Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'fbp | ' |
Entity Registrant Name | 'FIRST BANCORP /PR/ | ' |
Entity Central Index Key | '0001057706 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 209,204,337 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | |
Cash and due from banks | $824,547 | $454,302 | |
Money market investments: | ' | ' | |
Time deposits with other financial institutions | 300 | 300 | |
Other short-term investments | 16,650 | 201,069 | |
Total money market investments | 16,950 | 201,369 | |
Investment securities available for sale, at fair value: | ' | ' | |
Securities pledged that can be repledged | 1,037,523 | 1,042,482 | |
Other investment securities | 994,421 | 935,800 | |
Total investment securities available for sale | 2,031,944 | 1,978,282 | |
Other equity securities | 28,691 | 28,691 | |
Investment in unconsolidated entities | 669 | 7,279 | |
Loans, net of allowance for loan and lease losses of $301,047 (2012 - $435,414) | 9,300,007 | [1] | 9,350,312 |
Loans held for sale, at lower of cost or market | 78,912 | 75,969 | |
Total loans, net | 9,378,919 | 9,426,281 | |
Premises and equipment, net | 169,189 | 166,946 | |
Other real estate owned | 138,622 | 160,193 | |
Accrued interest receivable on loans and investments | 49,020 | 54,012 | |
Other assets | 180,877 | 179,570 | |
Total assets | 12,819,428 | 12,656,925 | |
LIABILITIES | ' | ' | |
Non-interest-bearing deposits | 905,650 | 851,212 | |
Interest-bearing deposits | 9,097,035 | 9,028,712 | |
Total deposits | 10,002,685 | 9,879,924 | |
Securities sold under agreements to repurchase | 900,000 | [2] | 900,000 |
Advances from the Federal Home Loan Bank (FHLB) | 300,000 | 300,000 | |
Other borrowings | 231,959 | 231,959 | |
Accounts payable and other liabilities | 128,886 | 129,184 | |
Total liabilities | 11,563,530 | 11,441,067 | |
Preferred stock, authorized 50,000,000 shares: | ' | ' | |
Non-cumulative Perpetual Monthly Income Preferred Stock: issued - 22,004,000 shares, outstanding 2,521,872 shares, aggregate liquidation value of $63,047 | 56,810 | 63,047 | |
Common stock, $0.10 par value, authorized, 2,000,000,000 shares; issued, 207,514,167 shares (2012 - 206,730,318 shares issued) | 20,958 | 20,764 | |
Less: Treasury stock (at par value) | -61 | -57 | |
Common stock outstanding, 206,982,105 shares outstanding (2012 - 206,235,465 shares | 20,897 | 20,707 | |
Additional paid-in capital | 894,247 | 888,161 | |
Retained earnings | 340,141 | 322,679 | |
Accumulated other comprehensive (loss) income, net of tax expense of $8,171 (2012 - $7,749) | -56,197 | -78,736 | |
Total stockholders' equity | 1,255,898 | 1,215,858 | |
Total liabilities and stockholders' equity | $12,819,428 | $12,656,925 | |
[1] | As of March 31, 2014 and December 31, 2013, includes $1.2 billion of commercial loans that are secured by real estate but are not dependent upon the real estate for repayment. | ||
[2] | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Allowance for loan and lease losses | $266,778 | $285,858 | ' | ' |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ' | ' |
Preferred stock, shares issued | 22,004,000 | 22,004,000 | ' | ' |
Preferred stock, shares outstanding | 2,272,395 | 2,521,872 | ' | ' |
Preferred stock, liquidation value | 56,810 | 63,047 | ' | ' |
Common stock, par value | $0.10 | $0.10 | ' | ' |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | ' | ' |
Common stock, shares issued | 209,578,959 | 207,635,157 | ' | ' |
Common stock, shares outstanding | 208,967,883 | 207,068,978 | ' | ' |
Income tax expense | $887 | ' | $7,753 | $7,755 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Interest income: | ' | ' |
Loans | $144,843,000 | $148,643,000 |
Investment securities | 15,228,000 | 11,043,000 |
Money market investments | 500,000 | 539,000 |
Total interest income | 160,571,000 | 160,225,000 |
Interest expense: | ' | ' |
Deposits | 20,299,000 | 25,544,000 |
Securities sold under agreements to repurchase | 6,368,000 | 6,417,000 |
Advances from FHLB | 824,000 | 2,025,000 |
Notes payable and other borrowings | 1,760,000 | 1,746,000 |
Total interest expense | 29,251,000 | 35,732,000 |
Net interest income (loss) | 131,320,000 | 124,493,000 |
Provision for loan and lease losses | 31,915,000 | 111,123,000 |
Net interest income after provision for loan and lease losses | 99,405,000 | 13,370,000 |
Non-interest income: | ' | ' |
Service charges on deposit accounts | 3,203,000 | 3,380,000 |
Mortgage banking activities | 3,368,000,000 | 4,580,000,000 |
Other-than-temporary impairment losses on investment securities: | ' | ' |
Total other-than-temporary impairment losses | 0 | 0 |
Portion of loss previously recognized in other comprehensive income | 0 | -117,000 |
Net impairment losses on investment securities | 0 | -117,000 |
Equity in losses of unconsolidated entities | -6,610,000 | -5,538,000 |
Insurance income | 2,571,000 | 2,020,000 |
Other non-interest income | 8,818,000 | 9,304,000 |
Total non-interest income | 11,350,000 | 13,629,000 |
Non-interest expenses: | ' | ' |
Employees' compensation and benefits | 32,942,000 | 33,554,000 |
Occupancy and equipment | 14,346,000 | 15,070,000 |
Business promotion | 3,973,000 | 3,357,000 |
Professional fees | 10,040,000 | 11,133,000 |
Taxes, other than income taxes | 4,547,000 | 2,989,000 |
Insurance and supervisory fees | 10,990,000 | 12,806,000 |
Net loss on real estate owned (REO) and REO operations | 5,837,000 | 7,310,000 |
Credit and debit processing fees | 3,824,000 | 3,077,000 |
Communications | 1,879,000 | 1,814,000 |
Other non-interest expenses | 4,407,000 | 6,900,000 |
Total non-interest expenses | 92,785,000 | 98,010,000 |
Income (loss) before income taxes | 17,970,000 | -71,011,000 |
Income tax expense | -887,000 | -1,622,000 |
Net income (loss) | 17,083,000 | -72,633,000 |
Net income (loss) attributable to common stockholders - basic | $17,462,000 | ($72,633,000) |
Net income (loss) per common share: | ' | ' |
Basic | $0.08 | ($0.35) |
Diluted | $0.08 | ($0.35) |
Dividends declared per common share | $0 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | $17,083 | ($72,633) |
Available-for-sale debt securities on which an other-than-temporary impairment has been recognized: | ' | ' |
Subsequent unrealized gain on debt securities on which an other-than-temporary impairment has been recognized | 913 | 843 |
Reclassification adjustment for other-than-temporary impairment on debt securities included in net income | 0 | 117 |
All other unrealized gains and losses on available-for-sale securities: | ' | ' |
All other unrealized holding gains arising during the period | 21,624 | -9,570 |
Income tax expense related to items of other comprehensive income | 2 | 0 |
Other comprehensive income (loss) for the period, net of tax | 22,539 | -8,610 |
Total comprehensive income (loss) | $39,622 | ($81,243) |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Cash flows from operating activities: | ' | ' | ' |
Net income (loss) | $17,083 | ($72,633) | ' |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 5,453 | 6,002 | ' |
Amortization and impairment of intangible assets | 1,235 | 1,520 | ' |
Provision for loan and lease losses | 31,915 | 111,123 | ' |
Deferred income tax (benefit) expense | -700 | 421 | ' |
Stock-based compensation | 717 | 219 | ' |
Other-than-temporary impairments on debt securities | 0 | 117 | ' |
Equity in losses of unconsolidated entities | 6,610 | 5,538 | ' |
Derivative instruments and financial liabilities measured at fair value, gain | -148 | -295 | ' |
Loss (gain) on sale of premises and equipment and other assets | 25 | 0 | ' |
Net gain on sale of loans held for investment | -2,017 | -1,761 | ' |
Net amortization of premiums, discounts and deferred loan fees and costs | -477 | -1,364 | ' |
Originations and purchases of loans held for sale | -72,748 | -159,559 | ' |
Sales and repayments of loans held for sale | 72,865 | 119,891 | ' |
Amortization of broker placement fees | 1,785 | 2,155 | ' |
Net amortization of premium and discounts on investment securities | -284 | 3,649 | ' |
(Decrease) increase in accrued income tax payable | 1,476 | 971 | ' |
(Increase) decrease in accrued interest receivable | 4,992 | -296 | ' |
Decrease in accrued interest payable | 2,106 | -246 | ' |
Decrease (increase) in other assets | 8,657 | 5,888 | ' |
Increase (decrease) in other liabilities | -4,987 | 9,358 | ' |
Net cash provided by operating activities | 73,508 | 30,698 | ' |
Cash flows from investing activities: | ' | ' | ' |
Principal collected on loans | 776,086 | 643,168 | ' |
Loans originated and purchased | -774,764 | -660,818 | ' |
Proceeds from sale of loans held for investment | 16,558 | 130,296 | ' |
Proceeds from sale of repossessed assets | 12,262 | 14,640 | ' |
Purchases of securities available for sale | -76,253 | -444,999 | ' |
Proceeds from principal repayments and maturities of securities available for sale | 45,422 | 112,756 | ' |
Additions to premises and equipment | -7,696 | -2,978 | ' |
Proceeds from sale of premises and equipment and other assets | 25 | 0 | ' |
(Increase) decrease in other equity securities | 0 | 5,865 | ' |
Net cash provided by investing activities | -8,360 | -202,070 | ' |
Cash flows from financing activities: | ' | ' | ' |
Net decrease in deposits | 120,977 | 116,868 | ' |
Net FHLB advances paid | 0 | -130,000 | ' |
Repayments of medium-term notes | 0 | 0 | ' |
Payments Of Stock Issuance Costs | -53 | 0 | ' |
Repurchase of outstanding common stock | 246 | ' | 0 |
Net cash provided (used in) financing activities | 120,678 | -13,132 | ' |
Net increase in cash and cash equivalents | 185,826 | -184,504 | ' |
Cash and cash equivalents at beginning of period | 655,671 | 946,851 | 946,851 |
Cash and cash equivalents at end of period | 841,497 | 762,347 | 655,671 |
Cash and cash equivalents include: | ' | ' | ' |
Cash and due from banks | 824,547 | 545,719 | ' |
Money market instruments | 16,950 | 216,628 | 201,369 |
Cash and Cash Equivalents, at Carrying Value, Total | $841,497 | $762,347 | $655,671 |
CONSOLIDATED_STATEMENT_OF_CHAN
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | ||||||
Balance at beginning of period at Dec. 31, 2012 | ' | $63,047 | $20,624 | $885,754 | $487,166 | $28,432 |
Total stockholders' equity | 1,403,999 | 63,047 | 20,623 | 885,974 | 414,533 | 19,822 |
Common stock issued for compensation | ' | ' | 0 | 0 | ' | ' |
Repurchase of common stock | ' | ' | 0 | 0 | ' | ' |
Common stock sold | ' | ' | 0 | 0 | ' | ' |
Restricted stock grants | ' | ' | 0 | 0 | ' | ' |
Restricted stock forefeited | ' | ' | -1 | 1 | ' | ' |
Stock-based compensation | ' | ' | ' | 219 | ' | ' |
Net income (loss) | -72,633 | ' | ' | ' | -72,633 | ' |
Excess of carrying amount of preferred stock exchanged over fair value of new common stock | 0 | ' | ' | ' | 0 | ' |
Other comprehensive income (loss), net of tax | -8,610 | ' | ' | ' | ' | -8,610 |
Common stock issued in exchange of preferred stock-Series A through E | ' | ' | 0 | 0 | ' | ' |
Exchange Of Preferred Stock Series For Common Stock | ' | 0 | ' | ' | ' | ' |
Reversal of Issuance cost of Series A through E of preferred stock exchanged | ' | ' | ' | 0 | ' | ' |
Issuance Cost Of Common Stock | ' | ' | ' | 0 | ' | ' |
Balance at end of period at Mar. 31, 2013 | 1,403,999 | 63,047 | 20,623 | 885,974 | 414,533 | 19,822 |
Balance at beginning of period at Dec. 31, 2013 | 1,215,858 | 63,047 | 20,707 | 888,161 | 322,679 | -78,736 |
Total stockholders' equity | 1,255,898 | 56,810 | 20,897 | 894,247 | 340,141 | -56,197 |
Common stock issued for compensation | ' | ' | 6 | -6 | ' | ' |
Repurchase of common stock | ' | ' | -4 | -242 | ' | ' |
Common stock sold | ' | ' | 0 | 0 | ' | ' |
Restricted stock grants | ' | ' | 81 | -81 | ' | ' |
Restricted stock forefeited | ' | ' | 0 | 0 | ' | ' |
Stock-based compensation | ' | ' | ' | 717 | ' | ' |
Net income (loss) | 17,083 | ' | ' | ' | 17,083 | ' |
Excess of carrying amount of preferred stock exchanged over fair value of new common stock | 379 | ' | ' | ' | 379 | ' |
Other comprehensive income (loss), net of tax | 22,539 | ' | ' | ' | ' | 22,539 |
Common stock issued in exchange of preferred stock-Series A through E | ' | ' | 107 | 5,538 | ' | ' |
Exchange Of Preferred Stock Series For Common Stock | ' | -6,237 | ' | ' | ' | ' |
Reversal of Issuance cost of Series A through E of preferred stock exchanged | ' | ' | ' | 213 | ' | ' |
Issuance Cost Of Common Stock | ' | ' | ' | -53 | ' | ' |
Balance at end of period at Mar. 31, 2014 | $1,255,898 | $56,810 | $20,897 | $894,247 | $340,141 | ($56,197) |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' |
1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
The Consolidated Financial Statements (unaudited) of First BanCorp. (“the Corporation”) have been prepared in conformity with the accounting policies stated in the Corporation's Audited Consolidated Financial Statements included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2013. Certain information and note disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted from these statements pursuant to the rules and regulations of the SEC and, accordingly, these financial statements should be read in conjunction with the Audited Consolidated Financial Statements of the Corporation for the year ended December 31, 2013, which are included in the Corporation's 2013 Annual Report on Form 10-K. All adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the statement of financial position, results of operations and cash flows for the interim periods have been reflected. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
The results of operations for the quarter ended March 31, 2014 are not necessarily indicative of the results to be expected for the entire year. | |
Adoption of new accounting requirements and recently issued but not yet effective accounting requirements | |
The Financial Accounting Standards Board (“FASB”) has issued the following accounting pronouncements and guidance relevant to the Corporation's operations: | |
In July 2013, the FASB updated the Codification to provide explicit guidelines on how to present an unrecognized tax benefit in financial statements when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments are effective for public entities with fiscal periods beginning after December 15, 2013. The adoption of this guidance in 2014 did not have an effect on the Corporation's financial statements as the Corporation's NOLs and tax credit carryfowards are not available to settle any additional income taxes that would result from the disallowance of the Corporation's unrecognized tax benefits. | |
In January 2014, the FASB updated the Codification to clarify when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan so that the loan should be derecognized and the real estate property recognized in the financial statements. The Update clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either: (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure, or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. In addition, creditors are required to disclose on an annual and interim basis both (i) the amount of the foreclosed residential real estate property held and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for public business entities for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 31, 2015. Early adoption is permitted. The guidance can be implemented using either a modified retrospective transition method or a prospective transition method. The Corporation is currently evaluating the impact of the adoption of this guidance, if any, on its financial statements. | |
In April 2014, the FASB issued an update to current accounting standards which will change the criteria for reporting discontinued operations. The amendments will also require new disclosures about discontinued operations and disposals of components of an entity that do not qualify for discontinued operations reporting. The amendments are effective for the Corporation for new disposals (or classifications as held for sale) of components of the Corporation, should they occur, beginning in the first quarter of fiscal year 2016. Early adoption is permitted for disposals (or classifications as held for sale) that have not been previously reported. | |
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
EARNINGS PER COMMON SHARE | ' | ||||||
NOTE 2 – EARNINGS PER COMMON SHARE | |||||||
The calculations of earnings (losses) per common share for the quarters ended on March 31, 2014 and 2013 are as follows: | |||||||
Quarter Ended | |||||||
March 31, | March 31, | ||||||
2014 | 2013 | ||||||
(In thousands, except per share information) | |||||||
Net income (loss) | $ | 17,083 | $ | -72,633 | |||
Cumulative convertible preferred stock dividends (Series G) | |||||||
Favorable impact from issuing common stock in exchange for | |||||||
Series A through E preferred stock | 379 | - | |||||
Net income (loss) attributable to common stockholders | $ | 17,462 | $ | -72,633 | |||
Weighted-Average Shares: | |||||||
Basic weighted-average common shares outstanding | 205,732 | 205,465 | |||||
Average potential common shares | 1,144 | - | |||||
Diluted weighted-average number of common shares outstanding | 206,876 | 205,465 | |||||
Income (loss) per common share: | |||||||
Basic | $ | 0.08 | $ | -0.35 | |||
Diluted | $ | 0.08 | $ | -0.35 | |||
Earnings (loss) per common share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares issued and outstanding. Net income (loss) attributable to common stockholders represents net income (loss) adjusted for any preferred stock dividends, including any dividends declared, and any cumulative dividends related to the current dividend period that have not been declared as of the end of the period. For the first quarter of 2014, net income attributable to common stockholders also includes the one-time effect of the issuance of common stock in exchange for Series A through E preferred stock. This transaction is discussed in Note 17 to the unaudited consolidated financial statements. Basic weighted average common shares outstanding exclude unvested shares of restricted stock. | |||||||
Potential common shares consist of common stock issuable under the assumed exercise of stock options, unvested shares of restricted stock, and outstanding warrants using the treasury stock method. This method assumes that the potential common shares are issued and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the number of potential shares issued and the shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Stock options, unvested shares of restricted stock, and outstanding warrants that result in lower potential shares issued than shares purchased under the treasury stock method are not included in the computation of dilutive earnings per share since their inclusion would have an antidilutive effect on earnings per share. Stock options not included in the computation of outstanding shares because they were antidilutive amounted to 88,640 and 105,363 for the quarters ended March 31, 2014 and 2013, respectively. Warrants outstanding to purchase 1,285,899 shares of common stock and 763,022 unvested shares of restricted stock were excluded from the computation of diluted earnings per share for the quarter ended March 31, 2013 because the Corporation reported a net loss attributable to common stockholders for the period and their inclusion would have an antidilutive effect. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||
NOTE 3 – STOCK-BASED COMPENSATION | ||||||||||
Between 1997 and January 2007, the Corporation had the 1997 stock option plan that authorized the granting of up to 579,740 options on shares of the Corporation's common stock to eligible employees. The options granted under the plan could not exceed 20% of the number of common shares outstanding. | ||||||||||
On January 21, 2007, the 1997 stock option plan expired; all outstanding awards granted under this plan continue in full force and effect, subject to their original terms. No awards for shares could be granted under the 1997 stock option plan as of its expiration. | ||||||||||
The activity of stock options granted under the 1997 stock option plan for the quarter ended March 31, 2014 is set forth below: | ||||||||||
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (In thousands) | |||||||
Beginning of period outstanding | ||||||||||
and exercisable | 101,435 | $ | 206.95 | |||||||
Options expired | -12,795 | 321.75 | ||||||||
End of period outstanding and | ||||||||||
exercisable | 88,640 | $ | 190.38 | 2.1 | $ | - | ||||
On April 29, 2008, the Corporation's stockholders approved the First BanCorp. 2008 Omnibus Incentive Plan, as amended (the “Omnibus Plan”). The Omnibus Plan provides for equity-based compensation incentives (the “awards”) through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, and other stock-based awards. The Omnibus Plan authorizes the issuance of up to 8,169,807 shares of common stock, subject to adjustments for stock splits, reorganizations, and other similar events. The Corporation's Board of Directors, upon receiving the relevant recommendation of the Compensation Committee, has the power and authority to determine those eligible to receive awards and to establish the terms and conditions of any awards, subject to various limits and vesting restrictions that apply to individual and aggregate awards. | ||||||||||
Under the Omnibus Plan, during the first quarter of 2014, the Corporation issued 810,138 shares of restricted stock that will vest based on the employees' continued service with the Corporation. Fifty percent (50%) of those shares vest in two years from the grant date and the remaining 50% percent vest in three years from the grant date. Included in those 810,138 shares of restricted stock are 653,138 shares granted to certain senior officers consistent with the requirements of the Troubled Asset Relief Program (“TARP”) Interim Final Rule, which permit TARP recipients to grant “long-term restricted stock” without violating the prohibition on paying or accruing a bonus payment if it satisfies the following requirements: (i) the value of the grant may not exceed one-third of the amount of the employee's annual compensation, (ii) no portion of the grant may vest before two years after the grant date, and (iii) the grant must be subject to a further restriction on transfer or payment as described below. Specifically, the stock that has otherwise vested may not become transferable at any time earlier than as permitted under the schedule set forth by TARP, which is based on the repayment in 25% increments of the aggregate financial assistance received from the U.S. Department of Treasury (the “Treasury”). Hence, notwithstanding the vesting period mentioned above, the employees covered by TARP are restricted from transferring the shares. | ||||||||||
The fair value of the shares of restricted stock granted in the first quarter of 2014 was based on the market price of the Corporation's outstanding common stock on the date of the grant. For the 653,138 shares of restricted stock granted under the TARP requirements, the market price was discounted due to postvesting restrictions. For purposes of computing the discount, the Corporation estimated an appreciation of 16% in the value of the common stock using the Capital Asset Pricing Model as a basis of what would be a market participant's expected return on the Corporation's stock and assumed that the Treasury would hold its outstanding common stock of the Corporation for two years, resulting in a fair value of $2.63 for restricted shares granted under the TARP requirements. Also, the Corporation used empirical data to estimate employee termination; separate groups of employees that have similar historical exercise behavior were considered separately for valuation purposes. | ||||||||||
The following table summarizes the restricted stock activity in 2014 under the Omnibus Plan for both executive officers covered by the TARP requirements and other employees as well as for the independent directors: | ||||||||||
Quarter Ended | ||||||||||
31-Mar-14 | ||||||||||
Number of | ||||||||||
shares of | Weighted-Average | |||||||||
restricted | Grant Date | |||||||||
stock | Fair Value | |||||||||
Non-vested shares at beginning of period | 1,411,185 | $ | 3.04 | |||||||
Granted | 810,138 | 3.14 | ||||||||
Forfeited | -2,000 | 6.03 | ||||||||
Vested | -67,500 | 4 | ||||||||
Non-vested shares at March 31, 2014 | 2,151,823 | $ | 3.06 | |||||||
For the quarters ended March 31, 2014 and 2013, the Corporation recognized $0.4 million and $0.2 million, respectively, of stock-based compensation expense related to restricted stock awards. As of March 31, 2014, there was $4.2 million of total unrecognized compensation cost related to non-vested shares of restricted stock. The weighted average period over which the Corporation expects to recognize such cost is 2.1 years. | ||||||||||
Stock-based compensation accounting guidance requires the Corporation to develop an estimate of the number of share-based awards that will be forfeited due to employee or director turnover. Quarterly changes in the estimated forfeiture rate may have a significant effect on share-based compensation, as the effect of adjusting the rate for all expense amortization is recognized in the period in which the forfeiture estimate is changed. If the actual forfeiture rate is higher than the estimated forfeiture rate, then an adjustment is made to increase the estimated forfeiture rate, which will result in a decrease in the expense recognized in the financial statements. If the actual forfeiture rate is lower than the estimated forfeiture rate, then an adjustment is made to decrease the estimated forfeiture rate, which will result in an increase in the expense recognized in the financial statements. When unvested options or shares of restricted stock are forfeited, any compensation expense previously recognized on the forfeited awards is reversed in the period of the forfeiture. Approximately $5 thousand of compensation expense was reversed during the first quarter of 2014 related to forfeited awards. | ||||||||||
Also, under the Omnibus Plan, effective April 1, 2013, the Corporation's Board of Directors determined to increase the salary amounts paid to certain executive officers primarily by paying the increased salary amounts in the form of shares of the Corporation's common stock, instead of cash. During the first quarter of 2014, the Corporation issued 60,381 shares of common stock with a weighted average market value of $5.26 as salary stock compensation. This resulted in a compensation expense of $0.4 million recorded in the first quarter of 2014. For the quarter ended March 31, 2014, the Corporation withheld 21,342 shares from the common stock paid to certain senior officers as additional compensation and 23,555 shares of restricted stock vested during the first quarter of 2014, to cover employees' payroll and income tax withholding liabilities; these shares are held as treasury shares. The Corporation paid any fractional share of salary stock that the officer was entitled to in cash. In the consolidated financial statements, the Corporation treat shares withheld for tax purposes as common stock repurchases. |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
INVESTMENT SECURITIES | ' | |||||||||||||||||||
NOTE 4 – INVESTMENT SECURITIES | ||||||||||||||||||||
Investment Securities Available for Sale | ||||||||||||||||||||
The amortized cost, non-credit loss component of other-than-temporary impairment (“OTTI”) recorded in other comprehensive income (“OCI”), gross unrealized gains and losses recorded in OCI, approximate fair value, weighted average yield and contractual maturities of investment securities available for sale as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Amortized cost | Noncredit Loss Component of OTTI Recorded in OCI | Gross | Fair value | Weighted average yield% | ||||||||||||||||
Unrealized | ||||||||||||||||||||
gains | losses | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
U.S. Treasury securities: | ||||||||||||||||||||
Due within one year | $ | 7,500 | $ | - | $ | - | $ | - | $ | 7,500 | 0.12 | |||||||||
Obligations of U.S. | ||||||||||||||||||||
government-sponsored | ||||||||||||||||||||
agencies: | ||||||||||||||||||||
After 1 to 5 years | 50,000 | - | - | 1,100 | 48,900 | 1.05 | ||||||||||||||
After 5 to 10 years | 214,259 | - | - | 10,584 | 203,675 | 1.31 | ||||||||||||||
Puerto Rico government | ||||||||||||||||||||
obligations: | ||||||||||||||||||||
Due within one year | 10,000 | - | - | - | 10,000 | 3.5 | ||||||||||||||
After 1 to 5 years | 39,798 | - | - | 9,785 | 30,013 | 4.49 | ||||||||||||||
After 5 to 10 years | 910 | - | - | - | 910 | 5.2 | ||||||||||||||
After 10 years | 25,485 | - | - | 5,053 | 20,432 | 6.01 | ||||||||||||||
United States and Puerto | ||||||||||||||||||||
Rico government | ||||||||||||||||||||
obligations: | 347,952 | - | - | 26,522 | 321,430 | 2.03 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FHLMC certificates: | ||||||||||||||||||||
After 10 years | 345,590 | - | 374 | 7,416 | 338,548 | 2.21 | ||||||||||||||
GNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 73 | - | 4 | - | 77 | 3.44 | ||||||||||||||
After 5 to 10 years | 763 | - | 36 | - | 799 | 2.54 | ||||||||||||||
After 10 years | 412,063 | - | 19,371 | 8 | 431,426 | 3.83 | ||||||||||||||
412,899 | - | 19,411 | 8 | 432,302 | 3.82 | |||||||||||||||
FNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 1,255 | - | 72 | - | 1,327 | 4.79 | ||||||||||||||
After 5 to 10 years | 7,341 | - | 566 | - | 7,907 | 4.09 | ||||||||||||||
After 10 years | 912,020 | - | 3,823 | 25,329 | 890,514 | 2.38 | ||||||||||||||
920,616 | - | 4,461 | 25,329 | 899,748 | 2.4 | |||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by the FHLMC: | ||||||||||||||||||||
After 1 to 5 years | 46 | - | - | 1 | 45 | 3.01 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates: | ||||||||||||||||||||
Over 5 to 10 years | 123 | - | 1 | - | 124 | 7.27 | ||||||||||||||
After 10 years | 53,126 | 13,397 | - | - | 39,729 | 2.22 | ||||||||||||||
53,249 | 13,397 | 1 | - | 39,853 | 2.22 | |||||||||||||||
Total mortgage-backed | ||||||||||||||||||||
securities | 1,732,400 | 13,397 | 24,247 | 32,754 | 1,710,496 | 2.7 | ||||||||||||||
Equity securities (without | ||||||||||||||||||||
contractual maturity) (1) | 35 | - | - | 17 | 18 | - | ||||||||||||||
Total investment securities | ||||||||||||||||||||
available for sale | $ | 2,080,387 | $ | 13,397 | $ | 24,247 | $ | 59,293 | $ | 2,031,944 | 2.58 | |||||||||
-1 | Represents common shares of another financial institution in Puerto Rico. | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized cost | Noncredit Loss Component of OTTI Recorded in OCI | Gross | Fair value | Weighted average yield% | ||||||||||||||||
Unrealized | ||||||||||||||||||||
gains | losses | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
U.S. Treasury securities: | ||||||||||||||||||||
Due within one year | $ | 7,498 | $ | - | $ | 1 | $ | - | $ | 7,499 | 0.12 | |||||||||
Obligations of U.S. | ||||||||||||||||||||
government-sponsored | ||||||||||||||||||||
agencies: | ||||||||||||||||||||
After 1 to 5 years | 50,000 | - | - | 1,408 | 48,592 | 1.05 | ||||||||||||||
After 5 to 10 years | 214,271 | - | - | 13,368 | 200,903 | 1.31 | ||||||||||||||
Puerto Rico government | ||||||||||||||||||||
obligations: | ||||||||||||||||||||
Due within one year | 10,000 | - | - | 210 | 9,790 | 3.5 | ||||||||||||||
After 5 to 10 years | 40,699 | - | - | 12,962 | 27,737 | 4.51 | ||||||||||||||
After 10 years | 20,309 | - | - | 6,506 | 13,803 | 5.82 | ||||||||||||||
United States and Puerto | ||||||||||||||||||||
Rico government | ||||||||||||||||||||
obligations: | 342,777 | - | 1 | 34,454 | 308,324 | 1.96 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FHLMC certificates: | ||||||||||||||||||||
After 10 years | 332,766 | - | 133 | 10,712 | 322,187 | 2.16 | ||||||||||||||
GNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 86 | - | 4 | - | 90 | 3.48 | ||||||||||||||
After 5 to 10 years | 800 | - | 37 | - | 837 | 2.47 | ||||||||||||||
After 10 years | 425,589 | - | 18,492 | - | 444,081 | 3.82 | ||||||||||||||
426,475 | - | 18,533 | - | 445,008 | 3.82 | |||||||||||||||
FNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 1,389 | - | 84 | - | 1,473 | 4.82 | ||||||||||||||
After 5 to 10 years | 7,765 | - | 389 | - | 8,154 | 4.09 | ||||||||||||||
After 10 years | 882,798 | - | 2,984 | 33,626 | 852,156 | 2.36 | ||||||||||||||
891,952 | - | 3,457 | 33,626 | 861,783 | 2.38 | |||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by the FHLMC: | ||||||||||||||||||||
After 1 to 5 years | 82 | - | - | 1 | 81 | 3.01 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates: | ||||||||||||||||||||
Over 5 to 10 years | 127 | - | 1 | - | 128 | 7.27 | ||||||||||||||
After 10 years | 55,048 | 14,310 | - | - | 40,738 | 2.24 | ||||||||||||||
55,175 | 14,310 | 1 | - | 40,866 | 2.24 | |||||||||||||||
Total mortgage-backed | ||||||||||||||||||||
securities | 1,706,450 | 14,310 | 22,124 | 44,339 | 1,669,925 | 2.69 | ||||||||||||||
Equity securities (without | ||||||||||||||||||||
contractual maturity) (1) | 35 | - | - | 2 | 33 | - | ||||||||||||||
Total investment securities | ||||||||||||||||||||
available for sale | $ | 2,049,262 | $ | 14,310 | $ | 22,125 | $ | 78,795 | $ | 1,978,282 | 2.57 | |||||||||
-1 | Represents common shares of another financial institution in Puerto Rico. | |||||||||||||||||||
Maturities of mortgage-backed securities are based on contractual terms assuming no prepayments. Expected maturities of investments might differ from contractual maturities because they may be subject to prepayments and/or call options. The weighted average yield on investment securities available for sale is based on amortized cost and, therefore, does not give effect to changes in fair value. The net unrealized gain or loss on securities available for sale and the non credit loss component of OTTI are presented as part of OCI. | ||||||||||||||||||||
The following tables show the Corporation's available-for-sale investments' fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of March 31, 2014 and December 31, 2013. The tables also include debt securities for which an OTTI was recognized and only the amount related to a credit loss was recognized in earnings. Unrealized losses for which OTTI had been recognized have been reduced by any subsequent recoveries in fair value. | ||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Puerto Rico government obligations | $ | 7,656 | $ | 745 | $ | 42,789 | $ | 14,093 | $ | 50,445 | $ | 14,838 | ||||||||
U.S. government agencies obligations | 177,005 | 7,265 | 75,570 | 4,419 | 252,575 | 11,684 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FNMA | 737,871 | 25,329 | - | - | 737,871 | 25,329 | ||||||||||||||
FHLMC | 303,169 | 7,416 | - | - | 303,169 | 7,416 | ||||||||||||||
GNMA | 1,449 | 8 | - | - | 1,449 | 8 | ||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by FHLMC | - | - | 45 | 1 | 45 | 1 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates | - | - | 39,729 | 13,397 | 39,729 | 13,397 | ||||||||||||||
Corporate bonds | ||||||||||||||||||||
Equity securities | 18 | 17 | - | - | 18 | 17 | ||||||||||||||
$ | 1,227,168 | $ | 40,780 | $ | 158,133 | $ | 31,910 | $ | 1,385,301 | $ | 72,690 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Puerto Rico government obligations | $ | 23,156 | $ | 5,977 | $ | 28,174 | $ | 13,701 | $ | 51,330 | $ | 19,678 | ||||||||
U.S. government agencies obligations | 175,369 | 8,913 | 74,126 | 5,863 | 249,495 | 14,776 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FNMA | 748,215 | 33,626 | - | - | 748,215 | 33,626 | ||||||||||||||
FHLMC | 286,208 | 10,712 | - | - | 286,208 | 10,712 | ||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by FHLMC | - | - | 81 | 1 | 81 | 1 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates | - | - | 40,738 | 14,310 | 40,738 | 14,310 | ||||||||||||||
Equity securities | 33 | 2 | - | - | 33 | 2 | ||||||||||||||
$ | 1,232,981 | $ | 59,230 | $ | 143,119 | $ | 33,875 | $ | 1,376,100 | $ | 93,105 | |||||||||
Assessment for OTTI | ||||||||||||||||||||
On a quarterly basis, the Corporation performs an assessment to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered an OTTI. A debt security is considered impaired if the fair value is less than its amortized cost basis at the reporting date. The accounting literature requires the Corporation to assess whether the unrealized loss is other than temporary. | ||||||||||||||||||||
OTTI losses must be recognized in earnings if an investor has the intent to sell the debt security or it is more likely than not that it will be required to sell the debt security before recovery of its amortized cost basis. However, even if an investor does not expect to sell a debt security, it must evaluate expected cash flows to be received and determine if a credit loss has occurred. | ||||||||||||||||||||
An unrealized loss is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. The credit loss component of an OTTI, if any, is recorded as a component of net impairment losses on investment securities in the accompanying consolidated statements of income (loss), while the remaining portion of the impairment loss is recognized in OCI, provided the Corporation does not intend to sell the underlying debt security and it is “more likely than not” that the Corporation will not have to sell the debt security prior to recovery. | ||||||||||||||||||||
Debt securities issued by U.S. government agencies, government-sponsored entities and the Treasury accounted for approximately 95% of the total available-for-sale portfolio as of March 31, 2014 and no credit losses are expected, given the explicit and implicit guarantees provided by the U.S. federal government. The Corporation's assessment for OTTI was concentrated mainly on private label mortgage-backed securities (“MBS”) with an amortized cost of $53.1 million for which credit losses are evaluated on a quarterly basis. The Corporation considered the following factors in determining whether a credit loss exists and the period over which the debt security is expected to recover: | ||||||||||||||||||||
The length of time and the extent to which the fair value has been less than the amortized cost basis; | ||||||||||||||||||||
Changes in the near term prospects of the underlying collateral of a security such as changes in default rates, loss severity given default, and significant changes in prepayment assumptions; | ||||||||||||||||||||
The level of cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities; and | ||||||||||||||||||||
Any adverse change to the credit conditions and liquidity of the issuer, taking into consideration the latest information available about the overall financial condition of the issuer, credit ratings, recent legislation and government actions affecting the issuer's industry and actions taken by the issuer to deal with the present economic climate. | ||||||||||||||||||||
The Corporation recorded OTTI losses on available-for-sale debt securities as follows: | ||||||||||||||||||||
Private Label MBS | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total other-than-temporary impairment losses | $ | - | $ | - | ||||||||||||||||
Credit loss on debt securities for which an OTTI was not previously recognized | ||||||||||||||||||||
Portion of other-than-temporary impairment losses recognized in OCI | - | -117 | ||||||||||||||||||
Net impairment losses recognized in earnings | $ | - | $ | -117 | ||||||||||||||||
The following table summarizes the roll-forward of credit losses on debt securities held by the Corporation for which a portion of an OTTI is recognized in OCI: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Credit losses at the beginning of the period | $ | 5,389 | $ | 5,272 | ||||||||||||||||
Additions: | ||||||||||||||||||||
Credit losses on debt securities for which an | ||||||||||||||||||||
OTTI was previously recognized | - | 117 | ||||||||||||||||||
Ending balance of credit losses on debt securities held for | ||||||||||||||||||||
which a portion of an OTTI was recognized in OCI | $ | 5,389 | $ | 5,389 | ||||||||||||||||
For the first quarter of 2013, the $117 thousand credit related impairment loss is related to private label MBS, which are collateralized by fixed-rate mortgages on single-family, residential properties in the United States. The interest rate on these private-label MBS is variable, tied to 3-month LIBOR and limited to the weighted-average coupon of the underlying collateral. The underlying mortgages are fixed-rate single-family loans with original high FICO scores (over 700) and moderate original loan-to-value ratios (under 80%), as well as moderate delinquency levels. | ||||||||||||||||||||
Based on the expected cash flows derived from the model, and since the Corporation does not have the intention to sell the securities and has sufficient capital and liquidity to hold these securities until a recovery of the fair value occurs, only the credit loss component was reflected in earnings. Significant assumptions in the valuation of the private label MBS were as follows: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Average | Range | Average | Range | |||||||||||||||||
Discount rate | 14.50% | 14.50% | 14.50% | 14.50% | ||||||||||||||||
Prepayment rate | 33% | 20.31%-100.00% | 29% | 15.86%-100.00% | ||||||||||||||||
Projected Cumulative Loss Rate | 8.40% | 0.86%-80.00% | 6.80% | 0.58%-38.16% | ||||||||||||||||
No OTTI losses on equity securities held in the available-for-sale investment portfolio were recognized for the quarters ended March 31, 2014 or March 31, 2013. | ||||||||||||||||||||
As of March 31, 2014, the Corporation held approximately $76.2 million of Puerto Rico government and agencies bond obligations, mainly bonds of the Government Development Bank (“GDB”) and the Puerto Rico Building Authority, as part of its available-for-sale investment securities portfolio, which were reflected at their aggregate fair value of $61.4 million. During the first quarter of 2014, the fair value of these obligation increased by $4.8 million. In February 2014, Standard & Poor's (“S&P”), Moody's Investor Service (“Moodys”) and Fitch Ratings (“Fitch”) downgraded the Commonwealth of Puerto Rico general obligations bonds and other obligations of Puerto Rico instrumentalities to non-investment grade categories. The issuers of Puerto Rico government and agencies bonds held by the Corporation have not defaulted, and the contractual payments on these securities have been made as scheduled. The Corporation has the ability and intent to hold these securities until a recovery of the fair value occurs, and it is not more likely than not that the Corporation will be required to sell the securities prior to such recovery. It is uncertain how the financial markets may react to any potential further rating downgrade of Puerto Rico's debt. However, further deterioration in the fiscal situation, could further adversely affect the value of Puerto Rico's government obligations. The Corporation will continue to closely monitor Puerto Rico's political and economic status and evaluate the portfolio for any declines in value that could be considered other-than-temporary. | ||||||||||||||||||||
OTHER_EQUITY_SECURITIES
OTHER EQUITY SECURITIES | 3 Months Ended |
Mar. 31, 2014 | |
OTHER EQUITY SECURITIES | ' |
NOTE 5 – OTHER EQUITY SECURITIES | |
Institutions that are members of the FHLB system are required to maintain a minimum investment in FHLB stock. Such minimum investment is calculated as a percentage of aggregate outstanding mortgages, and an additional investment is required that is calculated as a percentage of total FHLB advances, letters of credit, and the collateralized portion of interest-rate swaps outstanding. The stock is capital stock issued at $100 par value. Both stock and cash dividends may be received on FHLB stock. | |
As of March 31, 2014 and December 31, 2013, the Corporation had investments in FHLB stock with a book value of $28.4 million. The net realizable value is a reasonable proxy for the fair value of these instruments. Dividend income from FHLB stock for the quarters ended March 31, 2014 and 2013 was $0.3 million and $0.4 million, respectively. | |
The shares of FHLB stock owned by the Corporation were issued by the FHLB of New York. The FHLB of New York is part of the Federal Home Loan Bank System, a national wholesale banking network of 12 regional, stockholder-owned congressionally chartered banks. The Federal Home Loan Banks are all privately capitalized and operated by their member stockholders. The system is supervised by the Federal Housing Finance Agency, which ensures that the Federal Home Loan Banks operate in a financially safe and sound manner, remain adequately capitalized and able to raise funds in the capital markets, and carry out their housing finance mission. | |
The Corporation has other equity securities that do not have a readily available fair value. The carrying value of such securities as of March 31, 2014 and December 31, 2013 was $0.3 million. | |
LOAN_PORTFOLIO
LOAN PORTFOLIO | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
LOAN PORTFOLIO | ' | ||||||||||||||||||||||||
NOTE 6 – LOANS HELD FOR INVESTMENT | |||||||||||||||||||||||||
The following provides information about the loan portfolio held for investment: | |||||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Residential mortgage loans, mainly secured by first mortgages | $ | 2,548,101 | $ | 2,549,008 | |||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||
Construction loans | 152,579 | 168,713 | |||||||||||||||||||||||
Commercial mortgage loans | 1,846,016 | 1,823,608 | |||||||||||||||||||||||
Commercial and Industrial loans (1) | 2,711,962 | 2,788,250 | |||||||||||||||||||||||
Loans to local financial institution collateralized by | |||||||||||||||||||||||||
real estate mortgages | 235,875 | 240,072 | |||||||||||||||||||||||
Commercial loans | 4,946,432 | 5,020,643 | |||||||||||||||||||||||
Finance leases | 246,814 | 245,323 | |||||||||||||||||||||||
Consumer loans | 1,825,438 | 1,821,196 | |||||||||||||||||||||||
Loans held for investment | 9,566,785 | 9,636,170 | |||||||||||||||||||||||
Allowance for loan and lease losses | -266,778 | -285,858 | |||||||||||||||||||||||
Loans held for investment, net (1) | $ | 9,300,007 | $ | 9,350,312 | |||||||||||||||||||||
__________ | |||||||||||||||||||||||||
-1 | As of March 31, 2014 and December 31, 2013, includes $1.2 billion of commercial loans that are secured by real estate but are not dependent upon the real estate for repayment. | ||||||||||||||||||||||||
Loans held for investment on which accrual of interest income had been discontinued were as follows: | |||||||||||||||||||||||||
(In thousands) | March 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Non-performing loans: | |||||||||||||||||||||||||
Residential mortgage | $ | 172,796 | $ | 161,441 | |||||||||||||||||||||
Commercial mortgage | 145,535 | 120,107 | |||||||||||||||||||||||
Commercial and Industrial | 113,996 | 114,833 | |||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 20,886 | 27,834 | |||||||||||||||||||||||
Construction-commercial | 3,883 | 3,924 | |||||||||||||||||||||||
Construction-residential | 25,618 | 27,108 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 20,471 | 21,316 | |||||||||||||||||||||||
Finance leases | 3,706 | 3,082 | |||||||||||||||||||||||
Other consumer loans | 14,884 | 15,904 | |||||||||||||||||||||||
Total non-performing loans held for investment (1) (2) | $ | 521,775 | $ | 495,549 | |||||||||||||||||||||
_______________ | |||||||||||||||||||||||||
-1 | As of March 31, 2014 and December 31, 2013, excludes $54.8 million of non-performing loans held for sale. | ||||||||||||||||||||||||
-2 | Amount excludes purchased-credit impaired ("PCI") loans with a carrying value of approximately $3.4 million and $4.8 million as of March 31, 2014 and December 31, 2013, respectively, acquired as part of the credit card portfolio purchased in the second quarter of 2012, as further discussed below. | ||||||||||||||||||||||||
The Corporation’s aging of the loans held for investment portfolio is as follows: | |||||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due (1) | Total Past Due (4) | Purchased Credit-Impaired Loans (4) | Current | Total loans held for investment | 90 days past due and still accruing (5) | |||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||
FHA/VA and other government-guaranteed | |||||||||||||||||||||||||
loans (2) (3) (5) | $ | - | $ | 11,854 | $ | 76,142 | $ | 87,996 | $ | - | $ | 88,866 | $ | 176,862 | $ | 76,142 | |||||||||
Other residential mortgage loans (3) | - | 80,685 | 180,972 | 261,657 | - | 2,109,582 | 2,371,239 | 8,176 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial and Industrial loans | 27,556 | 10,458 | 133,822 | 171,836 | - | 2,776,001 | 2,947,837 | 19,826 | |||||||||||||||||
Commercial mortgage loans | - | 3,828 | 153,141 | 156,969 | - | 1,689,047 | 1,846,016 | 7,606 | |||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land (3) | - | 486 | 23,287 | 23,773 | - | 41,941 | 65,714 | 2,401 | |||||||||||||||||
Construction-commercial (3) | - | - | 3,883 | 3,883 | - | 13,382 | 17,265 | - | |||||||||||||||||
Construction-residential (3) | - | - | 25,618 | 25,618 | - | 43,982 | 69,600 | - | |||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 79,873 | 21,427 | 20,471 | 121,771 | - | 1,003,466 | 1,125,237 | - | |||||||||||||||||
Finance leases | 9,744 | 3,382 | 3,706 | 16,832 | - | 229,982 | 246,814 | - | |||||||||||||||||
Other consumer loans | 7,394 | 10,997 | 18,782 | 37,173 | 3,383 | 659,645 | 700,201 | 3,898 | |||||||||||||||||
Total loans held for investment | $ | 124,567 | $ | 143,117 | $ | 639,824 | $ | 907,508 | $ | 3,383 | $ | 8,655,894 | $ | 9,566,785 | $ | 118,049 | |||||||||
_____________ | |||||||||||||||||||||||||
-1 | Includes non-performing loans and accruing loans which are contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges fees until charged-off at 180 days. | ||||||||||||||||||||||||
-2 | As of March 31, 2014, includes $14.5 million of defaulted loans collateralizing Government National Mortgage Association ("GNMA") securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. | ||||||||||||||||||||||||
-3 | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears two or more monthly payments. FHA/VA government guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans and construction-residential loans past due 30-59 days amounted to $18.5 million, $169.8 million, $26.9 million, $0.9 million, and $1.8 million, respectively. | ||||||||||||||||||||||||
-4 | Purchased credit−impaired loans are excluded from delinquency and non-performing statistics as further discussed below. | ||||||||||||||||||||||||
-5 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $38.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of March 31, 2014. | ||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due (1) | Total Past Due (4) | Purchased Credit- Impaired Loans (4) | Current | Total loans held for investment | 90 days past due and still accruing (5) | |||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||
FHA/VA and other government-guaranteed | |||||||||||||||||||||||||
loans (2) (3) (5) | $ | - | $ | 12,180 | $ | 78,645 | $ | 90,825 | $ | - | $ | 104,401 | $ | 195,226 | $ | 78,645 | |||||||||
Other residential mortgage loans (3) | - | 88,898 | 172,286 | 261,184 | - | 2,092,598 | 2,353,782 | 10,845 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial and Industrial loans | 21,029 | 5,454 | 134,233 | 160,716 | - | 2,867,606 | 3,028,322 | 19,400 | |||||||||||||||||
Commercial mortgage loans (3) | - | 5,428 | 126,674 | 132,102 | - | 1,691,506 | 1,823,608 | 6,567 | |||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land (3) | - | 358 | 27,871 | 28,229 | - | 52,145 | 80,374 | 37 | |||||||||||||||||
Construction-commercial (3) | - | - | 3,924 | 3,924 | - | 12,907 | 16,831 | - | |||||||||||||||||
Construction-residential (3) | - | - | 27,108 | 27,108 | - | 44,400 | 71,508 | - | |||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 79,279 | 17,944 | 21,316 | 118,539 | - | 993,781 | 1,112,320 | - | |||||||||||||||||
Finance leases | 10,275 | 3,536 | 3,082 | 16,893 | - | 228,430 | 245,323 | - | |||||||||||||||||
Other consumer loans | 11,710 | 8,691 | 20,492 | 40,893 | 4,791 | 663,192 | 708,876 | 4,588 | |||||||||||||||||
Total loans held for investment | $ | 122,293 | $ | 142,489 | $ | 615,631 | $ | 880,413 | $ | 4,791 | $ | 8,750,966 | $ | 9,636,170 | $ | 120,082 | |||||||||
____________ | |||||||||||||||||||||||||
-1 | Includes non-performing loans and accruing loans which are contractually delinquent 90 days or more (i.e. FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days. | ||||||||||||||||||||||||
-2 | As of December 31, 2013, includes $11.5 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. | ||||||||||||||||||||||||
-3 | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears two or more monthly payments. FHA/VA government guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans and construction-residential loans past due 30-59 days amounted to $23.9 million, $166.7 million, $18.4 million, $0.9 million and $2.5 million , respectively. | ||||||||||||||||||||||||
-4 | Purchased credit-impaired loans are excluded from delinquency and non-performing statistics as further discussed below. | ||||||||||||||||||||||||
-5 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013. | ||||||||||||||||||||||||
The Corporation’s credit quality indicators by loan type as of March 31, 2014 and December 31, 2013 are summarized below: | |||||||||||||||||||||||||
Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness category: | |||||||||||||||||||||||||
Substandard | Doubtful | Loss | Total Adversely Classified (1) | Total Portfolio | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial mortgage | $ | 306,947 | $ | 10,572 | $ | - | $ | 317,519 | $ | 1,846,016 | |||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 22,172 | - | - | 22,172 | 65,714 | ||||||||||||||||||||
Construction-commercial | 15,981 | - | - | 15,981 | 17,265 | ||||||||||||||||||||
Construction-residential | 26,895 | 1,879 | - | 28,774 | 69,600 | ||||||||||||||||||||
Commercial and Industrial | 185,772 | 1,677 | 311 | 187,760 | 2,947,837 | ||||||||||||||||||||
Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness category: | |||||||||||||||||||||||||
Substandard | Doubtful | Loss | Total Adversely Classified (1) | Total Portfolio | |||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Commercial mortgage | $ | 317,365 | $ | 9,160 | $ | 234 | $ | 326,759 | $ | 1,823,608 | |||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 31,777 | 3,308 | 52 | 35,137 | 80,373 | ||||||||||||||||||||
Construction-commercial | 16,022 | - | - | 16,022 | 16,831 | ||||||||||||||||||||
Construction-residential | 27,829 | 2,209 | 241 | 30,279 | 71,509 | ||||||||||||||||||||
Commercial and Industrial | 205,807 | 7,998 | 973 | 214,778 | 3,028,322 | ||||||||||||||||||||
_________ | |||||||||||||||||||||||||
-1 | Excludes $54.8 million ($7.8 million land, $39.1 million construction-commercial, $0.9 million construction-residential, and $ 7.0 million commercial mortgage) as of March 31, 2014 and December 31, 2013, of non-performing loans held for sale. | ||||||||||||||||||||||||
The Corporation considered a loan as adversely classified if its risk rating is Substandard, Doubtful or Loss. These categories are defined as follows: | |||||||||||||||||||||||||
Substandard- A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must 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- Doubtful classifications have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. A Doubtful classification may be appropriate in cases where significant risk exposures are perceived, but Loss cannot be determined because of specific reasonable pending factors, which may strengthen the credit in the near term. | |||||||||||||||||||||||||
Loss- Assets classified 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 it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be affected in the future. There is little or no prospect for near term improvement and no realistic strengthening action of significance pending. | |||||||||||||||||||||||||
31-Mar-14 | Consumer Credit Exposure-Credit Risk Profile based on payment activity | ||||||||||||||||||||||||
Residential Real-Estate | Consumer | ||||||||||||||||||||||||
FHA/VA/ Guaranteed (1) | Other residential loans | Auto | Finance Leases | Other Consumer | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing | $ | 176,862 | $ | 2,198,443 | $ | 1,104,766 | $ | 243,108 | $ | 681,934 | |||||||||||||||
Purchased Credit-Impaired | - | - | - | - | 3,383 | ||||||||||||||||||||
Non-performing | - | 172,796 | 20,471 | 3,706 | 14,884 | ||||||||||||||||||||
Total | $ | 176,862 | $ | 2,371,239 | $ | 1,125,237 | $ | 246,814 | $ | 700,201 | |||||||||||||||
-1 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $38.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of March 31, 2014. | ||||||||||||||||||||||||
31-Dec-13 | Consumer Credit Exposure-Credit Risk Profile based on payment activity | ||||||||||||||||||||||||
Residential Real-Estate | Consumer | ||||||||||||||||||||||||
FHA/VA/ Guaranteed (1) | Other residential loans | Auto | Finance Leases | Other Consumer | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Performing | $ | 195,226 | $ | 2,192,341 | $ | 1,091,004 | $ | 242,241 | $ | 688,181 | |||||||||||||||
Purchased Credit-Impaired | - | - | - | - | 4,791 | ||||||||||||||||||||
Non-performing | - | 161,441 | 21,316 | 3,082 | 15,904 | ||||||||||||||||||||
Total | $ | 195,226 | $ | 2,353,782 | $ | 1,112,320 | $ | 245,323 | $ | 708,876 | |||||||||||||||
-1 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013. | ||||||||||||||||||||||||
The following tables present information about impaired loans, excluding purchased credit-impaired loans, which are reported separately as discussed below: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Specific Allowance | Average Recorded Investment | Interest Income Recognized On Accrual Basis | Interest Income Recognized On Cash Basis | ||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Other residential mortgage loans | 251,650 | 272,706 | - | 251,951 | 2,529 | 533 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial mortgage loans | 62,200 | 68,818 | - | 62,275 | 394 | 116 | |||||||||||||||||||
Commercial and Industrial Loans | 21,068 | 25,015 | - | 21,287 | - | 8 | |||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 654 | 742 | - | 680 | 4 | - | |||||||||||||||||||
Construction-commercial | - | - | - | - | - | - | |||||||||||||||||||
Construction-residential | 14,258 | 17,234 | - | 14,386 | 42 | 1 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | - | - | - | - | - | - | |||||||||||||||||||
Finance leases | - | - | - | - | - | - | |||||||||||||||||||
Other consumer loans | 6,239 | 7,151 | - | 6,263 | 89 | - | |||||||||||||||||||
$ | 356,069 | $ | 391,666 | $ | - | $ | 356,842 | $ | 3,058 | $ | 658 | ||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Other residential mortgage loans | 167,658 | 189,505 | 17,273 | 167,772 | 1,256 | 435 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial mortgage loans | 157,660 | 174,734 | 29,833 | 160,537 | 442 | 528 | |||||||||||||||||||
Commercial and Industrial Loans | 130,585 | 164,932 | 19,098 | 133,296 | 571 | 20 | |||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 14,876 | 29,561 | 4,632 | 14,950 | 15 | 5 | |||||||||||||||||||
Construction-commercial | 15,981 | 16,223 | 8,122 | 16,001 | - | - | |||||||||||||||||||
Construction-residential | 12,867 | 13,342 | 2,400 | 12,993 | - | - | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 14,378 | 14,378 | 2,024 | 14,784 | 246 | - | |||||||||||||||||||
Finance leases | 2,240 | 2,240 | 65 | 2,299 | 54 | - | |||||||||||||||||||
Other consumer loans | 7,074 | 7,605 | 1,569 | 7,742 | 302 | - | |||||||||||||||||||
$ | 523,319 | $ | 612,520 | $ | 85,016 | $ | 530,374 | $ | 2,886 | $ | 988 | ||||||||||||||
Total: | |||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
Other residential mortgage loans | 419,308 | 462,211 | 17,273 | 419,723 | 3,785 | 968 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial mortgage loans | 219,860 | 243,552 | 29,833 | 222,812 | 836 | 644 | |||||||||||||||||||
Commercial and Industrial Loans | 151,653 | 189,947 | 19,098 | 154,583 | 571 | 28 | |||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 15,530 | 30,303 | 4,632 | 15,630 | 19 | 5 | |||||||||||||||||||
Construction-commercial | 15,981 | 16,223 | 8,122 | 16,001 | - | - | |||||||||||||||||||
Construction-residential | 27,125 | 30,576 | 2,400 | 27,379 | 42 | 1 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 14,378 | 14,378 | 2,024 | 14,784 | 246 | - | |||||||||||||||||||
Finance leases | 2,240 | 2,240 | 65 | 2,299 | 54 | - | |||||||||||||||||||
Other consumer loans | 13,313 | 14,756 | 1,569 | 14,005 | 391 | - | |||||||||||||||||||
$ | 879,388 | $ | 1,004,186 | $ | 85,016 | $ | 887,216 | $ | 5,944 | $ | 1,646 | ||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Specific Allowance | Average Recorded Investment | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Other residential mortgage loans | 220,428 | 237,709 | - | 222,617 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial mortgage loans | 69,484 | 73,723 | - | 71,367 | |||||||||||||||||||||
Commercial and Industrial Loans | 32,418 | 56,831 | - | 37,946 | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 359 | 366 | - | 360 | |||||||||||||||||||||
Construction-commercial | - | - | - | - | |||||||||||||||||||||
Construction-residential | 14,761 | 19,313 | - | 17,334 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | - | - | - | - | |||||||||||||||||||||
Finance leases | - | - | - | - | |||||||||||||||||||||
Other consumer loans | 4,035 | 4,450 | - | 3,325 | |||||||||||||||||||||
$ | 341,485 | $ | 392,392 | $ | - | $ | 352,949 | ||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Other residential mortgage loans | 190,566 | 212,028 | 18,125 | 193,372 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial mortgage loans | 149,888 | 163,656 | 32,189 | 153,992 | |||||||||||||||||||||
Commercial and Industrial Loans | 154,686 | 170,191 | 26,686 | 162,786 | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 27,711 | 40,348 | 10,455 | 28,906 | |||||||||||||||||||||
Construction-commercial | 16,022 | 16,238 | 8,873 | 16,157 | |||||||||||||||||||||
Construction-residential | 13,864 | 13,973 | 2,816 | 13,640 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 14,121 | 14,122 | 1,829 | 12,937 | |||||||||||||||||||||
Finance leases | 2,359 | 2,359 | 73 | 2,219 | |||||||||||||||||||||
Other consumer loans | 8,410 | 8,919 | 1,555 | 8,919 | |||||||||||||||||||||
$ | 577,627 | $ | 641,834 | $ | 102,601 | $ | 592,928 | ||||||||||||||||||
Total: | |||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||
Other residential mortage loans | 410,994 | 449,737 | 18,125 | 415,989 | |||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||
Commercial mortgage loans | 219,372 | 237,379 | 32,189 | 225,359 | |||||||||||||||||||||
Commercial and Industrial Loans | 187,104 | 227,022 | 26,686 | 200,732 | |||||||||||||||||||||
Construction: | |||||||||||||||||||||||||
Land | 28,070 | 40,714 | 10,455 | 29,266 | |||||||||||||||||||||
Construction-commercial | 16,022 | 16,238 | 8,873 | 16,157 | |||||||||||||||||||||
Construction-residential | 28,625 | 33,286 | 2,816 | 30,974 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Auto loans | 14,121 | 14,122 | 1,829 | 12,937 | |||||||||||||||||||||
Finance leases | 2,359 | 2,359 | 73 | 2,219 | |||||||||||||||||||||
Other consumer loans | 12,445 | 13,369 | 1,555 | 12,244 | |||||||||||||||||||||
$ | 919,112 | $ | 1,034,226 | $ | 102,601 | $ | 945,877 | ||||||||||||||||||
Interest income of approximately $8.4 million ($6.8 million accrual basis and $1.6 million cash basis) was recognized on impaired loans for the first quarter of 2013. | |||||||||||||||||||||||||
The following table shows the activity for impaired loans and the related specific reserve during the first quarter of 2014: | |||||||||||||||||||||||||
Quarter ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Impaired Loans: | (In thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 919,112 | |||||||||||||||||||||||
Loans determined impaired during the period | 54,277 | ||||||||||||||||||||||||
Net charge-offs | -32,039 | ||||||||||||||||||||||||
Increases to impaired loans- additional disbursements | 625 | ||||||||||||||||||||||||
Foreclosures | -4,006 | ||||||||||||||||||||||||
Loans no longer considered impaired | -3,728 | ||||||||||||||||||||||||
Paid in full or partial payments | -54,853 | ||||||||||||||||||||||||
Balance at end of period | $ | 879,388 | |||||||||||||||||||||||
Quarter ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Specific Reserve: | (In thousands) | ||||||||||||||||||||||||
Balance at beginning of period | $ | 102,601 | |||||||||||||||||||||||
Provision for loan losses | 14,454 | ||||||||||||||||||||||||
Net charge-offs | -32,039 | ||||||||||||||||||||||||
Balance at end of period | $ | 85,016 | |||||||||||||||||||||||
Acquired loans including PCI Loans | |||||||||||||||||||||||||
On May 30, 2012, the Corporation reentered the credit card business with the acquisition of an approximate $406 million portfolio of FirstBank-branded credit card loans from FIA Card Services (“FIA”). These loans were recorded on the consolidated statement of financial condition at an estimated fair value on the acquisition date of $368.9 million. The Corporation concluded that a portion of these acquired loans were PCI loans. PCI loans are acquired loans with evidence of credit quality deterioration since origination for which it is probable at the date of purchase that the Corporation will be unable to collect all contractually required payments. The loans that the Corporation concluded were credit impaired had a contractual outstanding unpaid principal and interest balance at acquisition of $34.6 million and an estimated fair value of $15.7 million. Given that the initial fair value of these loans included an estimate of credit losses expected to be realized over the remaining lives of the loans, the Corporation's subsequent accounting for PCI loans differs from the accounting for non−PCI loans; therefore, the Corporation separately tracks and reports PCI loans and excludes these loans from delinquency and nonperforming loan statistics. | |||||||||||||||||||||||||
Initial fair value and accretable yield of PCI loans | |||||||||||||||||||||||||
At acquisition, the Corporation estimated the cash flows the Corporation expected to collect on credit card loans acquired with a deteriorated credit quality. Under the accounting guidance for PCI loans, the difference between the contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. This difference is neither accreted into income nor recorded on the Corporation's consolidated statement of financial condition. The excess of cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loans, using the effective-yield method. The table below displays the contractually required principal and interest, cash flows expected to be collected and the fair value at acquisition related to the PCI loans the Corporation acquired. The table also displays the nonaccretable difference and the accretable yield at acquisition. | |||||||||||||||||||||||||
(In thousands) | At acquisition | ||||||||||||||||||||||||
Purchased Credit- | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
Contractually outstanding principal and interest at acquisition | $ | 34,577 | |||||||||||||||||||||||
Less: Nonaccretable difference | -15,408 | ||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 19,169 | ||||||||||||||||||||||||
Less: Accretable yield | -3,451 | ||||||||||||||||||||||||
Fair value of loans acquired | $ | 15,718 | |||||||||||||||||||||||
Outstanding balance and carrying value of PCI loans | |||||||||||||||||||||||||
The table below presents the outstanding contractual principal balance and carrying value of the PCI loans as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
(In thousands) | Purchase Credit-Impaired Loans March 31, 2014 | Purchase Credit-Impaired Loans December 31, 2013 | |||||||||||||||||||||||
Contractual balance | $ | 21,449 | $ | 22,748 | |||||||||||||||||||||
Carrying value | 3,383 | 4,791 | |||||||||||||||||||||||
Changes in accretable yield of acquired loans | |||||||||||||||||||||||||
Subsequent to acquisition, the Corporation is required to periodically evaluate its estimate of cash flows expected to be collected. These evaluations, performed quarterly, require the continued use of key assumptions and estimates, similar to the initial estimate of fair value. Subsequent changes in the estimated cash flows expected to be collected may result in changes in the accretable yield and nonaccretable difference or reclassifications from nonaccretable yield to accretable. Increases in the cash flows expected to be collected will generally result in an increase in interest income over the remaining life of the loan or pool of loans. Decreases in expected cash flows due to further credit deterioration will generally result in an impairment charge recognized in the Corporation's provision for loan and lease losses, resulting in an increase to the allowance for loan losses. During the first quarter of 2014 and 2013, the Corporation did not record charges to the provision for loan losses related to PCI loans. | |||||||||||||||||||||||||
The following table presents changes in the accretable yield related to the PCI loans acquired from FIA: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
PCI Loans | |||||||||||||||||||||||||
Accretable yield at acquisition | $ | 3,451 | |||||||||||||||||||||||
Accretion recognized in earnings | -1,280 | ||||||||||||||||||||||||
Accretable yield as of December 31, 2012 | 2,171 | ||||||||||||||||||||||||
Reclassification to nonaccretable | -1,352 | ||||||||||||||||||||||||
Accretion recognized in earnings | -819 | ||||||||||||||||||||||||
Accretable yield as of December 31, 2013 | $ | - | |||||||||||||||||||||||
During 2014, the Corporation purchased $44.4 million of residential mortgage loans consistent with a strategic program established by the Corporation in 2005 to purchase ongoing residential mortgage loan production from mortgage bankers in Puerto Rico. Generally, the loans purchased from mortgage bankers were conforming residential mortgage loans. Purchases of conforming residential mortgage loans provide the Corporation the flexibility to retain or sell the loans, including through securitization transactions, depending upon the Corporation's interest rate risk management strategies. When the Corporation sells such loans, it generally keeps the servicing of the loans. | |||||||||||||||||||||||||
In the ordinary course of business, the Corporation sells residential mortgage loans (originated or purchased) to GNMA and government-sponsored entities (“GSEs”). GNMA and GSEs, such as Fannie Mae (“FNMA”) and Freddie Mac (“FHLMC”), generally securitize the transferred loans into mortgage-backed securities for sale into the secondary market. The Corporation sold approximately $35.5 million of performing residential mortgage loans in the secondary market to FNMA and FHLMC during the first quarter of 2014. Also, the Corporation securitized $50.8 million of FHA/VA mortgage loans into GNMA mortgage-backed securities during the first quarter of 2014. The Corporation's continuing involvement in these loan sales consists primarily of servicing the loans. In addition, the Corporation agreed to repurchase loans when it breaches any of the representations and warranties included in the sale agreement. These representations and warranties are consistent with the GSEs' selling and servicing guidelines (i.e., ensuring that the mortgage was properly underwritten according to established guidelines). | |||||||||||||||||||||||||
For loans sold to GNMA, the Corporation holds an option to repurchase individual delinquent loans issued on or after January 1, 2003 when the borrower fails to make any payment for three consecutive months. This option gives the Corporation the ability, but not the obligation, to repurchase the delinquent loans at par without prior authorization from GNMA. | |||||||||||||||||||||||||
Under ASC Topic 860, Transfer and Servicing, once the Corporation has the unilateral ability to repurchase the delinquent loan, it is considered to have regained effective control over the loan and is required to recognize the loan and a corresponding repurchase liability on the balance sheet regardless of the Corporation's intent to repurchase the loan. | |||||||||||||||||||||||||
During the first quarter of 2014, the Corporation repurchased pursuant to its repurchase option with GNMA $1.0 million of loans previously sold to GNMA. The principal balance of these loans is fully guaranteed and the risk of loss related to repurchases is generally limited to the difference between the delinquent interest payment advanced to GNMA computed at the loan's interest rate and the interest payments reimbursed by FHA, which are computed at a pre-determined debenture rate. Repurchases of GNMA loans allow the Corporation, among other things, to maintain acceptable delinquency rates on outstanding GNMA pools and remain as a seller and servicer in good standing with GNMA. The Corporation generally remediates any breach of representations and warranties related to the underwriting of such loans according to established GNMA guidelines without incurring losses. The Corporation does not maintain a liability for estimated losses as a result of breaches in representations and warranties. | |||||||||||||||||||||||||
Loan sales to FNMA and FHLMC are without recourse in relation to the future performance of the loans. The Corporation repurchased at par loans previously sold to FNMA and FHLMC in the amount of $0.6 million during the first quarter of 2014. The Corporation's risk of loss with respect to these loans is also minimal as these repurchased loans are generally performing loans with documentation deficiencies. A $0.3 million loss was recorded in the first quarter of 2014 related to breaches in representations and warranties associated with certain foreclosed loans. Historically, losses experienced on these loans have been immaterial. As a consequence, as of March 31, 2014, the Corporation does not maintain a liability for estimated losses on loans expected to be repurchased as a result of breaches in loan and servicer representations and warranties. | |||||||||||||||||||||||||
Bulk Sale of Assets and Transfer of Loans to Held For Sale | |||||||||||||||||||||||||
On March 28, 2013, the Corporation completed the sale of adversely classified loans with a book value of $211.4 million ($100.1 million of commercial and industrial loans, $68.8 million of commercial mortgage loans, $41.3 million of construction loans, and $1.2 million of residential mortgage loans), and $6.3 million of OREO properties in a cash transaction. Included in the bulk sale was $185.0 million of non-performing assets. The sales price of this bulk sale was $120.2 million. Approximately $39.9 million of reserves had already been allocated to the loans. This transaction resulted in total charge-offs of $98.5 million and an incremental loss of $58.9 million, reflected in the provision for loan and lease losses for the first quarter of 2013. In addition, the Corporation recorded $3.9 million of professional fees specifically related to the bulk sale of assets. This transaction resulted in a total loss of $62.8 million. | |||||||||||||||||||||||||
In addition, during the first quarter of 2013, the Corporation transferred to held for sale non-performing loans with an aggregate book value of $181.6 million. These transfers resulted in charge-offs of $36.0 million and an incremental loss of $5.2 million reflected in the provision for loan and lease losses for the first quarter of 2013. | |||||||||||||||||||||||||
During the second quarter of 2013, the Corporation completed the sale of a $40.8 million non-performing commercial mortgage loan that was among the loans transferred to held for sale in the first quarter without incurring additional losses. | |||||||||||||||||||||||||
In separate transactions during 2013, the Corporation foreclosed on the collateral underlying $39.2 million related to one of the loans written-off and transferred to held for sale in the first quarter. Furthermore, in the third quarter of 2013, approximately $6.4 million of construction loans held for sale participations were paid off. | |||||||||||||||||||||||||
The Corporation's primary goal with respect to these sales has been to accelerate the disposition of non-performing assets, which is the main priority of the Corporation's Strategic Plan. The opportunistic sale of distressed assets is a pivotal and tactical step in the Corporation's efforts to reduce balance sheet risk, improve earnings in the future through reductions of credit-related-costs, and enhance credit quality consistent with regulators' expectations of adequate levels of adversely classified assets for financial institutions. | |||||||||||||||||||||||||
Loan Portfolio Concentration | |||||||||||||||||||||||||
The Corporation's primary lending area is Puerto Rico. The Corporation's banking subsidiary, First Bank, also lends in the USVI and BVI markets and in the United States (principally in the state of Florida). Of the total gross loans held for investment of $9.6 billion as of March 31, 2014, approximately 84% have credit risk concentration in Puerto Rico, 9% in the United States, and 7% in the USVI and BVI. | |||||||||||||||||||||||||
As of March 31, 2014, the Corporation had $454.2 million of credit facilities granted to the Puerto Rico government, its municipalities and public corporations, of which $403.9 million was outstanding, compared to $397.8 million outstanding as of December 31, 2013, and $81.0 million outstanding in credit facilities granted to the government of the Virgin Islands, compared to $60.6 million as of December 31, 2013. Approximately $200.3 million of the outstanding credit facilities consists of loans to municipalities in Puerto Rico. Municipal debt exposure is secured by ad valorem taxation without limitation as to rate or amount on all taxable property within the boundaries of each municipality. The good faith, credit, and unlimited taxing power of each applicable municipality have been pledged to the repayment of all outstanding bonds and notes. Approximately $84.5 million consists of loans to public corporations that receive revenues from the rates they charge for services or products, such as electric power services, including credit extended to the Puerto Rico Electric Power Authority for fuel purchases that have priority over senior bonds and other debt. Main public corporations have varying degrees of independence from the central government and many receive appropriations or other payments from the Puerto Rico's government general fund. Approximately $119.2 million consists of loans to the central government or units of the central government. Debt issued by the central government can either carry the full faith, credit, and taxing power of the Commonwealth of Puerto Rico or represent an obligation, that is subject to annual budget appropriations. Furthermore, the Corporation had $201.7 million outstanding as of March 31, 2014 in financing to the hotel industry in Puerto Rico guaranteed by the Puerto Rico Tourism Development Fund (“TDF”). The TDF is a subsidiary of the GDB that works with private-sector financial institutions to structure financings for new hospitality projects. | |||||||||||||||||||||||||
As disclosed in Note 4, S&P, Moody's and Fitch downgraded the credit rating of the Commonwealth of Puerto Rico's debt to non-investment grade categories. The Corporation cannot predict at this time the impact that the current fiscal situation of the Commonwealth of Puerto Rico and the various legislative and other measures adopted and to be adopted by the Puerto Rico government in response to such fiscal situation will have on the Puerto Rico economy and on the Corporation's financial condition and results of operations. | |||||||||||||||||||||||||
In addition to loans extended to government entities, the largest loan to one borrower as of March 31, 2014 in the amount of $235.9 million is with one mortgage originator in Puerto Rico, Doral Financial Corporation. This commercial loan is secured by individual real-estate loans, mostly 1-4 single-family residential mortgage loans in Puerto Rico. This loan is subject to collateral substitution that requires the borrower to substitute defaulted mortgages past due over 120 days. | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
The Corporation provides homeownership preservation assistance to its customers through a loss mitigation program in Puerto Rico that is similar to the U.S. government's Home Affordable Modification Program guidelines. Depending upon the nature of borrowers' financial condition, restructurings or loan modifications through this program as well as other restructurings of individual commercial, commercial mortgage, construction, and residential mortgage loans in the U.S. mainland fit the definition of TDRs. A restructuring of a debt constitutes a TDR if the creditor for economic or legal reasons related to the debtor's financial difficulties grants a concession to the debtor that it would not otherwise consider. Modifications involve changes in one or more of the loan terms that bring a defaulted loan current and provide sustainable affordability. Changes may include the refinancing of any past-due amounts, including interest and escrow, the extension of the maturity of the loan and modifications of the loan rate. As of March 31, 2014, the Corporation's total TDR loans of $622.3 million consisted of $338.3 million of residential mortgage loans, $89.8 million of commercial and industrial loans, $148.8 million of commercial mortgage loans, $17.2 million of construction loans, and $28.2 million of consumer loans. Outstanding unfunded commitments on TDR loans amounted to $0.3 million as of March 31, 2014. | |||||||||||||||||||||||||
The Corporation's loss mitigation programs for residential mortgage and consumer loans can provide for one or a combination of the following: movement of interest past due to the end of the loan, extension of the loan term, deferral of principal payments for a significant period of time, and reduction of interest rates either permanently (offered up to 2010) or for a period of up to two years (step-up rates). Additionally, in certain cases, the restructuring may provide for the forgiveness of contractually due principal or interest. Uncollected interest is added to the end of the loan term at the time of the restructuring and not recognized as income until collected or when the loan is paid off. These programs are available only to those borrowers who have defaulted, or are likely to default, permanently on their loan and would lose their homes in the foreclosure action absent some lender concession. Nevertheless, if the Corporation is not reasonably assured that the borrower will comply with its contractual commitment, properties are foreclosed. | |||||||||||||||||||||||||
Prior to permanently modifying a loan, the Corporation may enter into trial modifications with certain borrowers. Trial modifications generally represent a six-month period during which the borrower makes monthly payments under the anticipated modified payment terms prior to a formal modification. Upon successful completion of a trial modification, the Corporation and the borrower enter into a permanent modification. TDR loans that are participating in or that have been offered a binding trial modification are classified as TDRs when the trial offer is made and continue to be classified as TDR regardless of whether the borrower enters into a permanent modification. As of March 31, 2014, we classified an additional $11.1 million of residential mortgage loans as TDRs that were participating in or had been offered a trial modification. | |||||||||||||||||||||||||
For the commercial real estate, commercial and industrial, and the construction portfolios, at the time of a restructuring, the Corporation determines, on a loan-by-loan basis, whether a concession was granted for economic or legal reasons related to the borrower's financial difficulty. Concessions granted for commercial loans could include: reductions in interest rates to rates that are considered below market; extension of repayment schedules and maturity dates beyond original contractual terms; waivers of borrower covenants; forgiveness of principal or interest; or other contract changes that would be considered a concession. The Corporation mitigates loan defaults for its commercial loan portfolios through its collections function. The function's objective is to minimize both early stage delinquencies and losses upon default of commercial loans. In the case of commercial and industrial, commercial mortgage, and construction loan portfolios, the Special Asset Group (“SAG”) focuses on strategies for the accelerated reduction of non-performing assets through note sales, short sales, loss mitigation programs, and sales of OREO. In addition to the management of the resolution process for problem loans, the SAG oversees collection efforts for all loans to prevent migration to the non-performing and/or adversely classified status. The SAG utilizes relationship officers, collection specialists, and attorneys. In the case of residential construction projects, the workout function monitors project specifics, such as project management and marketing, as deemed necessary. The SAG utilizes its collections infrastructure of workout collection officers, credit work-out specialists, in-house legal counsel, and third-party consultants. In the case of residential construction projects and large commercial loans, the function also utilizes third-party specialized consultants to monitor the residential and commercial construction projects in terms of construction, marketing and sales, and assists with the restructuring of large commercial loans. In addition, the Corporation extends, renews, and restructures loans with satisfactory credit profiles. Many commercial loan facilities are structured as lines of credit, which are mainly one year in term and therefore are required to be renewed annually. Other facilities may be restructured or extended from time to time based upon changes in the borrower's business needs, use of funds, timing of completion of projects, and other factors. If the borrower is not deemed to have financial difficulties, extensions, renewals, and restructurings are done in the normal course of business and not considered concessions, and the loans continue to be recorded as performing. | |||||||||||||||||||||||||
Selected information on TDRs that includes the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all TDRs: | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
(In thousands) | Interest rate below market | Maturity or term extension | Combination of reduction in interest rate and extension of maturity | Forgiveness of principal and/or interest | Other (1) | Total | |||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Non- FHA/VA Residential Mortgage loans | $ | 24,336 | $ | 6,246 | $ | 274,375 | $ | - | $ | 33,322 | $ | 338,279 | |||||||||||||
Commercial Mortgage Loans | 31,769 | 12,933 | 84,470 | - | 19,643 | 148,815 | |||||||||||||||||||
Commercial and Industrial Loans | 12,030 | 4,915 | 18,486 | 3,112 | 51,296 | 89,839 | |||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | 856 | 370 | 1,696 | - | 512 | 3,434 | |||||||||||||||||||
Construction-commercial | - | - | 3,884 | - | - | 3,884 | |||||||||||||||||||
Construction-residential | 6,099 | 160 | 3,156 | - | 435 | 9,850 | |||||||||||||||||||
Consumer Loans - Auto | - | 621 | 8,228 | - | 5,529 | 14,378 | |||||||||||||||||||
Finance Leases | - | 589 | 1,651 | - | - | 2,240 | |||||||||||||||||||
Consumer Loans - Other | 227 | 208 | 9,374 | - | 1,792 | 11,601 | |||||||||||||||||||
Total Troubled Debt Restructurings (2) | $ | 75,317 | $ | 26,042 | $ | 405,320 | $ | 3,112 | $ | 112,529 | $ | 622,320 | |||||||||||||
-1 | Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table. | ||||||||||||||||||||||||
-2 | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | ||||||||||||||||||||||||
Selected information on TDRs that includes the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all TDRs: | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
(In thousands) | Interest rate below market | Maturity or term extension | Combination of reduction in interest rate and extension of maturity | Forgiveness of principal and/or interest | Other (1) | Total | |||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Non- FHA/VA Residential Mortgage loans | $ | 23,428 | $ | 6,059 | $ | 274,562 | $ | - | $ | 33,195 | $ | 337,244 | |||||||||||||
Commercial Mortgage Loans | 36,543 | 12,985 | 83,993 | 7 | 20,048 | 153,576 | |||||||||||||||||||
Commercial and Industrial Loans | 12,099 | 11,341 | 12,835 | 3,122 | 52,554 | 91,951 | |||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | 878 | 2,012 | 1,760 | - | 675 | 5,325 | |||||||||||||||||||
Construction-commercial | - | - | 3,924 | - | - | 3,924 | |||||||||||||||||||
Construction-residential | 6,054 | 160 | 3,173 | 994 | 513 | 10,894 | |||||||||||||||||||
Consumer Loans - Auto | - | 706 | 8,350 | - | 5,066 | 14,122 | |||||||||||||||||||
Finance Leases | - | 1,286 | 1,072 | - | - | 2,358 | |||||||||||||||||||
Consumer Loans - Other | 227 | 256 | 8,638 | - | 1,743 | 10,864 | |||||||||||||||||||
Total Troubled Debt Restructurings (2) | $ | 79,229 | $ | 34,805 | $ | 398,307 | $ | 4,123 | $ | 113,794 | $ | 630,258 | |||||||||||||
-1 | Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be | ||||||||||||||||||||||||
considered insignificant, payment plans under judicial stipulation or a combination of the concessions listed in the table. | |||||||||||||||||||||||||
-2 | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. | ||||||||||||||||||||||||
The following table presents the Corporation's TDR activity | |||||||||||||||||||||||||
(In thousands) | Quarter Ended | ||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Beginning Balance of TDRs | $ | 630,258 | |||||||||||||||||||||||
New TDRs | 19,935 | ||||||||||||||||||||||||
Increases to existing TDRs - additional disbursements | 27 | ||||||||||||||||||||||||
Charge-offs post modification | -7,982 | ||||||||||||||||||||||||
Foreclosures | -1,074 | ||||||||||||||||||||||||
Paid-off, partial payments, and other | -18,844 | ||||||||||||||||||||||||
Ending balance of TDRs | $ | 622,320 | |||||||||||||||||||||||
TDRs are classified as either accrual or nonaccrual loans. A loan on nonaccrual and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure, generally for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the restructuring, or significant events that coincide with the restructuring, are included in assessing whether the borrower can meet the new terms and may result in the loans being returned to accrual at the time of the restructuring or after a shorter performance period. If the borrower's ability to meet the revised payment schedule is uncertain, the loan remains classified as a nonaccrual loan. Loan modifications increase the Corporation's interest income by returning a non-performing loan to performing status, if applicable, increase cash flows by providing for payments to be made by the borrower, and avoid increases in foreclosure and OREO costs. The Corporation continues to consider a modified loan as an impaired loan for purposes of estimating the allowance for loan and lease losses. A TDR loan that specifies an interest rate that at the time of the restructuring is greater than or equal to the rate the Corporation is willing to accept for a new loan with comparable risk is not required to be reported as a TDR or as an impaired loan in the calendar years subsequent to the restructuring if it is in compliance with its modified terms. The Corporation did not remove loans from the TDR classification during the first quarter of 2014. | |||||||||||||||||||||||||
The following table provides a breakdown between accrual and nonaccrual status of TDRs: | |||||||||||||||||||||||||
(In thousands) | 31-Mar-14 | ||||||||||||||||||||||||
Accrual | Nonaccrual (1)(2) | Total TDRs | |||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | $ | 256,605 | $ | 81,674 | $ | 338,279 | |||||||||||||||||||
Commercial Mortgage Loans | 78,073 | 70,742 | 148,815 | ||||||||||||||||||||||
Commercial and Industrial Loans | 53,995 | 35,844 | 89,839 | ||||||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | 949 | 2,485 | 3,434 | ||||||||||||||||||||||
Construction-commercial | - | 3,884 | 3,884 | ||||||||||||||||||||||
Construction-residential | 3,316 | 6,534 | 9,850 | ||||||||||||||||||||||
Consumer Loans - Auto | 8,576 | 5,802 | 14,378 | ||||||||||||||||||||||
Finance Leases | 2,134 | 106 | 2,240 | ||||||||||||||||||||||
Consumer Loans - Other | 9,299 | 2,302 | 11,601 | ||||||||||||||||||||||
Total Troubled Debt Restructurings | $ | 412,947 | $ | 209,373 | $ | 622,320 | |||||||||||||||||||
-1 | Included in non-accrual loans are $76.3 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | ||||||||||||||||||||||||
-2 | Excludes non-accrual TDRs held for sale with a carrying value of $45.8 million as of March 31, 2014. | ||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | ||||||||||||||||||||||||
Accrual | Nonaccrual (1)(2) | Total TDRs | |||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | $ | 263,919 | $ | 73,324 | $ | 337,243 | |||||||||||||||||||
Commercial Mortgage Loans | 84,419 | 69,156 | 153,575 | ||||||||||||||||||||||
Commercial and Industrial Loans | 53,509 | 38,441 | 91,950 | ||||||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | 1,000 | 4,325 | 5,325 | ||||||||||||||||||||||
Construction-commercial | - | 3,924 | 3,924 | ||||||||||||||||||||||
Construction-residential | 3,332 | 7,562 | 10,894 | ||||||||||||||||||||||
Consumer Loans - Auto | 8,512 | 5,610 | 14,122 | ||||||||||||||||||||||
Finance Leases | 2,275 | 85 | 2,360 | ||||||||||||||||||||||
Consumer Loans - Other | 8,417 | 2,448 | 10,865 | ||||||||||||||||||||||
Total Troubled Debt Restructurings | $ | 425,383 | $ | 204,875 | $ | 630,258 | |||||||||||||||||||
-1 | Included in non-accrual loans are $95.7 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | ||||||||||||||||||||||||
-2 | Excludes non-accrual TDRs held for sale with a carrying value of $45.9 million as of December 31, 2013. | ||||||||||||||||||||||||
TDRs exclude restructured mortgage loans that are government guaranteed (i.e., FHA/VA loans) totaling $86.2 million. The Corporation excludes government guaranteed loans from TDRs given that, in the event that the borrower defaults on the loan, the principal and interest (debenture rate) are guaranteed by the U.S. government; therefore, the risk of loss on these types of loans is very low. The Corporation does not consider loans with government guarantees to be impaired loans for the purpose of calculating the allowance for loan and lease losses. | |||||||||||||||||||||||||
Loans modifications that are considered TDRs and were completed during the first quarter of 2014 and 2013 were as follows: | |||||||||||||||||||||||||
(Dollars in thousands) | Quarter ended March 31, 2014 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | 47 | $ | 7,709 | $ | 7,711 | ||||||||||||||||||||
Commercial Mortgage Loans | 3 | 834 | 837 | ||||||||||||||||||||||
Commercial and Industrial Loans | 5 | 7,964 | 7,630 | ||||||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | - | - | - | ||||||||||||||||||||||
Construction-commercial | - | - | - | ||||||||||||||||||||||
Construction-residential | - | - | - | ||||||||||||||||||||||
Consumer Loans - Auto | 117 | 1,605 | 1,605 | ||||||||||||||||||||||
Finance Leases | 10 | 193 | 193 | ||||||||||||||||||||||
Consumer Loans - Other | 429 | 1,959 | 1,959 | ||||||||||||||||||||||
Total Troubled Debt Restructurings | 611 | $ | 20,264 | $ | 19,935 | ||||||||||||||||||||
(Dollars in thousands) | Quarter ended March 31, 2013 | ||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | 73 | $ | 9,763 | $ | 9,787 | ||||||||||||||||||||
Commercial Mortgage Loans | - | - | - | ||||||||||||||||||||||
Commercial and Industrial Loans | 7 | 66,886 | 41,498 | ||||||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | - | - | - | ||||||||||||||||||||||
Construction-commercial | - | - | - | ||||||||||||||||||||||
Construction-residential | 1 | 196 | 196 | ||||||||||||||||||||||
Consumer Loans - Auto | 143 | 1,923 | 1,923 | ||||||||||||||||||||||
Finance Leases | 19 | 312 | 312 | ||||||||||||||||||||||
Consumer Loans - Other | 363 | 1,647 | 1,647 | ||||||||||||||||||||||
Total Troubled Debt Restructurings | 606 | $ | 80,727 | $ | 55,363 | ||||||||||||||||||||
Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again becoming a non-performing loan. Recidivism occurs at a notably higher rate than do defaults on new origination loans, so modified loans present a higher risk of loss than do new origination loans. The Corporation considers a loan to have defaulted if the borrower has failed to make payments of either principal, interest, or both for a period of 90 days or more. | |||||||||||||||||||||||||
Loan modification considered TDRs that defaulted during the quarters ended March 31, 2014 and March 31, 2013 and had become a TDRs during the 12 month preceding the default date, were as follows: | |||||||||||||||||||||||||
Quarter ended March 31, | |||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Number of contracts | Recorded Investment | Number of contracts | Recorded Investment | ||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | 14 | $ | 2,552 | 45 | $ | 7,525 | |||||||||||||||||||
Commercial Mortgage Loans | - | - | 1 | 46,102 | |||||||||||||||||||||
Commercial and Industrial Loans | - | - | 2 | 3,829 | |||||||||||||||||||||
Construction Loans: | |||||||||||||||||||||||||
Land | - | - | - | - | |||||||||||||||||||||
Construction-commercial | - | - | - | - | |||||||||||||||||||||
Construction-residential | - | - | - | - | |||||||||||||||||||||
Consumer Loans - Auto | 4 | 39 | 2 | 17 | |||||||||||||||||||||
Consumer Loans - Other | 45 | 176 | 5 | 82 | |||||||||||||||||||||
Finance Leases | - | - | - | - | |||||||||||||||||||||
Total | 63 | $ | 2,767 | 55 | $ | 57,555 | |||||||||||||||||||
For certain TDRs, the Corporation splits the loans into two new notes, A and B notes. The A note is restructured to comply with the Corporation's lending standards at current market rates, and is tailored to suit the customer's ability to make timely interest and principal payments. The B note includes the granting of the concession to the borrower and varies by situation. The B note is charged off but the obligation is not forgiven to the borrower, and any payments collected are accounted for as recoveries. At the time of restructuring, the A note is identified and classified as a TDR. If the loan performs for at least six months according to the modified terms, the A note may be returned to accrual status. The borrower's payment performance prior to the restructuring is included in assessing whether the borrower can meet the new terms and may result in the loans being returned to accrual status at the time of the restructuring. In the periods following the calendar year in which a loan was restructured, the A Note may no longer be reported as a TDR if it is on accrual, is in compliance with its modified terms, and yields a market rate (as determined and documented at the time of the restructure). | |||||||||||||||||||||||||
The recorded investment in loans held for investment restructured using the A/B note restructure workout strategy was approximately $78.8 million at March 31, 2014. The following table provides additional information about the volume of this type of loan restructuring and the effect on the allowance for loan and lease losses in the first quarter of 2014 and 2013: | |||||||||||||||||||||||||
(In thousands) | 31-Mar-14 | 31-Mar-13 | |||||||||||||||||||||||
Principal balance deemed collectible at end of period | $ | 78,833 | $ | 93,897 | |||||||||||||||||||||
Amount charged off | $ | - | $ | 25,389 | |||||||||||||||||||||
(Reductions) charges to the provision for loan losses | $ | -15 | $ | 1,556 | |||||||||||||||||||||
Allowance for loan losses at end of period | $ | 1,547 | $ | 2,577 | |||||||||||||||||||||
Of the loans comprising the $78.8 million that have been deemed collectible, approximately $77.1 million were placed in accruing status as the borrowers have exhibited a period of sustained performance. These loans continue to be individually evaluated for impairment purposes. | |||||||||||||||||||||||||
ALLOWANCE_FOR_LOAN_AND_LEASE_L
ALLOWANCE FOR LOAN AND LEASE LOSSES | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | ' | |||||||||||||||||||||||
NOTE 7 – ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||
The changes in the allowance for loan and lease losses were as follows: | ||||||||||||||||||||||||
(In thousands) | Residential Mortgage Loans | Commercial Mortgage Loans | Commercial & Industrial Loans | Construction Loans | Consumer Loans | Total | ||||||||||||||||||
Quarter ended March 31, 2014 | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Beginning balance | $ | 33,110 | $ | 73,138 | $ | 85,295 | $ | 35,814 | $ | 58,501 | $ | 285,858 | ||||||||||||
Charge-offs | -6,422 | -5,810 | -22,459 | -970 | -18,046 | -53,707 | ||||||||||||||||||
Recoveries | 69 | 35 | 663 | 617 | 1,328 | 2,712 | ||||||||||||||||||
Provision | 3,751 | -851 | 16,091 | -8,050 | 20,974 | 31,915 | ||||||||||||||||||
Ending balance | $ | 30,508 | $ | 66,512 | $ | 79,590 | $ | 27,411 | $ | 62,757 | $ | 266,778 | ||||||||||||
Ending balance: specific reserve for | ||||||||||||||||||||||||
impaired loans | $ | 17,273 | $ | 29,833 | $ | 19,098 | $ | 15,154 | $ | 3,658 | $ | 85,016 | ||||||||||||
Ending balance: purchased credit-impaired loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Ending balance: general allowance | $ | 13,235 | $ | 36,679 | $ | 60,492 | $ | 12,257 | $ | 59,099 | $ | 181,762 | ||||||||||||
Loans held for investment: | ||||||||||||||||||||||||
Ending balance | $ | 2,548,101 | $ | 1,846,016 | $ | 2,947,837 | $ | 152,579 | $ | 2,072,252 | $ | 9,566,785 | ||||||||||||
Ending balance: impaired loans | $ | 419,308 | $ | 219,860 | $ | 151,653 | $ | 58,636 | $ | 29,931 | $ | 879,388 | ||||||||||||
Ending balance: purchased credit- | ||||||||||||||||||||||||
impaired loans | $ | - | $ | - | $ | - | $ | - | $ | 3,383 | $ | 3,383 | ||||||||||||
Ending balance: loans with general allowance | $ | 2,128,793 | $ | 1,626,156 | $ | 2,796,184 | $ | 93,943 | $ | 2,038,938 | $ | 8,684,014 | ||||||||||||
(In thousands) | Residential Mortgage Loans | Commercial Mortgage Loans | Commercial & Industrial Loans | Construction Loans | Consumer Loans | Total | ||||||||||||||||||
Quarter ended March 31, 2013 | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Beginning balance | $ | 68,354 | $ | 97,692 | $ | 146,900 | $ | 61,600 | $ | 60,868 | $ | 435,414 | ||||||||||||
Charge-offs | -10,697 | -15,999 | -40,942 | -25,859 | -14,764 | -108,261 | ||||||||||||||||||
Charge-offs related to bulk sales | -1,031 | -40,057 | -44,678 | -12,753 | - | -98,519 | ||||||||||||||||||
Recoveries | 148 | 20 | 791 | 97 | 1,718 | 2,774 | ||||||||||||||||||
Provision | 7,948 | 36,397 | 35,292 | 21,948 | 9,538 | 111,123 | ||||||||||||||||||
Ending balance | $ | 64,722 | $ | 78,053 | $ | 97,363 | $ | 45,033 | $ | 57,360 | $ | 342,531 | ||||||||||||
Ending balance: specific reserve for | ||||||||||||||||||||||||
impaired loans | $ | 47,495 | $ | 36,134 | $ | 35,383 | $ | 21,689 | $ | 3,327 | $ | 144,028 | ||||||||||||
Ending balance: general allowance | $ | 17,227 | $ | 41,919 | $ | 61,980 | $ | 23,344 | $ | 54,033 | $ | 198,503 | ||||||||||||
Loans held for investment: | ||||||||||||||||||||||||
Ending balance | $ | 2,714,083 | $ | 1,671,269 | $ | 2,932,371 | $ | 222,762 | $ | 2,020,061 | $ | 9,560,546 | ||||||||||||
Ending balance: impaired loans | $ | 579,305 | $ | 203,500 | $ | 222,814 | $ | 68,027 | $ | 26,619 | $ | 1,100,265 | ||||||||||||
Ending balance: purchased credit- | ||||||||||||||||||||||||
impaired loans | $ | - | $ | - | $ | - | $ | - | $ | 9,224 | $ | 9,224 | ||||||||||||
Ending balance: loans with general allowance | $ | 2,134,778 | $ | 1,467,769 | $ | 2,709,557 | $ | 154,735 | $ | 1,984,218 | $ | 8,451,057 | ||||||||||||
The bulk sale of approximately $217.7 million of adversely classified assets completed in the first quarter of 2013, mainly commercial loans, resulted in charge-offs of approximately $98.5 million. In determining the historical loss rate for the computation of the general reserve for commercial loans, the Corporation includes the portion of these charge-offs that were related to the acceleration of previously reserved credit losses amounting to approximately $39.9 million. The Corporation considered that the portion not deemed to be credit-related losses was not indicative of the ultimate losses that may have occurred had the assets been resolved on an individual basis, over time and not in a steeply discounted bulk sale. A transaction, such as this one entered into to expedite the reduction of non-performing and adversely classified assets, can result in charge-offs that are not reflective of true credit-related charge-off history since there is a component related to the discount value realized on a bulk sale basis. Accordingly, the Corporation concluded it is reasonable to exclude the component related to the discounted value from its historical charge-offs analysis used in estimating its allowance for loan losses. | ||||||||||||||||||||||||
As of March 31, 2014, the Corporation maintained a $0.4 million reserve for unfunded loan commitments mainly related to outstanding construction and commercial and industrial loan commitments. The reserve for unfunded loan commitments is an estimate of the losses inherent in off-balance sheet loan commitments to borrowers that are experiencing financial difficulties at the balance sheet date. It is calculated by multiplying an estimated loss factor by an estimated probability of funding, and then by the period-end amounts for unfunded commitments. The reserve for unfunded loan commitments is included as part of accounts payable and other liabilities in the consolidated statement of financial condition. | ||||||||||||||||||||||||
LOANS_HELD_FOR_SALE
LOANS HELD FOR SALE | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
LOANS HELD FOR SALE | ' | ||||||
NOTE 8 – LOANS HELD FOR SALE | |||||||
The Corporation's loans held-for-sale portfolio was composed of: | |||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Residential mortgage loans | $ | 24,157 | $ | 21,168 | |||
Construction loans | 47,802 | 47,802 | |||||
Commercial mortgage loans | 6,953 | 6,999 | |||||
Total | $ | 78,912 | $ | 75,969 | |||
Non-performing loans held for sale totaled $54.8 million ($7.0 million commercial mortgage and $47.8 million construction loans) as of March 31, 2014 and December 31, 2013. |
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||
NOTE 9 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||
One of the market risks facing the Corporation is interest rate risk, which includes the risk that changes in interest rates will result in changes in the value of the Corporation's assets or liabilities and the risk that net interest income from its loan and investment portfolios will be adversely affected by changes in interest rates. The overall objective of the Corporation's interest rate risk management activities is to reduce the variability of earnings caused by changes in interest rates. | |||||||||||||||||
The Corporation designates a derivative as a fair value hedge, cash flow hedge or economic undesignated hedge when it enters into the derivative contract. As of March 31, 2014 and December 31, 2013, all derivatives held by the Corporation were considered economic undesignated hedges. These undesignated hedges are recorded at fair value with the resulting gain or loss recognized in current earnings. | |||||||||||||||||
The following summarizes the principal derivative activities used by the Corporation in managing interest rate risk: | |||||||||||||||||
Interest rate cap agreements - Interest rate cap agreements provide the right to receive cash if a reference interest rate rises above a contractual rate. The value increases as the reference interest rate rises. The Corporation enters into interest rate cap agreements for protection from rising interest rates. Specifically, the interest rate on the Corporation's commercial loan to another financial institution is generally a variable rate limited to the weighted average coupon of the referenced residential mortgage collateral, less a contractual servicing fee. | |||||||||||||||||
Interest rate swaps - Interest rate swap agreements generally involve the exchange of fixed and floating-rate interest payment obligations without the exchange of the underlying notional principal amount. As of March 31, 2014 and December 31, 2013, most of the interest rate swaps outstanding are used for protection against rising interest rates. Similar to unrealized gains and losses arising from changes in fair value, net interest settlements on interest rate swaps are recorded as an adjustment to interest income or interest expense depending on whether an asset or liability is being economically hedged. | |||||||||||||||||
Forward Contracts - Forward contracts are sales of to-be-announced (“TBA”) mortgage-backed securities that will settle over the standard delivery date and do not qualify as “regular way” security trades. Regular-way security trades are contracts with no net settlement provision and no market mechanism to facilitate net settlement and they provide for delivery of a security within the time generally established by regulations or conventions in the market place or exchange in which the transaction is being executed. The Forward sales are considered derivative instruments that need to be marked-to-market. These securities are used to economically hedge the FHA/VA residential mortgage loan securitizations of the mortgage-banking operations. Unrealized gains (losses) are recognized as part of mortgage banking activities in the Consolidated Statements of Income (Loss). | |||||||||||||||||
To satisfy the needs of its customers, the Corporation may enter into nonhedging transactions. On these transactions, generally, the Corporation participates as a buyer in one of the agreements and as a seller in the other agreement under the same terms and conditions. | |||||||||||||||||
In addition, the Corporation enters into certain contracts with embedded derivatives that do not require separate accounting as these are clearly and closely related to the economic characteristics of the host contract. When the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated, carried at fair value, and designated as a trading or nonhedging derivative instrument. | |||||||||||||||||
The following table summarizes the notional amounts of all derivative instruments: | |||||||||||||||||
Notional Amounts | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Undesignated economic hedges: | (In thousands) | ||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Interest rate swap agreements | $ | 30,970 | $ | 31,080 | |||||||||||||
Written interest rate cap agreements | 38,082 | 38,391 | |||||||||||||||
Purchased interest rate cap agreements | 38,082 | 38,391 | |||||||||||||||
Forward Contracts: | |||||||||||||||||
Sale of TBA GNMA MBS pools | 24,000 | 25,000 | |||||||||||||||
$ | 131,134 | $ | 132,862 | ||||||||||||||
Notional amounts are presented on a gross basis with no netting of offseting exposure positions. | |||||||||||||||||
The following table summarizes the fair value of derivative instruments and the location in the statement of financial condition: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Statement of | March 31, | December 31, | March 31, | December 31, | |||||||||||||
Financial | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Condition Location | Fair Value | Fair Value | Statement of Financial Condition Location | Fair Value | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||||
Undesignated economic hedges: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Interest rate swap agreements | Other assets | $ | 131 | $ | 162 | Accounts payable and other liabilities | $ | 3,621 | $ | 3,965 | |||||||
Written interest rate cap agreements | Other assets | - | - | Accounts payable and other liabilities | 39 | 58 | |||||||||||
Purchased interest rate cap agreements | Other assets | 39 | 58 | Accounts payable and other liabilities | - | - | |||||||||||
Forward Contracts: | |||||||||||||||||
Sales of TBA GNMA MBS pools | Other assets | 29 | 174 | Accounts payable and other liabilities | 20 | - | |||||||||||
$ | 199 | $ | 394 | $ | 3,680 | $ | 4,023 | ||||||||||
The following table summarizes the effect of derivative instruments on the statement of income (loss): | |||||||||||||||||
Gain (or Loss) | |||||||||||||||||
Location of Gain or (loss) | Quarter Ended | ||||||||||||||||
Recognized in Income on | March 31, | ||||||||||||||||
(In thousands) | Derivatives | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
UNDESIGNATED ECONOMIC HEDGES: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Interest rate swap agreements | Interest income - Loans | $ | 313 | $ | 390 | ||||||||||||
Written and purchased interest rate cap agreements | Interest income - loans | - | 10 | ||||||||||||||
Forward contracts: | |||||||||||||||||
Sales of TBA GNMA MBS pools | Mortgage Banking Activities | -165 | -105 | ||||||||||||||
Total gain on derivatives | $ | 148 | $ | 295 | |||||||||||||
Derivative instruments, such as interest rate swaps, are subject to market risk. As is the case with investment securities, the market value of derivative instruments 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 and the level of interest rates, as well as the expectations for rates in the future. | |||||||||||||||||
A summary of interest rate swaps is as follows: | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Pay fixed/receive floating : | |||||||||||||||||
Notional amount | $ | 30,970 | $ | 31,080 | |||||||||||||
Weighted-average receive rate at period end | 1.84% | 1.85% | |||||||||||||||
Weighted-average pay rate at period end | 6.77% | 6.77% | |||||||||||||||
Floating rates range from 167 to 187 basis points over 3-month LIBOR | |||||||||||||||||
As of March 31, 2014, the Corporation has not entered into any derivative instrument containing credit-risk-related | |||||||||||||||||
contingent features. | |||||||||||||||||
OFFSETTING_OF_ASSETS_AND_LIABI
OFFSETTING OF ASSETS AND LIABILITIES | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||
OFFSETTING OF ASSETS AND LIABILITIES | ' | ||||||||||||||||||||||
NOTE 10 – OFFSETTING OF ASSETS AND LIABILITIES | |||||||||||||||||||||||
The Corporation enters into master agreements with counterparties that may allow for netting of exposures in the event of default, primarily related to derivatives and 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 agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. The following table presents information about offsetting of financial assets and liabilities as well as derivative assets and liabilities: | |||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||
In thousands | |||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Assets Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 39 | $ | - | $ | 39 | $ | -39 | $ | - | $ | - | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Assets Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 58 | $ | - | $ | 58 | $ | -58 | $ | - | $ | - | |||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||
In thousands | |||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 3,621 | $ | - | $ | 3,621 | $ | -3,621 | $ | - | $ | - | |||||||||||
Repurchase agreements | 600,000 | - | 600,000 | -600,000 | - | - | |||||||||||||||||
Total | $ | 603,621 | $ | - | $ | 603,621 | $ | -603,621 | $ | - | $ | - | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 3,965 | $ | - | $ | 3,965 | $ | -3,965 | $ | - | $ | - | |||||||||||
Repurchase agreements | 600,000 | - | 600,000 | -600,000 | - | - | |||||||||||||||||
Total | $ | 603,965 | $ | - | $ | 603,965 | $ | -603,965 | $ | - | $ | - |
GOODWILL_AND_OTHER_INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
GOODWILL AND OTHER INTANGIBLES | ' | |||||
NOTE 11 – GOODWILL AND OTHER INTANGIBLES | ||||||
Goodwill as of March 31, 2014 and December 31, 2013 amounted to $28.1 million, recognized as part of “Other Assets” in the consolidated statement of financial condition. The Corporation conducted its annual evaluation of goodwill and intangibles during the fourth quarter of 2013. | ||||||
The Corporation bypassed the qualitative assessment in 2013 and proceeded directly to perform the first step of the two-step goodwill impairment test. The Step 1 evaluation of goodwill allocated to the Florida reporting unit under both valuation approaches (market and discounted cash flow analysis) indicated that the fair value of the unit was above the carrying amount of its equity book value as of the valuation date (October 1); therefore, the completion of Step 2 was not required. Based on the analysis under both the market and discounted cash flow analysis, the estimated fair value of equity of the reporting unit exceeded the carrying amount of the entity, including goodwill at the evaluation date. There have been no events related to the Florida reporting unit that could indicate potential goodwill impairment since the date of the last evaluation; therefore, no goodwill impairment evaluation was performed during the first quarter of 2014. Goodwill and other indefinite life intangibles are reviewed at least annually for impairment. | ||||||
In connection with the acquisition of the FirstBank-branded credit card loan portfolio, in the second quarter of 2012, the Corporation recognized a purchased credit card relationship intangible of $24.5 million, which is being amortized over 7.8 years on an accelerated basis based on the estimated attrition rate of the purchased credit card accounts, which reflects the pattern in which the economic benefits of the intangible asset are consumed. These benefits are consumed as the revenue stream generated by the cardholder relationship is realized. | ||||||
The following table shows the gross amount and accumulated amortization of the Corporation’s intangible assets recognized as part of Other Assets in the consolidated statement of financial condition: | ||||||
As of | As of | |||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
(Dollars in thousands) | ||||||
Core deposit intangible: | ||||||
Gross amount | $ | 45,844 | $ | 45,844 | ||
Accumulated amortization | -39,253 | -38,863 | ||||
Net carrying amount | $ | 6,591 | $ | 6,981 | ||
Remaining amortization period | 9.2 years | 9.8 years | ||||
Purchased credit card relationship intangible: | ||||||
Gross amount | $ | 24,465 | $ | 24,465 | ||
Accumulated amortization | -5,523 | -4,678 | ||||
Net carrying amount | $ | 18,942 | $ | 19,787 | ||
Remaining amortization period | 7.8 years | 8.0 years | ||||
For the quarters ended March 31, 2014 and 2013, the amortization expense of core deposit intangibles amounted to $0.4 million and $0.6 million, respectively. For the quarters ended March 31, 2014 and 2013, the amortization expense of the purchased credit card relationship intangible amounted to $0.8 million and $0.9 million, respectively. | ||||||
NONCONSOLIDATED_VARIABLE_INTER
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | ' | |||||||
NOTE 12 – NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | ||||||||
The Corporation transfers residential mortgage loans in sale or securitization transactions in which it has continuing involvement, including servicing responsibilities and guarantee arrangements. All such transfers have been accounted for as sales as required by applicable accounting guidance. | ||||||||
When evaluating transfers and other transactions with Variable Interest Entities (“VIEs”) for consolidation, the Corporation first determines if the counterparty is an entity for which a variable interest exists. If no scope exception is applicable and a variable interest exists, the Corporation then evaluates if it is the primary beneficiary of the VIE and whether the entity should be consolidated or not. | ||||||||
Below is a summary of transfers of financial assets to VIEs for which the Corporation has retained some level of continuing involvement: | ||||||||
Ginnie Mae | ||||||||
The Corporation typically transfers first lien residential mortgage loans in conjunction with GNMA securitization transactions in which the loans are exchanged for cash or securities that are readily redeemed for cash proceeds and servicing rights. The securities issued through these transactions are guaranteed by the issuer and, as such, under seller/servicer agreements, the Corporation is required to service the loans in accordance with the issuers' servicing guidelines and standards. As of March 31, 2014, the Corporation serviced loans securitized through GNMA with a principal balance of $1.1 billion. | ||||||||
Trust Preferred Securities | ||||||||
In 2004, FBP Statutory Trust I, a financing subsidiary of the Corporation, sold to institutional investors $100 million of its variable rate trust-preferred securities. The proceeds of the issuance, together with the proceeds of the purchase by the Corporation of $3.1 million of FBP Statutory Trust I variable rate common securities, were used by FBP Statutory Trust I to purchase $103.1 million aggregate principal amount of the Corporation's Junior Subordinated Deferrable Debentures. Also in 2004, FBP Statutory Trust II, a statutory trust that is wholly owned by the Corporation, sold to institutional investors $125 million of its variable rate trust-preferred securities. The proceeds of the issuance, together with the proceeds of the purchase by the Corporation of $3.9 million of FBP Statutory Trust II variable rate common securities, were used by FBP Statutory Trust II to purchase $128.9 million aggregate principal amount of the Corporation's Junior Subordinated Deferrable Debentures. The debentures are presented in the Corporation's consolidated statement of financial condition as Other Borrowings, net of related issuance costs. The variable rate trust-preferred securities are fully and unconditionally guaranteed by the Corporation. The $100 million Junior Subordinated Deferrable Debentures issued by the Corporation in April 2004 and the $125 million issued in September 2004 mature on June 17, 2034 and September 20, 2034, respectively; however, under certain circumstances, the maturity of Junior Subordinated Deferrable Debentures may be shortened (such shortening would result in a mandatory redemption of the variable rate trust-preferred securities). The trust-preferred securities, subject to certain limitations, qualify as Tier I regulatory capital under current applicable rules and regulations. The Collins Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act eliminates certain trust-preferred securities from Tier 1 Capital. Bank holding companies, such as the Corporation, must fully phase out these instruments from Tier 1 capital by January 1, 2016 (25% allowed in 2015 and 0% in 2016); however, these instruments may remain in Tier 2 capital until the instruments are redeemed or mature. | ||||||||
Grantor Trusts | ||||||||
During 2004 and 2005, a third party to the Corporation, from now on identified as the seller, established a series of statutory trusts to effect the securitization of mortgage loans and the sale of trust certificates. The seller initially provided the servicing for a fee, which is senior to the obligations to pay trust certificate holders. The seller then entered into a sales agreement through which it sold and issued the trust certificates in favor of the Corporation's banking subsidiary. Currently, the Bank is the sole owner of the trust certificates; the servicing of the underlying residential mortgages that generate the principal and interest cash flows, is performed by another third party, which receives a servicing fee. The securities are variable rate securities indexed to 90-day LIBOR plus a spread. The principal payments from the underlying loans are remitted to a paying agent (servicer) who then remits interest to the Bank; interest income is shared to a certain extent with the FDIC, which has an interest only strip (“IO”) tied to the cash flows of the underlying loans and is entitled to receive the excess of the interest income less a servicing fee over the variable rate income that the Bank earns on the securities. This IO is limited to the weighted average coupon of the securities. The FDIC became the owner of the IO upon the intervention of the seller, a failed financial institution. No recourse agreement exists and the risk from losses on non accruing loans and repossessed collateral is absorbed by the Bank as the sole holder of the certificates. As of March 31, 2014, the amortized balance and carrying value of the Grantor Trusts amounted to $53.1 million and $39.7 million, respectively, with a weighted average yield of 2.22%. | ||||||||
Investment in unconsolidated entity | ||||||||
On February 16, 2011, FirstBank sold an asset portfolio consisting of performing and non-performing construction, commercial mortgage and commercial and industrial loans with an aggregate book value of $269.3 million to CPG/GS, an entity organized under the laws of the Commonwealth of Puerto Rico and majority owned by PRLP Ventures LLC ("PRLP"), a company created by Goldman, Sachs & Co. and Caribbean Property Group. In connection with the sale, the Corporation received $88.5 million in cash and a 35% interest in CPG/GS, and made a loan in the amount of $136.1 million representing seller financing provided by FirstBank. The loan had a seven-year maturity and bears variable interest at 30-day LIBOR plus 300 basis points and is secured by a pledge of all of the acquiring entity's assets as well as the PRLP's 65% ownership interest in CPG/GS. As of March 31, 2014, the carrying amount of the loan was $42.1 million, which was included in the Corporation's Commercial and Industrial loans held for investment portfolio; the carrying value of FirstBank's equity interest in CPG/GS was $0.7 million as of March 31, 2014, accounted for under the equity method and included as part of Investment in unconsolidated entity in the Consolidated Statements of Financial Condition. When applying the equity method, the Bank follows the Hypothetical Liquidation Book Value method (“HLBV”) to determine its share in CPG/GS's earnings or losses. Under HLBV, the Bank determines its share in CPG/GS's earnings or losses by determining the difference between its “claim on CPG/GS's book value” at the end of the period as compared to the beginning of the period. This claim is calculated as the amount the Bank would receive if CPG/GS were to liquidate all of its assets at recorded amounts determined in accordance with GAAP and distribute the resulting cash to the investors, PRLP, and FirstBank, according to their respective priorities as provided in the contractual agreement. The Bank reports its share of CPG/GS's operating results on a one-quarter lag basis. In addition, as a result of using HLBV, the difference between the Bank's investment in CPG/GS and its claim on the book value of CPG/GS at the date of the investment, known as the basis difference, is amortized over the estimated life of the investment, or five years. CPG/GS records its loans receivable under the fair value option. Equity in loss of unconsolidated entity for the quarter ended March 31, 2014 of $6.6 million includes $1.1 million related to the amortization of the basis differential, compared to equity in losses of unconsolidated entities of $5.5 million for the first quarter of 2013. | ||||||||
FirstBank also provided an $80 million advance facility to CPG/GS to fund unfunded commitments and costs to complete projects under construction, which was fully disbursed in 2011, and a $20 million working capital line of credit to fund certain expenses of CPG/GS. During 2013, the working capital line of credit was renewed and reduced to $7 million for a period of two years expiring September 2015. During 2012, CPG/GS repaid the outstanding balance of the advance facility to fund unfunded commitments, and the funds became available to redraw under a one-time revolver agreement. These loans bear variable interest at 30-day LIBOR plus 300 basis points. As of March 31, 2014, the carrying values of the revolver agreement and the working capital line were $30.3 million and $0, respectively, and are included in the Corporation's commercial and industrial loans held for investment portfolio. | ||||||||
Cash proceeds received by CPG/GS are first used to cover operating expenses and debt service payments, including the note receivable, the advance facility, and the working capital line, described above, which must be substantially repaid before proceeds can be used for other purposes, including the return of capital to both PRLP and FirstBank. FirstBank will not receive any return on its equity interest until PRLP receives an aggregate amount equivalent to its initial investment and a priority return of at least 12%, resulting in FirstBank's interest in CPG/GS being subordinate to PRLP's interest. CPG/GS will then begin to make payments pro rata to PRLP and FirstBank, 35% and 65%, respectively, until FirstBank has achieved a 12% return on its invested capital and the aggregate amount of distributions is equal to FirstBank's capital contributions to CPG/GS. FirstBank may experience further losses associated with this transaction due to this subordination in an amount equal to up to the value of its interest in CPG/GS. The loss of $6.6 million recorded during the first quarter of 2014, reduced the carrying value of the Bank's investment in CPG/GS to $0.7 million. Factors that could impact FirstBank's recoverability of its equity interest include lower than expected sale prices of units underlying CPG/GS assets and/or lower than projected liquidation value of the underlying collateral and changes in the expected timing of cash flows, among others. | ||||||||
The Bank has determined that CPG/GS is a VIE in which the Bank is not the primary beneficiary. In determining the primary beneficiary of CPG/GS, the Bank considered applicable guidance that requires the Bank to qualitatively assess the determination of the primary beneficiary (or consolidator) of CPG/GS based on whether it has both the power to direct the activities of CPG/GS that most significantly impact the entity's economic performance and the obligation to absorb losses of CPG/GS that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. The Bank determined that it does not have the power to direct the activities that most significantly impact the economic performance of CPG/GS as it does not have the right to manage the loan portfolio, impact foreclosure proceedings, or manage the construction and sale of the property; therefore, the Bank concluded that it is not the primary beneficiary of CPG/GS. As a creditor to CPG/GS, the Bank has certain rights related to CPG/GS; however, these are intended to be protective in nature and do not provide the Bank with the ability to manage the operations of CPG/GS. Since CPG/GS is not a consolidated subsidiary of the Bank and the transaction met the criteria for sale accounting under authoritative guidance, the Bank accounted for this transaction as a true sale, recognizing the cash received, the notes receivable, and the interest in CPG/GS and derecognizing the loan portfolio sold. | ||||||||
The following table shows summarized unaudited income statement information of CPG/GS for the quarters ended March 31, 2014 and 2013: | ||||||||
Quarter Ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenues, including net realized gains on sale of | ||||||||
investments in loans and OREO | $ | 751 | $ | 679 | ||||
Gross profit (loss) | $ | -1,508 | $ | -1,774 | ||||
Net (loss) income | $ | -2,447 | $ | 4,517 | ||||
Servicing Assets | ||||||||
The Corporation is actively involved in the securitization of pools of FHA-insured and VA-guaranteed mortgages for issuance of GNMA mortgage-backed securities. Also, certain conventional conforming loans are sold to FNMA or FHLMC with servicing retained. The Corporation recognizes as separate assets the rights to service loans for others, whether those servicing assets are originated or purchased. | ||||||||
The changes in servicing assets are shown below: | ||||||||
Quarter ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 21,987 | $ | 17,524 | ||||
Capitalization of servicing assets | 1,052 | 1,720 | ||||||
Amortization | -783 | -790 | ||||||
Adjustment to fair value | -219 | 280 | ||||||
Other (1) | -11 | -17 | ||||||
Balance at end of period | $ | 22,026 | $ | 18,717 | ||||
-1 | Amount represents the adjustment to fair value related to the repurchase of loans serviced for others. | |||||||
Impairment charges are recognized through a valuation allowance for each individual stratum of servicing assets. The valuation allowance is adjusted to reflect the amount, if any, by which the cost basis of the servicing asset for a given stratum of loans being serviced exceeds its fair value. Any fair value in excess of the cost basis of the servicing asset for a given stratum is not recognized. | ||||||||
Changes in the impairment allowance were as follows: | ||||||||
Quarter ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 212 | $ | 672 | ||||
Temporary impairment charges | 219 | 40 | ||||||
Recoveries | - | -320 | ||||||
Balance at end of period | $ | 431 | $ | 392 | ||||
The components of net servicing income are shown below: | ||||||||
Quarter ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Servicing fees | $ | 1,671 | $ | 1,517 | ||||
Late charges and prepayment penalties | 164 | 213 | ||||||
Adjustment for loans repurchased | -11 | -17 | ||||||
Representations and warranties loss | -358 | - | ||||||
Servicing income, gross | 1,466 | 1,713 | ||||||
Amortization and impairment of servicing assets | -1,002 | -510 | ||||||
Servicing income, net | $ | 464 | $ | 1,203 | ||||
The Corporation's servicing assets are subject to prepayment and interest rates risks. Constant prepayment rate assumptions for the Corporation's servicing assets for the government guaranteed mortgage loans were 9.1% and 10.5% for the quarters ended March 31, 2014 and 2013, respectively. For conventional conforming mortgage loans, the Corporation used 8.9% and 10.9%, and for the conventional non-conforming mortgage loans 13.4% and 14.3%, for the quarters ended March 31, 2014 and 2013, respectively. Discount rate assumptions used were 11.5% and 12% for government guaranteed mortgage loans; 9.5% and 10% for conventional conforming mortgage loans; and 13.9% and 14.3% for conventional non-conforming mortgage loans for the quarters ended March 31, 2014 and 2013, respectively. | ||||||||
At March 31, 2014, fair values of the Corporation's servicing assets were based on a valuation model that incorporates market driven assumptions regarding discount rates and mortgage prepayment rates, adjusted by the particular characteristics of the Corporation's servicing portfolio. The weighted-averages of the key economic assumptions used by the Corporation in its valuation model and the sensitivity of the current fair value to immediate 10% and 20% adverse changes in those assumptions for mortgage loans at March 31, 2014 were as follows: | ||||||||
(Dollars in thousands) | ||||||||
Carrying amount of servicing assets | $ | 22,026 | ||||||
Fair value | $ | 25,041 | ||||||
Weighted-average expected life (in years) | 9.61 | |||||||
Constant prepayment rate (weighted-average annual rate) | 9.1 | % | ||||||
Decrease in fair value due to 10% adverse change | $ | 919 | ||||||
Decrease in fair value due to 20% adverse change | $ | 1,782 | ||||||
Discount rate (weighted-average annual rate) | 10.61 | % | ||||||
Decrease in fair value due to 10% adverse change | $ | 1,065 | ||||||
Decrease in fair value due to 20% adverse change | $ | 2,047 | ||||||
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 and 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 servicing asset is calculated without changing any other assumption; in reality, 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 counteract the sensitivities. |
DEPOSITS
DEPOSITS | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
DEPOSITS | ' | ||||||
NOTE 13 – DEPOSITS | |||||||
The following table summarizes deposit balances: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Type of account: | |||||||
Non-interest bearing checking accounts | $ | 905,650 | $ | 851,212 | |||
Savings accounts | 2,414,914 | 2,334,831 | |||||
Interest-bearing checking accounts | 1,152,422 | 1,167,480 | |||||
Certificates of deposit | 2,403,289 | 2,384,378 | |||||
Brokered CDs | 3,126,410 | 3,142,023 | |||||
$ | 10,002,685 | $ | 9,879,924 | ||||
Brokered CDs mature as follows: | |||||||
31-Mar-14 | |||||||
(In thousands) | |||||||
Three months or less | $ | 346,966 | |||||
Over three months to six months | 557,050 | ||||||
Over six months to one year | 854,800 | ||||||
One to three years | 1,203,461 | ||||||
Three to five years | 128,848 | ||||||
Over five years | 35,285 | ||||||
Total | $ | 3,126,410 | |||||
The following are the components of interest expense on deposits: | |||||||
Quarter Ended | |||||||
March 31, | March 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest expense on deposits | $ | 18,514 | $ | 23,389 | |||
Amortization of broker placement fees | 1,785 | 2,155 | |||||
Interest expense on deposits | $ | 20,299 | $ | 25,544 |
SECURITIES_SOLD_UNDER_AGREEMEN
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | ' | ||||||
NOTE 14 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | |||||||
Securities sold under agreements to repurchase (repurchase agreements) consist of the following: | |||||||
March, 31 | December 31, | ||||||
2014 | 2013 | ||||||
(Dollars in thousands) | |||||||
Repurchase agreements, interest ranging from 2.45% to 3.32% (1) | $ | 900,000 | $ | 900,000 | |||
-1 | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. | ||||||
Repurchase agreements mature as follows: | |||||||
31-Mar-14 | |||||||
(In thousands) | |||||||
Over one year to three years | $ | 600,000 | |||||
Three to five years | 300,000 | ||||||
Total | $ | 900,000 | |||||
As of March 31, 2014 and December 31, 2013, the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted. | |||||||
Repurchase agreements as of March 31, 2014, grouped by counterparty, were as follows: | |||||||
(Dollars in thousands) | Weighted-Average | ||||||
Counterparty | Amount | Maturity (In Months) | |||||
Citigroup Global Markets | $ | 300,000 | 31 | ||||
JP Morgan Chase | 200,000 | 35 | |||||
Dean Witter / Morgan Stanley | 100,000 | 43 | |||||
Credit Suisse First Boston | 300,000 | 45 | |||||
$ | 900,000 | ||||||
ADVANCES_FROM_THE_FEDERAL_HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | ' | ||||||
NOTE 15 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | |||||||
The following is a summary of the advances from the FHLB: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(Dollars in thousands) | |||||||
Fixed-rate advances from FHLB, with a weighted- | |||||||
average interest rate of 1.11% | $ | 300,000 | $ | 300,000 | |||
Advances from FHLB mature as follows: | |||||||
March 31, | |||||||
2014 | |||||||
(In thousands) | |||||||
Over one year to three years | $ | 100,000 | |||||
Over three years | 200,000 | ||||||
Total | $ | 300,000 | |||||
As of March 31, 2014, the Corporation had additional capacity of approximately $473.5 million on this credit facility based on collateral pledged at the FHLB, including a haircut reflecting the perceived risk associated with holding the collateral. |
OTHER_BORROWINGS
OTHER BORROWINGS | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
OTHER BORROWINGS | ' | |||||
NOTE 16 – OTHER BORROWINGS | ||||||
Other borrowings consist of: | ||||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | ||||||
Junior subordinated debentures due in 2034, | ||||||
interest-bearing at a floating rate of 2.75% | ||||||
over 3-month LIBOR (2.98% as of March 31, 2014 | ||||||
and 2.99% as of December 31, 2013) | $ | 103,093 | $ | 103,093 | ||
Junior subordinated debentures due in 2034, | ||||||
interest-bearing at a floating rate of 2.50% | ||||||
over 3-month LIBOR (2.73% as of March 31, 2014 | ||||||
and 2.75% as of December 31, 2013) | 128,866 | 128,866 | ||||
$ | 231,959 | $ | 231,959 |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 17 – STOCKHOLDERS' EQUITY | |||||||||||||||||
Common Stock | |||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Corporation had 2,000,000,000 authorized shares of common stock with a par value of $0.10 per share. As of March 31, 2014 and December 31, 2013, there were 209,578,959 and 207,635,157 shares issued, respectively, and 208,967,883 and 207,068,978 shares outstanding, respectively. On July 30, 2009, the Corporation announced the suspension of common and preferred stock dividends effective with the preferred dividend for the month of August 2009. | |||||||||||||||||
During the first quarter of 2014, the Corporation granted 810,138 shares of restricted stock to certain senior officers and certain other employees. The restrictions on such restricted stock will lapse with respect to 50% over a two-year period and 50% over a three-year period. Included in the shares of restricted stock granted in the first quarter of 2014 are 653,138 shares granted to certain senior officers consistent with the requirements of TARP. In addition, in the first quarter of 2014, the Corporation issued 60,381 shares of common stock as increased compensation to certain executive officers. As of March 31, 2014 and December 31, 2013, there were 2,151,823 and 1,411,185 shares of unvested restricted stock outstanding. During the first quarter of 2014, 2,000 shares of restricted stock were forfeited and the restrictions on 67,500 shares of restricted stock lapsed. Refer to Note 3 for additional information. | |||||||||||||||||
Preferred Stock | |||||||||||||||||
The Corporation has 50,000,000 authorized shares of preferred stock with a par value of $1, redeemable at the Corporation's option subject to certain terms. This stock may be issued in series and the shares of each series shall have such rights and preferences as are fixed by the Board of Directors when authorizing the issuance of that particular series. As of March 31, 2014, the Corporation has five outstanding series of nonconvertible, non-cumulative preferred stock: 7.125% non-cumulative perpetual monthly income preferred stock, Series A; 8.35% noncumulative perpetual monthly income preferred stock, Series B; 7.40% noncumulative perpetual monthly income preferred stock, Series C; 7.25% noncumulative perpetual monthly income preferred stock, Series D; and 7.00% noncumulative perpetual monthly income preferred stock, Series E. The liquidation value per share is $25. | |||||||||||||||||
Effective January 17, 2012, the Corporation delisted all of its outstanding series of nonconvertible, noncumulative preferred stock from the New York Stock Exchange. The Corporation has not arranged for listing and/or registration on another national securities exchange or for quotation of the Series A through E Preferred Stock in a quotation medium. | |||||||||||||||||
In the first quarter of 2014, the Corporation issued an aggregate of 1,075,283 shares of its common stock in exchange for an aggregate of 249,477 shares of the Corporation's Series A through E Preferred Stock, having an aggregate liquidation value of $6.2 million. The shares of common stock were issued to two holders of the Series A through E Preferred Stock in reliance upon the exemption set forth in Section 3(a)(9) of the Securities Act of 1933, as amended, for securities exchanged by an issuer with existing security holders where no commission or other remuneration is paid or given directly or indirectly by the issuer for soliciting such exchange. The carrying (liquidation) value of the Series A through E preferred stock exchanged, or $6.2 million, was reduced, and common stock and additional paid-in capital increased in the amount of the fair value of the common stock issued. The Corporation recorded the par value of the shares issued as common stock ($0.10 per common share) or $0.1 million. The excess of the common stock fair value over the par value, or $5.5 million, was recorded in additional paid-in capital. The excess of the carrying amount of the shares of preferred stock over the fair value of the shares of common stock, or $0.4 million, was recorded as an increase to retained earnings and an increase in earnings per common share computation. | |||||||||||||||||
The results of the exchange with respect to Series A through E preferred stock were as follows: | |||||||||||||||||
Shares of Preferred stock outstanding prior to exchange | |||||||||||||||||
Shares of preferred stock outstanding after exchange | Aggregate liquidation preference after exchange (In thousands) | ||||||||||||||||
Liquidation preference per share | Shares of preferred stock exchanged | Shares of common stock issued | |||||||||||||||
Title of Securities | |||||||||||||||||
7.125% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series A | $ | 25 | 450,195 | 51,790 | 398,405 | $ | 9,960 | 226,889 | |||||||||
8.35% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series B | $ | 25 | 475,987 | 36,250 | 439,737 | 10,994 | 158,809 | ||||||||||
7.40% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series C | $ | 25 | 460,611 | 69,707 | 390,904 | 9,773 | 291,056 | ||||||||||
7.25% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series D | $ | 25 | 510,592 | 46,176 | 464,416 | 11,610 | 201,040 | ||||||||||
7.00% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series E | $ | 25 | 624,487 | 45,554 | 578,933 | 14,473 | 197,489 | ||||||||||
2,521,872 | 249,477 | 2,272,395 | $ | 56,810 | 1,075,283 | ||||||||||||
Treasury stock | |||||||||||||||||
During the first quarter of 2014, the Corporation withheld an aggregate of 44,897 shares of the common stock paid to certain senior officers as additional compensation and of restricted stock that vested during the first quarter of 2014 to cover employees' payroll and income tax withholding liabilities; these shares are also held as treasury shares. As of March 31, 2014 and December 31, 2013, the Corporation had 611,076 and 566,179 shares held as treasury stock, respectively. | |||||||||||||||||
FirstBank Statutory Reserve (Legal Surplus) | |||||||||||||||||
The Banking Law of the Commonwealth of Puerto Rico requires that a minimum of 10% of FirstBank's net income for the year be transferred to legal surplus until such surplus equals the total of paid-in-capital on common and preferred stock. Amounts transferred to the legal surplus account from the retained earnings account are not available for distribution to the stockholders without the prior consent of the Puerto Rico Commissioner of Financial Institutions. The net loss experienced in 2013 exhausted FirstBank's statutory reserve fund. The Banking Law provides that when the expenditures of a Puerto Rico commercial bank are greater than receipts, the excess of the expenditures over receipts shall be charged against the undistributed profits of the bank, and the balance, if any shall be charged against the reserve fund, as a reduction thereof. If there is no reserve fund sufficient to cover such balance in whole or in part, the outstanding amount shall be charged against the capital account and the Bank cannot pay dividends until it can replenish the reserve fund to an amount of at least 20% of the original capital contributed. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2014 | |
INCOME TAXES | ' |
NOTE 18 - INCOME TAXES | |
Income tax expense includes Puerto Rico and Virgin Islands income taxes as well as applicable U.S. federal and state taxes. The Corporation is subject to Puerto Rico income tax on its income from all sources. As a Puerto Rico corporation, First BanCorp. is treated as a foreign corporation for U.S. income tax purposes and is generally subject to United States income tax only on its income from sources within the United States or income effectively connected with the conduct of a trade or business within the United States. Any such tax paid is also creditable against the Corporation's Puerto Rico tax liability, subject to certain conditions and limitations. | |
Under the Puerto Rico Internal Revenue Code of 2011, as amended (the “2011 PR Code”), the Corporation and its subsidiaries are treated as separate taxable entities and are not entitled to file consolidated tax returns and, thus, the Corporation is not able to utilize losses from one subsidiary to offset gains in another subsidiary. Accordingly, in order to obtain a tax benefit from a NOL, a particular subsidiary must be able to demonstrate sufficient taxable income within the applicable carry forward period. The 2011 PR Code provides a dividend received deduction of 100% on dividends received from “controlled” subsidiaries subject to taxation in Puerto Rico and 85% on dividends received from other taxable domestic corporations. | |
On June 30, 2013, the Puerto Rico Government approved Act No. 40 (“Act 40”), known as the “Tax Burden Adjustment and Redistribution Act,” which amended the 2011 PR Code, and Act No. 46 (“Act 46”), which bring changes to the sales and use tax regime. The main provisions of Act 40 that impact financial institutions include: | |
A new national gross receipts tax that in the case of financial institutions is 1% of gross income that is not deductible for purposes of computing net taxable income and is not part of the alternative minimum tax (“AMT”). This provision was retroactive to January 1, 2013. An expense of $1.5 million was recorded during the first quarter of 2014 related to the national gross receipts tax. No expense was recorded for the same period during 2013, however, the retroactive effect of the expense for the first quarter of 2013 recorded during the second quarter 2013 was $1.3 million. This expense is included as part of “Taxes, other than income taxes” in the consolidated statement of income (loss). Subject to certain limitations, a financial institution will be able to claim a credit of 0.5% of its gross income against its regular income tax or the alternative minimum tax. A $0.7 million benefit related to this credit was recorded as a reduction to the provision for income taxes in the first quarter of 2014. | |
A decrease in the deduction available to corporations for the computation of the additional surtax from $750,000 to $25,000 and a change in the surtax rate to rates that range from 5% to 19%, resulting in an increase in the maximum statutory tax rate from 30% to 39%. This provision was also retroactive to January 1, 2013. | |
A higher AMT rate (30% of the alternative minimum net income, as compared to 20% previously) and various parallel computations required to be made before determining whether an AMT liability exists. | |
The NOL carryover period increased from 10 years to 12 years for losses incurred in taxable years that commenced after December 31, 2004 and ended before January 1, 2013. The carryover period for NOLs incurred during taxable years commencing after December 31, 2012 is 10 years. The NOL deduction is now limited to 90% of taxable income for regular income tax purposes and 80% for AMT purposes. | |
Significant changes to the sales and use tax regime include adjustments to the Business to Business exclusion. The business to business exclusion applicable to services rendered from one registered business to another registered business remains in effect, except for certain services that will be taxable including, among others, service charges imposed by financial institutions on other businesses (commercial clients), collection services, repairs and maintenance services of real and personal property, and computer programming, including modifications to previously designed systems. The sales and use tax provisions were effective beginning on July 1, 2013. | |
On October 14, 2013, the Governor of Puerto Rico signed into law Act No. 117 (“Act 117”) providing additional changes and transitional provisions in connection with Act 40. In relation to the national gross receipts tax, Act 117 clarifies, among other things, that gross income subject to the special tax does not include the following: | |
Dividends received from a 100% controlled domestic subsidiary. During the first quarter of 2014, no dividends subject to this exception were received by any of the Corporation's entities. | |
Income attributable to a trade or business outside of Puerto Rico. | |
The Corporation has maintained an effective tax rate lower than the maximum statutory rate mainly by investing in government obligations and mortgage-backed securities exempt from U.S. and Puerto Rico income taxes and by doing business through an international banking entity (“IBE”) of the Bank and through the Bank's subsidiary, FirstBank Overseas Corporation, whose interest income and gain on sales is exempt from Puerto Rico and U.S. income taxation. The IBE and FirstBank Overseas Corporation were created under the International Banking Entity Act of Puerto Rico, which provides for total Puerto Rico tax exemption on net income derived by IBEs operating in Puerto Rico on the specific activities provided by the IBE Act. An IBE's that operates as a unit of a bank pays income taxes at normal rates to the extent that the IBE's net income exceeds 20% of the bank's total net taxable income. | |
For the quarter ended March 31, 2014, the Corporation recorded income tax expense was $0.9 million compared to $1.6 million for the same period in 2013. The decrease is primarily related to the $0.7 million credit that the Corporation will be able to claim against its regular income tax or alternative minimum tax that represents 50% of the national gross receipt tax assessed, as explained above. The income tax in the interim financial statements is calculated based on the income of the individual subsidiaries and the currently valid tax rates as a best possible estimate. As of March 31, 2014, the deferred tax asset, net of a valuation allowance of $519.3 million, amounted to $8.3 million compared to $7.6 million as of December 31, 2013. The decrease in the valuation allowance to $519.3 million from $522.7 million as of December 31, 2013 was mainly due to the reversal of temporary differences primarily attributable to the reduction in the allowance for loan and lease losses during the first quarter of 2014. | |
Accounting for income taxes requires that companies assess whether a valuation allowance should be recorded against their deferred tax asset based on an assessment of the amount of the deferred tax asset that is “more likely than not” to be realized. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. In making such assessment, significant weight is given to evidence that can be objectively verified, including both positive and negative evidence. Consideration must be given to all sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, future taxable income exclusive of the reversal of temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. In estimating taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions taking into account statutory, judicial and regulatory guidance. | |
In assessing the weight of positive and negative evidence, a significant negative factor that resulted in the maintenance of the valuation allowance was that the Corporation's banking subsidiary, FirstBank Puerto Rico, was in a three-year historical cumulative loss position as of March 31, 2014, mainly due to significant charges to the provision for loan and lease losses in prior years as a result of the economic downturn and bulk sales of assets completed in 2013. As of March 31, 2014, the Corporation had a gross deferred tax asset of $528.7 million, including $372.5 million associated with NOLs. The Bank incurred all of the NOLs on or after 2009. As mentioned before, the Corporation maintained a valuation allowance of $519.3 million as of March 31, 2014 against the deferred tax asset. As of March 31, 2014, management concluded that $8.3 million of the deferred tax asset will be realized as it relates to profitable subsidiaries and to amounts that can be realized through future reversals of existing taxable temporary differences. To the extent the realization of a portion, or all, of the tax asset becomes “more likely than not” based on changes in circumstances (such as, improved earnings, changes in tax laws or other relevant changes), a reversal of that portion of the deferred tax asset valuation allowance will then be recorded. | |
The authoritative accounting guidance prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of income tax uncertainties with respect to positions taken or expected to be taken on income tax returns. Under this guidance, income tax benefits are recognized and measured based upon a two-step analysis: 1) a tax position must be more likely than not to be sustained based solely on its technical merits in order to be recognized, and 2) the benefit is measured as the largest dollar amount of that position that is more likely than not to be sustained upon settlement. The difference between the benefit recognized under this analysis and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit (“UTB”). | |
The Corporation recorded UTBs of $4.3 million, all of which would, if recognized, affect the Corporation's effective tax rate. The Corporation classified all interest and penalties, if any, related to tax uncertainties as income tax expense. As of March 31, 2014, the Corporation's accrued interest that relates to tax uncertainties amounted to $2.4 million and there was no need to accrue for the payment of penalties. During the first quarter of 2014, there was no change to the UTB of $4.3 million. The years 2007 through 2009 have been examined by the United States Internal Revenue Service (“IRS”) and disputed issues were taken to administrative appeals during 2011. During the second half of 2013, the Corporation increased its UTBs by $3.1 million, including interest, mainly due to changes in management's judgment given the lengthy administrative appeals process and expectations as to resolution. During October 2013, the Corporation filed a mediation request with the IRS appeals office in an effort to expedite the resolution of the audits under their examination. Subsequent to the filing of the mediation request, the Corporation has exchanged communications with the IRS and management expects the prompt resolution of this matter. However, the Corporation currently cannot reasonably estimate a range of possible changes to the existing reserves. The amount of the Corporation's UTBs may increase or decrease for various reasons, including changes in the amounts for current tax year positions, the expiration of open income tax returns due to the expiration of statutes of limitations, changes in management's judgment about the level of uncertainty, the status of examinations, litigation and legislative activity, and the addition, or elimination, of uncertain tax positions. | |
The Corporation's liability for income taxes includes its liability for UTBs, and interest that relates to tax years still subject to review by taxing authorities. The UTBs are recorded as a liability instead of a reduction to the deferred tax asset as the Corporation's NOLs and tax credit carryfowards are not available to settle any income tax that would result from the disallowance of the Corporation's UTBs. Audit periods remain open for review until the statute of limitations has passed. The statute of limitations under the 2011 PR Code is 4 years; the statute of limitations for the Virgin Islands and for U.S. income tax purposes are each three years after a tax return is due or filed, whichever is later. The completion of an audit by the taxing authorities or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Corporation's liability for income taxes. Any such adjustment could be material to results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. For Puerto Rico and Virgin Islands income tax purposes, all tax years subsequent to 2008 and 2009, respectively, remain open to examination. Tax year 2010 is currently under examination by the Puerto Rico Department of Treasury. The examination is at a preliminary stage. Taxable years from 2007 remain open to examination for U.S. income tax purposes. | |
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
FAIR VALUE | ' | |||||||||||||||||||||||
NOTE 19 – FAIR VALUE | ||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||
The FASB authoritative guidance for fair value measurement defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This guidance also establishes a fair value hierarchy for classifying financial instruments. The hierarchy is based on whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. Three levels of inputs may be used to measure fair value: | ||||||||||||||||||||||||
Level 1 | Valuations of Level 1 assets and liabilities are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 1 assets and liabilities include equity securities that trade in an active exchange market, as well as certain U.S. Treasury and other U.S. government and agency securities and corporate debt securities that are traded by dealers or brokers in active markets. | |||||||||||||||||||||||
Level 2 | Valuations of Level 2 assets and liabilities are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on the value of identical or comparable assets, (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments, and (iii) derivative contracts and financial liabilities (e.g., medium-term notes elected to be measured at fair value) whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. | |||||||||||||||||||||||
Level 3 | Valuations of Level 3 assets and liabilities are based on unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value required significant management judgments estimation. | |||||||||||||||||||||||
For 2014, there have been no transfers into or out of Level 1, Level 2 or Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||
Financial Instruments Recorded at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||||||
The fair value of investment securities was the market value based on quoted market prices (as is the case with equity securities, U.S. Treasury notes, and non-callable U.S. Agency debt securities), when available (Level 1), or market prices for identical or comparable assets (as is the case with MBS and callable U.S. agency debt) that are based on observable market parameters, including benchmark yields, reported trades, quotes from brokers or dealers, issuer spreads, bids, offers and reference data including market research operations (Level 2). Observable prices in the market already consider the risk of nonperformance. If listed prices or quotes are not available, fair value is based upon models that use unobservable inputs due to the limited market activity of the instrument, as is the case with certain private label mortgage-backed securities held by the Corporation (Level 3). | ||||||||||||||||||||||||
Private label MBS are collateralized by fixed-rate mortgages on single-family residential properties in the United States; the interest rate on the securities is variable, tied to three-month LIBOR and limited to the weighted average coupon of the underlying collateral. The market valuation represents the estimated net cash flows over the projected life of the pool of underlying assets applying a discount rate that reflects market observed floating spreads over LIBOR, with a widening spread based on a nonrated security. The market valuation is derived from a model that utilizes relevant assumptions such as prepayment rate, default rate, and loss severity on a loan level basis. The Corporation modeled the cash flow from the fixed-rate mortgage collateral using a static cash flow analysis according to collateral attributes of the underlying mortgage pool (i.e. loan term, current balance, note rate, rate adjustment type, rate adjustment frequency, rate caps, and others) in combination with prepayment forecasts obtained from a commercially available prepayment model (ADCO). The variable cash flow of the security is modeled using the 3-month LIBOR forward curve. Loss assumptions were driven by the combination of default and loss severity estimates, taking into account loan credit characteristics (loan-to-value, state, origination date, property type, occupancy loan purpose, documentation type, debt-to-income ratio, and other) to provide an estimate of default and loss severity. Refer to the table below for further information regarding qualitative information for all assets and liabilities measured at fair value using significant unobservable inputs (Level 3). | ||||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||
The fair value of most of the Corporation's derivative instruments is based on observable market parameters and takes into consideration the credit risk component of paying counterparties, when appropriate, except when collateral is pledged. That is, on interest rate swaps, the credit risk of both counterparties is included in the valuation; and, on options and caps, only the seller's credit risk is considered. The derivative instruments, namely swaps and caps, were valued based on a discounted cash flow approach using the related LIBOR and swap rate for each cash flow. Derivatives include interest rate swaps used for protection against rising interest rates. For these interest rate swaps, a credit component was not considered in the valuation since the Corporation has fully collateralized with investment securities any marked-to-market loss with the counterparty and, if there were market gains, the counterparty had to deliver collateral to the Corporation. | ||||||||||||||||||||||||
Although most of the derivative instruments are fully collateralized, a credit spread is considered for those that are not secured in full. The cumulative mark-to-market effect of credit risk in the valuation of derivative instruments for the quarter ended March 31, 2014 was immaterial. | ||||||||||||||||||||||||
The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The fair value amounts presented do not necessarily represent management's estimate of the underlying value of the Corporation. | ||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis, are summarized below: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Assets/Liabilities at Fair Value | Level 1 | Level 2 | Level 3 | Assets/Liabilities at Fair Value | ||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale : | ||||||||||||||||||||||||
Equity securities | $ | 18 | $ | - | $ | - | $ | 18 | $ | 33 | $ | - | $ | - | $ | 33 | ||||||||
U.S. Treasury Securities | 7,500 | - | - | 7,500 | 7,499 | - | - | 7,499 | ||||||||||||||||
Noncallable U.S. agency debt | - | 203,675 | - | 203,675 | - | 200,903 | - | 200,903 | ||||||||||||||||
Callable U.S. agency debt and MBS | - | 1,719,543 | - | 1,719,543 | - | 1,677,651 | - | 1,677,651 | ||||||||||||||||
Puerto Rico government obligations | - | 53,698 | 7,657 | 61,355 | - | 48,904 | 2,426 | 51,330 | ||||||||||||||||
Private label MBS | - | - | 39,853 | 39,853 | - | - | 40,866 | 40,866 | ||||||||||||||||
Derivatives, included in assets: | ||||||||||||||||||||||||
Interest rate swap agreements | - | 131 | - | 131 | - | 162 | - | 162 | ||||||||||||||||
Purchased interest rate cap agreements | - | 39 | - | 39 | - | 58 | - | 58 | ||||||||||||||||
Forward contracts | - | 29 | - | 29 | - | 174 | - | 174 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives, included in liabilities: | ||||||||||||||||||||||||
Interest rate swap agreements | - | 3,621 | - | 3,621 | - | 3,965 | - | 3,965 | ||||||||||||||||
Written interest rate cap agreement | - | 39 | - | 39 | - | 58 | - | 58 | ||||||||||||||||
Forward contracts | - | 20 | - | 20 | - | - | - | - | ||||||||||||||||
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 ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
Total Fair Value Measurements | ||||||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Level 3 Instruments Only | Securities | Securities | ||||||||||||||||||||||
(In thousands) | Available For Sale(1) | Available For Sale(1) | ||||||||||||||||||||||
Beginning balance | $ | 43,292 | 54,617 | |||||||||||||||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||
Included in earnings | - | -117 | ||||||||||||||||||||||
Included in other comprehensive income | 964 | 831 | ||||||||||||||||||||||
Purchases | 5,123 | - | ||||||||||||||||||||||
Principal repayments and amortization | -1,869 | -3,284 | ||||||||||||||||||||||
Ending balance | $ | 47,510 | $ | 52,047 | ||||||||||||||||||||
-1 | Amounts mostly related to private label MBS. | |||||||||||||||||||||||
The table below presents qualitative information for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at March 31, 2014: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||
Private label MBS | $ | 39,853 | Discounted cash flow | Discount rate | 14.50% | |||||||||||||||||||
Prepayment rate | 20.31% -100% (Weighted Average 33%) | |||||||||||||||||||||||
Projected Cumulative Loss Rate | 0.86% -80% (Weighted Average 8.4%) | |||||||||||||||||||||||
Puerto Rico Government Obligations | 7,657 | Discounted cash flow | Prepayment speed | 5.91% | ||||||||||||||||||||
Information about Sensitivity to Changes in Significant Unobservable Inputs | ||||||||||||||||||||||||
Private label MBS: The significant unobservable inputs in the valuation include probability of default, the loss severity assumption, and prepayment rates. Shifts in those inputs would result in different fair value measurements. Increases in the probability of default, loss severity assumptions, and prepayments rates in isolation would generally result in an adverse effect on the fair value of the instruments. Meaningful and possible shifts of each input were modeled to assess the effect on the fair value estimation. | ||||||||||||||||||||||||
Puerto Rico Government Obligations: The significant unobservable input used in the fair value measurement is the assumed prepayment rate. A significant increase (decrease) in the assumed rate would lead to a higher (lower) fair value estimate. Loss severity and probability of default are not included as significant unobservable variables because the notes are guaranteed by the Puerto Rico Housing Finance Authority (“PRHFA”). The PRHFA credit risk is modeled by discounting the cash flows using a curve appropriate to the PRHFA credit rating. | ||||||||||||||||||||||||
The table below summarizes changes in unrealized gains and losses recorded in earnings for the quarters ended March 31,2014 and 2013 for Level 3 assets and liabilities that are still held at the end of each period: | ||||||||||||||||||||||||
Changes in Unrealized Losses | Changes in Unrealized Losses | |||||||||||||||||||||||
(Quarter ended March 31, 2014) | (Quarter Ended March 31, 2013) | |||||||||||||||||||||||
Level 3 Instruments Only | Securities | Securities | ||||||||||||||||||||||
(In thousands) | Available For Sale | Available For Sale | ||||||||||||||||||||||
Changes in unrealized losses relating to assets still held at reporting date: | ||||||||||||||||||||||||
Net impairment losses on investment securities (credit component) | $ - | ($117) | ||||||||||||||||||||||
Additionally, fair value is used on a nonrecurring basis to evaluate certain assets in accordance with GAAP. Adjustments to fair value usually result from the application of lower-of-cost or market accounting (e.g., loans held for sale carried at the lower-of-cost or fair value and repossessed assets) or write downs of individual assets (e.g., goodwill, loans). | ||||||||||||||||||||||||
As of March 31, 2014, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: | ||||||||||||||||||||||||
Carrying value as of March 31, 2014 | (Losses) Gain recorded for the Quarter Ended March 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable (1) | $ | - | $ | - | $ | 478,393 | $ | -23,793 | ||||||||||||||||
Other Real Estate Owned (2) | - | - | 138,622 | -4,747 | ||||||||||||||||||||
Mortgage servicing rights (3) | - | - | 22,026 | -219 | ||||||||||||||||||||
Loans Held For Sale (4) | - | - | 54,755 | - | ||||||||||||||||||||
-1 | Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||||||||||
-2 | The fair value was derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g. absorption rates, net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loan to the OREO portfolio. | |||||||||||||||||||||||
-3 | Fair value adjustments to mortgage servicing rights were mainly due to assumptions associated with mortgage prepayment rates. The Corporation carries its mortgage servicing rights at the lower of cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights included: Prepayment rate 9.10%, Discount Rate 10.61%. | |||||||||||||||||||||||
-4 | The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed sale agreements, the value was determined based on the sales price on such agreements. | |||||||||||||||||||||||
As of March 31, 2013, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: | ||||||||||||||||||||||||
Carrying value as of March 31, 2013 | (Losses) Gain recorded for the Quarter Ended March 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable (1) | $ | - | $ | - | $ | 583,812 | $ | -22,954 | ||||||||||||||||
Other Real Estate Owned (2) | - | - | 181,479 | -3,782 | ||||||||||||||||||||
Mortgage servicing rights (3) | - | - | 18,717 | 280 | ||||||||||||||||||||
Loans Held For Sale (4) | - | - | 147,995 | -5,222 | ||||||||||||||||||||
-1 | Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||||||||||
-2 | The fair value was derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g. absorption rates, net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loan to the OREO portfolio. | |||||||||||||||||||||||
-3 | Fair value adjustments to the mortgage servicing rights were mainly due to assumptions associated with mortgage prepayments rates. The Corporation carries its mortgage servicing rights at the lower-of-cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights included: Prepayment Rate 10.81%, Discount Rate 11.06%. | |||||||||||||||||||||||
-4 | Level 3 Loans Held For Sale were the $181.6 million transferred to held for sale during the first quarter of 2013, which were recorded at a value of $148.0 million. The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed agreements the value was determined based on the sales price of such agreements. | |||||||||||||||||||||||
Qualitative information regarding the fair value measurements for Level 3 financial instruments is as follows: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Method | Inputs | |||||||||||||||||||||||
Loans | Income, Market, Comparable Sales, Discounted Cash Flows | External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors | ||||||||||||||||||||||
OREO | Income, Market, Comparable Sales, Discounted Cash Flows | External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors | ||||||||||||||||||||||
Mortgage servicing rights | Discounted Cash Flow | Weighted average prepayment rate of 9.10 %; weighted average discount rate of 10.61% | ||||||||||||||||||||||
The following is a description of the valuation methodologies used for instruments that are not measured or reported at fair value on a recurring basis or reported at fair value on a non-recurring basis. The estimated fair value was calculated using certain facts and assumptions, which vary depending on the specific financial instrument. | ||||||||||||||||||||||||
Cash and due from banks and money market investments | ||||||||||||||||||||||||
The carrying amounts of cash and due from banks and money market investments are reasonable estimates of their fair value. Money market investments include held-to-maturity securities, which have a contractual maturity of three months or less. The fair value of these securities is based on quoted market prices in active markets that incorporate the risk of nonperformance. | ||||||||||||||||||||||||
Other equity securities | ||||||||||||||||||||||||
Equity or other securities that do not have a readily available fair value are stated at their net realizable value, which management believes is a reasonable proxy for their fair value. This category is principally composed of stock that is owned by the Corporation to comply with FHLB regulatory requirements. The realizable value of the FHLB stock equals its cost as this stock can be freely redeemed at par. | ||||||||||||||||||||||||
Loans receivable, including loans held for sale | ||||||||||||||||||||||||
The fair value of loans held for investment and of mortgage loans held for sale was estimated using discounted cash flow analyses, based on interest rates currently being offered for loans with similar terms and credit quality and with adjustments that the Corporation's management believes a market participant would consider in determining fair value. Loans were classified by type, such as commercial, residential mortgage, and automobile. These asset categories were further segmented into fixed- and adjustable-rate categories. Valuations are carried out based on categories and not on a loan-by-loan basis. The fair values of performing fixed-rate and adjustable-rate loans were calculated by discounting expected cash flows through the estimated maturity date. This fair value is not currently an indication of an exit price as that type of assumption could result in a different fair value estimate. The fair value of credit card loans was estimated using a discounted cash flow method and excludes any value related to a customer account relationship. Other loans with no stated maturity, like credit lines, were valued at book value. Prepayment assumptions were considered for non-residential loans. For residential mortgage loans, prepayment estimates were based on a prepayments model that combined both a historical calibration and current market prepayment expectations. Discount rates were based on the Treasury and LIBOR/Swap Yield Curves at the date of the analysis, and included appropriate adjustments for expected credit losses and liquidity. For impaired collateral dependent loans, the impairment was primarily measured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observable transactions involving similar assets in similar locations. | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
The estimated fair value of demand deposits and savings accounts, which are deposits with no defined maturities, equals the amount payable on demand at the reporting date. The fair values of retail fixed-rate time deposits, with stated maturities, are based on the present value of the future cash flows expected to be paid on the deposits. The cash flows were based on contractual maturities; no early repayments were assumed. Discount rates were based on the LIBOR yield curve. | ||||||||||||||||||||||||
The estimated fair value of total deposits excludes the fair value of core deposit intangibles, which represent the value of the customer relationship measured by the value of demand deposits and savings deposits that bear a low or zero rate of interest and do not fluctuate in response to changes in interest rates. | ||||||||||||||||||||||||
The fair value of brokered CDs, which are included within deposits, is determined using discounted cash flow analyses over the full term of the CDs. The fair value of the CDs is computed using the outstanding principal amount. The discount rates used were based on brokered CD market rates as of March 31, 2014. The fair value does not incorporate the risk of nonperformance, since interests in brokered CDs are generally sold by brokers in amounts of less than $250,000 and, therefore, insured by the FDIC. | ||||||||||||||||||||||||
Securities sold under agreements to repurchase | ||||||||||||||||||||||||
Some repurchase agreements reprice at least quarterly, and their outstanding balances are estimated to be their fair value. Where longer commitments are involved, fair value is estimated using exit price indications of the cost of unwinding the transactions as of the end of the reporting period. The brokers who are the counterparties provide these indications. Securities sold under agreements to repurchase are fully collateralized by investment securities. | ||||||||||||||||||||||||
Advances from FHLB | ||||||||||||||||||||||||
The fair value of advances from FHLB with fixed maturities is determined using discounted cash flow analyses over the full term of the borrowings, using indications of the fair value of similar transactions. The cash flows assume no early repayment of the borrowings. Discount rates are based on the LIBOR yield curve. Advances from FHLB are fully collateralized by mortgage loans and, to a lesser extent, investment securities. | ||||||||||||||||||||||||
Other borrowings | ||||||||||||||||||||||||
Other borrowings consist of junior subordinated debentures. Projected cash flows from the debentures were discounted using the Bloomberg BB Finance curve plus a credit spread. This credit spread was estimated using the difference in yield curves between swap rates and a yield curve that considers the industry and credit rating of the Corporation as issuer of the note at a tenor comparable to the time to maturity of the debentures. | ||||||||||||||||||||||||
The following table presents the estimated fair value and carrying value of financial instruments as of March 31, 2014 and December 31, 2013 | ||||||||||||||||||||||||
Total Carrying Amount in Statement of Financial Condition March 31, 2014 | Fair Value Estimated March 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks and money | ||||||||||||||||||||||||
market investments | $ | 841,497 | $ | 841,497 | $ | 841,497 | $ | - | $ | - | ||||||||||||||
Investment securities available | ||||||||||||||||||||||||
for sale | 2,031,944 | 2,031,944 | 7,518 | 1,976,916 | 47,510 | |||||||||||||||||||
Other equity securities | 28,691 | 28,691 | - | 28,691 | - | |||||||||||||||||||
Loans held for sale | 78,912 | 79,268 | - | 24,513 | 54,755 | |||||||||||||||||||
Loans, held for investment | 9,566,785 | |||||||||||||||||||||||
Less: allowance for loan and lease losses | -266,778 | |||||||||||||||||||||||
Loans held for investment, net of allowance | $ | 9,300,007 | 9,071,147 | - | - | 9,071,147 | ||||||||||||||||||
Derivatives, included in assets | 199 | 199 | - | 199 | - | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 10,002,685 | 10,015,793 | - | 10,015,793 | - | |||||||||||||||||||
Securities sold under agreements to repurchase | 900,000 | 971,656 | - | 971,656 | - | |||||||||||||||||||
Advances from FHLB | 300,000 | 298,181 | - | 298,181 | - | |||||||||||||||||||
Other borrowings | 231,959 | 116,038 | - | - | 116,038 | |||||||||||||||||||
Derivatives, included in liabilities | 3,680 | 3,680 | - | 3,680 | - | |||||||||||||||||||
Total Carrying Amount in Statement of Financial Condition December 31, 2013 | Fair Value Estimated December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks and money | ||||||||||||||||||||||||
market investments | $ | 655,671 | $ | 655,671 | $ | 655,671 | $ | - | $ | - | ||||||||||||||
Investment securities available | ||||||||||||||||||||||||
for sale | 1,978,282 | 1,978,282 | 7,532 | 1,927,458 | 43,292 | |||||||||||||||||||
Other equity securities | 28,691 | 28,691 | - | 28,691 | - | |||||||||||||||||||
Loans held for sale | 75,969 | 76,684 | - | 21,883 | 54,801 | |||||||||||||||||||
Loans, held for investment | 9,636,170 | |||||||||||||||||||||||
Less: allowance for loan and lease losses | -285,858 | |||||||||||||||||||||||
Loans held for investment, net of allowance | $ | 9,350,312 | 9,127,234 | - | - | 9,127,234 | ||||||||||||||||||
Derivatives, included in assets | 394 | 394 | - | 394 | - | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 9,879,924 | 9,898,615 | - | 9,898,615 | - | |||||||||||||||||||
Securities sold under agreements to repurchase | 900,000 | 976,151 | - | 976,151 | - | |||||||||||||||||||
Advances from FHLB | 300,000 | 297,523 | - | 297,523 | - | |||||||||||||||||||
Other borrowings | 231,959 | 106,772 | - | - | 106,772 | |||||||||||||||||||
Derivatives, included in liabilities | 4,023 | 4,023 | - | 4,023 | - |
SUPPLEMENTAL_CASH_FLOW_INFORMA
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION | ' | |||||
NOTE 20 – SUPPLEMENTAL CASH FLOW INFORMATION | ||||||
Supplemental cash flow information is as follows: | ||||||
Quarter Ended March 31, | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Cash paid for: | ||||||
Interest on borrowings | $ | 25,359 | $ | 33,823 | ||
Income tax | 113 | 230 | ||||
Non-cash investing and financing activities: | ||||||
Additions to other real estate owned | 8,176 | 20,122 | ||||
Additions to auto and other repossessed assets | 20,771 | 14,852 | ||||
Capitalization of servicing assets | 1,052 | 1,720 | ||||
Loan securitizations | 50,792 | 69,910 | ||||
Loans held for investment transferred to held for sale | - | 181,620 | ||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||||||
NOTE 21 – SEGMENT INFORMATION | |||||||||||||||||||||
Based upon the Corporation's organizational structure and the information provided to the Chief Executive Officer of the Corporation and, to a lesser extent, the Board of Directors, the operating segments are driven primarily by the Corporation's lines of business for its operations in Puerto Rico, the Corporation's principal market, and by geographic areas for its operations outside of Puerto Rico. As of March 31, 2014, the Corporation had six reportable segments: Commercial and Corporate Banking; Mortgage Banking; Consumer (Retail) Banking; Treasury and Investments; United States Operations, and Virgin Islands Operations. Management determined the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as the Corporation's organizational chart, nature of the products, distribution channels, and the economic characteristics of the product were also considered in the determination of the reportable segments. | |||||||||||||||||||||
The Commercial and Corporate Banking segment consists of the Corporation's lending and other services for large customers represented by specialized and middle-market clients and the public sector. The Commercial and Corporate Banking segment offers commercial loans, including commercial real estate and construction loans, and floor plan financings, as well as other products, such as cash management and business management services. The Mortgage Banking segment consists of the origination, sale, and servicing of a variety of residential mortgage loans. The Mortgage Banking segment also acquires and sells mortgages in the secondary markets. In addition, the Mortgage Banking segment includes mortgage loans purchased from other local banks and mortgage bankers. The Consumer (Retail) Banking segment consists of the Corporation's consumer lending and deposit-taking activities conducted mainly through its branch network and loan centers. The Treasury and Investments segment is responsible for the Corporation's investment portfolio and treasury functions executed to manage and enhance liquidity. This segment lends funds to the Commercial and Corporate Banking, Mortgage Banking and Consumer (Retail) Banking segments to finance their lending activities and borrows from those segments and from the United States Operations segment. The Consumer (Retail) Banking and the United States Operations segments also lend funds to other segments. The interest rates charged or credited by Treasury and Investments, the Consumer (Retail) Banking and the United States Operations segments are allocated based on market rates. The difference between the allocated interest income or expense and the Corporation's actual net interest income from centralized management of funding costs is reported in the Treasury and Investments segment. The United States Operations segment consists of all banking activities conducted by FirstBank in the United States mainland, including commercial and retail banking services. The Virgin Islands Operations segment consists of all banking activities conducted by the Corporation in the USVI and BVI, including commercial and retail banking services and insurance activities. | |||||||||||||||||||||
The accounting policies of the segments are the same as those referred to in Note 1- “Nature of Business and Summary of Significant Accounting Policies.” | |||||||||||||||||||||
The Corporation evaluates the performance of the segments based on net interest income, the estimated provision for loan and lease losses, non-interest income, and direct non-interest expenses. The segments are also evaluated based on the average volume of their interest-earning assets less the allowance for loan and lease losses. | |||||||||||||||||||||
The following table presents information about the reportable segments: | |||||||||||||||||||||
(In thousands) | Mortgage Banking | Consumer (Retail) Banking | Commercial and Corporate | Treasury and Investments | United States Operations | Virgin Islands Operations | Total | ||||||||||||||
For the quarter ended March 31, 2014: | |||||||||||||||||||||
Interest income | $ | 25,748 | $ | 55,812 | $ | 42,299 | $ | 15,583 | $ | 10,896 | $ | 10,233 | $ | 160,571 | |||||||
Net (charge) credit for transfer of funds | -8,546 | 3,635 | -2,999 | 5,800 | 2,110 | - | - | ||||||||||||||
Interest expense | - | -6,796 | - | -16,761 | -4,797 | -897 | -29,251 | ||||||||||||||
Net interest income | 17,202 | 52,651 | 39,300 | 4,622 | 8,209 | 9,336 | 131,320 | ||||||||||||||
(Provision) release for loan and lease losses | -3,384 | -20,495 | -13,345 | - | 5,959 | -650 | -31,915 | ||||||||||||||
Non-interest income (loss) | 3,102 | 10,630 | 1,767 | 53 | 441 | 1,967 | 17,960 | ||||||||||||||
Direct non-interest expenses | -9,832 | -32,015 | -12,578 | -1,126 | -7,220 | -9,024 | -71,795 | ||||||||||||||
Segment income | $ | 7,088 | $ | 10,771 | $ | 15,144 | $ | 3,549 | $ | 7,389 | $ | 1,629 | $ | 45,570 | |||||||
Average earnings assets | $ | 1,955,990 | $ | 2,006,395 | $ | 3,921,439 | $ | 2,710,930 | $ | 846,152 | $ | 655,568 | $ | 12,096,474 | |||||||
(In thousands) | Mortgage Banking | Consumer (Retail) Banking | Commercial and Corporate | Treasury and Investments | United States Operations | Virgin Islands Operations | Total | ||||||||||||||
For the quarter ended March 31, 2013: | |||||||||||||||||||||
Interest income | $ | 28,220 | $ | 58,259 | $ | 43,329 | $ | 11,460 | $ | 8,649 | $ | 10,308 | $ | 160,225 | |||||||
Net (charge) credit for transfer of funds | -10,271 | -1,038 | -4,148 | 12,963 | 2,494 | - | - | ||||||||||||||
Interest expense | - | -6,849 | - | -21,763 | -6,117 | -1,003 | -35,732 | ||||||||||||||
Net interest income | 17,949 | 50,372 | 39,181 | 2,660 | 5,026 | 9,305 | 124,493 | ||||||||||||||
Provision for loan and lease losses | -8,588 | -10,181 | -86,111 | - | -1,509 | -4,734 | -111,123 | ||||||||||||||
Non-interest income (loss) | 4,350 | 10,742 | 1,459 | -168 | 612 | 2,172 | 19,167 | ||||||||||||||
Direct non-interest expenses | -11,648 | -29,668 | -17,588 | -2,406 | -6,722 | -9,136 | -77,168 | ||||||||||||||
Segment income (loss) | $ | 2,063 | $ | 21,265 | $ | -63,059 | $ | 86 | $ | -2,593 | $ | -2,393 | $ | -44,631 | |||||||
Average earnings assets | $ | 2,100,455 | $ | 1,904,624 | $ | 4,290,119 | $ | 2,689,940 | $ | 679,389 | $ | 677,336 | $ | 12,341,863 | |||||||
The following table presents a reconciliation of the reportable segment financial information to the consolidated totals: | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||
Total income (loss) for segments and other | $ | 45,570 | $ | -44,631 | |||||||||||||||||
Other non-interest loss (1) | -6,610 | -5,538 | |||||||||||||||||||
Other operating expenses (2) | -20,990 | -20,842 | |||||||||||||||||||
Income (loss) before income taxes | 17,970 | -71,011 | |||||||||||||||||||
Income tax expense | -887 | -1,622 | |||||||||||||||||||
Total consolidated net income (loss) | $ | 17,083 | $ | -72,633 | |||||||||||||||||
Average assets: | |||||||||||||||||||||
Total average earning assets for segments | $ | 12,096,474 | $ | 12,341,863 | |||||||||||||||||
Other average earning assets (1) | 6,570 | 23,786 | |||||||||||||||||||
Average non-earning assets | 671,146 | 708,214 | |||||||||||||||||||
Total consolidated average assets | $ | 12,774,190 | $ | 13,073,863 | |||||||||||||||||
-1 | The activities related to the Bank's equity interest in CPG/GS are presented as an Other non-interest income (loss) and other average earning assets in the table above | ||||||||||||||||||||
-2 | Expenses pertaining to corporate administrative functions that support the operating segment but are not specifically attributable to or managed by any segment are not included in the reported financial results of the operating segments. The unallocated corporate expenses include certain general and administrative expenses and related depreciation and amortization expenses. |
REGULATORY_MATTERS_COMMITMENTS
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2014 | |
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | ' |
NOTE 22 – REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | |
The Corporation is subject to various regulatory capital requirements imposed by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material adverse effect on the Corporation's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Corporation must meet specific capital guidelines that involve quantitative measures of the Corporation's assets and liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Corporation's capital amounts and classification are also subject to qualitative judgment and adjustment by the regulators with respect to minimum capital requirements, components, risk weightings, and other factors. | |
Capital standards established by regulations require the Corporation to maintain minimum amounts and ratios for Leverage (Tier 1 capital to average total assets) and ratios of Tier 1 Capital to Risk-Weighted Assets and Total Capital to Risk-Weighted Assets as defined in the regulations. The total amount of risk-weighted assets is computed by applying risk-weighting factors to the Corporation's assets and certain off-balance sheet items, which generally vary from 0% to 100% depending on the nature of the asset. | |
Effective June 2, 2010, FirstBank, by and through its Board of Directors, entered into a Consent Order (the “FDIC Order”) with the FDIC and OCIF. The FDIC Order provides for various things, including (among other things) the following: (1) having and retaining qualified management; (2) increased participation in the affairs of FirstBank by its Board of Directors; (3) development and implementation by FirstBank of a capital plan to attain a leverage ratio of at least 8%, a Tier 1 risk-based capital ratio of at least 10% and a total risk-based capital ratio of at least 12%; (4) adoption and implementation of strategic, liquidity, and fund management and profit and budget plans and related projects within certain timetables set forth in the FDIC Order and on an ongoing basis; (5) adoption and implementation of plans for reducing FirstBank's positions in certain classified assets and delinquent and non-accrual loans within timeframes set forth in the FDIC Order; (6) refraining from lending to delinquent or classified borrowers already obligated to FirstBank on any extensions of credit so long as such credit remains uncollected, except where FirstBank's failure to extend further credit to a particular borrower would be detrimental to the best interests of FirstBank, and any such additional credit is approved by FirstBank's Board of Directors; (7) refraining from accepting, increasing, renewing, or rolling over brokered CDs without the prior written approval of the FDIC; (8) establishment of a comprehensive policy and methodology for determining the allowance for loan and lease losses and the review and revision of FirstBank's loan policies, including the non-accrual policy; and (9) adoption and implementation of adequate and effective programs of independent loan review, appraisal compliance, and an effective policy for managing FirstBank's sensitivity to interest rate risk. The foregoing summary is not complete and is qualified in all respects by reference to the actual language of the FDIC Order. Although all of FirstBank's regulatory capital ratios exceeded the minimum capital ratios for “well capitalized” levels, as well as the minimum capital ratios required by the FDIC Order, as of March 31, 2014, FirstBank cannot be treated as a “well capitalized” institution under regulatory guidance because it is operating under the FDIC Order. | |
Effective June 3, 2010, First BanCorp. entered into the Written Agreement with the New York FED. The Written Agreement provides, among other things, that the holding company must serve as a source of strength to FirstBank, and that, except with the consent generally of the New York FED and Federal Reserve Board, (1) the holding company may not pay dividends to stockholders or receive dividends from FirstBank, (2) the holding company and its nonbank subsidiaries may not make payments on trust-preferred securities or subordinated debt, and (3) the holding company cannot incur, increase, or guarantee debt or repurchase any capital securities. The Written Agreement also requires that the holding company submit a capital plan that reflects sufficient capital at First BanCorp. on a consolidated basis, which must be acceptable to the New York FED, and follow certain guidelines with respect to the appointment or change in responsibilities of senior officers. The foregoing summary is not complete and is qualified in all respects by reference to the actual language of the Written Agreement. | |
The Corporation submitted its capital plan setting forth how it plans to improve capital positions to comply with the FDIC Order and the Written Agreement over time. In addition to the Capital Plan, the Corporation has submitted to its regulators a liquidity and brokered CD plan, including a contingency funding plan, a non-performing asset reduction plan, a budget and profit plan, a strategic plan, and a plan for the reduction of classified and special mention assets. As of March 31, 2014, the Corporation had completed all of the items included in the Capital Plan and is continuing to work on reducing non-performing loans. Further, the Corporation has reviewed and enhanced the Corporation's loan review program, various credit policies, the Corporation's treasury and investment policy, the Corporation's asset classification and allowance for loan and lease losses and non-accrual policies, the Corporation's charge-off policy and the Corporation's appraisal program. The Regulatory Agreements also require the submission to the regulators of quarterly progress reports. | |
The FDIC Order imposes no other restrictions on FirstBank's products or services offered to customers, nor does it or the Written Agreement impose any type of penalties or fines upon FirstBank or the Corporation. Concurrent with the FDIC Order, the FDIC has granted FirstBank temporary waivers to enable it to continue accessing the brokered CD market through September 30, 2014. FirstBank will request approvals for future periods, although no assurance can be given that future approvals will be given. | |
In July 2013, U.S. banking regulators approved a revised regulatory capital framework for U.S. banking organizations (the “Basel 3 rules”) that is based on international regulatory capital requirements adopted by the Basel Committee on Banking Supervision over the past several years. The Basel 3 rules introduce new minimum capital ratios and capital conservation buffer requirements, change the composition of regulatory capital, require a number of new adjustments to and deductions from regulatory capital, and introduce a new “Standardized Approach” for the calculation of risk-weighted assets that will replace the risk-weighting requirements under the current U.S. regulatory capital rules. The new minimum regulatory capital requirements and the Standardized Approach for the calculation of risk-weighted assets will become effective for the Corporation and FirstBank on January 1, 2015. The capital conservation buffer requirements, and the regulatory capital adjustments and deductions under the Basel 3 rules will be phased-in over several years ending as of December 31, 2018. | |
The Basel 3 rules introduce a new and separate ratio of Common Equity Tier 1 capital (“CET1”) to risk-weighted assets. CET1, a component of total Tier 1 capital, generally consists of common stock and related surplus, retained earnings, accumulated other comprehensive income (“AOCI”), and qualifying minority interests. In addition, the Basel 3 rules also will require the Corporation to maintain an additional CET1 capital conservation buffer of 2.5%. Thus, when the Basel 3 rules are fully phased in as of January 1, 2019, the Corporation will be required to maintain (i) a minimum CET1 to risk-weighted assets ratio of at least 4.5%, plus the 2.5% “capital conservation buffer,” resulting in a required minimum CET1 ratio of at least 7% upon full implementation, (ii) a minimum ratio of total Tier 1 capital to risk-weighted assets of at least 6.0%, plus the 2.5% capital conservation buffer, resulting in a required minimum Tier 1 capital ratio of 8.5% upon full implementation, (iii) a minimum ratio of total Tier 1 plus Tier 2 capital to risk-weighted assets of at least 8.0%, plus the 2.5% capital conservation buffer, resulting in a required minimum total capital ratio of 10.5% upon full implementation, and (iv) a required minimum leverage ratio of 4%, calculated as the ratio of Tier 1 capital to average on-balance sheet (non-risk adjusted) assets. The phase-in of the capital conservation buffer will begin on January 1, 2016 with a first year requirement of 0.625% of additional CET1, which will be progressively increased over a four-year period, increasing by that same percentage amount on each subsequent January 1 until it reaches the fully-phased in 2.5% CET1 requirement on January 1, 2019. | |
In addition, the Basel 3 rules require a number of new deductions from and adjustments to CET1, including deductions from CET1 for mortgage servicing rights, and deferred tax assets dependent upon future taxable income. In the case of mortgage servicing assets and deferred tax assets, among others, these items would be required to be deducted to the extent that any one such category exceeds 10% of CET1 or all such categories in the aggregate exceed 15% of CET1. Under current regulatory capital requirements, the effect of AOCI is excluded for the purposes of calculating the required regulatory capital ratios. By comparison, under the Basel 3 rules, the effects of certain AOCI items are not excluded. Certain banking organizations, however, including the Corporation and FirstBank, will be allowed to make a one-time permanent election in early 2015 to continue to exclude AOCI items. The Corporation and FirstBank expect to make this election in order to avoid significant variations in the level of capital depending upon the impact of interest rate fluctuations on the fair value of the securities portfolio. | |
In addition, the Basel 3 rules will require that certain non-qualifying capital instruments, including cumulative preferred stock and trust preferred securities (“TRuPs”), be excluded from Tier 1 capital. In general, banking organizations such as the Corporation and the Bank, must begin to phase out TRuPs from Tier 1 capital by January 1, 2015. The Corporation will be allowed to include 25% of the $225 million outstanding qualifying TRuPs as Tier 1 capital in 2015 and the TRuPs must be fully phased out from Tier 1 capital by January 1, 2016. However, the Corporation's TRuPs may continue to be included in Tier 2 capital until the instruments are redeemed or mature. | |
The Basel 3 rules also revise the “prompt corrective action” (“PCA”) regulations that apply to depository institutions, including FirstBank, pursuant to Section 38 of the Federal Deposit Insurance Act by (i) introducing a separate CET1 ratio requirement for each PCA capital category (other than critically undercapitalized) with the required CET1 ratio being 6.5% for well-capitalized status; (ii) increasing the minimum Tier 1 capital ratio requirement for each PCA capital category with the minimum Tier 1 capital ratio for well-capitalized status being 8% (as compared to the current 6%); and (iii) eliminating the current provision that allows a bank with a composite supervisory rating of 1 to have a 3% leverage ratio and still be adequately capitalized and maintaining the minimum leverage ratio for well-capitalized status at 5%. The Basel 3 rules do not change the total risk-based capital requirement (10% for well-capitalized status) for any PCA capital category. The new PCA requirements become effective on January 1, 2015. | |
The Basel 3 rules separately impose a Standardized Approach for risk-weightings that expands the risk-weighting categories from the four major risk-weighting categories under the current regulatory capital rules (0%, 20%, 50%, and 100%) to a much larger and more risk-sensitive number of categories, depending on the nature of the assets. In a number of cases, the Standardized Approach will result in higher risk weights for a variety of asset categories. Specific changes to the risk-weightings of assets under the current regulatory capital rules include, among other things: (i) applying a 150% risk weight instead of a 100% risk weight for certain high volatility commercial real estate acquisition, development and construction loans, (ii) assigning a 150% risk weight to exposures that are 90 days past due (other than qualifying residential mortgage exposures, which remain at an assigned risk-weighting of 100%), and (iii) establishing a 20% credit conversion factor for the unused portion of a commitment with an original maturity of one year or less that is not unconditionally cancellable, in contrast to the 0% risk-weighting under the current rules. | |
The Corporation's total capital, Tier I and leverage ratios as of March 31, 2014 were 17.50%, 16.23% and 11.74%, respectively. Meanwhile, the total capital, Tier I capital, and leverage ratios as of March 31, 2014 of the banking subsidiary, FirstBank Puerto Rico, were 17.12%, 15.85% and 11.47%, respectively. | |
The Corporation enters into financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments may include commitments to extend credit and commitments to sell mortgage loans at fair value. As of March 31, 2014, commitments to extend credit amounted to approximately $1.1 billion, of which $685.6 million relates to credit card loans. Commercial and Financial standby letters of credit amounted to approximately $51.8 million. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any conditions established in the contract. Commitments generally have fixed expiration dates or other termination clauses. For most of the commercial lines of credit, the Corporation has the option to reevaluate the agreement prior to additional disbursements. In the case of credit cards and personal lines of credit, the Corporation can cancel the unused credit facility at any time and without cause. Generally, the Corporation's mortgage banking activities do not enter into interest rate lock agreements with prospective borrowers. | |
As of March 31, 2014, First BanCorp. and its subsidiaries were defendants in various legal proceedings arising in the ordinary course of business. Management believes that the final disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, individually or in the aggregate, on the Corporation's financial position, results of operations or cash flows. | |
FIRST_BANCORP_Holding_Company_
FIRST BANCORP. (Holding Company Only) Financial Information | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
FIRST BANCORP. (Holding Company Only) Financial Information | ' | ||||||
NOTE 23 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION | |||||||
The following condensed financial information presents the financial position of the Holding Company only as of March 31, 2014 and December 31, 2013 and the results of its operations for the quarters ended March 31, 2014 and 2013. | |||||||
Statements of Financial Condition | |||||||
As of March 31, | As of December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Assets | |||||||
Cash and due from banks | $ | 31,420 | $ | 31,957 | |||
Money market investments | 6,111 | 6,111 | |||||
Investment securities available for sale, at market: | |||||||
Equity investments | 18 | 33 | |||||
Other investment securities | 285 | 285 | |||||
Loans held for invesment, net | 344 | 356 | |||||
Investment in First Bank Puerto Rico, at equity | 1,444,653 | 1,403,612 | |||||
Investment in First Bank Insurance Agency, at equity | 11,013 | 9,834 | |||||
Investment in FBP Statutory Trust I | 3,093 | 3,093 | |||||
Investment in FBP Statutory Trust II | 3,866 | 3,866 | |||||
Other assets | 4,108 | 4,101 | |||||
Total assets | $ | 1,504,911 | $ | 1,463,248 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities: | |||||||
Other borrowings | $ | 231,959 | $ | 231,959 | |||
Accounts payable and other liabilities | 17,054 | 15,431 | |||||
Total liabilities | 249,013 | 247,390 | |||||
Stockholders' equity | 1,255,898 | 1,215,858 | |||||
Total liabilities and stockholders' equity | $ | 1,504,911 | $ | 1,463,248 | |||
Statements of Income (Loss) | |||||||
Quarter Ended | |||||||
March 31, | March 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Income: | |||||||
Interest income on money market investments | $ | 5 | $ | 5 | |||
Other income | 53 | 52 | |||||
58 | 57 | ||||||
Expense: | |||||||
Notes payable and other borrowings | 1,760 | 1,746 | |||||
Other operating expenses | 506 | 1,803 | |||||
2,266 | 3,549 | ||||||
Loss before income taxes and equity | |||||||
in undistributed earnings (losses) of subsidiaries | -2,208 | -3,492 | |||||
Income tax provision | -2 | - | |||||
Equity in undistributed earnings (losses) of subsidiaries | 19,293 | -69,141 | |||||
Net income (loss) | $ | 17,083 | $ | -72,633 | |||
Other comprehensive income (loss), net of tax | 22,539 | -8,610 | |||||
Comprehensive income (loss) | $ | 39,622 | $ | -81,243 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2014 | |
SUBSEQUENT EVENTS | ' |
NOTE 24 – SUBSEQUENT EVENTS | |
The Corporation has performed an evaluation of events occurring subsequent to March 31, 2014; management has determined that there are no additional events occurring in this period that required disclosure in or adjustment to the accompanying financial statements. |
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Schedule of Earning Per Share [Table Text Block] | ' | ||||||
The calculations of earnings (losses) per common share for the quarters ended on March 31, 2014 and 2013 are as follows: | |||||||
Quarter Ended | |||||||
March 31, | March 31, | ||||||
2014 | 2013 | ||||||
(In thousands, except per share information) | |||||||
Net income (loss) | $ | 17,083 | $ | -72,633 | |||
Cumulative convertible preferred stock dividends (Series G) | |||||||
Favorable impact from issuing common stock in exchange for | |||||||
Series A through E preferred stock | 379 | - | |||||
Net income (loss) attributable to common stockholders | $ | 17,462 | $ | -72,633 | |||
Weighted-Average Shares: | |||||||
Basic weighted-average common shares outstanding | 205,732 | 205,465 | |||||
Average potential common shares | 1,144 | - | |||||
Diluted weighted-average number of common shares outstanding | 206,876 | 205,465 | |||||
Income (loss) per common share: | |||||||
Basic | $ | 0.08 | $ | -0.35 | |||
Diluted | $ | 0.08 | $ | -0.35 | |||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Activity of Stock Options | ' | |||||||||
The activity of stock options granted under the 1997 stock option plan for the quarter ended March 31, 2014 is set forth below: | ||||||||||
Number of Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (In thousands) | |||||||
Beginning of period outstanding | ||||||||||
and exercisable | 101,435 | $ | 206.95 | |||||||
Options expired | -12,795 | 321.75 | ||||||||
End of period outstanding and | ||||||||||
exercisable | 88,640 | $ | 190.38 | 2.1 | $ | - | ||||
Restricted Stock Activity Under Omnibus Plan | ' | |||||||||
Quarter Ended | ||||||||||
31-Mar-14 | ||||||||||
Number of | ||||||||||
shares of | Weighted-Average | |||||||||
restricted | Grant Date | |||||||||
stock | Fair Value | |||||||||
Non-vested shares at beginning of period | 1,411,185 | $ | 3.04 | |||||||
Granted | 810,138 | 3.14 | ||||||||
Forfeited | -2,000 | 6.03 | ||||||||
Vested | -67,500 | 4 | ||||||||
Non-vested shares at March 31, 2014 | 2,151,823 | $ | 3.06 | |||||||
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investment Securities Available for Sale | ' | |||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||
Amortized cost | Noncredit Loss Component of OTTI Recorded in OCI | Gross | Fair value | Weighted average yield% | ||||||||||||||||
Unrealized | ||||||||||||||||||||
gains | losses | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
U.S. Treasury securities: | ||||||||||||||||||||
Due within one year | $ | 7,500 | $ | - | $ | - | $ | - | $ | 7,500 | 0.12 | |||||||||
Obligations of U.S. | ||||||||||||||||||||
government-sponsored | ||||||||||||||||||||
agencies: | ||||||||||||||||||||
After 1 to 5 years | 50,000 | - | - | 1,100 | 48,900 | 1.05 | ||||||||||||||
After 5 to 10 years | 214,259 | - | - | 10,584 | 203,675 | 1.31 | ||||||||||||||
Puerto Rico government | ||||||||||||||||||||
obligations: | ||||||||||||||||||||
Due within one year | 10,000 | - | - | - | 10,000 | 3.5 | ||||||||||||||
After 1 to 5 years | 39,798 | - | - | 9,785 | 30,013 | 4.49 | ||||||||||||||
After 5 to 10 years | 910 | - | - | - | 910 | 5.2 | ||||||||||||||
After 10 years | 25,485 | - | - | 5,053 | 20,432 | 6.01 | ||||||||||||||
United States and Puerto | ||||||||||||||||||||
Rico government | ||||||||||||||||||||
obligations: | 347,952 | - | - | 26,522 | 321,430 | 2.03 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FHLMC certificates: | ||||||||||||||||||||
After 10 years | 345,590 | - | 374 | 7,416 | 338,548 | 2.21 | ||||||||||||||
GNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 73 | - | 4 | - | 77 | 3.44 | ||||||||||||||
After 5 to 10 years | 763 | - | 36 | - | 799 | 2.54 | ||||||||||||||
After 10 years | 412,063 | - | 19,371 | 8 | 431,426 | 3.83 | ||||||||||||||
412,899 | - | 19,411 | 8 | 432,302 | 3.82 | |||||||||||||||
FNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 1,255 | - | 72 | - | 1,327 | 4.79 | ||||||||||||||
After 5 to 10 years | 7,341 | - | 566 | - | 7,907 | 4.09 | ||||||||||||||
After 10 years | 912,020 | - | 3,823 | 25,329 | 890,514 | 2.38 | ||||||||||||||
920,616 | - | 4,461 | 25,329 | 899,748 | 2.4 | |||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by the FHLMC: | ||||||||||||||||||||
After 1 to 5 years | 46 | - | - | 1 | 45 | 3.01 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates: | ||||||||||||||||||||
Over 5 to 10 years | 123 | - | 1 | - | 124 | 7.27 | ||||||||||||||
After 10 years | 53,126 | 13,397 | - | - | 39,729 | 2.22 | ||||||||||||||
53,249 | 13,397 | 1 | - | 39,853 | 2.22 | |||||||||||||||
Total mortgage-backed | ||||||||||||||||||||
securities | 1,732,400 | 13,397 | 24,247 | 32,754 | 1,710,496 | 2.7 | ||||||||||||||
Equity securities (without | ||||||||||||||||||||
contractual maturity) (1) | 35 | - | - | 17 | 18 | - | ||||||||||||||
Total investment securities | ||||||||||||||||||||
available for sale | $ | 2,080,387 | $ | 13,397 | $ | 24,247 | $ | 59,293 | $ | 2,031,944 | 2.58 | |||||||||
-1 | Represents common shares of another financial institution in Puerto Rico. | |||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||
Amortized cost | Noncredit Loss Component of OTTI Recorded in OCI | Gross | Fair value | Weighted average yield% | ||||||||||||||||
Unrealized | ||||||||||||||||||||
gains | losses | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
U.S. Treasury securities: | ||||||||||||||||||||
Due within one year | $ | 7,498 | $ | - | $ | 1 | $ | - | $ | 7,499 | 0.12 | |||||||||
Obligations of U.S. | ||||||||||||||||||||
government-sponsored | ||||||||||||||||||||
agencies: | ||||||||||||||||||||
After 1 to 5 years | 50,000 | - | - | 1,408 | 48,592 | 1.05 | ||||||||||||||
After 5 to 10 years | 214,271 | - | - | 13,368 | 200,903 | 1.31 | ||||||||||||||
Puerto Rico government | ||||||||||||||||||||
obligations: | ||||||||||||||||||||
Due within one year | 10,000 | - | - | 210 | 9,790 | 3.5 | ||||||||||||||
After 5 to 10 years | 40,699 | - | - | 12,962 | 27,737 | 4.51 | ||||||||||||||
After 10 years | 20,309 | - | - | 6,506 | 13,803 | 5.82 | ||||||||||||||
United States and Puerto | ||||||||||||||||||||
Rico government | ||||||||||||||||||||
obligations: | 342,777 | - | 1 | 34,454 | 308,324 | 1.96 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FHLMC certificates: | ||||||||||||||||||||
After 10 years | 332,766 | - | 133 | 10,712 | 322,187 | 2.16 | ||||||||||||||
GNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 86 | - | 4 | - | 90 | 3.48 | ||||||||||||||
After 5 to 10 years | 800 | - | 37 | - | 837 | 2.47 | ||||||||||||||
After 10 years | 425,589 | - | 18,492 | - | 444,081 | 3.82 | ||||||||||||||
426,475 | - | 18,533 | - | 445,008 | 3.82 | |||||||||||||||
FNMA certificates: | ||||||||||||||||||||
After 1 to 5 years | 1,389 | - | 84 | - | 1,473 | 4.82 | ||||||||||||||
After 5 to 10 years | 7,765 | - | 389 | - | 8,154 | 4.09 | ||||||||||||||
After 10 years | 882,798 | - | 2,984 | 33,626 | 852,156 | 2.36 | ||||||||||||||
891,952 | - | 3,457 | 33,626 | 861,783 | 2.38 | |||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by the FHLMC: | ||||||||||||||||||||
After 1 to 5 years | 82 | - | - | 1 | 81 | 3.01 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates: | ||||||||||||||||||||
Over 5 to 10 years | 127 | - | 1 | - | 128 | 7.27 | ||||||||||||||
After 10 years | 55,048 | 14,310 | - | - | 40,738 | 2.24 | ||||||||||||||
55,175 | 14,310 | 1 | - | 40,866 | 2.24 | |||||||||||||||
Total mortgage-backed | ||||||||||||||||||||
securities | 1,706,450 | 14,310 | 22,124 | 44,339 | 1,669,925 | 2.69 | ||||||||||||||
Equity securities (without | ||||||||||||||||||||
contractual maturity) (1) | 35 | - | - | 2 | 33 | - | ||||||||||||||
Total investment securities | ||||||||||||||||||||
available for sale | $ | 2,049,262 | $ | 14,310 | $ | 22,125 | $ | 78,795 | $ | 1,978,282 | 2.57 | |||||||||
-1 | Represents common shares of another financial institution in Puerto Rico. | |||||||||||||||||||
Available-for-Sale Investments' Fair Value and Gross Unrealized Losses | ' | |||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Puerto Rico government obligations | $ | 7,656 | $ | 745 | $ | 42,789 | $ | 14,093 | $ | 50,445 | $ | 14,838 | ||||||||
U.S. government agencies obligations | 177,005 | 7,265 | 75,570 | 4,419 | 252,575 | 11,684 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FNMA | 737,871 | 25,329 | - | - | 737,871 | 25,329 | ||||||||||||||
FHLMC | 303,169 | 7,416 | - | - | 303,169 | 7,416 | ||||||||||||||
GNMA | 1,449 | 8 | - | - | 1,449 | 8 | ||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by FHLMC | - | - | 45 | 1 | 45 | 1 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates | - | - | 39,729 | 13,397 | 39,729 | 13,397 | ||||||||||||||
Corporate bonds | ||||||||||||||||||||
Equity securities | 18 | 17 | - | - | 18 | 17 | ||||||||||||||
$ | 1,227,168 | $ | 40,780 | $ | 158,133 | $ | 31,910 | $ | 1,385,301 | $ | 72,690 | |||||||||
As of December 31, 2013 | ||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||
(In thousands) | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
Puerto Rico government obligations | $ | 23,156 | $ | 5,977 | $ | 28,174 | $ | 13,701 | $ | 51,330 | $ | 19,678 | ||||||||
U.S. government agencies obligations | 175,369 | 8,913 | 74,126 | 5,863 | 249,495 | 14,776 | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
FNMA | 748,215 | 33,626 | - | - | 748,215 | 33,626 | ||||||||||||||
FHLMC | 286,208 | 10,712 | - | - | 286,208 | 10,712 | ||||||||||||||
Collateralized mortgage | ||||||||||||||||||||
obligations issued or | ||||||||||||||||||||
guaranteed by FHLMC | - | - | 81 | 1 | 81 | 1 | ||||||||||||||
Other mortgage pass-through | ||||||||||||||||||||
trust certificates | - | - | 40,738 | 14,310 | 40,738 | 14,310 | ||||||||||||||
Equity securities | 33 | 2 | - | - | 33 | 2 | ||||||||||||||
$ | 1,232,981 | $ | 59,230 | $ | 143,119 | $ | 33,875 | $ | 1,376,100 | $ | 93,105 | |||||||||
OTTI Losses on Available-for-Sale Debt Securities | ' | |||||||||||||||||||
Private Label MBS | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Total other-than-temporary impairment losses | $ | - | $ | - | ||||||||||||||||
Credit loss on debt securities for which an OTTI was not previously recognized | ||||||||||||||||||||
Portion of other-than-temporary impairment losses recognized in OCI | - | -117 | ||||||||||||||||||
Net impairment losses recognized in earnings | $ | - | $ | -117 | ||||||||||||||||
Roll-Forward of Credit Losses on Debt Securities Held by Corporation | ' | |||||||||||||||||||
The following table summarizes the roll-forward of credit losses on debt securities held by the Corporation for which a portion of an OTTI is recognized in OCI: | ||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Credit losses at the beginning of the period | $ | 5,389 | $ | 5,272 | ||||||||||||||||
Additions: | ||||||||||||||||||||
Credit losses on debt securities for which an | ||||||||||||||||||||
OTTI was previously recognized | - | 117 | ||||||||||||||||||
Ending balance of credit losses on debt securities held for | ||||||||||||||||||||
which a portion of an OTTI was recognized in OCI | $ | 5,389 | $ | 5,389 | ||||||||||||||||
Significant Assumptions in Valuation of Private Label MBS | ' | |||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||
Average | Range | Average | Range | |||||||||||||||||
Discount rate | 14.50% | 14.50% | 14.50% | 14.50% | ||||||||||||||||
Prepayment rate | 33% | 20.31%-100.00% | 29% | 15.86%-100.00% | ||||||||||||||||
Projected Cumulative Loss Rate | 8.40% | 0.86%-80.00% | 6.80% | 0.58%-38.16% | ||||||||||||||||
No OTTI losses on equity securities held in the available-for-sale investment portfolio were recognized for the quarters ended March 31, 2014 or March 31, 2013. |
LOAN_PORTFOLIO_Tables
LOAN PORTFOLIO (Tables) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | |||||||||||||||||||||||||
Loan Portfolio Held for Investment | ' | ' | ||||||||||||||||||||||||
March 31, | December 31, | |||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential mortgage loans, mainly secured by first mortgages | $ | 2,548,101 | $ | 2,549,008 | ||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||
Construction loans | 152,579 | 168,713 | ||||||||||||||||||||||||
Commercial mortgage loans | 1,846,016 | 1,823,608 | ||||||||||||||||||||||||
Commercial and Industrial loans (1) | 2,711,962 | 2,788,250 | ||||||||||||||||||||||||
Loans to local financial institution collateralized by | ||||||||||||||||||||||||||
real estate mortgages | 235,875 | 240,072 | ||||||||||||||||||||||||
Commercial loans | 4,946,432 | 5,020,643 | ||||||||||||||||||||||||
Finance leases | 246,814 | 245,323 | ||||||||||||||||||||||||
Consumer loans | 1,825,438 | 1,821,196 | ||||||||||||||||||||||||
Loans held for investment | 9,566,785 | 9,636,170 | ||||||||||||||||||||||||
Allowance for loan and lease losses | -266,778 | -285,858 | ||||||||||||||||||||||||
Loans held for investment, net (1) | $ | 9,300,007 | $ | 9,350,312 | ||||||||||||||||||||||
__________ | ||||||||||||||||||||||||||
-1 | As of March 31, 2014 and December 31, 2013, includes $1.2 billion of commercial loans that are secured by real estate but are not dependent upon the real estate for repayment. | |||||||||||||||||||||||||
Loans Held for Investment on Which Accrual of Interest Income had been Discontinued | ' | ' | ||||||||||||||||||||||||
Loans held for investment on which accrual of interest income had been discontinued were as follows: | ||||||||||||||||||||||||||
(In thousands) | March 31, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Non-performing loans: | ||||||||||||||||||||||||||
Residential mortgage | $ | 172,796 | $ | 161,441 | ||||||||||||||||||||||
Commercial mortgage | 145,535 | 120,107 | ||||||||||||||||||||||||
Commercial and Industrial | 113,996 | 114,833 | ||||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 20,886 | 27,834 | ||||||||||||||||||||||||
Construction-commercial | 3,883 | 3,924 | ||||||||||||||||||||||||
Construction-residential | 25,618 | 27,108 | ||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 20,471 | 21,316 | ||||||||||||||||||||||||
Finance leases | 3,706 | 3,082 | ||||||||||||||||||||||||
Other consumer loans | 14,884 | 15,904 | ||||||||||||||||||||||||
Total non-performing loans held for investment (1) (2) | $ | 521,775 | $ | 495,549 | ||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||
-1 | As of March 31, 2014 and December 31, 2013, excludes $54.8 million of non-performing loans held for sale. | |||||||||||||||||||||||||
-2 | Amount excludes purchased-credit impaired ("PCI") loans with a carrying value of approximately $3.4 million and $4.8 million as of March 31, 2014 and December 31, 2013, respectively, acquired as part of the credit card portfolio purchased in the second quarter of 2012, as further discussed below. | |||||||||||||||||||||||||
Corporation's Aging of Loans Held for Investment Portfolio | ' | ' | ||||||||||||||||||||||||
The Corporation’s aging of the loans held for investment portfolio is as follows: | ||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due (1) | Total Past Due (4) | Purchased Credit-Impaired Loans (4) | Current | Total loans held for investment | 90 days past due and still accruing (5) | ||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||
FHA/VA and other government-guaranteed | ||||||||||||||||||||||||||
loans (2) (3) (5) | $ | - | $ | 11,854 | $ | 76,142 | $ | 87,996 | $ | - | $ | 88,866 | $ | 176,862 | $ | 76,142 | ||||||||||
Other residential mortgage loans (3) | - | 80,685 | 180,972 | 261,657 | - | 2,109,582 | 2,371,239 | 8,176 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial and Industrial loans | 27,556 | 10,458 | 133,822 | 171,836 | - | 2,776,001 | 2,947,837 | 19,826 | ||||||||||||||||||
Commercial mortgage loans | - | 3,828 | 153,141 | 156,969 | - | 1,689,047 | 1,846,016 | 7,606 | ||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land (3) | - | 486 | 23,287 | 23,773 | - | 41,941 | 65,714 | 2,401 | ||||||||||||||||||
Construction-commercial (3) | - | - | 3,883 | 3,883 | - | 13,382 | 17,265 | - | ||||||||||||||||||
Construction-residential (3) | - | - | 25,618 | 25,618 | - | 43,982 | 69,600 | - | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 79,873 | 21,427 | 20,471 | 121,771 | - | 1,003,466 | 1,125,237 | - | ||||||||||||||||||
Finance leases | 9,744 | 3,382 | 3,706 | 16,832 | - | 229,982 | 246,814 | - | ||||||||||||||||||
Other consumer loans | 7,394 | 10,997 | 18,782 | 37,173 | 3,383 | 659,645 | 700,201 | 3,898 | ||||||||||||||||||
Total loans held for investment | $ | 124,567 | $ | 143,117 | $ | 639,824 | $ | 907,508 | $ | 3,383 | $ | 8,655,894 | $ | 9,566,785 | $ | 118,049 | ||||||||||
_____________ | ||||||||||||||||||||||||||
-1 | Includes non-performing loans and accruing loans which are contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges fees until charged-off at 180 days. | |||||||||||||||||||||||||
-2 | As of March 31, 2014, includes $14.5 million of defaulted loans collateralizing Government National Mortgage Association ("GNMA") securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. | |||||||||||||||||||||||||
-3 | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears two or more monthly payments. FHA/VA government guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans and construction-residential loans past due 30-59 days amounted to $18.5 million, $169.8 million, $26.9 million, $0.9 million, and $1.8 million, respectively. | |||||||||||||||||||||||||
-4 | Purchased credit−impaired loans are excluded from delinquency and non-performing statistics as further discussed below. | |||||||||||||||||||||||||
-5 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $38.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of March 31, 2014. | |||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
(In thousands) | 30-59 Days Past Due | 60-89 Days Past Due | 90 days or more Past Due (1) | Total Past Due (4) | Purchased Credit- Impaired Loans (4) | Current | Total loans held for investment | 90 days past due and still accruing (5) | ||||||||||||||||||
Residential mortgage: | ||||||||||||||||||||||||||
FHA/VA and other government-guaranteed | ||||||||||||||||||||||||||
loans (2) (3) (5) | $ | - | $ | 12,180 | $ | 78,645 | $ | 90,825 | $ | - | $ | 104,401 | $ | 195,226 | $ | 78,645 | ||||||||||
Other residential mortgage loans (3) | - | 88,898 | 172,286 | 261,184 | - | 2,092,598 | 2,353,782 | 10,845 | ||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial and Industrial loans | 21,029 | 5,454 | 134,233 | 160,716 | - | 2,867,606 | 3,028,322 | 19,400 | ||||||||||||||||||
Commercial mortgage loans (3) | - | 5,428 | 126,674 | 132,102 | - | 1,691,506 | 1,823,608 | 6,567 | ||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land (3) | - | 358 | 27,871 | 28,229 | - | 52,145 | 80,374 | 37 | ||||||||||||||||||
Construction-commercial (3) | - | - | 3,924 | 3,924 | - | 12,907 | 16,831 | - | ||||||||||||||||||
Construction-residential (3) | - | - | 27,108 | 27,108 | - | 44,400 | 71,508 | - | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 79,279 | 17,944 | 21,316 | 118,539 | - | 993,781 | 1,112,320 | - | ||||||||||||||||||
Finance leases | 10,275 | 3,536 | 3,082 | 16,893 | - | 228,430 | 245,323 | - | ||||||||||||||||||
Other consumer loans | 11,710 | 8,691 | 20,492 | 40,893 | 4,791 | 663,192 | 708,876 | 4,588 | ||||||||||||||||||
Total loans held for investment | $ | 122,293 | $ | 142,489 | $ | 615,631 | $ | 880,413 | $ | 4,791 | $ | 8,750,966 | $ | 9,636,170 | $ | 120,082 | ||||||||||
____________ | ||||||||||||||||||||||||||
-1 | Includes non-performing loans and accruing loans which are contractually delinquent 90 days or more (i.e. FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days. | |||||||||||||||||||||||||
-2 | As of December 31, 2013, includes $11.5 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. | |||||||||||||||||||||||||
-3 | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears two or more monthly payments. FHA/VA government guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans and construction-residential loans past due 30-59 days amounted to $23.9 million, $166.7 million, $18.4 million, $0.9 million and $2.5 million , respectively. | |||||||||||||||||||||||||
-4 | Purchased credit-impaired loans are excluded from delinquency and non-performing statistics as further discussed below. | |||||||||||||||||||||||||
-5 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013. | |||||||||||||||||||||||||
Corporation's Credit Quality Indicators by Loan | ' | ' | ||||||||||||||||||||||||
The Corporation’s credit quality indicators by loan type as of March 31, 2014 and December 31, 2013 are summarized below: | ||||||||||||||||||||||||||
Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness category: | ||||||||||||||||||||||||||
Substandard | Doubtful | Loss | Total Adversely Classified (1) | Total Portfolio | ||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial mortgage | $ | 306,947 | $ | 10,572 | $ | - | $ | 317,519 | $ | 1,846,016 | ||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 22,172 | - | - | 22,172 | 65,714 | |||||||||||||||||||||
Construction-commercial | 15,981 | - | - | 15,981 | 17,265 | |||||||||||||||||||||
Construction-residential | 26,895 | 1,879 | - | 28,774 | 69,600 | |||||||||||||||||||||
Commercial and Industrial | 185,772 | 1,677 | 311 | 187,760 | 2,947,837 | |||||||||||||||||||||
Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness category: | ||||||||||||||||||||||||||
Substandard | Doubtful | Loss | Total Adversely Classified (1) | Total Portfolio | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Commercial mortgage | $ | 317,365 | $ | 9,160 | $ | 234 | $ | 326,759 | $ | 1,823,608 | ||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 31,777 | 3,308 | 52 | 35,137 | 80,373 | |||||||||||||||||||||
Construction-commercial | 16,022 | - | - | 16,022 | 16,831 | |||||||||||||||||||||
Construction-residential | 27,829 | 2,209 | 241 | 30,279 | 71,509 | |||||||||||||||||||||
Commercial and Industrial | 205,807 | 7,998 | 973 | 214,778 | 3,028,322 | |||||||||||||||||||||
_________ | ||||||||||||||||||||||||||
-1 | Excludes $54.8 million ($7.8 million land, $39.1 million construction-commercial, $0.9 million construction-residential, and $ 7.0 million commercial mortgage) as of March 31, 2014 and December 31, 2013, of non-performing loans held for sale. | |||||||||||||||||||||||||
31-Mar-14 | Consumer Credit Exposure-Credit Risk Profile based on payment activity | |||||||||||||||||||||||||
Residential Real-Estate | Consumer | |||||||||||||||||||||||||
FHA/VA/ Guaranteed (1) | Other residential loans | Auto | Finance Leases | Other Consumer | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Performing | $ | 176,862 | $ | 2,198,443 | $ | 1,104,766 | $ | 243,108 | $ | 681,934 | ||||||||||||||||
Purchased Credit-Impaired | - | - | - | - | 3,383 | |||||||||||||||||||||
Non-performing | - | 172,796 | 20,471 | 3,706 | 14,884 | |||||||||||||||||||||
Total | $ | 176,862 | $ | 2,371,239 | $ | 1,125,237 | $ | 246,814 | $ | 700,201 | ||||||||||||||||
-1 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $38.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of March 31, 2014. | |||||||||||||||||||||||||
31-Dec-13 | Consumer Credit Exposure-Credit Risk Profile based on payment activity | |||||||||||||||||||||||||
Residential Real-Estate | Consumer | |||||||||||||||||||||||||
FHA/VA/ Guaranteed (1) | Other residential loans | Auto | Finance Leases | Other Consumer | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Performing | $ | 195,226 | $ | 2,192,341 | $ | 1,091,004 | $ | 242,241 | $ | 688,181 | ||||||||||||||||
Purchased Credit-Impaired | - | - | - | - | 4,791 | |||||||||||||||||||||
Non-performing | - | 161,441 | 21,316 | 3,082 | 15,904 | |||||||||||||||||||||
Total | $ | 195,226 | $ | 2,353,782 | $ | 1,112,320 | $ | 245,323 | $ | 708,876 | ||||||||||||||||
-1 | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013. | |||||||||||||||||||||||||
Impaired Loans | ' | ' | ||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Specific Allowance | Average Recorded Investment | Interest Income Recognized On Accrual Basis | Interest Income Recognized On Cash Basis | |||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Other residential mortgage loans | 251,650 | 272,706 | - | 251,951 | 2,529 | 533 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial mortgage loans | 62,200 | 68,818 | - | 62,275 | 394 | 116 | ||||||||||||||||||||
Commercial and Industrial Loans | 21,068 | 25,015 | - | 21,287 | - | 8 | ||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 654 | 742 | - | 680 | 4 | - | ||||||||||||||||||||
Construction-commercial | - | - | - | - | - | - | ||||||||||||||||||||
Construction-residential | 14,258 | 17,234 | - | 14,386 | 42 | 1 | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | - | - | - | - | - | - | ||||||||||||||||||||
Finance leases | - | - | - | - | - | - | ||||||||||||||||||||
Other consumer loans | 6,239 | 7,151 | - | 6,263 | 89 | - | ||||||||||||||||||||
$ | 356,069 | $ | 391,666 | $ | - | $ | 356,842 | $ | 3,058 | $ | 658 | |||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Other residential mortgage loans | 167,658 | 189,505 | 17,273 | 167,772 | 1,256 | 435 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial mortgage loans | 157,660 | 174,734 | 29,833 | 160,537 | 442 | 528 | ||||||||||||||||||||
Commercial and Industrial Loans | 130,585 | 164,932 | 19,098 | 133,296 | 571 | 20 | ||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 14,876 | 29,561 | 4,632 | 14,950 | 15 | 5 | ||||||||||||||||||||
Construction-commercial | 15,981 | 16,223 | 8,122 | 16,001 | - | - | ||||||||||||||||||||
Construction-residential | 12,867 | 13,342 | 2,400 | 12,993 | - | - | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 14,378 | 14,378 | 2,024 | 14,784 | 246 | - | ||||||||||||||||||||
Finance leases | 2,240 | 2,240 | 65 | 2,299 | 54 | - | ||||||||||||||||||||
Other consumer loans | 7,074 | 7,605 | 1,569 | 7,742 | 302 | - | ||||||||||||||||||||
$ | 523,319 | $ | 612,520 | $ | 85,016 | $ | 530,374 | $ | 2,886 | $ | 988 | |||||||||||||||
Total: | ||||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Other residential mortgage loans | 419,308 | 462,211 | 17,273 | 419,723 | 3,785 | 968 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial mortgage loans | 219,860 | 243,552 | 29,833 | 222,812 | 836 | 644 | ||||||||||||||||||||
Commercial and Industrial Loans | 151,653 | 189,947 | 19,098 | 154,583 | 571 | 28 | ||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 15,530 | 30,303 | 4,632 | 15,630 | 19 | 5 | ||||||||||||||||||||
Construction-commercial | 15,981 | 16,223 | 8,122 | 16,001 | - | - | ||||||||||||||||||||
Construction-residential | 27,125 | 30,576 | 2,400 | 27,379 | 42 | 1 | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 14,378 | 14,378 | 2,024 | 14,784 | 246 | - | ||||||||||||||||||||
Finance leases | 2,240 | 2,240 | 65 | 2,299 | 54 | - | ||||||||||||||||||||
Other consumer loans | 13,313 | 14,756 | 1,569 | 14,005 | 391 | - | ||||||||||||||||||||
$ | 879,388 | $ | 1,004,186 | $ | 85,016 | $ | 887,216 | $ | 5,944 | $ | 1,646 | |||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Specific Allowance | Average Recorded Investment | |||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Other residential mortgage loans | 220,428 | 237,709 | - | 222,617 | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial mortgage loans | 69,484 | 73,723 | - | 71,367 | ||||||||||||||||||||||
Commercial and Industrial Loans | 32,418 | 56,831 | - | 37,946 | ||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 359 | 366 | - | 360 | ||||||||||||||||||||||
Construction-commercial | - | - | - | - | ||||||||||||||||||||||
Construction-residential | 14,761 | 19,313 | - | 17,334 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | - | - | - | - | ||||||||||||||||||||||
Finance leases | - | - | - | - | ||||||||||||||||||||||
Other consumer loans | 4,035 | 4,450 | - | 3,325 | ||||||||||||||||||||||
$ | 341,485 | $ | 392,392 | $ | - | $ | 352,949 | |||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Other residential mortgage loans | 190,566 | 212,028 | 18,125 | 193,372 | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial mortgage loans | 149,888 | 163,656 | 32,189 | 153,992 | ||||||||||||||||||||||
Commercial and Industrial Loans | 154,686 | 170,191 | 26,686 | 162,786 | ||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 27,711 | 40,348 | 10,455 | 28,906 | ||||||||||||||||||||||
Construction-commercial | 16,022 | 16,238 | 8,873 | 16,157 | ||||||||||||||||||||||
Construction-residential | 13,864 | 13,973 | 2,816 | 13,640 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 14,121 | 14,122 | 1,829 | 12,937 | ||||||||||||||||||||||
Finance leases | 2,359 | 2,359 | 73 | 2,219 | ||||||||||||||||||||||
Other consumer loans | 8,410 | 8,919 | 1,555 | 8,919 | ||||||||||||||||||||||
$ | 577,627 | $ | 641,834 | $ | 102,601 | $ | 592,928 | |||||||||||||||||||
Total: | ||||||||||||||||||||||||||
FHA/VA-Guaranteed loans | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
Other residential mortage loans | 410,994 | 449,737 | 18,125 | 415,989 | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial mortgage loans | 219,372 | 237,379 | 32,189 | 225,359 | ||||||||||||||||||||||
Commercial and Industrial Loans | 187,104 | 227,022 | 26,686 | 200,732 | ||||||||||||||||||||||
Construction: | ||||||||||||||||||||||||||
Land | 28,070 | 40,714 | 10,455 | 29,266 | ||||||||||||||||||||||
Construction-commercial | 16,022 | 16,238 | 8,873 | 16,157 | ||||||||||||||||||||||
Construction-residential | 28,625 | 33,286 | 2,816 | 30,974 | ||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Auto loans | 14,121 | 14,122 | 1,829 | 12,937 | ||||||||||||||||||||||
Finance leases | 2,359 | 2,359 | 73 | 2,219 | ||||||||||||||||||||||
Other consumer loans | 12,445 | 13,369 | 1,555 | 12,244 | ||||||||||||||||||||||
$ | 919,112 | $ | 1,034,226 | $ | 102,601 | $ | 945,877 | |||||||||||||||||||
Interest income of approximately $8.4 million ($6.8 million accrual basis and $1.6 million cash basis) was recognized on impaired loans for the first quarter of 2013. | ||||||||||||||||||||||||||
Activity for Impaired loans | ' | ' | ||||||||||||||||||||||||
The following table shows the activity for impaired loans and the related specific reserve during the first quarter of 2014: | ||||||||||||||||||||||||||
Quarter ended | ||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||
Impaired Loans: | (In thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 919,112 | ||||||||||||||||||||||||
Loans determined impaired during the period | 54,277 | |||||||||||||||||||||||||
Net charge-offs | -32,039 | |||||||||||||||||||||||||
Increases to impaired loans- additional disbursements | 625 | |||||||||||||||||||||||||
Foreclosures | -4,006 | |||||||||||||||||||||||||
Loans no longer considered impaired | -3,728 | |||||||||||||||||||||||||
Paid in full or partial payments | -54,853 | |||||||||||||||||||||||||
Balance at end of period | $ | 879,388 | ||||||||||||||||||||||||
Activity for Specific Reserve | ' | ' | ||||||||||||||||||||||||
Quarter ended | ||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||
Specific Reserve: | (In thousands) | |||||||||||||||||||||||||
Balance at beginning of period | $ | 102,601 | ||||||||||||||||||||||||
Provision for loan losses | 14,454 | |||||||||||||||||||||||||
Net charge-offs | -32,039 | |||||||||||||||||||||||||
Balance at end of period | $ | 85,016 | ||||||||||||||||||||||||
Contractually Required Principal and Interest Cash Flows Expected to be Collected and Fair Value at Acquisition Related to Loans Acquired | ' | ' | ||||||||||||||||||||||||
(In thousands) | At acquisition | |||||||||||||||||||||||||
Purchased Credit- | ||||||||||||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||
Contractually outstanding principal and interest at acquisition | $ | 34,577 | ||||||||||||||||||||||||
Less: Nonaccretable difference | -15,408 | |||||||||||||||||||||||||
Cash flows expected to be collected at acquisition | 19,169 | |||||||||||||||||||||||||
Less: Accretable yield | -3,451 | |||||||||||||||||||||||||
Fair value of loans acquired | $ | 15,718 | ||||||||||||||||||||||||
Outstanding Contractual Principal Balance and Carrying Value of Acquired Loans | ' | ' | ||||||||||||||||||||||||
Outstanding balance and carrying value of PCI loans | ||||||||||||||||||||||||||
The table below presents the outstanding contractual principal balance and carrying value of the PCI loans as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||
(In thousands) | Purchase Credit-Impaired Loans March 31, 2014 | Purchase Credit-Impaired Loans December 31, 2013 | ||||||||||||||||||||||||
Contractual balance | $ | 21,449 | $ | 22,748 | ||||||||||||||||||||||
Carrying value | 3,383 | 4,791 | ||||||||||||||||||||||||
Accretable Yield | ' | ' | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
PCI Loans | ||||||||||||||||||||||||||
Accretable yield at acquisition | $ | 3,451 | ||||||||||||||||||||||||
Accretion recognized in earnings | -1,280 | |||||||||||||||||||||||||
Accretable yield as of December 31, 2012 | 2,171 | |||||||||||||||||||||||||
Reclassification to nonaccretable | -1,352 | |||||||||||||||||||||||||
Accretion recognized in earnings | -819 | |||||||||||||||||||||||||
Accretable yield as of December 31, 2013 | $ | - | ||||||||||||||||||||||||
Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type | ' | ' | ||||||||||||||||||||||||
Selected information on TDRs that includes the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all TDRs: | ||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||
(In thousands) | Interest rate below market | Maturity or term extension | Combination of reduction in interest rate and extension of maturity | Forgiveness of principal and/or interest | Other (1) | Total | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||
Non- FHA/VA Residential Mortgage loans | $ | 24,336 | $ | 6,246 | $ | 274,375 | $ | - | $ | 33,322 | $ | 338,279 | ||||||||||||||
Commercial Mortgage Loans | 31,769 | 12,933 | 84,470 | - | 19,643 | 148,815 | ||||||||||||||||||||
Commercial and Industrial Loans | 12,030 | 4,915 | 18,486 | 3,112 | 51,296 | 89,839 | ||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | 856 | 370 | 1,696 | - | 512 | 3,434 | ||||||||||||||||||||
Construction-commercial | - | - | 3,884 | - | - | 3,884 | ||||||||||||||||||||
Construction-residential | 6,099 | 160 | 3,156 | - | 435 | 9,850 | ||||||||||||||||||||
Consumer Loans - Auto | - | 621 | 8,228 | - | 5,529 | 14,378 | ||||||||||||||||||||
Finance Leases | - | 589 | 1,651 | - | - | 2,240 | ||||||||||||||||||||
Consumer Loans - Other | 227 | 208 | 9,374 | - | 1,792 | 11,601 | ||||||||||||||||||||
Total Troubled Debt Restructurings (2) | $ | 75,317 | $ | 26,042 | $ | 405,320 | $ | 3,112 | $ | 112,529 | $ | 622,320 | ||||||||||||||
-1 | Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table. | |||||||||||||||||||||||||
-2 | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | |||||||||||||||||||||||||
Selected information on TDRs that includes the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all TDRs: | ||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||
(In thousands) | Interest rate below market | Maturity or term extension | Combination of reduction in interest rate and extension of maturity | Forgiveness of principal and/or interest | Other (1) | Total | ||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||
Non- FHA/VA Residential Mortgage loans | $ | 23,428 | $ | 6,059 | $ | 274,562 | $ | - | $ | 33,195 | $ | 337,244 | ||||||||||||||
Commercial Mortgage Loans | 36,543 | 12,985 | 83,993 | 7 | 20,048 | 153,576 | ||||||||||||||||||||
Commercial and Industrial Loans | 12,099 | 11,341 | 12,835 | 3,122 | 52,554 | 91,951 | ||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | 878 | 2,012 | 1,760 | - | 675 | 5,325 | ||||||||||||||||||||
Construction-commercial | - | - | 3,924 | - | - | 3,924 | ||||||||||||||||||||
Construction-residential | 6,054 | 160 | 3,173 | 994 | 513 | 10,894 | ||||||||||||||||||||
Consumer Loans - Auto | - | 706 | 8,350 | - | 5,066 | 14,122 | ||||||||||||||||||||
Finance Leases | - | 1,286 | 1,072 | - | - | 2,358 | ||||||||||||||||||||
Consumer Loans - Other | 227 | 256 | 8,638 | - | 1,743 | 10,864 | ||||||||||||||||||||
Total Troubled Debt Restructurings (2) | $ | 79,229 | $ | 34,805 | $ | 398,307 | $ | 4,123 | $ | 113,794 | $ | 630,258 | ||||||||||||||
-1 | Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be | |||||||||||||||||||||||||
considered insignificant, payment plans under judicial stipulation or a combination of the concessions listed in the table. | ||||||||||||||||||||||||||
-2 | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. | |||||||||||||||||||||||||
Corporation's TDR Activity | ' | ' 630,258 | ||||||||||||||||||||||||
The following table presents the Corporation's TDR activity | ||||||||||||||||||||||||||
(In thousands) | Quarter Ended | |||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||
Beginning Balance of TDRs | $ | 630,258 | ||||||||||||||||||||||||
New TDRs | 19,935 | |||||||||||||||||||||||||
Increases to existing TDRs - additional disbursements | 27 | |||||||||||||||||||||||||
Charge-offs post modification | -7,982 | |||||||||||||||||||||||||
Foreclosures | -1,074 | |||||||||||||||||||||||||
Paid-off, partial payments, and other | -18,844 | |||||||||||||||||||||||||
Ending balance of TDRs | $ | 622,320 | ||||||||||||||||||||||||
Breakdown Between Accrual and Nonaccrual Status of TDRs | ' | ' | ||||||||||||||||||||||||
The following table provides a breakdown between accrual and nonaccrual status of TDRs: | ||||||||||||||||||||||||||
(In thousands) | 31-Mar-14 | |||||||||||||||||||||||||
Accrual | Nonaccrual (1)(2) | Total TDRs | ||||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | $ | 256,605 | $ | 81,674 | $ | 338,279 | ||||||||||||||||||||
Commercial Mortgage Loans | 78,073 | 70,742 | 148,815 | |||||||||||||||||||||||
Commercial and Industrial Loans | 53,995 | 35,844 | 89,839 | |||||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | 949 | 2,485 | 3,434 | |||||||||||||||||||||||
Construction-commercial | - | 3,884 | 3,884 | |||||||||||||||||||||||
Construction-residential | 3,316 | 6,534 | 9,850 | |||||||||||||||||||||||
Consumer Loans - Auto | 8,576 | 5,802 | 14,378 | |||||||||||||||||||||||
Finance Leases | 2,134 | 106 | 2,240 | |||||||||||||||||||||||
Consumer Loans - Other | 9,299 | 2,302 | 11,601 | |||||||||||||||||||||||
Total Troubled Debt Restructurings | $ | 412,947 | $ | 209,373 | $ | 622,320 | ||||||||||||||||||||
-1 | Included in non-accrual loans are $76.3 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | |||||||||||||||||||||||||
-2 | Excludes non-accrual TDRs held for sale with a carrying value of $45.8 million as of March 31, 2014. | |||||||||||||||||||||||||
(In thousands) | 31-Dec-13 | |||||||||||||||||||||||||
Accrual | Nonaccrual (1)(2) | Total TDRs | ||||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | $ | 263,919 | $ | 73,324 | $ | 337,243 | ||||||||||||||||||||
Commercial Mortgage Loans | 84,419 | 69,156 | 153,575 | |||||||||||||||||||||||
Commercial and Industrial Loans | 53,509 | 38,441 | 91,950 | |||||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | 1,000 | 4,325 | 5,325 | |||||||||||||||||||||||
Construction-commercial | - | 3,924 | 3,924 | |||||||||||||||||||||||
Construction-residential | 3,332 | 7,562 | 10,894 | |||||||||||||||||||||||
Consumer Loans - Auto | 8,512 | 5,610 | 14,122 | |||||||||||||||||||||||
Finance Leases | 2,275 | 85 | 2,360 | |||||||||||||||||||||||
Consumer Loans - Other | 8,417 | 2,448 | 10,865 | |||||||||||||||||||||||
Total Troubled Debt Restructurings | $ | 425,383 | $ | 204,875 | $ | 630,258 | ||||||||||||||||||||
-1 | Included in non-accrual loans are $95.7 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | |||||||||||||||||||||||||
-2 | Excludes non-accrual TDRs held for sale with a carrying value of $45.9 million as of December 31, 2013. | |||||||||||||||||||||||||
Schedule Of Troubled Debt Restructurings Table [Text Block] | ' | ' | ||||||||||||||||||||||||
Loans modifications that are considered TDRs and were completed during the first quarter of 2014 and 2013 were as follows: | ||||||||||||||||||||||||||
(Dollars in thousands) | Quarter ended March 31, 2014 | |||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | 47 | $ | 7,709 | $ | 7,711 | |||||||||||||||||||||
Commercial Mortgage Loans | 3 | 834 | 837 | |||||||||||||||||||||||
Commercial and Industrial Loans | 5 | 7,964 | 7,630 | |||||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | - | - | - | |||||||||||||||||||||||
Construction-commercial | - | - | - | |||||||||||||||||||||||
Construction-residential | - | - | - | |||||||||||||||||||||||
Consumer Loans - Auto | 117 | 1,605 | 1,605 | |||||||||||||||||||||||
Finance Leases | 10 | 193 | 193 | |||||||||||||||||||||||
Consumer Loans - Other | 429 | 1,959 | 1,959 | |||||||||||||||||||||||
Total Troubled Debt Restructurings | 611 | $ | 20,264 | $ | 19,935 | |||||||||||||||||||||
(Dollars in thousands) | Quarter ended March 31, 2013 | |||||||||||||||||||||||||
Number of contracts | Pre-modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | ||||||||||||||||||||||||
Troubled Debt Restructurings: | ||||||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | 73 | $ | 9,763 | $ | 9,787 | |||||||||||||||||||||
Commercial Mortgage Loans | - | - | - | |||||||||||||||||||||||
Commercial and Industrial Loans | 7 | 66,886 | 41,498 | |||||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | - | - | - | |||||||||||||||||||||||
Construction-commercial | - | - | - | |||||||||||||||||||||||
Construction-residential | 1 | 196 | 196 | |||||||||||||||||||||||
Consumer Loans - Auto | 143 | 1,923 | 1,923 | |||||||||||||||||||||||
Finance Leases | 19 | 312 | 312 | |||||||||||||||||||||||
Consumer Loans - Other | 363 | 1,647 | 1,647 | |||||||||||||||||||||||
Total Troubled Debt Restructurings | 606 | $ | 80,727 | $ | 55,363 | |||||||||||||||||||||
Loan Modifications Considered Troubled Debt Restructurings Defaulted | ' | ' | ||||||||||||||||||||||||
Loan modification considered TDRs that defaulted during the quarters ended March 31, 2014 and March 31, 2013 and had become a TDRs during the 12 month preceding the default date, were as follows: | ||||||||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||||||
Number of contracts | Recorded Investment | Number of contracts | Recorded Investment | |||||||||||||||||||||||
Non-FHA/VA Residential Mortgage loans | 14 | $ | 2,552 | 45 | $ | 7,525 | ||||||||||||||||||||
Commercial Mortgage Loans | - | - | 1 | 46,102 | ||||||||||||||||||||||
Commercial and Industrial Loans | - | - | 2 | 3,829 | ||||||||||||||||||||||
Construction Loans: | ||||||||||||||||||||||||||
Land | - | - | - | - | ||||||||||||||||||||||
Construction-commercial | - | - | - | - | ||||||||||||||||||||||
Construction-residential | - | - | - | - | ||||||||||||||||||||||
Consumer Loans - Auto | 4 | 39 | 2 | 17 | ||||||||||||||||||||||
Consumer Loans - Other | 45 | 176 | 5 | 82 | ||||||||||||||||||||||
Finance Leases | - | - | - | - | ||||||||||||||||||||||
Total | 63 | $ | 2,767 | 55 | $ | 57,555 | ||||||||||||||||||||
Loan Restructuring and Effect on Allowance for Loan and Lease Losses | ' | ' | ||||||||||||||||||||||||
(In thousands) | 31-Mar-14 | 31-Mar-13 | ||||||||||||||||||||||||
Principal balance deemed collectible at end of period | $ | 78,833 | $ | 93,897 | ||||||||||||||||||||||
Amount charged off | $ | - | $ | 25,389 | ||||||||||||||||||||||
(Reductions) charges to the provision for loan losses | $ | -15 | $ | 1,556 | ||||||||||||||||||||||
Allowance for loan losses at end of period | $ | 1,547 | $ | 2,577 | ||||||||||||||||||||||
ALLOWANCE_FOR_LOAN_AND_LEASE_L1
ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Changes in Allowance for Loan and Lease Losses | ' | |||||||||||||||||||||||
The changes in the allowance for loan and lease losses were as follows: | ||||||||||||||||||||||||
(In thousands) | Residential Mortgage Loans | Commercial Mortgage Loans | Commercial & Industrial Loans | Construction Loans | Consumer Loans | Total | ||||||||||||||||||
Quarter ended March 31, 2014 | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Beginning balance | $ | 33,110 | $ | 73,138 | $ | 85,295 | $ | 35,814 | $ | 58,501 | $ | 285,858 | ||||||||||||
Charge-offs | -6,422 | -5,810 | -22,459 | -970 | -18,046 | -53,707 | ||||||||||||||||||
Recoveries | 69 | 35 | 663 | 617 | 1,328 | 2,712 | ||||||||||||||||||
Provision | 3,751 | -851 | 16,091 | -8,050 | 20,974 | 31,915 | ||||||||||||||||||
Ending balance | $ | 30,508 | $ | 66,512 | $ | 79,590 | $ | 27,411 | $ | 62,757 | $ | 266,778 | ||||||||||||
Ending balance: specific reserve for | ||||||||||||||||||||||||
impaired loans | $ | 17,273 | $ | 29,833 | $ | 19,098 | $ | 15,154 | $ | 3,658 | $ | 85,016 | ||||||||||||
Ending balance: purchased credit-impaired loans | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Ending balance: general allowance | $ | 13,235 | $ | 36,679 | $ | 60,492 | $ | 12,257 | $ | 59,099 | $ | 181,762 | ||||||||||||
Loans held for investment: | ||||||||||||||||||||||||
Ending balance | $ | 2,548,101 | $ | 1,846,016 | $ | 2,947,837 | $ | 152,579 | $ | 2,072,252 | $ | 9,566,785 | ||||||||||||
Ending balance: impaired loans | $ | 419,308 | $ | 219,860 | $ | 151,653 | $ | 58,636 | $ | 29,931 | $ | 879,388 | ||||||||||||
Ending balance: purchased credit- | ||||||||||||||||||||||||
impaired loans | $ | - | $ | - | $ | - | $ | - | $ | 3,383 | $ | 3,383 | ||||||||||||
Ending balance: loans with general allowance | $ | 2,128,793 | $ | 1,626,156 | $ | 2,796,184 | $ | 93,943 | $ | 2,038,938 | $ | 8,684,014 | ||||||||||||
(In thousands) | Residential Mortgage Loans | Commercial Mortgage Loans | Commercial & Industrial Loans | Construction Loans | Consumer Loans | Total | ||||||||||||||||||
Quarter ended March 31, 2013 | ||||||||||||||||||||||||
Allowance for loan and lease losses: | ||||||||||||||||||||||||
Beginning balance | $ | 68,354 | $ | 97,692 | $ | 146,900 | $ | 61,600 | $ | 60,868 | $ | 435,414 | ||||||||||||
Charge-offs | -10,697 | -15,999 | -40,942 | -25,859 | -14,764 | -108,261 | ||||||||||||||||||
Charge-offs related to bulk sales | -1,031 | -40,057 | -44,678 | -12,753 | - | -98,519 | ||||||||||||||||||
Recoveries | 148 | 20 | 791 | 97 | 1,718 | 2,774 | ||||||||||||||||||
Provision | 7,948 | 36,397 | 35,292 | 21,948 | 9,538 | 111,123 | ||||||||||||||||||
Ending balance | $ | 64,722 | $ | 78,053 | $ | 97,363 | $ | 45,033 | $ | 57,360 | $ | 342,531 | ||||||||||||
Ending balance: specific reserve for | ||||||||||||||||||||||||
impaired loans | $ | 47,495 | $ | 36,134 | $ | 35,383 | $ | 21,689 | $ | 3,327 | $ | 144,028 | ||||||||||||
Ending balance: general allowance | $ | 17,227 | $ | 41,919 | $ | 61,980 | $ | 23,344 | $ | 54,033 | $ | 198,503 | ||||||||||||
Loans held for investment: | ||||||||||||||||||||||||
Ending balance | $ | 2,714,083 | $ | 1,671,269 | $ | 2,932,371 | $ | 222,762 | $ | 2,020,061 | $ | 9,560,546 | ||||||||||||
Ending balance: impaired loans | $ | 579,305 | $ | 203,500 | $ | 222,814 | $ | 68,027 | $ | 26,619 | $ | 1,100,265 | ||||||||||||
Ending balance: purchased credit- | ||||||||||||||||||||||||
impaired loans | $ | - | $ | - | $ | - | $ | - | $ | 9,224 | $ | 9,224 | ||||||||||||
Ending balance: loans with general allowance | $ | 2,134,778 | $ | 1,467,769 | $ | 2,709,557 | $ | 154,735 | $ | 1,984,218 | $ | 8,451,057 | ||||||||||||
LOANS_HELD_FOR_SALE_Tables
LOANS HELD FOR SALE (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Portfolio of Loans Held for Sale | ' | ||||||
31-Mar-14 | 31-Dec-13 | ||||||
(In thousands) | |||||||
Residential mortgage loans | $ | 24,157 | $ | 21,168 | |||
Construction loans | 47,802 | 47,802 | |||||
Commercial mortgage loans | 6,953 | 6,999 | |||||
Total | $ | 78,912 | $ | 75,969 |
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Notional Amounts of All Derivative Instruments | ' | ||||||||||||||||
The following table summarizes the notional amounts of all derivative instruments: | |||||||||||||||||
Notional Amounts | |||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Undesignated economic hedges: | (In thousands) | ||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Interest rate swap agreements | $ | 30,970 | $ | 31,080 | |||||||||||||
Written interest rate cap agreements | 38,082 | 38,391 | |||||||||||||||
Purchased interest rate cap agreements | 38,082 | 38,391 | |||||||||||||||
Forward Contracts: | |||||||||||||||||
Sale of TBA GNMA MBS pools | 24,000 | 25,000 | |||||||||||||||
$ | 131,134 | $ | 132,862 | ||||||||||||||
Notional amounts are presented on a gross basis with no netting of offseting exposure positions. | |||||||||||||||||
Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition | ' | ||||||||||||||||
The following table summarizes the fair value of derivative instruments and the location in the statement of financial condition: | |||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||
Statement of | March 31, | December 31, | March 31, | December 31, | |||||||||||||
Financial | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Condition Location | Fair Value | Fair Value | Statement of Financial Condition Location | Fair Value | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||||
Undesignated economic hedges: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Interest rate swap agreements | Other assets | $ | 131 | $ | 162 | Accounts payable and other liabilities | $ | 3,621 | $ | 3,965 | |||||||
Written interest rate cap agreements | Other assets | - | - | Accounts payable and other liabilities | 39 | 58 | |||||||||||
Purchased interest rate cap agreements | Other assets | 39 | 58 | Accounts payable and other liabilities | - | - | |||||||||||
Forward Contracts: | |||||||||||||||||
Sales of TBA GNMA MBS pools | Other assets | 29 | 174 | Accounts payable and other liabilities | 20 | - | |||||||||||
$ | 199 | $ | 394 | $ | 3,680 | $ | 4,023 | ||||||||||
Effect of Derivative Instruments on Statement of Income (Loss) | ' | ||||||||||||||||
The following table summarizes the effect of derivative instruments on the statement of income (loss): | |||||||||||||||||
Gain (or Loss) | |||||||||||||||||
Location of Gain or (loss) | Quarter Ended | ||||||||||||||||
Recognized in Income on | March 31, | ||||||||||||||||
(In thousands) | Derivatives | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
UNDESIGNATED ECONOMIC HEDGES: | |||||||||||||||||
Interest rate contracts: | |||||||||||||||||
Interest rate swap agreements | Interest income - Loans | $ | 313 | $ | 390 | ||||||||||||
Written and purchased interest rate cap agreements | Interest income - loans | - | 10 | ||||||||||||||
Forward contracts: | |||||||||||||||||
Sales of TBA GNMA MBS pools | Mortgage Banking Activities | -165 | -105 | ||||||||||||||
Total gain on derivatives | $ | 148 | $ | 295 | |||||||||||||
Summary of Interest Rate Swaps | ' | ||||||||||||||||
As of | As of | ||||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Pay fixed/receive floating : | |||||||||||||||||
Notional amount | $ | 30,970 | $ | 31,080 | |||||||||||||
Weighted-average receive rate at period end | 1.84% | 1.85% | |||||||||||||||
Weighted-average pay rate at period end | 6.77% | 6.77% | |||||||||||||||
Floating rates range from 167 to 187 basis points over 3-month LIBOR | |||||||||||||||||
As of March 31, 2014, the Corporation has not entered into any derivative instrument containing credit-risk-related | |||||||||||||||||
contingent features. | |||||||||||||||||
OFFSETTING_OF_ASSETS_AND_LIABI1
OFFSETTING OF ASSETS AND LIABILITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||
Offsetting of assets and liabilties | ' | ||||||||||||||||||||||
Offsetting of Financial Assets and Derivative Assets | |||||||||||||||||||||||
In thousands | |||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Assets Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 39 | $ | - | $ | 39 | $ | -39 | $ | - | $ | - | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Assets Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 58 | $ | - | $ | 58 | $ | -58 | $ | - | $ | - | |||||||||||
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||||||||||||||
In thousands | |||||||||||||||||||||||
As of March 31, 2014 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 3,621 | $ | - | $ | 3,621 | $ | -3,621 | $ | - | $ | - | |||||||||||
Repurchase agreements | 600,000 | - | 600,000 | -600,000 | - | - | |||||||||||||||||
Total | $ | 603,621 | $ | - | $ | 603,621 | $ | -603,621 | $ | - | $ | - | |||||||||||
As of December 31, 2013 | |||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Net Amounts of Liabilities Presented in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statement of Financial Position | ||||||||||||||||||||||
Financial Instruments | Cash Collateral | ||||||||||||||||||||||
Net Amount | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Derivatives | $ | 3,965 | $ | - | $ | 3,965 | $ | -3,965 | $ | - | $ | - | |||||||||||
Repurchase agreements | 600,000 | - | 600,000 | -600,000 | - | - | |||||||||||||||||
Total | $ | 603,965 | $ | - | $ | 603,965 | $ | -603,965 | $ | - | $ | - |
GOODWILL_AND_OTHER_INTANGIBLES1
GOODWILL AND OTHER INTANGIBLES (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Gross Amount and Accumulated Amortization of Other Intangible Assets | ' | |||||
The following table shows the gross amount and accumulated amortization of the Corporation’s intangible assets recognized as part of Other Assets in the consolidated statement of financial condition: | ||||||
As of | As of | |||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
(Dollars in thousands) | ||||||
Core deposit intangible: | ||||||
Gross amount | $ | 45,844 | $ | 45,844 | ||
Accumulated amortization | -39,253 | -38,863 | ||||
Net carrying amount | $ | 6,591 | $ | 6,981 | ||
Remaining amortization period | 9.2 years | 9.8 years | ||||
Purchased credit card relationship intangible: | ||||||
Gross amount | $ | 24,465 | $ | 24,465 | ||
Accumulated amortization | -5,523 | -4,678 | ||||
Net carrying amount | $ | 18,942 | $ | 19,787 | ||
Remaining amortization period | 7.8 years | 8.0 years |
NONCONSOLIDATED_VARIABLE_INTER1
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Summarized income statement information | ' | |||||||
The following table shows summarized unaudited income statement information of CPG/GS for the quarters ended March 31, 2014 and 2013: | ||||||||
Quarter Ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Revenues, including net realized gains on sale of | ||||||||
investments in loans and OREO | $ | 751 | $ | 679 | ||||
Gross profit (loss) | $ | -1,508 | $ | -1,774 | ||||
Net (loss) income | $ | -2,447 | $ | 4,517 | ||||
Changes in Servicing Assets | ' | |||||||
The changes in servicing assets are shown below: | ||||||||
Quarter ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 21,987 | $ | 17,524 | ||||
Capitalization of servicing assets | 1,052 | 1,720 | ||||||
Amortization | -783 | -790 | ||||||
Adjustment to fair value | -219 | 280 | ||||||
Other (1) | -11 | -17 | ||||||
Balance at end of period | $ | 22,026 | $ | 18,717 | ||||
-1 | Amount represents the adjustment to fair value related to the repurchase of loans serviced for others. | |||||||
Changes in Impairment Allowance | ' | |||||||
Changes in the impairment allowance were as follows: | ||||||||
Quarter ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Balance at beginning of period | $ | 212 | $ | 672 | ||||
Temporary impairment charges | 219 | 40 | ||||||
Recoveries | - | -320 | ||||||
Balance at end of period | $ | 431 | $ | 392 | ||||
Components of Net Servicing Income | ' | |||||||
The components of net servicing income are shown below: | ||||||||
Quarter ended | ||||||||
March 31, | March 31, | |||||||
2014 | 2013 | |||||||
(In thousands) | ||||||||
Servicing fees | $ | 1,671 | $ | 1,517 | ||||
Late charges and prepayment penalties | 164 | 213 | ||||||
Adjustment for loans repurchased | -11 | -17 | ||||||
Representations and warranties loss | -358 | - | ||||||
Servicing income, gross | 1,466 | 1,713 | ||||||
Amortization and impairment of servicing assets | -1,002 | -510 | ||||||
Servicing income, net | $ | 464 | $ | 1,203 | ||||
Weighted-Averages of Key Economic Assumptions in Valuation Model | ' | |||||||
(Dollars in thousands) | ||||||||
Carrying amount of servicing assets | $ | 22,026 | ||||||
Fair value | $ | 25,041 | ||||||
Weighted-average expected life (in years) | 9.61 | |||||||
Constant prepayment rate (weighted-average annual rate) | 9.1 | % | ||||||
Decrease in fair value due to 10% adverse change | $ | 919 | ||||||
Decrease in fair value due to 20% adverse change | $ | 1,782 | ||||||
Discount rate (weighted-average annual rate) | 10.61 | % | ||||||
Decrease in fair value due to 10% adverse change | $ | 1,065 | ||||||
Decrease in fair value due to 20% adverse change | $ | 2,047 |
DEPOSITS_Tables
DEPOSITS (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Summary of Deposit Balances | ' | ||||||
The following table summarizes deposit balances: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Type of account: | |||||||
Non-interest bearing checking accounts | $ | 905,650 | $ | 851,212 | |||
Savings accounts | 2,414,914 | 2,334,831 | |||||
Interest-bearing checking accounts | 1,152,422 | 1,167,480 | |||||
Certificates of deposit | 2,403,289 | 2,384,378 | |||||
Brokered CDs | 3,126,410 | 3,142,023 | |||||
$ | 10,002,685 | $ | 9,879,924 | ||||
Brokered Certificates Of Deposit Mature | ' | ||||||
Brokered CDs mature as follows: | |||||||
31-Mar-14 | |||||||
(In thousands) | |||||||
Three months or less | $ | 346,966 | |||||
Over three months to six months | 557,050 | ||||||
Over six months to one year | 854,800 | ||||||
One to three years | 1,203,461 | ||||||
Three to five years | 128,848 | ||||||
Over five years | 35,285 | ||||||
Total | $ | 3,126,410 | |||||
Components of Interest Expense on Deposits | ' | ||||||
The following are the components of interest expense on deposits: | |||||||
Quarter Ended | |||||||
March 31, | March 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Interest expense on deposits | $ | 18,514 | $ | 23,389 | |||
Amortization of broker placement fees | 1,785 | 2,155 | |||||
Interest expense on deposits | $ | 20,299 | $ | 25,544 |
SECURITIES_SOLD_UNDER_AGREEMEN1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Securities Sold Under Agreements to Repurchase | ' | ||||||
Securities sold under agreements to repurchase (repurchase agreements) consist of the following: | |||||||
March, 31 | December 31, | ||||||
2014 | 2013 | ||||||
(Dollars in thousands) | |||||||
Repurchase agreements, interest ranging from 2.45% to 3.32% (1) | $ | 900,000 | $ | 900,000 | |||
-1 | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. | ||||||
Schedule of Repurchase Agreement Maturity | ' | ||||||
Repurchase agreements mature as follows: | |||||||
31-Mar-14 | |||||||
(In thousands) | |||||||
Over one year to three years | $ | 600,000 | |||||
Three to five years | 300,000 | ||||||
Total | $ | 900,000 | |||||
Repurchase Agreements Grouped by Counterparty | ' | ||||||
Repurchase agreements as of March 31, 2014, grouped by counterparty, were as follows: | |||||||
(Dollars in thousands) | Weighted-Average | ||||||
Counterparty | Amount | Maturity (In Months) | |||||
Citigroup Global Markets | $ | 300,000 | 31 | ||||
JP Morgan Chase | 200,000 | 35 | |||||
Dean Witter / Morgan Stanley | 100,000 | 43 | |||||
Credit Suisse First Boston | 300,000 | 45 | |||||
$ | 900,000 | ||||||
ADVANCES_FROM_THE_FEDERAL_HOME1
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Summary of Advances from FHLB | ' | ||||||
The following is a summary of the advances from the FHLB: | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
(Dollars in thousands) | |||||||
Fixed-rate advances from FHLB, with a weighted- | |||||||
average interest rate of 1.11% | $ | 300,000 | $ | 300,000 | |||
Advances from FHLB Mature | ' | ||||||
Advances from FHLB mature as follows: | |||||||
March 31, | |||||||
2014 | |||||||
(In thousands) | |||||||
Over one year to three years | $ | 100,000 | |||||
Over three years | 200,000 | ||||||
Total | $ | 300,000 | |||||
OTHER_BORROWINGS_Tables
OTHER BORROWINGS (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Components of Other Borrowings | ' | |||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
(In thousands) | ||||||
Junior subordinated debentures due in 2034, | ||||||
interest-bearing at a floating rate of 2.75% | ||||||
over 3-month LIBOR (2.98% as of March 31, 2014 | ||||||
and 2.99% as of December 31, 2013) | $ | 103,093 | $ | 103,093 | ||
Junior subordinated debentures due in 2034, | ||||||
interest-bearing at a floating rate of 2.50% | ||||||
over 3-month LIBOR (2.73% as of March 31, 2014 | ||||||
and 2.75% as of December 31, 2013) | 128,866 | 128,866 | ||||
$ | 231,959 | $ | 231,959 |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
EquityAbstract | ' | ||||||||||||||||
Schedule Of Conversions Of Stock Text Block | ' | ||||||||||||||||
The results of the exchange with respect to Series A through E preferred stock were as follows: | |||||||||||||||||
Shares of Preferred stock outstanding prior to exchange | |||||||||||||||||
Shares of preferred stock outstanding after exchange | Aggregate liquidation preference after exchange (In thousands) | ||||||||||||||||
Liquidation preference per share | Shares of preferred stock exchanged | Shares of common stock issued | |||||||||||||||
Title of Securities | |||||||||||||||||
7.125% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series A | $ | 25 | 450,195 | 51,790 | 398,405 | $ | 9,960 | 226,889 | |||||||||
8.35% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series B | $ | 25 | 475,987 | 36,250 | 439,737 | 10,994 | 158,809 | ||||||||||
7.40% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series C | $ | 25 | 460,611 | 69,707 | 390,904 | 9,773 | 291,056 | ||||||||||
7.25% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series D | $ | 25 | 510,592 | 46,176 | 464,416 | 11,610 | 201,040 | ||||||||||
7.00% Noncumulative Perpetual | |||||||||||||||||
Monthly Income Preferred | |||||||||||||||||
Stock, Series E | $ | 25 | 624,487 | 45,554 | 578,933 | 14,473 | 197,489 | ||||||||||
2,521,872 | 249,477 | 2,272,395 | $ | 56,810 | 1,075,283 | ||||||||||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | |||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis, are summarized below: | ||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Assets/Liabilities at Fair Value | Level 1 | Level 2 | Level 3 | Assets/Liabilities at Fair Value | ||||||||||||||||
Assets: | ||||||||||||||||||||||||
Securities available for sale : | ||||||||||||||||||||||||
Equity securities | $ | 18 | $ | - | $ | - | $ | 18 | $ | 33 | $ | - | $ | - | $ | 33 | ||||||||
U.S. Treasury Securities | 7,500 | - | - | 7,500 | 7,499 | - | - | 7,499 | ||||||||||||||||
Noncallable U.S. agency debt | - | 203,675 | - | 203,675 | - | 200,903 | - | 200,903 | ||||||||||||||||
Callable U.S. agency debt and MBS | - | 1,719,543 | - | 1,719,543 | - | 1,677,651 | - | 1,677,651 | ||||||||||||||||
Puerto Rico government obligations | - | 53,698 | 7,657 | 61,355 | - | 48,904 | 2,426 | 51,330 | ||||||||||||||||
Private label MBS | - | - | 39,853 | 39,853 | - | - | 40,866 | 40,866 | ||||||||||||||||
Derivatives, included in assets: | ||||||||||||||||||||||||
Interest rate swap agreements | - | 131 | - | 131 | - | 162 | - | 162 | ||||||||||||||||
Purchased interest rate cap agreements | - | 39 | - | 39 | - | 58 | - | 58 | ||||||||||||||||
Forward contracts | - | 29 | - | 29 | - | 174 | - | 174 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Derivatives, included in liabilities: | ||||||||||||||||||||||||
Interest rate swap agreements | - | 3,621 | - | 3,621 | - | 3,965 | - | 3,965 | ||||||||||||||||
Written interest rate cap agreement | - | 39 | - | 39 | - | 58 | - | 58 | ||||||||||||||||
Forward contracts | - | 20 | - | 20 | - | - | - | - | ||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||||||||||
Total Fair Value Measurements | ||||||||||||||||||||||||
Quarter ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Level 3 Instruments Only | Securities | Securities | ||||||||||||||||||||||
(In thousands) | Available For Sale(1) | Available For Sale(1) | ||||||||||||||||||||||
Beginning balance | $ | 43,292 | 54,617 | |||||||||||||||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||
Included in earnings | - | -117 | ||||||||||||||||||||||
Included in other comprehensive income | 964 | 831 | ||||||||||||||||||||||
Purchases | 5,123 | - | ||||||||||||||||||||||
Principal repayments and amortization | -1,869 | -3,284 | ||||||||||||||||||||||
Ending balance | $ | 47,510 | $ | 52,047 | ||||||||||||||||||||
-1 | Amounts mostly related to private label MBS. | |||||||||||||||||||||||
Impairment or Valuation Adjustments were Recorded for Assets Recognized at Fair Value | ' | |||||||||||||||||||||||
The table below summarizes changes in unrealized gains and losses recorded in earnings for the quarters ended March 31,2014 and 2013 for Level 3 assets and liabilities that are still held at the end of each period: | ||||||||||||||||||||||||
Changes in Unrealized Losses | Changes in Unrealized Losses | |||||||||||||||||||||||
(Quarter ended March 31, 2014) | (Quarter Ended March 31, 2013) | |||||||||||||||||||||||
Level 3 Instruments Only | Securities | Securities | ||||||||||||||||||||||
(In thousands) | Available For Sale | Available For Sale | ||||||||||||||||||||||
Changes in unrealized losses relating to assets still held at reporting date: | ||||||||||||||||||||||||
Net impairment losses on investment securities (credit component) | $ - | ($117) | ||||||||||||||||||||||
As of March 31, 2014, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: | ||||||||||||||||||||||||
Carrying value as of March 31, 2014 | (Losses) Gain recorded for the Quarter Ended March 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable (1) | $ | - | $ | - | $ | 478,393 | $ | -23,793 | ||||||||||||||||
Other Real Estate Owned (2) | - | - | 138,622 | -4,747 | ||||||||||||||||||||
Mortgage servicing rights (3) | - | - | 22,026 | -219 | ||||||||||||||||||||
Loans Held For Sale (4) | - | - | 54,755 | - | ||||||||||||||||||||
-1 | Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||||||||||
-2 | The fair value was derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g. absorption rates, net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loan to the OREO portfolio. | |||||||||||||||||||||||
-3 | Fair value adjustments to mortgage servicing rights were mainly due to assumptions associated with mortgage prepayment rates. The Corporation carries its mortgage servicing rights at the lower of cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights included: Prepayment rate 9.10%, Discount Rate 10.61%. | |||||||||||||||||||||||
-4 | The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed sale agreements, the value was determined based on the sales price on such agreements. | |||||||||||||||||||||||
As of March 31, 2013, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: | ||||||||||||||||||||||||
Carrying value as of March 31, 2013 | (Losses) Gain recorded for the Quarter Ended March 31, 2013 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Loans receivable (1) | $ | - | $ | - | $ | 583,812 | $ | -22,954 | ||||||||||||||||
Other Real Estate Owned (2) | - | - | 181,479 | -3,782 | ||||||||||||||||||||
Mortgage servicing rights (3) | - | - | 18,717 | 280 | ||||||||||||||||||||
Loans Held For Sale (4) | - | - | 147,995 | -5,222 | ||||||||||||||||||||
-1 | Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||||||||||
-2 | The fair value was derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g. absorption rates, net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loan to the OREO portfolio. | |||||||||||||||||||||||
-3 | Fair value adjustments to the mortgage servicing rights were mainly due to assumptions associated with mortgage prepayments rates. The Corporation carries its mortgage servicing rights at the lower-of-cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights included: Prepayment Rate 10.81%, Discount Rate 11.06%. | |||||||||||||||||||||||
-4 | Level 3 Loans Held For Sale were the $181.6 million transferred to held for sale during the first quarter of 2013, which were recorded at a value of $148.0 million. The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed agreements the value was determined based on the sales price of such agreements. | |||||||||||||||||||||||
Estimated Fair Value and Carrying Value of Financial Instruments | ' | |||||||||||||||||||||||
The following table presents the estimated fair value and carrying value of financial instruments as of March 31, 2014 and December 31, 2013 | ||||||||||||||||||||||||
Total Carrying Amount in Statement of Financial Condition March 31, 2014 | Fair Value Estimated March 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks and money | ||||||||||||||||||||||||
market investments | $ | 841,497 | $ | 841,497 | $ | 841,497 | $ | - | $ | - | ||||||||||||||
Investment securities available | ||||||||||||||||||||||||
for sale | 2,031,944 | 2,031,944 | 7,518 | 1,976,916 | 47,510 | |||||||||||||||||||
Other equity securities | 28,691 | 28,691 | - | 28,691 | - | |||||||||||||||||||
Loans held for sale | 78,912 | 79,268 | - | 24,513 | 54,755 | |||||||||||||||||||
Loans, held for investment | 9,566,785 | |||||||||||||||||||||||
Less: allowance for loan and lease losses | -266,778 | |||||||||||||||||||||||
Loans held for investment, net of allowance | $ | 9,300,007 | 9,071,147 | - | - | 9,071,147 | ||||||||||||||||||
Derivatives, included in assets | 199 | 199 | - | 199 | - | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 10,002,685 | 10,015,793 | - | 10,015,793 | - | |||||||||||||||||||
Securities sold under agreements to repurchase | 900,000 | 971,656 | - | 971,656 | - | |||||||||||||||||||
Advances from FHLB | 300,000 | 298,181 | - | 298,181 | - | |||||||||||||||||||
Other borrowings | 231,959 | 116,038 | - | - | 116,038 | |||||||||||||||||||
Derivatives, included in liabilities | 3,680 | 3,680 | - | 3,680 | - | |||||||||||||||||||
Total Carrying Amount in Statement of Financial Condition December 31, 2013 | Fair Value Estimated December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and due from banks and money | ||||||||||||||||||||||||
market investments | $ | 655,671 | $ | 655,671 | $ | 655,671 | $ | - | $ | - | ||||||||||||||
Investment securities available | ||||||||||||||||||||||||
for sale | 1,978,282 | 1,978,282 | 7,532 | 1,927,458 | 43,292 | |||||||||||||||||||
Other equity securities | 28,691 | 28,691 | - | 28,691 | - | |||||||||||||||||||
Loans held for sale | 75,969 | 76,684 | - | 21,883 | 54,801 | |||||||||||||||||||
Loans, held for investment | 9,636,170 | |||||||||||||||||||||||
Less: allowance for loan and lease losses | -285,858 | |||||||||||||||||||||||
Loans held for investment, net of allowance | $ | 9,350,312 | 9,127,234 | - | - | 9,127,234 | ||||||||||||||||||
Derivatives, included in assets | 394 | 394 | - | 394 | - | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | 9,879,924 | 9,898,615 | - | 9,898,615 | - | |||||||||||||||||||
Securities sold under agreements to repurchase | 900,000 | 976,151 | - | 976,151 | - | |||||||||||||||||||
Advances from FHLB | 300,000 | 297,523 | - | 297,523 | - | |||||||||||||||||||
Other borrowings | 231,959 | 106,772 | - | - | 106,772 | |||||||||||||||||||
Derivatives, included in liabilities | 4,023 | 4,023 | - | 4,023 | - | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | ' | |||||||||||||||||||||||
Qualitative information regarding the fair value measurements for Level 3 financial instruments is as follows: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Method | Inputs | |||||||||||||||||||||||
Loans | Income, Market, Comparable Sales, Discounted Cash Flows | External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors | ||||||||||||||||||||||
OREO | Income, Market, Comparable Sales, Discounted Cash Flows | External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors | ||||||||||||||||||||||
Mortgage servicing rights | Discounted Cash Flow | Weighted average prepayment rate of 9.10 %; weighted average discount rate of 10.61% | ||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | |||||||||||||||||||||||
The table below presents qualitative information for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) at March 31, 2014: | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
(In thousands) | Fair Value | Valuation Technique | Unobservable Input | Range | ||||||||||||||||||||
Investment securities available-for-sale: | ||||||||||||||||||||||||
Private label MBS | $ | 39,853 | Discounted cash flow | Discount rate | 14.50% | |||||||||||||||||||
Prepayment rate | 20.31% -100% (Weighted Average 33%) | |||||||||||||||||||||||
Projected Cumulative Loss Rate | 0.86% -80% (Weighted Average 8.4%) | |||||||||||||||||||||||
Puerto Rico Government Obligations | 7,657 | Discounted cash flow | Prepayment speed | 5.91% | ||||||||||||||||||||
SUPPLEMENTAL_CASH_FLOW_INFORMA1
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Supplemental Cash Flow Information | ' | |||||
Quarter Ended March 31, | ||||||
2014 | 2013 | |||||
(In thousands) | ||||||
Cash paid for: | ||||||
Interest on borrowings | $ | 25,359 | $ | 33,823 | ||
Income tax | 113 | 230 | ||||
Non-cash investing and financing activities: | ||||||
Additions to other real estate owned | 8,176 | 20,122 | ||||
Additions to auto and other repossessed assets | 20,771 | 14,852 | ||||
Capitalization of servicing assets | 1,052 | 1,720 | ||||
Loan securitizations | 50,792 | 69,910 | ||||
Loans held for investment transferred to held for sale | - | 181,620 | ||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Information about the Reportable Segments | ' | ||||||||||||||||||||
The following table presents information about the reportable segments: | |||||||||||||||||||||
(In thousands) | Mortgage Banking | Consumer (Retail) Banking | Commercial and Corporate | Treasury and Investments | United States Operations | Virgin Islands Operations | Total | ||||||||||||||
For the quarter ended March 31, 2014: | |||||||||||||||||||||
Interest income | $ | 25,748 | $ | 55,812 | $ | 42,299 | $ | 15,583 | $ | 10,896 | $ | 10,233 | $ | 160,571 | |||||||
Net (charge) credit for transfer of funds | -8,546 | 3,635 | -2,999 | 5,800 | 2,110 | - | - | ||||||||||||||
Interest expense | - | -6,796 | - | -16,761 | -4,797 | -897 | -29,251 | ||||||||||||||
Net interest income | 17,202 | 52,651 | 39,300 | 4,622 | 8,209 | 9,336 | 131,320 | ||||||||||||||
(Provision) release for loan and lease losses | -3,384 | -20,495 | -13,345 | - | 5,959 | -650 | -31,915 | ||||||||||||||
Non-interest income (loss) | 3,102 | 10,630 | 1,767 | 53 | 441 | 1,967 | 17,960 | ||||||||||||||
Direct non-interest expenses | -9,832 | -32,015 | -12,578 | -1,126 | -7,220 | -9,024 | -71,795 | ||||||||||||||
Segment income | $ | 7,088 | $ | 10,771 | $ | 15,144 | $ | 3,549 | $ | 7,389 | $ | 1,629 | $ | 45,570 | |||||||
Average earnings assets | $ | 1,955,990 | $ | 2,006,395 | $ | 3,921,439 | $ | 2,710,930 | $ | 846,152 | $ | 655,568 | $ | 12,096,474 | |||||||
(In thousands) | Mortgage Banking | Consumer (Retail) Banking | Commercial and Corporate | Treasury and Investments | United States Operations | Virgin Islands Operations | Total | ||||||||||||||
For the quarter ended March 31, 2013: | |||||||||||||||||||||
Interest income | $ | 28,220 | $ | 58,259 | $ | 43,329 | $ | 11,460 | $ | 8,649 | $ | 10,308 | $ | 160,225 | |||||||
Net (charge) credit for transfer of funds | -10,271 | -1,038 | -4,148 | 12,963 | 2,494 | - | - | ||||||||||||||
Interest expense | - | -6,849 | - | -21,763 | -6,117 | -1,003 | -35,732 | ||||||||||||||
Net interest income | 17,949 | 50,372 | 39,181 | 2,660 | 5,026 | 9,305 | 124,493 | ||||||||||||||
Provision for loan and lease losses | -8,588 | -10,181 | -86,111 | - | -1,509 | -4,734 | -111,123 | ||||||||||||||
Non-interest income (loss) | 4,350 | 10,742 | 1,459 | -168 | 612 | 2,172 | 19,167 | ||||||||||||||
Direct non-interest expenses | -11,648 | -29,668 | -17,588 | -2,406 | -6,722 | -9,136 | -77,168 | ||||||||||||||
Segment income (loss) | $ | 2,063 | $ | 21,265 | $ | -63,059 | $ | 86 | $ | -2,593 | $ | -2,393 | $ | -44,631 | |||||||
Average earnings assets | $ | 2,100,455 | $ | 1,904,624 | $ | 4,290,119 | $ | 2,689,940 | $ | 679,389 | $ | 677,336 | $ | 12,341,863 | |||||||
Reconciliation of the Reportable Segment Financial Information | ' | ||||||||||||||||||||
The following table presents a reconciliation of the reportable segment financial information to the consolidated totals: | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||
Total income (loss) for segments and other | $ | 45,570 | $ | -44,631 | |||||||||||||||||
Other non-interest loss (1) | -6,610 | -5,538 | |||||||||||||||||||
Other operating expenses (2) | -20,990 | -20,842 | |||||||||||||||||||
Income (loss) before income taxes | 17,970 | -71,011 | |||||||||||||||||||
Income tax expense | -887 | -1,622 | |||||||||||||||||||
Total consolidated net income (loss) | $ | 17,083 | $ | -72,633 | |||||||||||||||||
Average assets: | |||||||||||||||||||||
Total average earning assets for segments | $ | 12,096,474 | $ | 12,341,863 | |||||||||||||||||
Other average earning assets (1) | 6,570 | 23,786 | |||||||||||||||||||
Average non-earning assets | 671,146 | 708,214 | |||||||||||||||||||
Total consolidated average assets | $ | 12,774,190 | $ | 13,073,863 | |||||||||||||||||
-1 | The activities related to the Bank's equity interest in CPG/GS are presented as an Other non-interest income (loss) and other average earning assets in the table above | ||||||||||||||||||||
-2 | Expenses pertaining to corporate administrative functions that support the operating segment but are not specifically attributable to or managed by any segment are not included in the reported financial results of the operating segments. The unallocated corporate expenses include certain general and administrative expenses and related depreciation and amortization expenses. |
FIRST_BANCORP_Holding_Company_1
FIRST BANCORP. (Holding Company Only) Financial Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Statements of Financial Condition | ' | ||||||
Statements of Financial Condition | |||||||
As of March 31, | As of December 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Assets | |||||||
Cash and due from banks | $ | 31,420 | $ | 31,957 | |||
Money market investments | 6,111 | 6,111 | |||||
Investment securities available for sale, at market: | |||||||
Equity investments | 18 | 33 | |||||
Other investment securities | 285 | 285 | |||||
Loans held for invesment, net | 344 | 356 | |||||
Investment in First Bank Puerto Rico, at equity | 1,444,653 | 1,403,612 | |||||
Investment in First Bank Insurance Agency, at equity | 11,013 | 9,834 | |||||
Investment in FBP Statutory Trust I | 3,093 | 3,093 | |||||
Investment in FBP Statutory Trust II | 3,866 | 3,866 | |||||
Other assets | 4,108 | 4,101 | |||||
Total assets | $ | 1,504,911 | $ | 1,463,248 | |||
Liabilities and Stockholders' Equity | |||||||
Liabilities: | |||||||
Other borrowings | $ | 231,959 | $ | 231,959 | |||
Accounts payable and other liabilities | 17,054 | 15,431 | |||||
Total liabilities | 249,013 | 247,390 | |||||
Stockholders' equity | 1,255,898 | 1,215,858 | |||||
Total liabilities and stockholders' equity | $ | 1,504,911 | $ | 1,463,248 | |||
Statements of Income (Loss) | ' | ||||||
Statements of Income (Loss) | |||||||
Quarter Ended | |||||||
March 31, | March 31, | ||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Income: | |||||||
Interest income on money market investments | $ | 5 | $ | 5 | |||
Other income | 53 | 52 | |||||
58 | 57 | ||||||
Expense: | |||||||
Notes payable and other borrowings | 1,760 | 1,746 | |||||
Other operating expenses | 506 | 1,803 | |||||
2,266 | 3,549 | ||||||
Loss before income taxes and equity | |||||||
in undistributed earnings (losses) of subsidiaries | -2,208 | -3,492 | |||||
Income tax provision | -2 | - | |||||
Equity in undistributed earnings (losses) of subsidiaries | 19,293 | -69,141 | |||||
Net income (loss) | $ | 17,083 | $ | -72,633 | |||
Other comprehensive income (loss), net of tax | 22,539 | -8,610 | |||||
Comprehensive income (loss) | $ | 39,622 | $ | -81,243 |
EARNINGS_PER_COMMON_SHARE_Calc
EARNINGS PER COMMON SHARE - Calculations of Earnings Per Common Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net Income (Loss): | ' | ' |
Net income (loss) | $17,083 | ($72,633) |
Excess of carrying amount of preferred stock exchanged over fair value of new common stock | 379 | 0 |
Net income (loss) attributable to common stockholders | 17,462 | -72,633 |
Weighted-Average Shares: | ' | ' |
Basic weighted-average common shares outstanding | 205,732 | 205,465 |
Average potential common shares | 1,144 | 0 |
Diluted weighted-average number of common shares outstanding | 206,876 | 205,465 |
Income (loss) per common share: | ' | ' |
Basic | $0.08 | ($0.35) |
Diluted | $0.08 | ($0.35) |
Retained Earnings [Member] | ' | ' |
Net Income (Loss): | ' | ' |
Net income (loss) | 17,083 | -72,633 |
Excess of carrying amount of preferred stock exchanged over fair value of new common stock | $379 | $0 |
EARNINGS_PER_COMMON_SHARE_Addi
EARNINGS PER COMMON SHARE - Additional Information (Detail) | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 |
Restricted Stock [Member] | Restricted Stock [Member] | Stock Option [Member] | Stock Option [Member] | Warrant [Member] | |
Earnings Per Share Diluted [Line Items] | ' | ' | ' | ' | ' |
Antidilutive effect on earnings per share | ' | ' | 88,640 | 105,363 | 1,285,899 |
Unvested shares of restricted stock | 1,411,185 | 763,022 | ' | ' | ' |
STOCKBASED_COMPENSATION_Additi
STOCK-BASED COMPENSATION - Additional Information (Detail) (USD $) | 3 Months Ended | 121 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
Mar. 31, 2014 | Jan. 21, 2007 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Senior Executives | Omnibus Plan [Member] | Troubled Asset Relief Program [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | First Fifty Percentage Restricted Stock Nonvest Awards [Member] | Other Fifty Percentage Restricted Stock Nonvest Awards [Member] | |||
Reversal [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized granting up shares | ' | 579,740 | ' | 8,169,807 | ' | ' | ' | ' | ' | ' |
Percentage of common shares outstanding above which option granted cannot exceed | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Granted shares | 60,381 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Share vest during period | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage increments repayment under TARP | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' |
Remaining percentage of share vest during period | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation cost | $400,000 | ' | ' | ' | ' | $400,000 | $200,000 | $5,000 | ' | ' |
Granted shares of restricted stock | 810,138 | ' | ' | ' | 653,138 | ' | ' | ' | ' | ' |
Restricted stock vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 0 months 0 days | '3 years 0 months 0 days |
Restricted stock granted to Board of Directors | -67,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense unrecognized related to nonvested shares of restricted stock | $4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for cost recognition not yet recognized | '2 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Of Restricted Stock Granted | ' | ' | ' | ' | $2.63 | ' | ' | ' | ' | ' |
Weighted-Average Grant Date Fair Value of Stocks | $3.14 | ' | $5.26 | ' | ' | ' | ' | ' | ' | ' |
Holding Period By The Us Treasury Of Outstanding Common Stock | '2 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of appreciation | ' | ' | ' | ' | 16.00% | ' | ' | ' | ' | ' |
Repurchased of common stock | 44,897 | ' | 21,342 | ' | ' | 23,555 | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_Activi
STOCK-BASED COMPENSATION - Activity of Stock Options (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Number of options, Beginning of year | 101,435 |
Number of Options, expired | -12,795 |
Number of options, End of period outstanding and exercisable | 88,640 |
Weighted-Average Exercise Price, beginning of year | $206.95 |
Weighted-Average Exercise Price, Options expired | $321.75 |
Weighted-Average Exercise Price, End of period outstanding and exercisable | $190.38 |
Weighted- Average Remaining Contractual Term (Years),End of period outstanding and exercisable | '2 years 1 month 6 days |
Aggregate Intrinsic Value, End of period outstanding and exercisable | $0 |
STOCKBASED_COMPENSATION_Restri
STOCK-BASED COMPENSATION - Restricted Stock Activity Under Omnibus Plan (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Granted shares of restricted stock | 810,138 |
Vested | -67,500 |
Weighted-Average Grant Date Fair Value, beginning of period | $3.04 |
Weighted-Average Grant Date Fair Value of Stocks | $3.14 |
Weighted-Averages Grant Date Dair Value, Forefeitures | $6.03 |
Weighted-Averages Grant Date Fair Value, Vested | $4 |
Weighted-Average Grant Date Fair Value, end of period | $3.06 |
Omnibus Plan [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' |
Forefeited | -2,000 |
Number of non-vested shares of restricted stock, end of period | 2,151,823 |
INVESTMENT_SECURITIES_Investme
INVESTMENT SECURITIES - Investment Securities Available for Sale (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | $2,080,387 | $2,049,262 | ||
Non credit loss component of OTTI recorded in OCI | 13,397 | 14,310 | ||
Unrealized gain on available-for-sale securities | 24,247 | 22,125 | ||
Gross unrealized losses | 59,293 | 78,795 | ||
Fair value | 2,031,944 | 1,978,282 | ||
Weighted average yield | 2.58% | 2.57% | ||
Puerto Rico Government obligations [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 76,200 | ' | ||
Fair value | 61,400 | ' | ||
United States And Puerto Rico Government Obligations [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 347,952 | 342,777 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 1 | ||
Gross unrealized losses | 26,522 | 34,454 | ||
Fair value | 321,430 | 308,324 | ||
Weighted average yield | 2.03% | 1.96% | ||
Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 1,732,400 | 1,706,450 | ||
Non credit loss component of OTTI recorded in OCI | 13,397 | 14,310 | ||
Unrealized gain on available-for-sale securities | 24,247 | 22,124 | ||
Gross unrealized losses | 32,754 | 44,339 | ||
Fair value | 1,710,496 | 1,669,925 | ||
Weighted average yield | 2.70% | 2.69% | ||
Government National Mortgage Association Certificates And Obligations G N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 412,899 | 426,475 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 19,411 | 18,533 | ||
Gross unrealized losses | 8 | 0 | ||
Fair value | 432,302 | 445,008 | ||
Weighted average yield | 3.82% | 3.82% | ||
Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 920,616 | 891,952 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 4,461 | 3,457 | ||
Gross unrealized losses | 25,329 | 33,626 | ||
Fair value | 899,748 | 861,783 | ||
Weighted average yield | 2.40% | 2.38% | ||
Mortgage Backed Securities Issued By Private Enterprises [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 53,249 | 55,175 | ||
Non credit loss component of OTTI recorded in OCI | 13,397 | 14,310 | ||
Unrealized gain on available-for-sale securities | 1 | 1 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 39,853 | 40,866 | ||
Weighted average yield | 2.22% | 2.24% | ||
Due Within One Year [Member] | U S Treasury Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 7,500 | 7,498 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 1 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 7,500 | 7,499 | ||
Weighted average yield | 0.12% | 0.12% | ||
Due Within One Year [Member] | Puerto Rico Government obligations [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 10,000 | 10,000 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 0 | 210 | ||
Fair value | 10,000 | 9,790 | ||
Weighted average yield | 3.50% | 3.50% | ||
After One To Five Years [Member] | US Government Sponsored Enterprises Debt Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 50,000 | 50,000 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 1,100 | 1,408 | ||
Fair value | 48,900 | 48,592 | ||
Weighted average yield | 1.05% | 1.05% | ||
After One To Five Years [Member] | Puerto Rico Government obligations [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 39,798 | ' | ||
Non credit loss component of OTTI recorded in OCI | 0 | ' | ||
Unrealized gain on available-for-sale securities | 0 | ' | ||
Gross unrealized losses | 9,785 | ' | ||
Fair value | 30,013 | ' | ||
Weighted average yield | 4.49% | ' | ||
After One To Five Years [Member] | Government National Mortgage Association Certificates And Obligations G N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 73 | 86 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 4 | 4 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 77 | 90 | ||
Weighted average yield | 3.44% | 3.48% | ||
After One To Five Years [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 1,255 | 1,389 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 72 | 84 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 1,327 | 1,473 | ||
Weighted average yield | 4.79% | 4.82% | ||
After One To Five Years [Member] | Collateralized Mortgage Obligations Issued And Guaranteed By Fhlmc Fnma And Gnma [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 46 | 82 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 1 | 1 | ||
Fair value | 45 | 81 | ||
Weighted average yield | 3.01% | 3.01% | ||
After Five To Ten Years [Member] | US Government Sponsored Enterprises Debt Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 214,259 | 214,271 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 10,584 | 13,368 | ||
Fair value | 203,675 | 200,903 | ||
Weighted average yield | 1.31% | 1.31% | ||
After Five To Ten Years [Member] | Puerto Rico Government obligations [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 910 | 40,699 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 0 | 12,962 | ||
Fair value | 910 | 27,737 | ||
Weighted average yield | 5.20% | 4.51% | ||
After Five To Ten Years [Member] | Government National Mortgage Association Certificates And Obligations G N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 763 | 800 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 36 | 37 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 799 | 837 | ||
Weighted average yield | 2.54% | 2.47% | ||
After Five To Ten Years [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 7,341 | 7,765 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 566 | 389 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 7,907 | 8,154 | ||
Weighted average yield | 4.09% | 4.09% | ||
After Five To Ten Years [Member] | Mortgage Backed Securities Issued By Private Enterprises [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 123 | 127 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 1 | 1 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 124 | 128 | ||
Weighted average yield | 7.27% | 7.27% | ||
After Ten Years [Member] | Puerto Rico Government obligations [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 25,485 | 20,309 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 5,053 | 6,506 | ||
Fair value | 20,432 | 13,803 | ||
Weighted average yield | 6.01% | 5.82% | ||
After Ten Years [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 345,590 | 332,766 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 374 | 133 | ||
Gross unrealized losses | 7,416 | 10,712 | ||
Fair value | 338,548 | 322,187 | ||
Weighted average yield | 2.21% | 2.16% | ||
After Ten Years [Member] | Government National Mortgage Association Certificates And Obligations G N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 412,063 | 425,589 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 19,371 | 18,492 | ||
Gross unrealized losses | 8 | 0 | ||
Fair value | 431,426 | 444,081 | ||
Weighted average yield | 3.83% | 3.82% | ||
After Ten Years [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 912,020 | 882,798 | ||
Non credit loss component of OTTI recorded in OCI | 0 | 0 | ||
Unrealized gain on available-for-sale securities | 3,823 | 2,984 | ||
Gross unrealized losses | 25,329 | 33,626 | ||
Fair value | 890,514 | 852,156 | ||
Weighted average yield | 2.38% | 2.36% | ||
After Ten Years [Member] | Mortgage Backed Securities Issued By Private Enterprises [Member] | Mortgage Backed Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 53,126 | 55,048 | ||
Non credit loss component of OTTI recorded in OCI | 13,397 | 14,310 | ||
Unrealized gain on available-for-sale securities | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Fair value | 39,729 | 40,738 | ||
Weighted average yield | 2.22% | 2.24% | ||
Equity Securities [Member] | ' | ' | ||
Schedule Of Available For Sale Securities [Line Items] | ' | ' | ||
Amortized cost | 35 | [1] | 35 | [1] |
Non credit loss component of OTTI recorded in OCI | 0 | [1] | 0 | [1] |
Unrealized gain on available-for-sale securities | 0 | [1] | 0 | [1] |
Gross unrealized losses | 17 | [1] | 2 | [1] |
Fair value | $18 | [1] | $33 | [1] |
Weighted average yield | 0.00% | 0.00% | ||
[1] | Represents common shares of another financial institution in Puerto Rico. |
INVESTMENT_SECURITIES_Addition
INVESTMENT SECURITIES - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
numberofcontracts | |||
Schedule Of Investments [Line Items] | ' | ' | ' |
Percentage Of Debt Securities Government And Government Sponsored Agencies | 95.00% | ' | ' |
Amortized cost of private label of mortgage backed security | $53,100,000 | ' | ' |
Credit related impairment loss is related to Private label MBS | ' | 117,000,000 | ' |
Minimum Credit Score | 700 | ' | ' |
Maximum loan to value ratio | 80.00% | ' | ' |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 45,422,000 | 112,756,000 | ' |
Total investment securities available for sale | 2,031,944,000 | ' | 1,978,282,000 |
Fair value | 2,031,944,000 | ' | 1,978,282,000 |
Amortized cost | 2,080,387,000 | ' | 2,049,262,000 |
Unrealized losses | 59,293,000 | ' | 78,795,000 |
Weighted average yield | 2.58% | ' | 2.57% |
Puerto Rico Government obligations [Member] | ' | ' | ' |
Schedule Of Investments [Line Items] | ' | ' | ' |
Total investment securities available for sale | 61,400,000 | ' | ' |
Fair value | 61,400,000 | ' | ' |
Amortized cost | 76,200,000 | ' | ' |
Change in net unrealized gains | $4,800,000 | ' | ' |
INVESTMENT_SECURITIES_Availabl
INVESTMENT SECURITIES - Available-For-Sale Investments' Fair Value And Gross Unrealized Losses (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | $1,227,168 | $1,232,981 |
Unrealized Losses Less than 12 months | 40,780 | 59,230 |
Fair Value 12 months or more | 158,133 | 143,119 |
Unrealized Losses 12 months or more | 31,910 | 33,875 |
Total Fair Value | 1,385,301 | 1,376,100 |
Total Unrealized Losses | 72,690 | 93,105 |
Equity Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 18 | 33 |
Unrealized Losses Less than 12 months | 17 | 2 |
Fair Value 12 months or more | 0 | 0 |
Unrealized Losses 12 months or more | 0 | 0 |
Total Fair Value | 18 | 33 |
Total Unrealized Losses | 17 | 2 |
Debt Securities [Member] | Puerto Rico Government Obligations [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 7,656 | 23,156 |
Unrealized Losses Less than 12 months | 745 | 5,977 |
Fair Value 12 months or more | 42,789 | 28,174 |
Unrealized Losses 12 months or more | 14,093 | 13,701 |
Total Fair Value | 50,445 | 51,330 |
Total Unrealized Losses | 14,838 | 19,678 |
Debt Securities [Member] | US States And Political Subdivisions Member [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 177,005 | 175,369 |
Unrealized Losses Less than 12 months | 7,265 | 8,913 |
Fair Value 12 months or more | 75,570 | 74,126 |
Unrealized Losses 12 months or more | 4,419 | 5,863 |
Total Fair Value | 252,575 | 249,495 |
Total Unrealized Losses | 11,684 | 14,776 |
Mortgage Backed Securities [Member] | Collateralized Mortgage Obligations Member | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 0 | 0 |
Unrealized Losses Less than 12 months | 0 | 0 |
Fair Value 12 months or more | 45 | 81 |
Unrealized Losses 12 months or more | 1 | 1 |
Total Fair Value | 45 | 81 |
Total Unrealized Losses | 1 | 1 |
Mortgage Backed Securities [Member] | Other-mortgage pass-through trust certificates [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 0 | 0 |
Unrealized Losses Less than 12 months | 0 | 0 |
Fair Value 12 months or more | 39,729 | 40,738 |
Unrealized Losses 12 months or more | 13,397 | 14,310 |
Total Fair Value | 39,729 | 40,738 |
Total Unrealized Losses | 13,397 | 14,310 |
Mortgage Backed Securities [Member] | Government National Mortgage Association Certificates And Obligations G N M A [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 1,449 | ' |
Unrealized Losses Less than 12 months | 8 | ' |
Fair Value 12 months or more | 0 | ' |
Unrealized Losses 12 months or more | 0 | ' |
Total Fair Value | 1,449 | ' |
Total Unrealized Losses | 8 | ' |
Mortgage Backed Securities [Member] | Federal National Mortgage Association Certificates And Obligations F N M A [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 737,871 | 748,215 |
Unrealized Losses Less than 12 months | 25,329 | 33,626 |
Fair Value 12 months or more | 0 | 0 |
Unrealized Losses 12 months or more | 0 | 0 |
Total Fair Value | 737,871 | 748,215 |
Total Unrealized Losses | 25,329 | 33,626 |
Mortgage Backed Securities [Member] | Federal Home Loan Mortgage Corporation Certificates And Obligations F H L M C [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Fair Value Less than 12 months | 303,169 | 286,208 |
Unrealized Losses Less than 12 months | 7,416 | 10,712 |
Fair Value 12 months or more | 0 | 0 |
Unrealized Losses 12 months or more | 0 | 0 |
Total Fair Value | 303,169 | 286,208 |
Total Unrealized Losses | $7,416 | $10,712 |
INVESTMENT_SECURITIES_OTTI_Los
INVESTMENT SECURITIES - OTTI Losses on Available-for-Sale Debt Securities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Total other-than-temporary impairment losses | $0 | $0 |
Net impairment losses recognized in earnings | 0 | 117 |
Mortgage Backed Securities [Member] | ' | ' |
Schedule Of Available For Sale Securities [Line Items] | ' | ' |
Total other-than-temporary impairment losses | 0 | 0 |
Portion of loss previously recognized in other comprehensive income | 0 | -117 |
Net impairment losses recognized in earnings | $0 | ($117) |
INVESTMENT_SECURITIES_RollForw
INVESTMENT SECURITIES - Roll-Forward of Credit Losses on Debt Securities Held by Corporation (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | ' | ' |
Beginning balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | $5,389 | $5,272 |
Additions: | ' | ' |
Credit losses on debt securities for which an OTTI was previously recognized | 0 | 117 |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | $5,389 | $5,389 |
INVESTMENT_SECURITIES_Signific
INVESTMENT SECURITIES - Significant Assumptions in Valuation of Private Label MBS (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Investments [Line Items] | ' | ' |
Fair Value Inputs Discount Rate | 14.50% | 14.50% |
Fair Value Inputs Prepayment Rate | 33.00% | 29.00% |
Weighted Average, Projected Cumulative Loss Rate | 8.40% | 6.80% |
Minimum [Member] | ' | ' |
Schedule Of Investments [Line Items] | ' | ' |
Fair Value Inputs Prepayment Rate | 20.31% | 15.86% |
Weighted Average, Projected Cumulative Loss Rate | 0.86% | 0.58% |
Maximum [Member] | ' | ' |
Schedule Of Investments [Line Items] | ' | ' |
Fair Value Inputs Prepayment Rate | 100.00% | 100.00% |
Weighted Average, Projected Cumulative Loss Rate | 80.00% | 38.16% |
OTHER_EQUITY_SECURITIES_Additi
OTHER EQUITY SECURITIES - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Schedule Of Other Assets [Line Items] | ' | ' | ' |
Capital stock par value | $100 | ' | ' |
Book value of investment in FHLB stock | $28.40 | ' | $28.40 |
Dividend income from FHLB stock | 0.3 | 0.4 | ' |
Carrying value of other equity security | $0.30 | ' | $0.30 |
LOAN_PORTFOLIO_Loan_Portfolio_
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
In Thousands, unless otherwise specified | ||||
Financial Information [Line Items] | ' | ' | ' | |
Residential mortgage loans, mainly secured by first mortgages | $2,548,101 | $2,549,008 | ' | |
Commercial loans: | ' | ' | ' | |
Construction loans | 152,579 | 168,713 | ' | |
Commercial mortgage loans | 1,846,016 | 1,823,608 | ' | |
Commercial and Industrial loans | 2,711,962 | 2,788,250 | ' | |
Loans to local financial institutions collateralized by real estate mortgages | 235,875 | 240,072 | ' | |
Commercial loans | 4,946,432 | 5,020,643 | ' | |
Finance leases | 246,814 | 245,323 | ' | |
Consumer loans | 1,825,438 | 1,821,196 | ' | |
Loans held for investment | 9,566,785 | 9,636,170 | 9,560,546 | |
Less: allowance for loan and lease losses | -266,778 | -285,858 | ' | |
Loans held for investment, net | 9,300,007 | [1] | 9,350,312 | ' |
Commercial And Industrial [Member] | ' | ' | ' | |
Commercial loans: | ' | ' | ' | |
Loans held for investment | $2,947,837 | $3,028,322 | ' | |
[1] | As of March 31, 2014 and December 31, 2013, includes $1.2 billion of commercial loans that are secured by real estate but are not dependent upon the real estate for repayment. |
LOAN_PORTFOLIO_Loan_Portfolio_1
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Parenthetical) (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2014 | ||
Financial Information [Line Items] | ' | ' | |
Classified And Non Performing Loans Sold | $211,400,000 | ' | |
Commercian Loans Collaterized By Real Estate | ' | $1,200,000,000 | [1] |
[1] | Represents common shares of another financial institution in Puerto Rico. |
LOAN_PORTFOLIO_Loans_Held_for_
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | $521,775 | [1],[2] | $495,549 | [1],[2] |
Residential Mortgage [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 172,796 | 161,441 | ||
Commercial Mortgage [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 145,535 | 120,107 | ||
Commercial And Industrial [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 113,996 | 114,833 | ||
Consumer Auto Loans [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 20,471 | 21,316 | ||
Finance Leases [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 3,706 | 3,082 | ||
Consumer Retail Banking [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 14,884 | 15,904 | ||
Residential Construction [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 25,618 | 27,108 | ||
Commercial Construction [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | 3,883 | 3,924 | ||
Land Construction [Member] | ' | ' | ||
Non-performing loans: | ' | ' | ||
Total non-performing loans held for investment | $20,886 | $27,834 | ||
[1] | As of March 31, 2014 and December 31, 2013, excludes $54.8 million of non-performing loans held for sale. | |||
[2] | Amount excludes purchased-credit impaired ("PCI") loans with a carrying value of approximately $3.4 million and $4.8 million as of March 31, 2014 and December 31, 2013, respectively, acquired as part of the credit card portfolio purchased in the second quarter of 2012, as further discussed below. |
LOAN_PORTFOLIO_Loans_Held_for_1
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Purchased credit impaired loans, fair value | $21,449 | ' |
Loans held for sale | 78,912 | 75,969 |
Credit Impaired Loans [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Purchased credit impaired loans, fair value | 3,400 | 4,800 |
Non Accrual [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Loans held for sale | $54,800 | $54,800 |
LOAN_PORTFOLIO_Corporations_Ag
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | $124,567 | $122,293 | ' | ||
60-89 Days, Past Due | 143,117 | 142,489 | ' | ||
90 days or more, Past Due | 639,824 | [1] | 615,631 | [2] | ' |
Total Past Due | 907,508 | [3] | 880,413 | [4] | ' |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | 3,383 | 4,791 | [4] | ' | |
Financing Receivable, Current | 8,655,894 | 8,750,966 | ' | ||
Loans held for investment | 9,566,785 | 9,636,170 | 9,560,546 | ||
90 days past due and still accruing | 118,049 | 120,082 | [5] | ' | |
Fha Va And Other Government Guaranteed Loans [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | [6],[7],[8] | 0 | [10],[5],[9] | ' |
60-89 Days, Past Due | 11,854 | [6],[7],[8] | 12,180 | [10],[5],[9] | ' |
90 days or more, Past Due | 76,142 | [1],[6],[7],[8] | 78,645 | [10],[2],[5],[9] | ' |
Total Past Due | 87,996 | [3],[6],[7],[8] | 90,825 | [10],[4],[5],[9] | ' |
Financing Receivable, Current | 88,866 | [6],[7],[8] | 104,401 | [10],[5],[9] | ' |
Loans held for investment | 176,862 | [6],[7],[8] | 195,226 | [10],[5],[9] | ' |
90 days past due and still accruing | 76,142 | [6],[7],[8] | 78,645 | [10],[5],[9] | ' |
Residential Mortgage [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | [7] | 0 | [9] | ' |
60-89 Days, Past Due | 80,685 | [7] | 88,898 | [9] | ' |
90 days or more, Past Due | 180,972 | [1],[7] | 172,286 | [2],[9] | ' |
Total Past Due | 261,657 | [3],[7] | 261,184 | [4],[9] | ' |
Financing Receivable, Current | 2,109,582 | [7] | 2,092,598 | [9] | ' |
Loans held for investment | 2,371,239 | [7] | 2,353,782 | [9] | ' |
90 days past due and still accruing | 8,176 | [7] | 10,845 | [5],[9] | ' |
Commercial And Industrial [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 27,556 | 21,029 | ' | ||
60-89 Days, Past Due | 10,458 | 5,454 | ' | ||
90 days or more, Past Due | 133,822 | [1] | 134,233 | [2] | ' |
Total Past Due | 171,836 | [3] | 160,716 | [4] | ' |
Financing Receivable, Current | 2,776,001 | 2,867,606 | ' | ||
Loans held for investment | 2,947,837 | 3,028,322 | ' | ||
90 days past due and still accruing | 19,826 | 19,400 | [5] | ' | |
Commercial Mortgage Loans [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | 0 | [9] | ' | |
60-89 Days, Past Due | 3,828 | 5,428 | [9] | ' | |
90 days or more, Past Due | 153,141 | [1] | 126,674 | [2],[9] | ' |
Total Past Due | 156,969 | [3] | 132,102 | [4],[9] | ' |
Financing Receivable, Current | 1,689,047 | 1,691,506 | [9] | ' | |
Loans held for investment | 1,846,016 | 1,823,608 | [9] | ' | |
90 days past due and still accruing | 7,606 | 6,567 | [5],[9] | ' | |
Auto loans [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 79,873 | 79,279 | ' | ||
60-89 Days, Past Due | 21,427 | 17,944 | ' | ||
90 days or more, Past Due | 20,471 | [1] | 21,316 | [2] | ' |
Total Past Due | 121,771 | [3] | 118,539 | [4] | ' |
Financing Receivable, Current | 1,003,466 | 993,781 | ' | ||
Loans held for investment | 1,125,237 | 1,112,320 | ' | ||
90 days past due and still accruing | 0 | 0 | [5] | ' | |
Finance Leases [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 9,744 | 10,275 | ' | ||
60-89 Days, Past Due | 3,382 | 3,536 | ' | ||
90 days or more, Past Due | 3,706 | [1] | 3,082 | [2] | ' |
Total Past Due | 16,832 | [3] | 16,893 | [4] | ' |
Financing Receivable, Current | 229,982 | 228,430 | ' | ||
Loans held for investment | 246,814 | 245,323 | ' | ||
90 days past due and still accruing | 0 | 0 | [5] | ' | |
Consumer Loan [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 7,394 | 11,710 | ' | ||
60-89 Days, Past Due | 10,997 | 8,691 | ' | ||
90 days or more, Past Due | 18,782 | [1] | 20,492 | [2] | ' |
Total Past Due | 37,173 | [3] | 40,893 | [4] | ' |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount Net | 3,383 | 4,791 | [4] | ' | |
Financing Receivable, Current | 659,645 | 663,192 | ' | ||
Loans held for investment | 700,201 | 708,876 | ' | ||
90 days past due and still accruing | 3,898 | 4,588 | [5] | ' | |
Commercial Construction [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | [7] | 0 | [9] | ' |
60-89 Days, Past Due | 0 | [7] | 0 | [9] | ' |
90 days or more, Past Due | 3,883 | [1],[7] | 3,924 | [2],[9] | ' |
Total Past Due | 3,883 | [3],[7] | 3,924 | [4],[9] | ' |
Financing Receivable, Current | 13,382 | [7] | 12,907 | [9] | ' |
Loans held for investment | 17,265 | [7] | 16,831 | [9] | ' |
90 days past due and still accruing | 0 | [7] | 0 | [5],[9] | ' |
Residential Construction [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | [7] | 0 | [9] | ' |
60-89 Days, Past Due | 0 | [7] | 0 | [9] | ' |
90 days or more, Past Due | 25,618 | [1],[7] | 27,108 | [2],[9] | ' |
Total Past Due | 25,618 | [3],[7] | 27,108 | [4],[9] | ' |
Financing Receivable, Current | 43,982 | [7] | 44,400 | [9] | ' |
Loans held for investment | 69,600 | [7] | 71,508 | [9] | ' |
90 days past due and still accruing | 0 | [7] | 0 | [5],[9] | ' |
Land Construction [Member] | ' | ' | ' | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | [7] | 0 | [9] | ' |
60-89 Days, Past Due | 486 | [7] | 358 | [9] | ' |
90 days or more, Past Due | 23,287 | [1],[7] | 27,871 | [2],[9] | ' |
Total Past Due | 23,773 | [3],[7] | 28,229 | [4],[9] | ' |
Financing Receivable, Current | 41,941 | [7] | 52,145 | [9] | ' |
Loans held for investment | 65,714 | [7] | 80,374 | [9] | ' |
90 days past due and still accruing | $2,401 | [7] | $37 | [5],[9] | ' |
[1] | Includes non-performing loans and accruing loans which are contractually delinquent 90 days or more (i.e., FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges fees until charged-off at 180 days. | ||||
[2] | Includes non-performing loans and accruing loans which are contractually delinquent 90 days or more (i.e. FHA/VA guaranteed loans and credit cards). Credit card loans continue to accrue finance charges and fees until charged-off at 180 days. | ||||
[3] | Represents common shares of another financial institution in Puerto Rico. | ||||
[4] | Purchased credit-impaired loans are excluded from delinquency and non-performing statistics as further discussed below. | ||||
[5] | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013. | ||||
[6] | As of March 31, 2014, includes $14.5 million of defaulted loans collateralizing Government National Mortgage Association ("GNMA") securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. | ||||
[7] | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears two or more monthly payments. FHA/VA government guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans and construction-residential loans past due 30-59 days amounted to $18.5 million, $169.8 million, $26.9 million, $0.9 million, and $1.8 million, respectively. | ||||
[8] | It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $38.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of March 31, 2014. | ||||
[9] | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears two or more monthly payments. FHA/VA government guaranteed loans, other residential mortgage loans, commercial mortgage loans, land loans and construction-residential loans past due 30-59 days amounted to $23.9 million, $166.7 million, $18.4 million, $0.9 million and $2.5 million , respectively. | ||||
[10] | As of December 31, 2013, includes $11.5 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. |
LOAN_PORTFOLIO_Corporations_Ag1
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
numberofpayments | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Loans considered to be defaulted if borrower has failed to make payment for a period or more than the period | '0 years 2 months 29 days | ' |
Period during which credit card loans continue to accrue finance charges and fees | '0 years 5 months 27 days | ' |
Defaulted loans collateralizing Ginnie Mae (GNMA) securities | $14.50 | $11.50 |
Minimum Number of Payments in Arrears to Consider Commercial Mortgage and Construction Loan as Past Due | 2 | ' |
Residential mortgage loans insured by FHA or guaranteed by the VA | 38.4 | 37 |
Period of residential mortgage loan that are no longer accruing interest | '1 year 6 months 0 days | ' |
Fha Va And Other Government Guaranteed Loans [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
30-59 Days past due Mortgages | 18.5 | 23.9 |
Residential Mortgage [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
30-59 Days past due Mortgages | 169.8 | 166.7 |
Commercial Mortgage Loans [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
30-59 Days past due Mortgages | 26.9 | 18.4 |
Residential Construction [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
30-59 Days past due Mortgages | 1.8 | 2.5 |
Land Construction [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
30-59 Days past due Mortgages | $0.90 | $0.90 |
LOAN_PORTFOLIO_Corporations_Cr
LOAN PORTFOLIO - Corporation's Credit Quality Indicators by Loan (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Commercial mortgage loans | $1,846,016 | $1,823,608 | ||
Construction loans | 152,579 | 168,713 | ||
Commercial and Industrial loans | 2,947,837 | 3,028,322 | ||
Land | 65,714 | 80,373 | ||
Residential Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 69,600 | 71,509 | ||
Commercial Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 17,265 | 16,831 | ||
Substandard [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Commercial mortgage loans | 306,947 | 317,365 | ||
Commercial and Industrial loans | 185,772 | 205,807 | ||
Land | 22,172 | 31,777 | ||
Substandard [Member] | Residential Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 26,895 | 27,829 | ||
Substandard [Member] | Commercial Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 15,981 | 16,022 | ||
Doubtful [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Commercial mortgage loans | 10,572 | 9,160 | ||
Commercial and Industrial loans | 1,677 | 7,998 | ||
Land | 0 | 3,308 | ||
Doubtful [Member] | Residential Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 1,879 | 2,209 | ||
Doubtful [Member] | Commercial Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 0 | 0 | ||
Unlikely To Be Collected Financing Receivable [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Commercial mortgage loans | 0 | 234 | ||
Commercial and Industrial loans | 311 | 973 | ||
Land | 0 | 52 | ||
Unlikely To Be Collected Financing Receivable [Member] | Residential Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 0 | 241 | ||
Unlikely To Be Collected Financing Receivable [Member] | Commercial Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 0 | 0 | ||
Total Adversely Classified [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Commercial mortgage loans | 317,519 | [1] | 326,759 | [1] |
Commercial and Industrial loans | 187,760 | [1] | 214,778 | [1] |
Land | 22,172 | [1] | 35,137 | [1] |
Total Adversely Classified [Member] | Residential Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | 28,774 | [1] | 30,279 | [1] |
Total Adversely Classified [Member] | Commercial Construction [Member] | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ||
Construction loans | $15,981 | [1] | $16,022 | [1] |
[1] | Excludes $54.8 million ($7.8 million land, $39.1 million construction-commercial, $0.9 million construction-residential, and $ 7.0 million commercial mortgage) as of March 31, 2014 and December 31, 2013, of non-performing loans held for sale. |
LOAN_PORTFOLIO_Credit_Risk_Pay
LOAN PORTFOLIO - Credit Risk Payment Activity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | $9,566,785 | $9,636,170 | $9,560,546 | ||
Auto loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 1,125,237 | 1,112,320 | ' | ||
Finance Leases [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 246,814 | 245,323 | ' | ||
Residential Real Estate [Member] | Fhava Guaranteed Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 176,862 | [1] | 195,226 | [2] | ' |
Residential Real Estate [Member] | Other Residential Mortgage Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 2,371,239 | 2,353,782 | ' | ||
Residential Real Estate [Member] | Performing Financing Receivable [Member] | Fhava Guaranteed Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 176,862 | [1] | 195,226 | [2] | ' |
Residential Real Estate [Member] | Performing Financing Receivable [Member] | Other Residential Mortgage Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 2,198,443 | 2,192,341 | ' | ||
Residential Real Estate [Member] | Purchased Credit Impaired [Member] | Fhava Guaranteed Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 0 | [1] | 0 | [2] | ' |
Residential Real Estate [Member] | Purchased Credit Impaired [Member] | Other Residential Mortgage Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 0 | 0 | ' | ||
Residential Real Estate [Member] | Nonperforming Financing Receivable [Member] | Fhava Guaranteed Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 0 | [1] | 0 | [2] | ' |
Residential Real Estate [Member] | Nonperforming Financing Receivable [Member] | Other Residential Mortgage Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 172,796 | 161,441 | ' | ||
Consumer [Member] | Auto loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 1,125,237 | 1,112,320 | ' | ||
Consumer [Member] | Finance Leases [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 246,814 | 245,323 | ' | ||
Consumer [Member] | Other Consumer Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 700,201 | 708,876 | ' | ||
Consumer [Member] | Performing Financing Receivable [Member] | Auto loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 1,104,766 | 1,091,004 | ' | ||
Consumer [Member] | Performing Financing Receivable [Member] | Finance Leases [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 243,108 | 242,241 | ' | ||
Consumer [Member] | Performing Financing Receivable [Member] | Other Consumer Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 681,934 | 688,181 | ' | ||
Consumer [Member] | Purchased Credit Impaired [Member] | Auto loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 0 | 0 | ' | ||
Consumer [Member] | Purchased Credit Impaired [Member] | Finance Leases [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 0 | 0 | ' | ||
Consumer [Member] | Purchased Credit Impaired [Member] | Other Consumer Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 3,383 | 4,791 | ' | ||
Consumer [Member] | Nonperforming Financing Receivable [Member] | Auto loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 20,471 | 21,316 | ' | ||
Consumer [Member] | Nonperforming Financing Receivable [Member] | Finance Leases [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | 3,706 | 3,082 | ' | ||
Consumer [Member] | Nonperforming Financing Receivable [Member] | Other Consumer Loans [Member] | ' | ' | ' | ||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ||
Loans And Leases Receivable Gross Carrying Amount | $14,884 | $15,904 | ' | ||
[1] | B It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $38.4 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of March 31, 2014. | ||||
[2] | B It is the Corporation's policy to report delinquent residential mortgage loans insured by the FHA or guaranteed by the VA as past due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $37.0 million of residential mortgage loans insured by the FHA or guaranteed by the VA, which are over 18 months delinquent, and are no longer accruing interest as of December 31, 2013. |
LOAN_PORTFOLIO_Credit_Risk_Pay1
LOAN PORTFOLIO - Credit Risk Payment Activity (Parenthetical) (Detail) (USD $) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | |
Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | |||
Commercial Construction [Member] | Commercial Construction [Member] | Residential Construction [Member] | Residential Construction [Member] | Land Construction [Member] | Land Construction [Member] | Commercial mortgage [Member] | Commercial mortgage [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Residential mortgage loans insured by FHA or guaranteed by the VA | $38,400,000 | $37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of residential mortgage loan that are no longer accruing interest | '1 year 6 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans considered to be defaulted if borrower has failed to make payment for a period or more than the period | '0 years 2 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans held for sale | $78,912,000 | $75,969,000 | $54,800,000 | $54,800,000 | $39,100,000 | $39,100,000 | $900,000 | $900,000 | $7,800,000 | $7,800,000 | $7,000,000 | $7,000,000 |
LOAN_PORTFOLIO_Impaired_loans_
LOAN PORTFOLIO - Impaired loans (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | $356,069 | ' | $341,485 |
Unpaid Principal Balance with no Related Allowance | 391,666 | ' | 392,392 |
Average Recorded Investment No Related Allowance | 356,842 | ' | 352,949 |
Interest Income with no Related Allowance Accrual Basis | 3,058 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 658 | ' | ' |
Recorded Investment with Related Allowance | 523,319 | ' | 577,627 |
Unpaid Principal Balance with Related Allowance | 612,520 | ' | 641,834 |
Related Allowance | 85,016 | 144,028 | 102,601 |
Average Recorded Investment With Related Allowance | 530,374 | ' | 592,928 |
Interest Income with Related Allowance Accrual Basis | 2,886 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 988 | ' | ' |
Recorded Investment | 879,388 | 1,100,265 | 919,112 |
Unpaid Principal Balance | 1,004,186 | ' | 1,034,226 |
Average Recorded Investments | 887,216 | ' | 945,877 |
Interest Income on Impaired Loans Accrual Basis | 5,944 | 6,800 | ' |
Interest Income on Impaired Loans Cash Basis | 1,646 | 1,600 | ' |
Fhava Guaranteed Loans [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 0 | ' | 0 |
Unpaid Principal Balance with no Related Allowance | 0 | ' | 0 |
Average Recorded Investment No Related Allowance | 0 | ' | 0 |
Interest Income with no Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 0 | ' | ' |
Recorded Investment with Related Allowance | 0 | ' | 0 |
Unpaid Principal Balance with Related Allowance | 0 | ' | 0 |
Related Allowance | 0 | ' | 0 |
Average Recorded Investment With Related Allowance | 0 | ' | 0 |
Interest Income with Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 0 | ' | ' |
Recorded Investment | 0 | ' | 0 |
Unpaid Principal Balance | 0 | ' | 0 |
Average Recorded Investments | 0 | ' | 0 |
Interest Income on Impaired Loans Accrual Basis | 0 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 0 | ' | ' |
Other Residential Mortgage Loans [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 251,650 | ' | 220,428 |
Unpaid Principal Balance with no Related Allowance | 272,706 | ' | 237,709 |
Average Recorded Investment No Related Allowance | 251,951 | ' | 222,617 |
Interest Income with no Related Allowance Accrual Basis | 2,529 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 533 | ' | ' |
Recorded Investment with Related Allowance | 167,658 | ' | 190,566 |
Unpaid Principal Balance with Related Allowance | 189,505 | ' | 212,028 |
Related Allowance | 17,273 | ' | 18,125 |
Average Recorded Investment With Related Allowance | 167,772 | ' | 193,372 |
Interest Income with Related Allowance Accrual Basis | 1,256 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 435 | ' | ' |
Recorded Investment | 419,308 | ' | 410,994 |
Unpaid Principal Balance | 462,211 | ' | 449,737 |
Average Recorded Investments | 419,723 | ' | 415,989 |
Interest Income on Impaired Loans Accrual Basis | 3,785 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 968 | ' | ' |
Commercial Mortgage Loans [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 62,200 | ' | 69,484 |
Unpaid Principal Balance with no Related Allowance | 68,818 | ' | 73,723 |
Average Recorded Investment No Related Allowance | 62,275 | ' | 71,367 |
Interest Income with no Related Allowance Accrual Basis | 394 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 116 | ' | ' |
Recorded Investment with Related Allowance | 157,660 | ' | 149,888 |
Unpaid Principal Balance with Related Allowance | 174,734 | ' | 163,656 |
Related Allowance | 29,833 | ' | 32,189 |
Average Recorded Investment With Related Allowance | 160,537 | ' | 153,992 |
Interest Income with Related Allowance Accrual Basis | 442 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 528 | ' | ' |
Recorded Investment | 219,860 | ' | 219,372 |
Unpaid Principal Balance | 243,552 | ' | 237,379 |
Average Recorded Investments | 222,812 | ' | 225,359 |
Interest Income on Impaired Loans Accrual Basis | 836 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 644 | ' | ' |
Commercial And Industrial Loan [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 21,068 | ' | 32,418 |
Unpaid Principal Balance with no Related Allowance | 25,015 | ' | 56,831 |
Average Recorded Investment No Related Allowance | 21,287 | ' | 37,946 |
Interest Income with no Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 8 | ' | ' |
Recorded Investment with Related Allowance | 130,585 | ' | 154,686 |
Unpaid Principal Balance with Related Allowance | 164,932 | ' | 170,191 |
Related Allowance | 19,098 | ' | 26,686 |
Average Recorded Investment With Related Allowance | 133,296 | ' | 162,786 |
Interest Income with Related Allowance Accrual Basis | 571 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 20 | ' | ' |
Recorded Investment | 151,653 | ' | 187,104 |
Unpaid Principal Balance | 189,947 | ' | 227,022 |
Average Recorded Investments | 154,583 | ' | 200,732 |
Interest Income on Impaired Loans Accrual Basis | 571 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 28 | ' | ' |
Construction Loans [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Related Allowance | 15,154 | 21,689 | ' |
Recorded Investment | 58,636 | 68,027 | ' |
Consumer Auto Loans [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 0 | ' | 0 |
Unpaid Principal Balance with no Related Allowance | 0 | ' | 0 |
Average Recorded Investment No Related Allowance | 0 | ' | 0 |
Interest Income with no Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 0 | ' | ' |
Recorded Investment with Related Allowance | 14,378 | ' | 14,121 |
Unpaid Principal Balance with Related Allowance | 14,378 | ' | 14,122 |
Related Allowance | 2,024 | ' | 1,829 |
Average Recorded Investment With Related Allowance | 14,784 | ' | 12,937 |
Interest Income with Related Allowance Accrual Basis | 246 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 0 | ' | ' |
Recorded Investment | 14,378 | ' | 14,121 |
Unpaid Principal Balance | 14,378 | ' | 14,122 |
Average Recorded Investments | 14,784 | ' | 12,937 |
Interest Income on Impaired Loans Accrual Basis | 246 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 0 | ' | ' |
Finance Leases [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 0 | ' | 0 |
Unpaid Principal Balance with no Related Allowance | 0 | ' | 0 |
Average Recorded Investment No Related Allowance | 0 | ' | 0 |
Interest Income with no Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 0 | ' | ' |
Recorded Investment with Related Allowance | 2,240 | ' | 2,359 |
Unpaid Principal Balance with Related Allowance | 2,240 | ' | 2,359 |
Related Allowance | 65 | ' | 73 |
Average Recorded Investment With Related Allowance | 2,299 | ' | 2,219 |
Interest Income with Related Allowance Accrual Basis | 54 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 0 | ' | ' |
Recorded Investment | 2,240 | ' | 2,359 |
Unpaid Principal Balance | 2,240 | ' | 2,359 |
Average Recorded Investments | 2,299 | ' | 2,219 |
Interest Income on Impaired Loans Accrual Basis | 54 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 0 | ' | ' |
Other Consumer Loans [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 6,239 | ' | 4,035 |
Unpaid Principal Balance with no Related Allowance | 7,151 | ' | 4,450 |
Average Recorded Investment No Related Allowance | 6,263 | ' | 3,325 |
Interest Income with no Related Allowance Accrual Basis | 89 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 0 | ' | ' |
Recorded Investment with Related Allowance | 7,074 | ' | 8,410 |
Unpaid Principal Balance with Related Allowance | 7,605 | ' | 8,919 |
Related Allowance | 1,569 | ' | 1,555 |
Average Recorded Investment With Related Allowance | 7,742 | ' | 8,919 |
Interest Income with Related Allowance Accrual Basis | 302 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 0 | ' | ' |
Recorded Investment | 13,313 | ' | 12,445 |
Unpaid Principal Balance | 14,756 | ' | 13,369 |
Average Recorded Investments | 14,005 | ' | 12,244 |
Interest Income on Impaired Loans Accrual Basis | 391 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 0 | ' | ' |
Commercial Construction [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 0 | ' | 0 |
Unpaid Principal Balance with no Related Allowance | 0 | ' | 0 |
Average Recorded Investment No Related Allowance | 0 | ' | 0 |
Interest Income with no Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 0 | ' | ' |
Recorded Investment with Related Allowance | 15,981 | ' | 16,022 |
Unpaid Principal Balance with Related Allowance | 16,223 | ' | 16,238 |
Related Allowance | 8,122 | ' | 8,873 |
Average Recorded Investment With Related Allowance | 16,001 | ' | 16,157 |
Interest Income with Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 0 | ' | ' |
Recorded Investment | 15,981 | ' | 16,022 |
Unpaid Principal Balance | 16,223 | ' | 16,238 |
Average Recorded Investments | 16,001 | ' | 16,157 |
Interest Income on Impaired Loans Accrual Basis | 0 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 0 | ' | ' |
Residential Construction [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 14,258 | ' | 14,761 |
Unpaid Principal Balance with no Related Allowance | 17,234 | ' | 19,313 |
Average Recorded Investment No Related Allowance | 14,386 | ' | 17,334 |
Interest Income with no Related Allowance Accrual Basis | 42 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 1 | ' | ' |
Recorded Investment with Related Allowance | 12,867 | ' | 13,864 |
Unpaid Principal Balance with Related Allowance | 13,342 | ' | 13,973 |
Related Allowance | 2,400 | ' | 2,816 |
Average Recorded Investment With Related Allowance | 12,993 | ' | 13,640 |
Interest Income with Related Allowance Accrual Basis | 0 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 0 | ' | ' |
Recorded Investment | 27,125 | ' | 28,625 |
Unpaid Principal Balance | 30,576 | ' | 33,286 |
Average Recorded Investments | 27,379 | ' | 30,974 |
Interest Income on Impaired Loans Accrual Basis | 42 | ' | ' |
Interest Income on Impaired Loans Cash Basis | 1 | ' | ' |
Land Construction [Member] | ' | ' | ' |
Financing Receivable Impaired [Line Items] | ' | ' | ' |
Recorded Investment with no Related Allowance | 654 | ' | 359 |
Unpaid Principal Balance with no Related Allowance | 742 | ' | 366 |
Average Recorded Investment No Related Allowance | 680 | ' | 360 |
Interest Income with no Related Allowance Accrual Basis | 4 | ' | ' |
Interest Income with No Related Allowance Cash Basis | 0 | ' | ' |
Recorded Investment with Related Allowance | 14,876 | ' | 27,711 |
Unpaid Principal Balance with Related Allowance | 29,561 | ' | 40,348 |
Related Allowance | 4,632 | ' | 10,455 |
Average Recorded Investment With Related Allowance | 14,950 | ' | 28,906 |
Interest Income with Related Allowance Accrual Basis | 15 | ' | ' |
Interest Income with Realted Allowance Cash Basis | 5 | ' | ' |
Recorded Investment | 15,530 | ' | 28,070 |
Unpaid Principal Balance | 30,303 | ' | 40,714 |
Average Recorded Investments | 15,630 | ' | 29,266 |
Interest Income on Impaired Loans Accrual Basis | 19 | ' | ' |
Interest Income on Impaired Loans Cash Basis | $5 | ' | ' |
LOAN_PORTFOLIO_Additional_Info
LOAN PORTFOLIO - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | 30-May-12 | Mar. 31, 2014 | Dec. 31, 2013 | 30-May-12 | |||||||||||||||||
Puerto Rico Government and Political Subdivisions [Member] | Public Corporations [Member] | Puerto Rico Tourism Development Fund [Member] | GNMA | FNMA and FHLMC | FNMA and FHLMC | Residential Mortgage [Member] | Government Guaranteed Loans [Member] | Loans in trial [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Troubled Debt Restructurings [Member] | Loans Split [Member] | Loans Split [Member] | Non Fha Va Residential Mortgage Loans [Member] | Non Fha Va Residential Mortgage Loans [Member] | Commercial And Industrial Loan [Member] | Commercial And Industrial Loan [Member] | Commercial Mortgage Loans [Member] | Commercial Mortgage Loans [Member] | Commercial Construction [Member] | Commercial Construction [Member] | Residential Construction [Member] | Residential Construction [Member] | Land Construction [Member] | Land Construction [Member] | Loans Tranferred To Held For Sale [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Troubled Debt Restructurings [Member] | Loans Split [Member] | Non Fha Va Residential Mortgage Loans [Member] | Non Fha Va Residential Mortgage Loans [Member] | Non Fha Va Residential Mortgage Loans [Member] | Non Fha Va Residential Mortgage Loans [Member] | Commercial And Industrial Loan [Member] | Commercial And Industrial Loan [Member] | Commercial And Industrial Loan [Member] | Commercial And Industrial Loan [Member] | Commercial And Industrial Loan [Member] | Commercial Mortgage Loans [Member] | Commercial Mortgage Loans [Member] | Commercial Mortgage Loans [Member] | Commercial Mortgage Loans [Member] | Commercial Mortgage Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Consumer Loan [Member] | Consumer Loan [Member] | Commercial Construction [Member] | Commercial Construction [Member] | Commercial Construction [Member] | Commercial Construction [Member] | Residential Construction [Member] | Residential Construction [Member] | Residential Construction [Member] | Residential Construction [Member] | Land Construction [Member] | Land Construction [Member] | Land Construction [Member] | Land Construction [Member] | P R | P R | P R | V I | V I | V I | U S | Fia Card Services [Member] | Credit Impaired Loans [Member] | Credit Impaired Loans [Member] | Credit Impaired Loans [Member] | ||||||||||||||||||||
Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Non Accrual [Member] | Government [Member] | Government [Member] | Government [Member] | Government [Member] | Fia Card Services [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest Income Impaired Loans | ' | $8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Interest Income on Impaired Loans Accrual Basis | 5,944,000 | 6,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 571,000 | ' | ' | ' | ' | 836,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 42,000 | ' | ' | ' | 19,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Purchased credit impaired loans, fair value | 21,449,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 368,900,000 | 3,400,000 | 4,800,000 | 15,700,000 | ||||||||||||||||
Contractually outstanding principal and interest at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 406,000,000 | ' | ' | 34,600,000 | ||||||||||||||||
Financing Receivable Significant Purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Financing Receivable Significant Sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Securitization of mortgage loans into mortgage backed securities | 50,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total gross loans held for investment portfolio | 9,566,785,000 | 9,560,546,000 | 9,636,170,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,548,101,000 | 2,714,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 222,762,000 | 152,579,000 | 2,072,252,000 | 2,020,061,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Credit risk concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84.00% | ' | ' | 7.00% | ' | ' | 9.00% | ' | ' | ' | ' | ||||||||||||||||
Outstanding of credit facilities granted | ' | ' | ' | 200,300,000 | 84,500,000 | 201,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,900,000 | 119,200,000 | 397,800,000 | ' | 81,000,000 | 60,600,000 | ' | ' | ' | ' | ' | ||||||||||||||||
Loans to local financial institutions collateralized by real estate mortgages | 235,875,000 | ' | 240,072,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total TDR loans | 622,320,000 | [1] | ' | 630,258,000 | [2] | ' | ' | ' | ' | ' | ' | ' | 86,200,000 | 11,100,000 | ' | ' | 209,373,000 | [3],[4] | 204,875,000 | [5],[6] | ' | 78,833,000 | 93,897,000 | 338,279,000 | 337,244,000 | 89,839,000 | 91,951,000 | 148,815,000 | 153,576,000 | 3,884,000 | 3,924,000 | 9,850,000 | 10,894,000 | 3,434,000 | 5,325,000 | ' | ' | ' | ' | ' | 338,279,000 | 337,243,000 | 81,674,000 | [3],[4] | 73,324,000 | [5],[6] | 89,839,000 | ' | 91,950,000 | 35,844,000 | [3],[4] | 38,441,000 | [5],[6] | 148,815,000 | ' | 153,575,000 | 70,742,000 | [3],[4] | 69,156,000 | [5],[6] | ' | 17,200,000 | 28,200,000 | ' | 3,884,000 | 3,924,000 | 3,884,000 | [3],[4] | 3,924,000 | [5],[6] | 9,850,000 | 10,894,000 | 6,534,000 | [3],[4] | 7,562,000 | [5],[6] | 3,434,000 | 5,325,000 | 2,485,000 | [3],[4] | 4,325,000 | [5],[6] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding unfunded commitments on TDR loans | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Financing receivable loans restructured recorded investment accruals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Provsion of PCI Loans | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Loans repurchased | ' | ' | ' | ' | ' | ' | 1,000,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Classified and non-performing loans sold | ' | 211,400,000 | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | 40,800,000 | 185,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,100,000 | ' | ' | ' | ' | 68,800,000 | ' | ' | ' | 41,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Other real estate owned sold | ' | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Sale price of bulk sale | ' | 120,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Reserves allocated to bulk sale | ' | 39,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total charge-offs bulk sale | ' | 98,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Incremental losses | ' | 58,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Porfessional fees | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Net loss bulk sale | ' | 62,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Charge-offs of loans transferred to loans held for sale | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Additional losses loans transferred to loans held for sale | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Subsequent Losses Repurchase Of Loans | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Book value of loans transferred to held for sale | ' | 181,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Repayment of construction loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Other Real Estate Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Line of credit facility provided to fund unfunded commitments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 454,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Loans held for sale | $78,912,000 | ' | $75,969,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $45,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Included in non-accrual loans are $76.3 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Excludes non-accrual TDRs held for sale with a carrying value of $45.8 million as of March 31, 2014. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Included in non-accrual loans are $95.7 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Excludes non-accrual TDRs held for sale with a carrying value of $45.9 million as of December 31, 2013. |
LOAN_PORTFOLIO_Activity_for_Im
LOAN PORTFOLIO - Activity for Impaired Loans (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Impaired Loans: | ' | ' |
Balance at beginning of period | $919,112 | $1,100,265 |
Loans determined impaired during the period | 54,277 | ' |
Charge-offs | -32,039 | ' |
Increases to impaired loans (disbursements) | 625 | ' |
Foreclosures | -4,006 | ' |
Loans no longer considered impaired | -3,728 | ' |
Paid in full or partial payments | -54,853 | ' |
Balance at end of period | $879,388 | $1,100,265 |
LOAN_PORTFOLIO_Activity_for_Sp
LOAN PORTFOLIO - Activity for Specific Reserve (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Specific Reserve: | ' | ' |
Balance at beginning of period | $102,601 | $144,028 |
Provision for loan losses | 14,454 | ' |
Charge-offs | -32,039 | ' |
Balance at end of period | $85,016 | $144,028 |
LOAN_PORTFOLIO_Contractually_R
LOAN PORTFOLIO - Contractually Required Principal and Interest Cash Flows Expected to be Collected and Fair Value at Acquisition Related to Loans Acquired (Detail) (USD $) | Mar. 31, 2014 | 30-May-12 |
In Thousands, unless otherwise specified | ||
Financing Receivable Impaired [Line Items] | ' | ' |
Contractually outstanding principal and interest at acquisition | ' | $34,577 |
Less: Nonaccretable difference | -15,408 | ' |
Cash flows expected to be collected at acquisition | ' | 19,169 |
Less: Accretable yield | -3,451 | ' |
Fair value of loans acquired | $15,718 | ' |
LOAN_PORTFOLIO_Outstanding_Con
LOAN PORTFOLIO - Outstanding Contractual Principal Balance and Carrying Value of Acquired Loans (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Financing Receivable Impaired [Line Items] | ' | ' | |
Contractual balance | ' | $22,748 | |
Purchased Credit Impaired Loans | $3,383 | $4,791 | [1] |
[1] | Purchased credit-impaired loans are excluded from delinquency and non-performing statistics as further discussed below. |
LOAN_PORTFOLIO_Accretable_Yiel
LOAN PORTFOLIO - Accretable Yield Related to Credit Card Portfolio from FIA (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | 30-May-12 |
Accretable Yield [Line Items] | ' | ' | ' |
Accretable yield at acquisition | $2,171 | ' | $3,451 |
Reclassification to nonaccretable | -1,352 | ' | ' |
Accretion recognized in earnings | -819 | -1,280 | ' |
Accretable yield at the end of the period | $0 | $2,171 | $3,451 |
LOAN_PORTFOLIO_Selected_Inform
LOAN PORTFOLIO - Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $622,320 | [1] | $630,258 | [2] |
Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 75,317 | [1] | 79,229 | [2] |
Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 26,042 | [1] | 34,805 | [2] |
Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 405,320 | [1] | 398,307 | [2] |
Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,112 | [1] | 4,123 | [2] |
Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 112,529 | [1],[3] | 113,794 | [2],[4] |
Non Fha Va Residential Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 338,279 | 337,244 | ||
Non Fha Va Residential Mortgage Loans [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 24,336 | 23,428 | ||
Non Fha Va Residential Mortgage Loans [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 6,246 | 6,059 | ||
Non Fha Va Residential Mortgage Loans [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 274,375 | 274,562 | ||
Non Fha Va Residential Mortgage Loans [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Non Fha Va Residential Mortgage Loans [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 33,322 | [3] | 33,195 | [4] |
Commercial Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 148,815 | 153,576 | ||
Commercial Mortgage Loans [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 31,769 | 36,543 | ||
Commercial Mortgage Loans [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 12,933 | 12,985 | ||
Commercial Mortgage Loans [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 84,470 | 83,993 | ||
Commercial Mortgage Loans [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 7 | ||
Commercial Mortgage Loans [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 19,643 | [3] | 20,048 | [4] |
Commercial And Industrial Loan [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 89,839 | 91,951 | ||
Commercial And Industrial Loan [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 12,030 | 12,099 | ||
Commercial And Industrial Loan [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 4,915 | 11,341 | ||
Commercial And Industrial Loan [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 18,486 | 12,835 | ||
Commercial And Industrial Loan [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,112 | 3,122 | ||
Commercial And Industrial Loan [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 51,296 | [3] | 52,554 | [4] |
Consumer Auto Loans [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 14,378 | 14,122 | ||
Consumer Auto Loans [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Consumer Auto Loans [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 621 | 706 | ||
Consumer Auto Loans [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 8,228 | 8,350 | ||
Consumer Auto Loans [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Consumer Auto Loans [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 5,529 | [3] | 5,066 | [4] |
Finance Leases [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 2,240 | 2,358 | ||
Finance Leases [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Finance Leases [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 589 | 1,286 | ||
Finance Leases [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 1,651 | 1,072 | ||
Finance Leases [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Finance Leases [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | [3] | 0 | [4] |
Other Consumer Loans [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 11,601 | 10,864 | ||
Other Consumer Loans [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 227 | 227 | ||
Other Consumer Loans [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 208 | 256 | ||
Other Consumer Loans [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 9,374 | 8,638 | ||
Other Consumer Loans [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Other Consumer Loans [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 1,792 | [3] | 1,743 | [4] |
Commercial Construction [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,884 | 3,924 | ||
Commercial Construction [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Commercial Construction [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Commercial Construction [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,884 | 3,924 | ||
Commercial Construction [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Commercial Construction [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | [3] | 0 | [4] |
Residential Construction [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 9,850 | 10,894 | ||
Residential Construction [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 6,099 | 6,054 | ||
Residential Construction [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 160 | 160 | ||
Residential Construction [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,156 | 3,173 | ||
Residential Construction [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 994 | ||
Residential Construction [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 435 | [3] | 513 | [4] |
Land Construction [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,434 | 5,325 | ||
Land Construction [Member] | Interest Rate Below Market [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 856 | 878 | ||
Land Construction [Member] | Maturity of Term Extension [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 370 | 2,012 | ||
Land Construction [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 1,696 | 1,760 | ||
Land Construction [Member] | Forgiveness of principal and/or interest [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Land Construction [Member] | Other [Member] | ' | ' | ||
Financing Receivable Impaired [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $512 | [3] | $675 | [4] |
[1] | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | |||
[2] | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. | |||
[3] | Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table. | |||
[4] | Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would beconsidered insignificant, payment plans under judicial stipulation or a combination of the concessions listed in the table. |
LOAN_PORTFOLIO_Corporations_TD
LOAN PORTFOLIO - Corporation's TDR Activity (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | |
Schedule Of Financing Receivables [Line Items] | ' | |
Beginning Balance of TDRs | $630,258 | [1] |
New TDRs | 19,935 | |
Increases to existing TDRs (disbursements) | 27 | |
Charge-offs post modification | -7,982 | |
Foreclosures | -1,074 | |
Paid-off and partial payments | -18,844 | |
Ending balance of TDRs | $622,320 | [2] |
[1] | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. | |
[2] | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. |
LOAN_PORTFOLIO_Breakdown_Betwe
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $622,320 | [1] | $630,258 | [2] |
Non Fha Va Residential Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 338,279 | 337,243 | ||
Commercial Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 148,815 | 153,575 | ||
Commercial And Industrial Loan [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 89,839 | 91,950 | ||
Construction Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 17,200 | ' | ||
Consumer Auto Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 14,378 | ' | ||
Finance Leases [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 2,240 | 2,360 | ||
Other Consumer Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 11,601 | 10,865 | ||
Commercial Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,884 | 3,924 | ||
Residential Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 9,850 | 10,894 | ||
Land Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,434 | 5,325 | ||
Non Accrual [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 209,373 | [3],[4] | 204,875 | [5],[6] |
Non Accrual [Member] | Non Fha Va Residential Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 81,674 | [3],[4] | 73,324 | [5],[6] |
Non Accrual [Member] | Commercial Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 70,742 | [3],[4] | 69,156 | [5],[6] |
Non Accrual [Member] | Commercial And Industrial Loan [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 35,844 | [3],[4] | 38,441 | [5],[6] |
Non Accrual [Member] | Consumer Auto Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 5,802 | [3],[4] | 5,610 | [5],[6] |
Non Accrual [Member] | Finance Leases [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 106 | [3],[4] | 85 | [5],[6] |
Non Accrual [Member] | Other Consumer Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 2,302 | [3],[4] | 2,448 | [5],[6] |
Non Accrual [Member] | Commercial Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,884 | [3],[4] | 3,924 | [5],[6] |
Non Accrual [Member] | Residential Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 6,534 | [3],[4] | 7,562 | [5],[6] |
Non Accrual [Member] | Land Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 2,485 | [3],[4] | 4,325 | [5],[6] |
Accrual [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 412,947 | 425,383 | ||
Accrual [Member] | Non Fha Va Residential Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 256,605 | 263,919 | ||
Accrual [Member] | Commercial Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 78,073 | 84,419 | ||
Accrual [Member] | Commercial And Industrial Loan [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 53,995 | 53,509 | ||
Accrual [Member] | Consumer Auto Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 8,576 | 8,512 | ||
Accrual [Member] | Finance Leases [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 2,134 | 2,275 | ||
Accrual [Member] | Other Consumer Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 9,299 | 8,417 | ||
Accrual [Member] | Commercial Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Accrual [Member] | Residential Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,316 | 3,332 | ||
Accrual [Member] | Land Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 949 | 1,000 | ||
Non Fha Va Residential Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 338,279 | 337,244 | ||
Commercial Mortgage Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 148,815 | 153,576 | ||
Commercial And Industrial Loan [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 89,839 | 91,951 | ||
Consumer Auto Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 14,378 | 14,122 | ||
Finance Leases [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 2,240 | 2,358 | ||
Other Consumer Loans [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 11,601 | 10,864 | ||
Commercial Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 3,884 | 3,924 | ||
Residential Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 9,850 | 10,894 | ||
Land Construction [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $3,434 | $5,325 | ||
[1] | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | |||
[2] | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. | |||
[3] | Included in non-accrual loans are $76.3 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | |||
[4] | Excludes non-accrual TDRs held for sale with a carrying value of $45.8 million as of March 31, 2014. | |||
[5] | Included in non-accrual loans are $95.7 million in loans that are performing under the terms of a restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and there is no doubt about full collectability. | |||
[6] | Excludes non-accrual TDRs held for sale with a carrying value of $45.9 million as of December 31, 2013. |
LOAN_PORTFOLIO_Breakdown_Betwe1
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Total TDR loans | $622,320 | [1] | $630,258 | [2] |
Performing Financing Receivable [Member] | Non Accrual [Member] | ' | ' | ||
Financing Receivable Modifications [Line Items] | ' | ' | ||
Total TDR loans | $76,300 | $95,700 | ||
[1] | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | |||
[2] | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. |
LOAN_PORTFOLIO_Loan_Modificati
LOAN PORTFOLIO - Loan Modifications are Considered TDRs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
numberofcontracts | numberofcontracts | |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 611 | 606 |
Pre-Modification Outstanding Recorded Investment | $20,264 | $80,727 |
Post-Modification Outstanding Recorded Investment | 19,935 | 55,363 |
Non Fha Va Residential Mortgage Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 47 | 73 |
Pre-Modification Outstanding Recorded Investment | 7,709 | 9,763 |
Post-Modification Outstanding Recorded Investment | 7,711 | 9,787 |
Commercial Mortgage Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | 834 | 0 |
Post-Modification Outstanding Recorded Investment | 837 | 0 |
Commercial And Industrial Loan [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 5 | 7 |
Pre-Modification Outstanding Recorded Investment | 7,964 | 66,886 |
Post-Modification Outstanding Recorded Investment | 7,630 | 41,498 |
Consumer Auto Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 117 | 143 |
Pre-Modification Outstanding Recorded Investment | 1,605 | 1,923 |
Post-Modification Outstanding Recorded Investment | 1,605 | 1,923 |
Finance Leases [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 10 | 19 |
Pre-Modification Outstanding Recorded Investment | 193 | 312 |
Post-Modification Outstanding Recorded Investment | 193 | 312 |
Other Consumer Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 429 | 363 |
Pre-Modification Outstanding Recorded Investment | 1,959 | 1,647 |
Post-Modification Outstanding Recorded Investment | 1,959 | 1,647 |
Commercial Construction [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Residential Construction [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | 0 | 196 |
Post-Modification Outstanding Recorded Investment | 0 | 196 |
Land Construction [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $0 | $0 |
LOAN_PORTFOLIO_Loan_Modificati1
LOAN PORTFOLIO - Loan Modifications Considered Troubled Debt Restructurings Defaulted (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | $63,000 | $55,000 |
Recorded Investment | 2,767,000 | 57,555,000 |
Non Fha Va Residential Mortgage Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 14,000 | 45,000 |
Recorded Investment | 2,552,000 | 7,525,000 |
Commercial Mortgage Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 1,000 |
Recorded Investment | 0 | 46,102,000 |
Commercial And Industrial Loan [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 2,000 |
Recorded Investment | 0 | 3,829,000 |
Consumer Auto Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 4,000 | 2,000 |
Recorded Investment | 39,000 | 17,000 |
Other Consumer Loans [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 45,000 | 5,000 |
Recorded Investment | 176,000 | 82,000 |
Finance Leases [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Commercial Construction [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Residential Construction [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Land Construction [Member] | ' | ' |
Financing Receivable Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | $0 | $0 |
LOAN_PORTFOLIO_Loan_Restructur
LOAN PORTFOLIO - Loan Restructuring and Effect on Allowance for Loan and Lease Losses (Detail) (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $622,320 | [1] | ' | $630,258 | [2] |
Charges to the provision for loan losses | 31,915 | 111,123 | ' | ||
Allowance for loan losses at the end of the period | 266,778 | ' | 285,858 | ||
Loans Split [Member] | ' | ' | ' | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | 78,833 | 93,897 | ' | ||
Amount charged-off | 0 | 25,389 | ' | ||
Charges to the provision for loan losses | -15 | 1,556 | ' | ||
Allowance for loan losses at the end of the period | 1,547 | 2,577 | ' | ||
Accrual [Member] | ' | ' | ' | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | ||
Financing Receivable, Modifications, Recorded Investment | $412,947 | ' | $425,383 | ||
[1] | Excludes TDRs held for sale amounting to $45.8 million as of March 31, 2014. | ||||
[2] | Excludes TDRs held for sale amounting to $45.9 million as of December 31, 2013. |
ALLOWANCE_FOR_LOAN_AND_LEASE_L2
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in Allowance for Loan and Lease Losses (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Beginning balance | $285,858 | $435,414 | ' | |
Charge-offs | -53,707 | -108,261 | ' | |
Charge-off related to bulk sale | ' | -98,519 | ' | |
Recoveries | 2,712 | 2,774 | ' | |
Provision (release) | 31,915 | 111,123 | ' | |
Ending balance | 266,778 | 342,531 | ' | |
Balance at end of period | 85,016 | 144,028 | 102,601 | |
Ending balance: general allowance | 181,762 | 198,503 | ' | |
Ending balance | 9,566,785 | 9,560,546 | 9,636,170 | |
Ending balance: impaired loans | 879,388 | 1,100,265 | 919,112 | |
Ending balance: purchased credit-impaired loans | 3,383 | ' | 4,791 | [1] |
Ending balance: loans with general allowance | 8,684,014 | 8,451,057 | ' | |
Purchased Credit Impaired [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Ending balance: purchased credit-impaired loans | 3,383 | 9,224 | ' | |
Residential Mortgage [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Beginning balance | 33,110 | 68,354 | ' | |
Charge-offs | -6,422 | -10,697 | ' | |
Charge-off related to bulk sale | ' | -1,031 | ' | |
Recoveries | 69 | 148 | ' | |
Provision (release) | 3,751 | 7,948 | ' | |
Ending balance | 30,508 | 64,722 | ' | |
Balance at end of period | 17,273 | 47,495 | ' | |
Ending balance: general allowance | 13,235 | 17,227 | ' | |
Ending balance | 2,548,101 | 2,714,083 | ' | |
Ending balance: impaired loans | 419,308 | 579,305 | ' | |
Ending balance: loans with general allowance | 2,128,793 | 2,134,778 | ' | |
Residential Mortgage [Member] | Purchased Credit Impaired [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Commercial Mortgage [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Beginning balance | 73,138 | 97,692 | ' | |
Charge-offs | -5,810 | -15,999 | ' | |
Charge-off related to bulk sale | ' | -40,057 | ' | |
Recoveries | 35 | 20 | ' | |
Provision (release) | -851 | 36,397 | ' | |
Ending balance | 66,512 | 78,053 | ' | |
Balance at end of period | 29,833 | 36,134 | ' | |
Ending balance: general allowance | 36,679 | 41,919 | ' | |
Ending balance | 1,846,016 | 1,671,269 | ' | |
Ending balance: impaired loans | 219,860 | 203,500 | ' | |
Ending balance: loans with general allowance | 1,626,156 | 1,467,769 | ' | |
Commercial Mortgage [Member] | Purchased Credit Impaired [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Commercial And Industrial Loans [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Beginning balance | 85,295 | 146,900 | ' | |
Charge-offs | -22,459 | -40,942 | ' | |
Charge-off related to bulk sale | ' | -44,678 | ' | |
Recoveries | 663 | 791 | ' | |
Provision (release) | 16,091 | 35,292 | ' | |
Ending balance | 79,590 | 97,363 | ' | |
Balance at end of period | 19,098 | 35,383 | ' | |
Ending balance: general allowance | 60,492 | 61,980 | ' | |
Ending balance | 2,947,837 | 2,932,371 | ' | |
Ending balance: impaired loans | 151,653 | 222,814 | ' | |
Ending balance: loans with general allowance | 2,796,184 | 2,709,557 | ' | |
Commercial And Industrial Loans [Member] | Purchased Credit Impaired [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Construction Loans [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Beginning balance | 35,814 | 61,600 | ' | |
Charge-offs | -970 | -25,859 | ' | |
Charge-off related to bulk sale | ' | -12,753 | ' | |
Recoveries | 617 | 97 | ' | |
Provision (release) | -8,050 | 21,948 | ' | |
Ending balance | 27,411 | 45,033 | ' | |
Balance at end of period | 15,154 | 21,689 | ' | |
Ending balance: general allowance | 12,257 | 23,344 | ' | |
Ending balance | 152,579 | 222,762 | ' | |
Ending balance: impaired loans | 58,636 | 68,027 | ' | |
Ending balance: loans with general allowance | 93,943 | 154,735 | ' | |
Construction Loans [Member] | Purchased Credit Impaired [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Consumer Loan [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Beginning balance | 58,501 | 60,868 | ' | |
Charge-offs | -18,046 | -14,764 | ' | |
Charge-off related to bulk sale | ' | 0 | ' | |
Recoveries | 1,328 | 1,718 | ' | |
Provision (release) | 20,974 | 9,538 | ' | |
Ending balance | 62,757 | 57,360 | ' | |
Balance at end of period | 3,658 | 3,327 | ' | |
Ending balance: general allowance | 59,099 | 54,033 | ' | |
Ending balance | 2,072,252 | 2,020,061 | ' | |
Ending balance: impaired loans | 29,931 | 26,619 | ' | |
Ending balance: loans with general allowance | 2,038,938 | 1,984,218 | ' | |
Consumer Loan [Member] | Purchased Credit Impaired [Member] | ' | ' | ' | |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' | ' | |
Ending balance: purchased credit-impaired loans | 0 | 0 | ' | |
Ending balance: purchased credit-impaired loans | $3,383 | $9,224 | ' | |
[1] | Purchased credit-impaired loans are excluded from delinquency and non-performing statistics as further discussed below. |
ALLOWANCE_FOR_LOAN_AND_LEASE_L3
ALLOWANCE FOR LOAN AND LEASE LOSSES - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 |
Financing Receivable Allowance For Credit Losses [Line Items] | ' | ' |
Reserve for unfunded loan commitments | ' | $0.40 |
Adversely classified assets sold | $217.70 | ' |
LOANS_HELD_FOR_SALE_Portfolio_
LOANS HELD FOR SALE - Portfolio of Loans Held for Sale (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Total | $78,912 | $75,969 |
Residential Mortgage [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Residential mortgage loans | 24,157 | 21,168 |
Commercial Mortgage loans | 6,953 | 6,999 |
Construction Loans [Member] | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' |
Construction loans | $47,802 | $47,802 |
LOANS_HELD_FOR_SALE_Additional
LOANS HELD FOR SALE - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Loans held for sale | ' | $78,912,000 | $75,969,000 |
Non-performing loan sold previously reclassified to Loans Held For Sale | 211,400,000 | ' | ' |
Non Accrual [Member] | ' | ' | ' |
Accounts Notes And Loans Receivable [Line Items] | ' | ' | ' |
Construction loans | ' | $47,800,000 | $47,800,000 |
DERIVATIVE_INSTRUMENTS_AND_HED2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of All Derivative Instruments (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Notional amount of derivatives | $131,134 | $132,862 |
Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of derivatives | 30,970 | 31,080 |
Nondesignated [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of derivatives | 30,970 | 31,080 |
Nondesignated [Member] | Interest Rate Cap [Member] | Purchase | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of derivatives | 38,082 | 38,391 |
Nondesignated [Member] | Interest Rate Cap [Member] | Written | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of derivatives | 38,082 | 38,391 |
Nondesignated [Member] | Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Notional amount of derivatives | $24,000 | $25,000 |
DERIVATIVE_INSTRUMENTS_AND_HED3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in assets | $199 | $394 |
Other Assets [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in assets | 131 | 162 |
Other Assets [Member] | Interest Rate Cap [Member] | Purchase | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in assets | 39 | 58 |
Other Assets [Member] | Interest Rate Cap [Member] | Written | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in assets | 0 | 0 |
Other Assets [Member] | Forward Contracts [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in assets | 29 | 174 |
Other Liabilities [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in liabilities | 3,680 | 4,023 |
Other Liabilities [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in liabilities | 3,621 | 3,965 |
Other Liabilities [Member] | Interest Rate Cap [Member] | Purchase | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in liabilities | 0 | 0 |
Other Liabilities [Member] | Interest Rate Cap [Member] | Written | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in liabilities | 39 | 58 |
Other Liabilities [Member] | Forward Contracts [Member] | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives, included in liabilities | $20 | $0 |
DERIVATIVE_INSTRUMENTS_AND_HED4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on Statement of Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Economic undesignated hedges: | ' | ' |
Total gain (loss) on derivatives | $148 | $295 |
Interest Income Loans [Member] | Interest Rate Swap [Member] | ' | ' |
Economic undesignated hedges: | ' | ' |
Total gain (loss) on derivatives | 313 | 390 |
Interest Income Loans [Member] | Interest Rate Cap [Member] | ' | ' |
Economic undesignated hedges: | ' | ' |
Total gain (loss) on derivatives | 0 | 10 |
Mortgage Banking Activities [Member] | Forward Contracts [Member] | ' | ' |
Economic undesignated hedges: | ' | ' |
Total gain (loss) on derivatives | ($165) | ($105) |
DERIVATIVE_INSTRUMENTS_AND_HED5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Interest Rate Swaps (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pay fixed/receive floating : | ' | ' |
Notional amount | $131,134 | $132,862 |
Interest Rate Swap [Member] | ' | ' |
Pay fixed/receive floating : | ' | ' |
Notional amount | $30,970 | $31,080 |
Derivative Receivable [Member] | ' | ' |
Pay fixed/receive floating : | ' | ' |
Weighted-average receive rate at period end | 1.84% | 1.85% |
Derivative Payable [Member] | ' | ' |
Pay fixed/receive floating : | ' | ' |
Weighted-average pay rate at period end | 6.77% | 6.77% |
DERIVATIVE_INSTRUMENTS_AND_HED6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Additional Information (Detail) | Mar. 31, 2014 |
Maximum [Member] | ' |
Derivative Instruments Gain Loss [Line Items] | ' |
Floating rate range | 1.87% |
Minimum [Member] | ' |
Derivative Instruments Gain Loss [Line Items] | ' |
Floating rate range | 1.67% |
OFFESTTING_OF_ASSETS_AND_LIABI
OFFESTTING OF ASSETS AND LIABILITIES - Offsetting of financial assets and liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Offsetting [Abstract] | ' | ' |
Gross amount recognized of derivative asset | $39 | $58 |
Gross amount of derivatives assets offset | 0 | 0 |
Net asset amount of assets presented in the Statement of Financial Condition | 39 | 58 |
Obligation to return Financial instrument, derivatives assets | -39 | -58 |
Obligation to return Cash Collateral, derivative assets | 0 | 0 |
Net derivative asset amount not offset | 0 | 0 |
Gross amount recognized of derivative liabilities | 3,621 | 3,965 |
Gross amount of derivative liabilities offset | 0 | 0 |
Net derivative liability amount offset presented | 3,621 | 3,965 |
Right to claim Financial instrument, derivatives liabilities | -3,621 | -3,965 |
Right to claim Cash Collateral, derivatives liabilities | 0 | 0 |
Net derivatives liability amount not offset | 0 | 0 |
Gross amount recognized of repurchase agreements | 600,000 | 600,000 |
Gross amount of repurchase agreements offset | 0 | 0 |
Net repurchase agreements amount offset presented | 600,000 | 600,000 |
Right to claim Financial instrument, repurchase agreements | -600,000 | -600,000 |
Right to claim Cash Collateral, repurchase agreements | 0 | 0 |
Net repurchase agreements amount not offset | 0 | 0 |
Gross amount recognized of liabilities | 603,621 | 603,965 |
Gross amount of liabilties offset | 0 | 0 |
Net liabilities amount offset presented | 603,621 | 603,965 |
Right to claim Financial instrument, liabilities | -603,621 | -603,965 |
Right to claim Cash Collateral, liabilties | 0 | 0 |
Net liability amount not offset | $0 | $0 |
GOODWILL_AND_OTHER_INTANGIBLES2
GOODWILL AND OTHER INTANGIBLES - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $28,100,000 | ' | $28,100,000 |
Purchase credit card relationship intangible amount | 24,500,000 | ' | ' |
Amortization expense | 1,235,000 | 1,520,000 | ' |
Purchased Credit Card Relationship Intangible [Member] | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Purchase credit card relationship intangible amount | 24,465,000 | ' | 24,465,000 |
Amortization period of purchased credit card relationship intangible | '7 years 9 months 18 days | ' | '8 years 0 months 0 days |
Amortization expense | 800,000 | 900,000 | ' |
Core Deposits [Member] | ' | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' | ' |
Purchase credit card relationship intangible amount | 45,844,000 | ' | 45,844,000 |
Amortization period of purchased credit card relationship intangible | '9 years 2 months 12 days | ' | '9 years 9 months 18 days |
Amortization expense | $400,000 | $600,000 | ' |
GOODWILL_AND_OTHER_INTANGIBLES3
GOODWILL AND OTHER INTANGIBLES - Gross Amount and Accumulated Amortization of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross amount | $24,500 | ' |
Core Deposits [Member] | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross amount | 45,844 | 45,844 |
Accumulated amortization | -39,253 | -38,863 |
Net carrying amount | 6,591 | 6,981 |
Remaining amortization period | '9 years 2 months 12 days | '9 years 9 months 18 days |
Purchased Credit Card Relationship Intangible [Member] | ' | ' |
Finite Lived Intangible Assets [Line Items] | ' | ' |
Gross amount | 24,465 | 24,465 |
Accumulated amortization | -5,523 | -4,678 |
Net carrying amount | $18,942 | $19,787 |
Remaining amortization period | '7 years 9 months 18 days | '8 years 0 months 0 days |
NONCONSOLIDATED_VARIABLE_INTER2
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2004 | Sep. 30, 2004 | Feb. 16, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 16, 2011 | Feb. 16, 2011 | |
Fbp Statutory Trust One [Member] | Fbp Statutory Trust Two [Member] | Cpg Gs [Member] | Cpg Gs [Member] | Cpg Gs [Member] | Cpg Gs [Member] | Prlp [Member] | FirstBank [Member] | ||||
Servicing Liabilities At Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of corporation serviced loans securitized through GNMA | $1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate trust preferred securities | ' | ' | ' | 100,000,000 | 125,000,000 | ' | ' | ' | ' | ' | ' |
Proceeds of the issuance, together with proceeds of the purchase | ' | ' | ' | 3,100,000 | 3,900,000 | ' | ' | ' | ' | ' | ' |
Principal amount of corporation's junior subordinated deferrable debentures | ' | ' | ' | 103,100,000 | 128,900,000 | ' | ' | ' | ' | ' | ' |
Balance of amortization with third party | 53,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value with third party | 39,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of weighted average yield with third party | 2.22% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Sold to CPG | ' | ' | ' | ' | ' | 269,300,000 | ' | ' | ' | ' | ' |
Cash realized on sale of loan | ' | ' | ' | ' | ' | 88,500,000 | ' | ' | ' | ' | ' |
Acquired Equity interest on disposal of loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% |
Loans acquired on exchange of loan held for sale | ' | ' | ' | ' | ' | 136,100,000 | ' | ' | ' | ' | ' |
Description of loan | ' | ' | ' | ' | ' | '30-day LIBOR plus 300 basis points | ' | ' | ' | ' | ' |
Percentage of ownership investment in unconsolidated entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' |
Carrying amount of loan provided | ' | ' | ' | ' | ' | ' | 42,100,000 | ' | ' | ' | ' |
Amount of ownership investment in unconsolidated entity | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in losses of unconsolidated entities | ' | ' | ' | ' | ' | ' | 6,600,000 | 5,500,000 | ' | ' | ' |
Equity in losses of unconsolidated entities related to the amortization | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' |
Line of credit facility provided to fund unfunded commitments | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' |
Working capital line of credit to fund certain expenses | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | 7,000,000 | ' | ' |
Revolver agreement of credit facility provided amount outstanding | ' | ' | ' | ' | ' | ' | 30,300,000 | ' | ' | ' | ' |
Working capital line of credit facility provided amount outstanding | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' |
Percentage of priority interest to be received on invested capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 12.00% |
Payment to be made on pro rata basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 65.00% |
Percentage of variation in assumptions | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Trust Preferred Securities That Qualify As Tier 1 Capital | ' | 0.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Description Of Variable Rate Basis | '90-day LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NONCONSOLIDATED_VARIABLE_INTER3
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Income Statement Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Variable Interest Entity [Line Items] | ' | ' |
Net income (loss) | $17,083 | ($72,633) |
Cpg Gs [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Revenues | 751 | 679 |
Gross profit | -1,508 | -1,774 |
Net income (loss) | ($2,447) | $4,517 |
NONCONSOLIDATED_VARIABLE_INTER4
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Servicing Assets (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Servicing Assets At Amortized Value [Line Items] | ' | ' | ||
Balance at beginning of period | $21,987 | $17,524 | ||
Capitalization of servicing assets | 1,052 | 1,720 | ||
Amortization | -783 | -790 | ||
Adjustment to servicing assets for loans repurchased | -11 | [1] | -17 | [1] |
Adjustment to fair value | -219 | 280 | ||
Balance at end of period | $22,026 | $18,717 | ||
[1] | Amount represents the adjustment to fair value related to the repurchase of loans serviced for others. |
NONCONSOLIDATED_VARIABLE_INTER5
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Impairment Allowance (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Valuation Allowance For Impairment Of Recognized Servicing Assets [Line Items] | ' | ' |
Balance at beginning of period | $212 | $672 |
Temporary impairment charges | 219 | 40 |
Recoveries | 0 | -320 |
Balance at end of period | $431 | $392 |
NONCONSOLIDATED_VARIABLE_INTER6
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Components of Net Servicing Income (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Servicing fees | $1,671 | $1,517 | ||
Late charges and prepayment penalties | 164 | 213 | ||
Other | -358 | 0 | ||
Adjustment to servicing assets for loans repurchased | -11 | [1] | -17 | [1] |
Servicing income, gross | 1,466 | 1,713 | ||
Amortization and impairment of servicing assets | -1,002 | -510 | ||
Servicing income, net | $464 | $1,203 | ||
[1] | Amount represents the adjustment to fair value related to the repurchase of loans serviced for others. |
NONCONSOLIDATED_VARIABLE_INTER7
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Government Guaranteed Mortgage Loans [Member] | ' | ' |
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ' | ' |
Constant prepayment rate | 9.10% | 10.50% |
Discount rate | 11.50% | 12.00% |
Conventional Loan [Member] | ' | ' |
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ' | ' |
Constant prepayment rate | 8.90% | 10.90% |
Discount rate | 9.50% | 10.00% |
Conventional Non Conforming Mortgage Loans [Member] | ' | ' |
Assumption For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Liabilities [Line Items] | ' | ' |
Constant prepayment rate | 13.40% | 14.30% |
Discount rate | 13.90% | 14.30% |
NONCONSOLIDATED_VARIABLE_INTER8
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Weighted-Averages of Key Economic Assumptions in Valuation Model (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Carrying amount of servicing assets | $22,026 | $21,987 | $18,717 | $17,524 |
Fair value | 25,041 | ' | ' | ' |
Weighted-average expected life | '9 years 7 months 9 days | ' | ' | ' |
Constant prepayment rate | 9.10% | ' | ' | ' |
Decrease in fair value due to 10% adverse change | 919 | ' | ' | ' |
Decrease in fair value due to 20% adverse change | 1,782 | ' | ' | ' |
Discount rate | 10.61% | ' | ' | ' |
Decrease in fair value due to 10% adverse change | 1,065 | ' | ' | ' |
Decrease in fair value due to 20% adverse change | $2,047 | ' | ' | ' |
DEPOSITS_Summary_of_Deposit_Ba
DEPOSITS - Summary of Deposit Balances (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Non-interest bearing checking accounts | $905,650 | $851,212 |
Savings accounts | 2,414,914 | 2,334,831 |
Interest-bearing checking accounts | 1,152,422 | 1,167,480 |
Certificates of deposit | 2,403,289 | 2,384,378 |
Brokered certificates of deposit | 3,126,410 | 3,142,023 |
Total deposits | $10,002,685 | $9,879,924 |
DEPOSITS_Brokered_Certificates
DEPOSITS - Brokered Certificates Of Deposit Mature (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | $3,126,410 | $3,142,023 |
One to ninety days | ' | ' |
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | 346,966 | ' |
Over three month to six months | ' | ' |
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | 557,050 | ' |
Over six months to one year | ' | ' |
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | 854,800 | ' |
One to three year | ' | ' |
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | 1,203,461 | ' |
Three to five years | ' | ' |
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | 128,848 | ' |
Over five years | ' | ' |
Deposits [Line Items] | ' | ' |
Interest Bearing Domestic Deposit Brokered | $35,285 | ' |
DEPOSITS_Components_of_Interes
DEPOSITS - Components of Interest Expense on Deposits (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Deposits [Line Items] | ' | ' |
Interest expense on deposits | $18,514 | $23,389 |
Amortization of broker placement fees | 1,785 | 2,155 |
Interest expense on deposits | $20,299 | $25,544 |
SECURITIES_SOLD_UNDER_AGREEMEN2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Repurchase agreements, interest ranging from 2.45% to 3.35%(December 31, 2012- 2.45% to 3.39%) | $900,000 | [1] | $900,000 |
[1] | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. |
SECURITIES_SOLD_UNDER_AGREEMEN3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Securities sold under agreements to repurchase | $900,000 | [1] | $900,000 |
Callable Repurchase Agreements [Member] | ' | ' | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Securities sold under agreements to repurchase | 800,000 | ' | |
Variable Interest Rate Repurchase Agreement [Member] | ' | ' | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Securities sold under agreements to repurchase | $700,000 | ' | |
Maximum [Member] | ' | ' | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Assets sold under agreements to repurchase interest rate | 3.32% | ' | |
Minimum [Member] | ' | ' | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Assets sold under agreements to repurchase interest rate | 2.45% | ' | |
Weighted Average [Member] | Callable Repurchase Agreements [Member] | ' | ' | |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' | ' | |
Assets sold under agreements to repurchase interest rate | 2.85% | ' | |
[1] | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. |
SECURITIES_SOLD_UNDER_AGREEMEN4
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule of Repurchase Agreement Maturity (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Repurchase Agreement [Line Items] | ' | ' | |
Securities Sold Under Agreements To Repurchase | $900,000 | [1] | $900,000 |
Less than three years | ' | ' | |
Repurchase Agreement [Line Items] | ' | ' | |
Securities Sold Under Agreements To Repurchase | 600,000 | ' | |
Three to five years | ' | ' | |
Repurchase Agreement [Line Items] | ' | ' | |
Securities Sold Under Agreements To Repurchase | $300,000 | ' | |
[1] | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. |
SECURITIES_SOLD_UNDER_AGREEMEN5
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule of Repurchase Agreement Maturity (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Repurchase Agreement [Line Items] | ' | ' | |
Securities Sold Under Agreements To Repurchase | $900,000 | [1] | $900,000 |
[1] | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. |
SECURITIES_SOLD_UNDER_AGREEMEN6
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Repurchase Agreements Grouped by Counterparty (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
In Thousands, unless otherwise specified | Citigroup Global Markets [Member] | Jp Morgan Chase [Member] | Dean Witter Morgan Stanley [Member] | Credit Suisse First Boston [Member] | |||
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' | ' | ' | |
Repurchase agreements, interest ranging from 2.45% to 3.39% (December 31, 2011 - 2.50% to 4.40%) (1) | $900,000 | [1] | $900,000 | $300,000 | $200,000 | $100,000 | $300,000 |
Weighted-Average Maturity | ' | ' | '2 years 6 months 29 days | '2 years 11 months 1 day | '3 years 6 months 29 days | '3 years 9 months 0 days | |
[1] | As of March 31, 2014, includes $800 million with an average rate of 2.85% that lenders have the right to call before their contractual maturities at various dates beginning on April 9, 2014. Subsequent to March 31, 2014, no lender has exercised its call option on repurchase agreements. Also includes $700.0 million that is currently tied to variable rates. |
ADVANCES_FROM_THE_FEDERAL_HOME2
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short Term Debt [Line Items] | ' | ' |
Fixed-rate advances from FHLB, with a weighted-average interest rate of 1.69% (December 31, 2012 - 2.26%) | $300,000 | $300,000 |
ADVANCES_FROM_THE_FEDERAL_HOME3
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Parenthetical) (Detail) | Mar. 31, 2014 |
Short Term Debt [Line Items] | ' |
Weighted-average interest rate | 1.11% |
ADVANCES_FROM_THE_FEDERAL_HOME4
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Advances from FHLB Mature (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ' | ' |
Federal Home Loan Bank Advances | $300,000 | $300,000 |
Over one to three years | ' | ' |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ' | ' |
Federal Home Loan Bank Advances | 100,000 | ' |
Over three years | ' | ' |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ' | ' |
Federal Home Loan Bank Advances | $200,000 | ' |
ADVANCES_FROM_THE_FEDERAL_HOME5
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Additional Information (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ' |
Credit facility based on collateral pledged | $473.50 |
OTHER_BORROWINGS_Components_of
OTHER BORROWINGS - Components of Other Borrowings (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Junior subordinated debentures due in 2034 | $231,959 | $231,959 |
Junior Subordinated Debentures Bearing Interest At Floating Rate Of Two Point Seventy Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Junior subordinated debentures due in 2034 | 103,093 | 103,093 |
Junior Subordinated Debentures Bearing Interest At Floating Rate Of Two Point Fifty Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Junior subordinated debentures due in 2034 | $128,866 | $128,866 |
OTHER_BORROWINGS_Components_of1
OTHER BORROWINGS - Components of Other Borrowings (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Junior Subordinated Debentures Bearing Interest At Floating Rate Of Two Point Seventy Five [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Floating Interest rate on junior subordinated debentures | 2.98% | 2.99% |
Subordinated Borrowing Due Date | 17-Jun-34 | ' |
Callable step-rate notes rate | 2.75% | ' |
Junior Subordinated Debentures Bearing Interest At Floating Rate Of Two Point Fifty Percent [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Floating Interest rate on junior subordinated debentures | 2.73% | 2.75% |
Subordinated Borrowing Due Date | 20-Sep-34 | ' |
Callable step-rate notes rate | 2.50% | ' |
STOCKHOLDERS_EQUITY_Additional
STOCKHOLDERS' EQUITY - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
numberofstocks | ||
Class Of Stock [Line Items] | ' | ' |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares issued | 209,578,959 | 207,635,157 |
Common stock, shares outstanding | 208,967,883 | 207,068,978 |
Granted shares of restricted stock | 810,138 | ' |
Percentage of restricted stock lapse | 50.00% | ' |
Remaining percentage of share vest during period | 50.00% | ' |
Corporation has authorized shares of preferred stock | 50,000,000 | 50,000,000 |
Preferred stock, par value | $1 | ' |
Number of preferred stock series | 5 | ' |
Stock repurchase plan treasury stock | 611,076 | 566,179 |
Repurchased of common stock | 44,897 | ' |
Restricted Stock [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Repurchased of common stock | 23,555 | ' |
First Fifty Percentage Restricted Stock Nonvest Awards [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Restricted stock lapse, maximum | '2 years 0 months 0 days | ' |
Other Fifty Percentage Restricted Stock Nonvest Awards [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Restricted stock lapse, maximum | '3 years 0 months 0 days | ' |
FirstBank [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Legal surplus reserve rate | 10.00% | ' |
Original amount contributed in percentage | 20.00% | ' |
Series A Preferred Stock [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Preferred stock dividend rate percentage | 7.13% | ' |
Series B Preferred Stock [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Preferred stock dividend rate percentage | 8.35% | ' |
Series C Preferred Stock [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Preferred stock dividend rate percentage | 7.40% | ' |
Series D Preferred Stock [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Preferred stock dividend rate percentage | 7.25% | ' |
Series E Preferred Stock [Member] | ' | ' |
Class Of Stock [Line Items] | ' | ' |
Preferred stock dividend rate percentage | 7.00% | ' |
STOCKHOLDERS_EQUITY_Exchange_o
STOCKHOLDERS' EQUITY - Exchange offer with respect to Series A through E preferred stock (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | Exchange of preferred stock-Series A through E | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | ||
Exchange of preferred stock-Series A through E | Exchange of preferred stock-Series A through E | Exchange of preferred stock-Series A through E | Exchange of preferred stock-Series A through E | Exchange of preferred stock-Series A through E | |||||||||
Class Of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation value per share | ' | ' | ' | ' | $25 | ' | $25 | ' | $25 | ' | $25 | ' | $25 |
Preferred stock, shares outstanding | 2,272,395 | 2,521,872 | 2,521,872 | ' | 450,195 | ' | 475,987 | ' | 460,611 | ' | 510,592 | ' | 624,487 |
Shares Of Preferred Stock Exchanged | ' | ' | 249,477 | ' | 51,790 | ' | 36,250 | ' | 69,707 | ' | 46,176 | ' | 45,554 |
Preferred Stock Shares Outstanding Aftter Exchange | ' | ' | 2,272,395 | ' | 398,405 | ' | 439,737 | ' | 390,904 | ' | 464,416 | ' | 578,933 |
Preferred Stock Value | $56,810 | $63,047 | $56,810 | ' | $9,960 | ' | $10,994 | ' | $9,773 | ' | $11,610 | ' | $14,473 |
Conversion Of Stock Shares Issued1 | ' | ' | 1,075,283 | ' | 226,889 | ' | 158,809 | ' | 291,056 | ' | 201,040 | ' | 197,489 |
Preferred stock dividend rate percentage | ' | ' | ' | 7.13% | ' | 8.35% | ' | 7.40% | ' | 7.25% | ' | 7.00% | ' |
INCOME_TAXES_Additional_Inform
INCOME TAXES - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Percentage of national gross tax receipt | 1.00% | ' | ' | ' | ' |
National gross receipt expense | $1,500,000 | $1,300,000 | ' | ' | ' |
Percentage of gross receipt tax credit | 0.50% | ' | ' | ' | ' |
Gross income credit amount | 700,000 | ' | ' | ' | ' |
Amount of additional surtax | 25,000 | ' | 750,000 | ' | ' |
Statutory rate | 39.00% | ' | 30.00% | ' | ' |
Valuation allowance | 519,300,000 | ' | ' | 522,700,000 | ' |
Percentage of alternative minimum tax | 30.00% | ' | 20.00% | ' | ' |
NOL deduction limit | 'The NOL deduction is now limited to 90% of taxable income for regular income tax purposes and 80% for AMT purposes. | ' | ' | ' | ' |
Percentage of dividend received deduction from controlled subsidiaries | 100.00% | ' | ' | ' | ' |
Percentage of dividend received from other taxable domestic corporations | 85.00% | ' | ' | ' | ' |
Income tax expense | 887,000 | 1,622,000 | ' | ' | ' |
Deferred Tax Assets Net | 8,300,000 | ' | ' | 7,600,000 | ' |
Deferred tax asset | 528,700,000 | ' | ' | ' | ' |
Net operating loss and carryforwards associated to the deferred tax asset | 372,500,000 | ' | ' | ' | ' |
New unrecognized Tax Benefits (UTBs) | 4,300,000 | ' | ' | ' | 3,100,000 |
Accrued interest related to UTB | $2,400,000 | ' | ' | ' | ' |
Carry forward period is, extended for taxable income | '12 years 0 months 0 days | ' | ' | ' | ' |
Minimum percentage of bank net taxable income for paying Income tax at normal rate | 20.00% | ' | ' | ' | ' |
Net Operating Loss Carryforward Period | '10 years 0 months 0 days | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Percentage Of Additional Surtax | 5.00% | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Percentage Of Additional Surtax | 19.00% | ' | ' | ' | ' |
Puerto Rico [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Statute of limitations under income tax act | '4 years 0 months 0 days | ' | ' | ' | ' |
United States [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Statute of limitations under income tax act | '3 years 0 months 0 days | ' | ' | ' | ' |
Virgin Islands [Member] | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' |
Statute of limitations under income tax act | '3 years 0 months 0 days | ' | ' | ' | ' |
FAIR_VALUE_Assets_and_Liabilit
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available for sale: | ' | ' |
Investment securities available for sale | $2,031,944 | $1,978,282 |
Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 18 | 33 |
U S Treasury Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 7,500 | 7,499 |
Us Government Agencies Debt Securities Noncallable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 203,675 | 200,903 |
Us Government Agencies Debt Securities Callable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 1,719,543 | 1,677,651 |
US States And Political Subdivisions Member [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 61,355 | 51,330 |
Private Label Mbs [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 39,853 | 40,866 |
Interest Rate Cap [Member] | Purchase | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 39 | 58 |
Interest Rate Cap [Member] | Written | ' | ' |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 39 | 58 |
Forward And Future Contracts [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 29 | 174 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 20 | 0 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 131 | 162 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 3,621 | 3,965 |
Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 18 | 33 |
Fair Value Inputs Level 1 [Member] | U S Treasury Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 7,500 | 7,499 |
Fair Value Inputs Level 1 [Member] | Us Government Agencies Debt Securities Noncallable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Us Government Agencies Debt Securities Callable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 1 [Member] | US States And Political Subdivisions Member [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Private Label Mbs [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Purchase | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Written | ' | ' |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 0 | 0 |
Fair Value Inputs Level 1 [Member] | Forward And Future Contracts [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 0 | 0 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | ' | 0 |
Fair Value Inputs Level 1 [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 0 | 0 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 0 | 0 |
Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 2 [Member] | U S Treasury Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 2 [Member] | Us Government Agencies Debt Securities Noncallable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 203,675 | 200,903 |
Fair Value Inputs Level 2 [Member] | Us Government Agencies Debt Securities Callable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 1,719,543 | 1,677,651 |
Fair Value Inputs Level 2 [Member] | US States And Political Subdivisions Member [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 53,698 | 48,904 |
Fair Value Inputs Level 2 [Member] | Private Label Mbs [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Purchase | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 39 | 58 |
Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Written | ' | ' |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 39 | 58 |
Fair Value Inputs Level 2 [Member] | Forward And Future Contracts [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 29 | 174 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 20 | 0 |
Fair Value Inputs Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 131 | 162 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 3,621 | 3,965 |
Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 3 [Member] | U S Treasury Securities [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Us Government Agencies Debt Securities Noncallable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Us Government Agencies Debt Securities Callable [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 0 | 0 |
Fair Value Inputs Level 3 [Member] | US States And Political Subdivisions Member [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 7,657 | 2,426 |
Fair Value Inputs Level 3 [Member] | Private Label Mbs [Member] | ' | ' |
Securities available for sale: | ' | ' |
Investment securities available for sale | 39,853 | 40,866 |
Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Purchase | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Written | ' | ' |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Forward And Future Contracts [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 0 | 0 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | 0 | 0 |
Fair Value Inputs Level 3 [Member] | Interest Rate Swap [Member] | ' | ' |
Derivatives, included in assets: | ' | ' |
Derivatives, included in assets | 0 | 0 |
Derivatives, included in liabilities: | ' | ' |
Derivatives, included in liabilities | $0 | $0 |
FAIR_VALUE_Fair_Value_of_Asset
FAIR VALUE - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) (Available for Sale Securities, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Available for Sale Securities | ' | ' |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $43,292 | $54,617 |
Total gains or (losses) (realized/unrealized): | ' | ' |
Included in earnings | 0 | -117 |
Included in other comprehensive income | 964 | 831 |
Purchases | 5,123 | 0 |
Other | -1,869 | -3,284 |
Ending balance | $47,510 | $52,047 |
FAIR_VALUE_Assets_and_Liabilit1
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Investment securities available-for-sale: | ' | ' |
Discount rate used for calculation of mortgage servicing rights value | 14.50% | 14.50% |
Fair value input prepayment rate | 33.00% | 29.00% |
Securities available for sale | ' | ' |
Discount rate used for calculation of mortgage servicing rights value | 14.50% | 14.50% |
Fair value input prepayment rate | 33.00% | 29.00% |
Private Label Mbs [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair Value | 39,853 | ' |
Discount rate used for calculation of mortgage servicing rights value | 14.50% | ' |
Securities available for sale | ' | ' |
Fair Value | 39,853 | ' |
Discount rate used for calculation of mortgage servicing rights value | 14.50% | ' |
US States And Political Subdivisions Member [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair Value | 7,657 | ' |
Unobservable input prepayment rate | 5.91% | ' |
Securities available for sale | ' | ' |
Fair Value | 7,657 | ' |
Unobservable input prepayment rate | 5.91% | ' |
Discounted Cash Flow [Member] | Private Label Mbs [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Valuation technique | 'Discounted cash flow | ' |
Securities available for sale | ' | ' |
Valuation technique | 'Discounted cash flow | ' |
Discounted Cash Flow [Member] | US States And Political Subdivisions Member [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Valuation technique | 'Discounted cash flow | ' |
Securities available for sale | ' | ' |
Valuation technique | 'Discounted cash flow | ' |
Minimum [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair value input prepayment rate | 20.31% | 15.86% |
Securities available for sale | ' | ' |
Fair value input prepayment rate | 20.31% | 15.86% |
Minimum [Member] | Private Label Mbs [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair value input prepayment rate | 20.31% | ' |
Fair value projected Cumulative Loss Rate | 0.86% | ' |
Securities available for sale | ' | ' |
Fair value input prepayment rate | 20.31% | ' |
Fair value projected Cumulative Loss Rate | 0.86% | ' |
Maximum [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair value input prepayment rate | 100.00% | 100.00% |
Securities available for sale | ' | ' |
Fair value input prepayment rate | 100.00% | 100.00% |
Maximum [Member] | Private Label Mbs [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair value input prepayment rate | 100.00% | ' |
Fair value projected Cumulative Loss Rate | 80.00% | ' |
Securities available for sale | ' | ' |
Fair value input prepayment rate | 100.00% | ' |
Fair value projected Cumulative Loss Rate | 80.00% | ' |
Weighted Average [Member] | Private Label Mbs [Member] | ' | ' |
Investment securities available-for-sale: | ' | ' |
Fair value input prepayment rate | 33.00% | ' |
Fair value projected Cumulative Loss Rate | 8.40% | ' |
Securities available for sale | ' | ' |
Fair value input prepayment rate | 33.00% | ' |
Fair value projected Cumulative Loss Rate | 8.40% | ' |
FAIR_VALUE_Change_in_unrealize
FAIR VALUE - Change in unrealized losses included in earnings (Detail) (Available for Sale Securities, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Available for Sale Securities | ' | ' |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ' | ' |
Included in earnings | $0 | ($117) |
FAIR_VALUE_Impairment_of_Valua
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | ||||||||||
In Thousands, unless otherwise specified | Loans Receivable [Member] | Loans Receivable [Member] | Other Real Estate Owned [Member] | Other Real Estate Owned [Member] | Mortgage Servicing Rights [Member] | Mortgage Servicing Rights [Member] | Loans Held For Sale [Member] | Loans Held For Sale [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | ||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Assets Fair Value Adjustment | ' | ' | ' | ' | ($23,793) | [1] | ($22,954) | [2] | ($4,747) | [3] | ($3,782) | [3] | ($219) | [4] | $280 | [5] | $0 | [6] | ($5,222) | [7] | ' | ' | ||
Loans receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 478,393 | [1] | 583,812 | [2] | ||||||||
Other Real Estate Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 138,622 | [3] | 181,479 | [3] | ||||||||
Mortgage servicing rights | 22,026 | 21,987 | 18,717 | 17,524 | ' | ' | ' | ' | ' | ' | ' | ' | 22,026 | [4] | 18,717 | [5] | ||||||||
Loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54,755 | [6] | $147,995 | [7] | ||||||||
[1] | Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||||||||||
[2] | B Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||||||||||
[3] | The fair value was derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the properties (e.g. absorption rates, net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loan to the OREO portfolio. | |||||||||||||||||||||||
[4] | Fair value adjustments to mortgage servicing rights were mainly due to assumptions associated with mortgage prepayment rates. The Corporation carries its mortgage servicing rights at the lower of cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights included: Prepayment rate 9.10%, Discount Rate 10.61%. | |||||||||||||||||||||||
[5] | Fair value adjustments to the mortgage servicing rights were mainly due to assumptions associated with mortgage prepayments rates. The Corporation carries its mortgage servicing rights at the lower-of-cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights included: Prepayment Rate 10.81%, Discount Rate 11.06%. | |||||||||||||||||||||||
[6] | The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed sale agreements, the value was determined based on the sales price on such agreements. | |||||||||||||||||||||||
[7] | Level 3 Loans Held For Sale were the $181.6 million transferred to held for sale during the first quarter of 2013, which were recorded at a value of $148.0 million. The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed agreements the value was determined based on the sales price of such agreements. |
FAIR_VALUE_Impairment_of_Valua1
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Mortgage Servicing Rights [Member] | Mortgage Servicing Rights [Member] | Loans Held For Sale [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Repayment rate used for the calculation of mortgage servicing rights value | 33.00% | 29.00% | 10.81% | 12.18% | ' |
Discount rate used for calculation of mortgage servicing rights value | 14.50% | 14.50% | 11.06% | 11.10% | ' |
Loans held for sale | $78,912 | $75,969 | ' | ' | $148,000 |
FAIR_VALUE_Qualitative_Informa
FAIR VALUE - Qualitative Information Regarding Fair Value Measurements for Level 3 Financial Instruments (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Loans [Member] | ' |
Fair Value Option Quantitative Disclosures [Line Items] | ' |
Method | 'Income, Market, Comparable Sales, Discounted Cash Flows |
Valuation technique | 'External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors |
Other Real Estate Owned [Member] | ' |
Fair Value Option Quantitative Disclosures [Line Items] | ' |
Method | 'Income, Market, Comparable Sales, Discounted Cash Flows |
Valuation technique | 'External appraised values; probability weighting of broker price opinions; management assumptions regarding market trends or other relevant factors |
Mortgage Servicing Rights [Member] | ' |
Fair Value Option Quantitative Disclosures [Line Items] | ' |
Method | 'Discounted Cash Flow |
Valuation technique | 'Weighted average prepayment rate of 9.10 %; weighted average discount rate of 10.61% |
FAIR_VALUE_Fair_Value_Detail
FAIR VALUE - Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | ||||
Fair Value Inputs Level 1 [Member] | Fair Value Inputs Level 1 [Member] | Fair Value Inputs Level 2 [Member] | Fair Value Inputs Level 2 [Member] | Fair Value Inputs Level 3 [Member] | Fair Value Inputs Level 3 [Member] | |||||||||||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Cash and due from banks and money market investments | ' | ' | ' | ' | $841,497 | $655,671 | $841,497 | $655,671 | $841,497 | $655,671 | $0 | $0 | $0 | $0 | ||
Investment securities available for sale | 2,031,944 | 1,978,282 | ' | ' | 2,031,944 | 1,978,282 | 2,031,944 | 1,978,282 | 7,518 | 7,532 | 1,976,916 | 1,927,458 | 47,510 | 43,292 | ||
Other equity securities | ' | ' | ' | ' | 28,691 | 28,691 | 28,691 | 28,691 | 0 | 0 | 28,691 | 28,691 | 0 | 0 | ||
Loans held for sale | ' | ' | 54,755 | [1] | 147,995 | [2] | 78,912 | 75,969 | 79,268 | 76,684 | 0 | 0 | 24,513 | 21,883 | 54,755 | 54,801 |
Loans, held for investment | ' | ' | ' | ' | 9,566,785 | 9,636,170 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Less: allowance for loan and lease losses | -266,778 | -285,858 | ' | ' | -266,778 | -285,858 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Loans held for investment, net of allowance | ' | ' | 478,393 | [3] | 583,812 | [4] | 9,300,007 | 9,350,312 | 9,071,147 | 9,127,234 | 0 | 0 | 0 | 0 | 9,071,147 | 9,127,234 |
Derivatives, included in assets | ' | ' | ' | ' | 199 | 394 | 199 | 394 | 0 | 0 | 199 | 394 | 0 | 0 | ||
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Deposits | ' | ' | ' | ' | 10,002,685 | 9,879,924 | 10,015,793 | 9,898,615 | 0 | 0 | 10,015,793 | 9,898,615 | 0 | 0 | ||
Securities sold under agreements to repurchase | ' | ' | ' | ' | 900,000 | 900,000 | 971,656 | 976,151 | 0 | 0 | 971,656 | 976,151 | 0 | 0 | ||
Advances from FHLB | ' | ' | ' | ' | 300,000 | 300,000 | 298,181 | 297,523 | 0 | 0 | 298,181 | 297,523 | 0 | 0 | ||
Other borrowings | 231,959 | 231,959 | ' | ' | 231,959 | 231,959 | 116,038 | 106,772 | 0 | 0 | 0 | 0 | 116,038 | 106,772 | ||
Derivatives, included in liabilities | ' | ' | ' | ' | $3,680 | $4,023 | $3,680 | $4,023 | $0 | $0 | $3,680 | $4,023 | $0 | $0 | ||
[1] | The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed sale agreements, the value was determined based on the sales price on such agreements. | |||||||||||||||
[2] | Level 3 Loans Held For Sale were the $181.6 million transferred to held for sale during the first quarter of 2013, which were recorded at a value of $148.0 million. The value of these loans was derived from external appraisals, adjusted for specific characteristics of the loans, and, for loans with signed agreements the value was determined based on the sales price of such agreements. | |||||||||||||||
[3] | Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. | |||||||||||||||
[4] | B Mainly impaired commercial and construction loans. The impairment was generally measured based on the fair value of the collateral. The fair value was derived from external appraisals that take into consideration prices in observed transactions involving similar assets in similar locations but adjusted for specific characteristics and assumptions of the collateral (e.g. absorption rates), which are not market observable. |
SUPPLEMENTAL_CASH_FLOW_INFORMA2
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash paid for: | ' | ' |
Interest on borrowings | $25,359 | $33,823 |
Income tax | 113 | 230 |
Non-cash investing and financing activities: | ' | ' |
Additions to other real estate owned | 8,176 | 20,122 |
Additions to auto repossesions | 20,771 | 14,852 |
Loan securitizations | 50,792 | 69,910 |
Capitalization of servicing assets | 1,052 | 1,720 |
Loans held for investment transferred to held for sale | $0 | $181,620 |
SEGMENT_INFORMATIO_Information
SEGMENT INFORMATIO - Information about reportable segments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | $160,571 | $160,225 |
Net (charge) credit for transfer of funds | 0 | 0 |
Interest expense | -29,251 | -35,732 |
Net interest income (loss) | 131,320 | 124,493 |
(Provision) release for loan and lease losses | -31,915 | -111,123 |
Non-interest income (loss) | 17,960 | 19,167 |
Direct non-interest expenses | -71,795 | -77,168 |
Segment (loss) income | 45,570 | -44,631 |
Average earnings assets | 12,096,474 | 12,341,863 |
Mortgage Banking [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | 25,748 | 28,220 |
Net (charge) credit for transfer of funds | -8,546 | -10,271 |
Interest expense | 0 | 0 |
Net interest income (loss) | 17,202 | 17,949 |
(Provision) release for loan and lease losses | -3,384 | -8,588 |
Non-interest income (loss) | 3,102 | 4,350 |
Direct non-interest expenses | -9,832 | -11,648 |
Segment (loss) income | 7,088 | 2,063 |
Average earnings assets | 1,955,990 | 2,100,455 |
Consumer Retail Banking [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | 55,812 | 58,259 |
Net (charge) credit for transfer of funds | 3,635 | -1,038 |
Interest expense | -6,796 | -6,849 |
Net interest income (loss) | 52,651 | 50,372 |
(Provision) release for loan and lease losses | -20,495 | -10,181 |
Non-interest income (loss) | 10,630 | 10,742 |
Direct non-interest expenses | -32,015 | -29,668 |
Segment (loss) income | 10,771 | 21,265 |
Average earnings assets | 2,006,395 | 1,904,624 |
Commercial And Corporate [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | 42,299 | 43,329 |
Net (charge) credit for transfer of funds | -2,999 | -4,148 |
Interest expense | 0 | 0 |
Net interest income (loss) | 39,300 | 39,181 |
(Provision) release for loan and lease losses | -13,345 | -86,111 |
Non-interest income (loss) | 1,767 | 1,459 |
Direct non-interest expenses | -12,578 | -17,588 |
Segment (loss) income | 15,144 | -63,059 |
Average earnings assets | 3,921,439 | 4,290,119 |
Treasury And Investments [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | 15,583 | 11,460 |
Net (charge) credit for transfer of funds | 5,800 | 12,963 |
Interest expense | -16,761 | -21,763 |
Net interest income (loss) | 4,622 | 2,660 |
(Provision) release for loan and lease losses | 0 | 0 |
Non-interest income (loss) | 53 | -168 |
Direct non-interest expenses | -1,126 | -2,406 |
Segment (loss) income | 3,549 | 86 |
Average earnings assets | 2,710,930 | 2,689,940 |
United States Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | 10,896 | 8,649 |
Net (charge) credit for transfer of funds | 2,110 | 2,494 |
Interest expense | -4,797 | -6,117 |
Net interest income (loss) | 8,209 | 5,026 |
(Provision) release for loan and lease losses | 5,959 | -1,509 |
Non-interest income (loss) | 441 | 612 |
Direct non-interest expenses | -7,220 | -6,722 |
Segment (loss) income | 7,389 | -2,593 |
Average earnings assets | 846,152 | 679,389 |
Virgin Islands Operations [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Interest income | 10,233 | 10,308 |
Net (charge) credit for transfer of funds | 0 | 0 |
Interest expense | -897 | -1,003 |
Net interest income (loss) | 9,336 | 9,305 |
(Provision) release for loan and lease losses | -650 | -4,734 |
Non-interest income (loss) | 1,967 | 2,172 |
Direct non-interest expenses | -9,024 | -9,136 |
Segment (loss) income | 1,629 | -2,393 |
Average earnings assets | $655,568 | $677,336 |
SEGMENT_INFORMATION_Reconcilia
SEGMENT INFORMATION - Reconciliation of Reportable Segment Financial Information (Detail) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Net Income (Loss): | ' | ' | ||
Total income for segments and other | $45,570 | ($44,631) | ||
Other non-interest income (loss) | -6,610 | [1] | -5,538 | [1] |
Other operating expenses | -20,990 | -20,842 | ||
Income (loss) before income taxes | 17,970 | -71,011 | ||
Income tax expense | -887 | -1,622 | ||
Total consolidated net income (loss) | 17,083 | -72,633 | ||
Average assets: | ' | ' | ||
Total average earning assets for segments | 12,096,474 | 12,341,863 | ||
Other average earning assets | 6,570 | [1] | 23,786 | [1] |
Average non-earning assets | 671,146 | 708,214 | ||
Total consolidated average assets | $12,774,190 | $13,073,863 | ||
[1] | The activities related to the Bank's equity interest in CPG/GS are presented as an Other non-interest income (loss) and other average earning assets in the table above |
REGULATORY_MATTERS_COMMITMENTS1
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2014 | Jun. 02, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Category1 [Member] | Category 2 [Member] | Category 3 [Member] | Category 4 [Member] | Commitments To Extend Credit [Member] | Credit Cards [Member] | Commercial And Financial Standby Letters Of Credit [Member] | Minimum [Member] | Maximum [Member] | Basel III [Member] | Basel III [Member] | FirstBank [Member] | |||||
Well Capitalized [Member] | ||||||||||||||||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of risk weighted assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 100.00% | ' | ' | ' |
Leverage ratio | ' | ' | 11.74% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.47% |
Tier 1 risk based capital ratio | ' | ' | 16.23% | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.85% |
Total Risk Based Capital Ratio | ' | ' | 17.50% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.12% |
Tier 1 risk based capital ratio to be considered well capitalzed under PCA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' |
Tier 1 Common equity ratio to be considered well capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' |
Commitments | ' | ' | ' | ' | ' | ' | ' | ' | $1,100 | $685.60 | $51.80 | ' | ' | ' | ' | ' |
Common Equity Tier1 Capital To Risk Weight Assets Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' |
Common Equity Tier 1 Capital Conservation Buffer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' |
Common Equity Tier 1 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' |
Total Tier 1 Capital To Risk Weight Assets Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' |
Total Tier 1 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' |
Total Tier 1 Capital And Tier 2 Capital To Risk Weight Assets Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' |
Total Tier 1 Capital And Tier 2 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.50% | ' | ' |
Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Common Equity Tier 1 Capital Conservation Buffer First Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.63% | ' | ' |
Threshold For Deductions Of Certain Items From Common Equity Tier 1 Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Threshold For Total Deductions From Common Equity Tier 1 Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Trust Preferred Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225 | ' | ' |
Percentage Of Trust Preferred Securities That Qualify As Tier 1 Capital | 0.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' |
Leverage Ratio Composite Rating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Risk Weightings | ' | ' | ' | ' | 0.00% | 20.00% | 50.00% | 100.00% | ' | ' | ' | ' | ' | 150.00% | ' | ' |
Supervisory Rating | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
FIRST_BANCORP_Holding_Company_2
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Financial Condition (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | ' |
Cash and due from banks | $824,547 | $454,302 | ' |
Money market investments | 16,950 | 201,369 | 216,628 |
Investment securities available for sale, at market: | ' | ' | ' |
Other investment securities | 994,421 | 935,800 | ' |
Loans Receivable, net | 9,378,919 | 9,426,281 | ' |
Other assets | 180,877 | 179,570 | ' |
Total assets | 12,819,428 | 12,656,925 | ' |
Liabilities: | ' | ' | ' |
Other borrowings | 231,959 | 231,959 | ' |
Accounts payable and other liabilities | 128,886 | 129,184 | ' |
Total liabilities | 11,563,530 | 11,441,067 | ' |
Stockholders Equity | 1,255,898 | 1,215,858 | 1,403,999 |
Total liabilities and stockholders' equity | 12,819,428 | 12,656,925 | ' |
Holding Company [Member] | ' | ' | ' |
ASSETS | ' | ' | ' |
Cash and due from banks | 31,420 | 31,957 | ' |
Money market investments | 6,111 | 6,111 | ' |
Investment securities available for sale, at market: | ' | ' | ' |
Equity Investments | 18 | 33 | ' |
Other investment securities | 285 | 285 | ' |
Loans Receivable, net | 344 | 356 | ' |
Other assets | 4,108 | 4,101 | ' |
Total assets | 1,504,911 | 1,463,248 | ' |
Liabilities: | ' | ' | ' |
Other borrowings | 231,959 | 231,959 | ' |
Accounts payable and other liabilities | 17,054 | 15,431 | ' |
Total liabilities | 249,013 | 247,390 | ' |
Stockholders Equity | 1,255,898 | 1,215,858 | ' |
Total liabilities and stockholders' equity | 1,504,911 | 1,463,248 | ' |
Holding Company [Member] | Investment In Banking Subsidiary [Member] | ' | ' | ' |
Investment securities available for sale, at market: | ' | ' | ' |
Equity Method Investments | 1,444,653 | 1,403,612 | ' |
Holding Company [Member] | Non Banking Subsidiary [Member] | ' | ' | ' |
Investment securities available for sale, at market: | ' | ' | ' |
Equity Method Investments | 11,013 | 9,834 | ' |
Holding Company [Member] | Statutory Trust One [Member] | ' | ' | ' |
Investment securities available for sale, at market: | ' | ' | ' |
Equity Method Investments | 3,093 | 3,093 | ' |
Holding Company [Member] | Statutory Trust Two [Member] | ' | ' | ' |
Investment securities available for sale, at market: | ' | ' | ' |
Equity Method Investments | $3,866 | $3,866 | ' |
FIRST_BANCORP_Holding_Company_3
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income: | ' | ' |
Interest income on investment securities | $15,228 | $11,043 |
Expense: | ' | ' |
Loss before income taxes and equity in undistributed earnings (losses) of subsidiaries | 17,970 | -71,011 |
Income tax expense | -887 | -1,622 |
Net income (loss) | 17,083 | -72,633 |
Other comprehensive income (loss), net of tax | 22,539 | -8,610 |
Comprehensive (loss) income | 39,622 | -81,243 |
Holding Company [Member] | ' | ' |
Income: | ' | ' |
Interest Income Other | 5 | 5 |
Other income | 53 | 52 |
Total interest income | 58 | 57 |
Expense: | ' | ' |
Notes payable and other borrowings | 1,760 | 1,746 |
Other operating expenses | 506 | 1,803 |
Total operating expenses | 2,266 | 3,549 |
Loss before income taxes and equity in undistributed earnings (losses) of subsidiaries | -2,208 | -3,492 |
Income tax expense | -2 | 0 |
Equity in undistributed earnings (losses) of subsidiaries | 19,293 | -69,141 |
Net income (loss) | $17,083 | ($72,633) |