 2021, no material lease concessions have been granted to lessees. OFG, as lessee, also leases real estate property for branch locations, ATM locations, and office space. As of June 30, 2021, OFG has not requested any lease concessions. During the year ended December 31, 2020, OFG decided to consolidate several branches as a result of the Scotiabank Acquisition and modified certain lease contracts. These contracts were evaluated under Topic 842 lease modification guidance and removed from books, as they were considered short-term at December 31, 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | NOTE 22 - FAIR VALUE OF FINANCIAL INSTRUMENTS OFG 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. 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 OFG. 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: June 30, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,910 $ 490,709 $ - $ 501,619 Trading securities - 29 - 29 Money market investments 11,206 - - 11,206 Servicing assets - - 47,712 47,712 Derivative liabilities - ( 1,293) - ( 1,293) $ 22,116 $ 489,445 $ 47,712 $ 559,273 Non-recurring fair value measurements: Collateral dependent loans - - 25,189 25,189 Foreclosed real estate - - 15,093 15,093 Other repossessed assets - - 1,725 1,725 $ - $ - $ 42,007 $ 42,007 December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,983 $ 435,455 $ - $ 446,438 Trading securities - 22 - 22 Money market investments 11,908 - - 11,908 Servicing assets - - 47,295 47,295 Derivative liabilities - ( 1,712) - ( 1,712) $ 22,891 $ 433,765 $ 47,295 $ 503,951 Non-recurring fair value measurements: Collateral dependent loans $ - $ - $ 29,279 $ 29,279 Foreclosed real estate - - 11,596 11,596 Other repossessed assets - - 1,816 1,816 $ - $ - $ 42,691 $ 42,691 The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, 2021 2020 Servicing Assets (In thousands) Balance at beginning of period $ 47,911 $ 49,287 New instruments acquired 2,023 124 Principal repayments ( 1,862) ( 678) Changes in fair value of servicing assets ( 360) ( 807) Balance at end of period $ 47,712 $ 47,926 Six-Month Period Ended June 30, 2021 2020 Servicing Assets (In thousands) Balance at beginning of period $ 47,295 $ 50,779 New instruments acquired 3,443 580 Principal repayments ( 3,369) ( 1,445) Changes in fair value of servicing assets 343 ( 1,988) Balance at end of period $ 47,712 $ 47,926 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 June 30, 2021 and 2020 during the quarters and six-month periods then ended included in other comprehensive income. For more information on the qualitative information about level 3 fair value measurements, see Note 7 – Servicing Assets. During the quarters and six-month periods ended June 30, 2021 and 2020, 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 June 30, 2021: June 30, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 47,712 Cash flow valuation Constant prepayment rate 4.82% - 25.64% 6.54% Discount rate 10.00% - 15.50% 11.47% Collateral dependent loans $ 25,189 Fair value of property or collateral Appraised value less disposition costs 18.20% - 29.20% 19.57% Foreclosed real estate $ 15,093 Fair value of property or collateral Appraised value less disposition costs 18.20% - 29.20% 19.19% Other repossessed assets $ 1,725 Fair value of property or collateral Estimated net realizable value less disposition costs 37.00% - 68.00% 54.86% Information about Sensitivity to Changes in Significant Unobservable Inputs Servicing assets – The significant unobservable inputs used in the fair value measurement of OFG’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 OFG. 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 OFG’s financial instruments at June 30, 2021 and December 31, 2020 is as follows: June 30, December 31, 2021 2020 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 2,767,494 $ 2,767,494 $ 2,154,202 $ 2,154,202 Restricted cash $ 199 $ 199 $ 1,375 $ 1,375 Investment securities available-for-sale $ 10,910 $ 10,910 $ 10,983 $ 10,983 Level 2 Financial Assets: Trading securities $ 29 $ 29 $ 22 $ 22 Investment securities available-for-sale $ 490,709 $ 490,709 $ 435,455 $ 435,455 Investment securities held-to-maturity $ 124,757 $ 125,138 $ - $ - Federal Home Loan Bank (FHLB) stock $ 7,541 $ 7,541 $ 8,278 $ 8,278 Other investments $ 9,168 $ 9,168 $ 3,962 $ 3,962 Financial Liabilities: Derivative liabilities $ 1,293 $ 1,293 $ 1,712 $ 1,712 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 6,130,109 $ 6,354,040 $ 6,323,689 $ 6,501,259 Accrued interest receivable $ 59,850 $ 59,850 $ 65,547 $ 65,547 Servicing assets $ 47,712 $ 47,712 $ 47,295 $ 47,295 Accounts receivable and other assets $ 91,325 $ 91,325 $ 78,845 $ 78,845 Financial Liabilities: Deposits $ 9,130,934 $ 9,090,492 $ 8,422,599 $ 8,415,640 Advances from FHLB $ 65,296 $ 63,569 $ 68,147 $ 65,561 Other borrowings $ 298 $ 298 $ 707 $ 707 Subordinated capital notes $ 36,405 $ 36,083 $ 33,325 $ 36,083 Accrued expenses and other liabilities $ 128,326 $ 128,326 $ 154,418 $ 154,418 The following methods and assumptions were used to estimate the fair values of significant financial instruments at June 30, 2021 and December 31, 2020: • 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 | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Financial Service Reveues [Abstract] | |
Banking and Financial Service Revenues | NOTE 23 – BANKING AND FINANCIAL SERVICE REVENUES The following table presents the major categories of banking and financial service revenues for the quarters and six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) (In thousands) Banking service revenues: Checking accounts fees $ 2,084 $ 1,971 $ 4,048 $ 4,631 Savings accounts fees 297 397 549 838 Electronic banking fees 14,640 10,574 27,523 21,822 Credit life commissions 70 13 187 142 Branch service commissions 275 216 636 727 Servicing and other loan fees 713 299 1,472 809 International fees 154 141 305 297 Miscellaneous income 15 57 21 115 Total banking service revenues 18,248 13,668 34,741 29,381 Wealth management revenue: Insurance income 2,995 2,412 5,226 4,821 Broker fees 2,328 1,467 4,452 3,382 Trust fees 2,717 2,276 5,499 5,029 Retirement plan and administration fees 223 211 474 420 Total wealth management revenue 8,263 6,366 15,651 13,652 Mortgage banking activities: Net servicing fees 3,127 2,676 7,477 5,366 Net gains on sale of mortgage loans and valuation 2,931 318 5,423 1,067 Other ( 1,521) 78 ( 2,792) ( 127) Total mortgage banking activities 4,537 3,072 10,108 6,306 Total banking and financial service revenues $ 31,048 $ 23,106 $ 60,500 $ 49,339 OFG 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 investment advisory services provided to a registered investment company and fiduciary services provided to 401K retirement plans, an IRA 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 | 6 Months Ended |
Jun. 30, 2021 | |
Business Segments [Abstract] | |
Business Segments | NOTE 24 – BUSINESS SEGMENTS OFG 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 OFG’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. OFG 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. OFG’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 OFG’s own portfolio. As part of its mortgage banking activities, OFG 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, investment advisory services, insurance sales activity, corporate and individual trust and retirement services, as well as retirement plan administration services. The Treasury segment encompasses all of OFG’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 six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, 2021 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 110,452 $ 6 $ 3,005 $ 113,463 $ - $ 113,463 Interest expense ( 10,712) - ( 494) ( 11,206) - ( 11,206) Net interest income 99,740 6 2,511 102,257 - 102,257 Recapture of credit losses, net 7,737 - 568 8,305 - 8,305 Non-interest income 24,209 7,974 8 32,191 - 32,191 Non-interest expenses ( 76,623) ( 5,015) ( 1,038) ( 82,676) - ( 82,676) Intersegment revenue 545 - - 545 ( 545) - Intersegment expenses - ( 302) ( 243) ( 545) 545 - Income before income taxes $ 55,608 $ 2,663 $ 1,806 $ 60,077 $ - $ 60,077 Income tax expense 19,239 - 11 19,250 - 19,250 Net income $ 36,369 $ 2,663 $ 1,795 $ 40,827 $ - $ 40,827 Total assets $ 8,271,348 $ 31,165 $ 3,232,968 $ 11,535,481 $ ( 1,073,668) $ 10,461,813 Six-Month Period Ended June 30, 2021 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 218,688 $ 18 $ 5,739 $ 224,445 $ - $ 224,445 Interest expense ( 22,848) - ( 1,136) ( 23,984) - ( 23,984) Net interest income 195,840 18 4,603 200,461 - 200,461 Recapture of credit losses, net 1,149 - 832 1,981 - 1,981 Non-interest income 47,076 15,505 17 62,598 - 62,598 Non-interest expenses ( 150,497) ( 7,844) ( 2,001) ( 160,342) - ( 160,342) Intersegment revenue 1,098 - - 1,098 ( 1,098) - Intersegment expenses - ( 593) ( 505) ( 1,098) 1,098 - Income before income taxes $ 94,666 $ 7,086 $ 2,946 $ 104,698 $ - $ 104,698 Income tax expense 33,475 - 23 33,498 - 33,498 Net income $ 61,191 $ 7,086 $ 2,923 $ 71,200 $ - $ 71,200 Total assets $ 8,271,348 $ 31,165 $ 3,232,968 $ 11,535,481 $ ( 1,073,668) $ 10,461,813 Quarter Ended June 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 119,722 $ 14 $ 1,956 $ 121,692 $ - $ 121,692 Interest expense ( 14,326) - ( 2,306) ( 16,632) - ( 16,632) Net interest income 105,396 14 ( 350) 105,060 - 105,060 Provision for credit losses, net ( 16,211) - ( 1,485) ( 17,696) - ( 17,696) Non-interest income 20,811 6,391 ( 50) 27,152 - 27,152 Non-interest expenses ( 78,402) ( 5,957) ( 1,122) ( 85,481) - ( 85,481) Intersegment revenue 694 - - 694 ( 694) - Intersegment expenses - ( 201) ( 493) ( 694) 694 - Income before income taxes $ 32,288 $ 247 $ ( 3,500) $ 29,035 $ - $ 29,035 Income tax expense 5,316 3,201 ( 1,269) 7,248 - 7,248 Net income $ 26,972 $ ( 2,954) $ ( 2,231) $ 21,787 $ - $ 21,787 Total assets $ 9,462,407 $ 30,214 $ 1,524,913 $ 11,017,534 $ ( 1,084,815) $ 9,932,719 Six-Month Period Ended June 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 239,101 $ 32 $ 6,256 $ 245,389 $ - $ 245,389 Interest expense ( 30,215) - ( 5,013) ( 35,228) - ( 35,228) Net interest income 208,886 32 1,243 210,161 - 210,161 Provision for credit losses, net ( 63,334) - ( 1,493) ( 64,827) - ( 64,827) Non-interest income 40,355 13,766 4,481 58,602 - 58,602 Non-interest expenses ( 160,955) ( 9,681) ( 2,167) ( 172,803) - ( 172,803) Intersegment revenue 1,151 - - 1,151 ( 1,151) - Intersegment expenses - ( 355) ( 796) ( 1,151) 1,151 - Income before income taxes $ 26,103 $ 3,762 $ 1,268 $ 31,133 $ - $ 31,133 Income tax expense 2,997 4,519 29 7,545 - 7,545 Net income $ 23,106 $ ( 757) $ 1,239 $ 23,588 $ - $ 23,588 Total assets $ 9,462,407 $ 30,214 $ 1,524,913 $ 11,017,534 $ ( 1,084,815) $ 9,932,719 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 25 – SUBSEQUENT EVENTS On March 29, 2021, OFG announced the redemption of all three series of currently outstanding preferred stock, each at a redemption price of $ 25.00 per share. The last remaining series of preferred stock, the Series D Preferred Stock, was redeemed on July 15, 2021. On July 28, 2021, OFG announced that its Board of Directors increased the regular quarterly cash dividend by 50%, to $ 0.12 per common share from $ 0.08 per share, for the quarter ending September 30, 2021. Such quarterly dividends are only payable as and when declared by the Board and there is no entitlement to any dividends prior thereto On July 28, 2021, OFG announced that its Board of Directors approved a new stock repurchase authorization plan of $ 50.0 million as part of OFG’s capital actions thus far in 2021. The new stock repurchase program replaces and supersedes the previous stock repurchase program approved by the Board. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations OFG is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. OFG 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”), among other subsidiaries. OFG 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, OFG 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, OFG 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, OFG purchased from the Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). 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. Immediately following the closing of the Scotiabank Acquisition, OFG merged SBPR with and into Oriental Bank, with Oriental Bank continuing as the surviving entity. This transaction is referred to as the “Scotiabank Acquisition.” These acquired businesses have been integrated. |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of OFG 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 OFG 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, 2020. Operating results for the six-months period ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. 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 OFG’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, 2020 . |
New Accounting Updates Adopted in 2021 | New Accounting Updates Adopted in 2021 Simplifying the Accounting for Income Taxes. On January 1, 2021, OFG adopted ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period tax allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. Our adoption of this standard did not have an impact on our financial statements. Investments—Equity Securities. On January 1, 2021, OFG adopted ASU 2020-01, which clarifies accounting for certain equity method investments (ASU 2020-01) clarifies the interactions between Topic 321 (equity securities), Topic 323 (equity method and joint ventures) and Topic 815 (derivatives and hedge accounting). The ASU addresses the accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. Our adoption of this standard did not have an impact on our financial statements. New Accounting Updates Not Yet Adopted Certain Leases with Variable Lease Payments. In July 2021, the FASB issued guidance within ASU 2021-05, which amends the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both: the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in paragraphs 842-10-25-2 through 25-3; and the lessor would have otherwise recognized a day-one loss. OFG does not expect to be materially impacted by this amendment. Issuer’s Accounting for Certain Modifications on Exchanges of Freestanding Equity-Classified Written Call Options. In May 2021, the FASB issued ASU 2021-04, which clarifies the accounting for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after a modification or exchange and the related EPS effects of such transaction if recognized as an adjustment to equity. Upon adoption of this ASU, we will consider this guidance for modifications or exchanges of freestanding equity-classified written call options. Reference Rate Reform . In March 2020, the FASB issued guidance within ASU 2020-04, which provides accounting relief from the future impact of the cessation of LIBOR by, among other things, providing optional expedients to treat contract modifications resulting from such reference rate reform as a continuation of the existing contract and for hedging relationships to not be de-designated resulting from such changes provided certain criteria are met. OFG’s LIBOR exposure is mainly concentrated within its commercial loan portfolio, representing 7.6% of total loans held for investment at June 30, 2021. OFG has identified its LIBOR-based contracts that will be impacted by the cessation of LIBOR and is incorporating fallback language in negotiated contracts and incorporating a non-LIBOR reference rate and/or fallback language in new contracts to prepare for these changes. Furthermore, management has established a LIBOR transition team to lead OFG in the execution of its project plan. Notwithstanding these efforts, OFG expects to use the optional expedients provided by ASU 2020-04 for contracts left unmodified. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restricted Cash [Abstract] | |
Restricted Cash Components | June 30, December 31, 2021 2020 (In thousands) Cash pledged as collateral to other financial institutions to secure: Regulatory requirements $ - $ 325 Obligations under agreement of loans sold with recourse 199 1,050 $ 199 $ 1,375 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investment Securities [Abstract] | |
Investment Securities | June 30, 2021 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 $ 208,840 $ 3,481 $ 2,242 $ 210,079 1.71% GNMA certificates 237,547 8,256 176 245,627 2.35% CMOs issued by US government-sponsored agencies 30,546 762 - 31,308 1.96% Total mortgage-backed securities 476,933 12,499 2,418 487,014 2.05% Investment securities US Treasury securities 10,739 171 - 10,910 1.48% Obligations of US government-sponsored agencies 1,396 11 - 1,407 1.39% Other debt securities 2,253 35 - 2,288 4.73% Total investment securities 14,388 217 - 14,605 1.98% Total securities available for sale $ 491,321 $ 12,716 $ 2,418 $ 501,619 2.05% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 125,138 $ 63 $ 444 $ 124,757 1.70% December 31, 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 $ 206,195 $ 4,786 $ 32 $ 210,949 1.78% GNMA certificates 174,472 8,478 178 182,772 2.21% CMOs issued by US government-sponsored agencies 38,309 905 - 39,214 1.96% Total mortgage-backed securities 418,976 14,169 210 432,935 1.97% Investment securities US Treasury securities 10,740 243 - 10,983 1.49% Obligations of US government-sponsored agencies 1,585 21 - 1,606 1.39% Other debt securities 875 39 - 914 2.31% Total investment securities 13,200 303 - 13,503 1.53% Total securities available-for-sale $ 432,176 $ 14,472 $ 210 $ 446,438 1.96% |
Investment Securities by Contractual Maturity | June 30, 2021 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due less than one year FNMA and FHLMC certificates $ 6 $ 6 $ - $ - Total due in less than one year 6 6 - - Due from 1 to 5 years GNMA certificates 2,203 2,274 - - Total due from 1 to 5 years 2,203 2,274 - - Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 28,246 $ 28,976 $ - $ - FNMA and FHLMC certificates 90,140 93,172 - - GNMA certificates 45,513 46,827 - - Total due after 5 to 10 years 163,899 168,975 - - Due after 10 years FNMA and FHLMC certificates $ 118,694 $ 116,901 $ 125,138 $ 124,757 GNMA certificates 189,831 196,526 - - CMOs issued by US government-sponsored agencies 2,300 2,332 - - Total due after 10 years 310,825 315,759 125,138 124,757 Total mortgage-backed securities 476,933 487,014 125,138 124,757 Investment securities Due less than one year Obligations of US government-sponsored agencies $ 1,396 $ 1,407 $ - $ - US Treasury securities 735 735 - - Other debt securities 250 250 - - Total due in less than one year 2,381 2,392 - - Due from 1 to 5 years US Treasury securities $ 10,004 $ 10,175 $ - $ - Other debt securities 2,003 2,038 - - Total due from 1 to 5 years 12,007 12,213 - - Due from 5 to 10 years Total investment securities 14,388 14,605 - - Total $ 491,321 $ 501,619 $ 125,138 $ 124,757 |
Gross Realized Gains and Losses by Category | Six-Month Period Ended June 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 $ - |
Unrealized Gains and Losses by Category | June 30, 2021 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 106,318 $ 2,242 $ 104,076 GNMA certificates 967 176 791 $ 107,285 $ 2,418 $ 104,867 Held-to-maturity FNMA and FHLMC certificates $ 100,180 $ 444 $ 99,736 December 31, 2020 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale FNMA and FHLMC certificates $ 34,628 $ 32 $ 34,596 GNMA certificates 5,104 178 4,926 $ 39,732 $ 210 $ 39,522 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Loans [Abstract] | |
Composition of Loan Portfolio | June 30, 2021 December 31, 2020 Non-PCD PCD Total Non-PCD PCD Total (In thousands) (In thousands) Commercial loans: Commercial secured by real estate $ 829,053 $ 224,987 $ 1,054,040 $ 807,284 $ 243,229 $ 1,050,513 Other commercial and industrial 677,775 35,640 713,415 647,444 39,931 687,375 Commercial Paycheck Protection Program (PPP Loans) 228,677 - 228,677 289,218 - 289,218 US commercial loans 397,038 - 397,038 374,904 - 374,904 2,132,543 260,627 2,393,170 2,118,850 283,160 2,402,010 Mortgage 760,168 1,324,274 2,084,442 823,443 1,459,932 2,283,375 Consumer: Personal loans 300,631 673 301,304 313,257 1,043 314,300 Credit lines 31,378 308 31,686 43,805 351 44,156 Credit cards 49,153 - 49,153 56,185 - 56,185 Overdraft 313 - 313 305 - 305 Auto 1,618,788 19,236 1,638,024 1,534,269 27,533 1,561,802 2,000,263 20,217 2,020,480 1,947,821 28,927 1,976,748 4,892,974 1,605,118 6,498,092 4,890,114 1,772,019 6,662,133 Allowance for credit losses ( 148,314) ( 43,403) ( 191,717) ( 161,015) ( 43,794) ( 204,809) Total loans held for investment 4,744,660 1,561,715 6,306,375 4,729,099 1,728,225 6,457,324 Mortgage loans held for sale 37,885 - 37,885 41,654 - 41,654 Other loans held for sale 9,780 - 9,780 2,281 - 2,281 Total loans held for sale 47,665 - 47,665 43,935 - 43,935 Total loans, net $ 4,792,325 $ 1,561,715 $ 6,354,040 $ 4,773,034 $ 1,728,225 $ 6,501,259 |
Aging of Recorded Investment in Gross Loans | June 30, 2021 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 $ 971 $ 335 $ 15,790 $ 17,096 $ 811,957 $ 829,053 $ - Other commercial and industrial 635 284 2,044 2,963 903,489 906,452 - US commercial loans 1,490 - - 1,490 395,548 397,038 - 3,096 619 17,834 21,549 2,110,994 2,132,543 - Mortgage 8,302 7,206 72,451 87,959 672,209 760,168 3,448 Consumer Personal loans 2,484 1,031 1,086 4,601 296,030 300,631 - Credit lines 1,217 197 378 1,792 29,586 31,378 - Credit cards 661 254 850 1,765 47,388 49,153 - Overdraft 85 - 2 87 226 313 - Auto 46,719 19,349 7,192 73,260 1,545,528 1,618,788 - 51,166 20,831 9,508 81,505 1,918,758 2,000,263 - Total loans $ 62,564 $ 28,656 $ 99,793 $ 191,013 $ 4,701,961 $ 4,892,974 $ 3,448 December 31, 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 $ 2,781 $ 750 $ 17,862 $ 21,393 $ 785,891 $ 807,284 $ - Other commercial and industrial 1,674 234 4,695 6,603 930,059 936,662 - US commercial loans 2,604 - - 2,604 372,300 374,904 - 7,059 984 22,557 30,600 2,088,250 2,118,850 - Mortgage 7,385 14,953 101,528 123,866 699,577 823,443 3,974 Consumer Personal loans 4,784 2,515 2,062 9,361 303,896 313,257 - Credit lines 2,136 476 1,269 3,881 39,924 43,805 - Credit cards 1,357 824 1,585 3,766 52,419 56,185 - Overdraft 138 - - 138 167 305 - Auto 57,176 31,181 20,485 108,842 1,425,427 1,534,269 - 65,591 34,996 25,401 125,988 1,821,833 1,947,821 - Total loans $ 80,035 $ 50,933 $ 149,486 $ 280,454 $ 4,609,660 $ 4,890,114 $ 3,974 |
Investment in Loans on Non-Accrual Status | June 30, 2021 December 31, 2020 Nonaccrual with Nonaccrual with no Nonaccrual with Nonaccrual with no Allowance Allowance Allowance Allowance for Credit Loss for Credit Loss Total for Credit Loss for Credit Loss Total (In thousands) (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 15,217 $ 19,162 $ 34,379 $ 15,225 $ 21,462 $ 36,687 Other commercial and industrial 3,119 361 3,480 2,138 3,174 5,312 18,336 19,523 37,859 17,363 24,636 41,999 Mortgage 21,092 21,913 43,005 24,920 17,747 42,667 Consumer Personal loans 927 298 1,225 1,752 377 2,129 Personal lines of credit 389 - 389 1,272 - 1,272 Credit cards 848 - 848 1,586 - 1,586 Auto and leasing 7,605 - 7,605 20,766 - 20,766 9,769 298 10,067 25,376 377 25,753 Total non-accrual loans $ 49,197 $ 41,734 $ 90,931 $ 67,659 $ 42,760 $ 110,419 PCD: Commercial Commercial secured by real estate $ 27,730 $ 5,670 $ 33,400 $ 31,338 $ 4,031 $ 35,369 Other commercial and industrial 1,102 - 1,102 1,102 - 1,102 28,832 5,670 34,502 32,440 4,031 36,471 Mortgage 2,067 - 2,067 1,003 - 1,003 Consumer Personal loans - - - 1 - 1 - - - 1 - 1 Total non-accrual loans $ 30,899 $ 5,670 $ 36,569 $ 33,444 $ 4,031 $ 37,475 $ 80,096 $ 47,404 $ 127,500 $ 101,103 $ 46,791 $ 147,894 |
Troubled-Debt Restructuring Loan Portfolio | June 30, 2021 Related Accruing Non-accruing Total Allowance (In thousands) Commercial Commercial secured by real estate $ 11,448 $ 14,922 $ 26,370 $ 233 US commercial loans 7,157 - 7,157 214 Other commercial and industrial 3,594 350 3,944 64 22,199 15,272 37,471 511 Mortgage 95,820 10,810 106,630 4,245 Consumer Personal loans 4,000 139 4,139 199 Auto and leasing 269 56 325 21 4,269 195 4,464 220 Total loans $ 122,288 $ 26,277 $ 148,565 $ 4,976 December 31, 2020 Related Accruing Non-accruing Total Allowance (In thousands) Commercial Commercial secured by real estate $ 10,047 $ 16,609 $ 26,656 $ 223 US commercial loans 7,157 - 7,157 345 Other commercial and industrial 3,872 375 4,247 59 21,076 16,984 38,060 627 Mortgage 87,539 11,202 98,741 4,882 Consumer Personal loans 4,944 67 5,011 257 Auto and leasing 331 44 375 23 5,275 111 5,386 280 Total loans $ 113,890 $ 28,297 $ 142,187 $ 5,789 |
Troubled-Debt Restructurings By Loan Portfolio And Modification Type | June 30, 2021 Combination of reduction Reduction in Maturity or term in interest rate interest rate extension and extension of maturity Forbearance Total (In thousands) Commercial Commercial secured by real estate $ 911 $ 4,651 $ 20,808 $ - $ 26,370 US commercial loans 7,157 - - - 7,157 Other commercial and industrial 723 2,682 539 - 3,944 8,791 7,333 21,347 - 37,471 Mortgage 28,370 7,493 33,675 37,092 106,630 Consumer Personal loans 1,949 312 1,606 272 4,139 Auto and leasing 62 - 45 218 325 2,011 312 1,651 490 4,464 Total loans $ 39,172 $ 15,138 $ 56,673 $ 37,582 $ 148,565 December 31, 2020 Combination of reduction Reduction in Maturity or term in interest rate interest rate extension and extension of maturity Forbearance Total (In thousands) Commercial Commercial secured by real estate $ 740 $ 3,926 $ 21,990 $ - $ 26,656 US commercial loans 7,157 - - - 7,157 Other commercial and industrial 718 2,960 569 - 4,247 8,615 6,886 22,559 - 38,060 Mortgage 27,593 6,271 29,734 35,143 98,741 Consumer Personal loans 2,315 407 1,896 393 5,011 Auto and leasing 38 - 38 299 375 2,353 407 1,934 692 5,386 Total loans $ 38,561 $ 13,564 $ 54,227 $ 35,835 $ 142,187 |
TDR Pre/Post Modifications And Rolling Twelve Months | Quarter Ended June 30, 2021 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 44 $ 5,104 4.24% 303 $ 4,880 3.59% 349 Commercial 1 991 4.25% 175 880 5.75% 60 Consumer 7 139 12.76% 72 139 9.47% 76 Auto 3 44 13.15% 78 44 10.15% 73 Six-Month Period Ended June 30, 2021 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 70 $ 8,661 4.14% 302 $ 8,460 3.60% 342 Commercial 3 1,176 4.72% 157 1,085 5.95% 60 Consumer 9 155 12.65% 70 156 9.52% 75 Auto 8 126 9.04% 70 126 9.93% 49 Quarter Ended June 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) Consumer 1 21 5.99% 60 20 6.50% 72 Six-Month Period Ended June 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 26 $ 3,093 5.14% 359 $ 3,046 4.29% 360 Commercial 1 281 8.00% 105 281 6.00% 240 Consumer 16 220 12.95% 67 225 10.63% 81 Twelve month period ended June 30, 2021 2020 Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 19 $ 2,191 17 $ 2,267 Consumer 1 $ 14 90 $ 1,231 Auto 11 $ 64 3 $ 32 |
Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment | June 30, 2021 December 31, 2020 (In thousands) Commercial loans: Commercial secured by real estate $ 25,189 $ 29,279 |
Credit Quality Indicators of Loans | Term Loans Revolving Amortized Cost Basis by Origination Year Loans Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Total (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 59,344 $ 125,832 $ 97,799 $ 84,239 $ 66,936 $ 206,046 $ 37,274 $ 677,470 Special Mention 672 10,436 51,806 24,581 10,657 12,031 956 111,139 Substandard 850 314 69 905 8,598 21,130 1,289 33,155 Doubtful - - - - - 25 7,264 7,289 Loss - - - - - - - - Total commercial secured by real estate 60,866 136,582 149,674 109,725 86,191 239,232 46,783 829,053 Other commercial and industrial: Loan grade: Pass 289,682 165,556 55,504 45,725 10,762 7,459 271,518 846,206 Special Mention 89 320 8,172 19,597 17 - 28,409 56,604 Substandard 446 22 163 496 108 106 2,243 3,584 Doubtful - - - - - - 58 58 Loss - - - - - - - - Total other commercial and industrial: 290,217 165,898 63,839 65,818 10,887 7,565 302,228 906,452 US commercial loans: Loan grade: Pass 37,333 59,081 50,358 77,683 - - 134,118 358,573 Special Mention - - 1,512 12,339 - - - 13,851 Substandard - 7,157 - 17,457 - - - 24,614 Doubtful - - - - - - - - Loss - - - - - - - - Total US commercial loans: 37,333 66,238 51,870 107,479 - - 134,118 397,038 Total commercial loans $ 388,416 $ 368,718 $ 265,383 $ 283,022 $ 97,078 $ 246,797 $ 483,129 $ 2,132,543 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total (In thousands) Commercial Commercial secured by real estate: Loan grade: Pass $ 113,474 $ 105,156 $ 106,283 $ 81,338 $ 44,008 $ 187,189 $ 30,686 $ 668,134 Special Mention 10,592 20,605 5,233 11,771 8,514 3,090 37,680 97,485 Substandard 183 63 758 8,923 584 23,746 7,331 41,588 Doubtful - - - - - 77 - 77 Total commercial secured by real estate 124,249 125,824 112,274 102,032 53,106 214,102 75,697 807,284 Other commercial and industrial: Loan grade: Pass 384,901 84,433 75,023 14,502 8,326 7,922 300,429 875,536 Special Mention 151 8,242 19,626 - - 3,337 23,732 55,088 Substandard 207 66 486 164 2,809 119 2,122 5,973 Doubtful - - - - - - 65 65 Loss - - - - - - - - Total other commercial and industrial: 385,259 92,741 95,135 14,666 11,135 11,378 326,348 936,662 US commercial loans: Loan grade: Pass 68,688 62,264 77,762 7,124 - - 98,324 314,162 Special Mention - 1,501 33,282 - - - 1,250 36,033 Substandard 7,156 - 17,553 - - - - 24,709 Total US commercial loans 75,844 63,765 128,597 7,124 - - 99,574 374,904 Total Commercial $ 585,352 $ 282,330 $ 336,006 $ 123,822 $ 64,241 $ 225,480 $ 501,619 $ 2,118,850 Revolving Loans Term Loans Revolving Converted to Amortized Cost Basis by Origination Year Loans Term Loans Amortized Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Cost Basis Total (In thousands) Mortgage: Payment performance: Performing $ 8,584 $ 15,005 $ 15,576 $ 21,657 $ 26,204 $ 620,368 $ - $ - $ 707,394 Nonperforming - 126 536 465 2,500 49,147 - - 52,774 Total mortgage loans: 8,584 15,131 16,112 22,122 28,704 669,515 - - 760,168 Consumer: Personal loans: Payment performance: Performing 61,458 72,563 90,158 43,084 19,871 12,272 - - 299,406 Nonperforming 124 182 179 273 93 374 - - 1,225 Total personal loans 61,582 72,745 90,337 43,357 19,964 12,646 - - 300,631 Credit lines: Payment performance: Performing - - - - - - 30,989 - 30,989 Nonperforming - - - - - - 389 - 389 Total credit lines - - - - - - 31,378 - 31,378 Credit cards: Payment performance: Performing - - - - - - 48,305 - 48,305 Nonperforming - - - - - - 848 - 848 Total credit cards - - - - - - 49,153 - 49,153 Overdrafts: Payment performance: Performing - - - - - - 313 - 313 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 313 - 313 Total consumer loans 61,582 72,745 90,337 43,357 19,964 12,646 80,844 - 381,475 Total mortgage and consumer loans $ 70,166 $ 87,876 $ 106,449 $ 65,479 $ 48,668 $ 682,161 $ 80,844 $ - $ 1,141,643 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 $ 14,842 $ 20,516 $ 27,359 $ 33,088 $ 38,637 $ 642,045 $ - $ - $ 776,487 Nonperforming - 347 722 894 950 44,043 - - 46,956 Total mortgage loans: 14,842 20,863 28,081 33,982 39,587 686,088 - - 823,443 Consumer: Personal loans: Payment performance: Performing 88,653 115,295 58,009 28,424 13,565 7,181 - - 311,127 Nonperforming 201 591 492 318 134 394 - - 2,130 Total personal loans 88,854 115,886 58,501 28,742 13,699 7,575 - - 313,257 Credit lines: Payment performance: Performing - - - - - - 42,531 - 42,531 Nonperforming - - - - - - 1,274 - 1,274 Total credit lines - - - - - - 43,805 - 43,805 Credit cards: Payment performance: Performing - - - - - - 54,599 - 54,599 Nonperforming - - - - - - 1,586 - 1,586 Total credit cards - - - - - - 56,185 - 56,185 Overdrafts: Payment performance: Performing - - - - - - 305 - 305 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 305 - 305 Total consumer loans 88,854 115,886 58,501 28,742 13,699 7,575 100,295 - 413,552 Total mortgage and consumer loans $ 103,696 $ 136,749 $ 86,582 $ 62,724 $ 53,286 $ 693,663 $ 100,295 $ - $ 1,236,995 Term Loans Amortized Cost Basis by Origination Year As of June 30, 2021 2021 2020 2019 2018 2017 Prior Total (In thousands) Auto: FICO score: 1-660 75,895 106,442 92,663 79,610 46,518 35,412 436,540 661-699 57,205 90,482 59,027 41,148 20,923 16,544 285,329 700+ 123,165 187,673 211,175 156,703 78,045 58,314 815,075 No FICO 21,891 14,994 20,524 12,204 6,889 5,342 81,844 Total auto: $ 278,156 $ 399,591 $ 383,389 $ 289,665 $ 152,375 $ 115,612 $ 1,618,788 Term Loans Amortized Cost Basis by Origination Year As of December 31, 2020 2020 2019 2018 2017 2016 Prior Total (In thousands) Auto: FICO score: 1-660 121,878 112,476 97,725 56,935 30,307 22,360 441,681 661-699 84,673 68,698 44,633 23,308 13,571 9,031 243,914 700+ 173,834 214,287 164,205 85,743 45,947 32,177 716,193 No FICO 21,512 42,597 33,305 18,127 9,656 7,284 132,481 Total auto: $ 401,897 $ 438,058 $ 339,868 $ 184,113 $ 99,481 $ 70,852 $ 1,534,269 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Allowance for Credit Losses [Abstract] | |
Gross Loan and Allowance for Credit Losses | Quarter Ended June 30, 2021 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 47,683 $ 17,035 $ 21,191 $ 71,069 $ 156,978 (Recapture) provision for credit losses ( 4,503) ( 592) 74 ( 2,538) ( 7,559) Charge-offs ( 653) ( 268) ( 2,897) ( 5,170) ( 8,988) Recoveries 996 193 697 5,997 7,883 Balance at end of period $ 43,523 $ 16,368 $ 19,065 $ 69,358 $ 148,314 PCD: Balance at beginning of period $ 14,306 $ 29,939 $ 52 $ 698 $ 44,995 (Recapture) provision for credit losses ( 1,974) 1,727 ( 47) ( 285) ( 579) Charge-offs ( 6) ( 1,742) - ( 226) ( 1,974) Recoveries 430 184 33 314 961 Balance at end of period $ 12,756 $ 30,108 $ 38 $ 501 $ 43,403 Total allowance for credit losses at end of period $ 56,279 $ 46,476 $ 19,103 $ 69,859 $ 191,717 Six-Month Period Ended June 30, 2021 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of period $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 (Recapture) provision for credit losses ( 2,961) ( 3,071) ( 85) 1,501 ( 4,616) Charge-offs ( 720) ( 1,056) ( 7,366) ( 14,253) ( 23,395) Recoveries 1,425 808 1,263 11,814 15,310 Balance at end of period $ 43,523 $ 16,368 $ 19,065 $ 69,358 $ 148,314 PCD: Balance at beginning of period $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 (Recapture) provision for credit losses ( 4,466) 7,721 ( 52) ( 457) 2,746 Charge-offs ( 50) ( 4,332) ( 22) ( 682) ( 5,086) Recoveries 867 330 55 697 1,949 Balance at end of period $ 12,756 $ 30,108 $ 38 $ 501 $ 43,403 Total allowance for credit losses at end of period $ 56,279 $ 46,476 $ 19,103 $ 69,859 $ 191,717 Quarter ended June 30, 2020 Commercial Mortgage Consumer Auto and Leasing Total (In thousands) Non-PCD: Balance at beginning of period $ 49,196 $ 19,694 $ 27,763 $ 53,308 $ 149,961 (Recapture) Provision for credit losses ( 6,319) 455 7,935 13,156 15,227 Charge-offs ( 497) ( 185) ( 4,187) ( 13,300) ( 18,169) Recoveries 631 9 443 3,405 4,488 Balance at end of period $ 43,011 $ 19,973 $ 31,954 $ 56,569 $ 151,507 PCD: Balance at beginning of period $ 48,836 $ 30,603 $ 177 $ 1,178 $ 80,794 Provision (recapture) for credit losses 177 1,915 ( 8) 385 2,469 Charge-offs ( 386) ( 2,178) ( 30) ( 600) ( 3,194) Recoveries 286 580 30 229 1,125 Balance at end of period $ 48,913 $ 30,920 $ 169 $ 1,192 $ 81,194 Total allowance for loan and lease losses at end of period $ 91,924 $ 50,893 $ 32,123 $ 57,761 $ 232,701 Six-Month Period Ended June 30, 2020 Commercial Mortgage Consumer Auto and Leasing 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 15,571 611 14,205 27,190 57,577 Charge-offs ( 4,268) ( 603) ( 10,202) ( 26,353) ( 41,426) Recoveries 2,153 258 1,087 7,616 11,114 Balance at end of period $ 43,011 $ 19,973 $ 31,954 $ 56,569 $ 151,507 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 (Recapture) provision for credit losses ( 41) 8,054 356 280 8,649 Charge-offs ( 2,743) ( 7,321) ( 461) ( 975) ( 11,500) Recoveries 661 702 93 572 2,028 Balance at end of period $ 48,913 $ 30,920 $ 169 $ 1,192 $ 81,194 Total allowance for loan and lease losses at end of period $ 91,924 $ 50,893 $ 32,123 $ 57,761 $ 232,701 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate Rollforward | Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) Balance at beginning of period $ 15,598 $ 27,292 $ 11,596 $ 29,909 Additions 2,907 47 9,544 1,946 Sales ( 3,098) ( 2,074) ( 5,521) ( 6,040) Decline in value ( 314) ( 473) ( 526) ( 1,023) Balance at end of period $ 15,093 $ 24,792 $ 15,093 $ 24,792 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 six-month periods ended June 30, 2021 and 2020: Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) Fair value at beginning of period $ 47,911 $ 49,287 $ 47,295 $ 50,779 Servicing from mortgage securitizations or asset transfers 2,023 124 3,443 580 Changes due to payments on loans [1] ( 1,862) ( 678) ( 3,369) ( 1,445) Changes in fair value due to changes in valuation model inputs or assumptions ( 360) ( 807) 343 ( 1,988) Fair value at end of period $ 47,712 $ 47,926 $ 47,712 $ 47,926 [1] Represents changes due to collection/realization of expected cash flows over time. |
Key Economic Assumptions | The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value for the six-month periods ended June 30, 2021 and 2020: Six-Month Period Ended June 30, 2021 2020 Constant prepayment rate 4.82% - 25.64% 5.61% - 20.8% Discount rate 10.00% - 15.50% 10.00% - 15.50% |
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: June 30, 2021 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 47,712 Constant prepayment rate Decrease in fair value due to 10% adverse change $ ( 1,035) Decrease in fair value due to 20% adverse change $ ( 2,033) Discount rate Decrease in fair value due to 10% adverse change $ ( 2,107) Decrease in fair value due to 20% adverse change $ ( 4,054) |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivatives [Abstract] | |
Derivative Assets and Liabilities | June 30, December 31, 2021 2020 (In thousands) Derivative liabilities: Interest rate swaps designated as cash flow hedges $ 1,293 $ 1,712 |
Interest Rate Swaps and Terms | Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 29,380 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 29,380 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Other Intangible Assets [Abstract] | |
Summary of Core Deposit, Customer Relationship and Other Intangibles | Gross Net Carrying Accumulated Carrying Amount Amortization Value (In thousands) June 30, 2021 Core deposit intangibles $ 51,402 $ 20,096 $ 31,306 Customer relationship intangibles 17,753 8,254 9,499 Other intangibles 567 377 190 Total other intangible assets $ 69,722 $ 28,727 $ 40,995 December 31, 2020 Core deposit intangibles $ 51,402 $ 16,419 $ 34,983 Customer relationship intangibles 17,753 7,124 10,629 Other intangibles 567 283 284 Total other intangible assets $ 69,722 $ 23,826 $ 45,896 |
Estimated Amortization Of Other Intangible Assets | Year Ending December 31, (In thousands) 2021 $ 9,802 2022 8,501 2023 6,898 2024 5,913 2025 4,927 Thereafter 9,854 |
Accrued Interest Receivable a_2
Accrued Interest Receivable and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accrued Interest Receivable and Other Assets [Abstract] | |
Schedule of Accrued interest receivable | June 30, December 31, 2021 2020 (In thousands) Loans $ 58,373 $ 64,465 Investments 1,477 1,082 $ 59,850 $ 65,547 |
Other Assets | June 30, December 31, 2021 2020 (In thousands) Prepaid expenses $ 61,617 $ 61,332 Other repossessed assets 1,725 1,816 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 91,325 78,845 $ 155,750 $ 143,076 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits and Related Interest [Abstract] | |
Deposits by Components | June 30, December 31, 2021 2020 (In thousands) Non-interest bearing demand deposits $ 2,678,799 $ 2,259,048 Interest-bearing savings and demand deposits 4,936,188 4,274,586 Retail certificates of deposit 1,215,897 1,540,406 Institutional certificates of deposit 248,237 292,485 Total core deposits 9,079,121 8,366,525 Brokered deposits 11,371 49,115 Total deposits $ 9,090,492 $ 8,415,640 |
Interest Expense | Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) Demand and savings deposits $ 6,209 $ 6,224 $ 12,580 $ 13,208 Certificates of deposit 4,251 9,221 9,904 18,857 $ 10,460 $ 15,445 $ 22,484 $ 32,065 |
Maturities Of Time Deposits | June 30, December 31, 2021 2020 (In thousands) Within one year: Three (3) months or less $ 364,339 $ 379,563 Over 3 months through 1 year 446,899 805,117 811,238 1,184,680 Over 1 through 2 years 370,490 328,336 Over 2 through 3 years 138,638 177,701 Over 3 through 4 years 63,617 75,094 Over 4 through 5 years 90,567 90,590 $ 1,474,550 $ 1,856,401 |
Borrowings and Related Intere_2
Borrowings and Related Interest (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Borrowings and Related Interest [Abstract] | |
Summary of Federal Home Loan Bank Advances | June 30, December 31, 2021 2020 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.35% (December 31, 2020 - 0.34%) $ 29,380 $ 30,259 Long-term fixed-rate advances from FHLB, with a weighted average interest rate from 2.92% to 3.24% (December 31, 2020 - from 2.92% to 3.24% ) 34,096 35,206 $ 63,476 $ 65,465 |
Summary Of Federal Home Loan Bank Advances And Maturities | June 30, December 31, 2021 2020 (In thousands) Under 90 days $ 29,380 $ 30,259 Over one to three years 29,925 30,972 Over three to five years 4,171 4,234 $ 63,476 $ 65,465 |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting of Financial Assets and Liabilities [Abstract] | |
Offsetting Liabilities | June 30, 2021 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 $ 1,293 $ - $ 1,293 $ - $ - $ 1,293 Total $ 1,293 $ - $ 1,293 $ - $ - $ 1,293 December 31, 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 $ 1,712 $ - $ 1,712 $ - - $ 1,712 Total $ 1,712 $ - $ 1,712 $ - $ - $ 1,712 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations | Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of June 30, 2021 Total capital to risk-weighted assets $ 1,094,786 15.95% $ 720,498 10.50% $ 686,189 10.00% Tier 1 capital to risk-weighted assets $ 1,008,785 14.70% $ 583,261 8.50% $ 548,951 8.00% Common equity tier 1 capital to risk-weighted assets $ 957,238 13.95% $ 480,332 7.00% $ 446,023 6.50% Tier 1 capital to average total assets $ 1,008,785 9.84% $ 409,975 4.00% $ 512,469 5.00% As of December 31, 2020 Total capital to risk-weighted assets $ 1,096,766 16.04% $ 717,974 10.50% $ 683,785 10.00% Tier 1 capital to risk-weighted assets $ 1,010,945 14.78% $ 581,217 8.50% $ 547,028 8.00% Common equity tier 1 capital to risk-weighted assets $ 894,075 13.08% $ 478,649 7.00% $ 444,460 6.50% Tier 1 capital to average total assets $ 1,010,945 10.30% $ 392,424 4.00% $ 490,530 5.00% Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of June 30, 2021 Total capital to risk-weighted assets $ 993,250 14.58% $ 715,375 10.50% $ 681,310 10.00% Tier 1 capital to risk-weighted assets $ 907,851 13.33% $ 579,113 8.50% $ 545,048 8.00% Common equity tier 1 capital to risk-weighted assets $ 907,851 13.33% $ 476,917 7.00% $ 442,851 6.50% Tier 1 capital to average total assets $ 907,851 8.96% $ 405,219 4.00% $ 506,524 5.00% As of December 31, 2020 Total capital to risk-weighted assets $ 1,044,275 15.32% $ 714,480 10.50% $ 680,457 10.00% Tier 1 capital to risk-weighted assets $ 786,731 14.06% $ 578,388 8.50% $ 544,366 8.00% Common equity tier 1 capital to risk-weighted assets $ 956,845 14.06% $ 476,320 7.00% $ 442,297 6.50% Tier 1 capital to average total assets $ 956,845 9.81% $ 390,304 4.00% $ 487,879 5.00% |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity [Abstract] | |
Activity of Common Shares Held in Treasury | Six-Month Period Ended June 30, 2021 2020 Dollar Dollar Shares Amount Shares Amount (In thousands, except shares data) Beginning of period $ 8,498,163 $ 102,949 8,486,278 $ 102,339 Common shares used upon lapse of restricted stock units and options ( 273,436) ( 2,230) ( 118,276) ( 1,444) Common shares repurchased as part of the stock repurchase program - - 175,000 2,226 End of period $ 8,224,727 $ 100,719 8,543,002 $ 103,121 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | June 30, December 31, 2021 2020 (In thousands) Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired $ 10,298 $ 14,262 Income tax effect of unrealized gain on securities available-for-sale ( 1,890) ( 2,170) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 8,408 12,092 Unrealized loss on cash flow hedges ( 1,293) ( 1,711) Income tax effect of unrealized loss on cash flow hedges 485 641 Net unrealized loss on cash flow hedges ( 808) ( 1,070) Accumulated other comprehensive income, net of income taxes $ 7,600 $ 11,022 Quarter Ended June 30, 2021 2020 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 $ 7,145 $ ( 915) $ 6,230 $ 7,575 $ ( 1,285) $ 6,290 Other comprehensive loss before reclassifications 1,262 ( 345) 917 1,310 ( 517) 793 Amounts reclassified out of accumulated other comprehensive income 1 452 453 - 505 505 Other comprehensive income (loss) 1,263 107 1,370 1,310 ( 12) 1,298 Ending balance $ 8,408 $ ( 808) $ 7,600 $ 8,885 $ ( 1,297) $ 7,588 Six-Month Period Ended June 30, 2021 2020 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 $ 12,092 $ ( 1,070) $ 11,022 $ ( 441) $ ( 567) $ ( 1,008) Other comprehensive income (loss) before reclassifications ( 3,687) ( 649) ( 4,336) 4,598 ( 1,775) 2,823 Amounts reclassified out of accumulated other comprehensive income 3 911 914 4,728 1,045 5,773 Other comprehensive income (loss) ( 3,684) 262 ( 3,422) 9,326 ( 730) 8,596 Ending balance $ 8,408 $ ( 808) $ 7,600 $ 8,885 $ ( 1,297) $ 7,588 |
Reclassifications Out of Other Comprehensive Income | Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Quarter Ended June 30, 2021 2020 (In thousands) Cash flow hedges: Interest-rate contracts $ 452 $ 505 Net interest expense Available-for-sale securities: Tax effect from changes in tax rates 1 - Income tax expense $ 453 $ 505 Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Six-Month Period Ended June 30, 2021 2020 (In thousands) Cash flow hedges: Interest-rate contracts $ 911 $ 1,045 Net interest expense Available-for-sale securities: Gain on sale of investments - 4,728 Net gain on sale of securities Tax effect from changes in tax rates 3 - Income tax expense $ 914 $ 5,773 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands, except per share data) Net income $ 40,827 $ 21,787 $ 71,200 $ 23,588 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) - ( 1,628) ( 1,255) ( 3,256) Income available to common shareholders $ 40,827 $ 20,159 $ 69,945 $ 20,332 Average common shares outstanding $ 51,636 $ 51,336 $ 51,517 $ 51,370 Effect of dilutive securities: Average potential common shares-options 412 134 368 214 Total weighted average common shares outstanding and equivalents $ 52,048 $ 51,470 $ 51,885 $ 51,584 Earnings per common share - basic $ 0.79 $ 0.39 $ 1.36 $ 0.40 Earnings per common share - diluted $ 0.78 $ 0.39 $ 1.35 $ 0.39 |
Guarantees (Tables)
Guarantees (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees [Abstract] | |
Changes in Liabilty of Estimated Loss from Credit Recourse Agreement | Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) (In thousands) Balance at beginning of period $ 195 $ 906 $ 218 $ 985 Net (charge-offs/terminations) recoveries 10 ( 12) ( 13) ( 91) Balance at end of period $ 205 $ 894 $ 205 $ 894 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies [Abstract] | |
Summarized Credit-Related Financial Instruments | June 30, December 31, 2021 2020 (In thousands) Commitments to extend credit $ 1,229,975 $ 1,133,503 Commercial letters of credit 519 225 June 30, December 31, 2021 2020 (In thousands) Standby letters of credit and financial guarantees $ 36,307 $ 19,476 Loans sold with recourse 128,124 135,252 |
Operating Leases (Tables)
Operating Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Operating Leases [Abstract] | |
Operating Lease Cost | Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 Statement of Operations Classification (In thousands) Lease costs $ 2,851 $ 3,550 $ 6,224 $ 6,888 Occupancy and equipment Variable lease costs 495 583 988 1,171 Occupancy and equipment Short-term lease cost 126 185 146 28 Occupancy and equipment Lease income ( 112) ( 125) ( 232) ( 248) Occupancy and equipment Total lease cost $ 3,360 $ 4,193 $ 7,126 $ 7,839 |
Operating Lease Assets and Liabilities | June 30, December 31 2021 2020 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 32,621 $ 31,383 Operating lease right-of-use assets Lease Liabilities $ 34,052 $ 32,566 Operating leases liabilities |
Operating Lease Terms | June 30, 2021 (In thousands) Weighted-average remaining lease term 5.6 years Weighted-average discount rate 6.6% |
Future Minimum Payments for Operating Leases and Present Value | Minimum Rent Year Ending December 31, (In thousands) 2021 $ 9,959 2022 9,273 2023 8,197 2024 6,100 2025 4,417 Thereafter 10,264 Total lease payments $ 48,210 Less imputed interest 14,158 Present value of lease liabilities $ 34,052 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities on Recurring and Non-Recurring Basis | June 30, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,910 $ 490,709 $ - $ 501,619 Trading securities - 29 - 29 Money market investments 11,206 - - 11,206 Servicing assets - - 47,712 47,712 Derivative liabilities - ( 1,293) - ( 1,293) $ 22,116 $ 489,445 $ 47,712 $ 559,273 Non-recurring fair value measurements: Collateral dependent loans - - 25,189 25,189 Foreclosed real estate - - 15,093 15,093 Other repossessed assets - - 1,725 1,725 $ - $ - $ 42,007 $ 42,007 December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,983 $ 435,455 $ - $ 446,438 Trading securities - 22 - 22 Money market investments 11,908 - - 11,908 Servicing assets - - 47,295 47,295 Derivative liabilities - ( 1,712) - ( 1,712) $ 22,891 $ 433,765 $ 47,295 $ 503,951 Non-recurring fair value measurements: Collateral dependent loans $ - $ - $ 29,279 $ 29,279 Foreclosed real estate - - 11,596 11,596 Other repossessed assets - - 1,816 1,816 $ - $ - $ 42,691 $ 42,691 |
Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) | Quarter Ended June 30, 2021 2020 Servicing Assets (In thousands) Balance at beginning of period $ 47,911 $ 49,287 New instruments acquired 2,023 124 Principal repayments ( 1,862) ( 678) Changes in fair value of servicing assets ( 360) ( 807) Balance at end of period $ 47,712 $ 47,926 Six-Month Period Ended June 30, 2021 2020 Servicing Assets (In thousands) Balance at beginning of period $ 47,295 $ 50,779 New instruments acquired 3,443 580 Principal repayments ( 3,369) ( 1,445) Changes in fair value of servicing assets 343 ( 1,988) Balance at end of period $ 47,712 $ 47,926 |
Qualitative Information for Assets and Liabilities | June 30, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 47,712 Cash flow valuation Constant prepayment rate 4.82% - 25.64% 6.54% Discount rate 10.00% - 15.50% 11.47% Collateral dependent loans $ 25,189 Fair value of property or collateral Appraised value less disposition costs 18.20% - 29.20% 19.57% Foreclosed real estate $ 15,093 Fair value of property or collateral Appraised value less disposition costs 18.20% - 29.20% 19.19% Other repossessed assets $ 1,725 Fair value of property or collateral Estimated net realizable value less disposition costs 37.00% - 68.00% 54.86% |
Estimated Fair Value and Carrying Value | June 30, December 31, 2021 2020 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 2,767,494 $ 2,767,494 $ 2,154,202 $ 2,154,202 Restricted cash $ 199 $ 199 $ 1,375 $ 1,375 Investment securities available-for-sale $ 10,910 $ 10,910 $ 10,983 $ 10,983 Level 2 Financial Assets: Trading securities $ 29 $ 29 $ 22 $ 22 Investment securities available-for-sale $ 490,709 $ 490,709 $ 435,455 $ 435,455 Investment securities held-to-maturity $ 124,757 $ 125,138 $ - $ - Federal Home Loan Bank (FHLB) stock $ 7,541 $ 7,541 $ 8,278 $ 8,278 Other investments $ 9,168 $ 9,168 $ 3,962 $ 3,962 Financial Liabilities: Derivative liabilities $ 1,293 $ 1,293 $ 1,712 $ 1,712 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 6,130,109 $ 6,354,040 $ 6,323,689 $ 6,501,259 Accrued interest receivable $ 59,850 $ 59,850 $ 65,547 $ 65,547 Servicing assets $ 47,712 $ 47,712 $ 47,295 $ 47,295 Accounts receivable and other assets $ 91,325 $ 91,325 $ 78,845 $ 78,845 Financial Liabilities: Deposits $ 9,130,934 $ 9,090,492 $ 8,422,599 $ 8,415,640 Advances from FHLB $ 65,296 $ 63,569 $ 68,147 $ 65,561 Other borrowings $ 298 $ 298 $ 707 $ 707 Subordinated capital notes $ 36,405 $ 36,083 $ 33,325 $ 36,083 Accrued expenses and other liabilities $ 128,326 $ 128,326 $ 154,418 $ 154,418 |
Banking and Finanial Service _2
Banking and Finanial Service Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Financial Service Reveues [Abstract] | |
Commissions and Fees Revenues | Quarter Ended June 30, Six-Month Period Ended June 30, 2021 2020 2021 2020 (In thousands) (In thousands) Banking service revenues: Checking accounts fees $ 2,084 $ 1,971 $ 4,048 $ 4,631 Savings accounts fees 297 397 549 838 Electronic banking fees 14,640 10,574 27,523 21,822 Credit life commissions 70 13 187 142 Branch service commissions 275 216 636 727 Servicing and other loan fees 713 299 1,472 809 International fees 154 141 305 297 Miscellaneous income 15 57 21 115 Total banking service revenues 18,248 13,668 34,741 29,381 Wealth management revenue: Insurance income 2,995 2,412 5,226 4,821 Broker fees 2,328 1,467 4,452 3,382 Trust fees 2,717 2,276 5,499 5,029 Retirement plan and administration fees 223 211 474 420 Total wealth management revenue 8,263 6,366 15,651 13,652 Mortgage banking activities: Net servicing fees 3,127 2,676 7,477 5,366 Net gains on sale of mortgage loans and valuation 2,931 318 5,423 1,067 Other ( 1,521) 78 ( 2,792) ( 127) Total mortgage banking activities 4,537 3,072 10,108 6,306 Total banking and financial service revenues $ 31,048 $ 23,106 $ 60,500 $ 49,339 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Segments [Abstract] | |
Schedule of Segment Reporting Information | Quarter Ended June 30, 2021 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 110,452 $ 6 $ 3,005 $ 113,463 $ - $ 113,463 Interest expense ( 10,712) - ( 494) ( 11,206) - ( 11,206) Net interest income 99,740 6 2,511 102,257 - 102,257 Recapture of credit losses, net 7,737 - 568 8,305 - 8,305 Non-interest income 24,209 7,974 8 32,191 - 32,191 Non-interest expenses ( 76,623) ( 5,015) ( 1,038) ( 82,676) - ( 82,676) Intersegment revenue 545 - - 545 ( 545) - Intersegment expenses - ( 302) ( 243) ( 545) 545 - Income before income taxes $ 55,608 $ 2,663 $ 1,806 $ 60,077 $ - $ 60,077 Income tax expense 19,239 - 11 19,250 - 19,250 Net income $ 36,369 $ 2,663 $ 1,795 $ 40,827 $ - $ 40,827 Total assets $ 8,271,348 $ 31,165 $ 3,232,968 $ 11,535,481 $ ( 1,073,668) $ 10,461,813 Six-Month Period Ended June 30, 2021 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 218,688 $ 18 $ 5,739 $ 224,445 $ - $ 224,445 Interest expense ( 22,848) - ( 1,136) ( 23,984) - ( 23,984) Net interest income 195,840 18 4,603 200,461 - 200,461 Recapture of credit losses, net 1,149 - 832 1,981 - 1,981 Non-interest income 47,076 15,505 17 62,598 - 62,598 Non-interest expenses ( 150,497) ( 7,844) ( 2,001) ( 160,342) - ( 160,342) Intersegment revenue 1,098 - - 1,098 ( 1,098) - Intersegment expenses - ( 593) ( 505) ( 1,098) 1,098 - Income before income taxes $ 94,666 $ 7,086 $ 2,946 $ 104,698 $ - $ 104,698 Income tax expense 33,475 - 23 33,498 - 33,498 Net income $ 61,191 $ 7,086 $ 2,923 $ 71,200 $ - $ 71,200 Total assets $ 8,271,348 $ 31,165 $ 3,232,968 $ 11,535,481 $ ( 1,073,668) $ 10,461,813 Quarter Ended June 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 119,722 $ 14 $ 1,956 $ 121,692 $ - $ 121,692 Interest expense ( 14,326) - ( 2,306) ( 16,632) - ( 16,632) Net interest income 105,396 14 ( 350) 105,060 - 105,060 Provision for credit losses, net ( 16,211) - ( 1,485) ( 17,696) - ( 17,696) Non-interest income 20,811 6,391 ( 50) 27,152 - 27,152 Non-interest expenses ( 78,402) ( 5,957) ( 1,122) ( 85,481) - ( 85,481) Intersegment revenue 694 - - 694 ( 694) - Intersegment expenses - ( 201) ( 493) ( 694) 694 - Income before income taxes $ 32,288 $ 247 $ ( 3,500) $ 29,035 $ - $ 29,035 Income tax expense 5,316 3,201 ( 1,269) 7,248 - 7,248 Net income $ 26,972 $ ( 2,954) $ ( 2,231) $ 21,787 $ - $ 21,787 Total assets $ 9,462,407 $ 30,214 $ 1,524,913 $ 11,017,534 $ ( 1,084,815) $ 9,932,719 Six-Month Period Ended June 30, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 239,101 $ 32 $ 6,256 $ 245,389 $ - $ 245,389 Interest expense ( 30,215) - ( 5,013) ( 35,228) - ( 35,228) Net interest income 208,886 32 1,243 210,161 - 210,161 Provision for credit losses, net ( 63,334) - ( 1,493) ( 64,827) - ( 64,827) Non-interest income 40,355 13,766 4,481 58,602 - 58,602 Non-interest expenses ( 160,955) ( 9,681) ( 2,167) ( 172,803) - ( 172,803) Intersegment revenue 1,151 - - 1,151 ( 1,151) - Intersegment expenses - ( 355) ( 796) ( 1,151) 1,151 - Income before income taxes $ 26,103 $ 3,762 $ 1,268 $ 31,133 $ - $ 31,133 Income tax expense 2,997 4,519 29 7,545 - 7,545 Net income $ 23,106 $ ( 757) $ 1,239 $ 23,588 $ - $ 23,588 Total assets $ 9,462,407 $ 30,214 $ 1,524,913 $ 11,017,534 $ ( 1,084,815) $ 9,932,719 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | Jun. 30, 2021 |
Commercial Portfolio Segment [Member] | |
Organization, Consolidation and Basis of Presentation [Line Items] | |
Percent of total loans held in investment, LIBOR exposure | 7.60% |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 199 | $ 1,375 | $ 1,050 |
Reserve required by local Goverment | 477,700 | 408,500 | |
Scotiabank Of Puerto Rico [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Certificates of deposits held, acquired | 325 | ||
Obligations Under Agreement of Loans Sold with Recourse [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 199 | $ 1,050 |
Restricted Cash (Restricted Cas
Restricted Cash (Restricted Cash Components) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 199 | $ 1,375 | $ 1,050 |
Regulatory Requirements [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 0 | 325 | |
Obligations Under Agreement of Loans Sold with Recourse [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 199 | $ 1,050 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Money market investments | $ 11,206 | $ 10,022 | $ 11,206 | $ 10,022 | $ 11,908 |
Securitized GNMA pools retained, amortized cost | $ 84,000 | $ 31,100 | $ 84,000 | $ 31,100 | |
Securitized GNMA pool retained, yield | 2.66% | 2.81% | 2.66% | 2.81% | |
Gain on sales of mortgaged-backed securities | $ 4,700 | ||||
Proceeds from sale of available for sale securities | 316,300 | ||||
Sale of securities | $ 0 | $ 0 | $ 0 | 4,728 | |
Restricted cash | 199 | $ 1,050 | 199 | $ 1,050 | 1,375 |
Oriental International Bank [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Restricted cash | 305 | 305 | 305 | ||
Oriental Overseas [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Restricted cash | $ 325 | $ 325 | $ 325 |
Investment Securities (Investme
Investment Securities (Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 491,321 | $ 432,176 |
Available-for-sale Securities, Gross Unrealized Gains | 12,716 | 14,472 |
Available-for-sale Securities, Gross Unrealized Losses | 2,418 | 210 |
Available-for-sale Securities | $ 501,619 | $ 446,438 |
Available for sale - Weighted Average Yield | 2.05% | 1.96% |
Held-to-maturity Fair Value | $ 124,757 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 476,933 | $ 418,976 |
Available-for-sale Securities, Gross Unrealized Gains | 12,499 | 14,169 |
Available-for-sale Securities, Gross Unrealized Losses | 2,418 | 210 |
Available-for-sale Securities | $ 487,014 | $ 432,935 |
Available for sale - Weighted Average Yield | 2.05% | 1.97% |
Held-to-maturity, Amortized cost | $ 125,138 | |
Held to maturity Securities Unrecognized Gains | 63 | |
Held-to-maturity Securities, Unrecognized Loss | 444 | |
Held-to-maturity Fair Value | $ 124,757 | |
Held to maturity - Weighted Average Yield | 1.70% | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 208,840 | $ 206,195 |
Available-for-sale Securities, Gross Unrealized Gains | 3,481 | 4,786 |
Available-for-sale Securities, Gross Unrealized Losses | 2,242 | 32 |
Available-for-sale Securities | $ 210,079 | $ 210,949 |
Available for sale - Weighted Average Yield | 1.71% | 1.78% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 237,547 | $ 174,472 |
Available-for-sale Securities, Gross Unrealized Gains | 8,256 | 8,478 |
Available-for-sale Securities, Gross Unrealized Losses | 176 | 178 |
Available-for-sale Securities | $ 245,627 | $ 182,772 |
Available for sale - Weighted Average Yield | 2.35% | 2.21% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 30,546 | $ 38,309 |
Available-for-sale Securities, Gross Unrealized Gains | 762 | 905 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 31,308 | $ 39,214 |
Available for sale - Weighted Average Yield | 1.96% | 1.96% |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 14,388 | $ 13,200 |
Available-for-sale Securities, Gross Unrealized Gains | 217 | 303 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 14,605 | $ 13,503 |
Available for sale - Weighted Average Yield | 1.98% | 1.53% |
Held-to-maturity Fair Value | $ 0 | |
Securities Investment [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 10,739 | $ 10,740 |
Available-for-sale Securities, Gross Unrealized Gains | 171 | 243 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 10,910 | $ 10,983 |
Available for sale - Weighted Average Yield | 1.48% | 1.49% |
Securities Investment [Member] | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 1,396 | $ 1,585 |
Available-for-sale Securities, Gross Unrealized Gains | 11 | 21 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 1,407 | $ 1,606 |
Available for sale - Weighted Average Yield | 1.39% | 1.39% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 2,253 | $ 875 |
Available-for-sale Securities, Gross Unrealized Gains | 35 | 39 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 2,288 | $ 914 |
Available for sale - Weighted Average Yield | 4.73% | 2.31% |
Investment Securities (Invest_2
Investment Securities (Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | $ 491,321 | $ 432,176 |
Available-for-sale Securities | 501,619 | 446,438 |
Held-to-maturity Amortized Cost | 125,138 | 0 |
Held-to-maturity Fair Value | 124,757 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 476,933 | 418,976 |
Available-for-sale Securities | 487,014 | 432,935 |
Held-to-maturity Amortized Cost | 125,138 | |
Held-to-maturity Fair Value | 124,757 | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 208,840 | 206,195 |
Available-for-sale Securities | 210,079 | 210,949 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 237,547 | 174,472 |
Available-for-sale Securities | 245,627 | 182,772 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 30,546 | 38,309 |
Available-for-sale Securities | 31,308 | 39,214 |
Collateralized Mortgage Backed Securities [Member] | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 6 | |
Available-for-sale Securities | 6 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
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 | 6 | |
Available-for-sale Securities | 6 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 2,203 | |
Available-for-sale Securities | 2,274 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 2,203 | |
Available-for-sale Securities | 2,274 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 163,899 | |
Available-for-sale Securities | 168,975 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 90,140 | |
Available-for-sale Securities | 93,172 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 45,513 | |
Available-for-sale Securities | 46,827 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 28,246 | |
Available-for-sale Securities | 28,976 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 310,825 | |
Available-for-sale Securities | 315,759 | |
Held-to-maturity Amortized Cost | 125,138 | |
Held-to-maturity Fair Value | 124,757 | |
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 | 118,694 | |
Available-for-sale Securities | 116,901 | |
Held-to-maturity Amortized Cost | 125,138 | |
Held-to-maturity Fair Value | 124,757 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 189,831 | |
Available-for-sale Securities | 196,526 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 2,300 | |
Available-for-sale Securities | 2,332 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 14,388 | 13,200 |
Available-for-sale Securities | 14,605 | 13,503 |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 10,739 | 10,740 |
Available-for-sale Securities | 10,910 | 10,983 |
Investment Securities | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 1,396 | 1,585 |
Available-for-sale Securities | 1,407 | 1,606 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 2,253 | 875 |
Available-for-sale Securities | 2,288 | $ 914 |
Investment Securities | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 2,381 | |
Available-for-sale Securities | 2,392 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 735 | |
Available-for-sale Securities | 735 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 1,396 | |
Available-for-sale Securities | 1,407 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 250 | |
Available-for-sale Securities | 250 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 12,007 | |
Available-for-sale Securities | 12,213 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 10,004 | |
Available-for-sale Securities | 10,175 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available-for-sale Amortized Cost | 2,003 | |
Available-for-sale Securities | 2,038 | |
Held-to-maturity Amortized Cost | 0 | |
Held-to-maturity Fair Value | $ 0 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains and Losses by Category) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Sale Price | $ 0 | $ 320,984 |
Book Value at Sale | 316,256 | |
Gross Gains | 4,728 | |
Gross Losses | 0 | |
FNMA and FHLMC [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Investments, Debt and Equity Securities [Abstract] | ||
Sale Price | 229,571 | |
Book Value at Sale | 227,213 | |
Gross Gains | 2,358 | |
Gross Losses | 0 | |
GNMA [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Investments, Debt and Equity Securities [Abstract] | ||
Sale Price | 91,413 | |
Book Value at Sale | 89,043 | |
Gross Gains | 2,370 | |
Gross Losses | $ 0 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gains and Losses by Category) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | $ 107,285,000 | $ 39,732,000 |
Available for sale - Amortized cost - more than 12 month | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 2,418,000 | 210,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 104,867,000 | 39,522,000 |
FNMA and FHLMC [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 106,318,000 | 34,628,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 2,242,000 | 32,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 104,076,000 | 34,596,000 |
Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Held to Maturity - Amortized cost - less than 12 month | 100,180,000 | |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity- Unrealized Loss - less than 12 month | 444,000 | |
Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Held-to-Maturity - Fair Value - less than 12 Month | 99,736,000 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 967,000 | 5,104,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 176,000 | 178,000 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | $ 791,000 | $ 4,926,000 |
Loans (Narratives) (Details)
Loans (Narratives) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Originated loans granted to Puerto Rico government | $ 99,300 | $ 99,100 |
Financing receivable modifications. recorded investment not included in non-accrual | 122,300 | 109,200 |
Balance of revolving loans converted to term loans, amount | 20,000 | 21,000 |
Commitment to lend additional funds | 2,100 | 7,700 |
Loan deferral amount, pandemic related | 74,900 | 95,700 |
Loans | 6,498,092 | 6,662,133 |
Mortgage loans in process of foreclosure amount | 26,100 | |
Mortgage Loans - GNMA Buy-Back Option Program [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Delinquent loans | 28,100 | 56,200 |
Granted To Puerto Rico Government [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Loans | $ 98,200 | $ 98,000 |
Loans (Composition of Loan Port
Loans (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 6,498,092 | $ 6,662,133 |
Allowance for credit losses | (191,717) | (204,809) |
Total loans held for investment | 6,306,375 | 6,457,324 |
Mortgage loans held for sale | 37,885 | 41,654 |
Other loans held for sale | 9,780 | 2,281 |
Total loans held for sale | 47,665 | 43,935 |
Total loans | 6,354,040 | 6,501,259 |
Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,393,170 | 2,402,010 |
Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,084,442 | 2,283,375 |
Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,020,480 | 1,976,748 |
Acquired Non-PCD [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,892,974 | 4,890,114 |
Allowance for credit losses | (148,314) | (161,015) |
Total loans held for investment | 4,744,660 | 4,729,099 |
Mortgage loans held for sale | 37,885 | 41,654 |
Other loans held for sale | 9,780 | 2,281 |
Total loans held for sale | 47,665 | 43,935 |
Total loans | 4,792,325 | 4,773,034 |
Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,132,543 | 2,118,850 |
Acquired Non-PCD [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 760,168 | 823,443 |
Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,000,263 | 1,947,821 |
Acquired PCD [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,605,118 | 1,772,019 |
Allowance for credit losses | (43,403) | (43,794) |
Total loans held for investment | 1,561,715 | 1,728,225 |
Mortgage loans held for sale | 0 | 0 |
Other loans held for sale | 0 | 0 |
Total loans held for sale | 0 | 0 |
Total loans | 1,561,715 | 1,728,225 |
Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 260,627 | 283,160 |
Acquired PCD [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,324,274 | 1,459,932 |
Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 20,217 | 28,927 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,054,040 | 1,050,513 |
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 | 829,053 | 807,284 |
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 | 224,987 | 243,229 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 713,415 | 687,375 |
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 | 677,775 | 647,444 |
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 | 35,640 | 39,931 |
Commercial Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 228,677 | 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 | 228,677 | 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 | 0 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 397,038 | 374,904 |
US Commercial Loan [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 397,038 | 374,904 |
US Commercial Loan [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 301,304 | 314,300 |
Personal Loans [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 300,631 | 313,257 |
Personal Loans [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 673 | 1,043 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 31,686 | 44,156 |
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 | 31,378 | 43,805 |
Credit Lines [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 308 | 351 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 49,153 | 56,185 |
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 | 49,153 | 56,185 |
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 | 0 |
Overdraft [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 313 | 305 |
Overdraft [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 313 | 305 |
Overdraft [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,638,024 | 1,561,802 |
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 | 1,618,788 | 1,534,269 |
Auto Loan [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 19,236 | $ 27,533 |
Loans (Aging of Recorded Invest
Loans (Aging of Recorded Investment in Gross Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 6,498,092 | $ 6,662,133 |
PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,605,118 | 1,772,019 |
Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 4,892,974 | 4,890,114 |
Loans 90+ Days Past Due and Still Accruing | 3,448 | 3,974 |
30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 62,564 | 80,035 |
60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 28,656 | 50,933 |
90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 99,793 | 149,486 |
Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 191,013 | 280,454 |
Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 4,701,961 | 4,609,660 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 2,132,543 | 2,118,850 |
Total Loans | 2,393,170 | 2,402,010 |
Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 260,627 | 283,160 |
Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,132,543 | 2,118,850 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 3,096 | 7,059 |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 619 | 984 |
Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 17,834 | 22,557 |
Commercial Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 21,549 | 30,600 |
Commercial Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 2,110,994 | 2,088,250 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 760,168 | 823,443 |
Total Loans | 2,084,442 | 2,283,375 |
Mortgage Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,324,274 | 1,459,932 |
Mortgage Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 760,168 | 823,443 |
Loans 90+ Days Past Due and Still Accruing | 3,448 | 3,974 |
Mortgage Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 8,302 | 7,385 |
Mortgage Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 7,206 | 14,953 |
Mortgage Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 72,451 | 101,528 |
Mortgage Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 87,959 | 123,866 |
Mortgage Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 672,209 | 699,577 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 381,475 | 413,552 |
Total Loans | 2,020,480 | 1,976,748 |
Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 20,217 | 28,927 |
Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,000,263 | 1,947,821 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 51,166 | 65,591 |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 20,831 | 34,996 |
Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 9,508 | 25,401 |
Consumer Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 81,505 | 125,988 |
Consumer Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,918,758 | 1,821,833 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 829,053 | 807,284 |
Total Loans | 1,054,040 | 1,050,513 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 224,987 | 243,229 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 829,053 | 807,284 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
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] | ||
Loan amount | 971 | 2,781 |
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] | ||
Loan amount | 335 | 750 |
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] | ||
Loan amount | 15,790 | 17,862 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 17,096 | 21,393 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 811,957 | 785,891 |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 906,452 | 936,662 |
Loans 90+ Days Past Due and Still Accruing | 0 | 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] | ||
Loan amount | 635 | 1,674 |
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] | ||
Loan amount | 284 | 234 |
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] | ||
Loan amount | 2,044 | 4,695 |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 2,963 | 6,603 |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 903,489 | 930,059 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 906,452 | 936,662 |
Total Loans | 713,415 | 687,375 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 35,640 | 39,931 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 677,775 | 647,444 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 397,038 | 374,904 |
Total Loans | 397,038 | 374,904 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 397,038 | 374,904 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,490 | 2,604 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 0 | 0 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 0 | 0 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,490 | 2,604 |
US Commercial Loan [Member] | Commercial Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 395,548 | 372,300 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 301,304 | 314,300 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 673 | 1,043 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 300,631 | 313,257 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 2,484 | 4,784 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,031 | 2,515 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,086 | 2,062 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 4,601 | 9,361 |
Personal Loans [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 296,030 | 303,896 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 31,686 | 44,156 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 308 | 351 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 31,378 | 43,805 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,217 | 2,136 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 197 | 476 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 378 | 1,269 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,792 | 3,881 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 29,586 | 39,924 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 49,153 | 56,185 |
Total Loans | 49,153 | 56,185 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | 0 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 49,153 | 56,185 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 661 | 1,357 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 254 | 824 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 850 | 1,585 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,765 | 3,766 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 47,388 | 52,419 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 313 | 305 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 85 | 138 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 0 | 0 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 2 | 0 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 87 | 138 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 226 | 167 |
Auto Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,618,788 | 1,534,269 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,638,024 | 1,561,802 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 19,236 | 27,533 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,618,788 | 1,534,269 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 46,719 | 57,176 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 19,349 | 31,181 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 7,192 | 20,485 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 73,260 | 108,842 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | Current [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | 1,545,528 | 1,425,427 |
Unsecured personal lines of credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan amount | $ 31,378 | $ 43,805 |
Loans (Investment in Loans on N
Loans (Investment in Loans on Non-Accrual Status) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | $ 80,096 | $ 101,103 |
Nonaccrual with no Allowance for Credit Loss | 47,404 | 46,791 |
Total | 127,500 | 147,894 |
PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 30,899 | 33,444 |
Nonaccrual with no Allowance for Credit Loss | 5,670 | 4,031 |
Total | 36,569 | 37,475 |
Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 49,197 | 67,659 |
Nonaccrual with no Allowance for Credit Loss | 41,734 | 42,760 |
Total | 90,931 | 110,419 |
Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 28,832 | 32,440 |
Nonaccrual with no Allowance for Credit Loss | 5,670 | 4,031 |
Total | 34,502 | 36,471 |
Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 18,336 | 17,363 |
Nonaccrual with no Allowance for Credit Loss | 19,523 | 24,636 |
Total | 37,859 | 41,999 |
Mortgage Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 2,067 | 1,003 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | 2,067 | 1,003 |
Mortgage Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 21,092 | 24,920 |
Nonaccrual with no Allowance for Credit Loss | 21,913 | 17,747 |
Total | 43,005 | 42,667 |
Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 0 | 1 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | 0 | 1 |
Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 9,769 | 25,376 |
Nonaccrual with no Allowance for Credit Loss | 298 | 377 |
Total | 10,067 | 25,753 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 27,730 | 31,338 |
Nonaccrual with no Allowance for Credit Loss | 5,670 | 4,031 |
Total | 33,400 | 35,369 |
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 | 15,217 | 15,225 |
Nonaccrual with no Allowance for Credit Loss | 19,162 | 21,462 |
Total | 34,379 | 36,687 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,102 | 1,102 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | 1,102 | 1,102 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 3,119 | 2,138 |
Nonaccrual with no Allowance for Credit Loss | 361 | 3,174 |
Total | 3,480 | 5,312 |
Personal loans [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 0 | 1 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | 0 | 1 |
Personal loans [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 927 | 1,752 |
Nonaccrual with no Allowance for Credit Loss | 298 | 377 |
Total | 1,225 | 2,129 |
Personal Lines Of Credit [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 389 | 1,272 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | 389 | 1,272 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 848 | 1,586 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | 848 | 1,586 |
Auto and Leasing [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 7,605 | 20,766 |
Nonaccrual with no Allowance for Credit Loss | 0 | 0 |
Total | $ 7,605 | $ 20,766 |
Loans (Troubled-Debt Restructur
Loans (Troubled-Debt Restructuring Loan Portfolio) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | ||
Non-accruing | $ 80,096 | $ 101,103 |
Troubled Debt Restructuring [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 122,288 | 113,890 |
Non-accruing | 26,277 | 28,297 |
Total | 148,565 | 142,187 |
Related Allowance | 4,976 | 5,789 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 22,199 | 21,076 |
Non-accruing | 15,272 | 16,984 |
Total | 37,471 | 38,060 |
Related Allowance | 511 | 627 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 11,448 | 10,047 |
Non-accruing | 14,922 | 16,609 |
Total | 26,370 | 26,656 |
Related Allowance | 233 | 223 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 7,157 | 7,157 |
Non-accruing | 0 | 0 |
Total | 7,157 | 7,157 |
Related Allowance | 214 | 345 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 3,594 | 3,872 |
Non-accruing | 350 | 375 |
Total | 3,944 | 4,247 |
Related Allowance | 64 | 59 |
Troubled Debt Restructuring [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 95,820 | 87,539 |
Non-accruing | 10,810 | 11,202 |
Total | 106,630 | 98,741 |
Related Allowance | 4,245 | 4,882 |
Troubled Debt Restructuring [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 4,269 | 5,275 |
Non-accruing | 195 | 111 |
Total | 4,464 | 5,386 |
Related Allowance | 220 | 280 |
Troubled Debt Restructuring [Member] | Consumer Portfolio Segment [Member] | Personal Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 4,000 | 4,944 |
Non-accruing | 139 | 67 |
Total | 4,139 | 5,011 |
Related Allowance | 199 | 257 |
Troubled Debt Restructuring [Member] | Consumer Portfolio Segment [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing | 269 | 331 |
Non-accruing | 56 | 44 |
Total | 325 | 375 |
Related Allowance | $ 21 | $ 23 |
Loans (Troubled-Debt Restruct_2
Loans (Troubled-Debt Restructurings By Loan Portfolio And Modification Type) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Reduction In Interest Rate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | $ 39,172 | $ 38,561 |
Reduction In Interest Rate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 8,791 | 8,615 |
Reduction In Interest Rate [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 911 | 740 |
Reduction In Interest Rate [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 7,157 | 7,157 |
Reduction In Interest Rate [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 723 | 718 |
Reduction In Interest Rate [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 28,370 | 27,593 |
Reduction In Interest Rate [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 2,011 | 2,353 |
Reduction In Interest Rate [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 1,949 | 2,315 |
Reduction In Interest Rate [Member] | Consumer Portfolio Segment [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 62 | 38 |
Maturity Or Term Extension [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 15,138 | 13,564 |
Maturity Or Term Extension [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 7,333 | 6,886 |
Maturity Or Term Extension [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 4,651 | 3,926 |
Maturity Or Term Extension [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Maturity Or Term Extension [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 2,682 | 2,960 |
Maturity Or Term Extension [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 7,493 | 6,271 |
Maturity Or Term Extension [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 312 | 407 |
Maturity Or Term Extension [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 312 | 407 |
Maturity Or Term Extension [Member] | Consumer Portfolio Segment [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 56,673 | 54,227 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 21,347 | 22,559 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 20,808 | 21,990 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 539 | 569 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 33,675 | 29,734 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 1,651 | 1,934 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 1,606 | 1,896 |
Combination Of Reduction In Interest Rate And Extension Of Maturity [Member] | Consumer Portfolio Segment [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 45 | 38 |
Forbearance [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 37,582 | 35,835 |
Forbearance [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Forbearance [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Forbearance [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Forbearance [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 0 | 0 |
Forbearance [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 37,092 | 35,143 |
Forbearance [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 490 | 692 |
Forbearance [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 272 | 393 |
Forbearance [Member] | Consumer Portfolio Segment [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 218 | 299 |
Troubled Debt Restructuring [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 148,565 | 142,187 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 37,471 | 38,060 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 26,370 | 26,656 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 7,157 | 7,157 |
Troubled Debt Restructuring [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 3,944 | 4,247 |
Troubled Debt Restructuring [Member] | Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 106,630 | 98,741 |
Troubled Debt Restructuring [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 4,464 | 5,386 |
Troubled Debt Restructuring [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | 4,139 | 5,011 |
Troubled Debt Restructuring [Member] | Consumer Portfolio Segment [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Total | $ 325 | $ 375 |
Loans (TDR Pre_Post Modificatio
Loans (TDR Pre/Post Modifications) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)number | Jun. 30, 2020USD ($)number | Jun. 30, 2021USD ($)number | Jun. 30, 2020USD ($)number | |
Mortgage Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 44 | 70 | 26 | |
Pre-Modification Outstanding Recorded Investment | $ 5,104 | $ 8,661 | $ 3,093 | |
Pre-Modification Weighted Average Rate | 4.24% | 4.14% | 5.14% | |
Pre-Modification Weighted Average Term (in Months) | 303 months | 302 months | 359 months | |
Post-Modification Outstanding Recorded Investment | $ 4,880 | $ 8,460 | $ 3,046 | |
Post-Modification Weighted Average Rate | 3.59% | 3.60% | 4.29% | |
Post-Modification Weighted Average Term (in Months) | 349 months | 342 months | 360 months | |
Commercial Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 1 | 3 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 991 | $ 1,176 | $ 281 | |
Pre-Modification Weighted Average Rate | 4.25% | 4.72% | 8.00% | |
Pre-Modification Weighted Average Term (in Months) | 175 months | 157 months | 105 months | |
Post-Modification Outstanding Recorded Investment | $ 880 | $ 1,085 | $ 281 | |
Post-Modification Weighted Average Rate | 5.75% | 5.95% | 6.00% | |
Post-Modification Weighted Average Term (in Months) | 60 months | 60 months | 240 months | |
Consumer Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 7 | 1 | 9 | 16 |
Pre-Modification Outstanding Recorded Investment | $ 139 | $ 21 | $ 155 | $ 220 |
Pre-Modification Weighted Average Rate | 12.76% | 5.99% | 12.65% | 12.95% |
Pre-Modification Weighted Average Term (in Months) | 72 months | 60 months | 70 months | 67 months |
Post-Modification Outstanding Recorded Investment | $ 139 | $ 20 | $ 156 | $ 225 |
Post-Modification Weighted Average Rate | 9.47% | 6.50% | 9.52% | 10.63% |
Post-Modification Weighted Average Term (in Months) | 76 months | 72 months | 75 months | 81 months |
Auto [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of contracts | number | 3 | 8 | ||
Pre-Modification Outstanding Recorded Investment | $ 44 | $ 126 | ||
Pre-Modification Weighted Average Rate | 13.15% | 9.04% | ||
Pre-Modification Weighted Average Term (in Months) | 78 months | 70 months | ||
Post-Modification Outstanding Recorded Investment | $ 44 | $ 126 | ||
Post-Modification Weighted Average Rate | 10.15% | 9.93% | ||
Post-Modification Weighted Average Term (in Months) | 73 months | 49 months |
Loans (Troubled debt restructur
Loans (Troubled debt restructurings, Rolling Twelve Months) (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2021USD ($)number | Jun. 30, 2020USD ($)number | |
Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 19 | 17 |
Recored Investment | $ | $ 2,191 | $ 2,267 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 1 | 90 |
Recored Investment | $ | $ 14 | $ 1,231 |
Auto [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | number | 11 | 3 |
Recored Investment | $ | $ 64 | $ 32 |
Loans (Aging of the Amortized C
Loans (Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Amortized cost of collateral-dependent loans held for investment | $ 25,189 | $ 29,279 |
Loans (Credit Quality Indicator
Loans (Credit Quality Indicators of Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | $ 278,156 | $ 401,897 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 399,591 | 438,058 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 383,389 | 339,868 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 289,665 | 184,113 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 152,375 | 99,481 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 115,612 | 70,852 |
Total Loans | 1,618,788 | 1,534,269 |
Auto Loan [Member] | FICO Score, 1 to 660 [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 75,895 | 121,878 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 106,442 | 112,476 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 92,663 | 97,725 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 79,610 | 56,935 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 46,518 | 30,307 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 35,412 | 22,360 |
Total Loans | 436,540 | 441,681 |
Auto Loan [Member] | FICO Score, 661 to 699 [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 57,205 | 84,673 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 90,482 | 68,698 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 59,027 | 44,633 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 41,148 | 23,308 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 20,923 | 13,571 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 16,544 | 9,031 |
Total Loans | 285,329 | 243,914 |
Auto Loan [Member] | 700+ [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 123,165 | 173,834 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 187,673 | 214,287 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 211,175 | 164,205 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 156,703 | 85,743 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 78,045 | 45,947 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 58,314 | 32,177 |
Total Loans | 815,075 | 716,193 |
Auto Loan [Member] | No FICO [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 21,891 | 21,512 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 14,994 | 42,597 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 20,524 | 33,305 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 12,204 | 18,127 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 6,889 | 9,656 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 5,342 | 7,284 |
Total Loans | 81,844 | 132,481 |
Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 388,416 | 585,352 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 368,718 | 282,330 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 265,383 | 336,006 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 283,022 | 123,822 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 97,078 | 64,241 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 246,797 | 225,480 |
Revolving Loans Amortized Cost Basis | 483,129 | 501,619 |
Total Loans | 2,132,543 | 2,118,850 |
Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 60,866 | 124,249 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 136,582 | 125,824 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 149,674 | 112,274 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 109,725 | 102,032 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 86,191 | 53,106 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 239,232 | 214,102 |
Revolving Loans Amortized Cost Basis | 46,783 | 75,697 |
Total Loans | 829,053 | 807,284 |
Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 290,217 | 385,259 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 165,898 | 92,741 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 63,839 | 95,135 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 65,818 | 14,666 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 10,887 | 11,135 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,565 | 11,378 |
Revolving Loans Amortized Cost Basis | 302,228 | 326,348 |
Total Loans | 906,452 | 936,662 |
Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 37,333 | 75,844 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 66,238 | 63,765 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 51,870 | 128,597 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 107,479 | 7,124 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 134,118 | 99,574 |
Total Loans | 397,038 | 374,904 |
Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 8,584 | 14,842 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 15,131 | 20,863 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 16,112 | 28,081 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 22,122 | 33,982 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 28,704 | 39,587 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 669,515 | 686,088 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 760,168 | 823,443 |
Mortgage Portfolio Segment [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 8,584 | 14,842 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 15,005 | 20,516 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 15,576 | 27,359 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 21,657 | 33,088 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 26,204 | 38,637 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 620,368 | 642,045 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 707,394 | 776,487 |
Mortgage Portfolio Segment [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 126 | 347 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 536 | 722 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 465 | 894 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 2,500 | 950 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 49,147 | 44,043 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 52,774 | 46,956 |
Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 61,582 | 88,854 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 72,745 | 115,886 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 90,337 | 58,501 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 43,357 | 28,742 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 19,964 | 13,699 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,646 | 7,575 |
Revolving Loans Amortized Cost Basis | 80,844 | 100,295 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 381,475 | 413,552 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 61,582 | 88,854 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 72,745 | 115,886 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 90,337 | 58,501 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 43,357 | 28,742 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 19,964 | 13,699 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,646 | 7,575 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 300,631 | 313,257 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 61,458 | 88,653 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 72,563 | 115,295 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 90,158 | 58,009 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 43,084 | 28,424 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 19,871 | 13,565 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,272 | 7,181 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 299,406 | 311,127 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 124 | 201 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 182 | 591 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 179 | 492 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 273 | 318 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 93 | 134 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 374 | 394 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 1,225 | 2,130 |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 31,378 | 43,805 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 31,378 | 43,805 |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 30,989 | 42,531 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 30,989 | 42,531 |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 389 | 1,274 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 389 | 1,274 |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 49,153 | 56,185 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 49,153 | 56,185 |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 48,305 | 54,599 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 48,305 | 54,599 |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 848 | 1,586 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 848 | 1,586 |
Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 313 | 305 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 313 | 305 |
Consumer Portfolio Segment [Member] | Overdraft [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 313 | 305 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 313 | 305 |
Consumer Portfolio Segment [Member] | Overdraft [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 70,166 | 103,696 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 87,876 | 136,749 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 106,449 | 86,582 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 65,479 | 62,724 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 48,668 | 53,286 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 682,161 | 693,663 |
Revolving Loans Amortized Cost Basis | 80,844 | 100,295 |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 1,141,643 | 1,236,995 |
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, Current Year | 59,344 | 113,474 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 125,832 | 105,156 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 97,799 | 106,283 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 84,239 | 81,338 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 66,936 | 44,008 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 206,046 | 187,189 |
Revolving Loans Amortized Cost Basis | 37,274 | 30,686 |
Total Loans | 677,470 | 668,134 |
Pass [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 289,682 | 384,901 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 165,556 | 84,433 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 55,504 | 75,023 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 45,725 | 14,502 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 10,762 | 8,326 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,459 | 7,922 |
Revolving Loans Amortized Cost Basis | 271,518 | 300,429 |
Total Loans | 846,206 | 875,536 |
Pass [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 37,333 | 68,688 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 59,081 | 62,264 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 50,358 | 77,762 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 77,683 | 7,124 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 134,118 | 98,324 |
Total Loans | 358,573 | 314,162 |
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, Current Year | 672 | 10,592 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 10,436 | 20,605 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 51,806 | 5,233 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 24,581 | 11,771 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 10,657 | 8,514 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 12,031 | 3,090 |
Revolving Loans Amortized Cost Basis | 956 | 37,680 |
Total Loans | 111,139 | 97,485 |
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, Current Year | 89 | 151 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 320 | 8,242 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 8,172 | 19,626 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 19,597 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 17 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 3,337 |
Revolving Loans Amortized Cost Basis | 28,409 | 23,732 |
Total Loans | 56,604 | 55,088 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 1,501 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 1,512 | 33,282 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 12,339 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 1,250 |
Total Loans | 13,851 | 36,033 |
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, Current Year | 850 | 183 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 314 | 63 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 69 | 758 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 905 | 8,923 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 8,598 | 584 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 21,130 | 23,746 |
Revolving Loans Amortized Cost Basis | 1,289 | 7,331 |
Total Loans | 33,155 | 41,588 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 446 | 207 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 22 | 66 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 163 | 486 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 496 | 164 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 108 | 2,809 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 106 | 119 |
Revolving Loans Amortized Cost Basis | 2,243 | 2,122 |
Total Loans | 3,584 | 5,973 |
Substandard [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 7,156 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 7,157 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 17,553 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 17,457 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 24,614 | 24,709 |
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, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 25 | 77 |
Revolving Loans Amortized Cost Basis | 7,264 | 0 |
Total Loans | 7,289 | 77 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 58 | 65 |
Total Loans | 58 | 65 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
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, Current Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 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, Current Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | 0 |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Total Loans | 0 | $ 0 |
Loss [Member] | Commercial Portfolio Segment [Member] | US Commercial Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, Current Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior Year | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Two Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Three Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Four Year Prior | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | $ 0 |
Allowance for Credit Losses (Al
Allowance for Credit Losses (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | $ 191,717 | $ 232,701 | $ 191,717 | $ 232,701 |
Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 156,978 | 149,961 | 161,015 | 85,044 |
Impact of ASC 326 adoption | 39,198 | |||
Provision for credit losses | (7,559) | 15,227 | (4,616) | 57,577 |
Charge-offs | (8,988) | (18,169) | (23,395) | (41,426) |
Recoveries | 7,883 | 4,488 | 15,310 | 11,114 |
Balance at end of period | 148,314 | 151,507 | 148,314 | 151,507 |
PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 44,995 | 80,794 | 43,794 | 31,495 |
Impact of ASC 326 adoption | 50,522 | |||
Provision for credit losses | (579) | 2,469 | 2,746 | 8,649 |
Charge-offs | (1,974) | (3,194) | (5,086) | (11,500) |
Recoveries | 961 | 1,125 | 1,949 | 2,028 |
Balance at end of period | 43,403 | 81,194 | 43,403 | 81,194 |
Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 56,279 | 91,924 | 56,279 | 91,924 |
Commercial Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 47,683 | 49,196 | 45,779 | 25,993 |
Impact of ASC 326 adoption | 3,562 | |||
Provision for credit losses | (4,503) | (6,319) | (2,961) | 15,571 |
Charge-offs | (653) | (497) | (720) | (4,268) |
Recoveries | 996 | 631 | 1,425 | 2,153 |
Balance at end of period | 43,523 | 43,011 | 43,523 | 43,011 |
Commercial Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 14,306 | 48,836 | 16,405 | 8,893 |
Impact of ASC 326 adoption | 42,143 | |||
Provision for credit losses | (1,974) | 177 | (4,466) | (41) |
Charge-offs | (6) | (386) | (50) | (2,743) |
Recoveries | 430 | 286 | 867 | 661 |
Balance at end of period | 12,756 | 48,913 | 12,756 | 48,913 |
Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 46,476 | 50,893 | 46,476 | 50,893 |
Mortgage Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 17,035 | 19,694 | 19,687 | 8,727 |
Impact of ASC 326 adoption | 10,980 | |||
Provision for credit losses | (592) | 455 | (3,071) | 611 |
Charge-offs | (268) | (185) | (1,056) | (603) |
Recoveries | 193 | 9 | 808 | 258 |
Balance at end of period | 16,368 | 19,973 | 16,368 | 19,973 |
Mortgage Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 29,939 | 30,603 | 26,389 | 21,655 |
Impact of ASC 326 adoption | 7,830 | |||
Provision for credit losses | 1,727 | 1,915 | 7,721 | 8,054 |
Charge-offs | (1,742) | (2,178) | (4,332) | (7,321) |
Recoveries | 184 | 580 | 330 | 702 |
Balance at end of period | 30,108 | 30,920 | 30,108 | 30,920 |
Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 19,103 | 32,123 | 19,103 | 32,123 |
Consumer Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 21,191 | 27,763 | 25,253 | 18,446 |
Impact of ASC 326 adoption | 8,418 | |||
Provision for credit losses | 74 | 7,935 | (85) | 14,205 |
Charge-offs | (2,897) | (4,187) | (7,366) | (10,202) |
Recoveries | 697 | 443 | 1,263 | 1,087 |
Balance at end of period | 19,065 | 31,954 | 19,065 | 31,954 |
Consumer Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 52 | 177 | 57 | 0 |
Impact of ASC 326 adoption | 181 | |||
Provision for credit losses | (47) | (8) | (52) | 356 |
Charge-offs | 0 | (30) | (22) | (461) |
Recoveries | 33 | 30 | 55 | 93 |
Balance at end of period | 38 | 169 | 38 | 169 |
Auto Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at end of period | 69,859 | 57,761 | 69,859 | 57,761 |
Auto Loan [Member] | Non-PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 71,069 | 53,308 | 70,296 | 31,878 |
Impact of ASC 326 adoption | 16,238 | |||
Provision for credit losses | (2,538) | 13,156 | 1,501 | 27,190 |
Charge-offs | (5,170) | (13,300) | (14,253) | (26,353) |
Recoveries | 5,997 | 3,405 | 11,814 | 7,616 |
Balance at end of period | 69,358 | 56,569 | 69,358 | 56,569 |
Auto Loan [Member] | PCD [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Balance at beginning of period | 698 | 1,178 | 943 | 947 |
Impact of ASC 326 adoption | 368 | |||
Provision for credit losses | (285) | 385 | (457) | 280 |
Charge-offs | (226) | (600) | (682) | (975) |
Recoveries | 314 | 229 | 697 | 572 |
Balance at end of period | $ 501 | $ 1,192 | $ 501 | $ 1,192 |
Foreclosed Real Estate (Foreclo
Foreclosed Real Estate (Foreclosed Real Estate Rollforward) (Details) - Originated Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Real Estate Owned Rollforward [Line Items] | ||||
Balance at beginning of period | $ 15,598 | $ 27,292 | $ 11,596 | $ 29,909 |
Additions | 2,907 | 47 | 9,544 | 1,946 |
Sales | (3,098) | (2,074) | (5,521) | (6,040) |
Decline in value | (314) | (473) | (526) | (1,023) |
Balance at end of period | $ 15,093 | $ 24,792 | $ 15,093 | $ 24,792 |
Servicing Assets (Narratives) (
Servicing Assets (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets At Fair Value [Line Items] | ||||||||
Servicing Asset at Fair Value, Amount | $ 47,712 | $ 47,926 | $ 47,712 | $ 47,926 | $ 47,911 | $ 47,295 | $ 49,287 | $ 50,779 |
Contractually Specified Servicing Fees Amount | 713 | 299 | 1,472 | 809 | ||||
Conventional Loan [Member] | ||||||||
Servicing Assets At Fair Value [Line Items] | ||||||||
Contractually Specified Servicing Fees Amount | $ 5,300 | $ 4,200 | $ 10,500 | $ 8,900 |
Servicing Assets (Changes in Se
Servicing Assets (Changes in Serving Rights at Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Servicing Asset At Fair Value Amount [Roll Forward] | ||||
Fair value at beginning of period | $ 47,911 | $ 49,287 | $ 47,295 | $ 50,779 |
Servicing from mortgage securitizations or asset transfers | 2,023 | 124 | 3,443 | 580 |
Changes due to payments on loans | (1,862) | (678) | (3,369) | (1,445) |
Changes in fair value due to changes in valuation model inputs or assumptions | (360) | (807) | 343 | (1,988) |
Fair value at end of period | $ 47,712 | $ 47,926 | $ 47,712 | $ 47,926 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Maximum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Constant prepayment rate | 25.64% | 20.80% |
Discount rate | 15.50% | 15.50% |
Minimum [Member] | ||
Servicing Assets At Fair Value [Line Items] | ||
Constant prepayment rate | 4.82% | 5.61% |
Discount rate | 10.00% | 10.00% |
Servicing Assets (Sensitivity o
Servicing Assets (Sensitivity of Current Fair Value of Servicing Assets) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Servicing Assets At Fair Value [Line Items] | |
Carrying value of mortgage servicing asset | $ 47,712 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (1,035) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (2,033) |
Discount Rate - Decrease in fair value due to 10% adverse change | (2,107) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (4,054) |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Unrealized Gain Loss On Derivatives | $ (1,300,000) | $ (1,700,000) |
Derivative Liabilities | 1,293,000 | 1,712,000 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Notional Amount | $ 26,400,000 | $ 40,400,000 |
Derivatives (Derivative Assets
Derivatives (Derivative Assets and Liabilities) (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Liabilities | $ 1,293,000 | $ 1,712,000 |
Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Liabilities | 1,293,000 | 1,712,000 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Liabilities | $ 0 | $ 0 |
Derivatives (Interest Rate Swap
Derivatives (Interest Rate Swaps and Terms) (Details) - Interest rate swap designated as cash flow hedges - 1 Month LIBOR $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 29,380 |
Rate 2.4210% [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 29,380 |
Fixed rate | 2.421% |
Trade Date | Jul. 3, 2013 |
Settlement Date | Jul. 3, 2013 |
Maturity Date | Aug. 1, 2023 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 86,069,000 | $ 86,069,000 | $ 86,069,000 | ||
Goodwill change | 0 | 0 | |||
Amortization of Intangible Assets | 2,500,000 | $ 2,800,000 | 4,901,000 | $ 5,559,000 | |
Goodwill Impairment Loss | 0 | 0 | |||
Banking Segment [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | 84,100,000 | 84,100,000 | 84,100,000 | ||
Wealth Management [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | 2,000,000 | 2,000,000 | $ 2,000,000 | ||
Scotiabank PR & USVI Acquisition [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 0 | $ 0 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Summary of Core Deposit, Customer Relationship and Other Intangibles) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,722 | $ 69,722 |
Accumulated Amortization | 28,727 | 23,826 |
Net Carrying Value | 40,995 | 45,896 |
Core Deposit Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 51,402 | 51,402 |
Accumulated Amortization | 20,096 | 16,419 |
Net Carrying Value | 31,306 | 34,983 |
Customer Relationship Intangibles [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,753 | 17,753 |
Accumulated Amortization | 8,254 | 7,124 |
Net Carrying Value | 9,499 | 10,629 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 567 | 567 |
Accumulated Amortization | 377 | 283 |
Net Carrying Value | $ 190 | $ 284 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Estimated Amortization Of Other Intangible Assets) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
2021 | $ 9,802 |
2022 | 8,501 |
2023 | 6,898 |
2024 | 5,913 |
2025 | 4,927 |
Thereafter | $ 9,854 |
Accrued Interest Receivable a_3
Accrued Interest Receivable and Other Assets (Narratives) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Other assets [Line Items] | |||
Prepaid expenses | $ 61,617 | $ 61,332 | |
Prepaid Taxes | 57,600 | 54,300 | |
Other repossessed assets | 1,725 | 1,816 | |
Allowance for loan and lease losses | 191,717 | $ 232,701 | |
COVID-19 Deferral Program Loans [Member] | |||
Other assets [Line Items] | |||
Allowance for loan and lease losses | $ 461 | $ 711 |
Accrued Interest Receivable a_4
Accrued Interest Receivable and Other Assets (Schedule of Accrued Interest Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other asset [Abstract] | ||
Loans | $ 58,373 | $ 64,465 |
Investments | 1,477 | 1,082 |
Accrued interest receivable | $ 59,850 | $ 65,547 |
Accrued Interest Receivable a_5
Accrued Interest Receivable and Other Assets (Other Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other asset [Abstract] | ||
Prepaid expenses | $ 61,617 | $ 61,332 |
Other repossessed assets | 1,725 | 1,816 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 91,325 | 78,845 |
Other assets | $ 155,750 | $ 143,076 |
Deposits and Related Interest_2
Deposits and Related Interest (Narratives) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits and Related Interest [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.60% | 0.80% |
Time Deposits, $250,000 or More | $ 478,600 | $ 628,400 |
Public funds deposit | 255,000 | 218,900 |
Public Fund Collateral Investments | 299,900 | 242,800 |
Accrued Interest, Time Deposits | 955 | 1,500 |
Bank Overdrafts | 840 | 1,100 |
Brokered Certificates of Deposits | 11,400 | 25,000 |
Brokered Money Market Deposit | $ 24,100 | |
Reclassified from brokered deposits to interest-bearing savings accounts | $ 23,800 |
Deposits and Related Interest_3
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits and Related Interest [Abstract] | ||
Non-interest bearing demand deposits | $ 2,678,799 | $ 2,259,048 |
Interest-bearing savings and demand deposits | 4,936,188 | 4,274,586 |
Retail certificates of deposist | 1,215,897 | 1,540,406 |
Institutional certificates of deposit | 248,237 | 292,485 |
Total core deposits | 9,079,121 | 8,366,525 |
Brokered deposists | 11,371 | 49,115 |
Total deposits | $ 9,090,492 | $ 8,415,640 |
Deposits and Related Interest_4
Deposits and Related Interest (Interest Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Deposits and Related Interest [Abstract] | ||||
Demand and savings deposits | $ 6,209 | $ 6,224 | $ 12,580 | $ 13,208 |
Certificates of deposit | 4,251 | 9,221 | 9,904 | 18,857 |
Total | $ 10,460 | $ 15,445 | $ 22,484 | $ 32,065 |
Deposits and Related Interest_5
Deposits and Related Interest (Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits and Related Interest [Abstract] | ||
Three (3) months or less | $ 364,339 | $ 379,563 |
Over 3 months through 1 year | 446,899 | 805,117 |
Within one year | 811,238 | 1,184,680 |
Over 1 through 2 years | 370,490 | 328,336 |
Over 2 through 3 years | 138,638 | 177,701 |
Over 3 through 4 years | 63,617 | 75,094 |
Over 4 through 5 years | 90,567 | 90,590 |
Certificates of deposit | $ 1,474,550 | $ 1,856,401 |
Borrowings and Related Intere_3
Borrowings and Related Interest (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 36,083 | $ 36,083 |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral to secure FHLB advances | 1,051,000 | 1,159,000 |
Additional Borrowing Capacity | $ 734,000 | $ 814,000 |
Weighted average period remaining maturity of FHLB advances | 15 months | 18 months 6 days |
Interest payable | $ 93 | $ 96 |
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 | 5 years |
Borrowings and Related Intere_4
Borrowings and Related Interest (Summary Of Federal Home Loan Bank Advances And Maturities) (Details) - Federal Home Loan Bank Advances [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 63,476 | $ 65,465 |
Under 90 Days [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 29,380 | 30,259 |
Over One to Three Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 29,925 | 30,972 |
Over Three to Five Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 4,171 | 4,234 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 29,380 | $ 30,259 |
FHLB, Weighted Average Interest Rate | 0.35% | 0.34% |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 34,096 | $ 35,206 |
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 Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 1,293 | $ 1,712 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,293 | 1,712 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 0 | 0 |
Net Amount | 1,293 | 1,712 |
Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 1,293 | 1,712 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,293 | 1,712 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ 1,293 | $ 1,712 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Income Taxes [Abstract] | ||||||
Statutory tax rate | 37.50% | |||||
Deferred tax asset, net | $ 144,800 | $ 144,800 | $ 162,500 | |||
Effective tax rate | 32.00% | 24.20% | ||||
Estimated annual effective tax rate | 32.70% | |||||
Unrecognized tax benefits | 763 | $ 763 | $ 728 | |||
Surtax percent included in maximum tax rate | 10.00% | |||||
Income tax expense | $ 19,250 | $ 7,248 | $ 33,498 | $ 7,545 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 1,094,786 | $ 1,096,766 |
Actual - Tier 1 capital | 1,008,785 | 1,010,945 |
Actual -Common equity tier 1 capital | 957,238 | 894,075 |
Actual - Tier 1 leverage capital | 1,008,785 | 1,010,945 |
Minimum Capital - Total Capital | 720,498 | 717,974 |
Minimum capital - Tier 1 capital | 583,261 | 581,217 |
Minimum capital - Common equity tier 1 capital | 480,332 | 478,649 |
Minimum capital - Tier 1 leverage capital | 409,975 | 392,424 |
Minimum to be well capitalized - Total Capital | 686,189 | 683,785 |
Minimum to be well capitalized - Tier 1 capital | 548,951 | 547,028 |
Minimum to be well capitalized - Common equity tier 1 capital | 446,023 | 444,460 |
Minimum to be well capitalized - Tier 1 leverage | $ 512,469 | $ 490,530 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 0.1595 | 0.1604 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1470 | 0.1478 |
Common Equity Tier OneTo Risk Weighted Assets | 13.95% | 13.08% |
Tier One Leverage Capital to Average Assets | 0.0984 | 0.1030 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0850 | 0.0850 |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 7.00% | 7.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.0800 | 0.0800 |
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 | 0.0500 | 0.0500 |
Bank [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 993,250 | $ 1,044,275 |
Actual - Tier 1 capital | 907,851 | 786,731 |
Actual -Common equity tier 1 capital | 907,851 | 956,845 |
Actual - Tier 1 leverage capital | 907,851 | 956,845 |
Minimum Capital - Total Capital | 715,375 | 714,480 |
Minimum capital - Tier 1 capital | 579,113 | 578,388 |
Minimum capital - Common equity tier 1 capital | 476,917 | 476,320 |
Minimum capital - Tier 1 leverage capital | 405,219 | 390,304 |
Minimum to be well capitalized - Total Capital | 681,310 | 680,457 |
Minimum to be well capitalized - Tier 1 capital | 545,048 | 544,366 |
Minimum to be well capitalized - Common equity tier 1 capital | 442,851 | 442,297 |
Minimum to be well capitalized - Tier 1 leverage | $ 506,524 | $ 487,879 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 0.1458 | 0.1532 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1333 | 0.1406 |
Common Equity Tier OneTo Risk Weighted Assets | 13.33% | 14.06% |
Tier One Leverage Capital to Average Assets | 0.0896 | 0.0981 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0850 | 0.0850 |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 7.00% | 7.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.0800 | 0.0800 |
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 | 0.0500 | 0.0500 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Apr. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred stock | $ 24,000,000 | $ 92,000,000 | ||
Common stock | 59,885,000 | 59,885,000 | ||
Legal surplus | 110,200,000 | 103,300,000 | ||
Stock Repurchase Program Remaining Authorized Repurchase Amount | $ 5,500,000 | |||
Stock repurchase program remaining number of shares authorized to be repurchased | 249,116 | |||
Stock Repurchase Program Authorized Amount | $ 70,000,000 | |||
Share price | $ 22.12 | |||
Shares repurchased during period, shares | 0 | 175,000 | ||
Common shares repurchased as part of the stock repurchase program (Value) | $ 0 | $ 2,226,000 | ||
Share repurchased, average price per share | $ 12.69 | |||
Preferred Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Preferred Stock Issue Costs | 7,500,000 | 10,100,000 | ||
Preferred stock, redemption price per share | $ 25 | |||
Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common Stock Issuance Cost | $ 13,600,000 | $ 13,600,000 |
Stockholders' Equity (Activity
Stockholders' Equity (Activity of Common Shares Held in Treasury) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Beginning of period | 8,498,163 | 8,486,278 |
Common shares used upon lapse of restricted stock units and options (Shares) | (273,436) | (118,276) |
Common shares repurchased as part of the stock repurchase program (Shares) | 0 | 175,000 |
End of period | 8,224,727 | 8,543,002 |
Beginning of period | $ 102,949 | $ 102,339 |
Common shares used upon lapse of restricted stock units and options (Value) | (2,230) | (1,444) |
Common shares repurchased as part of the stock repurchase program (Value) | 0 | 2,226 |
End of period | $ 100,719 | $ 103,121 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Accumulated Other Comprehensive Income (Loss, Net Of Income Tax)) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss), net of income taxes | $ 7,600 | $ 11,022 |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss), net of income taxes | 7,600 | 11,022 |
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 | 10,298 | 14,262 |
Income tax effect of unrealized loss on securities available-for-sale | (1,890) | (2,170) |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | 8,408 | 12,092 |
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 | (1,293) | (1,711) |
Income tax effect of unrealized (loss) gain on cash flow hedges | 485 | 641 |
Net unrealized (loss) gain on cash flow hedges | $ (808) | $ (1,070) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 1,085,975 | |||
Ending Balance | $ 1,079,997 | $ 1,041,284 | 1,079,997 | $ 1,041,284 |
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 6,230 | 6,290 | 11,022 | (1,008) |
Other comprehensive income (loss) before reclassifications | 917 | 793 | (4,336) | 2,823 |
Amounts reclassified out of accumulated other comprehensive (loss) income | 453 | 505 | 914 | 5,773 |
Other comprehensive income (loss) | 1,370 | 1,298 | (3,422) | 8,596 |
Ending Balance | 7,600 | 7,588 | 7,600 | 7,588 |
Net Unrealized Gains On Securities Available-For-Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 7,145 | 7,575 | 12,092 | (441) |
Other comprehensive income (loss) before reclassifications | 1,262 | 1,310 | (3,687) | 4,598 |
Amounts reclassified out of accumulated other comprehensive (loss) income | 1 | 0 | 3 | 4,728 |
Other comprehensive income (loss) | 1,263 | 1,310 | (3,684) | 9,326 |
Ending Balance | 8,408 | 8,885 | 8,408 | 8,885 |
Net Unrealized Loss On Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (915) | (1,285) | (1,070) | (567) |
Other comprehensive income (loss) before reclassifications | (345) | (517) | (649) | (1,775) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 452 | 505 | 911 | 1,045 |
Other comprehensive income (loss) | 107 | (12) | 262 | (730) |
Ending Balance | $ (808) | $ (1,297) | $ (808) | $ (1,297) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Reclassifications Out of Other Comprehensive Income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest-rate contract | $ 452 | $ 505 | $ 911 | $ 1,045 |
Gain on sale of investments | 0 | 4,728 | ||
Tax effect from changes in tax rates | 1 | 0 | 3 | 0 |
Total | $ 453 | $ 505 | $ 914 | $ 5,773 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 1,514 | 6,164 | 0 | 2,688 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Common Share [Abstract] | ||||
Net income | $ 40,827 | $ 21,787 | $ 71,200 | $ 23,588 |
Non-convertible preferred stock (Series A,B and D) | 0 | (1,628) | (1,255) | (3,256) |
Income available to common shareholders | $ 40,827 | $ 20,159 | $ 69,945 | $ 20,332 |
Average common shares outstanding | 51,636 | 51,336 | 51,517 | 51,370 |
Average potential common shares-options | 412 | 134 | 368 | 214 |
Total weighted average common shares outstanding and equivalents | 52,048 | 51,470 | 51,885 | 51,584 |
Earnings per common share - basic | $ 0.79 | $ 0.39 | $ 1.36 | $ 0.40 |
Earnings per common share - diluted | $ 0.78 | $ 0.39 | $ 1.35 | $ 0.39 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Guarantee Obligations [Line Items] | |||||
Acquired standby letters of credit and financial guarantees | $ 36,300 | $ 36,300 | $ 19,500 | ||
Unpaid principal balance of residential subject loans subject to credit recourse | 128,100 | 128,100 | 135,300 | ||
Repurchased GNMA | 887 | $ 1 | 1,900 | $ 480 | |
Repurchased loans not subject to credit recourse provision | 9,900 | 225,000 | 22,500 | 8,600 | |
Losses from repurchased loans subject to credit recourse | (90) | (44) | 68 | 58 | |
Gains (loss) on repurchased loan not subject to credit recourse | (1,400) | $ 117 | 2,800 | $ 288 | |
Serviced mortgage loans for third parties | 5,600,000 | 5,600,000 | 5,400,000 | ||
Funds Advanced To Investors Under Servicing Agreements | 17,800 | 17,800 | 20,700 | ||
Loan with recourse [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Liability for estimated credit losses to loans sold with credit recourse | 205 | 205 | 218 | ||
Loan serviced under representation warranties [Member] | |||||
Guarantee Obligations [Line Items] | |||||
Liability for estimated credit losses to loans sold with credit recourse | $ 4,200 | $ 4,200 | $ 2,600 |
Guarantees (Changes in Liabilty
Guarantees (Changes in Liabilty of Estimated Loss from Credit Recourse Agreement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Movement In Guaranteed Benefit Liability Gross [Roll Forward] | ||||
Balance at beginning of period | $ 195 | $ 906 | $ 218 | $ 985 |
Net (charge-off/terminations) recoveries | 10 | (12) | (13) | (91) |
Balance at the end of period | $ 205 | $ 894 | $ 205 | $ 894 |
Commitments and Contingencies_2
Commitments and Contingencies (Narratives) (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies [Abstract] | ||
Allowance For Credit Losses For Off-Balance Sheet | $ 1.3 | $ 1.1 |
Contingency loss accrued liability | 5.6 | 8.1 |
Other non-credit commitments | $ 11.4 | $ 9 |
Commitments and Contingencies_3
Commitments and Contingencies (Summarized Credit-Related Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies [Abstract] | ||
Commitments to extend credit | $ 1,229,975 | $ 1,133,503 |
Commercial letters of credit | 519 | 225 |
Standby letters of credit and financial guarantees | 36,307 | 19,476 |
Loans sold with recourse | $ 128,124 | $ 135,252 |
Operating Leases (Operating Lea
Operating Leases (Operating Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Leases [Abstract] | ||||
Lease costs | $ 2,851 | $ 3,550 | $ 6,224 | $ 6,888 |
Variable lease costs | 495 | 583 | 988 | 1,171 |
Short-term lease cost | 126 | 185 | 146 | 28 |
Lease income | (112) | (125) | (232) | (248) |
Total lease cost | $ 3,360 | $ 4,193 | $ 7,126 | $ 7,839 |
Operating Leases (Operating L_2
Operating Leases (Operating Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases [Abstract] | ||
Right-of-use assets | $ 32,621 | $ 31,383 |
Leases Liabilities | $ 34,052 | $ 32,566 |
Operating Leases (Operating L_3
Operating Leases (Operating Lease Terms) (Details) | Jun. 30, 2021 |
Operating Leases [Abstract] | |
Weighted-average remaining lease term | 5 years 7 months 6 days |
Weighted-average discount rate | 6.60% |
Operating Leases (Future Minimu
Operating Leases (Future Minimum Payments for Operating Leases and Present Value) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Operating Leases [Abstract] | |
2021 | $ 9,959 |
2022 | 9,273 |
2023 | 8,197 |
2024 | 6,100 |
2025 | 4,417 |
Thereafter | 10,264 |
Total lease payments | $ 48,210 |
Operating Leases (Present Value
Operating Leases (Present Value of Operating Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases [Abstract] | ||
Total lease payments | $ 48,210 | |
Less imputed interest | 14,158 | |
Present value of lease liabilities | $ 34,052 | $ 32,566 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
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 of Financial Instr_4
Fair Value of Financial Instruments (Assets and Liabilities on Recurring and Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | $ 501,619 | $ 446,438 | ||||
Trading securities | 29 | 22 | ||||
Money market investments | 11,206 | 11,908 | $ 10,022 | |||
Servicing assets | 47,712 | $ 47,911 | 47,295 | $ 47,926 | $ 49,287 | $ 50,779 |
Other repossessed assets | 1,725 | 1,816 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 10,910 | 10,983 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 490,709 | 435,455 | ||||
Trading securities | 29 | 22 | ||||
Derivative liabilities | (1,293) | (1,712) | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Servicing assets | 47,712 | 47,295 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 501,619 | 446,438 | ||||
Trading securities | 29 | 22 | ||||
Money market investments | 11,206 | 11,908 | ||||
Servicing assets | 47,712 | 47,295 | ||||
Derivative liabilities | (1,293) | (1,712) | ||||
Total | 559,273 | 503,951 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 10,910 | 10,983 | ||||
Trading securities | 0 | 0 | ||||
Money market investments | 11,206 | 11,908 | ||||
Servicing assets | 0 | 0 | ||||
Derivative liabilities | 0 | 0 | ||||
Total | 22,116 | 22,891 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 490,709 | 435,455 | ||||
Trading securities | 29 | 22 | ||||
Money market investments | 0 | 0 | ||||
Servicing assets | 0 | 0 | ||||
Derivative liabilities | (1,293) | (1,712) | ||||
Total | 489,445 | 433,765 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities available-for-sale | 0 | 0 | ||||
Trading securities | 0 | 0 | ||||
Money market investments | 0 | 0 | ||||
Servicing assets | 47,712 | 47,295 | ||||
Derivative liabilities | 0 | 0 | ||||
Total | 47,712 | 47,295 | ||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependant loans | 25,189 | 29,279 | ||||
Foreclosed real estate | 15,093 | 11,596 | ||||
Other repossessed assets | 1,725 | 1,816 | ||||
Total | 42,007 | 42,691 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependant loans | 0 | 0 | ||||
Foreclosed real estate | 0 | 0 | ||||
Other repossessed assets | 0 | 0 | ||||
Total | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependant loans | 0 | 0 | ||||
Foreclosed real estate | 0 | 0 | ||||
Other repossessed assets | 0 | 0 | ||||
Total | 0 | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral dependant loans | 25,189 | 29,279 | ||||
Foreclosed real estate | 15,093 | 11,596 | ||||
Other repossessed assets | 1,725 | 1,816 | ||||
Total | $ 42,007 | $ 42,691 |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
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 | $ 47,911,000 | 49,287,000 | 47,295,000 | $ 50,779,000 |
New instruments acquired | 2,023,000 | 124,000 | 3,443,000 | 580,000 |
Principal repayments | (1,862,000) | (678,000) | (3,369,000) | (1,445,000) |
Changes in fair value of servicing assets | (360,000) | (807,000) | 343,000 | (1,988,000) |
Balance at end of period | $ 47,712,000 | $ 47,926,000 | $ 47,712,000 | $ 47,926,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Qualitative Information for Assets and Liabilities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Minimum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 4.82% | 5.61% |
Maximum [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Constant prepayment rate | 25.64% | 20.80% |
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 | 4.82% | |
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 | 25.64% | |
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 | 6.54% | |
Discount rate | 11.47% | |
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 | 18.20% | |
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 | 29.20% | |
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 | 19.57% | |
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 | 18.20% | |
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 | 29.20% | |
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 | 19.19% | |
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 | 37.00% | |
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 | 68.00% | |
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 | 54.86% | |
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 | $ 47,712 | |
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 | 25,189 | |
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 | 15,093 | |
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 | $ 1,725 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Estimated Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets, Fair Value Disclosure [Abstract] | ||||||
Available-for-sale Securities | $ 501,619 | $ 446,438 | ||||
Held-to-maturity Fair Value | 124,757 | |||||
Federal Home Loan Bank (FHLB) stock | 7,541 | 8,278 | ||||
Other investments | 9,168 | 3,962 | ||||
Servicing assets | 47,712 | $ 47,911 | 47,295 | $ 47,926 | $ 49,287 | $ 50,779 |
Assets,Carrying Value [Abstract] | ||||||
Restricted cash | 199 | 1,375 | $ 1,050 | |||
Trading Securities | 29 | 22 | ||||
Held-to-maturity Securities, carrying value | 125,138 | 0 | ||||
Loans, net of allowance for loan and lease losses | 6,306,375 | 6,457,324 | ||||
Accrued interest receivable | 59,850 | 65,547 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Deposits, Total | 9,090,492 | 8,415,640 | ||||
Subordinated capital notes | 36,083 | 36,083 | ||||
Accrued expenses and other liabilities | 128,326 | 154,418 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Cash and cash equivalents | 2,767,494 | 2,154,202 | ||||
Restricted cash | 199 | 1,375 | ||||
Available-for-sale Securities | 10,910 | 10,983 | ||||
Assets,Carrying Value [Abstract] | ||||||
Cash and Cash Equivalents, at Carrying Value | 2,767,494 | 2,154,202 | ||||
Restricted cash | 199 | 1,375 | ||||
Investment securities AFS , carrying value | 10,910 | 10,983 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Trading Securities | 29 | 22 | ||||
Available-for-sale Securities | 490,709 | 435,455 | ||||
Held-to-maturity Fair Value | 124,757 | 0 | ||||
Federal Home Loan Bank (FHLB) stock | 7,541 | 8,278 | ||||
Other investments | 9,168 | 3,962 | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||
Derivative Liabilities Current | 1,293 | 1,712 | ||||
Assets,Carrying Value [Abstract] | ||||||
Trading Securities | 29 | 22 | ||||
Investment securities AFS , carrying value | 490,709 | 435,455 | ||||
Held-to-maturity Securities, carrying value | 125,138 | 0 | ||||
Federal Home Loan Bank Stock at carrying value | 7,541 | 8,278 | ||||
Other Investment, Carrying Value | 9,168 | 3,962 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Derivative liabilities, carrying value | 1,293 | 1,712 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Assets, Fair Value Disclosure [Abstract] | ||||||
Total loans (including loans held-for-sale) | 6,130,109 | 6,323,689 | ||||
Accrued interest receivable | 59,850 | 65,547 | ||||
Servicing assets | 47,712 | 47,295 | ||||
Accounts receivable and other assets | 91,325 | 78,845 | ||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||
Deposits | 9,130,934 | 8,422,599 | ||||
Advances from FHLB | 65,296 | 68,147 | ||||
Other borrowings | 298 | 707 | ||||
Subordinated capital notes | 36,405 | 33,325 | ||||
Accrued expenses and other liabilities | 128,326 | 154,418 | ||||
Assets,Carrying Value [Abstract] | ||||||
Loans, net of allowance for loan and lease losses | 6,354,040 | 6,501,259 | ||||
Accrued interest receivable | 59,850 | 65,547 | ||||
Servicing assets, carrying value | 47,712 | 47,295 | ||||
Account receivable and oher assets, carrying value | 91,325 | 78,845 | ||||
Liabilities,Carrying Value Disclosure [Abstract] | ||||||
Deposits, Total | 9,090,492 | 8,415,640 | ||||
Advances from FHLB | 63,569 | 65,561 | ||||
Other Borrowings | 298 | 707 | ||||
Subordinated capital notes | 36,083 | 36,083 | ||||
Accrued expenses and other liabilities | $ 128,326 | $ 154,418 |
Banking and Finanial Service _3
Banking and Finanial Service Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Banking service revenues: | ||||
Checking accounts fees | $ 2,084 | $ 1,971 | $ 4,048 | $ 4,631 |
Savings accounts fees | 297 | 397 | 549 | 838 |
Electronic banking fees | 14,640 | 10,574 | 27,523 | 21,822 |
Credit life commissions | 70 | 13 | 187 | 142 |
Branch service commissions | 275 | 216 | 636 | 727 |
Servicing and other loan fees | 713 | 299 | 1,472 | 809 |
International fees | 154 | 141 | 305 | 297 |
Miscellaneous income | 15 | 57 | 21 | 115 |
Total banking service revenues | 18,248 | 13,668 | 34,741 | 29,381 |
Wealth management revenue: | ||||
Insurance income | 2,995 | 2,412 | 5,226 | 4,821 |
Broker fees | 2,328 | 1,467 | 4,452 | 3,382 |
Trust fees | 2,717 | 2,276 | 5,499 | 5,029 |
Retirement plan and administration fees | 223 | 211 | 474 | 420 |
Total wealth management revenue | 8,263 | 6,366 | 15,651 | 13,652 |
Mortgage banking activities: | ||||
Net servicing fees | 3,127 | 2,676 | 7,477 | 5,366 |
Net gains on sale of mortgage loans and valuation | 2,931 | 318 | 5,423 | 1,067 |
Other | (1,521) | 78 | (2,792) | (127) |
Total mortgage banking activities | 4,537 | 3,072 | 10,108 | 6,306 |
Total banking and financial service revenues | $ 31,048 | $ 23,106 | $ 60,500 | $ 49,339 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 113,463 | $ 121,692 | $ 224,445 | $ 245,389 | |
Interest expense | (11,206) | (16,632) | (23,984) | (35,228) | |
Net interest income | 102,257 | 105,060 | 200,461 | 210,161 | |
Provision for loan and lease losses, net | 8,305 | (17,696) | 1,981 | (64,827) | |
Non-interest income | 32,191 | 27,152 | 62,598 | 58,602 | |
Non-interest expenses | (82,676) | (85,481) | (160,342) | (172,803) | |
Income (loss) before income taxes | 60,077 | 29,035 | 104,698 | 31,133 | |
Income tax expense (benefit) | 19,250 | 7,248 | 33,498 | 7,545 | |
Net income | 40,827 | 21,787 | 71,200 | 23,588 | |
Total assets | 10,461,813 | 9,932,719 | 10,461,813 | 9,932,719 | $ 9,826,011 |
Intersegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Expenses | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 113,463 | 121,692 | 224,445 | 245,389 | |
Interest expense | (11,206) | (16,632) | (23,984) | (35,228) | |
Net interest income | 102,257 | 105,060 | 200,461 | 210,161 | |
Provision for loan and lease losses, net | 8,305 | (17,696) | (1,981) | (64,827) | |
Non-interest income | 32,191 | 27,152 | 62,598 | 58,602 | |
Non-interest expenses | (82,676) | (85,481) | (160,342) | (172,803) | |
Income (loss) before income taxes | 60,077 | 29,035 | 104,698 | 31,133 | |
Income tax expense (benefit) | 19,250 | 7,248 | 33,498 | 7,545 | |
Net income | 40,827 | 21,787 | 71,200 | 23,588 | |
Total assets | 11,535,481 | 11,017,534 | 11,535,481 | 11,017,534 | |
Operating Segments [Member] | Intersegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 545 | 694 | 1,098 | 1,151 | |
Expenses | (545) | (694) | (1,098) | (1,151) | |
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 | |
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 | (1,073,668) | (1,084,815) | (1,073,668) | (1,084,815) | |
Elimination [Member] | Intersegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (545) | (694) | (1,098) | (1,151) | |
Expenses | 545 | 694 | 1,098 | 1,151 | |
Banking [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 110,452 | 119,722 | 218,688 | 239,101 | |
Interest expense | (10,712) | (14,326) | (22,848) | (30,215) | |
Net interest income | 99,740 | 105,396 | 195,840 | 208,886 | |
Provision for loan and lease losses, net | 7,737 | (16,211) | (1,149) | (63,334) | |
Non-interest income | 24,209 | 20,811 | 47,076 | 40,355 | |
Non-interest expenses | (76,623) | (78,402) | (150,497) | (160,955) | |
Income (loss) before income taxes | 55,608 | 32,288 | 94,666 | 26,103 | |
Income tax expense (benefit) | 19,239 | 5,316 | 33,475 | 2,997 | |
Net income | 36,369 | 26,972 | 61,191 | 23,106 | |
Total assets | 8,271,348 | 9,462,407 | 8,271,348 | 9,462,407 | |
Banking [Member] | Operating Segments [Member] | Intersegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 545 | 694 | 1,098 | 1,151 | |
Expenses | 0 | 0 | 0 | 0 | |
Wealth Management [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 6 | 14 | 18 | 32 | |
Interest expense | 0 | 0 | 0 | 0 | |
Net interest income | 6 | 14 | 18 | 32 | |
Provision for loan and lease losses, net | 0 | 0 | 0 | 0 | |
Non-interest income | 7,974 | 6,391 | 15,505 | 13,766 | |
Non-interest expenses | (5,015) | (5,957) | (7,844) | (9,681) | |
Income (loss) before income taxes | 2,663 | 247 | 7,086 | 3,762 | |
Income tax expense (benefit) | 0 | 3,201 | 0 | 4,519 | |
Net income | 2,663 | (2,954) | 7,086 | (757) | |
Total assets | 31,165 | 30,214 | 31,165 | 30,214 | |
Wealth Management [Member] | Operating Segments [Member] | Intersegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Expenses | (302) | (201) | (593) | (355) | |
Treasury [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 3,005 | 1,956 | 5,739 | 6,256 | |
Interest expense | (494) | (2,306) | (1,136) | (5,013) | |
Net interest income | 2,511 | (350) | 4,603 | 1,243 | |
Provision for loan and lease losses, net | 568 | (1,485) | (832) | (1,493) | |
Non-interest income | 8 | (50) | 17 | 4,481 | |
Non-interest expenses | (1,038) | (1,122) | (2,001) | (2,167) | |
Income (loss) before income taxes | 1,806 | (3,500) | 2,946 | 1,268 | |
Income tax expense (benefit) | 11 | (1,269) | 23 | 29 | |
Net income | 1,795 | (2,231) | 2,923 | 1,239 | |
Total assets | 3,232,968 | 1,524,913 | 3,232,968 | 1,524,913 | |
Treasury [Member] | Operating Segments [Member] | Intersegment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Expenses | $ (243) | $ (493) | $ (505) | $ (796) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 28, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | Apr. 30, 2021 |
Subsequent Event [Line Items] | ||||
Stock Repurchase Program Authorized Amount | $ 70,000,000 | |||
Dividends declared per common share | $ 0.08 | |||
Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, redemption price per share | $ 25 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Repurchase Program Authorized Amount | $ 50,000,000 | |||
Percent increase in quarterly cash dividend | 50.00% | |||
Dividends declared per common share | $ 0.12 | |||
Subsequent Event [Member] | Preferred Stock [Member] | ||||
Subsequent Event [Line Items] | ||||
Preferred stock, redemption price per share | $ 25 |