Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | FIRST BANCORP /PR/ | |
Entity Central Index Key | 1,057,706 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock Shares Outstanding | 217,240,844 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Trading Symbol | fbp |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 559,182 | $ 705,980 |
Money market investments: | ||
Time deposits with other financial institutions | 300 | 3,126 |
Other short term investments | 97,290 | 7,289 |
Total money market investments | 97,590 | 10,415 |
Investment securities available for sale, at fair value: | ||
Securities pledged with creditors right to reledge | 130,627 | 350,123 |
Other Investment Securities Available For Sale | 1,880,594 | 1,540,893 |
Total investment securities available for sale | 2,011,221 | 1,891,016 |
Total investment securities held to maturity, fair value of $131,703 (2017- $131,302) | 144,799 | 150,627 |
Equity securities | 42,274 | 43,119 |
Loans, net of allowance for loan and lease losses of $200,563 (2017 - $231,843) | 8,516,390 | 8,618,633 |
Loans held for sale, at lower of cost or market | 65,739 | 32,980 |
Total loans, net | 8,582,129 | 8,651,613 |
Premises and equipment, net | 147,154 | 141,895 |
Other real estate owned | 135,218 | 147,940 |
Accrued interest receivable on loans and investments | 47,327 | 57,172 |
Other assets | 442,806 | 461,491 |
Total assets | 12,209,700 | 12,261,268 |
LIABILITIES | ||
Non-interest-bearing deposits | 2,321,050 | 1,833,665 |
Interest-bearing deposits | 6,827,193 | 7,188,966 |
Total deposits | 9,148,243 | 9,022,631 |
Securities sold under agreements to repurchase | 100,000 | 300,000 |
Advances from the Federal Home Loan Bank (FHLB) | 690,000 | 715,000 |
Other borrowings | 184,150 | 208,635 |
Accounts payable and other liabilities | 159,892 | 145,905 |
Total liabilities | 10,282,285 | 10,392,171 |
Preferred stock, authorized 50,000,000 shares: | ||
Non-cumulative Perpetual Monthly Income Preferred Stock: 22,004,000 shares issued, 1,444,146 shares outstanding, aggregate liquidation value of $36,104 | 36,104 | 36,104 |
Common stock, $0.10 par value, authorized, 2,000,000,000 shares; 221,789,509 shares issued(2017 - 220,382,343 shares issued) | 22,179 | 22,038 |
Less: Treasury stock (at par value) | (455) | (410) |
Common stock outstanding, 221,789,509 shares outstanding (2017 - 216,278,040 shares outstanding) | 21,724 | 21,628 |
Additional paid-in capital | 938,776 | 936,772 |
Retained earnings, includes legal surplus reserve of $59,693 | 993,698 | 895,208 |
Accumulated other comprehensive loss , net of tax of $7,752 | (62,887) | (20,615) |
Total stockholders' equity | 1,927,415 | 1,869,097 |
Total liabilities and stockholders' equity | $ 12,209,700 | $ 12,261,268 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 131,703 | $ 131,032 |
Allowance for loan and lease losses | $ 200,563 | $ 231,843 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Non-cumulative Perpetual Monthly Income Preferred Stock: issued | 22,004,000 | 22,004,000 |
Non-cumulative Perpetual Monthly Income Preferred Stock, shares outstanding | 1,444,146 | 1,444,146 |
Non-cumulative Perpetual Monthly Income Preferred Stock, aggregate liquidation value | $ 36,104 | $ 36,104 |
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 221,789,509 | 220,382,343 |
Common stock, shares outstanding | 217,240,844 | 216,278,040 |
Legal surplus reserve amount | $ 59,693 | $ 59,693 |
Accumulated other comprehensive loss, net of tax | $ 7,752 | $ 7,752 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Interest and dividend income: | |||||
Loans | $ 139,205 | $ 134,593 | $ 409,918 | $ 398,732 | |
Investment securities | 15,121 | 12,109 | 43,840 | 39,361 | |
Money market investments and interest-bearing cash accounts | 3,166 | 1,293 | 8,785 | 2,504 | |
Total interest income | 157,492 | 147,995 | 462,543 | 440,597 | |
Interest expense: | |||||
Deposits | 16,979 | 16,898 | 50,924 | 49,218 | |
Securities sold under agreements to repurchase | 2,333 | 2,917 | 7,173 | 8,305 | |
Advances from FHLB | 3,344 | 3,209 | 10,126 | 7,623 | |
Other borrowings | 2,315 | 2,139 | 6,635 | 6,166 | |
Total interest expense | 24,971 | 25,163 | 74,858 | 71,312 | |
Net interest income | 132,521 | 122,832 | 387,685 | 369,285 | |
Provision for loan and lease losses | 11,524 | 75,013 | 51,604 | 118,551 | |
Net interest income after provision for loan and lease losses | 120,997 | 47,819 | 336,081 | 250,734 | |
Non-interest income: | |||||
Mortgage banking activities | 4,551 | 3,117 | 13,551 | 11,579 | |
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities: | |||||
Total OTTI losses | 0 | 0 | 0 | (12,231) | |
Portion of OTTI recognized in other comprehensive income (OCI) | 0 | 0 | 0 | 0 | |
Net impairment losses on available-for-sale debt securities | [1] | 0 | 0 | 0 | (12,231) |
Gain on early extinguishment of debt | 0 | 1,391 | 2,316 | 1,391 | |
Insurance commission income | 1,493 | 1,377 | 6,628 | 6,819 | |
Other non-interest income | 6,898 | 6,963 | 23,271 | 22,118 | |
Total non-interest income | 18,523 | 18,645 | 61,779 | 47,437 | |
Non-interest expenses: | |||||
Employees' compensation and benefits | 39,243 | 37,128 | 119,482 | 114,190 | |
Occupancy and equipment | 14,660 | 13,745 | 43,511 | 41,592 | |
Business promotion | 3,860 | 3,244 | 10,452 | 9,717 | |
Professional fees | 11,502 | 12,023 | 31,755 | 34,779 | |
Taxes, other than income taxes | 3,534 | 3,763 | 11,027 | 11,184 | |
FDIC deposit insurance | 2,067 | 3,179 | 7,159 | 10,671 | |
Net loss on OREO and OREO operations | 4,360 | 1,351 | 10,205 | 8,796 | |
Credit and debit card processing expenses | 4,147 | 3,737 | 11,450 | 10,134 | |
Communications | 1,642 | 1,603 | 4,706 | 4,774 | |
Other non-interest expenses | 5,850 | 5,841 | 17,361 | 16,728 | |
Total non-interest expenses | 90,865 | 85,614 | 267,108 | 262,565 | |
Income (loss) before income taxes | 48,655 | (19,150) | 130,752 | 35,606 | |
Income tax (expense) benefit | (12,332) | 8,398 | (30,249) | 7,181 | |
Net income (loss) | 36,323 | (10,752) | 100,503 | 42,787 | |
Net income (loss) attributable to common stockholders | $ 35,654 | $ (11,421) | $ 98,496 | $ 40,780 | |
Net income per common share: | |||||
Basic | $ 0.16 | $ (0.05) | $ 0.46 | $ 0.19 | |
Diluted | 0.16 | (0.05) | 0.45 | 0.19 | |
Dividends declared per common share | $ 0 | $ 0 | $ 0 | $ 0 | |
Deposit Account [Member] | |||||
Non-interest income: | |||||
Service charges and fees on deposit accounts | $ 5,581 | $ 5,797 | $ 16,013 | $ 17,390 | |
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities: | |||||
Total non-interest income | $ 5,570 | $ 16,002 | |||
[1] | Credit losses on Puerto Rico government debt securities, recorded in the first quarter of 2017. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 36,323 | $ (10,752) | $ 100,503 | $ 42,787 |
Amount Reclassified Out Of Accumulated Other Comprehensive Income Loss Per ASU 2016 01 | 0 | 0 | 6 | 0 |
Other comprehensive (loss) income: | ||||
Unrealized gain (loss) on debt securities on which an other-than-temporary impairment has been recognized | 62 | 647 | 264 | (1,156) |
Reduction of non-credit OTTI component on securities sold | 0 | 0 | 0 | 5,678 |
Reclassification adjustment for net gain included in net income | 0 | 0 | 0 | (371) |
Reclassification adjustment for OTTI on debt securities included in net income | 0 | 12,231,000 | ||
All other unrealized gains and losses on available-for-sale securities: | ||||
All other unrealized holding (losses) gains on available-for-sale securities arising during the period | (10,842) | 3,072 | (42,542) | 7,098 |
Other comprehensive (loss) income for the period | (10,780) | 3,719 | (42,272) | 23,480 |
Total comprehensive income (loss) | $ 25,543 | $ (7,033) | $ 58,231 | $ 66,267 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 100,503,000 | $ 42,787,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 11,308,000 | 12,263,000 |
Amortization of intangible assets | 2,731,000 | 3,325,000 |
Provision for loan and lease losses | 51,604,000 | 118,551,000 |
Deferred income tax expense (benefit) | 22,549,000 | (18,094,000) |
Stock-based compensation | 4,921,000 | 5,423,000 |
Gain on sales of investments | 0 | (371,000) |
OTTI on debt securities | 0 | 12,231,000,000 |
Unrealized gain on derivative instruments | (108,000) | (272,000) |
Gain on early extinguishment of debt | (2,316,000) | (1,391,000) |
Net gain on sales of premises and equipment and other assets | (1,344,000) | (146,000) |
Gain on insurance proceeds | (478,000) | 0 |
Net gain on sales of loans | (1,281,000) | (5,348,000) |
Net amortization/accretion of premiums, discounts and deferred loan fees and costs | (6,027,000) | (6,331,000) |
Originations and purchases of loans held for sale | (244,261,000) | (257,997,000) |
Sales and repayments of loans held for sale | 265,528,000 | 275,855,000 |
Amortization of broker placement fees | 948,000 | 1,461,000 |
Net amortization/accretion of premium and discounts on investment securities | 2,187,000 | 1,283,000 |
Decrease (increase) in accrued interest receivable | 9,732,000 | (4,791,000) |
(Decrease) increase in accrued interest payable | (756,000) | 1,030,000 |
(Increase) decrease in other assets | (1,870,000) | 5,566,000 |
Increase in other liabilities | 253,000 | 9,604,000 |
Net cash provided by operating activities | 213,823,000 | 194,638,000 |
Cash flows from investing activities: | ||
Loans originated and purchased | (1,949,453,000) | (2,092,161,000) |
Proceeds from sale of repossessed assets | 37,343,000 | 28,004,000 |
Proceeds from sale of available-for-sale securities | 0 | 23,408,000 |
Purchases of available-for-sale securities | (475,077,000) | (53,208,000) |
Proceeds from principal repayments and maturities of available-for-sale securities | 309,994,000 | 172,493,000 |
Proceeds from principal repayments and maturities of held-to-maturity securities | 5,828,000 | 5,563,000 |
Additions to premises and equipment | (16,118,000) | (7,607,000) |
Proceeds from sale of premises and equipment and other assets | 2,508,000 | 2,040,000 |
Net redemptions/purchases of other investment securities | (1,256,000) | 9,127,000 |
Proceeds from the settlement of insurance claims | 7,614,000 | 0 |
Net cash (used in) provided by investing activities | (139,946,000) | 42,738,000 |
Cash flows from financing activities: | ||
Net increase (decrease) in deposits | 117,762,000 | (34,754,000) |
Repayment of securities sold under agreements to repurchase | (200,000,000) | 0 |
Net FHLB advances (repayments) proceeds | (25,000,000) | 245,000,000 |
Repayment of junior subordinated debentures | (21,434,000) | (5,930,000) |
Repurchase of outstanding common stock | (2,821,000) | (2,176,000) |
Dividends paid on preferred stock | (2,007,000) | (2,007,000) |
Net cash provided (used in) financing activities | (133,500,000) | 200,133,000 |
Net (decrease) increase in cash and cash equivalents | (59,623,000) | 437,509,000 |
Cash and cash equivalents at beginning of period | 716,395,000 | 299,685,000 |
Cash and cash equivalents at end of period | 656,772,000 | 737,194,000 |
Cash and cash equivalents include: | ||
Cash and Cash Equivalents, at Carrying Value, Total | $ 716,395,000 | $ 299,685,000 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Total stockholders' equity | $ 36,104 | $ 21,745 | $ 931,856 | $ 830,928 | $ (34,390) | |
Balance at beginning of period at Dec. 31, 2016 | 36,104 | 21,745 | 931,856 | 830,928 | (34,390) | |
Common stock issued as compensation | 43 | (43) | ||||
Common stock issued for exercised warrants | 0 | 0 | ||||
Common stock withheld for taxes | (39) | (2,136) | ||||
Restricted stock grants | 109 | (109) | ||||
Restricted stock forfeited | (240) | 240 | ||||
Stock-based compensation | 5,423 | |||||
Net income | $ 42,787 | 42,787 | ||||
Dividends on preferred stock | (2,007) | (2,007) | ||||
Amount reclassified from accumulated other comprehensive loss per ASU 2016-1 | 0 | |||||
Other comprehensive income (loss), net of tax | 23,480 | 23,480 | ||||
Balance at end of period at Sep. 30, 2017 | 1,853,751 | 36,104 | 21,618 | 935,231 | 871,708 | (10,910) |
Total stockholders' equity | 1,853,751 | 36,104 | 21,745 | 931,856 | 830,928 | (34,390) |
Total stockholders' equity | 1,853,751 | 36,104 | 21,618 | 935,231 | 871,708 | (10,910) |
Total stockholders' equity | 1,869,097 | 36,104 | 21,628 | 936,772 | 895,208 | (20,615) |
Balance at beginning of period at Dec. 31, 2017 | 1,869,097 | 36,104 | 21,628 | 936,772 | 895,208 | (20,615) |
Common stock issued as compensation | 27 | (27) | ||||
Common stock issued for exercised warrants | 73 | (73) | ||||
Common stock withheld for taxes | (43) | (2,778) | ||||
Restricted stock grants | 40 | (40) | ||||
Restricted stock forfeited | (1) | 1 | ||||
Stock-based compensation | 4,921 | |||||
Net income | 100,503 | 100,503 | ||||
Dividends on preferred stock | (2,007) | (2,007) | ||||
Amount reclassified from accumulated other comprehensive loss per ASU 2016-1 | (6) | |||||
Other comprehensive income (loss), net of tax | (42,272) | (42,272) | ||||
Balance at end of period at Sep. 30, 2018 | 1,927,415 | 36,104 | 21,724 | 938,776 | 993,698 | (62,887) |
Total stockholders' equity | 1,927,415 | 36,104 | 21,628 | 936,772 | 895,208 | (20,615) |
Total stockholders' equity | $ 1,927,415 | $ 36,104 | $ 21,724 | $ 938,776 | $ 993,698 | $ (62,887) |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 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, 2017 (the “201 7 Annual Report on Form 10-K”). 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 omit ted 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, 201 7, which are included in the 2017 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 ope rations 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 and nine -month period ended September 30, 201 8 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 fol lowing accounting pronouncements and guidance relevant to the Corporation’s operations: Revenue Recognition In May 2014, the FASB updated the Accounting Standards Codification (the “Codification” or the “ASC”) to create a new, principles-based revenue recognition framework. This guidance requires entities to recognize revenues when they transfer promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or s ervices. This guidance describes a 5-step process that entities can apply to achieve the core principle of revenue recognition and requires disclosures sufficient to enable users of financial statements to understand the nature, amount, timing, and uncerta inty of revenue and cash flows arising from contracts with customers and the significant judgments used in determining that information. The Corporation adopted the guidance on January 1, 2018 using a modified retrospective method, in which the guida nce applies to existing contracts in effect at January 1, 2018 and new contracts entered into after this date. Most of the Corporation’s revenue, including net interest income, gain on sale of loans, and mortgage servicing fees is explicitly out of scope o f the new revenue recognition guidance. The Corporation conducted an assessment of the revenue streams that were potentially affected by the new guidance and reviewed contracts in scope to ensure compliance with the new guidance. The Corporation has identified service charges on deposits and related cash management services, insurance commissions, merchant-related income, and card interchange income as its most significant revenue streams within the scope of the standard. For the revenue streams that were found in scope, management reviewed in detail its most significant contracts with corresponding customers. The adoption of this guidance did not have a material effect on the Corporation’s consolidated financial statements. Howeve r, additional disclosures required by the standard have been included in Note 2 3 – Revenue from Contracts with Customers, to the Corporation’s consolidated financial statements. Recognition and Measurement of Financial Assets and Liabilities In January 2016, the FASB issued ASU 2016-01, to require an entity to: (i) measure equity investments at fair value through net income, with certain exceptions, thus, eliminating eligibility for the available-for-sale category; (ii) present in OCI the changes in inst rument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price; and (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available-for-sale debt securities in combination with other deferred tax assets. The guidance provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment, adjusted for certain observable price changes. The guidance also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. The adoption of this standard during the first quarter of 2018 did not have a material effect on the Corporation’s consolidated financial statements. Statement of Cash Flows Presentation – Restricted Cash In August 2016 a nd November 2016, the FASB updated the Codification to provide specific guidance on the classification and presentation of certain cash payments and cash receipts, including changes in restricted cash, in the statement of cash flows. This guidance is inten ded to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendments in this update must be applied using a retrospective transition method to each period presented. The Corporation adopted the provi sions of this guidance during the first quarter of 2018 without any material effect on the Corporation’s consolidated financial statements. Income Tax Effect of Intra-Entity Transfers of Assets In October 2016, the FASB updated the Codification to impro ve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. With this update, entities are required to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when t he transfer occurs. Under prior GAAP, the recognition of current and deferred income taxes for an intra-entity asset transfer was prohibited until the assets were sold to an outside party. This Update does not include new disclosure requirements; however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory. For example, GAAP requires an entity to disclose a comparison of income tax expens e (benefit) with statutory expectations (a rate reconciliation for public entities or a description of the nature of each significant reconciling item for nonpublic entities) and also requires an entity to disclose the types of temporary differences and ca rryforwards that give rise to a significant portion of deferred income taxes. The Corporation adopted the provisions of this guidance during the first quarter of 2018 without any effect on the Corporation’s consolidated financial statements. Clarifying what Changes Qualify as a Modification of a Share-Based Payment Award In May 2017, the FASB updated the Codification to reduce the cost and complexity when applying ASC Topic 718, “Compensation – Stock Compensation” (“ASC Topic 718”), and stan dardize the practice of applying ASC Topic 718 to financial reporting. ASC Topic 718 prescribes the accounting treatment of a modification in the terms or conditions of a share-based payment award. The guidance clarifies what changes would qualify as a mod ification. This was done by better defining what does not constitute a modification. In order for a change to a share-based arrangement not to require ASC Topic 718 modification treatment, all of the following must be met: (i) the fair value (or alternativ e measurement method used) of the modified award must equal the fair value (or alternative measurement method used) of the original award immediately before the original award is modified; (ii) the vesting conditions of the modified award must be the same as the vesting conditions of the original award immediately before the original award is modified; and (iii) the classification of the modified award as an equity instrument or a liability instrument must be the same as the classification of the original a ward immediately before the original award is modified. The current disclosure requirements in ASC Topic 718 apply regardless of whether an entity is required to apply modification accounting under this update. The amendments in this update must be applied prospectively to an award modified on or after the adoption date. The Corporation adopted the provisions of this guidance on January 1, 2018 without any effect on the Corporation’s consolidated financial statements. The Corporation’s Omnibus Plan provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, cash-based awards and other stock-based awards. If any change occurs in the future to awa rds issued under the Omnibus Plan, the Corporation will evaluate it under this guidance. Lease Accounting In February 2016, the FASB updated the Codification to replace ASC 840, “Leases (Topic 840)” (“ASC Topic 840”), with new guidance for the fi nancial reporting about leasing transactions. Under the new guidance, a lessee will be required to recognize a right-of-use asset (“ROU”) and a lease liability for leases with lease terms of more than 12 months. Consistent with current GAAP, the rec ognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP, which requires the recognition of only capital le ases on the balance sheet, the guidance will require both types of leases to be recognized on the balance sheet. The guidance will also require disclosures to help investors and other financial statement users better understand the amount, timing, and unce rtainty of cash flows arising from leases. These disclosures include qualitative and quantitative information and additional information about the amounts recorded in the financial statements. The FASB issued an update in January 2018 providing an optional transition practical expedient under which an entity need not evaluate under new ASC Topic 842 , “Leases” (“ASC Topic 842”), land easements that exist ed or expired before the entity’s adoption of ASC Topic 842 and were not previously accounted for as lease s. In addition, the FASB issued an update in July 2018 that provides entities with an additional and optional transition method that allows entities to apply the transition provisions of the new leases standard at the adoption date, instead of at the earli est comparative period presented. If elected, comparative periods will continue to be presented in accordance with ASC Topic 840. Also, the amendments provide lessors with a practical expedient, by class of underlying asset, to not separate non lease compo nents, subject to certain circumstances. Also in July 2018, the FASB issued an update that makes various technical corrections to clarify how to apply certain aspects of the new leases standard such as reassessment of lease classification, variable lease p ayments that depend on an index or a rate, lease term and purchase options, and certain transition adjustments, among others. The guidance on leases will take effect for public companies for fiscal years, and interim periods within those fiscal years, begi nning after December 15, 2018. Early a doption is permitted. The update is expected to affect the Corporation’s consolidated financial statements since the Corporation has operating and lease arrangements for which it is a lessee. The Corporation will elec t the optional transition method described above to initially apply the new leases standard as of January 1, 2019. On the other hand, the Corporation does not expect to elect the optional practical expedient provided to lessors. The Corporation expects to recognize lease liabilities of approximately $ 0.1 billion or 1 % of total assets, with a corresponding recognition of ROU assets on its operating leases. Accounting for Financial Instruments – Credit Losses In June 2016, the FASB updated the Codification to introduce new guidance for the accounting for credit losses. The guidance includes an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses . It also modifies the impairm ent model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The CECL model will apply to: (1) financial assets subject to credit losses an d measured at amortized cost and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upo n initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses (“ECL”) should consider historical information, curr ent information, and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating ECL. The guidance does not prescribe a specific method to make the estimate, so its application will require significant judgment. Generally, upon initial recognition of a financial asset, the estimate of the ECL will be recorded through an allowance for loan and lease losses with an offset to current earnings. Subsequently, the ECL will need to be reassessed each period, and both negative and positive changes to the estimate will be recognized through an adjustment to the allowance for loan and lease losses and earnings. The guidance amends the current OTTI model for available-for-sale debt securities. The new available-for-sale debt security model will require an estimate of ECL only when the fair value is below the amortized cost of the asset. The length of time the fair value of an available-for-sale debt security has been below the amortized cost will no longer affect the determination of whether a credit loss exists. As such, the new available-for-sale debt security model is not an OTTI model. In addition, credit losses on available-for-sale debt securities will now be limited to the difference between the security’s amortized cost basis and its fair value. The available-for-sale debt security model will also require the use of an allowance to rec ord estimated credit losses (and subsequent recoveries). The purchased financial assets with credit deterioration (“PCD”) model will apply to purchased financial assets (measured at amortized cost or available-for-sale) that have experienced more than ins ignificant credit deterioration since origination. This represents a change from the scope of what are considered purchased credit-impaired assets under today’s model. In contrast to the accounting for originated or purchased assets that do not qualify as PCD, the initial estimate of expected credit losses for a PCD will be recognized through an allowance for loan and lease losses with an offset to the cost basis of the related financial asset at acquisition (i.e., there will be no effect on net income at i nitial recognition). Subsequently, the accounting will follow the applicable CECL or available-for-sale debt security impairment model with all adjustments of the allowance for loan and lease losses recognized through earnings. Beneficial interests classif ied as held-to-maturity or available-for-sale will need to apply the PCD model if the beneficial interest meets the definition of PCD or if there is a significant difference between contractual and expected cash flows at initial recognition. In general, the new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. Howe ver, prospective application is required for PCD assets previously accounted for under ASC Topic 310-30, “Receivables,” and for debt securities for which an OTTI was recognized prior to the date of adoption. This guidance also expands the disclosure requ irements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, public business entities will need to disclose, among other things, the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The guidance will be effective for public business entities that are SEC filers in fiscal years beginning after December 15, 2019, including interim peri ods within those fiscal years. Early adoption of the guidance will be permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Corporation has developed an actionable and detailed project plan in order to comply on a timely basis with the implementation of this new accounting framework. The Corporation has created a working group with members from multiple areas across the organization that is responsible for assessing the effect of the standard , evaluating interpretative issues, and evaluating the current credit loss models against the new guidance to determine any necessary changes and other related implementation activities. The working group provides periodic updates to the Corporation’s CECL Management Committee, which has oversight responsibilities for the implementation efforts. The Corporation continues to evaluate the effect that this guidance, including the method of implementation, will have on its consolidated financial statements. The Corporation does not expect to early adopt this guidance. Subsequent Measurement of Goodwill In January 2017, the FASB updated the Codification to simplify the subsequent measurement of goodwill by eliminating Step 2 from the current two-step goodwill impairment test. This guidance provides that a goodwill impairment test shall be conducted by comparing the fair value of a reporting unit with its carrying amount. Entities are to recognize an impairme nt charge for goodwill equal to the excess of the carrying amount over the reporting unit’s fair value. Entities have the option to perform a qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This gu idance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The effect of this guidance will depend upon the performance of the reporting units that have goodwill and the market conditions affecti ng the fair value of each reporting unit going forward. Amortization of Premiums and Discounts of Callable Debt Securities In March 2017, the FASB updated the Codification to shorten the amortization period for certain purchased callable debt securitie s held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. With respect to securities held at a discount, the amendments do not require an accounting change; thus, the discount continues to be amortized to maturity. Under current GAAP, premiums and discounts on callable debt securities generally are amortized to the maturity date. An entity must have a large number of similar loans to consider estimates of future principal prepayments when applying the i nterest method. However, an entity that holds an individual callable debt security at a premium may not amortize that premium to the earliest call date. If that callable debt security is subsequently called, the entity records a loss equal to the unamortiz ed premium. The amendments in this update more closely align the amortization period of premiums and discounts to expectations incorporated in market pricing on the underlying securities. In most cases, market participants price securities to the call date that produces the worst yield when the coupon is above current market rates (that is, the security is trading at a premium) and price securities to maturity when the coupon is below market rates (that is, the security is trading at a discount) in anticipa tion that the borrower will act in its economic best interest. As a result, the amendments more closely align interest income recorded on bonds held at a premium or a discount with the economics of the underlying instrument. For public business entities, t he amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of this guidance is not expected to have a material effect on the Corporation’s consolidated stateme nt of financial condition or results of operations. As of September 30, 2018, the Corporation had $ 4.1 million of callable debt securities held at a premium (unamortized premium of $ 13 thousand). Derivatives and Hedging In August 2017, the FASB upd ated the Codification to: (i) expand hedge accounting for nonfinancial and financial risk components and amend measurement methodologies to more closely align hedge accounting with a company’s risk management activities; (ii) decrease the complexity of pre paring and understanding hedge results by eliminating the separate measurement and reporting of hedge ineffectiveness; (iii) enhance transparency, comparability, and understanding of hedge results through enhanced disclosures and a change in the presentati on of hedge results to align the effects of the hedging instrument and the hedged item; and (iv) reduce the cost and complexity of applying hedge accounting by simplifying the manner in which assessments of hedge effectiveness may be performed. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The guidance requires companies to apply requirements to existing hedging relationships on the date of adoption, and the effect of the adoption should be reflected as of the beginning of the fiscal year of adoption. As of September 30, 2018, all of the derivatives held by the Corporation were considered economic undesignated hedges. The adoption of this guidance is n ot expected to have a material effect on the Corporation’s consolidated statement of financial condition or results of operations. Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income In February 2018, the FASB updated the Codification to provide entities with an option to reclassify to retained earnings, tax effects that were stranded in accumulated other comprehensive income, pursuant to the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. This guidance may be early adopted in any interim or annual period for which financial statements have not yet been issued and applied either in the period of adoption or retrospectively to each period in which the effect of the change in the corporate tax rate in the Tax Act is recognized. The adoption of this guidance will not have a material effect on the Corporation’s con solidated financial statements. Improvements to Nonemployee Share-Based Payment Accounting In June 2018, the FASB updated the Codification as part of a simplification initiative to expand the scope of Topic 718 to include share-based payment transac tions for acquiring goods and services from non-employees and to address and improve aspects of the accounting for non-employee share-based payment transactions. The amendments will be effective for interim and annual reporting periods beginning after Dece mber 15, 2018. The adoption of this guidance is not expected to have an effect on the Corporation’s consolidated financial statements. Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB updated the Codificatio n and amend ed ASC Topic 820 , “Fair Value Measurement and Disclosures,” to add, remove, and modify fair value measurement disclosures requirements. The disclosure requirements that are removed for public entities include: (i) transfers between Level 1 and Level 2 of the fair value hierarchy; (ii) the policy for determining when transfers between any of the three levels have occurred; and (iii) the valuation processes used for Level 3 measurements. The disclosure requirements that are modified for public ent ities include: (i) for certain investments in entities that calculate the net asset value, revisions to require disclosures about the timing of liquidation and lapses of redemption restrictions , if the latter has been communicated to the reporting entity; and (ii) revisions to clarif y that the Level 3 measurement uncertainty disclosure should communicate information about the uncertainty at the balance sheet date. The additional or new disclosure requirements include: (i) the changes in unrealized gains an d losses for the period included in other comprehensive income for recurring Level 3 instruments held at the balance sheet date; and (ii) the range and weighted average of significant unobservable inputs used for Level 3 measurements, but adds an option to disclose other quantitative information in place of the weighted average to the extent that it would be a more reasonable and rational method to reflect the dist ribution of certain unobservable inputs. This update is effective for all entities in fis cal years , including interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for any of the removed or modified disclosures immediately even if adoption of the new disclosures is delayed until the effective date. In the third quarter of 2018, the Corporation early adopted the disclosure requirements that were removed or modified by this guidance. Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement tha t is a Service Contract In August 2018, the FASB amended the Codification to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This update aligns the requirements for capita lizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Costs for implementation activities in the application development stage are capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post implementation stages are expensed as the activities are performed. The amendments in this update also require the entity to expense the capitalized implementation costs over the term of the hosting arrangement. Expenses related to the capitalized implementation costs will be presented in the same line item in the statement of income as the fees associated with the service of the arrangement and payments for capitalized implementation costs will be classified in the statement of cash flows in the same manner as payments made for fees associated with the hosting element. With this update, the entity is also required to present the capitalized implementation costs in the statement of financial position in the same line item that a prepayment for the fees of the associated hosting arrangement would be presented. An entity can choose between prospective and retrospective tr ansition. For the corporation, this guidance will be effective for fiscal years beginning after December 15, 2019, and interim periods within. Early adoption is permitted, including in an interim period. The adoption of this guidance is no expected to hav e a material effect on the Corporation’s consolidated statement of financial condition, results of operations or cash flows. |
UPDATE ON IMPACTS OF NATURAL DI
UPDATE ON IMPACTS OF NATURAL DISASTERS | 9 Months Ended |
Sep. 30, 2018 | |
Update On Effects Of Natural Disasters [Abstract] | |
Natural Disasters [Text Block] | NOTE 2 – UPDATE ON EFFECTS OF NATURAL DISASTERS Two strong hurricanes affected the Corporation’s service areas during September 2017. The following summarizes the more significant continuing financial repercussions of these natural disasters for the Corporation and for its major subsidiary, FirstBank. Credit Quality and Allowance for Loan and Lease Losses Relationship officers continued to closely monitor the performance of hurricane-affected commercial loan customers during 2018. Information provided by these commercial loan officers and statistics on the performance of consumer and residential credits were factored into the determination of the allowance for loan and lease losses as of September 30, 2018. Although the identification and evaluation of hurricane-affected credits has been completed, management’s assessment of the hurricanes’ effect is still subject to uncertainties, both those specific to some individual customers, such as the resolution of insurance claims, and those applicable to the o verall economic prospects of the hurricane-affected areas as a whole. During the third quarter and nine -month period ended September 30, 2018, the Corporation recorded a net loan loss reserve release of approximately $ 2.8 million and $ 11.2 million, respect ively, in connection with revised estimates associated with the effects of the hurricanes. The revised estimates were primarily attributable to updated assessments of financial performance and repayment prospects of certain individually-assessed commercial credits , updated payment patterns and probability of default credit risk analyses applied to consumer borrowers, and lower reserve requirements resulting from payments received during the first nine months of 2018 that reduced the balance of the consumer and residential mortgage loan portfolios outstanding on the dates of the hurricanes. In addition, during the third quarter of 2018, consumer loan charge-offs totaling $ 10.9 million were taken against previously established hurricane-related qualitative res erves. These charge offs were directly linked to the performance of consumer borrowers that were subject to payment deferral programs. As of September 30, 2018, the hurricane-related qualitative allowance amounted to $ 24.9 million (December 31, 2017 - $ 55 .6 million). With the future resolution of uncertainties and the ongoing collection of information on individual commercial customers and statistics on the consumer and residential loan portfolios, the loss estimate will be revised as needed. Refer to Note 8 - Allowance for Loan and Lease Losses, to the consolidated financial statements for information about the determination of the hurricane-related qualitative reserves . Disaster Response Plan Costs, Casualty Losses and Related Insurance The Corpor ation has incurred a variety of costs to operate in disaster response mode, and some facilities and their contents, including certain OREO properties, were damaged by the storms. The Corporation maintains insurance for casualty losses , as well as for reas onable and necessary disaster response costs and certain revenue lost through business interruption. I nsurance claim receivable s were established for some of the individual costs, when incurred, based on management’s understanding of the underlying coverag e and when realization of the claim was deemed probable. During the first nine months of 2018, the Corporation reached settlement on certain insurance claims arising from the hurricanes. As a result, the Corporation received insurance proceeds of approxi mately $ 6. 8 million, primarily related to repairs and maintenance costs incurred on some facilities, including certain OREO properties, and $ 0.8 million related to a loan receivable fully charged-off in prior periods. The insurance proceeds were recorded a gainst incurred losses, previously-established accounts receivable, or loan recoveries, as applicable. Insurance recoveries are recorded in the same income statement caption as the incurred losses. Recoveries from insurance procee ds in excess of losses inc urred, amounting to $ 0.5 million for the first nine months of 2018, were recognized as a gain from insurance proceeds and reported as part of “other non-interest income” in the statement of income (loss) . As of September 30, 2018, the Corporation still ha d an insurance claim receivable of $ 4.2 million, included as part of “other assets” in the statement of financial condition. Management also believes that there is a possibility that some gains will be recognized with respect to casualty and lost revenue cl aims in future periods, but this is contingent on reaching agreement on the Corporation’s claims with the insurance carriers. Liquidity Management The Corporation experienced rapid accumulation of deposits after the hurricanes in the fourth quarter of 2017 and the first nine months of 2018. Total deposits as of September 30, 2018, excluding brokered CDs, increased $ 602.4 million from December 31, 2017 and $ 963.9 million since September 30, 2017. The most significant increase was in non-interest-beari ng demand deposits, which grew 27 %, or $ 487.4 million , from December 31, 2017 and 46%, or $ 734.9 million , since September 30, 2017. Hurricane-related factors, such as the effect of disaster relief funds and settlements of insurance claims , contribute d to this growth. Although management expects the balances accumulated by deposit customers in the hurricane-affecte d areas to reduce over time, it is difficult to predict when and to what degree, and there may be further growth as insurance claims are resolve d and additional disaster-recovery funds are distributed. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | NOTE 3 – EARNINGS PER COMMON SHARE The calculations of earnings per common share for the quarters and nine-month periods ended September 30, 2018 and 2017 are as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands, except per share information) Net income (loss) $ 36,323 $ (10,752) $ 100,503 $ 42,787 Less: Preferred stock dividends (669) (669) (2,007) (2,007) Net income (loss) attributable to common stockholders $ 35,654 $ (11,421) $ 98,496 $ 40,780 Weighted-Average Shares: Average common shares outstanding 216,149 214,187 215,516 213,812 Average potential dilutive common shares 626 - 1,068 2,322 Average common shares outstanding - assuming dilution 216,775 214,187 216,584 216,134 Earnings (loss) per common share: Basic $ 0.16 $ (0.05) $ 0.46 $ 0.19 Diluted $ 0.16 $ (0.05) $ 0.45 $ 0.19 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. Basic weighted-average common shares outstanding exclude unvested shar es of restricted stock that do not contain non-forfeitable dividend rights. Potential dilutive common shares consist of unvested shares of restricted stock that do not contain non-forfeitable dividend rights, performance units that do not contain non-forf eitable dividend rights if the performance condition is met as of the end of the re porting period, and warrants outstanding during the period using the treasury stock method. This method assumes that the potential dilutive common shares are issued and outs tanding 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 numbers of potential dilutive shares issued and t he shares purchased is added as incremental shares to the actual number of shares outstanding to compute diluted earnings per share. Unvested shares of restricted stock and performance units that do not contain non-forfeitable d ividend rights, and warrants outstanding during the period that result in lower potential dilutive 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. On May 17, 2018, the U.S. Treasury exercised its warrant to purchase 1,285,899 shares of the Corporation’s common stock on a cashless basis, resulting in the issuance of 730,571 shares of common stock. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 4 – STOCK-BASED COMPENSATION . On May 24, 2016, the Corporation’s stockholders approved the amendment and restatement of the First BanCorp . Omnibus Incentive Plan, as amended (the “Omnibus Plan”), to, among other things, increase the number of shares of c ommon s tock reserved for issu ance under the Omnibus Plan, extend the term of the Omni bus Plan to May 24, 2026 and re-approve the material terms of the performance goals under the Omnibus Plan for purposes of the then effective Section 162(m) of the U.S. Internal Revenue Code of 1986, as amended . 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, cash-based awards and other stock-based awards. The Omnibus Plan authorizes the issuance of up to 14,169,807 shares of common stock, subject to adjustments for stock splits, reorganizations, and other similar events. As of September 30, 2018, 6,892,855 authorized shares of common stock were available f or issuance under the Omnibus Plan. The Corporation’s Board of Directors, based on the recommendation of the Corporation’s Compensation and Benefits Committee, has the power and authority to determine those eligible to receive awards and to establish the t erms and conditions of any awards, subject to various limits and vesting restrictions that apply to individual and aggregate awards. Restricted Stock Under the Omnibus Plan, the Corporation may grant restricted stock to plan participants, subject to forfe iture upon the occurrence of certain events until the dates specified in the participant’s award agreement. While the restricted stock is subject to forfeiture and does not contain non-forfeitable dividend rights, restricted stock participants may exercise full voting rights. The restricted stock granted under the Omnibus Plan is typically subject to a vesting period. During the first nine months of 2018, the Corporation awarded to its independent directors 65,447 shares of restricted stock that are subject to a one-year vesting period . In addition, during the first nine months of 2018, the Corporation awarded 342,439 shares of restricted stock to employees ; fifty percent ( 50 %) of those shares vest in two years from the grant date and the remaining ( 50 %) ves t in three years from the grant date. Included in those 342,439 shares of restricted stock were 20,447 shares granted to retirement-eligible employees at the grant date. The fair value of the shares of restricted stock granted in the first nine months of 201 8 was based on the market price of the Corporation’s outstanding common stock on the date of the grant. The following table summarizes the restricted stock activity in the first nine months of 2018 under the Omnibus Plan: Nine-Month Period Ended September 30, 2018 Number of shares Weighted-Average of restricted Grant Date stock Fair Value Non-vested shares at beginning of year 1,816,968 $ 2.76 Granted 407,886 6.71 Forfeited (11,000) 3.65 Vested (1,234,180) 2.45 Non-vested shares at September 30, 2018 979,674 $ 4.79 For the quarter and nine -month period ended September 30, 2018, the Corporation recognized $ 0.8 million and $ 2.7 million, respectively, of stock-based compensation expense related to restricted stock awards, compared to $ 1.0 million and $ 3.0 million for the same periods in 2017, respectively. As of September 30, 2018, there was $ 2.9 m illion of total unrecognized compensation cost related to non-vested shares of restricted stock. The weighted average period over which the Corporation expects to recogn ize such cost is 1.4 years. The total expense determined for restricted stock awards granted to retirement-eligible employees was charged against earnings at the grant date. During the first nine months of 2017, the Corporation awarded to its independent directors 140,360 shares of restricted stock subject to a one-year vesting period. In addition, during the first nine months of 2017 , the Corporation awarded 951,332 shares of restricted stock to employees subject to a vesting period of two years. Included in those 951,332 shares of restricted stock were 838,332 shares granted in the first quarter of 2017 to certain senior officers consistent with the requirements of the Troubled Asset Relief Program (“TARP”) Interim Final Rule. On May 10, 2017, the United States Department of the Treasury (the “U.S. Treasury”) announced that it had sold all of its remaining 10,291,553 shares of the Corporation’s common stock. As a result of the sale by the U.S. Treasury, the Corporation ceased being subject to the compensat ion-related restrictions under TARP, which substantially limited the Corporation’s ability to award short-term and long-term incentives to the Corporation’s executives, and the Corporation’s senior officers are no longer subject to the transferability rest rictions on their shares of restricted stock. However, since the U.S. Treasury did not recover the full amount of its original investment under TARP, the senior officers forfeited 2,370,571 , or 50%, of their outstanding shares of restricted stock, resultin g in a reduction in the number of common shares outstanding. The Corporation accounted for the restricted stock that it granted in 2017 prior to the U.S. Treasury’s sale of its shares at a discount from the market price of the Corporation’s outstanding co mmon stock on the date of the grant. For the 838,332 shares of restricted stock granted under the TARP requirements, the market price was discounted assuming that 50 % of the shares of restricted stock would become freely transferable and the remaining 50 % would be forfeited, resulting in a fair value of $ 2.71 for each share of restricted stock granted under TARP requirements. Stock-based compensation accounting guidance requires the Corporation to reverse compensation expense for any awards that are forfei ted due to employee or director turnover. Quarterly changes in the estimated forfeiture rate may have a significant effect on stock-based compensation, as the effect of adjusting the rate for all expense amortization is recognized in the period in which th e forfeiture estimate is changed. If the actual forfeiture rate is higher than the estimated forfeiture rate, an adjustment is made to increase the estimated forfeiture rate, which will result in a decrease in the expense recognized in the financial state ments. If the actual forfeiture rate is lower than the estimated forfeiture rate, an adjustment is made to decrease the estimated forfeiture rate, which will result in an increase in the expense recognized in the financial statements. The estimated forfei ture rate did not change as a result of the restricted shares forfeited in connection with the aforementioned U.S. Treasury’s sale of the Corporation’s common stock. Performance Units Under the Omnibus Plan, the Corporation may award performance unit s to Omnibus Plan participants. During the first nine months of 2018, the Corporation granted 304,408 unit s to executives , with each unit representing the value of one share of the Corporation’s common stock. The performance unit s granted are for the performance period beginning January 1, 2018 and ending on December 31, 2020 and are subject to a three-year requisite service period. These awards do not contain non-forfeitable rights to dividend equivalent amounts and can only be se ttled in shares of the Corporation’s common stock. Included in those 304,408 performance unit s were 29,171 units granted to retirement-eligible executives at the grant date. The performance unit s will vest based on the achievement of a pre-established tan gible book value per share target as of December 31, 2020. All of the performance units will vest if performance is at the pre-established performance target level or above. However, the participants may vest on 50% of the awards to the extent that perfo rmance is below the target but at 80% of the pre-established performance target level (the 80% minimum threshold) , which is measured based upon the growth in the tangible book value during the performance cycle. If performance is between the 80% minimum t hreshold and the pre-established performance target level, the participants will vest on a proportional amount. No performance units will vest if performance is below the 80% minimum threshold. The fair value of the performance unit s award ed during the first nine months of 2018 was based on the market price of the Corporation’s outstanding common stock on the date of the grant. For the quarter and the first nine months of 2018, the Corporation recognized $ 0.1 m illion and $ 0.5 million , respectively, of stock-based compensation related to performance unit s . As of September 30, 2018, there was $ 1.4 million of total unrecognized compensation cost related to unvested performance units that the Corporation expects to recognize over the three-year requisite se rvice period. The total expense determined for the performance unit s awarded to retirement -eligible executives was charged against earnings at the grant date. The total amount of compensation expense recognized reflects management’s assessment of the proba bility that the pre-established performance goal will be achieved. A cumulative adjustment to compensation expense is recognized in the current period to reflect any changes in the probability of achievement of the performance goals. Salary stock Also, 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 issue d under the Omnibus Plan, instead of cash. During 201 8 , the Corporation issued 268,709 shares of common stock ( as compared to 427,940 shares during the first nine months of 2017 ) with a weighted average market value of $ 6.51 ( as compared to a weighted average market value of $ 5.88 during the first nine months of 2017 ) as salary stock compensation. This resulted in a compensation expense of $ 1.7 million recorded in 2018 ( as compared to $ 2.5 million during the first nine months of 2017 ). Effective July 1, 2018, the pay ment of additional salary amounts in the form of stock was eliminated in accordance with the previously disclosed revised executive compensation program. For 2018, the Corporation withheld 96,377 shares (first nine months of 2017 – 143,509 shares) from th e common stock paid to certain senior officers as additional compensation and 336,985 shares of restricted stock that vested during the first nine months of 2018 (first nine months of 2017 – 243,102 ) to cover employees’ payroll and income tax withholding l iabilities; these shares are held as treasury shares. The Corporation paid in cash any fractional share of salary stock to which the officer was entitled. In the consolidated financial statements, the Corporation treats shares withheld for tax purposes as common stock repurchases. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
Debt and Equity Securities [Abstract] | |
Investments In Debt And Marketable Equity Securities And Certain Trading Assets Disclosure | NOTE 5 – INVESTMENT SECURITIES Investment Securities Available for Sale The amortized cost, non-credit loss component of OTTI recorded in OCI , gross unrealized gains and losses recorded in OCI, estimated fair value, and weighted - average yield of investment securities available for sale by contractual maturities as of September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Fair value Gross Unrealized Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,481 $ - $ - $ 55 $ 7,426 1.29 U.S. government-sponsored agencies obligations: Due within one year 156,575 - - 1,584 154,991 1.25 After 1 to 5 years 236,368 - - 4,480 231,888 1.82 After 5 to 10 years 191,119 - 47 5,505 185,661 2.94 After 10 years 43,638 - - 241 43,397 2.50 Puerto Rico government obligations: After 5 to 10 years 4,013 - 129 - 4,142 3.14 After 10 years 4,111 - - 1,313 2,798 6.97 United States and Puerto Rico government obligations 643,305 - 176 13,178 630,303 2.10 Mortgage-backed securities (“MBS”): Freddie Mac (“FHLMC”) certificates: After 5 to 10 years 96,598 - 8 3,527 93,079 2.09 After 10 years 274,233 - - 9,636 264,597 2.50 370,831 - 8 13,163 357,676 2.39 Ginnie Mae (“GNMA”) certificates: After 1 to 5 years 160 - 2 - 162 3.52 After 5 to 10 years 65,411 - 305 714 65,002 2.89 After 10 years 122,975 - 2,962 1,030 124,907 3.93 188,546 - 3,269 1,744 190,071 3.57 Fannie Mae (“FNMA”) certificates: Due within one year 379 - 8 - 387 1.91 After 1 to 5 years 25,872 - - 468 25,404 2.75 After 5 to 10 years 191,965 - - 6,982 184,983 2.22 After 10 years 557,882 - 1,055 18,909 540,028 2.65 776,098 - 1,063 26,359 750,802 2.55 Collateralized mortgage obligations guaranteed by the FHLMC and GNMA: After 1 to 5 years 7,462 - 4 10 7,456 2.91 After 10 years 59,575 - 348 81 59,842 3.07 67,037 - 352 91 67,298 3.05 Other mortgage pass-through trust certificates: After 10 years 20,038 5,467 - - 14,571 4.57 Total MBS 1,422,550 5,467 4,692 41,357 1,380,418 2.70 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 2,066,355 $ 5,467 $ 4,868 $ 54,535 $ 2,011,221 2.51 December 31, 2017 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Unrealized Fair value Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: After 1 to 5 years $ 7,458 $ - $ - $ 57 $ 7,401 1.29 U.S. government-sponsored agencies obligations: Due within one year 122,471 - - 319 122,152 1.06 After 1 to 5 years 309,472 - 28 3,735 305,765 1.42 After 5 to 10 years 133,451 - 117 319 133,249 2.72 After 10 years 40,769 - 1 149 40,621 1.84 Puerto Rico government obligations: After 5 to 10 years 4,071 - 47 - 4,118 3.14 After 10 years 3,972 - - 1,277 2,695 6.97 United States and Puerto Rico government obligations 621,664 - 193 5,856 616,001 1.70 MBS: FHLMC certificates: After 5 to 10 years 18,658 - 14 63 18,609 2.14 After 10 years 297,733 - 217 4,853 293,097 2.23 316,391 - 231 4,916 311,706 2.23 GNMA certificates: After 1 to 5 years 81 - 1 - 82 3.23 After 5 to 10 years 69,661 - 1,244 - 70,905 3.05 After 10 years 145,067 - 5,910 334 150,643 3.81 214,809 - 7,155 334 221,630 3.56 FNMA certificates: After 1 to 5 years 20,831 - 294 109 21,016 2.69 After 5 to 10 years 49,934 - - 818 49,116 1.83 After 10 years 613,129 - 3,180 6,401 609,908 2.43 683,894 - 3,474 7,328 680,040 2.39 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA: After 1 to 5 years 5,918 - 14 - 5,932 2.21 After 5 to 10 years 2,556 - 11 - 2,567 2.23 After 10 years 35,331 - 231 - 35,562 2.22 43,805 - 256 - 44,061 2.22 Other mortgage pass-through trust certificates: After 10 years 22,791 5,731 - - 17,060 2.44 Total MBS 1,281,690 5,731 11,116 12,578 1,274,497 2.54 Other Due within one year 100 - - - 100 1.48 Equity securities (1) 424 - - 6 418 2.11 Total investment securities available for sale $ 1,903,878 $ 5,731 $ 11,309 $ 18,440 $ 1,891,016 2.27 (1) As of January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of $0.4 million in equity securities from available-for-sale investment securities to other investment securities. Maturities of MBS are based on the period of final contractual maturity . Expected maturities of investments might differ from contractual maturities because they may be subject to prepayments an d/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 o f 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 continu ous unrealized loss position, as of September 30, 2018 and December 31, 2017. 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. For unrealized losses for which OTTI was recognized, the related credit loss was charged against the amortized cost basis of the debt security . As of September 30, 2018 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 $ - $ - $ 2,798 $ 1,313 $ 2,798 $ 1,313 U.S. Treasury and U.S. government agenciesʼ obligations 251,555 5,585 366,761 6,280 618,316 11,865 MBS: FNMA 342,334 6,489 369,408 19,870 711,742 26,359 FHLMC 183,780 3,508 173,733 9,655 357,513 13,163 GNMA 34,354 491 32,999 1,253 67,353 1,744 Collateralized mortgage obligations issued or guaranteed by FHLMC and GNMA 31,963 91 - - 31,963 91 Other mortgage pass-through trust certificates - - 14,571 5,467 14,571 5,467 $ 843,986 $ 16,164 $ 960,270 $ 43,838 $ 1,804,256 $ 60,002 As of December 31, 2017 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 $ - $ - $ 2,695 $ 1,277 $ 2,695 $ 1,277 U.S. Treasury and U.S. government agenciesʼ obligations 136,459 494 362,050 4,085 498,509 4,579 MBS: FNMA 189,699 1,705 274,963 5,623 464,662 7,328 FHLMC 91,174 590 166,331 4,326 257,505 4,916 GNMA 39,145 334 - - 39,145 334 Other mortgage pass-through trust certificates - - 17,060 5,731 17,060 5,731 Equity securities (1) - - 407 6 407 6 $ 456,477 $ 3,123 $ 823,506 $ 21,048 $ 1,279,983 $ 24,171 (1) As of January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of $0.4 million in equity securities from available-for-sale investment securities to other investment securities. Assessment for OTTI Debt securities issued by U.S. government agencies, U.S. government-sponsored entities , and the U.S. Treasu ry accounted for approximately 99 % of the total availabl e-for-sale portfolio as of September 3 0, 2018, and no credit losses are expected, given the explicit and implicit guarantees provided by the U.S. federal government. The Corporation’s OTTI asses sment was concentrated mainly on private label MBS , and on Puerto Rico government debt securities, 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; Any adverse change to the credit conditions and liquidity of the issuer, taking into consideration the latest informat ion available about the financial condition of the issuer, credit ratings, the failure of the issuer to make scheduled principal or interest payments, recent legislation and government actions affecting the issuer’s industry , and actions taken by the issuer to deal with the present economic climate ; Changes in the near term prospect s of the underlying collateral for a security , if any, such as changes in default rates, loss severity given default , and significant changes in prepayment assumptions; and The level of cash flows generated from the underlying collateral , if any, supportin g the principal and interest payments of the debt securities. T he Corporation recorded OTTI losses on available-for-sale debt securities as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Total OTTI losses $ - $ - $ - $ (12,231) Portion of OTTI recognized in OCI - - - - Net impairment losses recognized in earnings (1) $ - $ - $ - $ (12,231) (1) Credit losses on Puerto Rico government debt securities, recorded in the first quarter of 2017. The following tables summarize the roll-forward of credit losses on debt securities held by the Corporation for which a portion of an OTTI is recognized in OCI: Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss June 30, recognized in earnings on reductions for September 30, 2018 securities that have been securities sold 2018 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for September 30, 2017 securities that have been securities sold 2018 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments June 30, recognized in earnings Credit loss reductions September 30, 2017 on securities that have been for securities sold 2017 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments December 31, recognized in earnings Credit loss reductions September 30, 2016 on securities that have been for securities sold 2017 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Puerto Rico government obligations $ 22,189 $ 12,231 $ (34,420) $ - Private label MBS 6,792 - - 6,792 Total OTTI credit losses for available-for-sale debt securities $ 28,981 $ 12,231 $ (34,420) $ 6,792 During the second quarter of 2017, the Corporation sold for an aggregate of $ 23.4 million three Puerto Rico government available-for-sale debt securities, specifically bonds of the Government Development Bank for Puerto Rico ( the “GDB”) and the Puerto Rico Public Buildings Authority, carried on its book at an amortized cost at the time of sale of $ 23.0 million (net of $ 34.4 million in cumulative OTTI impairment charges). Approximately $ 12.2 million of the cumulative OTTI charges on these securities was recorded in the first quarter of 2017. For the OTTI charge recorded on the Puerto Rico government debt securities in the first quarter of 2017, the Corporation considered the latest available information about the Puerto Rico govern ment’s financial condition, including but not limited to credit , ratings downgrades, revised estimates of recovery rates, and other relevant developments such as government actions, including debt exchange proposals and the fiscal plan published by the Pue rto Rico government in March 2017 , as applicable . The Corporation applied a discounted cash flow analysis to its Puerto Rico government debt securities in order to calculate the cash flows expected to be collected and to determine if any portion of the dec line in market value of these securities was considered a credit-related OTTI. The analysis derived an estimate of value based on the present value of risk-adjusted cash flows of the underlying securities and included the following components: The contra ctual fu ture cash flows of the bonds were projected based on the key terms as set forth in the official statements for each security. Such key terms include d , among others, the interest rate, amortization schedule, if any, and maturity date. The risk-adj usted cash flows were calculated based on a probability of default analysis and recovery rate assumptions, including the weighting of different scenarios of ultimate recovery, considering the credit rating of each security. Co nstant monthly default rates w ere assumed throughout the li fe of the bonds, which considered the respective security’ s credit rating as of the date of the analysis. The adjusted future cash flows were then discounted at the original effective yield of each investment based on the pu rchase price and expected risk-adjusted future cash flows as of the purchase date of each investment. The discounted risk-adjusted cash flow anal ysis for the three Puerto Rico g overnment bonds mentioned above assumed a default probability of 100 %, a s these three non-performing bonds had been in default since the third quarter of 2016. Based on this analysis, the C orporation recorde d in the first quarter of 2017 credit-related OTTI amounting to $12.2 million, assuming recovery rates ranging from 1 5 % t o 80 % ( with a weighted average of 4 1 %). In addition, the Corporation performed an OTTI assessment on its private label MBS, which are collateralized by fixed-rate mortgages on single-family residential properties in the United States. The interest ra t e on these private-label MBS is variable, tied to 3-month LIBOR and limited t o the weighted-average coupon on the underlying collateral. The underlying mortgages are fixed-rate, single-family loans with original high FICO scores (over 700) and moderate lo an-to-value ratios (under 80%), as well as moderate delinquency levels. Based on the expected cash flows, 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 , if any, is reflected in earnings. Significant assumptions in the valuation of the private label MBS were as follows: As of As of September 30, 2018 December 31, 2017 Weighted Weighted Average Range Average Range Discount rate 14.8% 14.8% 14.0% 14.0% Prepayment rate 11.7% 3.5% - 22.5% 16.4% 12.0% - 29.0% Projected Cumulative Loss Rate 4% 0% - 7.8% 3% 0% - 6.8% No OTTI charges on private label MBS were recorded in either the first nine months of 2018 or the first nine months of 2017. Investment s Held to Maturity The amortized cost, gross unrecognized gains and losses, estimated fair value, weighted-average yield and contractual maturities of investment securities held to maturity as of September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 Amortized cost Fair value Gross Unrecognized gains losses Weighted- average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 6,096 $ - $ 364 $ 5,732 4.73 After 5 to 10 years 53,006 - 3,374 49,632 5.94 After 10 years 85,697 - 9,358 76,339 5.78 Total investment securities held to maturity $ 144,799 $ - $ 13,096 $ 131,703 5.79 December 31, 2017 Amortized cost Fair value Gross Unrecognized gains losses Weighted- average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 3,853 $ - $ 173 $ 3,680 5.38 After 5 to 10 years 39,523 - 3,048 36,475 5.28 After 10 years 107,251 - 16,374 90,877 4.93 Total investment securities held to maturity $ 150,627 $ - $ 19,595 $ 131,032 5.03 The following tables show the Corporation’s held-to-maturity investments’ fair value and gross unre cognized losses, aggregated by investment category and length of time that individual securities hav e been in a continuous unrecognized loss position, as of September 30, 2018 and Decem ber 31, 2017 : As of September 30, 2018 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 131,703 $ 13,096 $ 131,703 $ 13,096 As of December 31, 2017 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 131,032 $ 19,595 $ 131,032 $ 19,595 The Corporation determine s the fair mark et value of Puerto Rico Municipal Bonds based on a discounted cash flow analysis using risk-adjusted discount rates . A security with similar characteristics traded in the open market is used as a proxy for each municipal bond. Then the cash flow is discounted at the average spread over the discount curve exhibited by the proxy security at the end of each quarter. All of the Puerto Rico Municipal Bonds are performing and current as to scheduled contractual p ayments as of September 30, 2018. Approximately 70 % of the held-to-maturity municipal bonds were issued by three of the largest municipalities in Puerto Rico. The vast majority of revenues of these three municipalities is independent of the Puerto Rico cen tral government. These obligations typically are not issued in bearer form, nor are they registered with the SEC, and are not rated by external credit agencies. In most cases, t hese bonds have priority over the payment of operating cost s and expenses of the municipality , which are required by law to levy special property taxes in such amounts as are required for the payment of all of their respective gene ral obligation bonds and loans. The Corporation performs periodic credit quality reviews on these i ssuers. Based on the quarterly analysis performed, management concluded that no individual debt security held to maturity was other-than-temporarily impaired as of September 30, 2018. The PROMESA oversight bo ard has not designated any of Puerto Rico ’ s 78 municipalities as covered entities under PROMESA. However, while the latest fiscal plan certified by the PROMESA oversight board did not contemplate a restructuring of the debt of Puerto Rico’s municipalities, the plan did call for the gradual elimina tion of budgetary subsidies provided to municipalities by the central government . Furthermore, municipalities are also likely to be affected by the negative economic and other effects resulting from expense, revenue or cash management measures taken by the Puerto Rico government to address its fiscal and liquidity shortfalls, or measures included in fiscal plans of other government entities, such as the fiscal plans of the GDB and the Puerto Rico Electric Power Authority (“PREPA”). Given the uncertain effec t that the negative fiscal situation of the Puerto Rico central government and the measures taken , or to be taken , by other government entities may have on municipalities, the Corporation cannot be certain whether future impairment charges will be required relating to these securities. From time to time, the Corporation has securities held to maturity with an original maturity of three months or less that are considered cash and cash equivalents and are classified as money ma rket investments in the consolidated statements of f inancial condition. As of September 30, 201 8 and December 31, 201 7 , the Corporation had no outstanding securities held to maturity that were classified as cash and cash equivalents . |
OTHER INVESTMENT SECURITIES
OTHER INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2018 | |
Investments All Other Investments [Abstract] | |
OTHER EQUITY SECURITIES | NOTE 6 – OTHER INVESTMENT 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 the FHLB requires an additional investment that is calculated as a percentage of total FHLB advances, letters of credit, and the collateralized portion of outstanding interest-rate swaps. The stock is capital stock issued at $ 100 par value. Both stock and cash div idends may be received on FHLB stock. As of September 30, 2018 and December 31, 2017 , the Corporation had investments in FHLB stock with a book value of $ 39.7 million and $ 40.9 million, respectively. Dividend income from FHLB stock for the quar ters ended September 30, 2018 and 2017 was $ 0.7 million and $ 0.5 million, respectively , and for the nine -month periods ended September 30, 201 8 and 201 7 was $ 2.0 million and $ 1.5 million, respectively. The FHLB of New York issued the shares of FHLB s tock owned by the Corporation. The FHLB of New York is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned congressionally chartered banks. The FHLBs are all privately capitalized and operated b y their member stockholders. The system is supervised by the Federal Housing Finance Agency, which ensures that the FHLBs operate in a financially safe and sound manner, remain adequately capitalized and able to raise funds in the capital markets, and carr y out their housing finance mission. On January 1, 2018 , the Corporation adopted ASU 2016-01, resulting in the reclassification of equity securities with a readily determinable fair value of approximately $ 0.4 million from available-for-sale investment securities to other investment securities. During the third quarter and nine-month period ended September 30, 2018, the Corporation measured these equity securities at fair value through earnings resulting in the recognit ion of marked -to-market losses of $ 3 thousand and $ 13 thousand, respectively, recorded as part of other non-interest income in the statement of income. The Corporation has other equity securities that do not have readily available fair values. The agg regate carrying value of such securities as of September 30, 2018 and December 31, 2017 was $ 2.2 million. |
LOAN PORTFOLIO
LOAN PORTFOLIO | 9 Months Ended |
Sep. 30, 2018 | |
LOAN PORTFOLIO | NOTE 7 – LOANS HELD FOR INVESTMENT The following provides information about the loan portfolio held for investment: As of September 30, As of December 31, 2018 2017 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 3,207,981 $ 3,290,957 Commercial loans: Construction loans (1) 82,862 111,397 Commercial mortgage loans (1) 1,506,502 1,614,972 Commercial and Industrial loans (1)(2) 2,068,256 2,083,253 Total commercial loans 3,657,620 3,809,622 Finance leases 311,180 257,462 Consumer loans 1,540,172 1,492,435 Loans held for investment 8,716,953 8,850,476 Allowance for loan and lease losses (200,563) (231,843) Loans held for investment, net $ 8,516,390 $ 8,618,633 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. (2) As of September 30, 2018 and December 31, 2017, $802.7 million and $833.5 million, respectively, of commercial loans were 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: As of As of September 30, December 31, (In thousands) 2018 2017 Non-performing loans: Residential mortgage $ 156,685 $ 178,291 Commercial mortgage (1) 117,397 156,493 Commercial and Industrial (1) 34,551 85,839 Construction: Land (1) 6,922 15,026 Construction-commercial (1) - 35,100 Construction-residential 2,149 1,987 Consumer: Auto loans 12,258 10,211 Finance leases 1,443 1,237 Other consumer loans 7,963 5,370 Total non-performing loans held for investment (2)(3)(4) $ 339,368 $ 489,554 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. (2) Excludes $44.2 million and $8.3 million of non-performing loans held for sale as of September 30, 2018 and December 31, 2017, respectively. (3) Amount excludes purchased-credit impaired (“PCI”) loans with a carrying value of approximately $149.1 million and $158.2 million as of September 30, 2018 and December 31, 2017, respectively, primarily mortgage loans acquired from Doral Bank in the first quarter of 2015 and from Doral Financial in the second quarter of 2014, as further discussed below. These loans are not considered non-performing due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using an estimated cash flow analysis. (4) Non-performing loans exclude $510.8 million and $374.7 million of Troubled Debt Restructuring (“TDR”) loans that are in compliance with modified terms and in accrual status as of September 30, 2018 and December 31, 2017, respectively. During the first quarter of 2018, the Corporation transferred to held for sale several non-performing commercial and construction loans. The aggregate recorded investment in these loans of $ 66.9 million was written down to $ 57.2 million, which resulted in charge-offs of $ 9.7 million, of which $ 4.1 million was taken against previously- established reserves for loan losses, resulting in a charge to the provision for loan and lease losses of $ 5.6 million in the first quarter of 2018. Subsequent to the end of the first quarter of 2018, the Corporation sold $ 27.2 million of the loans transferred to held for sale in separate transactions and a $ 7.7 million non-performing construction loan held for sale that resulted in the recognition of an additional aggregate net l oss of $ 2.7 million recorded as part of “other non-interest income” in the consolidated statement of income (loss). In addition, during the third quarter of 2018 , the Corporation transferred to held for sale several non-perfo rming commercial and construction loans. The aggregate recorded investment in these loans of $ 29.7 million was written down to $ 17.2 million, which resulted in charge-offs of $ 12.5 million, of which $ 2.4 million was taken against previously established res erves for loan losses, resulting in a charge to the provision for loan and lease losses of $ 10.1 million in the third quarter of 2018. Loans in Process of Foreclosure As of September 30, 2018, the recorded investment of residential mortgage loans collateralized by residential real estate property that are in the process of foreclosure amounted to $ 154.9 million, including $ 23.5 million of loans insured by the FHA or guaranteed by the Veterans Administration (“VA”) , and $ 20.0 million of PCI loans. The Corporation commences the foreclosure process on residential real estate loans when a borrower becomes 120 days delinquent in accordance with the guidelines of the Consu mer Financial Protection Bureau ( “ CFPB ” ). Foreclosure procedures and timelines vary depending on whether the property is located in a judicial or non-judicial state. Judicial states ( i.e., Puerto Rico , Florida and the USVI ) require the foreclosure to be pr ocessed through the state’s court while foreclo sure in non-judicial states (i.e., the BVI) is processed without court intervention. Foreclosure timelines v ary according to state law and investor g uidelines. Occasionally , foreclosures may be delayed due to , among other reasons, mandatory mediations, bankruptcy , court delays and title issues. The Corporation’s aging of the loans held for investment portfolio is as follows: Purchased Credit-Impaired Loans 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1)(2)(3) Total Past Due Total loans held for investment 90 days past due and still accruing (1)(2)(3) As of September 30, 2018 (In thousands) Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 3,206 $ 107,869 $ 111,075 $ - $ 39,696 $ 150,771 $ 107,869 Other residential mortgage loans (2)(4) - 64,015 171,893 235,908 145,203 2,676,099 3,057,210 15,208 Commercial: Commercial and Industrial loans 1,729 392 38,998 41,119 - 2,027,137 2,068,256 4,447 Commercial mortgage loans (4) - 1,192 120,456 121,648 3,919 1,380,935 1,506,502 3,059 Construction: Land (4) - 51 6,922 6,973 - 14,331 21,304 - Construction-commercial - 1,089 - 1,089 - 52,881 53,970 - Construction-residential - - 2,149 2,149 - 5,439 7,588 - Consumer: Auto loans 35,122 7,047 12,258 54,427 - 840,801 895,228 - Finance leases 5,451 1,839 1,443 8,733 - 302,447 311,180 - Other consumer loans 7,773 4,885 11,673 24,331 - 620,613 644,944 3,710 Total loans held for investment $ 50,075 $ 83,716 $ 473,661 $ 607,452 $ 149,122 $ 7,960,379 $ 8,716,953 $ 134,293 _____________ (1) Includes non-performing loans and accruing loans that were 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) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. (3) As of September 30, 2018, includes $75.9 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. (4) According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively. As of December 31, 2017 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1)(2)(3) Total loans held for investment 90 days past due and still accruing (1)(2)(3) (In thousands) Total Past Due Purchased Credit- Impaired Loans Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 6,792 $ 102,815 $ 109,607 $ - $ 29,332 $ 138,939 $ 102,815 Other residential mortgage loans (2)(4) - 92,502 193,750 286,252 153,991 2,711,775 3,152,018 15,459 Commercial: Commercial and Industrial loans 8,971 576 88,156 97,703 - 1,985,550 2,083,253 2,317 Commercial mortgage loans (4) - 7,525 163,180 170,705 4,183 1,440,084 1,614,972 6,687 Construction: Land (4) - 124 15,177 15,301 - 11,630 26,931 151 Construction-commercial - - 35,100 35,100 - 41,456 76,556 - Construction-residential - 95 1,987 2,082 - 5,828 7,910 - Consumer: Auto loans 57,560 23,783 10,211 91,554 - 752,777 844,331 - Finance leases 10,549 3,484 1,237 15,270 - 242,192 257,462 - Other consumer loans 10,776 5,052 9,361 25,189 - 622,915 648,104 3,991 Total loans held for investment $ 87,856 $ 139,933 $ 620,974 $ 848,763 $ 158,174 $ 7,843,539 $ 8,850,476 $ 131,420 ____________ (1) Includes non-performing loans and accruing loans that were 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) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. (3) As of December 31, 2017, includes $62.1 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. (4) According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2017 amounted to $6.0 million, $224.0 million, $9.0 million, and $2.5 million, respectively. The Corporation’s credit quality indicators by loan type as of September 30, 2018 and December 31, 2017 are summarized below: Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Adversely Classified (1) Total Portfolio September 30, 2018 (In thousands) Commercial mortgage $ 262,519 $ 7,927 $ - $ 270,446 $ 1,506,502 Construction: Land 5,658 - - 5,658 21,304 Construction - commercial 3,458 - - 3,458 53,970 Construction - residential 1,194 - - 1,194 7,588 Commercial and Industrial 96,993 4,659 394 102,046 2,068,256 Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Adversely Classified (1) Total Portfolio December 31, 2017 (In thousands) Commercial mortgage $ 257,503 $ 4,166 $ - $ 261,669 $ 1,614,972 Construction: Land 15,971 490 - 16,461 26,931 Construction - commercial 35,100 - - 35,100 76,556 Construction - residential 1,987 - - 1,987 7,910 Commercial and Industrial 154,416 3,854 676 158,946 2,083,253 _________ (1) Excludes non-performing loans held for sale of $44.2 million ($12.4 million commercial mortgage, $30.0 million construction-commercial, and $1.8 million construction-land) and $8.3 million (construction-land) as of September 30, 2018 and December 31, 2017, respectively. The Corporation considers 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 sus tain some loss if the deficiencies are not corrected. Doubtful – Doubtful classifications have all of the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full highly q uestionable and improbable, on the basis of currently kno wn facts, conditions and values . A Doubtful classification may be appropriate in cases where significant risk exposures are perceived, but l oss cannot be determined because of specific reasonable pen ding 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 ass et has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset even though partial recovery may occur in the future. There is little or no prospect for near term improvement and no realistic strengthening action of significance pendin g. The Corporation periodically reviews its loans classification to evaluate if they are properly classified, and to determine impairment, if any. The frequency of these reviews will depend on the amount of the a ggregate outstanding debt, and the risk rating classification of the obligor. In addition, during the renewal and annual review process of applicable credit facilities, the Corporation evaluates the corresponding loan grades. The Corporation has a Loan Rev iew Group that reports directly to the Corporation’s Risk Management Committee and administratively to the Chief Risk Officer, which performs annual comprehensive credit process reviews of the Bank’s commercial portfolios. This group evaluates the credit r isk profile of portfolios, including the assessment of the risk rating representative of the current credit quality of the loans, and the evaluation of collateral documentation. The monitoring performed by this group contributes to the assessment of compliance with c redit policies and underwriting standards, the determination of the current level of credit risk, the evaluation of the effectiveness of the credit management process and the identification of control deficiencies that may arise in the credit-granting process. Based on its findings, the L oan Review Group recommends corrective actions, if necessary, that help in maintaining a sound credit process. The Loan Review Group reports the results of the credit process reviews to the Risk Management Committee of the Corporation’s Board of Directors . Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer September 30, 2018 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 150,771 $ 2,755,322 $ 882,970 $ 309,737 $ 636,981 Purchased Credit-Impaired (2) - 145,203 - - - Non-performing - 156,685 12,258 1,443 7,963 Total $ 150,771 $ 3,057,210 $ 895,228 $ 311,180 $ 644,944 (1) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. (2) PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer December 31, 2017 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 138,939 $ 2,819,736 $ 834,120 $ 256,225 $ 642,734 Purchased Credit-Impaired (2) - 153,991 - - - Non-performing - 178,291 10,211 1,237 5,370 Total $ 138,939 $ 3,152,018 $ 844,331 $ 257,462 $ 648,104 (1) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. (2) PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. The following tables present information about impaired loans held for investment, excluding PCI loans, which are reported separately as discussed below: Impaired Loans Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment Unpaid Principal Balance Related Specific Allowance Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Related Specific Allowance (In thousands) As of September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 291,419 321,120 18,482 117,375 159,220 408,794 480,340 18,482 Commercial: Commercial mortgage loans 169,787 184,019 17,044 73,433 79,245 243,220 263,264 17,044 Commercial and Industrial loans 62,361 74,519 10,798 34,793 52,776 97,154 127,295 10,798 Construction: Land 4,972 5,872 750 160 337 5,132 6,209 750 Construction-commercial - - - - - - - - Construction-residential 809 942 156 956 1,531 1,765 2,473 156 Consumer: Auto loans 18,623 18,623 3,664 269 269 18,892 18,892 3,664 Finance leases 1,372 1,372 122 - - 1,372 1,372 122 Other consumer loans 9,761 10,498 2,297 1,920 2,281 11,681 12,779 2,297 $ 559,104 $ 616,965 $ 53,313 $ 228,906 $ 295,659 $ 788,010 $ 912,624 $ 53,313 Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment Unpaid Principal Balance Related Specific Allowance Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Related Specific Allowance (In thousands) As of December 31, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 316,616 349,284 22,086 116,818 154,048 433,434 503,332 22,086 Commercial: Commercial mortgage loans 87,814 124,084 9,783 65,100 100,612 152,914 224,696 9,783 Commercial and Industrial loans 90,008 112,005 12,359 28,292 31,254 118,300 143,259 12,359 Construction: Land 11,865 19,973 1,402 48 49 11,913 20,022 1,402 Construction-commercial 35,101 38,595 560 - - 35,101 38,595 560 Construction-residential 252 355 55 - - 252 355 55 Consumer: Auto loans 22,338 22,338 3,665 267 267 22,605 22,605 3,665 Finance leases 2,184 2,184 104 - - 2,184 2,184 104 Other consumer loans 11,084 11,830 1,396 2,521 3,688 13,605 15,518 1,396 $ 577,262 $ 680,648 $ 51,410 $ 213,046 $ 289,918 $ 790,308 $ 970,566 $ 51,410 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 411,393 4,641 410 5,051 Commercial: Commercial mortgage loans 244,802 2,198 656 2,854 Commercial and Industrial loans 98,903 557 2 559 Construction: Land 5,204 23 5 28 Construction-commercial - - - - Construction-residential 1,766 - - - Consumer: Auto loans 19,479 362 - 362 Finance leases 1,444 27 - 27 Other consumer loans 11,925 274 53 327 $ 794,916 $ 8,082 $ 1,126 $ 9,208 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 427,858 4,409 402 4,811 Commercial: Commercial mortgage loans 158,438 764 85 849 Commercial and Industrial loans 110,184 454 174 628 Construction: Land 14,634 122 9 131 Construction-commercial 35,520 - - - Construction-residential 252 - - - Consumer: Auto loans 24,049 462 - 462 Finance leases 2,354 43 - 43 Other consumer loans 14,268 388 40 428 $ 787,557 $ 6,642 $ 710 $ 7,352 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-month Period Ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 415,561 13,369 1,080 14,449 Commercial: Commercial mortgage loans 248,919 2,775 2,038 4,813 Commercial and Industrial loans 102,410 1,438 6 1,444 Construction: Land 5,260 70 20 90 Construction-commercial - - - - Construction-residential 1,765 - - - Consumer: Auto loans 20,527 1,122 - 1,122 Finance leases 1,582 84 - 84 Other consumer loans 12,353 754 127 881 $ 808,377 $ 19,612 $ 3,271 $ 22,883 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-Month Period Ended September 30, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 431,741 13,170 1,548 14,718 Commercial: Commercial mortgage loans 176,757 1,621 287 1,908 Commercial and Industrial loans 112,642 952 211 1,163 Construction: Land 14,800 358 32 390 Construction-commercial 36,101 - - - Construction-residential 252 - - - Consumer: Auto loans 25,274 1,357 - 1,357 Finance leases 2,532 140 - 140 Other consumer loans 14,441 1,027 105 1,132 $ 814,540 $ 18,625 $ 2,183 $ 20,808 The following tables show the activity for impaired loans and the related specific reserve for the quarters and nine-month periods ended September 30, 2018 and 2017: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Impaired Loans: Balance at beginning of period $ 740,134 $ 735,625 $ 790,308 $ 887,905 Loans determined impaired during the period 119,064 71,884 214,745 110,488 Charge-offs (1)(2) (18,035) (6,472) (48,455) (66,959) Loans sold, net of charge-offs - - (4,121) (53,245) Increases to existing impaired loans 128 3,215 7,203 4,454 Foreclosures (8,293) (5,657) (27,745) (36,347) Loans no longer considered impaired (1,146) (542) (5,086) (3,324) Loans transferred to held for sale (16,839) - (74,052) - Paid in full, partial payments and other (27,003) (18,794) (64,787) (63,713) Balance at end of period $ 788,010 $ 779,259 $ 788,010 $ 779,259 (1) For the quarter ended September 30, 2018, includes charge-offs totaling $12.5 million associated with the $17.2 million in non-performing loans transferred to held for sale in the third quarter of 2018. (2) For the nine-month period ended September 30, 2018, includes charge-offs totaling $22.2 million associated with the $74.4 million in non-performing loans transferred to held for sale during the first nine-months of 2018. Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Specific Reserve: Balance at beginning of period $ 49,514 $ 40,794 $ 51,410 64,421 Provision for loan losses 21,821 13,819 50,277 50,014 Net charge-offs (18,022) (6,458) (48,374) (66,280) Balance at end of period $ 53,313 $ 48,155 $ 53,313 $ 48,155 Purchased Credit Impaired Loans ( PCI) The Corporation acquired PCI loans accounted for under ASC Topic 310-30 , “Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality” (“ASC Topic 310-30”), as part of a transaction that closed on February 27, 2015 in which FirstBank acquired 10 Puerto Rico branches of Doral Bank, and acquired certain assets, including PCI loans, and assumed deposits, through an alliance with Ba nco Popular of Puerto Rico, that was the successful lead bidde r with the FDIC on the failed Doral Bank, as well as other co-bidders. The Corporation also acquired PCI loans in previously completed asset acquisitions that are accounted for under ASC Topic 310-30. These previous transactions include the acquisition fro m Doral Financial in the second quarter of 2014 of all its rights, title and interest in first and second residential mortgages loans in full satisfaction of secured borrowings owed by such entity to FirstBank . Under ASC Topic 310-30, the acquired PCI loans were aggregated into pools based on similar characteristics (i.e ., delinquency status and loan terms). Each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Since the loans are accounted for under ASC Topic 310-30, they are not considered non-performing and will continue to have an accretable yield as long as there is a reasonable expectation about the timing and amount of cash flows expected to be collected. The Corporation recognizes additional losses on this portfolio when it is probable that the Corporation will be unable to collect all cash flows expected as of the acquisition date plus additional cash flows expected to be collected arising from changes in estimates after the acquisition date. The carrying amounts of PCI loans were as follows: As of September 30, December 31, 2018 2017 (In thousands) Residential mortgage loans $ 145,203 $ 153,991 Commercial mortgage loans 3,919 4,183 Total PCI loans $ 149,122 $ 158,174 Allowance for loan losses (11,354) (11,251) Total PCI loans, net of allowance for loan losses $ 137,768 $ 146,923 The following tables present PCI loans by past due status as of September 30, 2018 and December 31, 2017: As of September 30, 2018 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 7,823 $ 28,179 $ 36,002 $ 109,201 $ 145,203 Commercial mortgage loans - - 2,960 2,960 959 3,919 Total (1) $ - $ 7,823 $ 31,139 $ 38,962 $ 110,160 $ 149,122 _____________ (1) According to the Corporationʼs 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 and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans past due 30-59 days as of September 30, 2018 amounted to $12.3 million. No PCI commercial mortgage loan was 30-59 days past due as of September 30, 2018. As of December 31, 2017 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 16,600 $ 26,471 $ 43,071 $ 110,920 $ 153,991 Commercial mortgage loans - 355 2,834 3,189 994 4,183 Total (1) $ - $ 16,955 $ 29,305 $ 46,260 $ 111,914 $ 158,174 (1) According to the Corporationʼs 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 and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans and commercial mortgage loans past due 30-59 days as of December 31, 2017 amounted to $28.1 million and $0.2 million, respectively. Initial Fair Value and Accretable Yield of PCI Loans At acquisition of PCI loans, the Corporation estimated the cash fl ows the Cor poration expected to collect on the loans. 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 non-accretable difference. This difference is neither accreted into income nor recorded on the Corporation’s consolidated statement s of financial condition. The exce ss 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 metho d. Changes in Accretable Y ield of Acquired Loans Subsequent to the acquisition of loans , 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 non-accretable difference or reclassifications fr om non - accretable yield to accretable yield. 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 and lease losses. As of September 30, 2018, the reserve related to PC I loans acquired from Doral Financial in 2014 and from Doral Bank in 2015 amounted to $11.4 m illion Changes in the accretable yield of PCI loans for the quarters and nine-month periods ended September 30, 2018 and 2017 were as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, September 30, September 30, 2018 2017 2018 2017 (In thousands) Balance at beginning of period $ 98,489 $ 108,971 $ 103,682 $ 116,462 Accretion recognized in earnings (2,524) (2,656) (7,717) (8,177) Reclassification (to) from non-accretable - - - (1,970) Balance at end of period $ 95,965 $ 106,315 $ 95,965 $ 106,315 Changes in the carrying amount of PCI loans accounted for pursuant to ASC Topic 310-30 were as follows: Quarter Ended Nine-Month Period Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 (In thousands) Balance at beginning of period $ 152,242 $ 160,368 $ 158,174 $ 165,818 Accretion 2,524 2,656 7,717 8,177 Collections (4,835) (4,225) (12,590) (13,327) Foreclosures (809) (1,005) (4,179) (2,874) Ending balance $ 149,122 $ 157,794 $ 149,122 $ 157,794 Allowance for loan losses (11,354) (10,235) (11,354) (10,235) Ending balance, net of allowance for loan losses $ 137,768 $ 147,559 $ 137,768 $ 147,559 Changes in the allowance for loan losses related to PCI loa |
ALLOWANCE FOR LOAN AND LEASE LO
ALLOWANCE FOR LOAN AND LEASE LOSSES | 9 Months Ended |
Sep. 30, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR LOAN AND LEASE LOSSES | NOTE 8 – ALLOWANCE FOR LOAN AND LEASE LOSSES The changes in the allowance for loan and lease losses were as follows: Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Quarter ended September 30, 2018 Allowance for loan and lease losses: Beginning balance $ 55,130 $ 48,718 $ 44,000 $ 3,949 $ 70,238 $ 222,035 Charge-offs (8,316) (9,850) (2,242) (2,192) (13,712) (36,312) Recoveries 833 291 127 14 2,051 3,316 Provision 360 10,111 2,281 1,308 (2,536) 11,524 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: purchased credit-impaired loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Nine-Month Period Ended September 30, 2018 Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (17,231) (20,557) (9,282) (8,187) (38,111) (93,368) Recoveries 1,857 378 1,565 165 6,519 10,484 Provision 4,406 20,956 3,012 6,579 16,651 51,604 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: purchased credit-impaired loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Quarter ended September 30, 2017 Allowance for loan and lease losses: Beginning balance $ 40,587 $ 38,576 $ 42,082 $ 3,736 $ 48,504 $ 173,485 Charge-offs (7,177) (266) (738) (47) (11,141) (19,369) Recoveries 321 43 114 16 1,247 1,741 Provision (release) 23,321 17,590 (1,079) 242 34,939 75,013 Ending balance $ 57,052 $ 55,943 $ 40,379 $ 3,947 $ 73,549 $ 230,870 Ending balance: specific reserve for impaired loans $ 19,417 $ 10,456 $ 11,240 $ 1,865 $ 5,177 $ 48,155 Ending balance: purchased credit-impaired loans (1) $ 9,863 $ 372 $ - $ - $ - $ 10,235 Ending balance: general allowance $ 27,772 $ 45,115 $ 29,139 $ 2,082 $ 68,372 $ 172,480 Loans held for investment: Ending balance $ 3,274,340 $ 1,601,638 $ 2,144,236 $ 129,460 $ 1,727,540 $ 8,877,214 Ending balance: impaired loans $ 425,835 $ 153,875 $ 110,939 $ 50,373 $ 38,237 $ 779,259 Ending balance: purchased credit-impaired loans $ 153,609 $ 4,185 $ - $ - $ - $ 157,794 Ending balance: loans with general allowance $ 2,694,896 $ 1,443,578 $ 2,033,297 $ 79,087 $ 1,689,303 $ 7,940,161 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Nine-Month Period Ended September 30, 2017 Allowance for loan and lease losses: Beginning balance $ 33,980 $ 57,261 $ 61,953 $ 2,562 $ 49,847 $ 205,603 Charge-offs (22,369) (32,123) (19,168) (705) (33,386) (107,751) Recoveries 1,961 151 5,613 594 6,148 14,467 Provision (release) 43,480 30,654 (8,019) 1,496 50,940 118,551 Ending balance $ 57,052 $ 55,943 $ 40,379 $ 3,947 $ 73,549 $ 230,870 Ending balance: specific reserve for impaired loans $ 19,417 $ 10,456 $ 11,240 $ 1,865 $ 5,177 $ 48,155 Ending balance: purchased credit-impaired loans (1) $ 9,863 $ 372 $ - $ - $ - $ 10,235 Ending balance: general allowance $ 27,772 $ 45,115 $ 29,139 $ 2,082 $ 68,372 $ 172,480 Loans held for investment: Ending balance $ 3,274,340 $ 1,601,638 $ 2,144,236 $ 129,460 $ 1,727,540 $ 8,877,214 Ending balance: impaired loans $ 425,835 $ 153,875 $ 110,939 $ 50,373 $ 38,237 $ 779,259 Ending balance: purchased credit-impaired loans $ 153,609 $ 4,185 $ - $ - $ - $ 157,794 Ending balance: loans with general allowance $ 2,694,896 $ 1,443,578 $ 2,033,297 $ 79,087 $ 1,689,303 $ 7,940,161 (1) Refer to Note 7- Loans Held For Investment-PCI Loans, for a detail of changes in the allowance for loan losses related to PCI loans. The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of September 30, 2018 and December 31, 2017: As of September 30, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 117,375 $ 73,433 $ 34,793 $ 1,116 $ 2,189 $ 228,906 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 291,419 169,787 62,361 5,781 29,756 559,104 Allowance for loan and lease losses 18,482 17,044 10,798 906 6,083 53,313 Allowance for loan and lease losses to principal balance 6.34 % 10.04 % 17.32 % 15.67 % 20.44 % 9.54 % PCI loans: Carrying value of PCI loans 145,203 3,919 - - - 149,122 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.54 % 10.21 % - - - 7.61 % Loans with general allowance: Principal balance of loans 2,653,984 1,259,363 1,971,102 75,965 1,819,407 7,779,821 Allowance for loan and lease losses 18,571 31,826 33,368 2,173 49,958 135,896 Allowance for loan and lease losses to principal balance 0.70 % 2.53 % 1.69 % 2.86 % 2.75 % 1.75 % Total loans held for investment: Principal balance of loans $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Allowance for loan and lease losses 48,007 49,270 44,166 3,079 56,041 200,563 Allowance for loan and lease losses to principal balance (1) 1.50 % 3.27 % 2.14 % 3.72 % 3.03 % 2.30 % As of December 31, 2017 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 116,818 $ 65,100 $ 28,292 $ 48 $ 2,788 $ 213,046 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 316,616 87,814 90,008 47,218 35,606 577,262 Allowance for loan and lease losses 22,086 9,783 12,359 2,017 5,165 51,410 Allowance for loan and lease losses to principal balance 6.98 % 11.14 % 13.73 % 4.27 % 14.51 % 8.91 % PCI loans: Carrying value of PCI loans 153,991 4,183 - - - 158,174 Allowance for PCI loans 10,873 378 - - - 11,251 Allowance for PCI loans to carrying value 7.06 % 9.04 % - - - 7.11 % Loans with general allowance: Principal balance of loans 2,703,532 1,457,875 1,964,953 64,131 1,711,503 7,901,994 Allowance for loan and lease losses 26,016 38,332 36,512 2,505 65,817 169,182 Allowance for loan and lease losses to principal balance 0.96 % 2.63 % 1.86 % 3.91 % 3.85 % 2.14 % Total loans held for investment: Principal balance of loans $ 3,290,957 $ 1,614,972 $ 2,083,253 $ 111,397 $ 1,749,897 $ 8,850,476 Allowance for loan and lease losses 58,975 48,493 48,871 4,522 70,982 231,843 Allowance for loan and lease losses to principal balance (1) 1.79 % 3.00 % 2.35 % 4.06 % 4.06 % 2.62 % __________ (1) Loans used in the denominator include PCI loans of $149.1 million and $158.2 million as of September 30, 2018 and December 31, 2017, respectively. However, the Corporation separately tracks and reports PCI loans and excludes these loans from the amounts of non-performing loans, impaired loans, TDRs and non-performing assets. As of September 30, 2018 , the Corporation maintained a $ 0.4 million reserve for unfunded loan commitments (compared to $ 0.7 million as of December 31, 2017), mainly related to outstanding commitments on floor plan revolving lines of credit. 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 statements of financial conditi on and any change to the reserve is included as part of other non-interest expenses in the consolidated statements of income. Duri ng the second quarter of 2018, t he Corporation implement ed certain enhancements to the methodology for the calculation of t he allowance for commercial loans , which include, among others, a revised procedure whereby historical loss rates for each commercial loan regulatory-based credit risk category (i.e., pass, special mention, substandard, and doubtful) are now calculated usi ng the historical charge-offs and portfolio balances over their average loss emergence period (the “raw loss rate”) for each credit risk classification. However, when not enough loss experience is observed in a particular risk-rated category and the calcul ation results in a loss rate for such risk-rated category that is lower than the loss rate of a less severe risk-rated category, the Corporation now uses the loss rate of such less severe category. As a result of these revisions, the Corporation’s meth od for determining the allowance for loan losses differs from the method that it used as of March 31, 2018, which was to allocate historical losses and portfolio balances of special mention loans to pass or substandard categories based on the historical pr oportion of loans in this risk category that ultimately cured or became uncollectible, and the method that it used as of December 31, 2017, which was to use blended loss rates for commercial loans risk-rated special mention, substandard, and doubtful. In addition, during the second quarter of 2018, the Corporation implemented refinements to the measurement of qualitative factors in the estimation process of the allowance for loan losses for commercial and consumer loans , primarily consisting of the incorporation of a basis point adjustment derived from the difference between the average raw loss rate and the highest lo ss rates observed during a look- back period that management determined was appropriate to use for each regio n to identify any relevan t effect during an economic cycle. Although the net effect of these refinements was immaterial to the total provision expense, on a portfolio basis , these enhancements resulted in a $ 1.6 million decrease in the provision for commercial and construction lo ans, offset by a $ 1.6 million increase in the provision for consumer loans in the second quarter of 2018 . Hurricane-Related Qualitative Allowance for Loan and Lease Losses As described in Note 2 – Update on Effects of Natural Disasters, two strong hurricanes affected the Corporation’s service areas during September 2017. These hurricanes caused widespread property damage, flooding, power outages, and water and communication service interruptions, and severely disrupted normal economic a ctivity in the affected areas. During the third quarter of 2017, the Corporation recorded a $ 66.5 million charge to the provision related to the establishment of qualitative reserves associated with the effects of Hurricanes Irma and Maria. Models were d eveloped based on a regression modeling approach in which relationships between portfolio-level loss rates and key economic indicators were derived based on historical behavior. Accordingly, the qualitative reserves were determined based on the estimated effect that the hurricanes could have on employment levels and economic activity in the Corporation’s service areas, and the time that it could take for the affected regions to return to a more normalized operating environment. For large commercial and co nstruction loan relationships, loan officers performed individual reviews of the effect of the hurricanes on these borrowers’ sources of repayments. These large relationships were analyzed and divided into three hurricane-affected categories (i.e., Low, M edium and High). This stratification was used to stress the general reserve loss factors applicable to these loans to reflect higher default probabilities than those reflected in the historical data. For commercial and construction loans not individually reviewed, as well as residential and consumer loans, the hurricane-related qualitative reserves were determined following the above-mentioned qualitative hurricane-related model, with resulting loss factors applied to the overall performing balance of eac h portfolio. Relationship officers have continued to closely monitor the performance of hurricane-affected commercial loan customers during 2018. Information provided by these commercial loan officers, including information derived from regularly sche duled annual reviews, and statistics on the performance of consumer and residential credits w ere factored into the determination of the allowance for loan and lease losses as of September 30, 2018. Although the identification and evaluation of hurricane-a ffected credits has been completed, management’s assessment of the hurricanes’ effect is still subject to uncertainties, both those specific to some individual customers, such as the resolution of insurance claims, and those applicable to the overall econo mic prospects of the hurricane-affected areas as a whole. During the third quarter of 2018, the Corporation performed additional procedures to evaluate the adequacy of the qualitative reserves, including the consideration of updated payment patterns and probability of default credit risk analyses applied to consumer loan borrowers subject to payment deferral programs that expired early in 2018. During the third quarter and nine-month period ended September 30, 2018, the Corporation recorded a net loan l oss reserve release of $ 2.8 million and $ 11.2 million, respectively, in connection with revised estimates associated with the effects of the hurricanes. In addition to the above-mentioned updated assessments of financial performance and repayment prospect s of certain individually-assessed commercial credits and updated payment patterns and probability of default credit risk analyses applied to consumer borrowers that were subject to payment deferral programs, the reserve releases in 2018 reflect the effect of payments received during the first nine months of 2018 that reduced the balance of the consumer and residential mortgage loan portfolios outstanding on the dates of the hurricanes. In addition, approximately $ 10.9 million of the consumer loan charge-o ffs recorded in the third quarter and first nine months of 2018 were taken against previously-established hurricane-related qualitative reserves associated with Hurricanes Irma and Maria. As of September 30, 2018, the hurricane-related qualitative allowan ce amounted to $ 24.9 million. With the ongoing collection of information on individual commercial customers and statistics on the consumer and residential mortgage loans portfolios, the loss estimate will be revised as needed. |
LOANS HELD FOR SALE
LOANS HELD FOR SALE | 9 Months Ended |
Sep. 30, 2018 | |
Receivables Held For Sale [Abstract] | |
LOANS HELD FOR SALE | NOTE 9 – LOANS HELD FOR SALE The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of: September 30, 2018 December 31, 2017 (In thousands) Residential mortgage loans $ 21,562 $ 24,690 Construction loans (1) 30,015 8,290 Commercial and Industrial loans (1) 1,790 - Commercial mortgage loans (1) 12,372 - Total $ 65,739 $ 32,980 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. In addition, during the third quarter of 2018, the Corporation sold the non-performing construction loan that was outstanding as of December 31, 2017 that was carried at a book value of $7.7 million at the time of sale. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
OTHER REAL ESTATE OWNED | NOTE 10 – OTHER REAL ESTATE OWNED The following table presents OREO inventory as of the dates indicated: September 30, December 31, 2018 2017 (In thousands) OREO OREO balances, carrying value: Residential (1) $ 49,287 $ 54,381 Commercial 75,292 82,871 Construction 10,639 10,688 Total $ 135,218 $ 147,940 (1) Excludes $14.5 million and $21.3 million as of September 30, 2018 and December 31, 2017, respectively, of foreclosures that meet the conditions of ASC Topic 310-40 and are presented as a receivable (other assets) in the statement of financial condition. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 11 – 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 will adversely affect the Corporation’s net interest income from its loan and investment portfolios . The overall objective of the Corporation’s interest rate risk management activities is to reduce the variability of earnings caused by chan ges 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 September 30, 2018 and December 31, 2017 , all derivatives h eld by the Corporation were considered economic undesignated hedges . These undesignated hedges were recorded at fair value with the resulting gain or loss recognized in current earnings. The following summarizes the principal derivative activities used b y 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. Forward contracts - F orward contracts are sales of to-be-announced (“TBA”) MBS that will settle over the standard delivery date and do not qualify as “regular way” security trades. Regular-way security trades are contracts that have no net settlement provision and no market mechanism to facilitate net settlement and that provide for delivery of a security within the time frame generally established by regulations or conventions in the market - place or exchange in which the transaction is being executed. The f orward sales are considered derivative instruments that need to be marked-to- market. These securities are used to economic ally hedge the FHA/VA residential mortgage loan securitizations of the mortgage-banking operations . Also reported as forward contracts are mandatory mortgage loan sales commitments entered into with GSEs that require or permit net settlement via a pair-off transaction or the payment of a pair-off fee. Unrealized gains (losses) are recognized as part of mortgage banking activities in the consolidated statements of income. To satisfy the needs of its customers, the Corporation may enter into non - hedging trans actions. I n these transactions, the Corporation generally 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 enter s 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 non - hedging derivative instrument. The following table summarizes the notional amounts of all derivative instruments: Notional Amounts (1) As of As of September 30, December 31, 2018 2017 (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements $ 89,510 $ 91,010 Purchased interest rate cap agreements 89,510 91,010 Forward Contracts: Sale of TBA GNMA MBS pools 28,000 26,000 Forward loan sales commitments 5,005 - $ 212,025 $ 208,020 (1) Notional amounts are presented on a gross basis with no netting of offsetting exposure positions. The following table summarizes for derivative instruments their fair values and location in the consolidated statements of financial condition: Asset Derivatives Liability Derivatives Statement of September 30, December 31, September 30, December 31, Financial 2018 2017 2018 2017 Condition Location Fair Value Fair Value Statement of Financial Condition Location Fair Value Fair Value (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements Other assets $ - $ - Accounts payable and other liabilities $ 815 $ 305 Purchased interest rate cap agreements Other assets 815 305 Accounts payable and other liabilities - - Forward Contracts: Sales of TBA GNMA MBS pools Other assets 116 7 Accounts payable and other liabilities 20 19 Forward loan sales commitments Other assets - - Accounts payable and other liabilities - - $ 931 $ 312 $ 835 $ 324 The following table summarizes the effect of derivative instruments on the consolidated statements of income: (Loss) or Gain (Loss) or Gain Location of (Loss) or Gain Quarter Ended Nine-Month Period Ended Recognized in Statement September 30, September 30, of Income on Derivatives 2018 2017 2018 2017 (In thousands) UNDESIGNATED ECONOMIC HEDGES: Interest rate contracts: Written and purchased interest rate cap agreements Interest income - Loans $ - $ (1) $ - $ (2) Forward contracts: Sales of TBA GNMA MBS pools Mortgage Banking Activities - - - - Forward loan sales commitments Mortgage Banking Activities 211 (34) 108 274 Total (loss) gain on derivatives $ 211 $ (35) $ 108 $ 272 Derivative instruments 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 effect 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 expectation s for rates in the future. As of September 30, 2018, the Corporation had not entered into any derivative instrument containing credit-risk-related contingent features. |
OFFSETTING OF ASSETS AND LIABIL
OFFSETTING OF ASSETS AND LIABILITIES | 9 Months Ended |
Sep. 30, 2018 | |
Offsetting [Abstract] | |
OFFSETTING OF ASSETS AND LIABILITIES | NOTE 12 – OFFSETTING OF ASSETS AND LIABILITIES The Corporation enters into master agreements with counterparties, primarily related to derivatives and repurchase agreements, that may allow for netting of exposures in the event of default. In an event of default, each party has a right of set-off against the other party for amounts owed under the related agreement and any other amount or obligation owed in respect of any other agreement or transaction between them. The following table presents informati on about the offsetting of financial assets and liabilities, as well as derivative assets and liabilities: Offsetting of Financial Assets and Derivative Assets 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 As of September 30, 2018 Net Amount (In thousands) Description Derivatives $ 815 $ - $ 815 $ - $ (815) $ - Securities purchased under agreements to resell 200,000 (200,000) - - - - Total $ 200,815 $ (200,000) $ 815 $ - $ (815) $ - 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 As of December 31, 2017 Net Amount (In thousands) Description Derivatives $ 305 $ - $ 305 $ (305) $ - $ - Securities purchased under agreements to resell 200,000 (200,000) - - - - Total $ 200,305 $ (200,000) $ 305 $ (305) $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities 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 As of September 30, 2018 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 300,000 $ (200,000) $ 100,000 $ (100,000) $ - $ - 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 As of December 31, 2017 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 500,000 $ (200,000) $ 300,000 $ (300,000) $ - $ - |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | NOTE 13 – GOODWILL AND OTHER INTANGIBLES Goodwill as of September 30, 2018 and December 31, 201 7 amounted to $ 28.1 million , recognized as part of “Other Assets” in the consolidated statements of financial condition. The Corporation conducted its annual evaluation of goodwill and other intangibles during the fourth quarter of 2017. The Corporation’s goodwill is related to the acquisition of FirstBank Florida in 2005. There have been no significant events related to the Florida report ing unit that could indicate potential goodwill impairment since the date of the last evaluation; therefore, no goodwill impairment evaluation was performed during the first nine months of 2018. Goodwill and other indefinite life intangibles are reviewed a t 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 the remaining estimated life of 3.1 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 consum ed. These benefits are consumed as the revenue stream generated by the cardholder relationship is realized. The core deposit intangible includes the core deposit acquired in the February 2015 Doral Bank transaction , which amounted to $ 3.3 million as of Sept ember 30, 2018. In the first quarter of 2016, FirstBank Insurance Agency acquired certain insurance customer accounts and related customer records and recognized an insurance customer relationship intangible of $ 1.1 million (compared to $0.7 million as of Septemb er 30, 2018) , which is being amortized over the next 4.3 years on a straight-line basis. The acquired accounts ha ve a direct relationship to the previous mortgage loan portfolio acquisitions from Doral Bank and Doral Financial in 2015 and 2014. 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 statements of financial condition: As of As of September 30, December 31, 2018 2017 (Dollars in thousands) Core deposit intangible: Gross amount $ 51,664 $ 51,664 Accumulated amortization (1) (47,079) (46,186) Net carrying amount $ 4,585 $ 5,478 Remaining amortization period 6.3 years 7.0 years Purchased credit card relationship intangible: Gross amount $ 24,465 $ 24,465 Accumulated amortization (2) (18,189) (16,465) Net carrying amount $ 6,276 $ 8,000 Remaining amortization period 3.1 years 3.9 years Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (3) (406) (292) Net carrying amount $ 661 $ 775 Remaining amortization period 4.3 years 5.0 years (1) For the quarter and nine-month period ended September 30, 2018, the amortization expense of core deposit intangibles amounted to $0.3 million and $0.9 million, respectively (2017 - $0.4 million and $1.3 million, respectively). (2) For the quarter and nine-month period ended September 30, 2018, the amortization expense of the purchased credit card relationship intangible amounted to $0.6 million and $1.7 million, respectively (2017 - $0.6 million and $1.9 million, respectively). (3) For the quarter and nine-month period ended September 30, 2018, the amortization expense of the insurance customer relationship intangible amounted to $38 thousand and $0.1 million, respectively (2017 - $38 thousand and $0.1 million, respectively). The estimated aggregate annual amortization expense related to the intangible assets for future periods is as follows: Amount (In thousands) 2018 $ 860 2019 3,088 2020 2,851 2021 2,658 2022 915 2023 and after 1,150 |
NON-CONSOLIDATED VARIABLE INTER
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | 9 Months Ended |
Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | |
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | NOTE 14 – NON CONSOLIDATED VARIABLE INTEREST ENTITIES (“VIE”) 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 the need to consolidate counterparties to which the Corporation has transferred assets , or with which the Corporation has entered into other transactions, 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: GNMA Th e 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 secur ities issued through these transactions are guaranteed by the issuer and, under seller/servicer agreements, the Corporation is required to service the loans in accordance with the issuers’ servicing guidelines and standards. As of September 30, 2018 , t he Corporation serviced loans securitized through GNMA with a principal balance of $ 1.7 billion. Trust- Preferred Securities In 2004, FBP Statutory Trust I, a financing trust that is wholly owned by the Corporation, sold to institutional investors $ 1 00 million of its variable-rate trust-preferred securities. FBP Statutory Trust I used 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, to purchase $ 103.1 million aggregate principal amount of the Corporation’s Junior Subordinated Deferrable Debentures. Also in 2004, FBP Statutory Trust II, a financing trust that is wholly owned by the Corporation, sold to institutional investors $ 125 million of its variable-rate trust-preferred securities. FBP Statutory Trust II used 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, 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. T he variable-rate trust-preferred securities are fully and unconditionally guaranteed by the Corporation. The Junior Subordinated Deferrable Debentures issued by the Corporation in April 2004 and 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). During the first quarter of 2018, the Corporation completed the repurchase of $ 23.8 million of trust preferred securities of the FBP Statutory Trust I that were auctioned in a public sale at which the Corporation was invited to participate. The Corporation repurchased and cancelled the repurchased trust preferred securities, which resulted in a commensurate reduction in the related Floating Rate Junior Subordinated Debenture. The Corporation’s winning bid equated to 90 % of the $ 23.8 million par value. The 10 % di scount resulted in a gain of approximately $ 2.3 million, which is reflected in the statement of income as a “Gain on early extinguishment of debt.” The Collins Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act eliminated cer tain trust-preferred securities from Tier 1 Capital; however, these instruments may remain in Tier 2 capital until the instruments are redeemed or mature. Under the indentures, the Corporation has the right, from time to time, and without causing an event of default, to defer payments of interest on the Junior Subordinated Deferrable Debentures by extending the interest payment period at any time and from time to time during the term of the subordinated debentures for up to twenty consecutive quarterly peri ods. During the second quarter of 2016, the Corporation, having received approval from the Federal Reserve, paid $ 31.2 million for all of the accrued but deferred interest payments plus the interest for the second quarter of 2016 on the Corporation’s subor dinated debentures associated with its trust preferred securities. Subsequently, the Corporation has received quarterly approvals that have enabled it to make scheduled quarterly interest payments. As of September 30, 2018, the Corporation was current on a ll interest payments due on its subordinated debt. In October 2017, the New York FED terminated the formal written agreement (the “Written Agreement”) entered into on June 3, 2010 between the Corporation and the Reserve Bank. However, the Corporation has a greed with its regulators to continue to obtain approval before paying dividends, receiving dividends from the Bank, making payments on subordinated debt or trust-preferred securities, incurring or guaranteeing debt or purchasing or redeeming any corporate stock. The Corporation has received approval to make the subordinated debentures’ qua rterly payment for December 2018. Grantor Trusts During 2004 and 2005, an unaffiliated party, referred to in this subsection as the seller, established a series o f statutory trusts to effect the securitization of mortgage loans and the sale of trust certificates (the “Grantor Trusts”) . The seller initially provided the servicing for a fee, which is senior to the obligations to pay trust certificate holders. The sel ler 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 m ortgages that generate the principal and interest cash flows is performed by another third party, which receives a servicing fee. The trust certificates 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 re ceive 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 on the securities. The FDIC became the owner of the IO upon its intervention of the seller, a failed financial institution. No recourse agreement exists, and the Bank, as a sole holder of the certificates, absorbs all risks from losses on non-accruing loans and repossessed collateral. As of September 30, 2018 , the amortized c ost and fair value of the Grantor Trusts amounted to $ 20.0 million and $ 14.6 million, respectively, with a weighted average yield of 4.57 %, which is included as part of the Corporation’s available-for-sale investment securities portfolio. Investment in un consolidated 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 e ntity 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 matured in February 2018 and was refinanced and consolidated with other outstanding loans of CPG/GS in the second quarter of 2018. As of September 30, 2018 , the carrying amount of the refinanced loan was $ 8.4 million, which was included in the Corporation’s commercial mortgage loans held for investment portfolio. This loan has a three-year maturity, bea rs a fixed-interest rate, and is primarily secured by income-producing real estate properties and certain residential units. FirstBank’s equity interest in CPG/GS is accounted for under the equity method. FirstBank recorded a loss on its interest in CPG/GS in 2014 that reduced to zero the carrying amount of the Bank’s investment in CPG/GS. No negative investment needs to be reported as the Bank has no legal obligation or commitment to provide further financial support to this entity; thus, no further losses have been or will be recorded on this investment. Cash proceeds received by CPG/GS have been first used to cover operating expenses and debt service payments, including those related to the refinanced loan 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 an d a priority return of at least 12 %, which has not occurred, 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 FirstBan k 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. The Bank has determined that CPG/GS is a VIE in which the Bank is not the primary beneficiary. I n 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 direc t the activities of CPG/GS that most significantly affect the entity’s economic performance and the obligation to absorb losses of, or the right to receive benefits from, CPG/GS 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 or influence the loan portfolio, foreclosure proceedings, or the construction and sale of the propert y; therefore, the Bank concluded that it is not the primary beneficiary of CPG/GS. Servicing Assets The Corporation sells residential mortgage loans to GNMA, which generally securitizes the transferred loans into 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 Nine-Month Period Ended September 30, September 30, (In thousands) 2018 2017 2018 2017 Balance at beginning of period $ 27,191 $ 26,502 $ 25,255 $ 26,244 Capitalization of servicing assets 1,003 833 3,028 2,757 Amortization (722) (775) (2,188) (2,342) Adjustment to fair value (65) (690) 1,265 (1,047) Other (1) 186 129 233 387 Balance at end of period $ 27,593 $ 25,999 $ 27,593 $ 25,999 (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 Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Balance at beginning of period $ 56 $ 197 $ 1,451 $ 461 Temporary impairment charges 65 690 102 1,047 OTTI of servicing assets - - (65) (621) Recoveries - - (1,367) - Balance at end of period $ 121 $ 887 $ 121 $ 887 The components of net servicing income are shown below: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Servicing fees $ 2,084 $ 1,898 $ 6,262 $ 5,897 Late charges and prepayment penalties 114 103 380 340 Adjustment for loans repurchased 186 129 233 387 Other (8) - (8) (35) Servicing income, gross 2,376 2,130 6,867 6,589 Amortization and impairment of servicing assets (787) (1,464) (923) (3,389) Servicing income, net $ 1,589 $ 666 $ 5,944 $ 3,200 The Corporation’s servicing assets are subject to prepayment and interest rate risks. Key economic assumptions used in determining the fair value at the time of sale of the related mortgages ranged as follows: Maximum Minimum Nine-Month Period Ended September 30, 2018: Constant prepayment rate: Government-guaranteed mortgage loans 5.9 % 5.6 % Conventional conforming mortgage loans 6.4 % 6.2 % Conventional non-conforming mortgage loans 9.8 % 9.1 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % Nine-Month Period Ended September 30, 2017: Constant prepayment rate: Government-guaranteed mortgage loans 6.2 % 6.0 % Conventional conforming mortgage loans 6.7 % 6.3 % Conventional non-conforming mortgage loans 9.5 % 9.1 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % The weighted averages of the key economic assumptions that the Corporation used in its valuation model and the sensitivity of the current fair value to immediate 1 0 % and 20 % adverse changes in those as sumptions for mortgage loans as of September 30, 2018 were as follows: (Dollars in thousands) Carrying amount of servicing assets $ 27,593 Fair value $ 32,304 Weighted-average expected life (in years) 8.45 Constant prepayment rate (weighted-average annual rate) 6.14% Decrease in fair value due to 10% adverse change $ 774 Decrease in fair value due to 20% adverse change $ 1,516 Discount rate (weighted-average annual rate) 11.25% Decrease in fair value due to 10% adverse change $ 1,613 Decrease in fair value due to 20% adverse change $ 3,088 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 between 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 resul t 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 | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
DEPOSITS | N OTE 16 – DEPOSITS The following table summarizes deposit balances as of the dates indicated: September 30, December 31, 2018 2017 (In thousands) Type of account: Non-interest-bearing checking accounts $ 2,321,050 $ 1,833,665 Savings accounts 2,371,390 2,401,385 Interest-bearing checking accounts 1,414,267 1,207,511 Certificates of deposit 2,367,795 2,429,585 Brokered certificates of deposit (CDs) 673,741 1,150,485 Total $ 9,148,243 $ 9,022,631 Brokered CDs mature as follows: September 30, 2018 (In thousands) Three months or less $ 180,112 Over three months to six months 85,996 Over six months to one year 103,513 Over one year to three years 249,270 Over three years to five years 53,469 Over five years 1,381 Total $ 673,741 The following are the components of interest expense on deposits: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Interest expense on deposits $ 16,709 $ 16,453 $ 49,983 $ 47,804 Accretion of premium from acquisition (2) (9) (7) (47) Amortization of broker placement fees 272 454 948 1,461 Interest expense on deposits $ 16,979 $ 16,898 $ 50,924 $ 49,218 |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | NOTE 17 – SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following: September 30, 2018 December 31, 2017 (Dollars in thousands) Short-term fixed-rate repurchase agreement with a rate of 1.53% $ - $ 100,000 Long-term fixed-rate repurchase agreements, interest rate of 2.26% (2017-1.96% to 2.26%) (1)(2) 100,000 200,000 $ 100,000 $ 300,000 (1) Reported net of securities purchased under agreements to repurchase (reverse repurchase agreements) by counterparty, when applicable, pursuant to ASC Topic 210-20-45-11. (2) During the third quarter of 2018, the call option on a $100 million repurchase agreement that carried a cost of 1.96% was exercised. Subsequent to September 30, 2018, the lender had the option to call another repurchase agreement, which was not exercised. Repurchase agreements mature as follows: September 30, 2018 (In thousands) Three to four years $ 100,000 As of September 30, 2018 and December 31, 2017 , the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted. Repurchase agreements as of September 30, 2018, grouped by counterparty, were as follows: (Dollars in thousands) Weighted-Average Counterparty Amount Maturity (In Months) JP Morgan Chase $ 100,000 40 |
ADVANCES FROM THE FEDERAL HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 9 Months Ended |
Sep. 30, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | NOTE 18 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) The following is a summary of the advances from the FHLB: September 30, December 31, (Dollars in thousands) 2018 2017 Long-term fixed-rate advances from FHLB, with a weighted-average interest rate of 1.92% (2017 - 1.91%) $ 690,000 $ 715,000 Advances from FHLB mature as follows: September 30, 2018 (In thousands) Over one to three months $ 70,000 Over one to three years 420,000 Over three to four years 200,000 Total $ 690,000 As of September 30, 2018 , the Corporation used $ 167.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands and had additional capacity of approximately $ 503.6 million on this credit facility based on collateral pledged at the FHLB, including a haircut reflecting the perceived risk associated with the collateral. |
OTHER BORROWINGS
OTHER BORROWINGS | 9 Months Ended |
Sep. 30, 2018 | |
Subordinated Borrowings [Abstract] | |
OTHER BORROWINGS | NOTE 19 – OTHER BORROWINGS Other borrowings, as of the indicated dates, consisted of: September 30, December 31, 2018 2017 (In thousands) Junior subordinated debentures due in 2034, interest-bearing at a floating rate of 2.75% over 3-month LIBOR (5.08% as of September 30, 2018 and 4.35% as of December 31, 2017) (1) $ 65,593 $ 90,078 Junior subordinated debentures due in 2034, interest-bearing at a floating rate of 2.50% over 3-month LIBOR (4.84% as of September 30, 2018 and 4.12% as of December 31, 2017) 118,557 118,557 $ 184,150 $ 208,635 (1) Refer to Note 14 - Non-Consolidated Variable Interest Entities (“VIE”) and Servicing Assets-Trust-Preferred Securities, for additional information about the Corporation's repurchase and cancellation in the first quarter of 2018 of $23.8 million in trust-preferred securities associated with these junior subordinated debentures. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 20 – STOCKHOLDERS’ EQUITY Common Stock As of September 30, 2018 and December 31, 2017 , the Corporation had 2,000,000,000 authorized shares of common stock with a par value of $ 0.10 per share. As of September 30, 2018 and December 31, 2017 , there were 221,7 89 ,509 and 220,382,343 shares issued, respectively, and 217,240,844 and 216,278,040 shares outstanding, respectively. Refer to Note 4 – Stock Based Compensation, for information about transactions related to common stock under the Omnibus Plan. On May 17, 2018, the U.S. Treasury exercised its warrant to purchase 1,285,899 shares of the Corporation’s stock on a cashless basis resulting in the issuance of 730,571 shares of common stock and the use of 555,328 sh ares to cover the strike price of the transaction. Cash paid in lieu of fractional shares was $ 6.58 . Preferred Stock The Corporation has 50,000,000 authorized shares of preferred stock with a par value of $ 1.00 , redeemable at the Corporation’s option, s ubject to certain terms. This stock may be issued in series and the shares of each series have such rights and preferences as are fixed by the Board of Directors when authorizing the issuance of that particular series. As of September 30, 2018 , the Cor poration has five outstanding series of non-convertible, non-cumulative preferred stock: 7.125 % non-cumulative perpetual monthly income preferred stock, Series A; 8.35 % non-cumulative perpetual monthly income preferred stock, Series B; 7.40 % non-cumulative perpetual monthly income preferred stock, Series C; 7.25 % non-cumulative perpetual monthly income preferred stock, Series D; and 7.00 % non-cumulative perpetual monthly income preferred stock, Series E. The liquidation value per share is $ 25 . Effect ive January 17, 2012, the Corporation delisted all of its outstanding series of non-convertible, non-cumulative preferred stock from the New York Stock Exchange. The Corporation has not arranged for listing and/or registration on another national securitie s exchange or for quotation of the Series A through E Preferred Stock in a quotation medium. In December 2016, for the first time since July 2009, the Corporation paid dividends on its non-cumulative perpetual monthly income preferred stock, after receivin g regulatory approval. Since then, the Corporation has continued to pay monthly dividend payments on the non-cumulative perpetual monthly income preferred stock. The Corporation intends to request approval in future periods to continue monthly dividend pay ments on the non-cumulative perpetual monthly income preferred stock. The Corporation has received regulatory approval to pay the monthly dividends on the Corporation’s Series A through E Preferred Stock through December 2018. On October 3, 2017, the Federal Reserve terminated the Written Agreement entered into on June 3, 2010 between the Corporation and the Federal Reserve. However, the Corporation has agreed with its regulators to continue to obtain approval before paying dividends, receiving dividends from the Bank, making payments on subordinated debt or trust preferred securities, incurring or guaranteeing debt or purchasing or redeeming any corporate stock. Treasury stock During the first nine months of 2018 and 2017 , the Corporation withheld an aggregate of 433,362 shares and 336,985 shares, respectively, of the common stock paid to certain senior officers as additional compensation and rest ricted stock that vested during the first nine months of 2018 and 2017 to cover employees’ payroll and income tax withholding liabilities; these sha res are held as treasury stock. As of September 3 0 , 201 8, and December 31, 201 7 , the Corporation had 4,548,665 and 4,104, 303 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 a legal surplus res erve until such surplus equals the total of paid-in-capital on common and preferred stock. Amounts transferred to the legal surplus reserve from the retained earnings account are not available for distribution to the Corporation, including for payment as d ividends to the stockholders, without the prior consent of the Puerto Rico Commissioner of Financial Institutions. The Puerto Rico Banking Law provides that, when the expenditures of a Puerto Rico commercial bank are greater than receipts, the excess of th e expenditures over receipts must be charged against the undistributed profits of the bank, and the balance, if any, must be charged against the legal surplus reserve, as a reduction thereof. If there is no legal surplus reserve sufficient to cover such ba lance in whole or in part, the outstanding amount must be charged against the capital account and the Bank cannot pay dividends until it can replenish the legal surplus reserve to an amount of at least 20 % of the original capital contributed. During the fo urth quarter of 201 7 , $ 7.3 million was transferred to the legal surplus reserve. FirstBank’s legal surplus reserve, included as part of retained earnings in the Corporation’s consolidated statement s of financial condition, amounted to $ 59.7 million as of Se ptember 30 , 201 8 . There were no transfers to the legal surplus reserve during the first nine months of 2018. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 21 - INCOME TAXES Income tax expense includes Puerto Rico and USVI 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. and USVI income tax purposes and, accordingly, is generally subject to U.S. and USVI income tax only on its income from sources within the U.S. and USVI or income effectively connecte d with the conduct of a trade or business in those jurisdictions. Any such tax paid in the U.S. and USVI is also creditable against the Corporation’s Puerto Rico tax liability, subject to certain conditions and limitations. Under the Puerto Rico Inte rnal Revenue Code of 2011, as amended (the “2011 PR Code”), the Corporation and its subsidiaries are treated as separate taxable entities and are generally not entitled to file consolidated tax returns and, thus, the Corporation is generally not entitled to utilize losses from one subsidiary to offset gains in another subsidiary. Accordingly, in order to obtain a tax benefit from a net operating loss (“NOL”), a particular subsidiary must be able to demonstrate sufficient taxable income within the applicabl e NOL carry-forward period. The 2011 PR Code allows an entity organized as a limited liability company to elect to become a non-taxable “pass-through” entity and utilize losses to offset income from other “pass-through” entities, subject to certain limitat ions, with the remaining net income passing-through to its partner entities. The 2011 PR Code also provides a dividend received deduction of 100 % on dividends received from “controlled” subsidiaries subject to taxation in Puerto Rico and 85 % on dividends r eceived from other taxable domestic corporations. On March 1, 2017, the Corporation completed the applicable regulatory filings to change the tax status of its subsidiary, First Federal Finance, from a taxable corporation to a non-taxable “pass-through” entity. This election allows the Corporation to r ealize tax benefits of its deferred tax assets associated with pass-through ordinary net operating losses available at the banking subsidiary, FirstBank, which were subject to a full valuation allowance as of December 31, 2016, against now pass-through ord inary income from this profitable subsidiary. On March 1, 2017, the Corporation also completed the applicable regulatory filings to change the tax status of its subsidiary, FirstBank Insurance, from a taxable corporation to a non-taxable “pass-through” en tity. This election allows the Corporation to offset pass-through income projected to be earned by FirstBank Insurance with net operating losses available at the Holding Company level. The Corporation has maintained an effective tax rate lower than th e maximum statutory rate mainly by investing in government obligations and MBS exempt from U.S. and Puerto Rico income taxes and by doing business through an International Banking Entity (“IBE”) unit of the Bank, and through the Bank’s subsidiary, FirstBan k Overseas Corporation, whose interest income and gain on sales is exempt from Puerto Rico income taxation. The IBE and FirstBank Overseas Corporation were created under the International Banking Entity Act of Puerto Rico, which provides for total Puerto R ico tax exemption on net income derived by IBEs operating in Puerto Rico on the specific activities identified in the IBE Act. An IBE that operates as a unit of a bank pays income taxes at the corporate standard rates to the extent that the IBE’s net inco me exceeds 20 % of the bank’s total net taxable income. For the third quarter and first nine months of 2018, the Corporation recorded an income tax expense of $12.3 million and $30.2 million, respectively, compared to income tax benefits of $8.4 millio n and $7.2 million for the comparable periods in 2017. The variance in the income tax expense for the third quarter of 2018, as compared to the tax benefit for the same period in 2017, primarily reflects the e ffect of the tax benefit recorded in the third quarter of 2017 in connection with hurricane-related losses , and a higher effective tax rate in 2018 driven by a higher proportion of taxable to exempt income. The variance for the first nine-months of 2018, as compared to the same period in 2017, was mostly attributable to the aforementioned tax benefit related to hurricane-related losses and the $ 13.2 million tax benefit recorded in the first quarter of 2017 as a result of the above-discussed change in tax status of certain subsidiaries from taxa ble corporations to limited liability companies that have elected to be treated as partnerships for incom e tax purposes in Puerto Rico. A higher effective tax rate also contributed for the variance in the income tax expense for the first nine months of 201 8 as compared to the same period in 2017. For the nine-month period ended September 30, 2018, the Corporation calculated the provision for income taxes by applying the estimated annual effective tax rate for the full fiscal year to ordinary income or loss. In the computation of the consolidated worldwide annual estimated effective tax rate, ASC Topic 740-270, “Income Taxes-Interim Reporting,” requires the exclusion of legal entities with pre-tax losses from which a tax benefit cannot be recognized. The Corporation’s estimated annual effective tax rate in the first nine months of 2018, excluding entities from which a tax benefit cannot be recognized and discrete items, was 26 % compared to 20 % for the first nine months of 2017. The higher effective tax rate for 2018 was driven by a higher proportion of taxable to exempt income. The estimated annual effective tax rate, including all entities for the first nine months of 2018 was 24 % ( 25 % excluding di screte items, primarily the tax benefit resulting from the excess tax benefit recognized during the first quarter of 2018 upon the vesting of shares granted under the Corporation’s stock-based compensation plan), compared to -2 % for the first nine months o f 2017 ( 21 % excluding discrete items, primarily the tax benefit resulting from the previously mentioned change in the tax status of two subsidiaries). The Corporation’s net deferred tax asset amounted to $ 272.3 million as of September 30, 2018, net of a valuation allowance of $ 183.2 million, and management concluded, based upon the assessment of all positive and negative evidence, that it is more likely than not that the Corporation will generate sufficient taxable income within the applicable NOL ca rry-forward periods to realize such amount. The net deferred tax asset of the Corporation’s banking subsidiary, FirstBank, amounted to $ 272.2 million as of September 30, 2018, net of a valuation allowance of $ 142.2 million, compared to a net deferred tax a sset of $ 294.7 million, net of a valuation allowance of $ 150.7 million, as of December 31, 2017. During the third quarter of 2017, the Corporation completed a formal ownership change analysis within the meaning of Section 382 of the U.S. Internal Revenue Code (“Section 382”) covering a comprehensive period, and concluded that an ownership change occurred during such period. Section 382 limits the ability to utilize U.S. and USVI NOLs for income tax purposes at such jurisdictions following an event of an ow nership change. The Section 382 limitation resulted in higher U.S. income tax liabilities than we would have incur in the absence of such limitation. For the third quarter and first nine months of 2018, and mainly as a result of the Section 382 limitation , the Corporation incurred an income tax expense of approximately $ 1.2 million and $ 3.8 million, respectively, related to its U.S. operations, compared to the $ 1.6 million expense recorded for the third quarter and first nine months of 2017. The limitation did not result in an increased income tax expense for the USVI operations in the first nine months of 2018 or comparable 2017 period. Prospectively, the Corporation expects that it will be able to mitigate to an extent the adverse effects associated with the Section 382 limitation as any such tax paid in the U.S. or USVI could be creditable against Puerto Rico tax liabilities or taken as deduction against taxable income. However, our ability to reduce our Puerto Rico tax liability through such a credit or deduction depends on our tax profile at each annual taxable period, which is dependent on various factors. As of September 30, 2018, the Corporation did not have Unrecognized Tax Benefits recorded on its books. The Corporation classifies all interest and penalties, if any, related to tax uncertainties as income tax expense. Audit periods remain open for review until the statute of limitations has passed. The statute of limitations under the 2011 PR Code is four years; the statute of limitations for U.S. and USVI income tax purposes is three years after a tax return is due or filed, whichever is later, for each. 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 the result s of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. For U.S. and USVI income tax purposes, all tax years subsequent to 2013 remain open to examination. For Puerto Rico tax purposes, all tax years subsequent to 2012 remain open to examination. On December 22, 2017, the United States president signed H.R.1, The Tax Cuts and Jobs Acts, effective January 1, 2018, which includes an overhaul of individual, business and international taxes and has affected our branch operations in the U.S. and the USVI. The bill includes measures reducing corporate taxes from 35% to 21%, a repeal of the corporate alternative minimum tax regime, changes to business deductions and NOLs, a 15.5% tax on mandator y repatriation of liquid assets, 10% tax on base erosion payments, and a minimum 10.5% tax on inclusion of global intangible low-tax income by U.S. shareholders, among other significant changes. The main provisions affecting our operations in the U.S. and the USVI in the first nine months of 2018 include: the change in tax rate to 21%, the limitation to the amount certain financial institutions may deduct for premiums paid to the FDIC, and changes in permanent differences, such as meals and entertainment de ductions. Other significant provisions, such as the base erosion and anti-abuse tax, do not affect the Corporation’s U.S. and USVI branch operations since these operations’ receipts do not exceed the annual threshold of U.S. effectively connected gross rec eipts. |
OTHER COMPREHENSIVE LOSS
OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2018 | |
Statement of Other Comprehensive Income [Abstract] | |
OTHER COMPREHENSIVE INCOME | NOTE 22 – OTHER COMPREHENSIVE LOSS The following table presents changes in accumulated other comprehensive loss for the quarters and nine-month periods ended September 30, 2018 and 2017: Changes in Accumulated Other Comprehensive Loss by Component (1) Quarter ended Nine-month period September 30, September 30, September 30, September 30, 2018 2017 2018 2017 (In thousands) Unrealized net holding losses on debt securities Beginning balance $ (52,107) $ (14,625) $ (20,609) $ (34,383) Other comprehensive (loss) income (10,780) 3,719 (42,278) 11,617 Amounts reclassified from accumulated comprehensive loss - - - 11,860 Ending balance $ (62,887) $ (10,906) $ (62,887) $ (10,906) Unrealized holding losses on equity securities Beginning balance $ - $ (4) $ (6) $ (7) Reclassification to retained earnings per ASU 2016-01 - - 6 - Other comprehensive income - - - 3 Ending balance $ - $ (4) $ - $ (4) ______________________ (1) All amounts presented are net of tax. The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss during the quarters and nine-month periods ended September 30, 2018 and 2017: Reclassifications Out of Accumulated Other Comprehensive Loss Quarter ended Nine-month period ended September 30, September 30, Affected Line Item in the Consolidated Statements of Income 2018 2017 2018 2017 (In thousands) Unrealized holding losses on debt securities Realized gain (loss) on sale of debt securities Net gain on sale of investments $ - $ - $ - $ 371 OTTI on debt securities Net impairment losses on available-for-sale debt securities - - - (12,231) Total before tax $ - $ - $ - $ (11,860) Income tax - - - - Total, net of tax $ - $ - $ - $ (11,860) |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 23 – FAIR VALUE 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) MBS 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 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 by using pricing models for which the determination of fair value requires significant management judgments estimation. 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 Treasury notes and non-callable U.S. Agency debt securities), when available (Level 1), or, when available, 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 no t available, fair value is based upon discounted cash flow models that use unobservable inputs due to the limited market activity of the instrument, as is the case with certain private label MBS held by the Corporation (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. On interest caps, only the seller’s credit risk i s considered. The caps were valued using a discounted cash flow approach based on the related LIBOR and swap rate for each cash flow. A credit spread is considered for those derivative instruments that are not secured. The cumulative mark-to-market effe ct of credit risk in the valuation of derivative instruments for the quarters and nine-month periods ended September 30, 2018 and 2017 was immaterial. Assets and liabilities measured at fair value on a recurring basis are summarized below: As of September 30, 2018 As of December 31, 2017 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 (1) $ - $ - $ - $ - $ 418 $ - $ - $ 418 U.S. Treasury Securities 7,426 - - 7,426 7,401 - - 7,401 Noncallable U.S. agency debt securities - 341,720 - 341,720 - 361,971 - 361,971 Callable U.S. agency debt securities and MBS - 1,640,064 - 1,640,064 - 1,497,253 - 1,497,253 Puerto Rico government obligations - 4,142 2,798 6,940 - 4,118 2,695 6,813 Private label MBS - - 14,571 14,571 - - 17,060 17,060 Other investments - - 500 500 - - 100 100 Equity securities (1) 411 - - 411 - - - - Derivatives, included in assets: Purchased interest rate cap agreements - 815 - 815 - 305 - 305 Forward contracts - 116 - 116 - 7 - 7 Liabilities: Derivatives, included in liabilities: Written interest rate cap agreements - 815 - 815 - 305 - 305 Forward contracts - 20 - 20 - 19 - 19 (1) As of January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of equity securities from available-for-sale investment securities to other investment securities. As of December 31, 2017, equity securities had a net unrealized loss of $6 thousand. The table below presents a reconciliation of the beginning and ending balances of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2018 and 2017 . Quarter Ended September 30, 2018 2017 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 17,829 $ 19,771 Total gains (realized/unrealized): Included in other comprehensive income 35 1,754 Purchases 500 - Principal repayments and amortization (495) (1,186) Ending balance $ 17,869 $ 20,339 (1) Amounts mostly related to private label MBS. Nine-Month Period Ended September 30, 2018 2017 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 19,855 $ 22,914 Total gains (realized/unrealized): Included in other comprehensive income 228 2,500 Purchases 500 - Principal repayments and amortization (2,714) (5,075) Ending balance $ 17,869 $ 20,339 (1) Amounts mostly related to private label MBS. The tables below present qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2018 and December 31, 2017: September 30, 2018 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available-for-sale: Private label MBS $ 14,571 Discounted cash flows Discount rate 14.8% Prepayment rate 3.5% - 22.5% (Weighted Average 11.7%) Projected Cumulative Loss Rate 0.0% - 7.8% (Weighted Average 4%) Puerto Rico government obligations 2,798 Discounted cash flows Discount rate 5.90% Prepayment rate 3.00% December 31, 2017 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available-for-sale: Private label MBS $ 17,060 Discounted cash flows Discount rate 14.0% Prepayment rate 12.0% - 29.0% (Weighted Average 16.4%) Projected Cumulative Loss Rate 0.0% - 6.8% (Weighted Average 3.0%) Puerto Rico government obligations 2,695 Discounted cash flows Discount rate 6.61% Prepayment rate 3.00% 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 prepayment rates in isolation would generally result in an adverse effect on the fair value of the instruments. Meaningful and possi ble 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 of the underlying residentia l mortgage loans that collateral ize these obligations that are guaranteed by the Puerto Rico Housing Finance Authority . A significant increase (decrease) in the assumed rate would lead to a higher (lower) fair value estimate. The fair value of th ese bonds was based on a discounted cash flow analysis that contemplates the credit quality of the holder of second mortgages and a discount for liquidity constrain t s on the bonds considering the absence of an active market for them . Due to the guarantee o f the Puerto Rico Housing Finance Authority and other applicable contractual safeguards , no additional credit spread is applied for services default. There were no changes in unrealized gains and losses recorded in earnings for the quarters and nine-month periods ended September 30, 2018 and 2017 for Level 3 assets and liabilities that were still held at the end of each period. 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 a nd repossessed assets) or write downs of individual assets (e.g., goodwill and loans ). As of September 30, 2018, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: (Losses) Gains recorded for the Quarter Ended (Losses) Gains recorded for the Nine-Month Period Ended Carrying value as of September 30, 2018 September 30, 2018 September 30, 2018 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 442,248 $ (7,967) $ (20,622) OREO (2) - - 135,218 (3,244) (9,817) Loans held for sale (3) - - 44,177 (10,102) (14,642) (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were derived from external appraisals that took 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 values were derived from appraisals that took 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 and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio. (3) The value of these loans was primarily derived from both external appraisals, adjusted for specific characteristics of the loans, and, for the $17.2 million in non-performing loans transferred to held for sale in the third quarter of 2018, from broker price opinions that the Corporation considered. As of September 30, 2017, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: (Losses) recorded for the Quarter Ended (Losses) recorded for the Nine-Month Period Carrying value as of September 30, 2017 September 30, 2017 September 30, 2017 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 374,740 $ (686) $ (23,467) OREO (2) - - 152,977 (818) (7,563) Mortgage servicing rights (3) - - 25,999 (690) (1,047) (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were 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 values were 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 and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans 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 include: Prepayment Rate of 6.41%, Discount Rate of 11.22%. Qualitative information regarding the fair value measurements for Level 3 financial instruments as of September 30, 2018 are as follows: September 30, 2018 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 The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of September 30, 2018 and December 31, 2017: Total Carrying Amount in Statement of Financial Condition September 30, 2018 Fair Value Estimate September 30, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 656,772 $ 656,772 $ 656,772 $ - $ - Investment securities available for sale (fair value) 2,011,221 2,011,221 7,426 1,985,926 17,869 Investment securities held to maturity (amortized cost) 144,799 131,703 - - 131,703 Equity Securities (fair value) 42,274 42,274 411 41,863 - Loans held for sale (lower of cost or market) 65,739 65,907 - 21,730 44,177 Loans held for investment (amortized cost) 8,716,953 Less: allowance for loan and lease losses (200,563) Loans held for investment, net of allowance $ 8,516,390 8,174,205 - - 8,174,205 Derivatives, included in assets (fair value) 931 931 - 931 - Liabilities: Deposits (amortized cost) 9,148,243 9,151,666 - 9,151,666 - Securities sold under agreements to repurchase (amortized cost) 100,000 121,047 - 121,047 - Advances from FHLB (amortized cost) 690,000 673,788 - 673,788 - Other borrowings (amortized cost) 184,150 175,480 - - 175,480 Derivatives, included in liabilities (fair value) 835 835 - 835 - Total Carrying Amount in Statement of Financial Condition December 31, 2017 Fair Value Estimate December 31, 2017 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 716,395 $ 716,395 $ 716,395 $ - $ - Investment securities available for sale (fair value) 1,891,016 1,891,016 7,819 1,863,342 19,855 Investment securities held to maturity (amortized cost) 150,627 131,032 - - 131,032 Equity securities (fair value) 43,119 43,119 - 43,119 - Loans held for sale (lower of cost or market) 32,980 34,979 - 25,237 9,742 Loans held for investment (amortized cost) 8,850,476 Less: allowance for loan and lease losses (231,843) Loans held for investment, net of allowance $ 8,618,633 8,372,865 - - 8,372,865 Derivatives, included in assets (fair value) 312 312 - 312 - Liabilities: Deposits (amortized cost) 9,022,631 9,026,600 - 9,026,600 - Securities sold under agreements to repurchase (amortized cost) 300,000 325,913 - 325,913 - Advances from FHLB (amortized cost) 715,000 707,272 - 707,272 - Other borrowings (amortized cost) 208,635 189,424 - - 189,424 Derivatives, included in liabilities (fair value) 324 324 - 324 - The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include cash and due from banks and other short-term assets, such as FHLB stock. Certain assets, the most significant being premises and equipment, mortgage servicing rights, deposits base, and other customer relationship intangibles, are not considered financial instruments and are not included above. Accordingly, this fair value information is not intended to, and does not, represent the Corporation’s underlying value. Many of these assets and liabilities subject to the disclosure requirements are not actively traded, requiring management to estimate fair values. These estimates necessarily involve the use of judgment about a wide variety of factors, including but not limited to, relevancy of market prices of comparable instruments, expected futures cash flows, and appropriate discount rates . |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMER | NOTE 24 – REVENUE FROM CONTRACTS WITH CUSTOMERS As noted in Note 1 – Basis of Presentation and Significant Accounting Policies, the Corporation adopted the provisions of ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASC Topic 606”), on January 1, 2018. Results for reporting periods beginning after December 31, 2017 are presented under Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with ASC Topic 605, “Revenue Recognition .” Revenue Recognition In accordance with ASC Topic 606, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which the Corporation expects to be entitled in exchange for those goods or servic es. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC Topic 606, the Corporation performs the following five steps: (i) identifies the contract(s) with a customer; (ii) identifies the performance obliga tions in the contract; (iii) determines the transaction price; (iv) allocates the transaction price to the performance obligations in the contract; and (v) recognizes revenue when (or as) the Corporation satisfies a performance obligation. The Corporation only applies the five-step model to contracts when it is probable that the entity will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determi ned to be within the scope of ASC Topic 606, the Corporation assesses the goods or services that are promised within each contract and identifies those that contain performance obligations, and assesses whether each promised good or service is distinct. Th e Corporation then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Disaggregation of Revenue The following table summarizes the C orporation’s revenue, which includes net interest income on financial instruments and non-interest income, disaggregated by type of service and business segments for the quarter and nine-month period ended September 30, 2018: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Quarter ended September 30, 2018: Net interest income (1) $ 19,593 $ 59,835 $ 19,711 $ 11,282 $ 15,080 $ 7,020 $ 132,521 Service charges and fees on deposit accounts - 3,420 1,312 - 141 697 5,570 Insurance commissions - 1,392 - - 20 82 1,494 Merchant-related income - 1,003 205 - - 198 1,406 Credit and debit card fees - 4,325 310 - 157 492 5,284 Other service charges and fees 135 1,798 180 - 247 100 2,460 Not in scope of Topic 606 (1) 4,417 385 (2,692) 151 59 (11) 2,309 Total non-interest income (loss) 4,552 12,323 (685) 151 624 1,558 18,523 Total Revenue $ 24,145 $ 72,158 $ 19,026 $ 11,433 $ 15,704 $ 8,578 $ 151,044 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-month period ended September 30, 2018: Net interest income (1) $ 60,900 $ 166,022 $ 59,074 $ 36,243 $ 43,525 $ 21,921 $ 387,685 Service charges and fees on deposit accounts - 9,864 3,634 - 417 2,087 16,002 Insurance commissions - 6,154 - - 65 410 6,629 Merchant-related income - 2,612 567 - - 591 3,770 Credit and debit card fees - 12,790 901 - 436 1,552 15,679 Other service charges and fees 189 3,409 784 71 1,226 451 6,130 Not in scope of Topic 606 (1) 13,113 675 (3,101) 2,529 348 5 13,569 Total non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Total Revenue $ 74,202 $ 201,526 $ 61,859 $ 38,843 $ 46,017 $ 27,017 $ 449,464 (1) Most of the Corporation’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers . The guidance explicitly excludes net interest income from financial assets and liabilities, as well as other noninterest income from loans, leases, investment securities and derivative financial instruments. For the nine-month period ended September 30, 2018, substantially all of the Corporation’s revenue under the scope of Topic 606 was related to performance obligations satisfied at a point in time. The following is a discussion of revenues within the scope of ASC Topic 606. Service Charges and Fees on Deposit Accounts Service charges and fees on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to , overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrently with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date. These depository arrangements are c onsidered day-to-day contracts that do not extend beyond the services performed, as customers have the right to terminate these contracts with no penalty or, if any, nonsubstantive penalties. As a consequence, the income recognition under the standard is not different from the Corporation’s practice before the adoption of this guidance. Insurance Commissions For insurance commissions, which include regular and contingent commissions paid to the Corporation’s insurance agency, the agreements contain a perf ormance obligation related to the sale/issuance of the policy and ancillary administrative post-issuance support. The p erformance obligation will be satisfied as the policies are issued and revenue will be recognized at that point in time. In addition, co ntingent commission income was found to be constrained, as defined under the new standard. Contingent comm ission income will be included i n the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur or payments are received, which is consistent with the Corporation’s practice before the adoption of thi s guidance. For the nine -month period ended September 30, 2018, the Corporation recognized revenue of $ 2.4 million as payments were received and constraints were released. Merchant-related Income For merchant-related income, the determination of which included the consideration of a 2015 sale of merchant contracts that involved sales of point of sale (“POS”) terminals and entry into a marketing alliance under a revenue-sharing agreement, the Corporation concluded that control of the POS terminals and merchant contracts was transferred to the customer at the contract’s inception. With respect to the related revenue-shar ing agreement, the Corporation satisfies the marketing alliance performance obligation over the life of the contract, and the associated transaction price is recognized as the entity performs and any constraints over the variable consideration are resolved . There was no material change in the timing or measurement of revenues. The overall effect on an ongoing basis of the new revenue guidance, as compared the Corporation’s practice before the adoption of this guidance, is expected to be immaterial. Credit and Debit Card Fees Credit and debit card fees primarily represent revenues earned from interchange fees and ATM fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primari ly earned as a result of surcharges assessed to non-FirstBank customers who use a FirstBank ATM. Such fees are generally recognized concurrently with the delivery of services on a daily basis. As a consequence, the income recognition is unchanged from the Corporation’s practice before the adoption of this guidance. Other Fees Other fees primarily include revenues generated from wire transfers, lockboxes, and bank issuances of checks. Such fees are recognized concurrently with the event or on a monthly basis. Contract Balances A contract liability is an entity’s obligati on to transfer goods or services to a customer in exchange for consideration from the customer. As mentioned above, during 2015, the Bank entered into a long-term strategic marketing alliance with another entity to which the Bank sold its merchant contract s portfolio and related POS terminals. Merchant services are marketed through FirstBank’s branches and offices in Puerto Rico and the Virgin Islands. Under the marketing and referral agreement, FirstBank shares with this entity revenues generated by the merchant contracts over the term of the 10-year agreement. As of September 30, 2018, and December 31, 2017, this contract liability amounted to $ 2.2 million and $ 2.4 million, respectively, which will be recognized over the remaining term of the contract. For the quarter and nine -month period ended September 30, 2018, the Corporation recognized revenue and contract liabilities decreased by approximately $ 0.1 million and $ 0.2 million, respectively, due to the completion of performance over time. There were no changes in contrac t liabilities due to changes in transaction price estimates . A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of September 30, 2018, and Decem ber 31, 2017, there were no receivables from contracts with customers or contract assets recorded on the Corporation’s consolidated financial statements. Other Except for the contract liabilities noted above, the Corporation did not have any signific ant performance obligations as of September 30, 2018. The Corporation also did not have any material contract acquisition costs and did not make any significant judgments or estimates in recognizing revenue for financial reporting purposes. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 25 – SUPPLEMENTAL STATEMENT OF CASH FLOWS INFORMATION Supplemental statement of cash flows information is as follows: Nine-Month Period Ended September 30, 2018 2017 (In thousands) Cash paid for: Interest on borrowings $ 74,674 $ 68,869 Income tax 5,290 3,205 Non-cash investing and financing activities: Additions to OREO 36,378 46,648 Additions to auto and other repossessed assets 40,873 33,113 Capitalization of servicing assets 3,028 2,757 Loan securitizations 181,169 200,236 Loans held for investment transferred to held for sale 90,319 - Loans held for sale transferred to held for investment 2,179 10,289 Property plant and equipment transferred to other assets - 1,185 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | NOTE 26 – 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 based primarily on 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 September 30, 2018 , the Corporation had six reportable seg ments: 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 determi nation of the reportable segment. 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 Corp orate 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 oth er 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 r esponsible for the Corporation’s investment portfolio and treasury functions that are executed to manage and enhance liquidity. This segment also lends funds to the Commercial and Corporate Banking, Mortgage Banking and Consumer (Retail) Banking segments to finance their lending resources and borrows from those segments. The Consumer (Retail) Banking and the United States Operations segments also lend funds to the other segments. The interest rates charged or credited by Treasury and Investments, the Cons umer (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 co sts 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 Ope rations segment consists of all banking activities conducted by the Corporation in the USVI and BVI, including commercial and retail banking services. The accounting policies of the segments are the same as those referred to in Note 1 – “Nature of Busin ess and Summary of Significant Accounting Policies,” in the audited consolidated financial statements included in the 2017 Annual Report on Form 10-K. The Corporation evaluates the performance of the segments based on net interest income, the provision f or 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 September 30, 2018: Interest income $ 31,746 $ 46,052 $ 34,644 $ 15,911 $ 21,227 $ 7,912 $ 157,492 Net (charge) credit for transfer of funds (12,153) 20,947 (14,933) 6,446 (307) - - Interest expense - (7,164) - (11,075) (5,840) (892) (24,971) Net interest income 19,593 59,835 19,711 11,282 15,080 7,020 132,521 (Provision) release for loan and lease losses 635 2,485 (10,684) - (5,130) 1,170 (11,524) Non-interest income (loss) 4,552 12,323 (685) 151 624 1,558 18,523 Direct non-interest expenses (12,001) (28,210) (7,911) (878) (8,279) (7,194) (64,473) Segment income $ 12,779 $ 46,433 $ 431 $ 10,555 $ 2,295 $ 2,554 $ 75,047 Average earnings assets $ 2,248,691 $ 1,645,170 $ 2,486,910 $ 2,637,825 $ 1,752,007 $ 527,468 $ 11,298,071 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total For the quarter ended September 30, 2017: Interest income $ 32,317 $ 43,769 $ 31,083 $ 13,374 $ 18,446 $ 9,006 $ 147,995 Net (charge) credit for transfer of funds (11,268) 9,351 (8,748) 11,198 (533) - - Interest expense - (6,520) - (12,924) (4,932) (787) (25,163) Net interest income 21,049 46,600 22,335 11,648 12,981 8,219 122,832 Provision for loan and lease losses (20,495) (33,067) (13,621) - (789) (7,041) (75,013) Non-interest income 2,908 11,242 1,014 1,459 697 1,325 18,645 Direct non-interest expenses (8,174) (27,193) (8,102) (1,014) (7,605) (7,254) (59,342) Segment (loss) income $ (4,712) $ (2,418) $ 1,626 $ 12,093 $ 5,284 $ (4,751) $ 7,122 Average earnings assets $ 2,434,963 $ 1,758,653 $ 2,477,266 $ 2,228,990 $ 1,581,726 $ 602,366 $ 11,083,964 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2018 Interest income $ 95,927 $ 132,652 $ 102,255 $ 45,593 $ 61,634 $ 24,482 $ 462,543 Net (charge) credit for transfer of funds (35,027) 54,233 (43,181) 25,125 (1,150) - - Interest expense - (20,863) - (34,475) (16,959) (2,561) (74,858) Net interest income 60,900 166,022 59,074 36,243 43,525 21,921 387,685 Provision for loan and lease losses (4,004) (16,011) (19,744) - (8,186) (3,659) (51,604) Non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Direct non-interest expenses (30,192) (84,173) (22,710) (2,777) (24,768) (22,224) (186,844) Segment income $ 40,006 $ 101,342 $ 19,405 $ 36,066 $ 13,063 $ 1,134 $ 211,016 Average earnings assets $ 2,269,960 $ 1,601,812 $ 2,546,090 $ 2,597,967 $ 1,734,970 $ 546,610 $ 11,297,409 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2017 Interest income $ 99,361 $ 130,055 $ 90,858 $ 41,788 $ 50,910 $ 27,625 $ 440,597 Net (charge) credit for transfer of funds (34,466) 20,799 (27,071) 41,858 (1,120) - - Interest expense - (18,603) - (36,842) (13,499) (2,368) (71,312) Net interest income 64,895 132,251 63,787 46,804 36,291 25,257 369,285 Provision for loan and lease losses (40,598) (47,976) (20,906) - (885) (8,186) (118,551) Non-interest income 11,258 37,224 2,972 (10,273) 1,776 4,480 47,437 Direct non-interest expenses (27,675) (82,677) (27,240) (3,190) (23,579) (20,922) (185,283) Segment income $ 7,880 $ 38,822 $ 18,613 $ 33,341 $ 13,603 $ 629 $ 112,888 Average earnings assets $ 2,469,037 $ 1,771,376 $ 2,500,180 $ 2,176,164 $ 1,492,727 $ 609,765 $ 11,019,249 The following table presents a reconciliation of the reportable segment financial information to the consolidated totals: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 Net income : Total income for segments and other $ 75,047 $ 7,122 $ 211,016 $ 112,888 Other operating expenses (1) (26,392) (26,272) (80,264) (77,282) Income (loss) before income taxes 48,655 (19,150) 130,752 35,606 Income tax (expense) benefit (12,332) 8,398 (30,249) 7,181 Total consolidated net income (loss) $ 36,323 $ (10,752) $ 100,503 $ 42,787 Average assets: Total average earning assets for segments $ 11,298,071 $ 11,083,964 $ 11,297,409 $ 11,019,249 Average non-earning assets 929,362 900,334 945,671 896,071 Total consolidated average assets $ 12,227,433 $ 11,984,298 $ 12,243,080 $ 11,915,320 (1) 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 | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | NOTE 27 – REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES The Corporation and FirstBank are each 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 and activities . 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 and FirstBank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory a ccounting practices. The Corporation’s capital amounts and classification s are also subject to qualitative judgments and adjustment by the regulators with respect to minimum capital requirements, components, risk weightings, and other factors. On Oc tober 3, 2017, the New York FED terminated the Written Agreement entered into on June 3, 2010 between the Corporation and the New York FED. However, the Corporation has agreed with the New York FED to continue to obtain the approval of the New York FED bef ore paying dividends, receiving dividends from the Bank, making payments on subordinated debt or trust preferred securities, incurring or guaranteeing debt or purchasing or redeeming any corporate stock. Although the Corporation and FirstBank became sub ject to the U.S. Basel III capital rules (“Basel III rules”) beginning on January 1, 2015, certain requirements of the Basel III rules are being phased-in over several years and, in general, will be fully effective as of January 1, 2019. C ertain e lements of the new rules have been deferred by the federal banking agencies. The Corporation and FirstBank compute risk-weighted assets using the Standardized Approach required by the Basel III rules. The Basel III rules require the Corporation to maint ain an additional capital conservation buffer of 2.5 % to avoid limitations on both (i) capital distributions (e.g. , repurchases of capital instruments , dividends and interest payments on capital instruments) , and (ii) discretionary bonus payments to execut ive officers and heads of major business lines. The phase-in of the capital conservation buffer began on January 1, 2016 with a first year requirement of 0.625 % of additional Common Equity Tier 1 Capital (“CET1”), which is being progressively increased ove r 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. Under the fully phased-in Basel III rules, in order to be considered adequately capitalized, the Corporation will be required to maintain: (i) a minimum CET1 capital 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 %, (ii) a minimum rat io 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 %, (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 %, and (iv) a required minimum leverage ratio of 4 %, calculated as the ratio of Tier 1 capital to average on-balance sheet (non-risk adj usted) assets. In addition, as required under the Basel III rules, the Corporation’s trust preferred securities (“TRuPs”) were fully phased out from Tier 1 capital as of January 1, 2016. However, the Corporation’s TRuPs may continue to be included in Tier 2 capital until the instruments are redeemed or mature. On November 21, 2017, the Federal Reserve Board, the FDIC, and the Office of the Comptroller of the Currency finalized an extension of the phase-in of certain Basel III capital rules for b anks not using the Basel advanced approaches. The extension, which was effective January 1, 2018, pauses the full transition to the Basel III treatment of mortgage servicing assets, certain deferred tax assets, investments in the capital of unconsolidated financial institutions and minority interests, pending the banking agencies’ broader efforts, announced in September 2017, to simplify the regulatory capital rules that apply to banking organizations that are not subject to the advanced approaches capital rules. Because the advanced approaches capital rules apply to banking organizations with more than $ 250 billion in total consolidated assets or at least $ 10 billion in total on-balance sheet foreign exposure, the extension relief applies broadly to communi ty, midsize, and regional banks, includin g the Corporation and FirstBank. Please refer to the discussion in “Part I, – Item 1, – Business – Supervision and Regulation,” included in the 2017 Annual Report on Form 10-K for a more complete discussion of supervision and regulatory matters and activities that affect the Corporation and its subsidiaries . The regulatory capital positions of the Corporation and FirstBank as of September 30, 2018 and December 31, 2017 were as follows: Regulatory Requirements Actual For Capital Adequacy Purposes To be Well-Capitalized-General Thresholds Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2018 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,081,558 23.85% $ 698,271 8.0% N/A N/A FirstBank $ 2,039,091 23.36% $ 698,276 8.0% $ 872,845 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,756,702 20.13% $ 392,778 4.5% N/A N/A FirstBank $ 1,620,964 18.57% $ 392,780 4.5% $ 567,350 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,792,806 20.54% $ 523,704 6.0% N/A N/A FirstBank $ 1,928,964 22.10% $ 523,707 6.0% $ 698,276 8.0% Leverage ratio First BanCorp. $ 1,792,806 14.85% $ 483,056 4.0% N/A N/A FirstBank $ 1,928,964 15.99% $ 482,619 4.0% $ 603,274 5.0% As of December 31, 2017 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 1,989,873 22.53% $ 706,432 8.0% N/A N/A FirstBank $ 1,947,627 22.06% $ 706,218 8.0% $ 882,772 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,674,164 18.96% $ 397,368 4.5% N/A N/A FirstBank $ 1,562,431 17.70% $ 397,248 4.5% $ 573,802 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,675,282 18.97% $ 529,824 6.0% N/A N/A FirstBank $ 1,835,445 20.79% $ 529,663 6.0% $ 706,218 8.0% Leverage ratio First BanCorp. $ 1,675,282 14.03% $ 477,643 4.0% N/A N/A FirstBank $ 1,835,445 15.39% $ 477,056 4.0% $ 596,320 5.0% 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 September 30 , 201 8 , commitments to extend credit amounted to approximately $ 1.3 b illion, of which $ 664.4 million relates to credit card loans. Commercial and Financial standby letters of credit amounted to approximately $ 72.5 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. Since certain c ommitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. For most of the commercial lines of credit, the Corporation has the option to reevaluate the agreement prior to making 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. As of September 30, 2018, First BanCorp. and its subsidiaries were defen dants in various legal proceedings arising in the ordinary course of business. On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with threatened and outstanding legal cases, matters and proceedings, uti lizing the latest information available. For cases, matters and proceedings where it is both probable the Corporation will incur a loss and the amount can be reasonably estimated, the Corporation establishes an accrual for the loss. Once established, the a ccrual is adjusted as appropriate to reflect any relevant developments. For cases, matters or proceedings where a loss is not probable or the amount of the loss cannot be estimated, no accrual is established. Any estimate involves significant judgment, gi ven the varying stages of the proceedings (including the fact that some of them are currently in preliminary stages), the existence in some of the current proceedings of multiple defendants whose share of liability has yet to be determined, the numerous un resolved issues in the proceedings, and the inherent uncertainty of the various potential outcomes of such proceedings. Accordingly, the Corporation’s estimate will change from time-to-time, and actual losses may be more or less than the current estimate. While the final outcome of legal cases, matters, and proceedings is inherently uncertain, based on information currently available, Management believes that the final disposition of the Corporation’s legal cases, matters or proceedings, to the extent not previously provided for, will not have a material negative adverse effect on the Corporation’s consolidated financial position as a whole. If management believes that, based on available information, it is at least reasonably possible that a material loss (or additional material loss in excess of any accrual) will be incurred in connection with any legal actions, the Corporation discloses an estimate of the possible loss or range of loss, either individually or in the aggregate, as appropriate, if such an e stimate can be made, or discloses that an estimate cannot be made. Based on the Corporation’s assessment as of September 30, 2018, no such disclosures were necessary. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these cases, matters and proceedings, if unfavorable, may be material to the Corporation’s consolidated financial position on a particular period. Ramírez Torres, et al. v. Banco Popular de Puerto Rico, et al. FirstBank Puerto Rico has been named Defendant in this Class Action Complaint, filed of February 17, 2017 at the Court of First Instance in San Juan, Puerto Rico. The Complaint seeks damages and preliminary injunctive relief on behalf of the purported class against Banco Popular de Pue rto Rico and other financial institutions with insurance agency subsidiaries in Puerto Rico. Plaintiffs allege that Defendants have been unjustly enriched by failing to reimburse them for "good experience" commissions allegedly paid by Antilles Insurance Company and Puerto Rico Home Insurance Company. On March 30, 2017, FirstBank Puerto Rico filed a Motion to Dismiss and a Motion for Declaratory Judgment and Third Party Complaint against Antilles Insurance Company and the Insurance Commissioner's Office. A ll other Defendants filed Motions to Dismiss. Antilles Insurance Company filed a Motion against the Third Party Complaint filed by FirstBank Puerto Rico, which FirstBank Puerto Rico opposed. The Insurance Commissioner's Office filed a Motion for Summary J udgment. On July 28, 2017, the Court issued a Judgment granting the Motions to Dismiss filed by Defendants, dismissing the Complaint with prejudice, except the Third Party Complaint filed by FirstBank Puerto Rico which was dismissed without prejudice. On A ugust 30, 2017, Plaintiffs filed an Appeal before the Puerto Rico Court of Appeals and FirstBank Puerto Rico filed its Opposition to Plaintiffs Appeal . On March 20, 2018, the Court of Appeals entered a Judgment revoking the lower court judgment. Oriental B ank filed for Reconsideration, which was denied. All other Defendants filed writs of Certiorari before the Puerto Rico Supreme Court on May 29, 2018. On June 26, 2018, the Puerto Rico Supreme Court issued Resolution s denying all writs of Certiorari filed b y Defendants. Oriental Bank and Banco Popular were the only two banks that filed for reconsideration. Motions for Reconsideration were denied on October 10, 2018. Oriental Bank filed a Second Motion f or Reconsideration on October 12, 2018. Therefore, the case will not be remanded to the Court of First Instance for the continuation of proceedings until Puerto Rico Supreme Court issues resolution regarding Oriental Bank’s Second Motion f or Reconsideration . |
FIRST BANCORP. (Holding Company
FIRST BANCORP. (Holding Company Only) Financial Information | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
FIRST BANCORP. (Holding Company Only) Financial Information | NOTE 28 – FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION The following condensed financial information presents the financial position of the Holding Company only as of September 30, 2018 and December 31, 2017 and the results of its operations for the quarters and nine-month periods ended September 30, 2018 and 2017 . Statements of Financial Condition As of September 30, As of December 31, 2018 2017 (In thousands) Assets Cash and due from banks $ 20,940 $ 20,864 Money market investments 6,111 6,111 Other investment securities 285 285 Loans held for investment, net - 191 Investment in FirstBank Puerto Rico, at equity 2,062,908 2,028,641 Investment in FirstBank Insurance Agency, at equity 16,738 12,400 Investment in FBP Statutory Trust I 1,963 2,698 Investment in FBP Statutory Trust II 3,561 3,561 Other assets 2,329 3,799 Total assets $ 2,114,835 $ 2,078,550 Liabilities and Stockholdersʼ Equity Liabilities: Other borrowings $ 184,150 $ 208,635 Accounts payable and other liabilities 3,270 818 Total liabilities 187,420 209,453 Stockholdersʼ equity 1,927,415 1,869,097 Total liabilities and stockholdersʼ equity $ 2,114,835 $ 2,078,550 Statements of Income (Loss) Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) (In thousands) Income: Interest income on money market investments $ 5 $ 5 $ 15 $ 15 Interest income on loans 105 - 105 - Dividend income from banking subsidiary 2,900 1,800 28,284 5,400 Dividend income from non-banking subsidiaries - 3,000 - 3,000 Other income 70 68 203 195 3,080 4,873 28,607 8,610 Expense: Other borrowings 2,315 2,139 6,635 6,166 Other operating expenses 624 814 1,851 2,480 2,939 2,953 8,486 8,646 Gain on early extinguishment of debt - 1,391 2,316 1,391 Income before income taxes and equity in undistributed earnings (losses) of subsidiaries 141 3,311 22,437 1,355 Income tax expense - (45) - (45) Equity in undistributed earnings (losses) of subsidiaries 36,182 (14,018) 78,066 41,477 Net income (loss) $ 36,323 $ (10,752) $ 100,503 $ 42,787 Other Comprehensive (loss) income, net of tax (10,780) 3,719 (42,272) 23,480 Comprehensive income (loss) $ 25,543 $ (7,033) $ 58,231 $ 66,267 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 29 – SUBSEQUENT EVENTS The Corporation has performed an evaluation of events occurring subsequent to September 30, 2018; management has determined that there were no e vents occurring in this period that require disclosure in or adjustment to the accompanying financial statements. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earning Per Share [Table Text Block] | The calculations of earnings per common share for the quarters and nine-month periods ended September 30, 2018 and 2017 are as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands, except per share information) Net income (loss) $ 36,323 $ (10,752) $ 100,503 $ 42,787 Less: Preferred stock dividends (669) (669) (2,007) (2,007) Net income (loss) attributable to common stockholders $ 35,654 $ (11,421) $ 98,496 $ 40,780 Weighted-Average Shares: Average common shares outstanding 216,149 214,187 215,516 213,812 Average potential dilutive common shares 626 - 1,068 2,322 Average common shares outstanding - assuming dilution 216,775 214,187 216,584 216,134 Earnings (loss) per common share: Basic $ 0.16 $ (0.05) $ 0.46 $ 0.19 Diluted $ 0.16 $ (0.05) $ 0.45 $ 0.19 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity Under Omnibus Plan | The following table summarizes the restricted stock activity in the first nine months of 2018 under the Omnibus Plan: Nine-Month Period Ended September 30, 2018 Number of shares Weighted-Average of restricted Grant Date stock Fair Value Non-vested shares at beginning of year 1,816,968 $ 2.76 Granted 407,886 6.71 Forfeited (11,000) 3.65 Vested (1,234,180) 2.45 Non-vested shares at September 30, 2018 979,674 $ 4.79 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Available-for-Sale Investments' Fair Value and Gross Unrealized Losses | 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 continu ous unrealized loss position, as of September 30, 2018 and December 31, 2017. 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. For unrealized losses for which OTTI was recognized, the related credit loss was charged against the amortized cost basis of the debt security . As of September 30, 2018 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 $ - $ - $ 2,798 $ 1,313 $ 2,798 $ 1,313 U.S. Treasury and U.S. government agenciesʼ obligations 251,555 5,585 366,761 6,280 618,316 11,865 MBS: FNMA 342,334 6,489 369,408 19,870 711,742 26,359 FHLMC 183,780 3,508 173,733 9,655 357,513 13,163 GNMA 34,354 491 32,999 1,253 67,353 1,744 Collateralized mortgage obligations issued or guaranteed by FHLMC and GNMA 31,963 91 - - 31,963 91 Other mortgage pass-through trust certificates - - 14,571 5,467 14,571 5,467 $ 843,986 $ 16,164 $ 960,270 $ 43,838 $ 1,804,256 $ 60,002 As of December 31, 2017 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 $ - $ - $ 2,695 $ 1,277 $ 2,695 $ 1,277 U.S. Treasury and U.S. government agenciesʼ obligations 136,459 494 362,050 4,085 498,509 4,579 MBS: FNMA 189,699 1,705 274,963 5,623 464,662 7,328 FHLMC 91,174 590 166,331 4,326 257,505 4,916 GNMA 39,145 334 - - 39,145 334 Other mortgage pass-through trust certificates - - 17,060 5,731 17,060 5,731 Equity securities (1) - - 407 6 407 6 $ 456,477 $ 3,123 $ 823,506 $ 21,048 $ 1,279,983 $ 24,171 (1) As of January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of $0.4 million in equity securities from available-for-sale investment securities to other investment securities. |
Available for sale Securities [Member] | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Investment Securities Available for Sale | The amortized cost, non-credit loss component of OTTI recorded in OCI , gross unrealized gains and losses recorded in OCI, estimated fair value, and weighted - average yield of investment securities available for sale by contractual maturities as of September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Fair value Gross Unrealized Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,481 $ - $ - $ 55 $ 7,426 1.29 U.S. government-sponsored agencies obligations: Due within one year 156,575 - - 1,584 154,991 1.25 After 1 to 5 years 236,368 - - 4,480 231,888 1.82 After 5 to 10 years 191,119 - 47 5,505 185,661 2.94 After 10 years 43,638 - - 241 43,397 2.50 Puerto Rico government obligations: After 5 to 10 years 4,013 - 129 - 4,142 3.14 After 10 years 4,111 - - 1,313 2,798 6.97 United States and Puerto Rico government obligations 643,305 - 176 13,178 630,303 2.10 Mortgage-backed securities (“MBS”): Freddie Mac (“FHLMC”) certificates: After 5 to 10 years 96,598 - 8 3,527 93,079 2.09 After 10 years 274,233 - - 9,636 264,597 2.50 370,831 - 8 13,163 357,676 2.39 Ginnie Mae (“GNMA”) certificates: After 1 to 5 years 160 - 2 - 162 3.52 After 5 to 10 years 65,411 - 305 714 65,002 2.89 After 10 years 122,975 - 2,962 1,030 124,907 3.93 188,546 - 3,269 1,744 190,071 3.57 Fannie Mae (“FNMA”) certificates: Due within one year 379 - 8 - 387 1.91 After 1 to 5 years 25,872 - - 468 25,404 2.75 After 5 to 10 years 191,965 - - 6,982 184,983 2.22 After 10 years 557,882 - 1,055 18,909 540,028 2.65 776,098 - 1,063 26,359 750,802 2.55 Collateralized mortgage obligations guaranteed by the FHLMC and GNMA: After 1 to 5 years 7,462 - 4 10 7,456 2.91 After 10 years 59,575 - 348 81 59,842 3.07 67,037 - 352 91 67,298 3.05 Other mortgage pass-through trust certificates: After 10 years 20,038 5,467 - - 14,571 4.57 Total MBS 1,422,550 5,467 4,692 41,357 1,380,418 2.70 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 2,066,355 $ 5,467 $ 4,868 $ 54,535 $ 2,011,221 2.51 December 31, 2017 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Unrealized Fair value Weighted- gains losses average yield% (Dollars in thousands) U.S. Treasury securities: After 1 to 5 years $ 7,458 $ - $ - $ 57 $ 7,401 1.29 U.S. government-sponsored agencies obligations: Due within one year 122,471 - - 319 122,152 1.06 After 1 to 5 years 309,472 - 28 3,735 305,765 1.42 After 5 to 10 years 133,451 - 117 319 133,249 2.72 After 10 years 40,769 - 1 149 40,621 1.84 Puerto Rico government obligations: After 5 to 10 years 4,071 - 47 - 4,118 3.14 After 10 years 3,972 - - 1,277 2,695 6.97 United States and Puerto Rico government obligations 621,664 - 193 5,856 616,001 1.70 MBS: FHLMC certificates: After 5 to 10 years 18,658 - 14 63 18,609 2.14 After 10 years 297,733 - 217 4,853 293,097 2.23 316,391 - 231 4,916 311,706 2.23 GNMA certificates: After 1 to 5 years 81 - 1 - 82 3.23 After 5 to 10 years 69,661 - 1,244 - 70,905 3.05 After 10 years 145,067 - 5,910 334 150,643 3.81 214,809 - 7,155 334 221,630 3.56 FNMA certificates: After 1 to 5 years 20,831 - 294 109 21,016 2.69 After 5 to 10 years 49,934 - - 818 49,116 1.83 After 10 years 613,129 - 3,180 6,401 609,908 2.43 683,894 - 3,474 7,328 680,040 2.39 Collateralized mortgage obligations issued or guaranteed by the FHLMC and GNMA: After 1 to 5 years 5,918 - 14 - 5,932 2.21 After 5 to 10 years 2,556 - 11 - 2,567 2.23 After 10 years 35,331 - 231 - 35,562 2.22 43,805 - 256 - 44,061 2.22 Other mortgage pass-through trust certificates: After 10 years 22,791 5,731 - - 17,060 2.44 Total MBS 1,281,690 5,731 11,116 12,578 1,274,497 2.54 Other Due within one year 100 - - - 100 1.48 Equity securities (1) 424 - - 6 418 2.11 Total investment securities available for sale $ 1,903,878 $ 5,731 $ 11,309 $ 18,440 $ 1,891,016 2.27 (1) As of January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of $0.4 million in equity securities from available-for-sale investment securities to other investment securities. |
Roll-Forward of Credit Losses on Debt Securities Held by Corporation | T he Corporation recorded OTTI losses on available-for-sale debt securities as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Total OTTI losses $ - $ - $ - $ (12,231) Portion of OTTI recognized in OCI - - - - Net impairment losses recognized in earnings (1) $ - $ - $ - $ (12,231) (1) Credit losses on Puerto Rico government debt securities, recorded in the first quarter of 2017. The following tables summarize the roll-forward of credit losses on debt securities held by the Corporation for which a portion of an OTTI is recognized in OCI: Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss June 30, recognized in earnings on reductions for September 30, 2018 securities that have been securities sold 2018 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for September 30, 2017 securities that have been securities sold 2018 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments June 30, recognized in earnings Credit loss reductions September 30, 2017 on securities that have been for securities sold 2017 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Private label MBS $ 6,792 $ - $ - $ 6,792 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments December 31, recognized in earnings Credit loss reductions September 30, 2016 on securities that have been for securities sold 2017 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Puerto Rico government obligations $ 22,189 $ 12,231 $ (34,420) $ - Private label MBS 6,792 - - 6,792 Total OTTI credit losses for available-for-sale debt securities $ 28,981 $ 12,231 $ (34,420) $ 6,792 |
Held-to-maturity Securities [Member] | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Investment Securities Available for Sale | The amortized cost, gross unrecognized gains and losses, estimated fair value, weighted-average yield and contractual maturities of investment securities held to maturity as of September 30, 2018 and December 31, 2017 were as follows: September 30, 2018 Amortized cost Fair value Gross Unrecognized gains losses Weighted- average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 6,096 $ - $ 364 $ 5,732 4.73 After 5 to 10 years 53,006 - 3,374 49,632 5.94 After 10 years 85,697 - 9,358 76,339 5.78 Total investment securities held to maturity $ 144,799 $ - $ 13,096 $ 131,703 5.79 December 31, 2017 Amortized cost Fair value Gross Unrecognized gains losses Weighted- average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 3,853 $ - $ 173 $ 3,680 5.38 After 5 to 10 years 39,523 - 3,048 36,475 5.28 After 10 years 107,251 - 16,374 90,877 4.93 Total investment securities held to maturity $ 150,627 $ - $ 19,595 $ 131,032 5.03 As of September 30, 2018 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 131,703 $ 13,096 $ 131,703 $ 13,096 As of December 31, 2017 Less than 12 months 12 months or more Total Unrecognized Unrecognized Unrecognized Fair Value Losses Fair Value Losses Fair Value Losses (In thousands) Debt securities: Puerto Rico Municipal Bonds $ - $ - $ 131,032 $ 19,595 $ 131,032 $ 19,595 |
LOAN PORTFOLIO (Tables)
LOAN PORTFOLIO (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loan Portfolio Held for Investment | The following provides information about the loan portfolio held for investment: As of September 30, As of December 31, 2018 2017 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 3,207,981 $ 3,290,957 Commercial loans: Construction loans (1) 82,862 111,397 Commercial mortgage loans (1) 1,506,502 1,614,972 Commercial and Industrial loans (1)(2) 2,068,256 2,083,253 Total commercial loans 3,657,620 3,809,622 Finance leases 311,180 257,462 Consumer loans 1,540,172 1,492,435 Loans held for investment 8,716,953 8,850,476 Allowance for loan and lease losses (200,563) (231,843) Loans held for investment, net $ 8,516,390 $ 8,618,633 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. (2) As of September 30, 2018 and December 31, 2017, $802.7 million and $833.5 million, respectively, of commercial loans were 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: As of As of September 30, December 31, (In thousands) 2018 2017 Non-performing loans: Residential mortgage $ 156,685 $ 178,291 Commercial mortgage (1) 117,397 156,493 Commercial and Industrial (1) 34,551 85,839 Construction: Land (1) 6,922 15,026 Construction-commercial (1) - 35,100 Construction-residential 2,149 1,987 Consumer: Auto loans 12,258 10,211 Finance leases 1,443 1,237 Other consumer loans 7,963 5,370 Total non-performing loans held for investment (2)(3)(4) $ 339,368 $ 489,554 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. (2) Excludes $44.2 million and $8.3 million of non-performing loans held for sale as of September 30, 2018 and December 31, 2017, respectively. (3) Amount excludes purchased-credit impaired (“PCI”) loans with a carrying value of approximately $149.1 million and $158.2 million as of September 30, 2018 and December 31, 2017, respectively, primarily mortgage loans acquired from Doral Bank in the first quarter of 2015 and from Doral Financial in the second quarter of 2014, as further discussed below. These loans are not considered non-performing due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using an estimated cash flow analysis. (4) Non-performing loans exclude $510.8 million and $374.7 million of Troubled Debt Restructuring (“TDR”) loans that are in compliance with modified terms and in accrual status as of September 30, 2018 and December 31, 2017, respectively. |
Corporation's Aging of Loans Held for Investment Portfolio | The Corporation’s aging of the loans held for investment portfolio is as follows: Purchased Credit-Impaired Loans 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1)(2)(3) Total Past Due Total loans held for investment 90 days past due and still accruing (1)(2)(3) As of September 30, 2018 (In thousands) Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 3,206 $ 107,869 $ 111,075 $ - $ 39,696 $ 150,771 $ 107,869 Other residential mortgage loans (2)(4) - 64,015 171,893 235,908 145,203 2,676,099 3,057,210 15,208 Commercial: Commercial and Industrial loans 1,729 392 38,998 41,119 - 2,027,137 2,068,256 4,447 Commercial mortgage loans (4) - 1,192 120,456 121,648 3,919 1,380,935 1,506,502 3,059 Construction: Land (4) - 51 6,922 6,973 - 14,331 21,304 - Construction-commercial - 1,089 - 1,089 - 52,881 53,970 - Construction-residential - - 2,149 2,149 - 5,439 7,588 - Consumer: Auto loans 35,122 7,047 12,258 54,427 - 840,801 895,228 - Finance leases 5,451 1,839 1,443 8,733 - 302,447 311,180 - Other consumer loans 7,773 4,885 11,673 24,331 - 620,613 644,944 3,710 Total loans held for investment $ 50,075 $ 83,716 $ 473,661 $ 607,452 $ 149,122 $ 7,960,379 $ 8,716,953 $ 134,293 _____________ (1) Includes non-performing loans and accruing loans that were 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) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. (3) As of September 30, 2018, includes $75.9 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. (4) According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively. As of December 31, 2017 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1)(2)(3) Total loans held for investment 90 days past due and still accruing (1)(2)(3) (In thousands) Total Past Due Purchased Credit- Impaired Loans Current Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 6,792 $ 102,815 $ 109,607 $ - $ 29,332 $ 138,939 $ 102,815 Other residential mortgage loans (2)(4) - 92,502 193,750 286,252 153,991 2,711,775 3,152,018 15,459 Commercial: Commercial and Industrial loans 8,971 576 88,156 97,703 - 1,985,550 2,083,253 2,317 Commercial mortgage loans (4) - 7,525 163,180 170,705 4,183 1,440,084 1,614,972 6,687 Construction: Land (4) - 124 15,177 15,301 - 11,630 26,931 151 Construction-commercial - - 35,100 35,100 - 41,456 76,556 - Construction-residential - 95 1,987 2,082 - 5,828 7,910 - Consumer: Auto loans 57,560 23,783 10,211 91,554 - 752,777 844,331 - Finance leases 10,549 3,484 1,237 15,270 - 242,192 257,462 - Other consumer loans 10,776 5,052 9,361 25,189 - 622,915 648,104 3,991 Total loans held for investment $ 87,856 $ 139,933 $ 620,974 $ 848,763 $ 158,174 $ 7,843,539 $ 8,850,476 $ 131,420 ____________ (1) Includes non-performing loans and accruing loans that were 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) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. (3) As of December 31, 2017, includes $62.1 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. (4) According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2017 amounted to $6.0 million, $224.0 million, $9.0 million, and $2.5 million, respectively. |
Corporation's Credit Quality Indicators by Loan | The Corporation’s credit quality indicators by loan type as of September 30, 2018 and December 31, 2017 are summarized below: Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Adversely Classified (1) Total Portfolio September 30, 2018 (In thousands) Commercial mortgage $ 262,519 $ 7,927 $ - $ 270,446 $ 1,506,502 Construction: Land 5,658 - - 5,658 21,304 Construction - commercial 3,458 - - 3,458 53,970 Construction - residential 1,194 - - 1,194 7,588 Commercial and Industrial 96,993 4,659 394 102,046 2,068,256 Commercial Credit Exposure - Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Adversely Classified (1) Total Portfolio December 31, 2017 (In thousands) Commercial mortgage $ 257,503 $ 4,166 $ - $ 261,669 $ 1,614,972 Construction: Land 15,971 490 - 16,461 26,931 Construction - commercial 35,100 - - 35,100 76,556 Construction - residential 1,987 - - 1,987 7,910 Commercial and Industrial 154,416 3,854 676 158,946 2,083,253 _________ (1) Excludes non-performing loans held for sale of $44.2 million ($12.4 million commercial mortgage, $30.0 million construction-commercial, and $1.8 million construction-land) and $8.3 million (construction-land) as of September 30, 2018 and December 31, 2017, respectively. Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer September 30, 2018 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 150,771 $ 2,755,322 $ 882,970 $ 309,737 $ 636,981 Purchased Credit-Impaired (2) - 145,203 - - - Non-performing - 156,685 12,258 1,443 7,963 Total $ 150,771 $ 3,057,210 $ 895,228 $ 311,180 $ 644,944 (1) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. (2) PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. Consumer Credit Exposure - Credit Risk Profile Based on Payment Activity Residential Real Estate Consumer December 31, 2017 FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 138,939 $ 2,819,736 $ 834,120 $ 256,225 $ 642,734 Purchased Credit-Impaired (2) - 153,991 - - - Non-performing - 178,291 10,211 1,237 5,370 Total $ 138,939 $ 3,152,018 $ 844,331 $ 257,462 $ 648,104 (1) It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. (2) PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. |
Impaired Loans | The following tables present information about impaired loans held for investment, excluding PCI loans, which are reported separately as discussed below: Impaired Loans Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment Unpaid Principal Balance Related Specific Allowance Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Related Specific Allowance (In thousands) As of September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 291,419 321,120 18,482 117,375 159,220 408,794 480,340 18,482 Commercial: Commercial mortgage loans 169,787 184,019 17,044 73,433 79,245 243,220 263,264 17,044 Commercial and Industrial loans 62,361 74,519 10,798 34,793 52,776 97,154 127,295 10,798 Construction: Land 4,972 5,872 750 160 337 5,132 6,209 750 Construction-commercial - - - - - - - - Construction-residential 809 942 156 956 1,531 1,765 2,473 156 Consumer: Auto loans 18,623 18,623 3,664 269 269 18,892 18,892 3,664 Finance leases 1,372 1,372 122 - - 1,372 1,372 122 Other consumer loans 9,761 10,498 2,297 1,920 2,281 11,681 12,779 2,297 $ 559,104 $ 616,965 $ 53,313 $ 228,906 $ 295,659 $ 788,010 $ 912,624 $ 53,313 Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment Unpaid Principal Balance Related Specific Allowance Recorded Investment Unpaid Principal Balance Recorded Investment Unpaid Principal Balance Related Specific Allowance (In thousands) As of December 31, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 316,616 349,284 22,086 116,818 154,048 433,434 503,332 22,086 Commercial: Commercial mortgage loans 87,814 124,084 9,783 65,100 100,612 152,914 224,696 9,783 Commercial and Industrial loans 90,008 112,005 12,359 28,292 31,254 118,300 143,259 12,359 Construction: Land 11,865 19,973 1,402 48 49 11,913 20,022 1,402 Construction-commercial 35,101 38,595 560 - - 35,101 38,595 560 Construction-residential 252 355 55 - - 252 355 55 Consumer: Auto loans 22,338 22,338 3,665 267 267 22,605 22,605 3,665 Finance leases 2,184 2,184 104 - - 2,184 2,184 104 Other consumer loans 11,084 11,830 1,396 2,521 3,688 13,605 15,518 1,396 $ 577,262 $ 680,648 $ 51,410 $ 213,046 $ 289,918 $ 790,308 $ 970,566 $ 51,410 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 411,393 4,641 410 5,051 Commercial: Commercial mortgage loans 244,802 2,198 656 2,854 Commercial and Industrial loans 98,903 557 2 559 Construction: Land 5,204 23 5 28 Construction-commercial - - - - Construction-residential 1,766 - - - Consumer: Auto loans 19,479 362 - 362 Finance leases 1,444 27 - 27 Other consumer loans 11,925 274 53 327 $ 794,916 $ 8,082 $ 1,126 $ 9,208 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) For the quarter ended September 30, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 427,858 4,409 402 4,811 Commercial: Commercial mortgage loans 158,438 764 85 849 Commercial and Industrial loans 110,184 454 174 628 Construction: Land 14,634 122 9 131 Construction-commercial 35,520 - - - Construction-residential 252 - - - Consumer: Auto loans 24,049 462 - 462 Finance leases 2,354 43 - 43 Other consumer loans 14,268 388 40 428 $ 787,557 $ 6,642 $ 710 $ 7,352 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-month Period Ended September 30, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 415,561 13,369 1,080 14,449 Commercial: Commercial mortgage loans 248,919 2,775 2,038 4,813 Commercial and Industrial loans 102,410 1,438 6 1,444 Construction: Land 5,260 70 20 90 Construction-commercial - - - - Construction-residential 1,765 - - - Consumer: Auto loans 20,527 1,122 - 1,122 Finance leases 1,582 84 - 84 Other consumer loans 12,353 754 127 881 $ 808,377 $ 19,612 $ 3,271 $ 22,883 Average Recorded Investment Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Nine-Month Period Ended September 30, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 431,741 13,170 1,548 14,718 Commercial: Commercial mortgage loans 176,757 1,621 287 1,908 Commercial and Industrial loans 112,642 952 211 1,163 Construction: Land 14,800 358 32 390 Construction-commercial 36,101 - - - Construction-residential 252 - - - Consumer: Auto loans 25,274 1,357 - 1,357 Finance leases 2,532 140 - 140 Other consumer loans 14,441 1,027 105 1,132 $ 814,540 $ 18,625 $ 2,183 $ 20,808 |
Activity for Impaired loans | The following tables show the activity for impaired loans and the related specific reserve for the quarters and nine-month periods ended September 30, 2018 and 2017: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Impaired Loans: Balance at beginning of period $ 740,134 $ 735,625 $ 790,308 $ 887,905 Loans determined impaired during the period 119,064 71,884 214,745 110,488 Charge-offs (1)(2) (18,035) (6,472) (48,455) (66,959) Loans sold, net of charge-offs - - (4,121) (53,245) Increases to existing impaired loans 128 3,215 7,203 4,454 Foreclosures (8,293) (5,657) (27,745) (36,347) Loans no longer considered impaired (1,146) (542) (5,086) (3,324) Loans transferred to held for sale (16,839) - (74,052) - Paid in full, partial payments and other (27,003) (18,794) (64,787) (63,713) Balance at end of period $ 788,010 $ 779,259 $ 788,010 $ 779,259 (1) For the quarter ended September 30, 2018, includes charge-offs totaling $12.5 million associated with the $17.2 million in non-performing loans transferred to held for sale in the third quarter of 2018. (2) For the nine-month period ended September 30, 2018, includes charge-offs totaling $22.2 million associated with the $74.4 million in non-performing loans transferred to held for sale during the first nine-months of 2018. |
Activity for Specific Reserve | Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Specific Reserve: Balance at beginning of period $ 49,514 $ 40,794 $ 51,410 64,421 Provision for loan losses 21,821 13,819 50,277 50,014 Net charge-offs (18,022) (6,458) (48,374) (66,280) Balance at end of period $ 53,313 $ 48,155 $ 53,313 $ 48,155 |
Carrying Value of Acquired Loans | The carrying amounts of PCI loans were as follows: As of September 30, December 31, 2018 2017 (In thousands) Residential mortgage loans $ 145,203 $ 153,991 Commercial mortgage loans 3,919 4,183 Total PCI loans $ 149,122 $ 158,174 Allowance for loan losses (11,354) (11,251) Total PCI loans, net of allowance for loan losses $ 137,768 $ 146,923 |
Accretable Yield | Changes in the accretable yield of PCI loans for the quarters and nine-month periods ended September 30, 2018 and 2017 were as follows: Quarter Ended Nine-Month Period Ended September 30, September 30, September 30, September 30, 2018 2017 2018 2017 (In thousands) Balance at beginning of period $ 98,489 $ 108,971 $ 103,682 $ 116,462 Accretion recognized in earnings (2,524) (2,656) (7,717) (8,177) Reclassification (to) from non-accretable - - - (1,970) Balance at end of period $ 95,965 $ 106,315 $ 95,965 $ 106,315 |
Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type | Selected information on TDR loans held for investment that included the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all TDRs held for investment: September 30, 2018 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Forbearance Agreement Other (1) Total (In thousands) Troubled Debt Restructurings: Non - FHA/VA residential mortgage loans $ 24,053 $ 11,496 $ 245,022 $ - $ 158 $ 59,540 $ 340,269 Commercial Mortgage loans (2) 4,400 30,980 124,493 - - 9,332 169,205 Commercial and Industrial loans (3) 688 19,963 13,323 - 4,225 41,512 79,711 Construction loans: Land 16 104 2,016 - - 339 2,475 Construction-commercial (4) - 3,102 - - - 217 3,319 Construction-residential - - - - - - - Consumer loans - Auto - 1,627 11,066 - - 6,199 18,892 Finance leases - 116 1,256 - - - 1,372 Consumer loans - Other 1,299 1,398 5,772 228 - 1,780 10,477 Total Troubled Debt Restructurings $ 30,456 $ 68,786 $ 402,948 $ 228 $ 4,383 $ 118,919 $ 625,720 (1) Other concessions granted by the Corporation included 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 commercial mortgage TDR loans held for sale amounting to $3.6 million as of September 30, 2018. (3) Excludes commercial and industrial TDR loans held for sale amounting to $0.9 million as of September 30, 2018. (4) Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018. December 31, 2017 Interest rate below market Maturity or term extension Combination of reduction in interest rate and extension of maturity Forgiveness of principal and/or interest Forbearance Agreement Other (1) Total (In thousands) Troubled Debt Restructurings: Non - FHA/VA residential mortgage loans $ 25,964 $ 8,318 $ 267,578 $ - $ - $ 62,070 $ 363,930 Commercial Mortgage loans 6,563 2,094 31,870 - - 10,285 50,812 Commercial and Industrial loans 2,510 20,648 16,049 - 6,623 48,282 94,112 Construction loans: Land 18 3,941 2,186 - - 331 6,476 Construction-commercial - - - 35,100 - - 35,100 Construction-residential - - - - - 217 217 Consumer loans - Auto - 1,347 14,233 - - 7,025 22,605 Finance leases - 238 1,946 - - - 2,184 Consumer loans - Other 892 2,097 6,891 217 - 1,686 11,783 Total Troubled Debt Restructurings $ 35,947 $ 38,683 $ 340,753 $ 35,317 $ 6,623 $ 129,896 $ 587,219 (1) Other concessions granted by the Corporation included 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. |
Corporation's TDR Activity | The following table presents the Corporationʼs TDR loans held for investment activity: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Beginning balance of TDRs $ 557,196 $ 568,543 $ 587,219 $ 647,048 New TDRs 107,357 29,101 164,004 83,368 Increases to existing TDRs 78 2,650 6,924 3,404 Charge-offs post modification (1)(2)(3) (7,549) (2,949) (25,336) (26,976) Sales, net of charge-offs - - - (53,245) Foreclosures (4,898) (3,564) (15,700) (24,085) TDR transferred to held for sale, net of charge-offs (4,541) - (34,541) - Paid-off, partial payments and other (21,923) (7,986) (56,850) (43,719) Ending balance of TDRs $ 625,720 $ 585,795 $ 625,720 $ 585,795 (1) The quarter ended September 30, 2018 includes charge-offs of $3.4 million associated with $4.5 million in commercial loans transferred to held for sale. (2) The nine-month period ended September 30, 2018 includes charge-offs totaling $8.5 million associated with $34.5 in million commercial and construction loans transferred to held for sale. (3) The nine-month period ended September 30, 2017 includes a charge-off of $10.7 million related to the sale of the PREPA credit line. |
Breakdown Between Accrual and Nonaccrual Status of TDRs | The following table provides a breakdown of the TDR loans held for investment by those in accrual and nonaccrual status: As of September 30, 2018 Accrual Nonaccrual (1) Total TDRs (In thousands) Non-FHA/VA residential mortgage loans $ 270,067 $ 70,202 $ 340,269 Commercial Mortgage loans (2) 146,293 22,912 169,205 Commercial and Industrial loans (3) 70,416 9,295 79,711 Construction loans: Land 1,080 3,939 5,019 Construction-commercial (4) - - - Construction-residential - 775 775 Consumer loans - Auto 12,541 6,350 18,891 Finance leases 1,273 99 1,372 Consumer loans - Other 9,176 1,302 10,478 Total Troubled Debt Restructurings $ 510,846 $ 114,874 $ 625,720 (1) Included in non-accrual loans are $20.7 million in loans that were performing under the terms of the restructuring agreement but are reported in nonaccrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible. (2) Excludes commercial mortgage TDR loans held for sale amounting to $3.6 million as of September 30, 2018. (3) Excludes commercial and industrial TDR loans held for sale amounting to $0.9 million as of September 30, 2018. (4) Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018. As of December 31, 2017 Accrual Nonaccrual (1) Total TDRs (In thousands) Non-FHA/VA residential mortgage loans $ 280,729 $ 83,201 $ 363,930 Commercial Mortgage loans 23,329 27,483 50,812 Commercial and Industrial loans 41,536 52,576 94,112 Construction loans: Land 1,291 5,185 6,476 Construction-commercial - 35,100 35,100 Construction-residential - 217 217 Consumer loans - Auto 15,548 7,057 22,605 Finance leases 1,968 216 2,184 Consumer loans - Other 10,294 1,489 11,783 Total Troubled Debt Restructurings $ 374,695 $ 212,524 $ 587,219 (1) Included in non-accrual loans are $88.6 million in loans that were performing under the terms of the 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 are deemed fully collectible. |
Schedule Of Troubled Debt Restructurings Table [Text Block] | TDR loans exclude restructured residential mortgage loans that are government-guaranteed (e.g., FHA/VA loans) totaling $ 60.7 million as of September 30, 2018 (compared with $ 62.1 million as of December 31, 2017). The Corporation excludes FHA/VA guaranteed loans from TDR loan statistics given that, in the event that the borrower defaults on the loan, the principal and interest (at the specified 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 U.S. federal government guarantees to be impaired loans for the purpose of calculating the allowance for loan and lease losses. Loan modifications that are considered TDR loans completed during the quarte rs and nine-month periods ended September 30, 2018 and 2017, were as follows: Quarter Ended September 30, 2018 Number of contracts Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 27 $ 6,316 $ 5,729 Commercial Mortgage loans 4 96,088 95,867 Commercial and Industrial loans 2 2,800 2,786 Construction loans: Construction-residential 1 587 558 Consumer loans - Auto 74 1,281 1,281 Finance leases 5 82 80 Consumer loans - Other 198 1,038 1,056 Total Troubled Debt Restructurings 311 $ 108,192 $ 107,357 Nine-Month Period Ended September 30, 2018 Number of contracts Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 70 $ 10,958 $ 10,277 Commercial Mortgage loans 9 138,599 138,390 Commercial and Industrial loans 8 8,850 8,496 Construction loans: Land 1 97 97 Construction-residential 1 587 558 Consumer loans - Auto 195 3,206 3,200 Finance leases 5 82 80 Consumer loans - Other 565 2,857 2,906 Total Troubled Debt Restructurings 854 $ 165,236 $ 164,004 Quarter Ended September 30, 2017 Number of contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 25 $ 3,358 $ 3,358 Commercial Mortgage loans 4 2,569 2,318 Commercial and Industrial loans 8 21,079 21,019 Construction loans: Land 1 18 18 Consumer loans - Auto 109 1,568 1,568 Consumer loans - Other 199 796 820 Total Troubled Debt Restructurings 346 $ 29,388 $ 29,101 Nine-Month Period Ended September 30, 2017 Number of contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 113 $ 17,585 $ 17,349 Commercial Mortgage loans 12 25,274 24,783 Commercial and Industrial loans 13 32,153 32,093 Construction loans: Land 2 43 46 Consumer loans - Auto 383 5,741 5,741 Finance leases 22 548 548 Consumer loans - Other 602 2,756 2,808 Total Troubled Debt Restructurings 1,147 $ 84,100 $ 83,368 |
Loan Modifications Considered Troubled Debt Restructurings Defaulted | Quarter Ended September 30, 2018 2017 Number of contracts Recorded Investment Number of contracts Recorded Investment (Dollars in thousands) Non-FHA/VA residential mortgage loans 3 $ 338 16 $ 1,795 Consumer loans - Auto 34 559 4 59 Consumer loans - Other 18 59 53 223 Total 55 $ 956 73 $ 2,077 Nine-Month Period Ended September 30, 2018 2017 Number of contracts Recorded Investment Number of contracts Recorded Investment (Dollars in thousands) Non-FHA/VA residential mortgage loans 13 $ 1,406 38 $ 4,686 Commercial Mortgage loans - - 1 57 Consumer loans - Auto 67 1,096 13 189 Consumer loans - Other 57 213 99 387 Finance leases 1 22 - - Total 138 $ 2,737 151 $ 5,319 |
Loan Restructuring and Effect on Allowance for Loan and Lease Losses | The following table provides addit ional information about the volume of this type of loan restructuring as of September 30, 2018 and 2017 and the effect on the allowance for loan and lease losses in the first nine months of 2018 and 2017 : September 30, 2018 September 30, 2017 (In thousands) Principal balance deemed collectible at end of period $ 65,706 $ 35,603 Amount charged off $ 1,137 $ - Charges (release) to the provision for loan losses $ 1,407 $ (1,080) Allowance for loan losses at end of period $ 4,116 $ 4,061 A pproximately $ 63.1 million of the loans restructured using the A/B note restructure workout strategy were in accrual status as of September 30, 2018 . These loans continue to be individually evaluated for impairment purposes . |
Past Due Purchased Credit Impaired Table [Text Block] | The following tables present PCI loans by past due status as of September 30, 2018 and December 31, 2017: As of September 30, 2018 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 7,823 $ 28,179 $ 36,002 $ 109,201 $ 145,203 Commercial mortgage loans - - 2,960 2,960 959 3,919 Total (1) $ - $ 7,823 $ 31,139 $ 38,962 $ 110,160 $ 149,122 _____________ (1) According to the Corporationʼs 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 and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans past due 30-59 days as of September 30, 2018 amounted to $12.3 million. No PCI commercial mortgage loan was 30-59 days past due as of September 30, 2018. As of December 31, 2017 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 16,600 $ 26,471 $ 43,071 $ 110,920 $ 153,991 Commercial mortgage loans - 355 2,834 3,189 994 4,183 Total (1) $ - $ 16,955 $ 29,305 $ 46,260 $ 111,914 $ 158,174 (1) According to the Corporationʼs 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 and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans and commercial mortgage loans past due 30-59 days as of December 31, 2017 amounted to $28.1 million and $0.2 million, respectively. |
Changes In Carrying Amount Of Purchased Credit Impaired Loans Table [Text Block] | Changes in the carrying amount of PCI loans accounted for pursuant to ASC Topic 310-30 were as follows: Quarter Ended Nine-Month Period Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 (In thousands) Balance at beginning of period $ 152,242 $ 160,368 $ 158,174 $ 165,818 Accretion 2,524 2,656 7,717 8,177 Collections (4,835) (4,225) (12,590) (13,327) Foreclosures (809) (1,005) (4,179) (2,874) Ending balance $ 149,122 $ 157,794 $ 149,122 $ 157,794 Allowance for loan losses (11,354) (10,235) (11,354) (10,235) Ending balance, net of allowance for loan losses $ 137,768 $ 147,559 $ 137,768 $ 147,559 |
Allowance For Credit Losses On Purchased Credit Impaired Loans Table [Text Block] | Changes in the allowance for loan losses related to PCI loans were as follows: Quarter Ended Nine-Month Period Ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 (In thousands) Balance at beginning of period $ 11,354 $ 9,446 $ 11,251 $ 6,857 Provision for loan losses - 789 103 3,378 Balance at the end of period $ 11,354 $ 10,235 $ 11,354 $ 10,235 |
ALLOWANCE FOR LOAN AND LEASE _2
ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Changes in Allowance for Loan and Lease Losses | The changes in the allowance for loan and lease losses were as follows: Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Quarter ended September 30, 2018 Allowance for loan and lease losses: Beginning balance $ 55,130 $ 48,718 $ 44,000 $ 3,949 $ 70,238 $ 222,035 Charge-offs (8,316) (9,850) (2,242) (2,192) (13,712) (36,312) Recoveries 833 291 127 14 2,051 3,316 Provision 360 10,111 2,281 1,308 (2,536) 11,524 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: purchased credit-impaired loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Nine-Month Period Ended September 30, 2018 Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (17,231) (20,557) (9,282) (8,187) (38,111) (93,368) Recoveries 1,857 378 1,565 165 6,519 10,484 Provision 4,406 20,956 3,012 6,579 16,651 51,604 Ending balance $ 48,007 $ 49,270 $ 44,166 $ 3,079 $ 56,041 $ 200,563 Ending balance: specific reserve for impaired loans $ 18,482 $ 17,044 $ 10,798 $ 906 $ 6,083 $ 53,313 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 18,571 $ 31,826 $ 33,368 $ 2,173 $ 49,958 $ 135,896 Loans held for investment: Ending balance $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Ending balance: impaired loans $ 408,794 $ 243,220 $ 97,154 $ 6,897 $ 31,945 $ 788,010 Ending balance: purchased credit-impaired loans $ 145,203 $ 3,919 $ - $ - $ - $ 149,122 Ending balance: loans with general allowance $ 2,653,984 $ 1,259,363 $ 1,971,102 $ 75,965 $ 1,819,407 $ 7,779,821 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Quarter ended September 30, 2017 Allowance for loan and lease losses: Beginning balance $ 40,587 $ 38,576 $ 42,082 $ 3,736 $ 48,504 $ 173,485 Charge-offs (7,177) (266) (738) (47) (11,141) (19,369) Recoveries 321 43 114 16 1,247 1,741 Provision (release) 23,321 17,590 (1,079) 242 34,939 75,013 Ending balance $ 57,052 $ 55,943 $ 40,379 $ 3,947 $ 73,549 $ 230,870 Ending balance: specific reserve for impaired loans $ 19,417 $ 10,456 $ 11,240 $ 1,865 $ 5,177 $ 48,155 Ending balance: purchased credit-impaired loans (1) $ 9,863 $ 372 $ - $ - $ - $ 10,235 Ending balance: general allowance $ 27,772 $ 45,115 $ 29,139 $ 2,082 $ 68,372 $ 172,480 Loans held for investment: Ending balance $ 3,274,340 $ 1,601,638 $ 2,144,236 $ 129,460 $ 1,727,540 $ 8,877,214 Ending balance: impaired loans $ 425,835 $ 153,875 $ 110,939 $ 50,373 $ 38,237 $ 779,259 Ending balance: purchased credit-impaired loans $ 153,609 $ 4,185 $ - $ - $ - $ 157,794 Ending balance: loans with general allowance $ 2,694,896 $ 1,443,578 $ 2,033,297 $ 79,087 $ 1,689,303 $ 7,940,161 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Construction Loans Consumer Loans Total (In thousands) Nine-Month Period Ended September 30, 2017 Allowance for loan and lease losses: Beginning balance $ 33,980 $ 57,261 $ 61,953 $ 2,562 $ 49,847 $ 205,603 Charge-offs (22,369) (32,123) (19,168) (705) (33,386) (107,751) Recoveries 1,961 151 5,613 594 6,148 14,467 Provision (release) 43,480 30,654 (8,019) 1,496 50,940 118,551 Ending balance $ 57,052 $ 55,943 $ 40,379 $ 3,947 $ 73,549 $ 230,870 Ending balance: specific reserve for impaired loans $ 19,417 $ 10,456 $ 11,240 $ 1,865 $ 5,177 $ 48,155 Ending balance: purchased credit-impaired loans (1) $ 9,863 $ 372 $ - $ - $ - $ 10,235 Ending balance: general allowance $ 27,772 $ 45,115 $ 29,139 $ 2,082 $ 68,372 $ 172,480 Loans held for investment: Ending balance $ 3,274,340 $ 1,601,638 $ 2,144,236 $ 129,460 $ 1,727,540 $ 8,877,214 Ending balance: impaired loans $ 425,835 $ 153,875 $ 110,939 $ 50,373 $ 38,237 $ 779,259 Ending balance: purchased credit-impaired loans $ 153,609 $ 4,185 $ - $ - $ - $ 157,794 Ending balance: loans with general allowance $ 2,694,896 $ 1,443,578 $ 2,033,297 $ 79,087 $ 1,689,303 $ 7,940,161 (1) Refer to Note 7- Loans Held For Investment-PCI Loans, for a detail of changes in the allowance for loan losses related to PCI loans. The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of September 30, 2018 and December 31, 2017: As of September 30, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 117,375 $ 73,433 $ 34,793 $ 1,116 $ 2,189 $ 228,906 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 291,419 169,787 62,361 5,781 29,756 559,104 Allowance for loan and lease losses 18,482 17,044 10,798 906 6,083 53,313 Allowance for loan and lease losses to principal balance 6.34 % 10.04 % 17.32 % 15.67 % 20.44 % 9.54 % PCI loans: Carrying value of PCI loans 145,203 3,919 - - - 149,122 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.54 % 10.21 % - - - 7.61 % Loans with general allowance: Principal balance of loans 2,653,984 1,259,363 1,971,102 75,965 1,819,407 7,779,821 Allowance for loan and lease losses 18,571 31,826 33,368 2,173 49,958 135,896 Allowance for loan and lease losses to principal balance 0.70 % 2.53 % 1.69 % 2.86 % 2.75 % 1.75 % Total loans held for investment: Principal balance of loans $ 3,207,981 $ 1,506,502 $ 2,068,256 $ 82,862 $ 1,851,352 $ 8,716,953 Allowance for loan and lease losses 48,007 49,270 44,166 3,079 56,041 200,563 Allowance for loan and lease losses to principal balance (1) 1.50 % 3.27 % 2.14 % 3.72 % 3.03 % 2.30 % As of December 31, 2017 Residential Mortgage Loans Commercial Mortgage Loans Commercial & Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 116,818 $ 65,100 $ 28,292 $ 48 $ 2,788 $ 213,046 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 316,616 87,814 90,008 47,218 35,606 577,262 Allowance for loan and lease losses 22,086 9,783 12,359 2,017 5,165 51,410 Allowance for loan and lease losses to principal balance 6.98 % 11.14 % 13.73 % 4.27 % 14.51 % 8.91 % PCI loans: Carrying value of PCI loans 153,991 4,183 - - - 158,174 Allowance for PCI loans 10,873 378 - - - 11,251 Allowance for PCI loans to carrying value 7.06 % 9.04 % - - - 7.11 % Loans with general allowance: Principal balance of loans 2,703,532 1,457,875 1,964,953 64,131 1,711,503 7,901,994 Allowance for loan and lease losses 26,016 38,332 36,512 2,505 65,817 169,182 Allowance for loan and lease losses to principal balance 0.96 % 2.63 % 1.86 % 3.91 % 3.85 % 2.14 % Total loans held for investment: Principal balance of loans $ 3,290,957 $ 1,614,972 $ 2,083,253 $ 111,397 $ 1,749,897 $ 8,850,476 Allowance for loan and lease losses 58,975 48,493 48,871 4,522 70,982 231,843 Allowance for loan and lease losses to principal balance (1) 1.79 % 3.00 % 2.35 % 4.06 % 4.06 % 2.62 % __________ (1) Loans used in the denominator include PCI loans of $149.1 million and $158.2 million as of September 30, 2018 and December 31, 2017, respectively. However, the Corporation separately tracks and reports PCI loans and excludes these loans from the amounts of non-performing loans, impaired loans, TDRs and non-performing assets. |
LOANS HELD FOR SALE (Tables)
LOANS HELD FOR SALE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Portfolio of Loans Held for Sale | The following provides information about the loan portfolio held for investment: As of September 30, As of December 31, 2018 2017 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 3,207,981 $ 3,290,957 Commercial loans: Construction loans (1) 82,862 111,397 Commercial mortgage loans (1) 1,506,502 1,614,972 Commercial and Industrial loans (1)(2) 2,068,256 2,083,253 Total commercial loans 3,657,620 3,809,622 Finance leases 311,180 257,462 Consumer loans 1,540,172 1,492,435 Loans held for investment 8,716,953 8,850,476 Allowance for loan and lease losses (200,563) (231,843) Loans held for investment, net $ 8,516,390 $ 8,618,633 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. (2) As of September 30, 2018 and December 31, 2017, $802.7 million and $833.5 million, respectively, of commercial loans were secured by real estate but are not dependent upon the real estate for repayment. |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | |
Loans and Leases Receivable Disclosure [Line Items] | |
Portfolio of Loans Held for Sale | The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of: September 30, 2018 December 31, 2017 (In thousands) Residential mortgage loans $ 21,562 $ 24,690 Construction loans (1) 30,015 8,290 Commercial and Industrial loans (1) 1,790 - Commercial mortgage loans (1) 12,372 - Total $ 65,739 $ 32,980 (1) During the first nine months of 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in non-performing loans to held for sale. Loans transferred to held for sale consisted of non-performing commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), non-performing construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and non-performing commercial and industrial loans totaling $1.8 million (net of fair value write-downs of $1.7 million). Approximately $27.2 million of the commercial mortgage loans transferred to loan held for sale were eventually sold during the second quarter and third quarters of 2018. In addition, during the third quarter of 2018, the Corporation sold the non-performing construction loan that was outstanding as of December 31, 2017 that was carried at a book value of $7.7 million at the time of sale. |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate Owned Disclosure Of Detailed Components [Abstract] | |
Schedule Of Other Real Estate Assets And Foreclosed Properties [Table Text Block] | The following table presents OREO inventory as of the dates indicated: September 30, December 31, 2018 2017 (In thousands) OREO OREO balances, carrying value: Residential (1) $ 49,287 $ 54,381 Commercial 75,292 82,871 Construction 10,639 10,688 Total $ 135,218 $ 147,940 (1) Excludes $14.5 million and $21.3 million as of September 30, 2018 and December 31, 2017, respectively, of foreclosures that meet the conditions of ASC Topic 310-40 and are presented as a receivable (other assets) in the statement of financial condition. |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of All Derivative Instruments | The following table summarizes the notional amounts of all derivative instruments: Notional Amounts (1) As of As of September 30, December 31, 2018 2017 (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements $ 89,510 $ 91,010 Purchased interest rate cap agreements 89,510 91,010 Forward Contracts: Sale of TBA GNMA MBS pools 28,000 26,000 Forward loan sales commitments 5,005 - $ 212,025 $ 208,020 (1) Notional amounts are presented on a gross basis with no netting of offsetting exposure positions. |
Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition | The following table summarizes for derivative instruments their fair values and location in the consolidated statements of financial condition: Asset Derivatives Liability Derivatives Statement of September 30, December 31, September 30, December 31, Financial 2018 2017 2018 2017 Condition Location Fair Value Fair Value Statement of Financial Condition Location Fair Value Fair Value (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements Other assets $ - $ - Accounts payable and other liabilities $ 815 $ 305 Purchased interest rate cap agreements Other assets 815 305 Accounts payable and other liabilities - - Forward Contracts: Sales of TBA GNMA MBS pools Other assets 116 7 Accounts payable and other liabilities 20 19 Forward loan sales commitments Other assets - - Accounts payable and other liabilities - - $ 931 $ 312 $ 835 $ 324 |
Effect of Derivative Instruments on Statement of Income (Loss) | The following table summarizes the effect of derivative instruments on the consolidated statements of income: (Loss) or Gain (Loss) or Gain Location of (Loss) or Gain Quarter Ended Nine-Month Period Ended Recognized in Statement September 30, September 30, of Income on Derivatives 2018 2017 2018 2017 (In thousands) UNDESIGNATED ECONOMIC HEDGES: Interest rate contracts: Written and purchased interest rate cap agreements Interest income - Loans $ - $ (1) $ - $ (2) Forward contracts: Sales of TBA GNMA MBS pools Mortgage Banking Activities - - - - Forward loan sales commitments Mortgage Banking Activities 211 (34) 108 274 Total (loss) gain on derivatives $ 211 $ (35) $ 108 $ 272 |
OFFSETTING OF ASSETS AND LIAB_2
OFFSETTING OF ASSETS AND LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Offsetting [Abstract] | |
Offsetting of assets and liabilties | Offsetting of Financial Assets and Derivative Assets 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 As of September 30, 2018 Net Amount (In thousands) Description Derivatives $ 815 $ - $ 815 $ - $ (815) $ - Securities purchased under agreements to resell 200,000 (200,000) - - - - Total $ 200,815 $ (200,000) $ 815 $ - $ (815) $ - 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 As of December 31, 2017 Net Amount (In thousands) Description Derivatives $ 305 $ - $ 305 $ (305) $ - $ - Securities purchased under agreements to resell 200,000 (200,000) - - - - Total $ 200,305 $ (200,000) $ 305 $ (305) $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities 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 As of September 30, 2018 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 300,000 $ (200,000) $ 100,000 $ (100,000) $ - $ - 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 As of December 31, 2017 Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 500,000 $ (200,000) $ 300,000 $ (300,000) $ - $ - |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
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 statements of financial condition: As of As of September 30, December 31, 2018 2017 (Dollars in thousands) Core deposit intangible: Gross amount $ 51,664 $ 51,664 Accumulated amortization (1) (47,079) (46,186) Net carrying amount $ 4,585 $ 5,478 Remaining amortization period 6.3 years 7.0 years Purchased credit card relationship intangible: Gross amount $ 24,465 $ 24,465 Accumulated amortization (2) (18,189) (16,465) Net carrying amount $ 6,276 $ 8,000 Remaining amortization period 3.1 years 3.9 years Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (3) (406) (292) Net carrying amount $ 661 $ 775 Remaining amortization period 4.3 years 5.0 years (1) For the quarter and nine-month period ended September 30, 2018, the amortization expense of core deposit intangibles amounted to $0.3 million and $0.9 million, respectively (2017 - $0.4 million and $1.3 million, respectively). (2) For the quarter and nine-month period ended September 30, 2018, the amortization expense of the purchased credit card relationship intangible amounted to $0.6 million and $1.7 million, respectively (2017 - $0.6 million and $1.9 million, respectively). (3) For the quarter and nine-month period ended September 30, 2018, the amortization expense of the insurance customer relationship intangible amounted to $38 thousand and $0.1 million, respectively (2017 - $38 thousand and $0.1 million, respectively). The estimated aggregate annual amortization expense related to the intangible assets for future periods is as follows: Amount (In thousands) 2018 $ 860 2019 3,088 2020 2,851 2021 2,658 2022 915 2023 and after 1,150 |
NON-CONSOLIDATED VARIABLE INT_2
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Transfers and Servicing [Abstract] | |
Changes in Servicing Assets | The changes in servicing assets are shown below: Quarter Ended Nine-Month Period Ended September 30, September 30, (In thousands) 2018 2017 2018 2017 Balance at beginning of period $ 27,191 $ 26,502 $ 25,255 $ 26,244 Capitalization of servicing assets 1,003 833 3,028 2,757 Amortization (722) (775) (2,188) (2,342) Adjustment to fair value (65) (690) 1,265 (1,047) Other (1) 186 129 233 387 Balance at end of period $ 27,593 $ 25,999 $ 27,593 $ 25,999 (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 Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Balance at beginning of period $ 56 $ 197 $ 1,451 $ 461 Temporary impairment charges 65 690 102 1,047 OTTI of servicing assets - - (65) (621) Recoveries - - (1,367) - Balance at end of period $ 121 $ 887 $ 121 $ 887 |
Components of Net Servicing Income | The components of net servicing income are shown below: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Servicing fees $ 2,084 $ 1,898 $ 6,262 $ 5,897 Late charges and prepayment penalties 114 103 380 340 Adjustment for loans repurchased 186 129 233 387 Other (8) - (8) (35) Servicing income, gross 2,376 2,130 6,867 6,589 Amortization and impairment of servicing assets (787) (1,464) (923) (3,389) Servicing income, net $ 1,589 $ 666 $ 5,944 $ 3,200 |
Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans | The Corporation’s servicing assets are subject to prepayment and interest rate risks. Key economic assumptions used in determining the fair value at the time of sale of the related mortgages ranged as follows: Maximum Minimum Nine-Month Period Ended September 30, 2018: Constant prepayment rate: Government-guaranteed mortgage loans 5.9 % 5.6 % Conventional conforming mortgage loans 6.4 % 6.2 % Conventional non-conforming mortgage loans 9.8 % 9.1 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % Nine-Month Period Ended September 30, 2017: Constant prepayment rate: Government-guaranteed mortgage loans 6.2 % 6.0 % Conventional conforming mortgage loans 6.7 % 6.3 % Conventional non-conforming mortgage loans 9.5 % 9.1 % Discount rate: Government-guaranteed mortgage loans 12.0 % 12.0 % Conventional conforming mortgage loans 10.0 % 10.0 % Conventional non-conforming mortgage loans 14.3 % 14.3 % |
Weighted-Averages of Key Economic Assumptions in Valuation Model | The weighted averages of the key economic assumptions that the Corporation used in its valuation model and the sensitivity of the current fair value to immediate 1 0 % and 20 % adverse changes in those as sumptions for mortgage loans as of September 30, 2018 were as follows: (Dollars in thousands) Carrying amount of servicing assets $ 27,593 Fair value $ 32,304 Weighted-average expected life (in years) 8.45 Constant prepayment rate (weighted-average annual rate) 6.14% Decrease in fair value due to 10% adverse change $ 774 Decrease in fair value due to 20% adverse change $ 1,516 Discount rate (weighted-average annual rate) 11.25% Decrease in fair value due to 10% adverse change $ 1,613 Decrease in fair value due to 20% adverse change $ 3,088 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Summary of Deposit Balances | The following table summarizes deposit balances as of the dates indicated: September 30, December 31, 2018 2017 (In thousands) Type of account: Non-interest-bearing checking accounts $ 2,321,050 $ 1,833,665 Savings accounts 2,371,390 2,401,385 Interest-bearing checking accounts 1,414,267 1,207,511 Certificates of deposit 2,367,795 2,429,585 Brokered certificates of deposit (CDs) 673,741 1,150,485 Total $ 9,148,243 $ 9,022,631 |
Brokered Certificates Of Deposit Mature | Brokered CDs mature as follows: September 30, 2018 (In thousands) Three months or less $ 180,112 Over three months to six months 85,996 Over six months to one year 103,513 Over one year to three years 249,270 Over three years to five years 53,469 Over five years 1,381 Total $ 673,741 |
Components of Interest Expense on Deposits | The following are the components of interest expense on deposits: Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) Interest expense on deposits $ 16,709 $ 16,453 $ 49,983 $ 47,804 Accretion of premium from acquisition (2) (9) (7) (47) Amortization of broker placement fees 272 454 948 1,461 Interest expense on deposits $ 16,979 $ 16,898 $ 50,924 $ 49,218 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | |
Securities Sold Under Agreements to Repurchase | Securities sold under agreements to repurchase (repurchase agreements) as of the dates indicated consisted of the following: September 30, 2018 December 31, 2017 (Dollars in thousands) Short-term fixed-rate repurchase agreement with a rate of 1.53% $ - $ 100,000 Long-term fixed-rate repurchase agreements, interest rate of 2.26% (2017-1.96% to 2.26%) (1)(2) 100,000 200,000 $ 100,000 $ 300,000 (1) Reported net of securities purchased under agreements to repurchase (reverse repurchase agreements) by counterparty, when applicable, pursuant to ASC Topic 210-20-45-11. (2) During the third quarter of 2018, the call option on a $100 million repurchase agreement that carried a cost of 1.96% was exercised. Subsequent to September 30, 2018, the lender had the option to call another repurchase agreement, which was not exercised. Repurchase agreements mature as follows: September 30, 2018 (In thousands) Three to four years $ 100,000 Repurchase agreements as of September 30, 2018, grouped by counterparty, were as follows: (Dollars in thousands) Weighted-Average Counterparty Amount Maturity (In Months) JP Morgan Chase $ 100,000 40 |
ADVANCES FROM THE FEDERAL HOM_2
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Summary of Advances from FHLB | The following is a summary of the advances from the FHLB: September 30, December 31, (Dollars in thousands) 2018 2017 Long-term fixed-rate advances from FHLB, with a weighted-average interest rate of 1.92% (2017 - 1.91%) $ 690,000 $ 715,000 Advances from FHLB mature as follows: September 30, 2018 (In thousands) Over one to three months $ 70,000 Over one to three years 420,000 Over three to four years 200,000 Total $ 690,000 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Subordinated Borrowings [Abstract] | |
Components of Other Borrowings | Other borrowings, as of the indicated dates, consisted of: September 30, December 31, 2018 2017 (In thousands) Junior subordinated debentures due in 2034, interest-bearing at a floating rate of 2.75% over 3-month LIBOR (5.08% as of September 30, 2018 and 4.35% as of December 31, 2017) (1) $ 65,593 $ 90,078 Junior subordinated debentures due in 2034, interest-bearing at a floating rate of 2.50% over 3-month LIBOR (4.84% as of September 30, 2018 and 4.12% as of December 31, 2017) 118,557 118,557 $ 184,150 $ 208,635 (1) Refer to Note 14 - Non-Consolidated Variable Interest Entities (“VIE”) and Servicing Assets-Trust-Preferred Securities, for additional information about the Corporation's repurchase and cancellation in the first quarter of 2018 of $23.8 million in trust-preferred securities associated with these junior subordinated debentures. |
OTHER COMPREHENSIVE LOSS (Table
OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following table presents changes in accumulated other comprehensive loss for the quarters and nine-month periods ended September 30, 2018 and 2017: Changes in Accumulated Other Comprehensive Loss by Component (1) Quarter ended Nine-month period September 30, September 30, September 30, September 30, 2018 2017 2018 2017 (In thousands) Unrealized net holding losses on debt securities Beginning balance $ (52,107) $ (14,625) $ (20,609) $ (34,383) Other comprehensive (loss) income (10,780) 3,719 (42,278) 11,617 Amounts reclassified from accumulated comprehensive loss - - - 11,860 Ending balance $ (62,887) $ (10,906) $ (62,887) $ (10,906) Unrealized holding losses on equity securities Beginning balance $ - $ (4) $ (6) $ (7) Reclassification to retained earnings per ASU 2016-01 - - 6 - Other comprehensive income - - - 3 Ending balance $ - $ (4) $ - $ (4) ______________________ (1) All amounts presented are net of tax. |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss during the quarters and nine-month periods ended September 30, 2018 and 2017: Reclassifications Out of Accumulated Other Comprehensive Loss Quarter ended Nine-month period ended September 30, September 30, Affected Line Item in the Consolidated Statements of Income 2018 2017 2018 2017 (In thousands) Unrealized holding losses on debt securities Realized gain (loss) on sale of debt securities Net gain on sale of investments $ - $ - $ - $ 371 OTTI on debt securities Net impairment losses on available-for-sale debt securities - - - (12,231) Total before tax $ - $ - $ - $ (11,860) Income tax - - - - Total, net of tax $ - $ - $ - $ (11,860) |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
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 September 30, 2018 As of December 31, 2017 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 (1) $ - $ - $ - $ - $ 418 $ - $ - $ 418 U.S. Treasury Securities 7,426 - - 7,426 7,401 - - 7,401 Noncallable U.S. agency debt securities - 341,720 - 341,720 - 361,971 - 361,971 Callable U.S. agency debt securities and MBS - 1,640,064 - 1,640,064 - 1,497,253 - 1,497,253 Puerto Rico government obligations - 4,142 2,798 6,940 - 4,118 2,695 6,813 Private label MBS - - 14,571 14,571 - - 17,060 17,060 Other investments - - 500 500 - - 100 100 Equity securities (1) 411 - - 411 - - - - Derivatives, included in assets: Purchased interest rate cap agreements - 815 - 815 - 305 - 305 Forward contracts - 116 - 116 - 7 - 7 Liabilities: Derivatives, included in liabilities: Written interest rate cap agreements - 815 - 815 - 305 - 305 Forward contracts - 20 - 20 - 19 - 19 (1) As of January 1, 2018, the Corporation adopted ASU 2016-01, resulting in the reclassification of equity securities from available-for-sale investment securities to other investment securities. As of December 31, 2017, equity securities had a net unrealized loss of $6 thousand. |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The table below presents a reconciliation of the beginning and ending balances of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month periods ended September 30, 2018 and 2017 . Quarter Ended September 30, 2018 2017 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 17,829 $ 19,771 Total gains (realized/unrealized): Included in other comprehensive income 35 1,754 Purchases 500 - Principal repayments and amortization (495) (1,186) Ending balance $ 17,869 $ 20,339 (1) Amounts mostly related to private label MBS. Nine-Month Period Ended September 30, 2018 2017 Level 3 Instruments Only Securities Securities (In thousands) Available For Sale (1) Available For Sale (1) Beginning balance $ 19,855 $ 22,914 Total gains (realized/unrealized): Included in other comprehensive income 228 2,500 Purchases 500 - Principal repayments and amortization (2,714) (5,075) Ending balance $ 17,869 $ 20,339 (1) Amounts mostly related to private label MBS. |
Impairment or Valuation Adjustments were Recorded for Assets Recognized at Fair Value | As of September 30, 2018, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: (Losses) Gains recorded for the Quarter Ended (Losses) Gains recorded for the Nine-Month Period Ended Carrying value as of September 30, 2018 September 30, 2018 September 30, 2018 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 442,248 $ (7,967) $ (20,622) OREO (2) - - 135,218 (3,244) (9,817) Loans held for sale (3) - - 44,177 (10,102) (14,642) (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were derived from external appraisals that took 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 values were derived from appraisals that took 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 and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans to the OREO portfolio. (3) The value of these loans was primarily derived from both external appraisals, adjusted for specific characteristics of the loans, and, for the $17.2 million in non-performing loans transferred to held for sale in the third quarter of 2018, from broker price opinions that the Corporation considered. As of September 30, 2017, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: (Losses) recorded for the Quarter Ended (Losses) recorded for the Nine-Month Period Carrying value as of September 30, 2017 September 30, 2017 September 30, 2017 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 374,740 $ (686) $ (23,467) OREO (2) - - 152,977 (818) (7,563) Mortgage servicing rights (3) - - 25,999 (690) (1,047) (1) Consists mainly of impaired commercial and construction loans. The impairments were generally measured based on the fair value of the collateral. The fair values were 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 values were 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 and net operating income of income producing properties), which are not market observable. Losses were related to market valuation adjustments after the transfer of the loans 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 include: Prepayment Rate of 6.41%, Discount Rate of 11.22%. |
Estimated Fair Value and Carrying Value of Financial Instruments | The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of September 30, 2018 and December 31, 2017: Total Carrying Amount in Statement of Financial Condition September 30, 2018 Fair Value Estimate September 30, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 656,772 $ 656,772 $ 656,772 $ - $ - Investment securities available for sale (fair value) 2,011,221 2,011,221 7,426 1,985,926 17,869 Investment securities held to maturity (amortized cost) 144,799 131,703 - - 131,703 Equity Securities (fair value) 42,274 42,274 411 41,863 - Loans held for sale (lower of cost or market) 65,739 65,907 - 21,730 44,177 Loans held for investment (amortized cost) 8,716,953 Less: allowance for loan and lease losses (200,563) Loans held for investment, net of allowance $ 8,516,390 8,174,205 - - 8,174,205 Derivatives, included in assets (fair value) 931 931 - 931 - Liabilities: Deposits (amortized cost) 9,148,243 9,151,666 - 9,151,666 - Securities sold under agreements to repurchase (amortized cost) 100,000 121,047 - 121,047 - Advances from FHLB (amortized cost) 690,000 673,788 - 673,788 - Other borrowings (amortized cost) 184,150 175,480 - - 175,480 Derivatives, included in liabilities (fair value) 835 835 - 835 - Total Carrying Amount in Statement of Financial Condition December 31, 2017 Fair Value Estimate December 31, 2017 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 716,395 $ 716,395 $ 716,395 $ - $ - Investment securities available for sale (fair value) 1,891,016 1,891,016 7,819 1,863,342 19,855 Investment securities held to maturity (amortized cost) 150,627 131,032 - - 131,032 Equity securities (fair value) 43,119 43,119 - 43,119 - Loans held for sale (lower of cost or market) 32,980 34,979 - 25,237 9,742 Loans held for investment (amortized cost) 8,850,476 Less: allowance for loan and lease losses (231,843) Loans held for investment, net of allowance $ 8,618,633 8,372,865 - - 8,372,865 Derivatives, included in assets (fair value) 312 312 - 312 - Liabilities: Deposits (amortized cost) 9,022,631 9,026,600 - 9,026,600 - Securities sold under agreements to repurchase (amortized cost) 300,000 325,913 - 325,913 - Advances from FHLB (amortized cost) 715,000 707,272 - 707,272 - Other borrowings (amortized cost) 208,635 189,424 - - 189,424 Derivatives, included in liabilities (fair value) 324 324 - 324 - |
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 as of September 30, 2018 are as follows: September 30, 2018 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 |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The tables below present qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of September 30, 2018 and December 31, 2017: September 30, 2018 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available-for-sale: Private label MBS $ 14,571 Discounted cash flows Discount rate 14.8% Prepayment rate 3.5% - 22.5% (Weighted Average 11.7%) Projected Cumulative Loss Rate 0.0% - 7.8% (Weighted Average 4%) Puerto Rico government obligations 2,798 Discounted cash flows Discount rate 5.90% Prepayment rate 3.00% December 31, 2017 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available-for-sale: Private label MBS $ 17,060 Discounted cash flows Discount rate 14.0% Prepayment rate 12.0% - 29.0% (Weighted Average 16.4%) Projected Cumulative Loss Rate 0.0% - 6.8% (Weighted Average 3.0%) Puerto Rico government obligations 2,695 Discounted cash flows Discount rate 6.61% Prepayment rate 3.00% |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue Table [TextBlock] | The following table summarizes the C orporation’s revenue, which includes net interest income on financial instruments and non-interest income, disaggregated by type of service and business segments for the quarter and nine-month period ended September 30, 2018: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Quarter ended September 30, 2018: Net interest income (1) $ 19,593 $ 59,835 $ 19,711 $ 11,282 $ 15,080 $ 7,020 $ 132,521 Service charges and fees on deposit accounts - 3,420 1,312 - 141 697 5,570 Insurance commissions - 1,392 - - 20 82 1,494 Merchant-related income - 1,003 205 - - 198 1,406 Credit and debit card fees - 4,325 310 - 157 492 5,284 Other service charges and fees 135 1,798 180 - 247 100 2,460 Not in scope of Topic 606 (1) 4,417 385 (2,692) 151 59 (11) 2,309 Total non-interest income (loss) 4,552 12,323 (685) 151 624 1,558 18,523 Total Revenue $ 24,145 $ 72,158 $ 19,026 $ 11,433 $ 15,704 $ 8,578 $ 151,044 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-month period ended September 30, 2018: Net interest income (1) $ 60,900 $ 166,022 $ 59,074 $ 36,243 $ 43,525 $ 21,921 $ 387,685 Service charges and fees on deposit accounts - 9,864 3,634 - 417 2,087 16,002 Insurance commissions - 6,154 - - 65 410 6,629 Merchant-related income - 2,612 567 - - 591 3,770 Credit and debit card fees - 12,790 901 - 436 1,552 15,679 Other service charges and fees 189 3,409 784 71 1,226 451 6,130 Not in scope of Topic 606 (1) 13,113 675 (3,101) 2,529 348 5 13,569 Total non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Total Revenue $ 74,202 $ 201,526 $ 61,859 $ 38,843 $ 46,017 $ 27,017 $ 449,464 (1) Most of the Corporation’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers . The guidance explicitly excludes net interest income from financial assets and liabilities, as well as other noninterest income from loans, leases, investment securities and derivative financial instruments. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental statement of cash flows information is as follows: Nine-Month Period Ended September 30, 2018 2017 (In thousands) Cash paid for: Interest on borrowings $ 74,674 $ 68,869 Income tax 5,290 3,205 Non-cash investing and financing activities: Additions to OREO 36,378 46,648 Additions to auto and other repossessed assets 40,873 33,113 Capitalization of servicing assets 3,028 2,757 Loan securitizations 181,169 200,236 Loans held for investment transferred to held for sale 90,319 - Loans held for sale transferred to held for investment 2,179 10,289 Property plant and equipment transferred to other assets - 1,185 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
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 September 30, 2018: Interest income $ 31,746 $ 46,052 $ 34,644 $ 15,911 $ 21,227 $ 7,912 $ 157,492 Net (charge) credit for transfer of funds (12,153) 20,947 (14,933) 6,446 (307) - - Interest expense - (7,164) - (11,075) (5,840) (892) (24,971) Net interest income 19,593 59,835 19,711 11,282 15,080 7,020 132,521 (Provision) release for loan and lease losses 635 2,485 (10,684) - (5,130) 1,170 (11,524) Non-interest income (loss) 4,552 12,323 (685) 151 624 1,558 18,523 Direct non-interest expenses (12,001) (28,210) (7,911) (878) (8,279) (7,194) (64,473) Segment income $ 12,779 $ 46,433 $ 431 $ 10,555 $ 2,295 $ 2,554 $ 75,047 Average earnings assets $ 2,248,691 $ 1,645,170 $ 2,486,910 $ 2,637,825 $ 1,752,007 $ 527,468 $ 11,298,071 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total For the quarter ended September 30, 2017: Interest income $ 32,317 $ 43,769 $ 31,083 $ 13,374 $ 18,446 $ 9,006 $ 147,995 Net (charge) credit for transfer of funds (11,268) 9,351 (8,748) 11,198 (533) - - Interest expense - (6,520) - (12,924) (4,932) (787) (25,163) Net interest income 21,049 46,600 22,335 11,648 12,981 8,219 122,832 Provision for loan and lease losses (20,495) (33,067) (13,621) - (789) (7,041) (75,013) Non-interest income 2,908 11,242 1,014 1,459 697 1,325 18,645 Direct non-interest expenses (8,174) (27,193) (8,102) (1,014) (7,605) (7,254) (59,342) Segment (loss) income $ (4,712) $ (2,418) $ 1,626 $ 12,093 $ 5,284 $ (4,751) $ 7,122 Average earnings assets $ 2,434,963 $ 1,758,653 $ 2,477,266 $ 2,228,990 $ 1,581,726 $ 602,366 $ 11,083,964 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2018 Interest income $ 95,927 $ 132,652 $ 102,255 $ 45,593 $ 61,634 $ 24,482 $ 462,543 Net (charge) credit for transfer of funds (35,027) 54,233 (43,181) 25,125 (1,150) - - Interest expense - (20,863) - (34,475) (16,959) (2,561) (74,858) Net interest income 60,900 166,022 59,074 36,243 43,525 21,921 387,685 Provision for loan and lease losses (4,004) (16,011) (19,744) - (8,186) (3,659) (51,604) Non-interest income 13,302 35,504 2,785 2,600 2,492 5,096 61,779 Direct non-interest expenses (30,192) (84,173) (22,710) (2,777) (24,768) (22,224) (186,844) Segment income $ 40,006 $ 101,342 $ 19,405 $ 36,066 $ 13,063 $ 1,134 $ 211,016 Average earnings assets $ 2,269,960 $ 1,601,812 $ 2,546,090 $ 2,597,967 $ 1,734,970 $ 546,610 $ 11,297,409 (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Nine-Month Period Ended September 30, 2017 Interest income $ 99,361 $ 130,055 $ 90,858 $ 41,788 $ 50,910 $ 27,625 $ 440,597 Net (charge) credit for transfer of funds (34,466) 20,799 (27,071) 41,858 (1,120) - - Interest expense - (18,603) - (36,842) (13,499) (2,368) (71,312) Net interest income 64,895 132,251 63,787 46,804 36,291 25,257 369,285 Provision for loan and lease losses (40,598) (47,976) (20,906) - (885) (8,186) (118,551) Non-interest income 11,258 37,224 2,972 (10,273) 1,776 4,480 47,437 Direct non-interest expenses (27,675) (82,677) (27,240) (3,190) (23,579) (20,922) (185,283) Segment income $ 7,880 $ 38,822 $ 18,613 $ 33,341 $ 13,603 $ 629 $ 112,888 Average earnings assets $ 2,469,037 $ 1,771,376 $ 2,500,180 $ 2,176,164 $ 1,492,727 $ 609,765 $ 11,019,249 |
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 Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 Net income : Total income for segments and other $ 75,047 $ 7,122 $ 211,016 $ 112,888 Other operating expenses (1) (26,392) (26,272) (80,264) (77,282) Income (loss) before income taxes 48,655 (19,150) 130,752 35,606 Income tax (expense) benefit (12,332) 8,398 (30,249) 7,181 Total consolidated net income (loss) $ 36,323 $ (10,752) $ 100,503 $ 42,787 Average assets: Total average earning assets for segments $ 11,298,071 $ 11,083,964 $ 11,297,409 $ 11,019,249 Average non-earning assets 929,362 900,334 945,671 896,071 Total consolidated average assets $ 12,227,433 $ 11,984,298 $ 12,243,080 $ 11,915,320 (1) 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, COMMITMEN_2
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Compliance With Regulatory Capital Requirements Under Banking Regulations [Text Block] | The regulatory capital positions of the Corporation and FirstBank as of September 30, 2018 and December 31, 2017 were as follows: Regulatory Requirements Actual For Capital Adequacy Purposes To be Well-Capitalized-General Thresholds Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of September 30, 2018 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,081,558 23.85% $ 698,271 8.0% N/A N/A FirstBank $ 2,039,091 23.36% $ 698,276 8.0% $ 872,845 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,756,702 20.13% $ 392,778 4.5% N/A N/A FirstBank $ 1,620,964 18.57% $ 392,780 4.5% $ 567,350 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,792,806 20.54% $ 523,704 6.0% N/A N/A FirstBank $ 1,928,964 22.10% $ 523,707 6.0% $ 698,276 8.0% Leverage ratio First BanCorp. $ 1,792,806 14.85% $ 483,056 4.0% N/A N/A FirstBank $ 1,928,964 15.99% $ 482,619 4.0% $ 603,274 5.0% As of December 31, 2017 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 1,989,873 22.53% $ 706,432 8.0% N/A N/A FirstBank $ 1,947,627 22.06% $ 706,218 8.0% $ 882,772 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,674,164 18.96% $ 397,368 4.5% N/A N/A FirstBank $ 1,562,431 17.70% $ 397,248 4.5% $ 573,802 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,675,282 18.97% $ 529,824 6.0% N/A N/A FirstBank $ 1,835,445 20.79% $ 529,663 6.0% $ 706,218 8.0% Leverage ratio First BanCorp. $ 1,675,282 14.03% $ 477,643 4.0% N/A N/A FirstBank $ 1,835,445 15.39% $ 477,056 4.0% $ 596,320 5.0% |
FIRST BANCORP. (Holding Compa_2
FIRST BANCORP. (Holding Company Only) Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements of Financial Condition | The following condensed financial information presents the financial position of the Holding Company only as of September 30, 2018 and December 31, 2017 and the results of its operations for the quarters and nine-month periods ended September 30, 2018 and 2017 . Statements of Financial Condition As of September 30, As of December 31, 2018 2017 (In thousands) Assets Cash and due from banks $ 20,940 $ 20,864 Money market investments 6,111 6,111 Other investment securities 285 285 Loans held for investment, net - 191 Investment in FirstBank Puerto Rico, at equity 2,062,908 2,028,641 Investment in FirstBank Insurance Agency, at equity 16,738 12,400 Investment in FBP Statutory Trust I 1,963 2,698 Investment in FBP Statutory Trust II 3,561 3,561 Other assets 2,329 3,799 Total assets $ 2,114,835 $ 2,078,550 Liabilities and Stockholdersʼ Equity Liabilities: Other borrowings $ 184,150 $ 208,635 Accounts payable and other liabilities 3,270 818 Total liabilities 187,420 209,453 Stockholdersʼ equity 1,927,415 1,869,097 Total liabilities and stockholdersʼ equity $ 2,114,835 $ 2,078,550 |
Statements of Income (Loss) | Statements of Income (Loss) Quarter Ended Nine-Month Period Ended September 30, September 30, 2018 2017 2018 2017 (In thousands) (In thousands) Income: Interest income on money market investments $ 5 $ 5 $ 15 $ 15 Interest income on loans 105 - 105 - Dividend income from banking subsidiary 2,900 1,800 28,284 5,400 Dividend income from non-banking subsidiaries - 3,000 - 3,000 Other income 70 68 203 195 3,080 4,873 28,607 8,610 Expense: Other borrowings 2,315 2,139 6,635 6,166 Other operating expenses 624 814 1,851 2,480 2,939 2,953 8,486 8,646 Gain on early extinguishment of debt - 1,391 2,316 1,391 Income before income taxes and equity in undistributed earnings (losses) of subsidiaries 141 3,311 22,437 1,355 Income tax expense - (45) - (45) Equity in undistributed earnings (losses) of subsidiaries 36,182 (14,018) 78,066 41,477 Net income (loss) $ 36,323 $ (10,752) $ 100,503 $ 42,787 Other Comprehensive (loss) income, net of tax (10,780) 3,719 (42,272) 23,480 Comprehensive income (loss) $ 25,543 $ (7,033) $ 58,231 $ 66,267 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Disclosure Basisof Presentationand Significant Accounting Policies Additional Information [Abstract] | |
Callable Debt Securities Held At Premium | $ 4,100,000 |
Callable Debt Securities Unamortized Premium | 13,000 |
ASU 2016-02 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 100,000,000 |
ASU 2016-02 [Member] | Total Assets [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Percentage | 1.00% |
UPDATE ON IMPACTS OF NATURAL _2
UPDATE ON IMPACTS OF NATURAL DISASTERS- Additional information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Liability For Catastrophe Claims [Line Items] | ||||
Proceeds from the settlement of insurance claims | $ 7,614 | $ 0 | ||
Insurance proceeds in excess of losses incurred | 478 | 0 | ||
Hurricane [Member] | ||||
Liability For Catastrophe Claims [Line Items] | ||||
Financing Receivable Allowance For Credit Losses | $ 24,900 | 24,900 | $ 66,500 | $ 55,600 |
Net Loan Loss Reserve Release | 2,800 | 11,200 | ||
Increase Decrease In Deposits Excluding Brokered Certificates Of Deposits | $ 602,400 | |||
Percentage Of Non Interest Bearing Demand Deposits | 27.00% | |||
Insurance Settlements Receivable | 4,200 | $ 4,200 | ||
Insurance proceeds in excess of losses incurred | 500 | |||
Increase Decrease In Non Interest Bearing Demand Deposits | $ 487,400 | |||
Hurricane [Member] | Consumer Portfolio Segment [Member] | ||||
Liability For Catastrophe Claims [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Write Offs | 10,900 | |||
Hurricane [Member] | Wholly Owned Properties [Member] | ||||
Liability For Catastrophe Claims [Line Items] | ||||
Proceeds from the settlement of insurance claims | 6,800 | |||
Loans Receivable [Member] | Hurricane [Member] | ||||
Liability For Catastrophe Claims [Line Items] | ||||
Proceeds from the settlement of insurance claims | $ 800 |
EARNINGS PER COMMON SHARE - Cal
EARNINGS PER COMMON SHARE - Calculations of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Income (Loss): | ||||
Net income | $ 36,323 | $ (10,752) | $ 100,503 | $ 42,787 |
Dividends on preferred stock | (669) | (669) | (2,007) | (2,007) |
Net income (loss) attributable to common stockholders | $ 35,654 | $ (11,421) | $ 98,496 | $ 40,780 |
Weighted-Average Shares: | ||||
Basic weighted-average common shares outstanding | 216,149 | 214,187 | 215,516 | 213,812 |
Average potential common shares | 626 | 0 | 1,068 | 2,322 |
Diluted weighted-average number of common shares outstanding | 216,775 | 214,187 | 216,584 | 216,134 |
Income (loss) per common share: | ||||
Basic | $ 0.16 | $ (0.05) | $ 0.46 | $ 0.19 |
Diluted | $ 0.16 | $ (0.05) | $ 0.45 | $ 0.19 |
STOCK-BASED COMPENSATION - Omni
STOCK-BASED COMPENSATION - Omnibus Plan - Additional Information (Detail) - Omnibus Plan [Member] - shares | Sep. 30, 2018 | May 24, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Authorized granting up shares | 14,169,807 | |
Restricted stock available for issuance | 6,892,855 |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Omnibus Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted shares of restricted stock | 407,886 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period | 11,000 | ||||
Omnibus Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share based compensation cost | $ 0.8 | $ 1 | $ 2.7 | $ 3 | |
Stock based compensation expense unrecognized related to nonvested shares of restricted stock | $ 2.9 | $ 2.9 | |||
Period for cost recognition not yet recognized | 1 year 4 months 24 days | ||||
Omnibus Plan [Member] | Restricted Stock [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted shares of restricted stock | 65,447 | 140,360 | |||
Restricted stock lapse, maximum | 1 year | 1 year | |||
Omnibus Plan [Member] | Restricted Stock [Member] | Management [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted shares of restricted stock | 342,439 | 951,332 | |||
Restricted stock lapse, maximum | 2 years | ||||
Retirement Eligible Shares | 20,447 | ||||
Omnibus Plan [Member] | Restricted Stock [Member] | Restricted stock vesting after two years [Member] | Management [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock vesting percentage | 50.00% | ||||
Omnibus Plan [Member] | Restricted Stock [Member] | Restricted stock vesting after three years [Member] | Management [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock vesting percentage | 50.00% | ||||
Troubled Asset Relief Program [Member] | Restricted Stock [Member] | Senior Officers [Member] | Government [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted shares of restricted stock | 838,332 |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Units - Additional Information (Detail) - Omnibus Plan [Member] - Performance Shares [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation cost | $ | $ 0.1 | $ 0.5 |
Stock based compensation expense unrecognized related to nonvested shares of restricted stock | $ | $ 1.4 | $ 1.4 |
Period for cost recognition not yet recognized | 3 years | |
Executive Officer [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted shares | shares | 304,408 | |
Restricted stock lapse, maximum | 3 years | |
Retirement Eligible Shares | shares | 29,171 | |
Performance Units Program Description | The performance units will vest based on the achievement of a pre-established tangible book value per share target as of December 31, 2020. All of the performance units will vest if performance is at the pre-established performance target level or above. However, the participants may vest on 50% of the awards to the extent that performance is below the target but at 80% of the pre-established performance target level (the 80% minimum threshold), which is measured based upon the growth in the tangible book value during the performance cycle. If performance is between the 80% minimum threshold and the pre-established performance target level, the participants will vest on a proportional amount. No performance units will vest if performance is below the 80% minimum threshold. |
STOCK-BASED COMPENSATION - Sala
STOCK-BASED COMPENSATION - Salary Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchased of common stock | 433,362 | 336,985 | ||
Omnibus Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-Average Grant Date Fair Value of Stocks | $ 6.71 | |||
Omnibus Plan [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation cost | $ 0.8 | $ 1 | $ 2.7 | $ 3 |
Repurchased of common stock | 336,985 | 243,102 | ||
Omnibus Plan [Member] | Senior Executives [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted shares | 268,709 | 427,940 | ||
Weighted-Average Grant Date Fair Value of Stocks | $ 6.51 | $ 5.88 | ||
Share based compensation cost | $ 1.7 | $ 2.5 | ||
Omnibus Plan [Member] | Senior Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchased of common stock | 96,377 | 143,509 |
STOCK-BASED COMPENSATION - Re_2
STOCK-BASED COMPENSATION - Restricted Stock Activity Under Omnibus Plan (Detail) - Omnibus Plan [Member] | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of non-vested shares of restricted stock, beginning of period | shares | 1,816,968 |
Granted shares of restricted stock | shares | 407,886 |
Forefeited | shares | (11,000) |
Vested | shares | (1,234,180) |
Number of non-vested shares of restricted stock, end of period | shares | 979,674 |
Weighted-Average Grant Date Fair Value, beginning of period | $ / shares | $ 2.76 |
Weighted-Average Grant Date Fair Value of Stocks | $ / shares | 6.71 |
Weighted-Averages Grant Date Dair Value, Forefeitures | $ / shares | 3.65 |
Weighted-Averages Grant Date Fair Value, Vested | $ / shares | 2.45 |
Weighted-Average Grant Date Fair Value, end of period | $ / shares | $ 4.79 |
INVESTMENT SECURITIES - Investm
INVESTMENT SECURITIES - Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 2,066,355 | $ 1,903,878 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,467 | 5,731 |
Gross Unrealized gain | 4,868 | 11,309 |
Gross Unrealized loss | 54,535 | 18,440 |
Investment securities available for sale | $ 2,011,221 | $ 1,891,016 |
Weighted-average yield | 2.51% | 2.27% |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 424 | |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | |
Gross Unrealized gain | 0 | |
Gross Unrealized loss | 6 | |
Investment securities available for sale | $ 418 | |
Weighted-average yield | 2.11% | |
U S Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 7,481 | |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | |
Gross Unrealized gains Due within one year | 0 | |
Gross Unrealized losses Due within one year | 55 | |
Fair value Due within one year | $ 7,426 | |
Weighted-average yield Due within one year | 1.29% | |
Amortized cost After 1 to 5 years | $ 7,458 | |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | |
Gross Unrealized gains After 1 to 5 years | 0 | |
Gross Unrealized losses After 1 to 5 years | 57 | |
Fair value After 1 to 5 years | $ 7,401 | |
Weighted-average yield After 1 to 5 years | 1.29% | |
U.S. government-sponsored agencies obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 156,575 | $ 122,471 |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | 0 |
Gross Unrealized gains Due within one year | 0 | 0 |
Gross Unrealized losses Due within one year | 1,584 | 319 |
Fair value Due within one year | $ 154,991 | $ 122,152 |
Weighted-average yield Due within one year | 1.25% | 1.06% |
Amortized cost After 1 to 5 years | $ 236,368 | $ 309,472 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 0 | 28 |
Gross Unrealized losses After 1 to 5 years | 4,480 | 3,735 |
Fair value After 1 to 5 years | $ 231,888 | $ 305,765 |
Weighted-average yield After 1 to 5 years | 1.82% | 1.42% |
Amortized cost After 5 to 10 years | $ 191,119 | $ 133,451 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 47 | 117 |
Fair value After 5 to 10 years | $ 185,661 | $ 133,249 |
Weighted-average yield After 5 to 10 years | 2.94% | 2.72% |
Amortized cost After 10 years | $ 43,638 | $ 40,769 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 0 | 1 |
Gross Unrealized losses After 10 years | 241 | 149 |
Fair value After 10 years | $ 43,397 | $ 40,621 |
Weighted-average yield After 10 years | 2.50% | 1.84% |
Gross Unrealized losses After 5 to 10 years | $ 5,505 | $ 319 |
Puerto Rico Government obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 5 to 10 years | 4,013 | 4,071 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 129 | 47 |
Fair value After 5 to 10 years | $ 4,142 | $ 4,118 |
Weighted-average yield After 5 to 10 years | 3.14% | 3.14% |
Amortized cost After 10 years | $ 4,111 | $ 3,972 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 0 | 0 |
Gross Unrealized losses After 10 years | 1,313 | 1,277 |
Fair value After 10 years | $ 2,798 | $ 2,695 |
Weighted-average yield After 10 years | 6.97% | 6.97% |
Gross Unrealized losses After 5 to 10 years | $ 0 | $ 0 |
United States And Puerto Rico Government Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 643,305 | 621,664 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 176 | 193 |
Gross Unrealized loss | 13,178 | 5,856 |
Investment securities available for sale | $ 630,303 | $ 616,001 |
Weighted-average yield | 2.10% | 1.70% |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,422,550 | $ 1,281,690 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,467 | 5,731 |
Gross Unrealized gain | 4,692 | 11,116 |
Gross Unrealized loss | 41,357 | 12,578 |
Investment securities available for sale | $ 1,380,418 | $ 1,274,497 |
Weighted-average yield | 2.70% | 2.54% |
Mortgage Backed Securities [Member] | Freddie Mac (FHLMC) certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 5 to 10 years | $ 96,598 | $ 18,658 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 8 | 14 |
Fair value After 5 to 10 years | $ 93,079 | $ 18,609 |
Weighted-average yield After 5 to 10 years | 2.09% | 2.14% |
Amortized cost After 10 years | $ 274,233 | $ 297,733 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 0 | 217 |
Gross Unrealized losses After 10 years | 9,636 | 4,853 |
Fair value After 10 years | $ 264,597 | $ 293,097 |
Weighted-average yield After 10 years | 2.50% | 2.23% |
Amortized cost | $ 370,831 | $ 316,391 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 8 | 231 |
Gross Unrealized loss | 13,163 | 4,916 |
Investment securities available for sale | 357,676 | 311,706 |
Gross Unrealized losses After 5 to 10 years | $ 3,527 | $ 63 |
Weighted-average yield | 2.39% | 2.23% |
Mortgage Backed Securities [Member] | Ginnie Mae (GNMA) certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 1 to 5 years | $ 160 | $ 81 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 2 | 1 |
Gross Unrealized losses After 1 to 5 years | 0 | 0 |
Fair value After 1 to 5 years | $ 162 | $ 82 |
Weighted-average yield After 1 to 5 years | 3.52% | 3.23% |
Amortized cost After 5 to 10 years | $ 65,411 | $ 69,661 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 305 | 1,244 |
Fair value After 5 to 10 years | $ 65,002 | $ 70,905 |
Weighted-average yield After 5 to 10 years | 2.89% | 3.05% |
Amortized cost After 10 years | $ 122,975 | $ 145,067 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 2,962 | 5,910 |
Gross Unrealized losses After 10 years | 1,030 | 334 |
Fair value After 10 years | $ 124,907 | $ 150,643 |
Weighted-average yield After 10 years | 3.93% | 3.81% |
Amortized cost | $ 188,546 | $ 214,809 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 3,269 | 7,155 |
Gross Unrealized loss | 1,744 | 334 |
Investment securities available for sale | 190,071 | 221,630 |
Gross Unrealized losses After 5 to 10 years | $ 714 | $ 0 |
Weighted-average yield | 3.57% | 3.56% |
Mortgage Backed Securities [Member] | Fannie Mae (FNMA) certificates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 379 | |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | |
Gross Unrealized gains Due within one year | 8 | |
Gross Unrealized losses Due within one year | 0 | |
Fair value Due within one year | $ 387 | |
Weighted-average yield Due within one year | 1.91% | |
Amortized cost After 1 to 5 years | $ 25,872 | $ 20,831 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 0 | 294 |
Gross Unrealized losses After 1 to 5 years | 468 | 109 |
Fair value After 1 to 5 years | $ 25,404 | $ 21,016 |
Weighted-average yield After 1 to 5 years | 2.75% | 2.69% |
Amortized cost After 5 to 10 years | $ 191,965 | $ 49,934 |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | 0 |
Gross Unrealized gains After 5 to 10 years | 0 | 0 |
Fair value After 5 to 10 years | $ 184,983 | $ 49,116 |
Weighted-average yield After 5 to 10 years | 2.22% | 1.83% |
Amortized cost After 10 years | $ 557,882 | $ 613,129 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 1,055 | 3,180 |
Gross Unrealized losses After 10 years | 18,909 | 6,401 |
Fair value After 10 years | $ 540,028 | $ 609,908 |
Weighted-average yield After 10 years | 2.65% | 2.43% |
Amortized cost | $ 776,098 | $ 683,894 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 1,063 | 3,474 |
Gross Unrealized loss | 26,359 | 7,328 |
Investment securities available for sale | 750,802 | 680,040 |
Gross Unrealized losses After 5 to 10 years | $ 6,982 | $ 818 |
Weighted-average yield | 2.55% | 2.39% |
Mortgage Backed Securities [Member] | Collateralized mortgage obligations guaranteed by the FHLMC and GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 1 to 5 years | $ 7,462 | $ 5,918 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 4 | 14 |
Gross Unrealized losses After 1 to 5 years | 10 | 0 |
Fair value After 1 to 5 years | $ 7,456 | $ 5,932 |
Weighted-average yield After 1 to 5 years | 2.91% | 2.21% |
Amortized cost After 5 to 10 years | $ 2,556 | |
Noncredit Loss Component of OTTI Recorded in OCI After 5 to 10 years | 0 | |
Gross Unrealized gains After 5 to 10 years | 11 | |
Fair value After 5 to 10 years | $ 2,567 | |
Weighted-average yield After 5 to 10 years | 2.23% | |
Amortized cost After 10 years | $ 59,575 | $ 35,331 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 348 | 231 |
Gross Unrealized losses After 10 years | 81 | 0 |
Fair value After 10 years | $ 59,842 | $ 35,562 |
Weighted-average yield After 10 years | 3.07% | 2.22% |
Amortized cost | $ 67,037 | $ 43,805 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 352 | 256 |
Gross Unrealized loss | 91 | 0 |
Investment securities available for sale | $ 67,298 | 44,061 |
Gross Unrealized losses After 5 to 10 years | $ 0 | |
Weighted-average yield | 3.05% | 2.22% |
Mortgage Backed Securities [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost After 10 years | $ 20,038 | $ 22,791 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 5,467 | 5,731 |
Gross Unrealized gains After 10 years | 0 | 0 |
Gross Unrealized losses After 10 years | 0 | 0 |
Fair value After 10 years | $ 14,571 | $ 17,060 |
Weighted-average yield After 10 years | 4.57% | 2.44% |
Amortized cost | $ 20,038 | $ 22,791 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,467 | 5,731 |
Gross Unrealized gain | 0 | 0 |
Gross Unrealized loss | 0 | 0 |
Investment securities available for sale | $ 14,571 | $ 17,060 |
Weighted-average yield | 4.57% | 2.44% |
Other Debt Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 100 | |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | |
Gross Unrealized gains Due within one year | 0 | |
Gross Unrealized losses Due within one year | 0 | |
Fair value Due within one year | $ 100 | |
Weighted-average yield Due within one year | 1.48% | |
Amortized cost After 1 to 5 years | $ 500 | |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | |
Gross Unrealized gains After 1 to 5 years | 0 | |
Gross Unrealized losses After 1 to 5 years | 0 | |
Fair value After 1 to 5 years | $ 500 | |
Weighted-average yield After 1 to 5 years | 2.96% | |
Amortized cost | $ 500 | $ 100 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross Unrealized gain | 0 | 0 |
Gross Unrealized loss | 0 | 0 |
Investment securities available for sale | $ 500 | $ 100 |
Weighted-average yield | 2.96% | 1.48% |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Investments [Line Items] | ||||||||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 23,408 | ||||||||
Amortized cost | $ 2,066,355 | $ 2,066,355 | $ 1,903,878 | |||||||
Available for sale Securities [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Percentage Of Debt Securities Government And Government Sponsored Agencies | 99.00% | 99.00% | ||||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | $ 6,792 | $ 6,792 | $ 6,792 | $ 6,792 | 6,792 | $ 6,792 | 6,792 | $ 28,981 | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses | 0 | 0 | 0 | 12,231 | ||||||
Available for sale Securities [Member] | Puerto Rico Government obligations [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 0 | 34,400 | 0 | 22,189 | ||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses | $ 12,200 | 12,231 | ||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Default Rate | 100.00% | |||||||||
Available for sale Securities [Member] | Private label MBS [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 6,792 | 6,792 | 6,792 | 6,792 | 6,792 | $ 6,792 | $ 6,792 | $ 6,792 | ||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Additions Additional Credit Losses | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Loans Receivable, Description of Variable Rate Basis | The interest rate on these private-label MBS is variable, tied to 3-month LIBOR and limited to the weighted-average coupon on the underlying collateral. | |||||||||
Available for sale Securities [Member] | FICO Score, Greater than 700 [Member] | LTV Less than 80 Percent [Member] | Private label MBS [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Financing Receivable, Credit Quality, Additional Information | The underlying mortgages are fixed-rate, single-family loans with original high FICO scores (over 700) and moderate loan-to-value ratios (under 80%), as well as moderate delinquency levels. | |||||||||
Available for sale Securities [Member] | Minimum [Member] | Puerto Rico Government obligations [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Recovery Rate | 15.00% | |||||||||
Available for sale Securities [Member] | Maximum [Member] | Puerto Rico Government obligations [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Recovery Rate | 80.00% | |||||||||
Available for sale Securities [Member] | Weighted Average [Member] | Puerto Rico Government obligations [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Portion Recognized in Earnings, Net, Qualitative Disclosures, Recovery Rate | 41.00% | |||||||||
Available for sale Securities [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | Puerto Rico | Puerto Rico Government obligations [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Proceeds from sale of available-for-sale securities | 23,400 | |||||||||
Amortized cost | $ 23,000 | |||||||||
Held-to-maturity Securities [Member] | ||||||||||
Schedule Of Investments [Line Items] | ||||||||||
Percentage Of Held To Maturity Securities | 70.00% | 70.00% |
INVESTMENT SECURITIES - Availab
INVESTMENT SECURITIES - Available-For-Sale Investments' Fair Value And Gross Unrealized Losses (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | $ 843,986 | $ 456,477 |
Unrealized Losses Less than 12 months | 16,164 | 3,123 |
Fair Value 12 months or more | 960,270 | 823,506 |
Unrealized Losses 12 months or more | 43,838 | 21,048 |
Total Fair Value | 1,804,256 | 1,279,983 |
Total Unrealized Losses | 60,002 | 24,171 |
Puerto Rico Government 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 | 2,798 | 2,695 |
Unrealized Losses 12 months or more | 1,313 | 1,277 |
Total Fair Value | 2,798 | 2,695 |
Total Unrealized Losses | 1,313 | 1,277 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 251,555 | 136,459 |
Unrealized Losses Less than 12 months | 5,585 | 494 |
Fair Value 12 months or more | 366,761 | 362,050 |
Unrealized Losses 12 months or more | 6,280 | 4,085 |
Total Fair Value | 618,316 | 498,509 |
Total Unrealized Losses | 11,865 | 4,579 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 0 | |
Unrealized Losses Less than 12 months | 0 | |
Fair Value 12 months or more | 407 | |
Unrealized Losses 12 months or more | 6 | |
Total Fair Value | 407 | |
Total Unrealized Losses | 6 | |
Mortgage Backed Securities [Member] | FNMA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 342,334 | 189,699 |
Unrealized Losses Less than 12 months | 6,489 | 1,705 |
Fair Value 12 months or more | 369,408 | 274,963 |
Unrealized Losses 12 months or more | 19,870 | 5,623 |
Total Fair Value | 711,742 | 464,662 |
Total Unrealized Losses | 26,359 | 7,328 |
Mortgage Backed Securities [Member] | FHLMC | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 183,780 | 91,174 |
Unrealized Losses Less than 12 months | 3,508 | 590 |
Fair Value 12 months or more | 173,733 | 166,331 |
Unrealized Losses 12 months or more | 9,655 | 4,326 |
Total Fair Value | 357,513 | 257,505 |
Total Unrealized Losses | 13,163 | 4,916 |
Mortgage Backed Securities [Member] | GNMA | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 34,354 | 39,145 |
Unrealized Losses Less than 12 months | 491 | 334 |
Fair Value 12 months or more | 32,999 | 0 |
Unrealized Losses 12 months or more | 1,253 | 0 |
Total Fair Value | 67,353 | 39,145 |
Total Unrealized Losses | 1,744 | 334 |
Mortgage Backed Securities [Member] | Collateralized mortgage obligations guaranteed by the FHLMC and GNMA [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value Less than 12 months | 31,963 | |
Unrealized Losses Less than 12 months | 91 | |
Fair Value 12 months or more | 0 | |
Unrealized Losses 12 months or more | 0 | |
Total Fair Value | 31,963 | |
Total Unrealized Losses | 91 | |
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 | 14,571 | 17,060 |
Unrealized Losses 12 months or more | 5,467 | 5,731 |
Total Fair Value | 14,571 | 17,060 |
Total Unrealized Losses | $ 5,467 | $ 5,731 |
INVESTMENT SECURITIES - OTTI Lo
INVESTMENT SECURITIES - OTTI Losses on Available-for-Sale Debt Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Debt and Equity Securities [Abstract] | |||||
Total OTTI losses | $ 0 | $ 0 | $ 0 | $ (12,231) | |
Portion of OTTI recognized in OCI | 0 | 0 | 0 | 0 | |
Net impairment losses recognized in earnings | [1] | $ 0 | $ 0 | $ 0 | $ (12,231) |
[1] | Credit losses on Puerto Rico government debt securities, recorded in the first quarter of 2017. |
INVESTMENT SECURITIES - Roll-Fo
INVESTMENT SECURITIES - Roll-Forward of Credit Losses on Debt Securities Held by Corporation (Detail) - Available for sale Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
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 | $ 6,792 | $ 6,792 | $ 28,981 | $ 6,792 | $ 28,981 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 12,231 | |
Credit loss reductions for securities sold during the period | 0 | 0 | 0 | (34,420) | |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | 6,792 | 6,792 | 6,792 | 6,792 | |
Puerto Rico Government obligations [Member] | |||||
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 | 34,400 | 22,189 | 22,189 | ||
Credit impairments recognized in earnings on securities that have been previously impaired | 12,200 | 12,231 | |||
Credit loss reductions for securities sold during the period | (34,420) | ||||
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | 0 | 0 | |||
Private label MBS [Member] | |||||
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 | 6,792 | 6,792 | $ 6,792 | 6,792 | 6,792 |
Credit impairments recognized in earnings on securities that have been previously impaired | 0 | 0 | 0 | 0 | |
Credit loss reductions for securities sold during the period | 0 | 0 | 0 | 0 | |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | $ 6,792 | $ 6,792 | $ 6,792 | $ 6,792 |
INVESTMENT SECURITIES - Signifi
INVESTMENT SECURITIES - Significant Assumptions in Valuation of Private Label MBS (Detail) - Private label MBS [Member] | Sep. 30, 2018 | Dec. 31, 2017 |
Discount rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Discount rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Discount rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Prepayment rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.117 | 0.164 |
Prepayment rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.035 | 0.12 |
Prepayment rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.225 | 0.29 |
Projected Cumulative Loss Rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.03 |
Projected Cumulative Loss Rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Projected Cumulative Loss Rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.078 | 0.068 |
INVESTMENT SECURITIES - Inves_2
INVESTMENT SECURITIES - Investment Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to Maturity Amortized cost | $ 144,799 | $ 150,627 |
Held to Maturity Gross Unrecognized gains | 0 | 0 |
Held to Maturity Gross Unrecognized losses | 13,096 | 19,595 |
Held to Maturity Fair value | $ 131,703 | $ 131,032 |
Held to Maturity Weighted-average yield | 5.79% | 5.03% |
Municipal Bonds [Member] | PUERTO RICO | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to Maturity Amortized Cost After 1 to 5 years | $ 6,096 | $ 3,853 |
Held to Maturity Gross Unrecognized gains After 1 to 5 years | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 1 to 5 year | 364 | 173 |
Held to Maturity Fair value After 1 to 5 years | $ 5,732 | $ 3,680 |
Held to Maturity Weighted-average yield After 1 to 5 years | 4.73% | 5.38% |
Held to Maturity Amortized Cost After 5 to 10 years | $ 53,006 | $ 39,523 |
Held to Maturity Gross Unrecognized gains After 5 to 10 yearss | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 5 to 10 year | 3,374 | 3,048 |
Held to Maturity Fair value After 5 to 10 years | $ 49,632 | $ 36,475 |
Held to Maturity Weighted-average yield After 5 to 10 years | 5.94% | 5.28% |
Held to Maturity Amortized Cost After 10 years | $ 85,697 | $ 107,251 |
Held to Maturity Gross Unrecognized gains After 10 | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 10 | 9,358 | 16,374 |
Held to Maturity Fair value After 10 years | $ 76,339 | $ 90,877 |
Held to Maturity Weighted-average yield After 10 years | 5.78% | 4.93% |
Held to Maturity Amortized cost | $ 144,799 | $ 150,627 |
Held to Maturity Gross Unrecognized gains | 0 | 0 |
Held to Maturity Gross Unrecognized losses | 13,096 | 19,595 |
Held to Maturity Fair value | $ 131,703 | $ 131,032 |
Held to Maturity Weighted-average yield | 5.79% | 5.03% |
INVESTMENT SECURITIES - Inves_3
INVESTMENT SECURITIES - Investment Securities Held to Maturity (Securities in continuous unrealized loss position) (Detail) - PUERTO RICO - Municipal Bonds [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to maturity less than twelve months fair value | $ 0 | $ 0 |
Held to maturity less than twelve months unrealized losses | 0 | 0 |
Held to maturity securities twelve months or longer fair value | 131,703 | 131,032 |
Held to maturity securities twelve month or longer unrealized losses | 13,096 | 19,595 |
Held to maturity unrealized loss position fair value | 131,703 | 131,032 |
Held to maturity unrealized loss position aggregate losses | $ 13,096 | $ 19,595 |
OTHER INVESTMENT SECURITIES - A
OTHER INVESTMENT SECURITIES - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Summary of Investment Holdings [Line Items] | ||||||
Capital stock par value | $ 100 | $ 100 | ||||
Book value of investment in FHLB stock | $ 39,700,000 | $ 39,700,000 | $ 40,900,000 | |||
Market-to-market losses | 6,898,000 | $ 6,963,000 | 23,271,000 | $ 22,118,000 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 2,200,000 | 2,200,000 | $ 2,200,000 | |||
Equity Securities [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Market-to-market losses | 3,000 | 13,000 | ||||
Other Debt Obligations [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Carrying value of other equity security | $ (400,000) | |||||
Available for sale Securities [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Carrying value of other equity security | $ 400,000 | |||||
Investment in Federal Home Loan Bank Stock [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Dividend income from FHLB stock | $ 700,000 | $ 500,000 | $ 2,000,000 | $ 1,500,000 |
LOAN PORTFOLIO - Loan Portfolio
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Information [Line Items] | ||||||
Loans held for investment | $ 8,716,953 | $ 8,850,476 | $ 8,877,214 | |||
Less: allowance for loan and lease losses | (200,563) | $ (222,035) | (231,843) | $ (230,870) | $ (173,485) | $ (205,603) |
Loans held for investment, net | 8,516,390 | 8,618,633 | ||||
Residential Mortgage [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | 3,207,981 | 3,290,957 | ||||
Construction Loans [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | 82,862 | 111,397 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | 1,506,502 | 1,614,972 | ||||
Commercial And Industrial Sector [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | 2,068,256 | 2,083,253 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | 3,657,620 | 3,809,622 | ||||
Finance Leases [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | 311,180 | 257,462 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financial Information [Line Items] | ||||||
Loans held for investment | $ 1,540,172 | $ 1,492,435 |
LOAN PORTFOLIO - Loan Portfol_2
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Financial Information [Line Items] | ||
Commercian Loans Collaterized By Real Estate | $ 802.7 | $ 833.5 |
LOAN PORTFOLIO - Loans Held for
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Non-performing loans: | |||
Total non-performing loans held for investment | [1],[2],[3] | $ 339,368 | $ 489,554 |
Residential Mortgage [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 156,685 | 178,291 | |
Commercial Mortgage [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 117,397 | 156,493 | |
Commercial And Industrial [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 34,551 | 85,839 | |
Land [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 6,922 | 15,026 | |
Construction-commercial [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 0 | 35,100 | |
Construction-residential [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 2,149 | 1,987 | |
Consumer Auto Loans [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 12,258 | 10,211 | |
Finance Leases [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | 1,443 | 1,237 | |
Consumer Portfolio Segment [Member] | |||
Non-performing loans: | |||
Total non-performing loans held for investment | $ 7,963 | $ 5,370 | |
[1] | |||
[2] | Amount excludes purchased-credit impaired (“PCI”) loans with a carrying value of approximately $149.1 million and $158.2 million as of September 30, 2018 and December 31, 2017, respectively, primarily mortgage loans acquired from Doral Bank in the first quarter of 2015 and from Doral Financial in the second quarter of 2014, as further discussed below. These loans are not considered non-performing due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using an estimated cash flow analysis. | ||
[3] | Non-performing loans exclude $510.8 million and $374.7 million of Troubled Debt Restructuring (“TDR”) loans that are in compliance with modified terms and in accrual status as of September 30, 2018 and December 31, 2017, respectively. |
LOAN PORTFOLIO - Loans Held f_2
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans held for sale | $ 65,739 | $ 32,980 |
LOAN PORTFOLIO - Corporation's
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | $ 607,452 | $ 848,763 | ||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 149,122 | $ 152,242 | 158,174 | $ 157,794 | $ 160,368 | $ 165,818 | ||
Financing Receivable, Current | 7,960,379 | 7,843,539 | ||||||
Loans held for investment | 8,716,953 | 8,850,476 | $ 8,877,214 | |||||
90 days past due and still accruing | 134,293 | [1] | 131,420 | [2] | ||||
30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 50,075 | 87,856 | ||||||
60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 83,716 | 139,933 | ||||||
90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 473,661 | [3] | 620,974 | [4] | ||||
FHA/VA government-guaranteed loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 111,075 | [1],[5],[6] | 109,607 | [2],[7],[8] | ||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | [1],[5],[6] | 0 | [2],[7],[8] | ||||
Financing Receivable, Current | 39,696 | [1],[5],[6] | 29,332 | [2],[7],[8] | ||||
Loans held for investment | 150,771 | [1],[5],[6] | 138,939 | [2],[7],[8] | ||||
90 days past due and still accruing | 107,869 | [1],[5],[6] | 102,815 | [2],[7],[8] | ||||
FHA/VA government-guaranteed loans [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [1],[5],[6] | 0 | [2],[7],[8] | ||||
FHA/VA government-guaranteed loans [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 3,206 | [1],[5],[6] | 6,792 | [2],[7],[8] | ||||
FHA/VA government-guaranteed loans [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 107,869 | [1],[3],[5],[6] | 102,815 | [2],[4],[7],[8] | ||||
Other residential mortgage loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 235,908 | [5] | 286,252 | |||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 145,203 | [5] | 153,991 | [7] | ||||
Financing Receivable, Current | 2,676,099 | [5] | 2,711,775 | |||||
Loans held for investment | 3,057,210 | [5] | 3,152,018 | |||||
90 days past due and still accruing | 15,208 | [5] | 15,459 | |||||
Other residential mortgage loans [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [5] | 0 | |||||
Other residential mortgage loans [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 64,015 | [5] | 92,502 | |||||
Other residential mortgage loans [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 171,893 | [3],[5] | 193,750 | |||||
Commercial and Industrial loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 41,119 | 97,703 | ||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | 0 | ||||||
Financing Receivable, Current | 2,027,137 | 1,985,550 | ||||||
Loans held for investment | 2,068,256 | 2,083,253 | ||||||
90 days past due and still accruing | 4,447 | [1] | 2,317 | [2] | ||||
Commercial and Industrial loans [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 1,729 | 8,971 | ||||||
Commercial and Industrial loans [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 392 | 576 | ||||||
Commercial and Industrial loans [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 38,998 | [3] | 88,156 | [4] | ||||
Commercial mortgage loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 121,648 | [5] | 170,705 | [7] | ||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 3,919 | [5] | 4,183 | [7] | ||||
Financing Receivable, Current | 1,380,935 | [5] | 1,440,084 | [7] | ||||
Loans held for investment | 1,506,502 | [5] | 1,614,972 | [7] | ||||
90 days past due and still accruing | 3,059 | [1],[5] | 6,687 | [2],[7] | ||||
Commercial mortgage loans [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [5] | 0 | [7] | ||||
Commercial mortgage loans [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 1,192 | [5] | 7,525 | [7] | ||||
Commercial mortgage loans [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 120,456 | [3],[5] | 163,180 | [4],[7] | ||||
Land [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 6,973 | [5] | 15,301 | [7] | ||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | 0 | [7] | |||||
Financing Receivable, Current | 14,331 | [5] | 11,630 | [7] | ||||
Loans held for investment | 21,304 | [5] | 26,931 | [7] | ||||
90 days past due and still accruing | 0 | [1],[5] | 151 | [2],[7] | ||||
Land [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [5] | 0 | [7] | ||||
Land [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 51 | [5] | 124 | [7] | ||||
Land [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 6,922 | [3],[5] | 15,177 | [4],[7] | ||||
Construction-commercial [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 1,089 | [5] | 35,100 | |||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | [5] | 0 | [7] | ||||
Financing Receivable, Current | 52,881 | [5] | 41,456 | |||||
Loans held for investment | 53,970 | [5] | 76,556 | |||||
90 days past due and still accruing | 0 | [1],[5] | 0 | [2] | ||||
Construction-commercial [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [5] | 0 | |||||
Construction-commercial [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 1,089 | [5] | 0 | |||||
Construction-commercial [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [3],[5] | 35,100 | [4] | ||||
Construction-residential [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 2,149 | [5] | 2,082 | [7] | ||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | [5] | 0 | [7] | ||||
Financing Receivable, Current | 5,439 | [5] | 5,828 | [7] | ||||
Loans held for investment | 7,588 | [5] | 7,910 | [7] | ||||
90 days past due and still accruing | 0 | [1],[5] | 0 | [2],[7] | ||||
Construction-residential [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [5] | 0 | [7] | ||||
Construction-residential [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 0 | [5] | 95 | [7] | ||||
Construction-residential [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 2,149 | [3],[5] | 1,987 | [4],[7] | ||||
Auto loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 54,427 | 91,554 | ||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | 0 | ||||||
Financing Receivable, Current | 840,801 | 752,777 | ||||||
Loans held for investment | 895,228 | 844,331 | ||||||
90 days past due and still accruing | 0 | [1] | 0 | [2] | ||||
Auto loans [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 35,122 | 57,560 | ||||||
Auto loans [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 7,047 | 23,783 | ||||||
Auto loans [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 12,258 | [3] | 10,211 | [4] | ||||
Finance leases [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 8,733 | 15,270 | ||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | 0 | ||||||
Financing Receivable, Current | 302,447 | 242,192 | ||||||
Loans held for investment | 311,180 | 257,462 | ||||||
90 days past due and still accruing | 0 | [1] | 0 | [2] | ||||
Finance leases [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 5,451 | 10,549 | ||||||
Finance leases [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 1,839 | 3,484 | ||||||
Finance leases [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 1,443 | [3] | 1,237 | [4] | ||||
Other consumer loans [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 24,331 | 25,189 | ||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Carrying Amount | 0 | 0 | ||||||
Financing Receivable, Current | 620,613 | 622,915 | ||||||
Loans held for investment | 644,944 | 648,104 | ||||||
90 days past due and still accruing | 3,710 | [1] | 3,991 | [2] | ||||
Other consumer loans [Member] | 30-59 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 7,773 | 10,776 | ||||||
Other consumer loans [Member] | 60-89 Days Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | 4,885 | 5,052 | ||||||
Other consumer loans [Member] | 90 days or more Past Due [Member] | ||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||
Total Past Due | $ 11,673 | [3] | $ 9,361 | [4] | ||||
[1] | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. | |||||||
[2] | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. | |||||||
[3] | Includes non-performing loans and accruing loans that were 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. | |||||||
[4] | Includes non-performing loans and accruing loans that were 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. | |||||||
[5] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively. | |||||||
[6] | As of September 30, 2018, includes $75.9 million of defaulted loans collateralizing GNMA securities for which the Corporation has an unconditional option (but not an obligation) to repurchase the defaulted loans. | |||||||
[7] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2017 amounted to $6.0 million, $224.0 million, $9.0 million, and $2.5 million, respectively. | |||||||
[8] | As of December 31, 2017, includes $62.1 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 - Corporation'_2
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Parenthetical) (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)numberofpayments | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
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 | 2 months 29 days | 2 months 29 days | |
Period during which credit card loans continue to accrue finance charges and fees | 5 months 27 days | 5 months 27 days | |
Defaulted loans collateralizing Ginnie Mae (GNMA) securities | $ 75.9 | $ 75.9 | $ 62.1 |
Minimum Number of Payments in Arrears to Consider Commercial Mortgage and Construction Loan as Past Due | numberofpayments | 2 | ||
Residential mortgage loans insured by FHA or guaranteed by the VA | $ 33.9 | $ 33.9 | $ 29.9 |
Period of residential mortgage loan that are no longer accruing interest | 1 year 3 months | 1 year 3 months | 1 year 3 months |
Fha Va And Other Government Guaranteed Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
30-59 Days past due Mortgages | $ 7 | $ 7 | $ 6 |
Other Residential Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
30-59 Days past due Mortgages | 108.1 | 108.1 | 224 |
Commercial Mortgage Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
30-59 Days past due Mortgages | 4.2 | 4.2 | 9 |
Land [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
30-59 Days past due Mortgages | $ 0.1 | $ 0.1 | $ 2.5 |
LOAN PORTFOLIO - Corporation'_3
LOAN PORTFOLIO - Corporation's Commercial Credit Exposure (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Recorded Investment [Line Items] | |||
Commercial mortgage loans | $ 1,506,502 | $ 1,614,972 | |
Land | 21,304 | 26,931 | |
Commercial and Industrial loans | 2,068,256 | 2,083,253 | |
Construction-commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 53,970 | 76,556 | |
Construction-residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 7,588 | 7,910 | |
Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Commercial mortgage loans | 262,519 | 257,503 | |
Land | 5,658 | 15,971 | |
Commercial and Industrial loans | 96,993 | 154,416 | |
Substandard [Member] | Construction-commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 3,458 | 35,100 | |
Substandard [Member] | Construction-residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 1,194 | 1,987 | |
Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Commercial mortgage loans | 7,927 | 4,166 | |
Land | 0 | 490 | |
Commercial and Industrial loans | 4,659 | 3,854 | |
Doubtful [Member] | Construction-commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 0 | 0 | |
Doubtful [Member] | Construction-residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 0 | 0 | |
Loss [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Land | 0 | 0 | |
Commercial and Industrial loans | 394 | 676 | |
Loss [Member] | Construction-commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 0 | 0 | |
Loss [Member] | Construction-residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | 0 | 0 | |
Total Adversely Classified [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Commercial mortgage loans | [1] | 270,446 | 261,669 |
Land | [1] | 5,658 | 16,461 |
Commercial and Industrial loans | [1] | 102,046 | 158,946 |
Total Adversely Classified [Member] | Construction-commercial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | [1] | 3,458 | 35,100 |
Total Adversely Classified [Member] | Construction-residential [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Construction loans | [1] | $ 1,194 | $ 1,987 |
[1] | Excludes non-performing loans held for sale of $44.2 million ($12.4 million commercial mortgage, $30.0 million construction-commercial, and $1.8 million construction-land) and $8.3 million (construction-land) as of September 30, 2018 and December 31, 2017, respectively. |
LOAN PORTFOLIO - Consumer Credi
LOAN PORTFOLIO - Consumer Credit Exposure (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | ||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | $ 8,716,953 | $ 8,850,476 | $ 8,877,214 | ||
Other Residential Mortgage Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 3,057,210 | [1] | 3,152,018 | ||
Auto loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 895,228 | 844,331 | |||
Finance leases [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 311,180 | 257,462 | |||
Other Consumer Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 1,540,172 | 1,492,435 | |||
Residential Real Estate [Member] | Fhava Guaranteed Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 150,771 | [2] | 138,939 | [3] | |
Residential Real Estate [Member] | Other Residential Mortgage Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 3,057,210 | 3,152,018 | |||
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 | 150,771 | [2] | 138,939 | [3] | |
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 | 2,755,322 | 2,819,736 | |||
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 | [2],[4] | 0 | [3],[5] | |
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 | 145,203 | [4] | 153,991 | [5] | |
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 | [2] | 0 | [3] | |
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 | 156,685 | 178,291 | |||
Consumer [Member] | Auto loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 895,228 | 844,331 | |||
Consumer [Member] | Finance leases [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 311,180 | 257,462 | |||
Consumer [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 644,944 | 648,104 | |||
Consumer [Member] | Performing Financing Receivable [Member] | Auto loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 882,970 | 834,120 | |||
Consumer [Member] | Performing Financing Receivable [Member] | Finance leases [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 309,737 | 256,225 | |||
Consumer [Member] | Performing Financing Receivable [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 636,981 | 642,734 | |||
Consumer [Member] | Purchased Credit Impaired [Member] | Auto loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 0 | [4] | 0 | [5] | |
Consumer [Member] | Purchased Credit Impaired [Member] | Finance leases [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 0 | [4] | 0 | [5] | |
Consumer [Member] | Purchased Credit Impaired [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 0 | [4] | 0 | [5] | |
Consumer [Member] | Nonperforming Financing Receivable [Member] | Auto loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 12,258 | 10,211 | |||
Consumer [Member] | Nonperforming Financing Receivable [Member] | Finance leases [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | 1,443 | 1,237 | |||
Consumer [Member] | Nonperforming Financing Receivable [Member] | Other Consumer Loans [Member] | |||||
Financing Receivable Recorded Investment [Line Items] | |||||
Loans And Leases Receivable Gross Carrying Amount | $ 7,963 | $ 5,370 | |||
[1] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively. | ||||
[2] | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. | ||||
[3] | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as 90 days past-due loans and still accruing as opposed to non-performing loans since the principal repayment is insured. This balance includes $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. | ||||
[4] | PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. | ||||
[5] | PCI loans are excluded from non-performing statistics due to the application of the accretion method, under which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. |
LOAN PORTFOLIO - Consumer Cre_2
LOAN PORTFOLIO - Consumer Credit Exposure (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Recorded Investment [Line Items] | |||
Residential mortgage loans insured by FHA or guaranteed by the VA | $ 33,900 | $ 33,900 | $ 29,900 |
Period of residential mortgage loan that are no longer accruing interest | 1 year 3 months | 1 year 3 months | 1 year 3 months |
Loans considered to be defaulted if borrower has failed to make payment for a period or more than the period | 2 months 29 days | 2 months 29 days | |
Loans held for sale | $ 65,739 | $ 65,739 | $ 32,980 |
Non Accrual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Loans held for sale | $ 44,200 | $ 44,200 | $ 8,300 |
LOAN PORTFOLIO - Impaired loans
LOAN PORTFOLIO - Impaired loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | $ 559,104 | $ 559,104 | $ 577,262 | |||||
Unpaid Principal Balance with Related Allowance | 616,965 | 616,965 | 680,648 | |||||
Related Allowance | 53,313 | $ 48,155 | 53,313 | $ 48,155 | $ 49,514 | 51,410 | $ 40,794 | $ 64,421 |
Recorded Investment with no Related Allowance | 228,906 | 228,906 | 213,046 | |||||
Unpaid Principal Balance with no Related Allowance | 295,659 | 295,659 | 289,918 | |||||
Recorded Investment | 788,010 | 779,259 | 788,010 | 779,259 | $ 740,134 | 790,308 | $ 735,625 | $ 887,905 |
Unpaid Principal Balance | 912,624 | 912,624 | 970,566 | |||||
Average Recorded Investments | 794,916 | 787,557 | 808,377 | 814,540 | ||||
Interest Income on Impaired Loans Accrual Basis | 8,082 | 6,642 | 19,612 | 18,625 | ||||
Interest Income on Impaired Loans Cash Basis | 1,126 | 710 | 3,271 | 2,183 | ||||
Impaired Financing Receivable, Interest Income | 9,208 | 7,352 | 22,883 | 20,808 | ||||
Construction Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 5,781 | 5,781 | 47,218 | |||||
Related Allowance | 906 | 1,865 | 906 | 1,865 | 2,017 | |||
Recorded Investment with no Related Allowance | 1,116 | 1,116 | 48 | |||||
Recorded Investment | 6,897 | 50,373 | 6,897 | 50,373 | ||||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 291,419 | 291,419 | 316,616 | |||||
Related Allowance | 18,482 | 19,417 | 18,482 | 19,417 | 22,086 | |||
Recorded Investment with no Related Allowance | 117,375 | 117,375 | 116,818 | |||||
Recorded Investment | 408,794 | 425,835 | 408,794 | 425,835 | ||||
Residential Portfolio Segment [Member] | Other Loans Member [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 291,419 | 291,419 | 316,616 | |||||
Unpaid Principal Balance with Related Allowance | 321,120 | 321,120 | 349,284 | |||||
Related Allowance | 18,482 | 18,482 | 22,086 | |||||
Recorded Investment with no Related Allowance | 117,375 | 117,375 | 116,818 | |||||
Unpaid Principal Balance with no Related Allowance | 159,220 | 159,220 | 154,048 | |||||
Recorded Investment | 408,794 | 408,794 | 433,434 | |||||
Unpaid Principal Balance | 480,340 | 480,340 | 503,332 | |||||
Average Recorded Investments | 411,393 | 427,858 | 415,561 | 431,741 | ||||
Interest Income on Impaired Loans Accrual Basis | 4,641 | 4,409 | 13,369 | 13,170 | ||||
Interest Income on Impaired Loans Cash Basis | 410 | 402 | 1,080 | 1,548 | ||||
Impaired Financing Receivable, Interest Income | 5,051 | 4,811 | 14,449 | 14,718 | ||||
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 809 | 809 | 252 | |||||
Unpaid Principal Balance with Related Allowance | 942 | 942 | 355 | |||||
Related Allowance | 156 | 156 | 55 | |||||
Recorded Investment with no Related Allowance | 956 | 956 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 1,531 | 1,531 | 0 | |||||
Recorded Investment | 1,765 | 1,765 | 252 | |||||
Unpaid Principal Balance | 2,473 | 2,473 | 355 | |||||
Average Recorded Investments | 1,766 | 252 | 1,765 | 252 | ||||
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 0 | 0 | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 62,361 | 62,361 | 90,008 | |||||
Unpaid Principal Balance with Related Allowance | 74,519 | 74,519 | 112,005 | |||||
Related Allowance | 10,798 | 11,240 | 10,798 | 11,240 | 12,359 | |||
Recorded Investment with no Related Allowance | 34,793 | 34,793 | 28,292 | |||||
Unpaid Principal Balance with no Related Allowance | 52,776 | 52,776 | 31,254 | |||||
Recorded Investment | 97,154 | 110,939 | 97,154 | 110,939 | 118,300 | |||
Unpaid Principal Balance | 127,295 | 127,295 | 143,259 | |||||
Average Recorded Investments | 98,903 | 110,184 | 102,410 | 112,642 | ||||
Interest Income on Impaired Loans Accrual Basis | 557 | 454 | 1,438 | 952 | ||||
Interest Income on Impaired Loans Cash Basis | 2 | 174 | 6 | 211 | ||||
Impaired Financing Receivable, Interest Income | 559 | 628 | 1,444 | 1,163 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 169,787 | 169,787 | 87,814 | |||||
Unpaid Principal Balance with Related Allowance | 184,019 | 184,019 | 124,084 | |||||
Related Allowance | 17,044 | 10,456 | 17,044 | 10,456 | 9,783 | |||
Recorded Investment with no Related Allowance | 73,433 | 73,433 | 65,100 | |||||
Unpaid Principal Balance with no Related Allowance | 79,245 | 79,245 | 100,612 | |||||
Recorded Investment | 243,220 | 153,875 | 243,220 | 153,875 | 152,914 | |||
Unpaid Principal Balance | 263,264 | 263,264 | 224,696 | |||||
Average Recorded Investments | 244,802 | 158,438 | 248,919 | 176,757 | ||||
Interest Income on Impaired Loans Accrual Basis | 2,198 | 764 | 2,775 | 1,621 | ||||
Interest Income on Impaired Loans Cash Basis | 656 | 85 | 2,038 | 287 | ||||
Impaired Financing Receivable, Interest Income | 2,854 | 849 | 4,813 | 1,908 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 0 | 0 | 35,101 | |||||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 38,595 | |||||
Related Allowance | 0 | 0 | 560 | |||||
Recorded Investment with no Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment | 0 | 0 | 35,101 | |||||
Unpaid Principal Balance | 0 | 0 | 38,595 | |||||
Average Recorded Investments | 0 | 35,520 | 0 | 36,101 | ||||
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 0 | 0 | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 4,972 | 4,972 | 11,865 | |||||
Unpaid Principal Balance with Related Allowance | 5,872 | 5,872 | 19,973 | |||||
Related Allowance | 750 | 750 | 1,402 | |||||
Recorded Investment with no Related Allowance | 160 | 160 | 48 | |||||
Unpaid Principal Balance with no Related Allowance | 337 | 337 | 49 | |||||
Recorded Investment | 5,132 | 5,132 | 11,913 | |||||
Unpaid Principal Balance | 6,209 | 6,209 | 20,022 | |||||
Average Recorded Investments | 5,204 | 14,634 | 5,260 | 14,800 | ||||
Interest Income on Impaired Loans Accrual Basis | 23 | 122 | 70 | 358 | ||||
Interest Income on Impaired Loans Cash Basis | 5 | 9 | 20 | 32 | ||||
Impaired Financing Receivable, Interest Income | 28 | 131 | 90 | 390 | ||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Related Allowance | 6,083 | 5,177 | 6,083 | 5,177 | ||||
Recorded Investment | 31,945 | 38,237 | 31,945 | 38,237 | ||||
Consumer Portfolio Segment [Member] | Other Loans Member [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 9,761 | 9,761 | 11,084 | |||||
Unpaid Principal Balance with Related Allowance | 10,498 | 10,498 | 11,830 | |||||
Related Allowance | 2,297 | 2,297 | 1,396 | |||||
Recorded Investment with no Related Allowance | 1,920 | 1,920 | 2,521 | |||||
Unpaid Principal Balance with no Related Allowance | 2,281 | 2,281 | 3,688 | |||||
Recorded Investment | 11,681 | 11,681 | 13,605 | |||||
Unpaid Principal Balance | 12,779 | 12,779 | 15,518 | |||||
Average Recorded Investments | 11,925 | 14,268 | 12,353 | 14,441 | ||||
Interest Income on Impaired Loans Accrual Basis | 274 | 388 | 754 | 1,027 | ||||
Interest Income on Impaired Loans Cash Basis | 53 | 40 | 127 | 105 | ||||
Impaired Financing Receivable, Interest Income | 327 | 428 | 881 | 1,132 | ||||
Consumer Portfolio Segment [Member] | Consumer Auto Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 18,623 | 18,623 | 22,338 | |||||
Unpaid Principal Balance with Related Allowance | 18,623 | 18,623 | 22,338 | |||||
Related Allowance | 3,664 | 3,664 | 3,665 | |||||
Recorded Investment with no Related Allowance | 269 | 269 | 267 | |||||
Unpaid Principal Balance with no Related Allowance | 269 | 269 | 267 | |||||
Recorded Investment | 18,892 | 18,892 | 22,605 | |||||
Unpaid Principal Balance | 18,892 | 18,892 | 22,605 | |||||
Average Recorded Investments | 19,479 | 24,049 | 20,527 | 25,274 | ||||
Interest Income on Impaired Loans Accrual Basis | 362 | 462 | 1,122 | 1,357 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 362 | 462 | 1,122 | 1,357 | ||||
Finance Leases [Member] | Consumer Loan [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 1,372 | 1,372 | 2,184 | |||||
Unpaid Principal Balance with Related Allowance | 1,372 | 1,372 | 2,184 | |||||
Related Allowance | 122 | 122 | 104 | |||||
Recorded Investment with no Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment | 1,372 | 1,372 | 2,184 | |||||
Unpaid Principal Balance | 1,372 | 1,372 | 2,184 | |||||
Average Recorded Investments | 1,444 | 2,354 | 1,582 | 2,532 | ||||
Interest Income on Impaired Loans Accrual Basis | 27 | 43 | 84 | 140 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | 27 | 43 | 84 | 140 | ||||
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Recorded Investment with Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with Related Allowance | 0 | 0 | 0 | |||||
Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment with no Related Allowance | 0 | 0 | 0 | |||||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | 0 | |||||
Recorded Investment | 0 | 0 | 0 | |||||
Unpaid Principal Balance | 0 | 0 | $ 0 | |||||
Average Recorded Investments | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | 0 | ||||
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, Interest Income | $ 0 | $ 0 | $ 0 | $ 0 |
LOAN PORTFOLIO - Additional Inf
LOAN PORTFOLIO - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Interest Income on Impaired Loans Accrual Basis | $ 8,082 | $ 6,642 | $ 19,612 | $ 18,625 | ||||||||||||
ImpairedFinancingReceivableInterestIncomeCashBasisMethod | 1,126 | 710 | 3,271 | 2,183 | ||||||||||||
Contractually outstanding principal and interest at acquisition | 184,200 | $ 184,200 | 184,200 | $ 196,600 | ||||||||||||
Financing Receivable Significant Purchases | 39,300 | |||||||||||||||
Securitization of mortgage loans into mortgage backed securities | 181,200 | |||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 8,716,953 | 8,877,214 | 8,716,953 | 8,716,953 | 8,877,214 | 8,850,476 | ||||||||||
Total TDR loans | 625,720 | $ 557,196 | 585,795 | 625,720 | 625,720 | 585,795 | 587,219 | $ 568,543 | $ 647,048 | |||||||
Outstanding unfunded commitments on TDR loans | 400 | 400 | 400 | |||||||||||||
Provsion of PCI Loans | 0 | 789 | 103 | 3,378 | ||||||||||||
Loans held for sale | 65,739 | 65,739 | 65,739 | 32,980 | ||||||||||||
Government Guaranteed Residential Mortgage Loans Indirect Exposure | 113,300 | 113,300 | 113,300 | |||||||||||||
Puerto Rico Housing Finance Authority Restricted Net Position | $ 77,400 | |||||||||||||||
Puerto Rico Housing Finance Authority Covered Loans | $ 576,000 | |||||||||||||||
Threshold Mortgage Loans Principal Amount Puerto Rico Housing Financing Authority | 75,000 | 75,000 | 75,000 | |||||||||||||
Financing Receivable Allowance For Credit Losses Write Offs Impaired Loans | 18,035 | 6,472 | 48,455 | [1] | 66,959 | |||||||||||
Impaired Financing Receivable Related Allowance | 53,313 | 49,514 | 48,155 | 53,313 | 53,313 | 48,155 | 51,410 | $ 40,794 | $ 64,421 | |||||||
Mortgage Loans In Process Of Foreclosure Amount | 154,900 | 154,900 | 154,900 | |||||||||||||
Allowance For Loan And Lease Losses Write Offs | 36,312 | 19,369 | 93,368 | 107,751 | ||||||||||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Interest Income on Impaired Loans Accrual Basis | 557 | 454 | 1,438 | 952 | ||||||||||||
ImpairedFinancingReceivableInterestIncomeCashBasisMethod | 2 | 174 | 6 | 211 | ||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 2,068,256 | 2,144,236 | 2,068,256 | 2,068,256 | 2,144,236 | 2,083,253 | ||||||||||
Loans held for sale | 1,790 | 1,790 | 1,790 | 0 | ||||||||||||
Impaired Financing Receivable Related Allowance | 10,798 | 11,240 | 10,798 | 10,798 | 11,240 | 12,359 | ||||||||||
Allowance For Loan And Lease Losses Write Offs | 2,242 | 738 | 9,282 | 19,168 | ||||||||||||
TDR [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Allowance For Loan And Lease Losses Write Offs Net Loans Sold | 10,700 | |||||||||||||||
Performing Financing Receivable [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 7,779,821 | 7,940,161 | 7,779,821 | 7,779,821 | 7,940,161 | 7,901,994 | ||||||||||
Residential mortgage loans sold | $ 9,800 | |||||||||||||||
Performing Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 1,971,102 | 2,033,297 | 1,971,102 | 1,971,102 | 2,033,297 | 1,964,953 | ||||||||||
Puerto Rico Electric PowerAuthority [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Classified and non-performing loans sold | $ 64,000 | |||||||||||||||
Reserves allocated to bulk sale | 10,200 | |||||||||||||||
Incremental losses | 600 | |||||||||||||||
Proceeds From Sale Of NonPerforming Assets Sold | 53,200 | |||||||||||||||
Classified an non performing loan sold | $ 75,000 | |||||||||||||||
GNMA | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans repurchased | 11,000 | 24,700 | ||||||||||||||
GNMA | Financing Receivables Over 29 Days Past Due [Member] | Repurchase Option Program [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 75,900 | 75,900 | 75,900 | 62,100 | ||||||||||||
FNMA and FHLMC | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans repurchased | 100 | 27 | ||||||||||||||
Government Guaranteed Loans [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Financing Receivable Significant Sales | 78,900 | |||||||||||||||
Total TDR loans | 60,700 | 60,700 | 60,700 | 62,100 | ||||||||||||
Mortgage Loans In Process Of Foreclosure Amount | 23,500 | 23,500 | 23,500 | |||||||||||||
Non Accrual [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 114,874 | [2] | 114,874 | [2] | 114,874 | [2] | 212,524 | [3] | ||||||||
Loans Split [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 65,706 | 35,603 | 65,706 | 65,706 | 35,603 | |||||||||||
Financing receivable loans restructured recorded investment accruals | 63,100 | |||||||||||||||
Allowance For Loan And Lease Losses Write Offs | 1,137 | 0 | ||||||||||||||
Non Fha Va Residential Mortgage Loans [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 340,269 | 340,269 | 340,269 | 363,930 | ||||||||||||
Commercial And Industrial Loan [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 79,711 | 79,711 | 79,711 | 94,112 | ||||||||||||
Commercial And Industrial Loan [Member] | TDR [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans held for sale | 900 | 900 | 900 | |||||||||||||
Commercial Mortgage Loans [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 169,205 | 169,205 | 169,205 | 50,812 | ||||||||||||
Commercial Mortgage Loans [Member] | TDR [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans held for sale | 3,600 | 3,600 | 3,600 | |||||||||||||
Commercial Mortgage Loans [Member] | Non Accrual [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans held for sale | 12,400 | 12,400 | 12,400 | |||||||||||||
Construction Loans [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 82,862 | 129,460 | 82,862 | 82,862 | 129,460 | 111,397 | ||||||||||
Total TDR loans | 5,800 | 5,800 | 5,800 | |||||||||||||
Loans held for sale | 30,015 | 30,015 | 30,015 | 8,290 | ||||||||||||
Impaired Financing Receivable Related Allowance | 906 | 1,865 | 906 | 906 | 1,865 | 2,017 | ||||||||||
Allowance For Loan And Lease Losses Write Offs | 2,192 | 47 | 8,187 | 705 | ||||||||||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | 0 | ||||||||||||
ImpairedFinancingReceivableInterestIncomeCashBasisMethod | 0 | 0 | 0 | 0 | ||||||||||||
Impaired Financing Receivable Related Allowance | 0 | 0 | 0 | 560 | ||||||||||||
Construction Loans [Member] | TDR [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans held for sale | 27,000 | 27,000 | 27,000 | |||||||||||||
Construction Loans [Member] | Performing Financing Receivable [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 75,965 | 79,087 | 75,965 | 75,965 | 79,087 | 64,131 | ||||||||||
Construction Loans [Member] | Non Accrual [Member] | Loans held for sale [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Classified and non-performing loans sold | 7,700 | |||||||||||||||
Gain (Loss) on Sales of Loans, Net | 2,700 | |||||||||||||||
Consumer Loan [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 30,700 | 30,700 | 30,700 | |||||||||||||
Construction-commercial [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 3,319 | 3,319 | 3,319 | 35,100 | ||||||||||||
Construction-commercial [Member] | Non Accrual [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans held for sale | 30,000 | 30,000 | 30,000 | |||||||||||||
Construction-residential [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 0 | 0 | 0 | 217 | ||||||||||||
Land [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Total TDR loans | 2,475 | 2,475 | 2,475 | 6,476 | ||||||||||||
Land [Member] | Non Accrual [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans held for sale | 1,800 | 1,800 | 1,800 | 8,300 | ||||||||||||
Loans Tranferred To Held For Sale [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 29,700 | $ 66,900 | 29,700 | 29,700 | ||||||||||||
Charge-offs of loans transferred to loans held for sale | 12,500 | 9,700 | ||||||||||||||
Additional losses loans transferred to loans held for sale | 10,100 | 5,600 | ||||||||||||||
Book value of loans transferred to held for sale | 17,200 | 57,200 | 17,200 | 17,200 | ||||||||||||
Charge Offs Taken On Previosuly Established Reserve | 2,400 | $ 4,100 | ||||||||||||||
Loans Tranferred To Held For Sale [Member] | Non Accrual [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Classified and non-performing loans sold | 27,200 | |||||||||||||||
Mortgage Receivable [Member] | Commercial Portfolio Segment [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Interest Income on Impaired Loans Accrual Basis | 2,198 | 764 | 2,775 | 1,621 | ||||||||||||
ImpairedFinancingReceivableInterestIncomeCashBasisMethod | 656 | 85 | 2,038 | 287 | ||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 1,506,502 | 1,601,638 | 1,506,502 | 1,506,502 | 1,601,638 | 1,614,972 | ||||||||||
Loans held for sale | 12,372 | 12,372 | 12,372 | 0 | ||||||||||||
Impaired Financing Receivable Related Allowance | 17,044 | 10,456 | 17,044 | 17,044 | 10,456 | 9,783 | ||||||||||
Allowance For Loan And Lease Losses Write Offs | 9,850 | 266 | 20,557 | 32,123 | ||||||||||||
Mortgage Receivable [Member] | Loans held for sale [Member] | TDR [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 4,500 | 4,500 | 4,500 | |||||||||||||
Charge-offs of loans transferred to loans held for sale | 3,400 | |||||||||||||||
Mortgage Receivable [Member] | Performing Financing Receivable [Member] | Commercial Portfolio Segment [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 1,259,363 | $ 1,443,578 | 1,259,363 | 1,259,363 | $ 1,443,578 | 1,457,875 | ||||||||||
Mortgage Receivable [Member] | Construction Loans [Member] | Loans held for sale [Member] | TDR [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 34,500 | 34,500 | 34,500 | |||||||||||||
Charge-offs of loans transferred to loans held for sale | 8,500 | |||||||||||||||
PUERTO RICO | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 68,500 | 68,500 | $ 68,500 | 55,900 | ||||||||||||
PUERTO RICO | Geographic Concentration Risk [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Credit risk concentration | 74.00% | |||||||||||||||
PUERTO RICO | Non Accrual [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Proceeds From Sale Of Loans Held For Sale | $ 34,900 | |||||||||||||||
PUERTO RICO | Puerto Rico Government and Political Subdivisions [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 47,200 | 47,200 | 47,200 | |||||||||||||
PUERTO RICO | Public Corporations [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 14,700 | 14,700 | 14,700 | |||||||||||||
PUERTO RICO | Government [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 6,700 | 6,700 | 6,700 | |||||||||||||
PUERTO RICO | Commercial And Industrial Loan [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Charge-offs of loans sold | 1,300 | |||||||||||||||
Proceeds From Sale Of Loans Held For Investment | 5,600 | |||||||||||||||
Payments To Acquire Loans Held For Investment | 21,400 | |||||||||||||||
V I | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 69,400 | 69,400 | $ 69,400 | $ 70,400 | ||||||||||||
V I | Geographic Concentration Risk [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Credit risk concentration | 6.00% | |||||||||||||||
V I | Public Corporations [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 46,100 | 46,100 | $ 46,100 | |||||||||||||
V I | Government [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Outstanding of credit facilities granted | 23,200 | 23,200 | $ 23,200 | |||||||||||||
U S | Geographic Concentration Risk [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Credit risk concentration | 20.00% | |||||||||||||||
U S | Commercial And Industrial Loan [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Proceeds From Sale Of Loans Held For Investment | $ 9,200 | |||||||||||||||
Credit Impaired Loans [Member] | ||||||||||||||||
Accounts Notes And Loans Receivable [Line Items] | ||||||||||||||||
Mortgage Loans In Process Of Foreclosure Amount | $ 20,000 | $ 20,000 | $ 20,000 | |||||||||||||
[1] | For the nine-month period ended September 30, 2017 includes a charge-off of $10.7 million related to the sale of the PREPA credit line as further discussed below. | |||||||||||||||
[2] | Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018. | |||||||||||||||
[3] | Included in non-accrual loans are $88.6 million in loans that were performing under the terms of the restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible. |
LOAN PORTFOLIO - Activity for I
LOAN PORTFOLIO - Activity for Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Impaired Loans: | |||||
Balance at beginning of period | $ 740,134 | $ 735,625 | $ 790,308 | $ 887,905 | |
Loans determined impaired during the period | 119,064 | 71,884 | 214,745 | 110,488 | |
Charge-offs | (18,035) | (6,472) | (48,455) | [1] | (66,959) |
Loans sold, net charge-offs | 0 | 0 | (4,121) | (53,245) | |
Increases to existing impaired loans | 128 | 3,215 | 7,203 | 4,454 | |
Foreclosures | (8,293) | (5,657) | (27,745) | (36,347) | |
Loans no longer considered impaired | (1,146) | (542) | (5,086) | (3,324) | |
Loans transferred to held for sale | (16,839) | 0 | (74,052) | 0 | |
Paid in full or partial payments | (27,003) | (18,794) | (64,787) | (63,713) | |
Balance at end of period | $ 788,010 | $ 779,259 | $ 788,010 | $ 779,259 | |
[1] | For the nine-month period ended September 30, 2017 includes a charge-off of $10.7 million related to the sale of the PREPA credit line as further discussed below. |
LOAN PORTFOLIO - Activity for S
LOAN PORTFOLIO - Activity for Specific Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Specific Reserve: | ||||
Balance at beginning of period | $ 49,514 | $ 40,794 | $ 51,410 | $ 64,421 |
Provision for loan losses | 21,821 | 13,819 | 50,277 | 50,014 |
Financing Receivable Allowance For Credit Losses Net Write Offs Impaired Loans | (18,022) | (6,458) | (48,374) | (66,280) |
Ending balance: specific reserve for impaired loans | $ 53,313 | $ 48,155 | $ 53,313 | $ 48,155 |
LOAN PORTFOLIO- Carrying Value
LOAN PORTFOLIO- Carrying Value of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Financing Receivable Impaired [Line Items] | ||||||||
Purchased Credit Impaired Loans | $ 149,122 | $ 152,242 | $ 158,174 | $ 157,794 | $ 160,368 | $ 165,818 | ||
Allowance for loan losses Purchased Credit Impaired | (11,354) | $ (11,354) | (11,251) | (10,235) | $ (9,446) | $ (6,857) | ||
Purchased Credit Impaired Loans, Net | 137,768 | 146,923 | $ 147,559 | |||||
Residential mortgage loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Purchased Credit Impaired Loans | 145,203 | [1] | 153,991 | [2] | ||||
Commercial mortgage loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Purchased Credit Impaired Loans | $ 3,919 | [1] | $ 4,183 | [2] | ||||
[1] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively. | |||||||
[2] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2017 amounted to $6.0 million, $224.0 million, $9.0 million, and $2.5 million, respectively. |
LOAN PORTFOLIO- Corporation's A
LOAN PORTFOLIO- Corporation's Aging of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | ||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | $ 607,452 | $ 848,763 | |||
Financing Receivable, Current | 7,960,379 | 7,843,539 | |||
Loans held for investment | 8,716,953 | 8,850,476 | $ 8,877,214 | ||
90 days past due and still accruing | 134,293 | [1] | 131,420 | [2] | |
30-59 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 50,075 | 87,856 | |||
60-89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 83,716 | 139,933 | |||
90 days or more Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 473,661 | [3] | 620,974 | [4] | |
Purchased Credit Impaired Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 38,962 | [5] | 46,260 | ||
Financing Receivable, Current | 110,160 | [5] | 111,914 | ||
Loans held for investment | 149,122 | [5] | 158,174 | ||
Purchased Credit Impaired Loans [Member] | 30-59 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 0 | 0 | |||
Purchased Credit Impaired Loans [Member] | 60-89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 7,823 | [5] | 16,955 | ||
Purchased Credit Impaired Loans [Member] | 90 days or more Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 31,139 | [5] | 29,305 | ||
Residential mortgage loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Loans held for investment | 3,207,981 | 3,290,957 | |||
Residential mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 36,002 | [5] | 43,071 | [6] | |
Financing Receivable, Current | 109,201 | [5] | 110,920 | [6] | |
Loans held for investment | 145,203 | [5] | 153,991 | [6] | |
30-59 Days past due Mortgages | 12,300 | 28,100 | |||
Residential mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | 30-59 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 0 | [5] | 0 | [6] | |
Residential mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | 60-89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 7,823 | [5] | 16,600 | [6] | |
Residential mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | 90 days or more Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 28,179 | [5] | 26,471 | [6] | |
Commercial mortgage loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 121,648 | [7] | 170,705 | [8] | |
Financing Receivable, Current | 1,380,935 | [7] | 1,440,084 | [8] | |
Loans held for investment | 1,506,502 | [7] | 1,614,972 | [8] | |
90 days past due and still accruing | 3,059 | [1],[7] | 6,687 | [2],[8] | |
30-59 Days past due Mortgages | 4,200 | 9,000 | |||
Commercial mortgage loans [Member] | 30-59 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 0 | [7] | 0 | [8] | |
Commercial mortgage loans [Member] | 60-89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 1,192 | [7] | 7,525 | [8] | |
Commercial mortgage loans [Member] | 90 days or more Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 120,456 | [3],[7] | 163,180 | [4],[8] | |
Commercial mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 2,960 | [5] | 3,189 | [6] | |
Financing Receivable, Current | 959 | [5] | 994 | [6] | |
Loans held for investment | 3,919 | [5] | 4,183 | [6] | |
30-59 Days past due Mortgages | 0 | 200 | |||
Commercial mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | 30-59 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 0 | [5] | 0 | [6] | |
Commercial mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | 60-89 Days Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | 0 | [5] | 355 | [6] | |
Commercial mortgage loans [Member] | Purchased Credit Impaired Loans [Member] | 90 days or more Past Due [Member] | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Total Past Due | $ 2,960 | [5] | $ 2,834 | [6] | |
[1] | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $33.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of September 30, 2018, taking into consideration the FHA interest curtailment process. | ||||
[2] | It is the Corporationʼs policy to report delinquent residential mortgage loans insured by the FHA, guaranteed by the VA, and other government-insured loans as past-due loans 90 days and still accruing as opposed to non-performing loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2017, taking into consideration the FHA interest curtailment process. | ||||
[3] | Includes non-performing loans and accruing loans that were 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. | ||||
[4] | Includes non-performing loans and accruing loans that were 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. | ||||
[5] | According to the Corporationʼs 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 and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans past due 30-59 days as of September 30, 2018 amounted to $12.3 million. No PCI commercial mortgage loan was 30-59 days past due as of September 30, 2018. | ||||
[6] | According to the Corporationʼs 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 and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans and commercial mortgage loans past due 30-59 days as of December 31, 2017 amounted to $28.1 million and $0.2 million, respectively. | ||||
[7] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans and land loans past due 30-59 days as of September 30, 2018 amounted to $7.0 million, $108.1 million, $4.2 million and $0.1 million, respectively. | ||||
[8] | According to the Corporationʼs 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 on two or more monthly payments. FHA/VA government-guaranteed loans, other residential mortgage loans, commercial mortgage loans, and land loans past due 30-59 days as of December 31, 2017 amounted to $6.0 million, $224.0 million, $9.0 million, and $2.5 million, respectively. |
LOAN PORTFOLIO - Accretable Yie
LOAN PORTFOLIO - Accretable Yield Related to Purchased Credit Impaired Loans (Detail) - Pci Loans [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accretable Yield [Line Items] | ||||
Accretable yield at acquisition beginning of period | $ 98,489 | $ 108,971 | $ 103,682 | $ 116,462 |
Accretion recognized in earnings | (2,524) | (2,656) | (7,717) | (8,177) |
Reclassification to nonaccretable | 0 | 0 | 0 | (1,970) |
Accretable yield at the end of period | $ 95,965 | $ 106,315 | $ 95,965 | $ 106,315 |
LOAN PORTFOLIO -Changes in Carr
LOAN PORTFOLIO -Changes in Carrying Amount Of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | ||||||||
Beggining balance: purchased credit-impaired loans | $ 152,242 | $ 160,368 | $ 158,174 | $ 165,818 | ||||
Accretion | 2,524 | 2,656 | 7,717 | 8,177 | ||||
Collections | (4,835) | (4,225) | (12,590) | (13,327) | ||||
Purchased Credit Impaired Loans Foreclosures | (809) | (1,005) | (4,179) | (2,874) | ||||
Ending balance: purchased credit-impaired loans | 149,122 | 157,794 | 149,122 | 157,794 | ||||
Allowance for loan losses Purchased Credit Impaired | (11,354) | (10,235) | (11,354) | (10,235) | $ (11,354) | $ (11,251) | $ (9,446) | $ (6,857) |
Ending balance: purchased credit-impaired loans, net | $ 137,768 | $ 147,559 | $ 137,768 | $ 147,559 |
LOAN PORTFOLIO -Changes in the
LOAN PORTFOLIO -Changes in the allowance for loan losses related to purchased credit impaired doans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities [Abstract] | ||||
Allowance for loan losses Purchased Credit Impaired beginning of period | $ 11,354 | $ 9,446 | $ 11,251 | $ 6,857 |
Provsion of PCI Loans | 0 | 789 | 103 | 3,378 |
Ending balance: purchased credit impaired loans | $ 11,354 | $ 10,235 | $ 11,354 | $ 10,235 |
LOAN PORTFOLIO - Selected Infor
LOAN PORTFOLIO - Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | $ 625,720 | $ 557,196 | $ 587,219 | $ 585,795 | $ 568,543 | $ 647,048 | ||
Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 30,456 | 35,947 | ||||||
Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 68,786 | 38,683 | ||||||
Combination of reduction in interest rate and extension of maturity [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 402,948 | 340,753 | ||||||
Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 228 | 35,317 | ||||||
Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 4,383 | 6,623 | ||||||
Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 118,919 | [1] | 129,896 | [2] | ||||
Non Fha Va Residential Mortgage Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 340,269 | 363,930 | ||||||
Non Fha Va Residential Mortgage Loans [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 24,053 | 25,964 | ||||||
Non Fha Va Residential Mortgage Loans [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 11,496 | 8,318 | ||||||
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 | 245,022 | 267,578 | ||||||
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] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 158 | 0 | ||||||
Non Fha Va Residential Mortgage Loans [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 59,540 | [1] | 62,070 | [2] | ||||
Commercial Mortgage Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 169,205 | 50,812 | ||||||
Commercial Mortgage Loans [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 4,400 | 6,563 | ||||||
Commercial Mortgage Loans [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 30,980 | 2,094 | ||||||
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 | 124,493 | 31,870 | ||||||
Commercial Mortgage Loans [Member] | Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Commercial Mortgage Loans [Member] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Commercial Mortgage Loans [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 9,332 | [1] | 10,285 | [2] | ||||
Commercial And Industrial Loan [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 79,711 | 94,112 | ||||||
Commercial And Industrial Loan [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 688 | 2,510 | ||||||
Commercial And Industrial Loan [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 19,963 | 20,648 | ||||||
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 | 13,323 | 16,049 | ||||||
Commercial And Industrial Loan [Member] | Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Commercial And Industrial Loan [Member] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 4,225 | 6,623 | ||||||
Commercial And Industrial Loan [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 41,512 | [1] | 48,282 | [2] | ||||
Land [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 2,475 | 6,476 | ||||||
Land [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 16 | 18 | ||||||
Land [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 104 | 3,941 | ||||||
Land [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 2,016 | 2,186 | ||||||
Land [Member] | Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Land [Member] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Land [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 339 | [1] | 331 | [2] | ||||
Construction-commercial [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 3,319 | 35,100 | ||||||
Construction-commercial [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-commercial [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 3,102 | 0 | ||||||
Construction-commercial [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-commercial [Member] | Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 35,100 | ||||||
Construction-commercial [Member] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-commercial [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 217 | [1] | 0 | [2] | ||||
Construction-residential [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 217 | ||||||
Construction-residential [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-residential [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-residential [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-residential [Member] | Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-residential [Member] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-residential [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | [1] | 217 | [2] | ||||
Construction Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 5,800 | |||||||
Consumer Auto Loans [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 18,892 | 22,605 | ||||||
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 or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,627 | 1,347 | ||||||
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 | 11,066 | 14,233 | ||||||
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] | Foberance Agrrements [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 | 6,199 | [1] | 7,025 | [2] | ||||
Finance Leases [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,372 | 2,184 | ||||||
Finance Leases [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Finance Leases [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 116 | 238 | ||||||
Finance Leases [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,256 | 1,946 | ||||||
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] | Foberance Agrrements [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 | [1] | 0 | [2] | ||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 10,477 | 11,783 | ||||||
Consumer Portfolio Segment [Member] | Interest Rate Below Market [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,299 | 892 | ||||||
Consumer Portfolio Segment [Member] | Maturity or Term Extension [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,398 | 2,097 | ||||||
Consumer Portfolio Segment [Member] | Combination of reduction in interest rate and extension of maturity [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 5,772 | 6,891 | ||||||
Consumer Portfolio Segment [Member] | Forgiveness of principal and/or interest [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 228 | 217 | ||||||
Consumer Portfolio Segment [Member] | Foberance Agrrements [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Consumer Portfolio Segment [Member] | Other [Member] | ||||||||
Financing Receivable Impaired [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | $ 1,780 | [1] | $ 1,686 | [2] | ||||
[1] | Other concessions granted by the Corporation included 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] | Other concessions granted by the Corporation included 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. |
LOAN PORTFOLIO - Corporation'_4
LOAN PORTFOLIO - Corporation's TDR Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Schedule Of Financing Receivables [Line Items] | |||||
Beginning Balance of TDRs | $ 557,196 | $ 568,543 | $ 587,219 | $ 647,048 | |
New TDRs | 107,357 | 29,101 | 164,004 | 83,368 | |
Increases to existing TDRs (disbursements) | 78 | 2,650 | 6,924 | 3,404 | |
Charge-offs post modification | (7,549) | (2,949) | (25,336) | [1] | (26,976) |
Sales | 0 | 0 | 0 | (53,245) | |
Foreclosures | (4,898) | (3,564) | (15,700) | (24,085) | |
TDRs transferred to loans held for sale | (4,541) | 0 | (34,541) | 0 | |
Paid-off and partial payments | (21,923) | (7,986) | (56,850) | (43,719) | |
Ending balance of TDRs | $ 625,720 | $ 585,795 | $ 625,720 | $ 585,795 | |
[1] | The quarter ended September 30, 2018 includes charge-offs of $3.4 million associated with $4.5 million in commercial loans transferred to held for sale. |
LOAN PORTFOLIO - Breakdown Betw
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | $ 625,720 | $ 557,196 | $ 587,219 | $ 585,795 | $ 568,543 | $ 647,048 | ||
Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 510,846 | 374,695 | ||||||
Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 114,874 | [1] | 212,524 | [2] | ||||
Non Fha Va Residential Mortgage Loans [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 340,269 | 363,930 | ||||||
Non Fha Va Residential Mortgage Loans [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 270,067 | 280,729 | ||||||
Non Fha Va Residential Mortgage Loans [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 70,202 | [1] | 83,201 | [2] | ||||
Commercial Mortgage Loans [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 169,205 | 50,812 | ||||||
Commercial Mortgage Loans [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 146,293 | 23,329 | ||||||
Commercial Mortgage Loans [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 22,912 | [1] | 27,483 | [2] | ||||
Commercial And Industrial Loan [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 79,711 | 94,112 | ||||||
Commercial And Industrial Loan [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 70,416 | 41,536 | ||||||
Commercial And Industrial Loan [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 9,295 | [1] | 52,576 | [2] | ||||
Land [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 5,019 | 6,476 | ||||||
Land [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,080 | 1,291 | ||||||
Land [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 3,939 | [1] | 5,185 | [2] | ||||
Construction-commercial [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 35,100 | ||||||
Construction-commercial [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-commercial [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | [1] | 35,100 | [2] | ||||
Construction-residential [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 775 | 217 | ||||||
Construction-residential [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||||||
Construction-residential [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 775 | [1] | 217 | [2] | ||||
Consumer Auto Loans [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 18,891 | 22,605 | ||||||
Consumer Auto Loans [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 12,541 | 15,548 | ||||||
Consumer Auto Loans [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 6,350 | [1] | 7,057 | [2] | ||||
Finance Leases [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,372 | 2,184 | ||||||
Finance Leases [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 1,273 | 1,968 | ||||||
Finance Leases [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 99 | [1] | 216 | [2] | ||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 10,478 | 11,783 | ||||||
Consumer Portfolio Segment [Member] | Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 9,176 | 10,294 | ||||||
Consumer Portfolio Segment [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | $ 1,302 | [1] | $ 1,489 | [2] | ||||
[1] | Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018. | |||||||
[2] | Included in non-accrual loans are $88.6 million in loans that were performing under the terms of the restructuring agreement but are reported in non-accrual status until the restructured loans meet the criteria of sustained payment performance under the revised terms for reinstatement to accrual status and are deemed fully collectible. |
LOAN PORTFOLIO - Breakdown Be_2
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | ||
Financing Receivable Modifications [Line Items] | ||||||||
Total TDR loans | $ 625,720 | $ 557,196 | $ 587,219 | $ 585,795 | $ 568,543 | $ 647,048 | ||
Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Total TDR loans | 114,874 | [1] | 212,524 | [2] | ||||
Performing Financing Receivable [Member] | Non Accrual [Member] | ||||||||
Financing Receivable Modifications [Line Items] | ||||||||
Total TDR loans | $ 20,700 | $ 88,600 | ||||||
[1] | Excludes a construction TDR loan held for sale of $27.0 million as of September 30, 2018. | |||||||
[2] | Included in non-accrual loans are $88.6 million in loans that were performing under the terms of the 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 are deemed fully collectible. |
LOAN PORTFOLIO - Loan Modificat
LOAN PORTFOLIO - Loan Modifications are Considered TDRs (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)numberofcontracts | Sep. 30, 2017USD ($)numberofcontracts | Sep. 30, 2018USD ($)numberofcontracts | Sep. 30, 2017USD ($)numberofcontracts | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 311 | 346 | 854 | 1,147 |
Pre-Modification Outstanding Recorded Investment | $ 108,192 | $ 29,388 | $ 165,236 | $ 84,100 |
Post-Modification Outstanding Recorded Investment | $ 107,357 | $ 29,101 | $ 164,004 | $ 83,368 |
Non Fha Va Residential Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 27 | 25 | 70 | 113 |
Pre-Modification Outstanding Recorded Investment | $ 6,316 | $ 3,358 | $ 10,958 | $ 17,585 |
Post-Modification Outstanding Recorded Investment | $ 5,729 | $ 3,358 | $ 10,277 | $ 17,349 |
Commercial Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 4 | 4 | 9 | 12 |
Pre-Modification Outstanding Recorded Investment | $ 96,088 | $ 2,569 | $ 138,599 | $ 25,274 |
Post-Modification Outstanding Recorded Investment | $ 95,867 | $ 2,318 | $ 138,390 | $ 24,783 |
Commercial And Industrial Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 2 | 8 | 8 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 2,800 | $ 21,079 | $ 8,850 | $ 32,153 |
Post-Modification Outstanding Recorded Investment | $ 2,786 | $ 21,019 | $ 8,496 | $ 32,093 |
Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 1 | 1 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 18 | $ 97 | $ 43 | |
Post-Modification Outstanding Recorded Investment | $ 18 | $ 97 | $ 46 | |
Construction-residential [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 587 | $ 587 | ||
Post-Modification Outstanding Recorded Investment | $ 558 | $ 558 | ||
Consumer Auto Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 74 | 109 | 195 | 383 |
Pre-Modification Outstanding Recorded Investment | $ 1,281 | $ 1,568 | $ 3,206 | $ 5,741 |
Post-Modification Outstanding Recorded Investment | $ 1,281 | $ 1,568 | $ 3,200 | $ 5,741 |
Finance Leases [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 5 | 5 | 22 | |
Pre-Modification Outstanding Recorded Investment | $ 82 | $ 82 | $ 548 | |
Post-Modification Outstanding Recorded Investment | $ 80 | $ 80 | $ 548 | |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 198 | 199 | 565 | 602 |
Pre-Modification Outstanding Recorded Investment | $ 1,038 | $ 796 | $ 2,857 | $ 2,756 |
Post-Modification Outstanding Recorded Investment | $ 1,056 | $ 820 | $ 2,906 | $ 2,808 |
LOAN PORTFOLIO - Loan Modific_2
LOAN PORTFOLIO - Loan Modifications Considered Troubled Debt Restructurings Defaulted (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($)numberofcontracts | Sep. 30, 2017USD ($)numberofcontracts | Sep. 30, 2018USD ($)numberofcontracts | Sep. 30, 2017USD ($)numberofcontracts | |
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 55 | 73 | 138 | 151 |
Recorded Investment | $ | $ 956 | $ 2,077 | $ 2,737 | $ 5,319 |
Non Fha Va Residential Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 3 | 16 | 13 | 38 |
Recorded Investment | $ | $ 338 | $ 1,795 | $ 1,406 | $ 4,686 |
Commercial Mortgage Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 0 | 1 | ||
Recorded Investment | $ | $ 0 | $ 57 | ||
Consumer Auto Loans [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 34 | 4 | 67 | 13 |
Recorded Investment | $ | $ 559 | $ 59 | $ 1,096 | $ 189 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 18 | 53 | 57 | 99 |
Recorded Investment | $ | $ 59 | $ 223 | $ 213 | $ 387 |
Finance Leases [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Number of Contracts | numberofcontracts | 1 | 0 | ||
Recorded Investment | $ | $ 22 | $ 0 |
LOAN PORTFOLIO - Loan Restructu
LOAN PORTFOLIO - Loan Restructuring and Effect on Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | $ 625,720 | $ 585,795 | $ 625,720 | $ 585,795 | $ 557,196 | $ 587,219 | $ 568,543 | $ 647,048 |
Amount charged-off | 36,312 | 19,369 | 93,368 | 107,751 | ||||
Provision | 11,524 | 75,013 | 51,604 | 118,551 | ||||
Loans and Leases Receivable, Allowance | 200,563 | 230,870 | 200,563 | 230,870 | $ 222,035 | 231,843 | $ 173,485 | $ 205,603 |
Loans Split [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | 65,706 | 35,603 | 65,706 | 35,603 | ||||
Amount charged-off | 1,137 | 0 | ||||||
Provision | 1,407 | (1,080) | ||||||
Loans and Leases Receivable, Allowance | 4,116 | $ 4,061 | 4,116 | $ 4,061 | ||||
Accrual [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Financing Receivable, Modifications, Recorded Investment | $ 510,846 | $ 510,846 | $ 374,695 |
LOAN PORTFOLIO - Narratives (De
LOAN PORTFOLIO - Narratives (Detail) | 3 Months Ended |
Sep. 30, 2018 | |
Disclosure Loan Portfolio Additional Information [Abstract] | |
Branches Doral | 10 |
ALLOWANCE FOR LOAN AND LEASE _3
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | $ 222,035 | $ 173,485 | $ 231,843 | $ 205,603 | ||||
Charge-offs | (36,312) | (19,369) | (93,368) | (107,751) | ||||
Recoveries | 3,316 | 1,741 | 10,484 | 14,467 | ||||
Provision | 11,524 | 75,013 | 51,604 | 118,551 | ||||
Ending balance | 200,563 | 230,870 | 200,563 | 230,870 | ||||
Ending balance: specific reserve for impaired loans | 53,313 | 48,155 | 53,313 | 48,155 | $ 49,514 | $ 51,410 | $ 40,794 | $ 64,421 |
Ending balance: purchased credit impaired loans | 11,354 | 10,235 | 11,354 | 10,235 | 11,354 | 11,251 | 9,446 | 6,857 |
Ending balance | 8,716,953 | 8,877,214 | 8,716,953 | 8,877,214 | 8,850,476 | |||
Ending balance: impaired loans | 788,010 | 779,259 | 788,010 | 779,259 | $ 740,134 | 790,308 | $ 735,625 | $ 887,905 |
General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 169,182 | |||||||
Ending balance | 135,896 | 172,480 | 135,896 | 172,480 | ||||
Ending balance | 7,779,821 | 7,940,161 | 7,779,821 | 7,940,161 | 7,901,994 | |||
PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 11,354 | 10,235 | 11,354 | 10,235 | 11,251 | |||
Ending balance | 149,122 | 157,794 | 149,122 | 157,794 | 158,174 | |||
Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 55,130 | 40,587 | 58,975 | 33,980 | ||||
Charge-offs | (8,316) | (7,177) | (17,231) | (22,369) | ||||
Recoveries | 833 | 321 | 1,857 | 1,961 | ||||
Provision | 360 | 23,321 | 4,406 | 43,480 | ||||
Ending balance | 48,007 | 57,052 | 48,007 | 57,052 | ||||
Ending balance: specific reserve for impaired loans | 18,482 | 19,417 | 18,482 | 19,417 | 22,086 | |||
Ending balance | 3,207,981 | 3,274,340 | 3,207,981 | 3,274,340 | 3,290,957 | |||
Ending balance: impaired loans | 408,794 | 425,835 | 408,794 | 425,835 | ||||
Residential Portfolio Segment [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 26,016 | |||||||
Ending balance | 18,571 | 27,772 | 18,571 | 27,772 | ||||
Ending balance | 2,653,984 | 2,694,896 | 2,653,984 | 2,694,896 | 2,703,532 | |||
Residential Portfolio Segment [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 10,954 | 9,863 | 10,954 | 9,863 | 10,873 | |||
Ending balance | 145,203 | 153,609 | 145,203 | 153,609 | 153,991 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 48,718 | 38,576 | 48,493 | 57,261 | ||||
Charge-offs | (9,850) | (266) | (20,557) | (32,123) | ||||
Recoveries | 291 | 43 | 378 | 151 | ||||
Provision | 10,111 | 17,590 | 20,956 | 30,654 | ||||
Ending balance | 49,270 | 55,943 | 49,270 | 55,943 | ||||
Ending balance: specific reserve for impaired loans | 17,044 | 10,456 | 17,044 | 10,456 | 9,783 | |||
Ending balance | 1,506,502 | 1,601,638 | 1,506,502 | 1,601,638 | 1,614,972 | |||
Ending balance: impaired loans | 243,220 | 153,875 | 243,220 | 153,875 | 152,914 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 38,332 | |||||||
Ending balance | 31,826 | 45,115 | 31,826 | 45,115 | ||||
Ending balance | 1,259,363 | 1,443,578 | 1,259,363 | 1,443,578 | 1,457,875 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 400 | 372 | 400 | 372 | 378 | |||
Ending balance | 3,919 | 4,185 | 3,919 | 4,185 | 4,183 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 44,000 | 42,082 | 48,871 | 61,953 | ||||
Charge-offs | (2,242) | (738) | (9,282) | (19,168) | ||||
Recoveries | 127 | 114 | 1,565 | 5,613 | ||||
Provision | 2,281 | (1,079) | 3,012 | (8,019) | ||||
Ending balance | 44,166 | 40,379 | 44,166 | 40,379 | ||||
Ending balance: specific reserve for impaired loans | 10,798 | 11,240 | 10,798 | 11,240 | 12,359 | |||
Ending balance | 2,068,256 | 2,144,236 | 2,068,256 | 2,144,236 | 2,083,253 | |||
Ending balance: impaired loans | 97,154 | 110,939 | 97,154 | 110,939 | 118,300 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 36,512 | |||||||
Ending balance | 33,368 | 29,139 | 33,368 | 29,139 | ||||
Ending balance | 1,971,102 | 2,033,297 | 1,971,102 | 2,033,297 | 1,964,953 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | |||
Ending balance | 0 | 0 | 0 | 0 | 0 | |||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 70,238 | 48,504 | 70,982 | 49,847 | ||||
Charge-offs | (13,712) | (11,141) | (38,111) | (33,386) | ||||
Recoveries | 2,051 | 1,247 | 6,519 | 6,148 | ||||
Provision | (2,536) | 34,939 | 16,651 | 50,940 | ||||
Ending balance | 56,041 | 73,549 | 56,041 | 73,549 | ||||
Ending balance: specific reserve for impaired loans | 6,083 | 5,177 | 6,083 | 5,177 | ||||
Ending balance | 1,851,352 | 1,727,540 | 1,851,352 | 1,727,540 | ||||
Ending balance: impaired loans | 31,945 | 38,237 | 31,945 | 38,237 | ||||
Consumer Portfolio Segment [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance | 49,958 | 68,372 | 49,958 | 68,372 | ||||
Ending balance | 1,819,407 | 1,689,303 | 1,819,407 | 1,689,303 | ||||
Consumer Portfolio Segment [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | 0 | ||||
Ending balance | 0 | 0 | 0 | 0 | ||||
Construction Loans [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 3,949 | 3,736 | 4,522 | 2,562 | ||||
Charge-offs | (2,192) | (47) | (8,187) | (705) | ||||
Recoveries | 14 | 16 | 165 | 594 | ||||
Provision | 1,308 | 242 | 6,579 | 1,496 | ||||
Ending balance | 3,079 | 3,947 | 3,079 | 3,947 | ||||
Ending balance: specific reserve for impaired loans | 906 | 1,865 | 906 | 1,865 | 2,017 | |||
Ending balance | 82,862 | 129,460 | 82,862 | 129,460 | 111,397 | |||
Ending balance: impaired loans | 6,897 | 50,373 | 6,897 | 50,373 | ||||
Construction Loans [Member] | General Allowance [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Beginning balance | 2,505 | |||||||
Ending balance | 2,173 | 2,082 | 2,173 | 2,082 | ||||
Ending balance | 75,965 | 79,087 | 75,965 | 79,087 | 64,131 | |||
Construction Loans [Member] | PCI loans | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: purchased credit impaired loans | 0 | 0 | 0 | 0 | 0 | |||
Ending balance | 0 | $ 0 | 0 | $ 0 | 0 | |||
Construction Loans [Member] | Residential Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: specific reserve for impaired loans | 156 | 156 | 55 | |||||
Ending balance: impaired loans | 1,765 | 1,765 | 252 | |||||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||||
Ending balance: specific reserve for impaired loans | 0 | 0 | 560 | |||||
Ending balance: impaired loans | $ 0 | $ 0 | $ 35,101 |
ALLOWANCE FOR LOAN AND LEASE _4
ALLOWANCE FOR LOAN AND LEASE LOSSES - Carrying Amount of Portfolios (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 228,906 | $ 213,046 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 559,104 | 577,262 | ||||
Impaired Financing Receivable Related Allowance | 53,313 | $ 49,514 | 51,410 | $ 48,155 | $ 40,794 | $ 64,421 |
Loans And Leases Receivable Gross Carrying Amount | 8,716,953 | 8,850,476 | 8,877,214 | |||
Loans and Leases Receivable, Allowance | 200,563 | 222,035 | 231,843 | 230,870 | 173,485 | 205,603 |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 11,354 | 11,354 | 11,251 | 10,235 | 9,446 | 6,857 |
PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 149,122 | 158,174 | 157,794 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 11,354 | 11,251 | 10,235 | |||
General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 7,779,821 | 7,901,994 | 7,940,161 | |||
Loans and Leases Receivable, Allowance | 135,896 | 169,182 | 172,480 | |||
Construction Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 1,116 | 48 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 5,781 | 47,218 | ||||
Impaired Financing Receivable Related Allowance | 906 | 2,017 | 1,865 | |||
Loans And Leases Receivable Gross Carrying Amount | 82,862 | 111,397 | 129,460 | |||
Loans and Leases Receivable, Allowance | 3,079 | 3,949 | 4,522 | 3,947 | 3,736 | 2,562 |
Construction Loans [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 0 | 0 | 0 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | |||
Construction Loans [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 75,965 | 64,131 | 79,087 | |||
Loans and Leases Receivable, Allowance | 2,173 | 2,505 | 2,082 | |||
Residential Mortgage Loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 117,375 | 116,818 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 291,419 | 316,616 | ||||
Impaired Financing Receivable Related Allowance | 18,482 | 22,086 | 19,417 | |||
Loans And Leases Receivable Gross Carrying Amount | 3,207,981 | 3,290,957 | 3,274,340 | |||
Loans and Leases Receivable, Allowance | 48,007 | 55,130 | 58,975 | 57,052 | 40,587 | 33,980 |
Residential Mortgage Loans | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 145,203 | 153,991 | 153,609 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 10,954 | 10,873 | 9,863 | |||
Residential Mortgage Loans | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 2,653,984 | 2,703,532 | 2,694,896 | |||
Loans and Leases Receivable, Allowance | 18,571 | 26,016 | 27,772 | |||
Residential Mortgage Loans | Construction Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 956 | 0 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 809 | 252 | ||||
Impaired Financing Receivable Related Allowance | 156 | 55 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 0 | 0 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 0 | 35,101 | ||||
Impaired Financing Receivable Related Allowance | 0 | 560 | ||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 34,793 | 28,292 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 62,361 | 90,008 | ||||
Impaired Financing Receivable Related Allowance | 10,798 | 12,359 | 11,240 | |||
Loans And Leases Receivable Gross Carrying Amount | 2,068,256 | 2,083,253 | 2,144,236 | |||
Loans and Leases Receivable, Allowance | 44,166 | 44,000 | 48,871 | 40,379 | 42,082 | 61,953 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 0 | 0 | 0 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 1,971,102 | 1,964,953 | 2,033,297 | |||
Loans and Leases Receivable, Allowance | 33,368 | 36,512 | 29,139 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 73,433 | 65,100 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 169,787 | 87,814 | ||||
Impaired Financing Receivable Related Allowance | 17,044 | 9,783 | 10,456 | |||
Loans And Leases Receivable Gross Carrying Amount | 1,506,502 | 1,614,972 | 1,601,638 | |||
Loans and Leases Receivable, Allowance | 49,270 | $ 48,718 | 48,493 | 55,943 | $ 38,576 | $ 57,261 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 3,919 | 4,183 | 4,185 | |||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 400 | 378 | 372 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 1,259,363 | 1,457,875 | 1,443,578 | |||
Loans and Leases Receivable, Allowance | 31,826 | 38,332 | $ 45,115 | |||
Finance Leases [Member] | Consumer Loan [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 2,189 | 2,788 | ||||
Impaired Financing Receivable With Related Allowance Recorded Investment | 29,756 | 35,606 | ||||
Impaired Financing Receivable Related Allowance | 6,083 | 5,165 | ||||
Loans And Leases Receivable Gross Carrying Amount | 1,851,352 | 1,749,897 | ||||
Loans and Leases Receivable, Allowance | 56,041 | 70,982 | ||||
Finance Leases [Member] | Consumer Loan [Member] | PCI loans | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 0 | 0 | ||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 0 | 0 | ||||
Finance Leases [Member] | Consumer Loan [Member] | General Allowance [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Loans And Leases Receivable Gross Carrying Amount | 1,819,407 | 1,711,503 | ||||
Loans and Leases Receivable, Allowance | $ 49,958 | $ 65,817 |
ALLOWANCE FOR LOAN AND LEASE _5
ALLOWANCE FOR LOAN AND LEASE LOSSES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance For Loan And Lease Losses Write Offs | $ 36,312 | $ 19,369 | $ 93,368 | $ 107,751 | ||
Hurricane [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Financing Receivable Allowance For Credit Losses | 24,900 | 66,500 | 24,900 | 66,500 | $ 55,600 | |
Net Loan Loss Reserve Release | 2,800 | 11,200 | ||||
Consumer Portfolio Segment [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 1,600 | |||||
Allowance For Loan And Lease Losses Write Offs | 13,712 | 11,141 | 38,111 | 33,386 | ||
Consumer Portfolio Segment [Member] | Hurricane [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance For Loan And Lease Losses Write Offs | 10,900 | |||||
Construction Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance For Loan And Lease Losses Write Offs | 2,192 | $ 47 | 8,187 | $ 705 | ||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (1,600) | |||||
Floor Plan Loans [Member] | ||||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||||
Financing Receivable Allowance For Credit Losses | $ 400 | $ 400 | $ 700 |
LOANS HELD FOR SALE - Portfolio
LOANS HELD FOR SALE - Portfolio of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | $ 65,739 | $ 32,980 |
Residential Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 21,562 | 24,690 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 12,372 | 0 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 1,790 | 0 |
Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | $ 30,015 | $ 8,290 |
LOANS HELD FOR SALE - Additiona
LOANS HELD FOR SALE - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | $ 2,179 | $ 10,289 | ||
Nonperforming Financing Receivable [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | 74,400 | |||
Fair value write-downs | 22,200 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Nonperforming Financing Receivable [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | 39,600 | |||
Fair value write-downs | 13,800 | |||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Nonperforming Financing Receivable [Member] | Loans held for sale sold [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | $ 27,200 | |||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Nonperforming Financing Receivable [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | 1,800 | |||
Fair value write-downs | 1,700 | |||
Construction Loans [Member] | Nonperforming Financing Receivable [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | 33,000 | |||
Fair value write-downs | $ 6,700 | |||
Construction Loans [Member] | Nonperforming Financing Receivable [Member] | Loans held for sale sold [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Transfer Of Loans Held For Sale To Portfolio Loans 1 | $ 7,700 |
OTHER REAL ESTATE OWNED- Other
OTHER REAL ESTATE OWNED- Other real estate owned (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Other Real Estate And Foreclosed Assets [Line Items] | ||
Other real estate owned | $ 135,218 | $ 147,940 |
Other Real Estate Owned [Member] | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
Other real estate owned | 135,218 | 147,940 |
Other Real Estate Owned [Member] | Construction | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
Other real estate owned | 10,639 | 10,688 |
Other Real Estate Owned [Member] | Residential | Mortgage | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
Other real estate owned | 49,287 | 54,381 |
Other Real Estate Owned [Member] | Commercial | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
Other real estate owned | $ 75,292 | $ 82,871 |
OTHER REAL ESTATE OWNED- Additi
OTHER REAL ESTATE OWNED- Additional information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Foreclosures that meet the conditions of ASC Topic 310-40 | $ 442,806 | $ 461,491 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of All Derivative Instruments (Detail) - Not Designated as Hedging Instrument, Economic Hedge [Member] - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Economic undesignated hedges: | ||
Notional amount of derivatives | $ 212,025,000 | $ 208,020,000 |
Forward Contracts [Member] | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 28,000,000 | 26,000,000 |
Forward loan sales commitments [Member] | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 5,005,000 | 0 |
Interest Rate Cap [Member] | Written | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | 89,510,000 | 91,010,000 |
Interest Rate Cap [Member] | Purchase | ||
Economic undesignated hedges: | ||
Notional amount of derivatives | $ 89,510,000 | $ 91,010,000 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Other Assets | $ 442,806 | $ 461,491 |
Accrued Liabilities And Other Liabilities | 159,892 | 145,905 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 931 | 312 |
Accrued Liabilities And Other Liabilities | 835 | 324 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 116 | 7 |
Accrued Liabilities And Other Liabilities | 20 | 19 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Loan Origination Commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 0 | 0 |
Accrued Liabilities And Other Liabilities | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 0 | 0 |
Accrued Liabilities And Other Liabilities | 815 | 305 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | Purchase | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 815 | 305 |
Accrued Liabilities And Other Liabilities | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on Statement of Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Interest Income Loans | $ (139,205) | $ (134,593) | $ (409,918) | $ (398,732) |
Mortgage banking activities | 4,551 | 3,117 | 13,551 | 11,579 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | ||||
Economic undesignated hedges: | ||||
Total gain (loss) on derivatives | 211 | (35) | 108 | 272 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward Contracts [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Mortgage banking activities | 0 | 0 | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Loan Origination Commitments [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Mortgage banking activities | 211 | 34 | 108 | 274 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Interest Income Loans | $ 0 | $ (1) | $ 0 | $ (2) |
OFFESTTING OF ASSETS AND LIABIL
OFFESTTING OF ASSETS AND LIABILITIES - Offsetting of financial assets and liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Gross amount recognized of derivative asset | $ 815 | $ 305 |
Gross amount of derivatives assets offset | 0 | 0 |
Net asset amount of assets presented in the Statement of Financial Condition | 815 | 305 |
Obligation to return Financial instrument, derivatives assets | 0 | (305) |
Obligation to return Cash Collateral, derivative assets | (815) | 0 |
Net derivative asset amount not offset | 0 | 0 |
Gross amount recognized of repurchase agreements | 300,000 | 500,000 |
Gross amount of repurchase agreements offset | (200,000) | (200,000) |
Net repurchase agreements amount offset presented | 100,000 | 300,000 |
Right to claim Financial instrument, repurchase agreements | (100,000) | (300,000) |
Right to claim Cash Collateral, repurchase agreements | 0 | 0 |
Net repurchase agreements amount not offset | 0 | 0 |
Securities Purchased Under Agreements To Resell Gross | 200,000 | 200,000 |
Securities Purchased Under Agreements To Resell Liability | (200,000) | (200,000) |
Securities Purchased Under Agreements To Resell Not Offset | 0 | 0 |
Securities Purchased Under Agreements To Resell Collateral Obligation To Return Securities | 0 | 0 |
Securities Purchased Under Agreements To Resell Collateral Obligation To Return Cash | 0 | 0 |
Securities Purchased Under Agreements To Resell Amount Offset Against Collateral | 0 | 0 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Gross | 200,815 | 200,305 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability | (200,000) | (200,000) |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Liability Not Offset | 815 | 305 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Securities | 0 | (305) |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Collateral Obligation To Return Cash | (815) | 0 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Feb. 15, 2016 | Jun. 30, 2012 | |
Finite Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 28,100 | $ 28,100 | $ 28,100 | ||||
Amortization expense | 2,731 | $ 3,325 | |||||
Core Deposits [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Finite Lived Intangible Assets Gross | 51,664 | 51,664 | 51,664 | ||||
Amortization expense | 300 | $ 400 | 900 | 1,300 | |||
Customer Relationships [Member] | Credit Card [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Finite Lived Intangible Assets Gross | 24,465 | 24,465 | 24,465 | $ 24,500 | |||
Amortization expense | 600 | 600 | 1,700 | 1,900 | |||
Customer Relationships [Member] | Insurance Customer Intangible [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Finite Lived Intangible Assets Gross | 1,067 | 1,067 | $ 1,067 | ||||
Amortization expense | 38 | $ 38 | 100 | $ 100 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,100 | ||||||
Doral Bank Transaction Member [Member] | Core Deposits [Member] | |||||||
Finite Lived Intangible Assets [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,300 | $ 3,300 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES - Gross Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2012 | |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year | $ 860 | ||
Finite Lived Intangible Assets Amortization Expense Year Two | 3,088 | ||
Finite Lived Intangible Assets Amortization Expense Year Three | 2,851 | ||
Finite Lived Intangible Assets Amortization Expense Year Four | 2,658 | ||
Finite Lived Intangible Assets Amortization Expense Year Five | 915 | ||
Finite Lived Intangible Assets Amortization Expense After Year Five | 1,150 | ||
Core Deposits [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | 51,664 | $ 51,664 | |
Accumulated amortization | (47,079) | (46,186) | |
Net carrying amount | $ 4,585 | $ 5,478 | |
Remaining amortization period | 6 years 3 months 18 days | 7 years | |
Customer Relationships [Member] | Credit Card [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 24,465 | $ 24,465 | $ 24,500 |
Accumulated amortization | (18,189) | (16,465) | |
Net carrying amount | $ 6,276 | $ 8,000 | |
Remaining amortization period | 3 years 1 month 6 days | 3 years 10 months 24 days | |
Customer Relationships [Member] | Insurance Customer Intangible [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 1,067 | $ 1,067 | |
Accumulated amortization | (406) | (292) | |
Net carrying amount | $ 661 | $ 775 | |
Remaining amortization period | 4 years 3 months 18 days | 5 years |
NON-CONSOLIDATED VARIABLE INT_3
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Feb. 16, 2011 | Apr. 30, 2004 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2014 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2004 | |
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Principal amount of corporation serviced loans securitized through GNMA | $ 1,700,000 | $ 1,700,000 | ||||||||||||
Gains Losses On Extinguishment Of Debt | 0 | $ 1,391 | 2,316 | $ 1,391 | ||||||||||
Carrying amount of servicing assets | 27,593 | 25,999 | 27,593 | 25,999 | $ 27,191 | $ 25,255 | $ 26,502 | $ 26,244 | ||||||
Grantor Trust Fair Value | 32,304 | 32,304 | $ 27,191 | 25,255 | $ 26,502 | $ 26,244 | ||||||||
Interest Expense Accrued Trust Preferred Securities | $ 31,200 | |||||||||||||
Loans And Leases Receivable Gross Carrying Amount | $ 8,716,953 | $ 8,877,214 | 8,716,953 | $ 8,877,214 | $ 8,850,476 | |||||||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Qualitative Information | 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 between 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 | |||||||||||||
Prlp [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Payment to be made on pro rata basis | 35.00% | |||||||||||||
FirstBank [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Payment to be made on pro rata basis | 65.00% | |||||||||||||
Fbp Statutory Trust One [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Trust Preferred Securities Repurchases | $ 23,800 | |||||||||||||
Trust Preferred Securities Winning Bid | 90.00% | |||||||||||||
Trust Preferred Securties Discount | 10.00% | |||||||||||||
Fbp Statutory Trust One [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Gains Losses On Extinguishment Of Debt | $ 2,300 | |||||||||||||
Fbp Statutory Trust One [Member] | Junior Subordinated Deferrable Debentures [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Trust Preferred Securities Repurchases | $ 23,800 | |||||||||||||
Debt Instrument Face Amount | $ 103,100 | $ 128,900 | ||||||||||||
Cpg Gs [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Loans sold to CPG | $ 269,300 | |||||||||||||
Loans And Leases Receivable Gross Carrying Amount | 136,100 | $ 8,400 | 8,400 | |||||||||||
Cash realized on sale of loan | $ 88,500 | |||||||||||||
Carrying amount of the Bank investment in CPG/GS | $ 0 | |||||||||||||
Cpg Gs [Member] | FirstBank [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Acquired Equity interest on disposal of loans held for sale | 35.00% | |||||||||||||
Minimum [Member] | Prlp [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Percentage Of Priority Interest To Be Received On Invested Capital | 12.00% | |||||||||||||
Mortgage pass through trust certificates [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Debt Instrument Description Of Variable Rate Basis | 90-day LIBOR | |||||||||||||
Carrying amount of servicing assets | $ 20,000 | 20,000 | ||||||||||||
Grantor Trust Fair Value | $ 14,600 | $ 14,600 | ||||||||||||
Percentage of weighted average yield with third party | 4.57% | |||||||||||||
Variable Rate Demand Obligation [Member] | Junior Subordinated Deferrable Debentures [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Debt Instrument, Maturity Date, Description | The Junior Subordinated Deferrable Debentures issued by the Corporation in April 2004 and 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). | |||||||||||||
Variable Rate Demand Obligation [Member] | Fbp Statutory Trust One [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Variable rate trust preferred securities | 100,000 | |||||||||||||
Proceeds of the issuance, together with proceeds of the purchase | 3,100 | |||||||||||||
Variable Rate Demand Obligation [Member] | Fbp Statutory Trust One [Member] | Junior Subordinated Deferrable Debentures [Member] | ||||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||||
Principal amount of corporation's junior subordinated deferrable debentures | $ 103,100 |
NON-CONSOLIDATED VARIABLE INT_4
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Servicing Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Transfers and Servicing [Abstract] | |||||
Balance at beginning of period | $ 27,191 | $ 26,502 | $ 25,255 | $ 26,244 | |
Capitalization of servicing assets | 1,003 | 833 | 3,028 | 2,757 | |
Amortization | (722) | (775) | (2,188) | (2,342) | |
Adjustment to fair value | (65) | (690) | 1,265 | (1,047) | |
Adjustment to servicing assets for loans repurchased | [1] | (186) | (129) | (233) | (387) |
Balance at end of period | $ 27,593 | $ 25,999 | $ 27,593 | $ 25,999 | |
[1] | Amount represents the adjustment to fair value related to the repurchase of loans serviced for others. |
NON-CONSOLIDATED VARIABLE INT_5
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Impairment Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Transfers and Servicing [Abstract] | ||||
Balance at beginning of period | $ 56 | $ 197 | $ 1,451 | $ 461 |
Temporary impairment charges | 65 | 690 | 102 | 1,047 |
OTTI of servicing assets | 0 | 0 | (65) | (621) |
Recoveries | 0 | 0 | (1,367) | 0 |
Balance at end of period | $ 121 | $ 887 | $ 121 | $ 887 |
NON-CONSOLIDATED VARIABLE INT_6
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Components of Net Servicing Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Transfers and Servicing [Abstract] | |||||
Servicing fees | $ 2,084 | $ 1,898 | $ 6,262 | $ 5,897 | |
Late charges and prepayment penalties | 114 | 103 | 380 | 340 | |
All Other Fees | [1] | (8) | 0 | (8) | (35) |
Other | [2] | 186 | 129 | 233 | 387 |
Servicing income, gross | 2,376 | 2,130 | 6,867 | 6,589 | |
Amortization and impairment of servicing assets | (787) | (1,464) | (923) | (3,389) | |
Servicing income, net | $ 1,589 | $ 666 | $ 5,944 | $ 3,200 | |
[1] | |||||
[2] | Amount represents the adjustment to fair value related to the repurchase of loans serviced for others. |
NON-CONSOLIDATED VARIABLE INT_7
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans (Detail) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Maximum [Member] | 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 | 6.40% | 6.70% |
Discount rate | 10.00% | 10.00% |
Maximum [Member] | 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 | 9.80% | 9.50% |
Discount rate | 14.30% | 14.30% |
Maximum [Member] | 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 | 5.90% | 6.20% |
Discount rate | 12.00% | 12.00% |
Minimum [Member] | 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 | 6.20% | 6.30% |
Discount rate | 10.00% | 10.00% |
Minimum [Member] | 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 | 9.10% | 9.10% |
Discount rate | 14.30% | 14.30% |
Minimum [Member] | 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 | 5.60% | 6.00% |
Discount rate | 12.00% | 12.00% |
NON-CONSOLIDATED VARIABLE INT_8
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Weighted-Averages of Key Economic Assumptions in Valuation Model (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | ||||||
Carrying amount of servicing assets | $ 27,593 | $ 27,191 | $ 25,255 | $ 25,999 | $ 26,502 | $ 26,244 |
Fair value | $ 32,304 | $ 27,191 | $ 25,255 | $ 26,502 | $ 26,244 | |
Weighted-average expected life | 8 years 5 months 12 days | |||||
Constant prepayment rate | 6.14% | |||||
Decrease in fair value due to 10% adverse change | $ 774 | |||||
Decrease in fair value due to 20% adverse change | $ 1,516 | |||||
Discount rate | 11.25% | |||||
Decrease in fair value due to 10% adverse change | $ 1,613 | |||||
Decrease in fair value due to 20% adverse change | $ 3,088 |
DEPOSITS - Summary of Deposit B
DEPOSITS - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Non-interest bearing checking accounts | $ 2,321,050 | $ 1,833,665 |
Savings accounts | 2,371,390 | 2,401,385 |
Interest-bearing checking accounts | 1,414,267 | 1,207,511 |
Certificates of deposit | 2,367,795 | 2,429,585 |
Brokered certificates of deposit | 673,741 | 1,150,485 |
Total deposits | $ 9,148,243 | $ 9,022,631 |
DEPOSITS - Brokered Certificate
DEPOSITS - Brokered Certificates Of Deposit Mature (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Brokered Certificates Of Deposit Mature In One To Ninety Days | $ 180,112 | |
Brokered Certificates Of Deposit Mature In Over Three Months To Six Months | 85,996 | |
Brokered Certificates Of Deposit Mature In Over Six Months To One Year | 103,513 | |
Brokered Certificates Of Deposit Mature In One To Three Years | 249,270 | |
Brokered Certificates Of Deposit Mature In Three To Five Years | 53,469 | |
Brokered Certificates Of Deposit Mature In Over Five Years | 1,381 | |
Total | $ 673,741 | $ 1,150,485 |
DEPOSITS - Components of Intere
DEPOSITS - Components of Interest Expense on Deposits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Deposits [Abstract] | ||||
Interest expense on deposits | $ 16,709 | $ 16,453 | $ 49,983 | $ 47,804 |
Accretion Of Premium From Acquisitions | (2) | (9) | (7) | (47) |
Amortization of broker placement fees | 272 | 454 | 948 | 1,461 |
Interest expense on deposits | $ 16,979 | $ 16,898 | $ 50,924 | $ 49,218 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 100,000 | $ 300,000 |
short term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 100,000 |
long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 100,000 | $ 200,000 |
SECURITIES SOLD UNDER AGREEME_4
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 100,000 | $ 300,000 |
Callable repurchase agreements | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 1.96% | |
Securities sold under agreements to repurchase | $ 100,000 | |
short term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 100,000 |
long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under agreements to repurchase | $ 100,000 | $ 200,000 |
Minimum [Member] | long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 0.0196% | |
Weighted Average [Member] | short term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 1.53% | |
Weighted Average [Member] | long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 2.26% | |
Maximum [Member] | long term debt [member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets sold under agreements to repurchase interest rate | 2.26% |
SECURITIES SOLD UNDER AGREEME_5
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule of Repurchase Agreement Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | $ 300,000 |
Maturity Over Three to Four Years [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 |
SECURITIES SOLD UNDER AGREEME_6
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Repurchase Agreements Grouped by Counterparty (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Repurchase Agreement Counterparty [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | $ 300,000 |
Jp Morgan Chase [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | |
Weighted-Average Maturity | 3 years 3 months 18 days |
ADVANCES FROM THE FEDERAL HOM_3
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Advances from Federal Home Loan Banks [Abstract] | ||
Long-term Federal Home Loan Bank Advances | $ 690,000 | $ 715,000 |
Federal Home Loan Bank, Advance, Branch of FHLB Bank, Interest Rate, Type [Fixed List] | Fixed | Fixed |
ADVANCES FROM THE FEDERAL HOM_4
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Parenthetical) (Detail) | Sep. 30, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank, Advance, Branch of FHLB Bank, Interest Rate, Type [Fixed List] | Fixed | Fixed |
long term debt [member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate at Period End | 1.92% | 1.91% |
Federal Home Loan Bank, Advance, Branch of FHLB Bank, Interest Rate, Type [Fixed List] | Fixed | Fixed |
ADVANCES FROM THE FEDERAL HOM_5
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Advances from FHLB Mature (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Advances from Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank Advances Maturities Due Thirty To Ninety Days | $ 70,000 | |
Federal Home Loan Bank Advances Maturities Due One To Three Years | 420,000 | |
Federal Home Loan Bank Advances Maturities Due Three To Four Years | 200,000 | |
Total Federal Home Loan Bank Advances | $ 690,000 | $ 715,000 |
ADVANCES FROM THE FEDERAL HOM_6
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Additional Information (Detail) - Federal Home Loan Bank Advances [Member] $ in Millions | Sep. 30, 2018USD ($) |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | |
Additional capacity on credit facility based on collateral pledged | $ 503.6 |
Letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands | $ 167 |
OTHER BORROWINGS - Components o
OTHER BORROWINGS - Components of Other Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 184,150 | $ 208,635 |
Junior Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 184,150 | 208,635 |
Junior Subordinated Debt [Member] | due June 17, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | 65,593 | 90,078 |
Junior Subordinated Debt [Member] | due September 20, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures | $ 118,557 | $ 118,557 |
OTHER BORROWINGS - Components_2
OTHER BORROWINGS - Components of Other Borrowings (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Fbp Statutory Trust One [Member] | |||
Subordinated Borrowing [Line Items] | |||
Payments for Repurchase of Trust Preferred Securities | $ 23.8 | ||
due June 17, 2034 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Floating Interest rate on junior subordinated debentures | 5.08% | 4.35% | |
Subordinated Borrowing Due Date | Jun. 17, 2034 | ||
Callable step-rate notes rate | 2.75% | ||
due June 17, 2034 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Subordinated Borrowing [Line Items] | |||
Debt Instrument Description Of Variable Rate Basis | 3-month LIBOR | 3-month LIBOR | |
due September 20, 2034 [Member] | |||
Subordinated Borrowing [Line Items] | |||
Floating Interest rate on junior subordinated debentures | 4.84% | 4.12% | |
Subordinated Borrowing Due Date | Sep. 20, 2034 | ||
Callable step-rate notes rate | 2.50% | ||
due September 20, 2034 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Subordinated Borrowing [Line Items] | |||
Debt Instrument Description Of Variable Rate Basis | 3-month LIBOR | 3-month LIBOR | |
Junior Subordinated Debt [Member] | Fbp Statutory Trust One [Member] | |||
Subordinated Borrowing [Line Items] | |||
Payments for Repurchase of Trust Preferred Securities | $ 23.8 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class Of Stock [Line Items] | |||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |
Common stock, par value | $ 0.1 | $ 0.1 | |
Common stock, shares issued | 220,382,343 | 221,789,509 | |
Common stock, shares outstanding | 216,278,040 | 217,240,844 | |
Corporation has authorized shares of preferred stock | 50,000,000 | 50,000,000 | |
Preferred stock, par value | $ 1 | $ 1 | |
Liquidation value per share | $ 25 | ||
Repurchased of common stock | 433,362 | 336,985 | |
Stock repurchase plan treasury stock | 4,104,303 | 4,548,665 | |
Legal surplus reserve rate | 10.00% | ||
Original amount contributed in percentage | 20.00% | ||
Legal Surplus Amount Additions | $ 7,300 | $ 0 | |
Legal surplus reserve amount | $ 59,693 | $ 59,693 | |
Series A Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock dividend rate percentage | 7.125% | ||
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% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | ||||||
Valuation allowance | $ 183,200 | $ 183,200 | ||||
Income tax expense (benefit) | 12,332 | $ (8,398) | 30,249 | $ (7,181) | ||
Deferred Tax Assets Net | $ 272,300 | $ 272,300 | ||||
Minimum percentage of bank net taxable income for paying Income tax at normal rate | 20.00% | 20.00% | ||||
Estimated annual effective tax rate excluding entities from which a tax benefit cannot be recognized and discrete items | 26.00% | 20.00% | ||||
Effective Income Tax Rate Continuing Operations | 24.00% | (2.00%) | ||||
Effective Income Tax Rate Excluding Discrete Items | 25.00% | 21.00% | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (13,200) | |||||
FirstBank [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Valuation allowance | $ 142,200 | $ 142,200 | $ 150,700 | |||
Deferred Tax Assets Net | $ 272,200 | 272,200 | $ 294,700 | |||
Domestic Tax Authority [Member] | Other taxable domestic corporations member [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Percentage of dividend received deduction | 85.00% | |||||
Domestic Tax Authority [Member] | Subsidiaries [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Percentage of dividend received deduction | 100.00% | |||||
United States [Member] | ||||||
Income Tax Contingency [Line Items] | ||||||
Foreign Income Tax Expense (Benefit), Continuing Operations | $ 1,200 | $ 1,600 | $ 3,800 | $ 1,600 |
OTHER COMPREHENSIVE LOSS - Chan
OTHER COMPREHENSIVE LOSS - Change in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | $ (20,615) | |||
Ending balance | $ (62,887) | (62,887) | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Debt Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (52,107) | $ (14,625) | (20,609) | $ (34,383) |
Other comprehensive (loss) income | (10,780) | 3,719 | (42,278) | 11,617 |
Amounts reclassified from accumulated comprehensive loss | 0 | 0 | 0 | 11,860 |
Ending balance | (62,887) | (10,906) | (62,887) | (10,906) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Equity Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 0 | (4) | (6) | (7) |
Other comprehensive (loss) income | 0 | 0 | 0 | 3 |
Amounts reclassified from accumulated comprehensive loss | 0 | 0 | 6 | 0 |
Ending balance | $ 0 | $ (4) | $ 0 | $ (4) |
OTHER COMPREHENSIVE LOSS - Recl
OTHER COMPREHENSIVE LOSS - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on sale of investments | $ 0 | $ 0 | $ 0 | $ 371 |
Net impairment losses on available-for-sale debt securities | 0 | 0 | 0 | 12,231 |
Total before tax | 48,655 | (19,150) | 130,752 | 35,606 |
Income tax | 12,332 | (8,398) | 30,249 | (7,181) |
Net income | 36,323 | (10,752) | 100,503 | 42,787 |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net gain on sale of investments | 0 | 0 | 0 | 371 |
Net impairment losses on available-for-sale debt securities | 0 | 0 | 0 | (12,231) |
Total before tax | 0 | 0 | 0 | (11,860) |
Income tax | 0 | 0 | 0 | 0 |
Net income | $ 0 | $ 0 | $ 0 | $ (11,860) |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Investment securities available for sale | $ 2,011,221 | $ 1,891,016 |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Equity Securities | 411 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 500 | 100 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 418 |
Fair Value, Measurements, Recurring [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 7,426 | 7,401 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 341,720 | 361,971 |
Fair Value, Measurements, Recurring [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 1,640,064 | 1,497,253 |
Fair Value, Measurements, Recurring [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 6,940 | 6,813 |
Fair Value, Measurements, Recurring [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 14,571 | 17,060 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 815 | 305 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 815 | 305 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 116 | 7 |
Derivatives, included in liabilities: | ||
Liability Derivatives | 20 | 19 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | ||
Assets: | ||
Equity Securities | 411 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 418 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 7,426 | 7,401 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Derivatives, included in liabilities: | ||
Liability Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||
Assets: | ||
Equity Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 341,720 | 361,971 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 1,640,064 | 1,497,253 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 4,142 | 4,118 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 815 | 305 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 815 | 305 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 116 | 7 |
Derivatives, included in liabilities: | ||
Liability Derivatives | 20 | 19 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||
Assets: | ||
Equity Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Other Available For Sale Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 500 | 100 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | U S Treasury Securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US Government Agencies Debt Securities [Member] | Noncallable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US Government Agencies Debt Securities [Member] | Callable | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Puerto Rico Government obligations [Member] | ||
Assets: | ||
Investment securities available for sale | 2,798 | 2,695 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | ||
Assets: | ||
Investment securities available for sale | 14,571 | 17,060 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Purchase | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Written | ||
Derivatives, included in liabilities: | ||
Liability Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Forward Contracts [Member] | ||
Assets: | ||
Asset Derivative | 0 | 0 |
Derivatives, included in liabilities: | ||
Liability Derivatives | $ 0 | $ 0 |
FAIR VALUE - Fair Value of Asse
FAIR VALUE - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value Inputs Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 17,829 | $ 19,771 | $ 19,855 | $ 22,914 |
Total gains or (losses) (realized/unrealized): | ||||
Included in other comprehensive income | 35 | 1,754 | 228 | 2,500 |
Purchases | 500 | 0 | 500 | 0 |
Principal repayments and amortization | (495) | (1,186) | (2,714) | (5,075) |
Ending balance | $ 17,869 | $ 20,339 | $ 17,869 | $ 20,339 |
FAIR VLUE - Assets and Liabilit
FAIR VLUE - Assets and Liabilites Measured at Fair Value on Recurring Basis Using Unobservable Inputs (Level 3) (Detail) $ in Thousands | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 2,011,221 | $ 1,891,016 |
Minimum [Member] | Private label MBS [Member] | Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Minimum [Member] | Private label MBS [Member] | Measurement Input, Loss Severity [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Maximum [Member] | Private label MBS [Member] | Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Maximum [Member] | Private label MBS [Member] | Measurement Input, Loss Severity [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.078 | 0.068 |
Weighted Average [Member] | Private label MBS [Member] | Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Weighted Average [Member] | Private label MBS [Member] | Measurement Input, Loss Severity [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.03 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 14,571 | $ 17,060 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.148 | 0.14 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US States And Political Subdivisions Member [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 2,798 | $ 2,695 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US States And Political Subdivisions Member [Member] | Measurement Input, Discount Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.059 | 0.0661 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US States And Political Subdivisions Member [Member] | Measurement Input, Constant Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.03 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Private label MBS [Member] | Measurement Input, Constant Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.035 | 0.12 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Minimum [Member] | Private label MBS [Member] | Measurement Input, Loss Severity [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Private label MBS [Member] | Measurement Input, Constant Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.225 | 0.29 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Private label MBS [Member] | Measurement Input, Loss Severity [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.078 | 0.068 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Private label MBS [Member] | Measurement Input, Constant Prepayment Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.117 | 0.164 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Weighted Average [Member] | Private label MBS [Member] | Measurement Input, Loss Severity [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.04 | 0.03 |
FAIR VALUE - Impairment of Valu
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Servicing Asset at Fair Value, Amount | $ 32,304 | $ 32,304 | $ 27,191 | $ 25,255 | $ 26,502 | $ 26,244 | ||
Fair Value Measurements Nonrecurring [Member] | OREO [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Assets Fair Value Adjustment | (3,244) | $ (818) | (9,817) | $ (7,563) | ||||
Fair Value Measurements Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Assets Fair Value Adjustment | (690) | (1,047) | ||||||
Fair Value Measurements Nonrecurring [Member] | Loans Held For Sale [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Assets Fair Value Adjustment | (10,102) | (14,642) | ||||||
Fair Value Measurements Nonrecurring [Member] | Loans Receivable [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Assets Fair Value Adjustment | (7,967) | (686) | (20,622) | (23,467) | ||||
Fair Value Inputs Level 1 [Member] | Fair Value Measurements Nonrecurring [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Loans receivable | 0 | 0 | 0 | 0 | ||||
Other Real Estate Owned | 0 | 0 | 0 | 0 | ||||
Servicing Asset at Fair Value, Amount | 0 | 0 | ||||||
Loans held for sale | 0 | 0 | ||||||
Fair Value Inputs Level 2 [Member] | Fair Value Measurements Nonrecurring [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Loans receivable | 0 | 0 | 0 | 0 | ||||
Other Real Estate Owned | 0 | 0 | 0 | 0 | ||||
Servicing Asset at Fair Value, Amount | 0 | 0 | ||||||
Loans held for sale | 0 | 0 | ||||||
Fair Value Inputs Level 3 [Member] | Fair Value Measurements Nonrecurring [Member] | ||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||||
Loans receivable | 442,248 | 374,740 | 442,248 | 374,740 | ||||
Other Real Estate Owned | 135,218 | 152,977 | 135,218 | 152,977 | ||||
Servicing Asset at Fair Value, Amount | $ 25,999 | $ 25,999 | ||||||
Loans held for sale | $ 44,177 | $ 44,177 |
FAIR VALUE - Impairment of Va_2
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Parenthetical) (Detail) - Fair Value Measurements Nonrecurring [Member] | Sep. 30, 2017 |
Measurement Input, Constant Prepayment Rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Servicing Asset Measurement Input | 0.0641 |
Measurement Input, Discount Rate [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Servicing Asset Measurement Input | 0.1122 |
FAIR VALUE - Fair Value (Detail
FAIR VALUE - Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets: | ||||||
Investment securities available for sale | $ 2,011,221 | $ 1,891,016 | ||||
Held To Maturity Securities | 144,799 | 150,627 | ||||
Total gross loans held for investment portfolio | 8,716,953 | 8,850,476 | $ 8,877,214 | |||
Less: allowance for loan and lease losses | (200,563) | $ (222,035) | (231,843) | $ (230,870) | $ (173,485) | $ (205,603) |
Loans held for investment, net | 8,516,390 | 8,618,633 | ||||
Liabilities: | ||||||
Other borrowings | 184,150 | 208,635 | ||||
Carrying Reported Amount Fair Value Disclosure [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 656,772 | 716,395 | ||||
Investment securities available for sale | 2,011,221 | 1,891,016 | ||||
Held To Maturity Securities | 144,799 | 150,627 | ||||
Equity Securities | 42,274 | |||||
Other investment securities | 0 | 43,119 | ||||
Loans held for sale | 65,739 | 32,980 | ||||
Total gross loans held for investment portfolio | 8,716,953 | 8,850,476 | ||||
Less: allowance for loan and lease losses | (200,563) | (231,843) | ||||
Loans held for investment, net | 8,516,390 | 8,618,633 | ||||
Asset Derivative | 931 | 312 | ||||
Liabilities: | ||||||
Deposits | 9,148,243 | 9,022,631 | ||||
Securities sold under agreements to repurchase | 100,000 | 300,000 | ||||
Advances from FHLB | 690,000 | 715,000 | ||||
Other borrowings | 184,150 | 208,635 | ||||
Liability Derivatives | 835 | 324 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 656,772 | 716,395 | ||||
Investment securities available for sale | 2,011,221 | 1,891,016 | ||||
Held To Maturity Securities | 131,703 | 131,032 | ||||
Equity Securities | 42,274 | |||||
Other investment securities | 0 | 43,119 | ||||
Loans held for sale | 65,907 | 34,979 | ||||
Loans held for investment, net | 8,174,205 | 8,372,865 | ||||
Asset Derivative | 931 | 312 | ||||
Liabilities: | ||||||
Deposits | 9,151,666 | 9,026,600 | ||||
Securities sold under agreements to repurchase | 121,047 | 325,913 | ||||
Advances from FHLB | 673,788 | 707,272 | ||||
Other borrowings | 175,480 | 189,424 | ||||
Liability Derivatives | 835 | 324 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 1 [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 656,772 | 716,395 | ||||
Investment securities available for sale | 7,426 | 7,819 | ||||
Held To Maturity Securities | 0 | 0 | ||||
Equity Securities | 411 | |||||
Other investment securities | 0 | 0 | ||||
Loans held for sale | 0 | 0 | ||||
Loans held for investment, net | 0 | 0 | ||||
Asset Derivative | 0 | 0 | ||||
Liabilities: | ||||||
Deposits | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Advances from FHLB | 0 | 0 | ||||
Other borrowings | 0 | 0 | ||||
Liability Derivatives | 0 | 0 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 2 [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 0 | 0 | ||||
Investment securities available for sale | 1,985,926 | 1,863,342 | ||||
Held To Maturity Securities | 0 | 0 | ||||
Equity Securities | 41,863 | |||||
Other investment securities | 0 | 43,119 | ||||
Loans held for sale | 21,730 | 25,237 | ||||
Loans held for investment, net | 0 | 0 | ||||
Asset Derivative | 931 | 312 | ||||
Liabilities: | ||||||
Deposits | 9,151,666 | 9,026,600 | ||||
Securities sold under agreements to repurchase | 121,047 | 325,913 | ||||
Advances from FHLB | 673,788 | 707,272 | ||||
Other borrowings | 0 | 0 | ||||
Liability Derivatives | 835 | 324 | ||||
Estimate Of Fair Value Fair Value Disclosure [Member] | Fair Value Inputs Level 3 [Member] | ||||||
Assets: | ||||||
Cash and due from banks and money market investments | 0 | 0 | ||||
Investment securities available for sale | 17,869 | 19,855 | ||||
Held To Maturity Securities | 131,703 | 131,032 | ||||
Equity Securities | 0 | |||||
Other investment securities | 0 | 0 | ||||
Loans held for sale | 44,177 | 9,742 | ||||
Loans held for investment, net | 8,174,205 | 8,372,865 | ||||
Asset Derivative | 0 | 0 | ||||
Liabilities: | ||||||
Deposits | 0 | 0 | ||||
Securities sold under agreements to repurchase | 0 | 0 | ||||
Advances from FHLB | 0 | 0 | ||||
Other borrowings | 175,480 | 189,424 | ||||
Liability Derivatives | $ 0 | $ 0 |
REVENUE FROM CONTRACT WITH CUST
REVENUE FROM CONTRACT WITH CUSTOMERS (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net interest income | $ 132,521 | $ 122,832 | $ 387,685 | $ 369,285 |
Non-interest income (loss) | 18,523 | $ 18,645 | 61,779 | $ 47,437 |
Total Revenue | 151,044 | 449,464 | ||
Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 5,570 | 16,002 | ||
Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,494 | 6,629 | ||
Total Revenue | 2,400 | |||
Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,406 | 3,770 | ||
Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 5,284 | 15,679 | ||
Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 2,460 | 6,130 | ||
Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 2,309 | 13,569 | ||
Mortgage Banking Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 19,593 | 60,900 | ||
Non-interest income (loss) | 4,552 | 13,302 | ||
Total Revenue | 24,145 | 74,202 | ||
Mortgage Banking Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Mortgage Banking Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Mortgage Banking Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Mortgage Banking Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Mortgage Banking Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 135 | 189 | ||
Mortgage Banking Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 4,417 | 13,113 | ||
Consumer Retail Banking Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 59,835 | 166,022 | ||
Non-interest income (loss) | 12,323 | 35,504 | ||
Total Revenue | 72,158 | 201,526 | ||
Consumer Retail Banking Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 3,420 | 9,864 | ||
Consumer Retail Banking Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,392 | 6,154 | ||
Consumer Retail Banking Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,003 | 2,612 | ||
Consumer Retail Banking Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 4,325 | 12,790 | ||
Consumer Retail Banking Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,798 | 3,409 | ||
Consumer Retail Banking Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 385 | 675 | ||
Commercial And Corporate Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 19,711 | 59,074 | ||
Non-interest income (loss) | (685) | 2,785 | ||
Total Revenue | 19,026 | 61,859 | ||
Commercial And Corporate Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 1,312 | 3,634 | ||
Commercial And Corporate Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Commercial And Corporate Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 205 | 567 | ||
Commercial And Corporate Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 310 | 901 | ||
Commercial And Corporate Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 180 | 784 | ||
Commercial And Corporate Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | (2,692) | (3,101) | ||
Treasury And Investments Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 11,282 | 36,243 | ||
Non-interest income (loss) | 151 | 2,600 | ||
Total Revenue | 11,433 | 38,843 | ||
Treasury And Investments Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Treasury And Investments Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Treasury And Investments Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Treasury And Investments Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
Treasury And Investments Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 71 | ||
Treasury And Investments Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 151 | 2,529 | ||
United States Operations Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 15,080 | 43,525 | ||
Non-interest income (loss) | 624 | 2,492 | ||
Total Revenue | 15,704 | 46,017 | ||
United States Operations Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 141 | 417 | ||
United States Operations Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 20 | 65 | ||
United States Operations Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 0 | 0 | ||
United States Operations Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 157 | 436 | ||
United States Operations Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 247 | 1,226 | ||
United States Operations Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 59 | 348 | ||
Virgin Islands Operations Segment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net interest income | 7,020 | 21,921 | ||
Non-interest income (loss) | 1,558 | 5,096 | ||
Total Revenue | 8,578 | 27,017 | ||
Virgin Islands Operations Segment [Member] | Service charges and fees on deposit accounts [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 697 | 2,087 | ||
Virgin Islands Operations Segment [Member] | Insurance commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 82 | 410 | ||
Virgin Islands Operations Segment [Member] | Merchant-related income [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 198 | 591 | ||
Virgin Islands Operations Segment [Member] | Credit and debit card fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 492 | 1,552 | ||
Virgin Islands Operations Segment [Member] | Other service charges and fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | 100 | 451 | ||
Virgin Islands Operations Segment [Member] | Not inscope of Topic 606 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-interest income (loss) | $ (11) | $ 5 |
REVENUE FROM CONTACTS WITH CUST
REVENUE FROM CONTACTS WITH CUSTOMERS - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 151,044 | $ 449,464 | |
10-year agreement | |||
Revenue from External Customer [Line Items] | |||
Contract liability | 2,200 | 2,200 | $ 2,400 |
Decrease in Contract with Customer, Liability | 100 | 200 | |
Contract with Customer, Liability, Revenue Recognized | $ 100 | 200 | |
Insurance commissions [Member] | |||
Revenue from External Customer [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,400 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash paid for: | ||||
Interest on borrowings | $ 74,674 | $ 68,869 | ||
Income tax | 5,290 | 3,205 | ||
Non-cash investing and financing activities: | ||||
Additions to OREO | 36,378 | 46,648 | ||
Additions to auto and other repossessed assets | 40,873 | 33,113 | ||
Capitalization of servicing assets | $ 1,003 | $ 833 | 3,028 | 2,757 |
Loan securitizations | 181,169 | 200,236 | ||
Loans held for investment transferred to held for sale | 90,319 | 0 | ||
Loans held for sale transferred to held for investment | 2,179 | 10,289 | ||
Property Plant And Equipment Transferred To Other Assets | $ 0 | $ 1,185 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018numberofreportableunits | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
SEGMENT INFORMATIO - Informatio
SEGMENT INFORMATIO - Information about reportable segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Interest Income | $ 157,492 | $ 147,995 | $ 462,543 | $ 440,597 |
Interest expense | (24,971) | (25,163) | (74,858) | (71,312) |
Net interest income | 132,521 | 122,832 | 387,685 | 369,285 |
(Provision) release for loan and lease losses | (11,524) | (75,013) | (51,604) | (118,551) |
Non-interest income (loss) | 18,523 | 18,645 | 61,779 | 47,437 |
Commercial And Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 19,711 | 59,074 | ||
Non-interest income (loss) | (685) | 2,785 | ||
Treasury And Investments Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 11,282 | 36,243 | ||
Non-interest income (loss) | 151 | 2,600 | ||
United States Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 15,080 | 43,525 | ||
Non-interest income (loss) | 624 | 2,492 | ||
Virgin Islands Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 7,020 | 21,921 | ||
Non-interest income (loss) | 1,558 | 5,096 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 157,492 | 147,995 | 462,543 | 440,597 |
Net (charge) credit for transfer of funds | 0 | 0 | 0 | 0 |
Interest expense | (24,971) | (25,163) | (74,858) | (71,312) |
Net interest income | 132,521 | 122,832 | 387,685 | 369,285 |
(Provision) release for loan and lease losses | (11,524) | (75,013) | (51,604) | (118,551) |
Non-interest income (loss) | 18,523 | 18,645 | 61,779 | 47,437 |
Direct non-interest expenses | (64,473) | (59,342) | (186,844) | (185,283) |
Segment income | 75,047 | 7,122 | 211,016 | 112,888 |
Average earnings assets | 11,298,071 | 11,083,964 | 11,297,409 | 11,019,249 |
Operating Segments [Member] | Mortgage Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 31,746 | 32,317 | 95,927 | 99,361 |
Net (charge) credit for transfer of funds | (12,153) | (11,268) | (35,027) | (34,466) |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 19,593 | 21,049 | 60,900 | 64,895 |
(Provision) release for loan and lease losses | 635 | (20,495) | (4,004) | (40,598) |
Non-interest income (loss) | 4,552 | 2,908 | 13,302 | 11,258 |
Direct non-interest expenses | (12,001) | (8,174) | (30,192) | (27,675) |
Segment income | 12,779 | (4,712) | 40,006 | 7,880 |
Average earnings assets | 2,248,691 | 2,434,963 | 2,269,960 | 2,469,037 |
Operating Segments [Member] | Consumer Reatail Banking Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 46,052 | 43,769 | 132,652 | 130,055 |
Net (charge) credit for transfer of funds | 20,947 | 9,351 | 54,233 | 20,799 |
Interest expense | (7,164) | (6,520) | (20,863) | (18,603) |
Net interest income | 59,835 | 46,600 | 166,022 | 132,251 |
(Provision) release for loan and lease losses | 2,485 | (33,067) | (16,011) | (47,976) |
Non-interest income (loss) | 12,323 | 11,242 | 35,504 | 37,224 |
Direct non-interest expenses | (28,210) | (27,193) | (84,173) | (82,677) |
Segment income | 46,433 | (2,418) | 101,342 | 38,822 |
Average earnings assets | 1,645,170 | 1,758,653 | 1,601,812 | 1,771,376 |
Operating Segments [Member] | Commercial And Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 34,644 | 31,083 | 102,255 | 90,858 |
Net (charge) credit for transfer of funds | (14,933) | (8,748) | (43,181) | (27,071) |
Interest expense | 0 | 0 | 0 | 0 |
Net interest income | 19,711 | 22,335 | 59,074 | 63,787 |
(Provision) release for loan and lease losses | (10,684) | (13,621) | (19,744) | (20,906) |
Non-interest income (loss) | (685) | 1,014 | 2,785 | 2,972 |
Direct non-interest expenses | (7,911) | (8,102) | (22,710) | (27,240) |
Segment income | 431 | 1,626 | 19,405 | 18,613 |
Average earnings assets | 2,486,910 | 2,477,266 | 2,546,090 | 2,500,180 |
Operating Segments [Member] | Treasury And Investments Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 15,911 | 13,374 | 45,593 | 41,788 |
Net (charge) credit for transfer of funds | 6,446 | 11,198 | 25,125 | 41,858 |
Interest expense | (11,075) | (12,924) | (34,475) | (36,842) |
Net interest income | 11,282 | 11,648 | 36,243 | 46,804 |
(Provision) release for loan and lease losses | 0 | 0 | 0 | 0 |
Non-interest income (loss) | 151 | 1,459 | 2,600 | (10,273) |
Direct non-interest expenses | (878) | (1,014) | (2,777) | (3,190) |
Segment income | 10,555 | 12,093 | 36,066 | 33,341 |
Average earnings assets | 2,637,825 | 2,228,990 | 2,597,967 | 2,176,164 |
Operating Segments [Member] | United States Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 21,227 | 18,446 | 61,634 | 50,910 |
Net (charge) credit for transfer of funds | (307) | (533) | (1,150) | (1,120) |
Interest expense | (5,840) | (4,932) | (16,959) | (13,499) |
Net interest income | 15,080 | 12,981 | 43,525 | 36,291 |
(Provision) release for loan and lease losses | (5,130) | (789) | (8,186) | (885) |
Non-interest income (loss) | 624 | 697 | 2,492 | 1,776 |
Direct non-interest expenses | (8,279) | (7,605) | (24,768) | (23,579) |
Segment income | 2,295 | 5,284 | 13,063 | 13,603 |
Average earnings assets | 1,752,007 | 1,581,726 | 1,734,970 | 1,492,727 |
Operating Segments [Member] | Virgin Islands Operations Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest Income | 7,912 | 9,006 | 24,482 | 27,625 |
Net (charge) credit for transfer of funds | 0 | 0 | 0 | 0 |
Interest expense | (892) | (787) | (2,561) | (2,368) |
Net interest income | 7,020 | 8,219 | 21,921 | 25,257 |
(Provision) release for loan and lease losses | 1,170 | (7,041) | (3,659) | (8,186) |
Non-interest income (loss) | 1,558 | 1,325 | 5,096 | 4,480 |
Direct non-interest expenses | (7,194) | (7,254) | (22,224) | (20,922) |
Segment income | 2,554 | (4,751) | 1,134 | 629 |
Average earnings assets | $ 527,468 | $ 602,366 | $ 546,610 | $ 609,765 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Reportable Segment Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Income (Loss): | ||||
Income (loss) before income taxes | $ 48,655 | $ (19,150) | $ 130,752 | $ 35,606 |
Income tax (expense) benefit | (12,332) | 8,398 | (30,249) | 7,181 |
Net income | 36,323 | (10,752) | 100,503 | 42,787 |
Segment Reconciling Items [Member] | ||||
Net Income (Loss): | ||||
Total income for segments and other | 75,047 | 7,122 | 211,016 | 112,888 |
Other operating expenses | (26,392) | (26,272) | (80,264) | (77,282) |
Income (loss) before income taxes | 48,655 | (19,150) | 130,752 | 35,606 |
Income tax (expense) benefit | (12,332) | 8,398 | (30,249) | 7,181 |
Net income | 36,323 | (10,752) | 100,503 | 42,787 |
Average assets: | ||||
Total average earning assets for segments | 11,298,071 | 11,083,964 | 11,297,409 | 11,019,249 |
Average non-earning assets | 929,362 | 900,334 | 945,671 | 896,071 |
Total consolidated average assets | $ 12,227,433 | $ 11,984,298 | $ 12,243,080 | $ 11,915,320 |
REGULATORY MATTERS, COMMITMEN_3
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Nov. 21, 2017 |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Commitments To Extent Credit | $ 1,300 | |
Banking Organizations Basel Advanced Approach Asset Requirement | $ 250,000 | |
Foreign Subsidiaries Basel Advanced Approach Asset Requirement | $ 10,000 | |
Credit Cards [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Commitments To Extent Credit | 664.4 | |
Commercial And Financial Standby Letters Of Credit [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Commitments To Extent Credit | $ 72.5 |
FIRST BANCORP. (Holding Compa_3
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
ASSETS | |||
Cash and due from banks | $ 559,182 | $ 705,980 | $ 726,779 |
Money market investments | 97,590 | 10,415 | 10,415 |
Investment securities available for sale, at market: | |||
Other investment securities | 1,880,594 | 1,540,893 | |
Loans Receivable, net | 8,582,129 | 8,651,613 | |
Other assets | 442,806 | 461,491 | |
Total assets | 12,209,700 | 12,261,268 | |
Liabilities: | |||
Other borrowings | 184,150 | 208,635 | |
Accounts payable and other liabilities | 159,892 | 145,905 | |
Total liabilities | 10,282,285 | 10,392,171 | |
Stockholders Equity | 1,927,415 | 1,869,097 | $ 1,853,751 |
Total liabilities and stockholders' equity | $ 12,209,700 | $ 12,261,268 |
FIRST BANCORP. (Holding Compa_4
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income: | ||||
Interest income on money market investments | $ 15,121 | $ 12,109 | $ 43,840 | $ 39,361 |
Interest income Loans | 139,205 | 134,593 | 409,918 | 398,732 |
Other Interest And Dividend Income | 3,166 | 1,293 | 8,785 | 2,504 |
Total interest income | 157,492 | 147,995 | 462,543 | 440,597 |
Expense: | ||||
Gain on early extinguishment of debt | 0 | 1,391 | 2,316 | 1,391 |
Income tax (expense) benefit | (12,332) | 8,398 | (30,249) | 7,181 |
Net income | 36,323 | (10,752) | 100,503 | 42,787 |
Other comprehensive income (loss), net of tax | (10,780) | 3,719 | (42,272) | 23,480 |
Comprehensive income (loss) | 25,543 | (7,033) | 58,231 | 66,267 |
Holding Company [Member] | ||||
Income: | ||||
Interest income on money market investments | 5 | 5 | 15 | 15 |
Interest income Loans | 105 | 0 | 105 | 0 |
Other Interest And Dividend Income | 70 | 68 | 203 | 195 |
Total interest income | 3,080 | 4,873 | 28,607 | 8,610 |
Expense: | ||||
Other borrowings | 2,315 | 2,139 | 6,635 | 6,166 |
Other operating expenses | 624 | 814 | 1,851 | 2,480 |
Total operating expenses | 2,939 | 2,953 | 8,486 | 8,646 |
Gain on early extinguishment of debt | 0 | 1,391 | 2,316 | 1,391 |
Income before income taxes and equity in undistributed earnings (losses) of subsidiaries | 141 | 3,311 | 22,437 | 1,355 |
Income tax (expense) benefit | 0 | (45) | 0 | (45) |
Equity in undistributed earnings (losses) of subsidiaries | 36,182 | (14,018) | 78,066 | 41,477 |
Net income | 36,323 | (10,752) | 100,503 | 42,787 |
Other comprehensive income (loss), net of tax | (10,780) | 3,719 | (42,272) | 23,480 |
Comprehensive income (loss) | 25,543 | (7,033) | 58,231 | 66,267 |
Investment In Banking Subsidiary [Member] | Holding Company [Member] | ||||
Income: | ||||
Dividend income | 2,900 | 1,800 | 28,284 | 5,400 |
Non Banking Subsidiary [Member] | Holding Company [Member] | ||||
Income: | ||||
Dividend income | $ 0 | $ 3,000 | $ 0 | $ 3,000 |