Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Entity Central Index Key | 1,057,706 | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | fbp | ||
Entity Registrant Name | FIRST BANCORP /PR/ | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 217,238,369 | ||
Entity current reporting status | Yes | ||
Entity well known seasoned issuer | Yes | ||
Entity public float | $ 1,614,392,244 | ||
Entity voluntary filers | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 578,613 | $ 705,980 |
Money market investments: | ||
Time deposits with other financial institutions | 300 | 3,126 |
Other short-term investments | 7,290 | 7,289 |
Total money market investments | 7,590 | 10,415 |
Investment securities available for sale, at fair value: | ||
Securities pledged with creditors right to repledge | 182,735 | 350,123 |
Other Investment Securities Available For Sale | 1,759,833 | 1,540,893 |
Total investment securities available for sale | 1,942,568 | 1,891,016 |
Investment securities held to maturity at amortized cost (fair value 2018 - $125,658; 2017 - $131,032) | 144,815 | 150,627 |
Equity securities | 44,530 | 43,119 |
Loans, net of allowance for loan and lease losses of $196,362 (2017-$231,843) | 8,661,761 | 8,618,633 |
Loans held for sale, at lower of cost or market | 43,186 | 32,980 |
Total loans, net | 8,704,947 | 8,651,613 |
Premises and equipment, net | 147,814 | 141,895 |
Other real estate owned (OREO) | 131,402 | 147,940 |
Accrued interest receivable on loans and investments | 50,365 | 57,172 |
Deferred income taxes, net | 319,851 | 294,809 |
Other assets | 171,066 | 166,682 |
Total assets | 12,243,561 | 12,261,268 |
LIABILITIES | ||
Non-interest-bearing deposits | 2,395,481 | 1,833,665 |
Interest-bearing deposits | 6,599,233 | 7,188,966 |
Total deposits | 8,994,714 | 9,022,631 |
Securities Sold Under Agreements To Repurchase | 150,086 | 300,000 |
Advances from the Federal Home Loan Bank (FHLB) | 740,000 | 715,000 |
Other borrowings | 184,150 | 208,635 |
Accounts payable and other liabilities | 129,907 | 145,905 |
Total liabilities | 10,198,857 | 10,392,171 |
Preferred stock, authorized 50,000,000 shares: | ||
Non-cummulative 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; issued, 221,789,509 shares (2017 - 220,382,343 shares issued) | 22,179 | 22,038 |
Less: Treasury stock (at par value) | (455) | (410) |
Common stock outstanding, 217,235,140 shares outstanding (2017 -216,278,040 shares outstanding) | 21,724 | 21,628 |
Additional paid-in capital | 939,674 | 936,772 |
Retained earnings, includes legal surplus reserve of $80,191 million (2017- $59,693 million ) | 1,087,617 | 895,208 |
Accumulated other comprehensive loss, net of tax of $7,752 | (40,415) | (20,615) |
Total stockholders' equity | 2,044,704 | 1,869,097 |
Total liabilities and stockholders' equity | $ 12,243,561 | $ 12,261,268 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Held to Maturity Fair value | $ 125,658 | $ 131,032 |
Allowance for loan and lease losses | $ 196,362 | $ 231,843 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Non-cumulative Perpetual Monthly Income Preferred Stock, shares 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 | 217,235,140 | 216,278,040 |
Income tax expense | $ 7,752 | $ 7,752 |
Legal Surplus Amount | $ 80,191 | $ 59,693 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest incomeand divided income: | |||
Loans | $ 553,647 | $ 532,684 | $ 531,022 |
Investment securities | 60,224 | 51,125 | 50,905 |
Money martket investments and interest-bearing cash accounts | 11,096 | 4,614 | 3,365 |
Total interest income | 624,967 | 588,423 | 585,292 |
Interest expense: | |||
Deposits | 67,651 | 66,537 | 67,302 |
Securities sold under agreements to repurchase | 9,401 | 10,911 | 20,203 |
Advances from FHLB | 13,549 | 11,140 | 5,964 |
Other borrowings | 8,983 | 8,284 | 7,705 |
Total interest expense | 99,584 | 96,872 | 101,174 |
Net interest income | 525,383 | 491,551 | 484,118 |
Provision for loan and lease losses | 59,253 | 144,254 | 86,733 |
Net interest income after provision for loan and lease losses | 466,130 | 347,297 | 397,385 |
Non-interest income: | |||
Mortgage banking activities | 17,228 | 13,491 | 20,435 |
Net (loss) gain on sale of investments | (34) | 371 | 6,104 |
Gain From Recovery Of Investments Previously Written Off | 0 | 0 | 1,547 |
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities: | |||
Total OTTI losses | 0 | (12,231) | (1,845) |
Portion of OTTI recognized in other comprehensive income (OCI) | (50) | 0 | (4,842) |
Net impairment losses recognized in earnings | (50) | (12,231) | (6,687) |
Gain on early extinguishment of debt | 2,316 | 1,391 | 4,217 |
Insurance commission income | 8,429 | 8,197 | 8,473 |
Other non-interest income | 32,742 | 28,854 | 30,900 |
Total non-interest income | 82,310 | 62,387 | 87,954 |
Non-interest expenses: | |||
Employees' compensation and benefits | 159,494 | 151,845 | 151,493 |
Occupancy and equipment | 57,942 | 56,659 | 55,159 |
Business promotion | 14,808 | 12,485 | 11,419 |
Professional fees | 43,497 | 45,929 | 44,137 |
Taxes, other than income taxes | 14,707 | 14,550 | 15,139 |
FDIC deposit insurance | 8,909 | 13,725 | 20,055 |
Net loss on other real estate owned (OREO) and OREO operations | 14,452 | 10,997 | 11,533 |
Credit and debit card processing expenses | 15,546 | 13,212 | 13,635 |
Communications | 6,372 | 6,148 | 6,759 |
Other non-interest expenses | 22,075 | 22,151 | 25,751 |
Total non-interest expenses | 357,802 | 347,701 | 355,080 |
Income before income taxes | 190,638 | 61,983 | 130,259 |
Income tax (benefit) expense | (10,970) | (4,973) | 37,030 |
Net income | 201,608 | 66,956 | 93,229 |
Net income attributable to common stockholders | $ 198,932 | $ 64,280 | $ 93,006 |
Net income per common share: | |||
Basic | $ 0.92 | $ 0.3 | $ 0.44 |
Diluted | $ 0.92 | $ 0.3 | $ 0.43 |
Deposit Account [Member] | |||
Non-interest income: | |||
Service charges and fees on deposits accounts | $ 21,679 | $ 22,314 | $ 22,965 |
Other-than-temporary impairment (OTTI) losses on available-for-sale debt securities: | |||
Total non-interest income | $ 21,668 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 201,608 | $ 66,956 | $ 93,229 |
Other comprehensive (loss) income: | |||
Unrealized (loss) gain on debt securities on which an other-than-temporary impairment has been recognized | 255 | (896) | 550 |
Reclassification adjustment for OTTI on debt securities included in net income | 50 | 12,231 | 6,687 |
Reduction of non-credit OTTI component on securities sold | 0 | 5,678 | 0 |
Reclassification adjusment for net gain included in net income on debt securities sold on which an OTTI has been recognized | 0 | (371) | 0 |
Reclassification adjustments for net loss (gain) included in net income on other sales of available-for-sale securities | 34 | 0 | (6,104) |
All other unrealized holding losses on available-for-sale securities arising during the year | (20,145) | (2,867) | (7,774) |
Other comprehensive (loss) income for the year | (19,806) | 13,775 | (6,641) |
Total comprehensive income | $ 181,802 | $ 80,731 | $ 86,588 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 201,608 | $ 66,956 | $ 93,229 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 15,026 | 16,424 | 17,649 |
Amortization of intangible assets | 3,593 | 4,403 | 4,896 |
Provision for loan and lease losses | 59,253 | 144,254 | 86,733 |
Deferred income tax (benefit) expense | (25,043) | (13,152) | 23,879 |
Stock-based compensation | 5,825 | 7,296 | 6,876 |
Loss (gain) on sale of investments | 34 | (371) | (6,104) |
OTTI on debt securities | 50 | 12,231 | 6,687 |
Gain from recovery of investments previously written off | 0 | 0 | (1,547) |
Unrealized (gain) loss on derivative instruments | (46) | (187) | 78 |
Gain on extinguishment of debt | (2,316) | (1,391) | (4,217) |
Net gain on sales of premises and equipment and other assets | (1,366) | (149) | (700) |
Gain fom insurance proceeds | (537) | 0 | 0 |
Net gain on sale of loans | (2,639) | (6,291) | (10,273) |
Net amortization/accretion of premiums, discounts, and deferred loan fees and costs | (8,397) | (8,757) | (8,819) |
Originations and purchases of loans held for sale | (319,770) | (316,258) | (488,833) |
Sales and repayments of loans held for sale | 344,935 | 329,554 | 493,821 |
Amortization of broker placement fees | 1,163 | 1,900 | 2,881 |
Net amortization/accretion of premiums and discounts on investment securities | 2,407 | 2,764 | 6,890 |
Decrease (increase) in accrued interest receivable | 6,649 | (12,755) | 2,934 |
Decrease (increase) in other assets | 8,906 | (202) | 17,716 |
Increase (decrease) in accrued interest payable | 236 | 1,390 | (29,200) |
(Decrease) increase in other liabilities | (1,248) | 8,305 | (15,144) |
Net cash provided by operating activities | 288,323 | 235,964 | 199,432 |
Cash flows from investing activities: | |||
Principal collected on loans | 2,722,311 | 2,504,629 | 2,830,830 |
Loans originated and purchased | (3,000,174) | (2,655,401) | (2,813,253) |
Proceeds from sale of loans held for investment | 82,526 | 53,245 | 31,852 |
Proceeds from sale of repossessed assets | 51,799 | 35,239 | 56,369 |
Proceeds from sale of available-for-sale securities | 47,805 | 23,408 | 219,780 |
Purchases of available-for-sale securities | (509,884) | (265,415) | (619,636) |
Proceeds from principal repayments and maturities of securities available for sale | 387,817 | 232,977 | 390,286 |
Proceeds from principal repayments of held-to-maturity securities | 5,828 | 5,563 | 5,293 |
Proceeds From Recovery Of Investments Previously Written Off | 0 | 0 | 1,547 |
Additions to premises and equipment | (20,514) | (9,417) | (10,370) |
Proceeds from sale of premises and equipment and other assets | 2,548 | 2,043 | 2,279 |
Net purchases/sales of other investment securities | (993) | (127) | (10,823) |
Proceeds from the settlement of insurance claims | 7,673 | 0 | 0 |
Net cash outflows from purchase/sale of insurance contracts | 0 | 0 | (960) |
Net cash (used in) provided by investing activities | (223,258) | (73,256) | 83,194 |
Cash flows from financing activities: | |||
Net (decrease) increase in deposits | (36,889) | 220,105 | (542,019) |
Change in securities sold under agreements to repurchase | (149,914) | 0 | (400,000) |
Net FHLB advances proceeds | 25,000 | 45,000 | 215,000 |
Repayments of junior subordinated debentures | (21,434) | (5,930) | (7,025) |
Repurchase of outstanding common stock | (2,827) | (2,497) | (1,132) |
Dividends paid on common stock | (6,517) | 0 | 0 |
Dividends paid preferred stock | (2,676) | (2,676) | (223) |
Net cash provided by (used in) financing activities | (195,257) | 254,002 | (735,399) |
Net (decrease) increase in cash and cash equivalents | (130,192) | 416,710 | (452,773) |
Cash and cash equivalents at beginning of year | 716,395 | 299,685 | 752,458 |
Cash and cash equivalents at end of year | 586,203 | 716,395 | 299,685 |
Cash and cash equivalents include: | |||
Cash and Cash Equivalents, at Carrying Value, Total | $ 716,395 | $ 716,395 | $ 752,458 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock Outstanding [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss), net of tax [Member] |
Total stockholders' equity | $ 36,104 | $ 21,509 | $ 926,348 | $ 737,922 | $ (27,749) | |
Balance at beginning of year at Dec. 31, 2015 | 36,104 | 21,509 | 926,348 | 737,922 | (27,749) | |
Common stock issued as compensation | 75 | (75) | ||||
Common stock issued for exercised warrants | 0 | 0 | ||||
Common stock withheld for taxes | (29) | (1,103) | ||||
Restricted stock grants | 193 | (193) | ||||
Restricted stock forfeited | (3) | 3 | ||||
Stock-based compensation | 6,876 | |||||
Net income | $ 93,229 | 93,229 | ||||
Dividends on common stock | 0 | |||||
Dividends on preferred stock | (223) | (223) | ||||
Amount Reclassified Out Of Accumulated Other Comprehensive Income Loss Per ASU 2016 01 | 0 | 0 | ||||
Other comprehensive (loss) income, net of tax | (6,641) | (6,641) | ||||
Balance at end of year at Dec. 31, 2016 | 1,786,243 | 36,104 | 21,745 | 931,856 | 830,928 | (34,390) |
Total stockholders' equity | 1,786,243 | 36,104 | 21,745 | 931,856 | 737,922 | (27,749) |
Total stockholders' equity | 1,786,243 | 36,104 | 21,745 | 931,856 | 830,928 | (34,390) |
Common stock issued as compensation | 58 | (58) | ||||
Common stock issued for exercised warrants | 0 | 0 | ||||
Common stock withheld for taxes | (44) | (2,453) | ||||
Restricted stock grants | 110 | (110) | ||||
Restricted stock forfeited | (241) | 241 | ||||
Stock-based compensation | 7,296 | |||||
Net income | 66,956 | 66,956 | ||||
Dividends on common stock | 0 | |||||
Dividends on preferred stock | (2,676) | (2,676) | ||||
Amount Reclassified Out Of Accumulated Other Comprehensive Income Loss Per ASU 2016 01 | 0 | 0 | ||||
Other comprehensive (loss) income, net of tax | 13,775 | 13,775 | ||||
Balance at end of year at Dec. 31, 2017 | 1,869,097 | 36,104 | 21,628 | 936,772 | 895,208 | (20,615) |
Total stockholders' equity | 1,786,243 | 36,104 | 21,628 | 931,856 | 895,208 | (20,615) |
Total stockholders' equity | 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) | (2,784) | ||||
Restricted stock grants | 40 | (40) | ||||
Restricted stock forfeited | (1) | 1 | ||||
Stock-based compensation | 5,825 | |||||
Net income | 201,608 | 201,608 | ||||
Dividends on common stock | (6,517) | |||||
Dividends on preferred stock | (2,676) | (2,676) | ||||
Amount Reclassified Out Of Accumulated Other Comprehensive Income Loss Per ASU 2016 01 | (6) | 6 | ||||
Other comprehensive (loss) income, net of tax | (19,806) | (19,806) | ||||
Balance at end of year at Dec. 31, 2018 | 2,044,704 | 36,104 | 21,724 | 939,674 | 1,087,617 | (40,415) |
Total stockholders' equity | 1,869,097 | 36,104 | 21,628 | 939,674 | 895,208 | (20,615) |
Total stockholders' equity | $ 2,044,704 | $ 36,104 | $ 21,724 | $ 939,674 | $ 1,087,617 | $ (40,415) |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Text Block] | Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the 2018 presentation. These reclassifications include, but are not limited to, the amount of deferred tax assets, net of valuation allowance, that was p reviously presented as part of other assets, was reclassified and is presented separately in the statements of financial condition, the amount of the FDIC insurance premium expense, that was previously presented as part of Insurance and supervisory fees, w as reclassified and is presented separately in the statements of income, and the amount of supervisory fees and other insurance expenses, that was previously presented as part of Insurance and supervisory fees, was reclassified and is presented as part of Other interest non-interest expenses in the statements of income. These reclassifications had no impact on the previously reported results of operations, financial condition, or cash flows. NOTE 1 – NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The following is a description of First BanCorp.’s (“First BanCorp.” or “the Corpora tion”) most significant policies: Nature of business First BanCorp. is a publicly owned, Puerto Rico-chartered financial holding company that is subject to regulation, supervision, and examination by the Board of Governors of the Federal Reserve System ( the “Federal Reserve Board”). The Corporation is a full service provider of financial services and products with operations in Puerto Rico, the United States, the U.S. Virgin Islands ( “ USVI ” ), and the British Virgin Islands ( “ BVI ” ). The Corporation provi des a wide range of financial services for retail, commercial, and institutional clients. As of December 31, 2018, the Corporation controlled two wholly-owned subsidiaries: FirstBank Puerto Rico (“FirstBank” or the “Bank”), and FirstBank Insurance Agency, Inc. (“FirstBank Insurance Agency”). FirstBank is a Puerto Rico-chartered commercial bank, and FirstBank Insurance Agency is a Puerto Rico-chartered insurance agency. FirstBank is subject to the supervision, examination, and regulation of both the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico (“OCIF”) and the Federal Deposit Insurance Corporation (the “FDIC”). Deposits are insured through the FDIC Deposit Insurance Fund. FirstBank also operates in the state of F lorida (USA), subject to regulation and examination by the Florida Office of Financial Regulation and the FDIC, in the USVI, subject to regulation and examination by the United States Virgin Islands Banking Board, and in the BVI, subject to regulation by t he British Virgin Islands Financial Services Commission. The Consumer Financial Protection Bureau (“CFPB”) regulates FirstBank’s consumer financial products and services. FirstBank Insurance Agency is subject to the supervision, examination, and regulatio n of the Office of the Insurance Commissioner of the Commonwealth of Puerto Rico. As of December 31, 2018, FirstBank conducts its business through its main office located in San Juan, Puerto Rico, 46 banking branches in Puerto Rico, 11 banking branches in the USVI and the BVI, and 10 banking branches in the state of Florida (USA). As of December 31, 2018, FirstBank has 6 wholly owned subsidiaries with operations in Puerto Rico: First Federal Finance Corp. (d/b/a Money Express La Financiera), a finance co mpany specializing in the origination of small loans with 28 offices in Puerto Rico; First Management of Puerto Rico, a domestic corporation, which holds tax-exempt assets; FirstBank Puerto Rico Securities Corp. (“FirstBank Securities”) , a subsidiary forme rly engaged in broker-dealer activities; FirstBank Overseas Corporation, an international banking entity organized under the International Banking Entity Act of Puerto Rico; and two other companies that hold and operate certain other real estate owned (“OR EO”) properties. On August 1, 2018, the Bank’s Board of Directors approved a resolution to dissolve the broker-dealer subsidiary FirstBank Securities. Accordingly, FirstBank Securities filed the required Form BDW for the withdrawal of its registration from the SEC and the Financial Industry Regulatory Authority and its license to operate as broker-dealer was terminated effective September 30, 2018. Management is in the process of completing the dissolution of FirstBank Securities as a legal entity under the state laws. Principles of consolidation The consolidated financial statements include the accounts of the Corporation and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Statutory business trusts that are wholly- owned by the Corporation and are issuers of trust-preferred securities, and entities in which the Corporation has a non-controlling interest, are not consolidated in the Corporation’s consolidated financial statements in accordance with authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) for consolidation of variable interest entities (“VIE”). See “Variable Interest Entities” below for further details regarding the Corporation’s accounting policy for these entities . Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets , liabilities and contingent liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results cou ld differ from those estimates. Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from the Federal Reserve Bank of New York (the “New York FED” or “Federal Reserve”) and other depository instituti ons. The term also includes money market funds and short-ter m investments with original maturities of three months or less and time deposits with original maturities of twelve months or less. Time deposits considered cash and cash equivalent are highly liquid and readily convertible to cash . Investment securities The Corporation classifies its investments in debt and equity securities into one of four categories: Held-to-maturity — Securities that the entity has the intent and ability to hold to maturity. These securities are carried at amortized cost. The Corpo ration may not sell or transfer held-to-maturity securities without calling into question its intent to hold other debt securities to maturity, unless a nonrecurring or unusual event that could not have been reasonably anticipated has occurred. Trading — Securities that are bought and held principally for the purpose of selling them in the near term. These securities are carried at fair value, with unrealized gains and losses reported in earnings. As of December 31, 201 8 and 201 7 , the Corporation did not hold investment securities for trading purposes. Available-for-sale — Securities not classified as held-to-maturity or trading. These securities are carried at fair value, with unrealized holding gains and losses, net of deferred taxes, reported in other comprehensive income (“OCI”) as a separate component of stockholders’ equity, and do not affect earnings until they are realized or are deemed to be other-than-temporarily impaired. E quity securities — Equity securities that do not have readily available fair values are classified as other equity securities in the consolidated statements of financial condition. These securities are stated at the lower of cost or realizable value. This category is principally composed of stock that is owned by th e Corporation to comply with Federal Home Loan Bank ( “ FHLB ” ) regulatory requirements. Their realizable value equals their cost. Also included in this category are marketable equity securities held at fair value with changes in unrealized gains or losses r ecorded through earnings pursuant to the requirements of ASU 2016-01. Premiums and discounts on debt securities are amortized as an adjustment to interest income on investments over the life of the related securities under the interest method. Net realized gains and losses and valuation adjustments considered other-than-temporary, if any, related to inv estment securities are determined using the specific identification method and are reported in non-interest income as net gain (loss) on sale of investments and net impairment losses on debt securities, respectively. Purchases and sales of securities are recognized on a trade-date basis. Evaluation of other-than-temporary impairment (“OTTI”) on held-to-maturity and available-for-sale securities On a quarterly basis, the Corporation performs an assessment to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered an OTTI. A security is considered impaired if the fair value is less than its amortized cost basis. The Corporation employs a systematic methodology that considers all available evidence in evaluating a potential impairment of its investments. The impairment analysis of debt securities places special emphasis on the analysis of the cash position of the issuer and its cash and capital generation capacity, which could increase or diminish the issuer’s ability to repay its bond obligations, the len gth 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 information available about the financial conditio n 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 economic climate. The C orporation also takes into consideration changes in the near-term prospects of the underlying collateral of a security, if any, such as changes in default rates, loss severity given default, and significant changes in prepayment assumptions and the level o f cash flows generated from the underlying collateral, if any, supporting the principal and interest payments of the debt securities. OTTI must be recognized in earnings if the Corporation has the intent to sell the debt security or it is more likely than not that it will be required to sell the debt security before recovery of its amortized cost basis. However, even if the Corporation does not expect to sell a debt security, it must evaluate expected cash flows to be received and determine if a credit los s has occurred. An unrealized loss is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. For available-for-sal e and held-to-maturity debt securities the Corporations intends to hold, the credit loss component of an OTTI, if any, is recorded as net impairment losses on debt securities in the statements of income, while the remaining portion of the impairment loss i s recognized in OCI, net of taxes, and included as a component of stockholders’ equity . The previous amortized cost basis less the OTTI recognized in earnings is the new amortized cost basis of the investment. The new amortized cost basis is not adjusted f or subsequent recoveries in fair value. Subsequent increases and decreases (if not an OTTI) in the fair value of available-for-sale securities is included in other comprehensive income. For held-to-maturity debt securities, any OTTI recognized in OCI shou ld be accreted from other comprehensive income to the amortized cost of the debt security over the remaining life of the debt security. However, debt securities for which OTTI was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income as long as th e security is not placed in nonaccrual status. Debt securities held by the Corporation at year-end primarily consisted of securities issued by U.S. government-sponsored entities, private label mortgage-backed securities (“MBS”) , certain bonds issued by the Puerto Rico Housing Finance Authority, a government instrumentality of the Commonwealth of Puerto Rico, and obligations of certain municipalities in Puerto Rico . Given the explicit and implicit guarantees provided by the U.S. f ederal government, the Corporation believes the credit risk in securities issued by the U.S. government-sponsored entities is low. The Corporation’s OTTI assessment was concentrated on Puerto R ico government debt securities and private label MBS. For further information, including methodology and assumptions used for the discounted cash flow analyses performed on these securities, refer to Note 5 – Investment Securities, to the consolidated financi al statements. Loans held for investment Loans that the Corporation has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Corporation’s loans are classified as held for investment. Loans are stated at the principal outstanding balance, net of unearned interest, cumulative charge-offs, u namortized deferred origination fees and costs, and unamortized premiums and discounts. Fees collected and costs incurred in the origination of new loans are deferred and amortized using the interest method or a method that approximates the interest method over the term of the loan as an adjustment to interest yield. Unearned interest on certain personal loans, auto loans and finance leases and discounts and premiums are recognized as income under a method that approximates the interest method. When a loan is paid-off or sold, any unamortized net deferred fee (cost) is credited (charged) to income. Credit card loans are reported at their outstanding unpaid principal balance plus uncollected billed interest and fees net of amounts deemed uncollectible. Purcha sed Credit Impaired (“ PCI ”) loans are reported net of any remaining purchase accounting adjustments. See “Loans Acquired” below for the accounting policy for PCI loans. Non accrual and Past-Due Loans - Loans on which the recognition of interest income has been discontinued are designated as non accrual . Loans are classified as non accrual when they are 90 days past due for interest and principal, with the exception of residential mortgage loans guaranteed by the Federal Housing Administration (the “FHA”) or the Veterans Administration (the “VA”) and credit cards. It is the Corporation’s policy to report delinquent mortgage loans insured by the FHA , or guarantee d by the VA or the Puerto Rico Housing Authority, as loans past due 90 days and still accruing as op posed to non accrual loans since the principal repayment is insured. However, the Corporation discontinues the recognition of income for FHA/VA loans when such loans are over 15 months delinquent , taking into consideration the FHA interest curtailment proce ss, and for loans guaranteed by the Puerto Rico Housing Finance Authority when such loans are over 90 days delinquent. As permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”), credit card loans are gen erally charged off in the period in which the account becomes 180 days past due. Credit card loans continue to accrue finance charges and fees until charged off at 180 days. Loans generally may be placed on non accrual status prior to when required by the p olicies described above when the full and timely collection of interest or principal becomes uncertain (generally based on an assessment of the borrower’s financial condition and the adequacy of collateral, if any). When a loan is placed on non accrual stat us, any accrued but uncollected interest income is reversed and charged against interest income and amortization of any net deferred fees is suspended. Interest income on non accrual loans is recognized only to the extent it is received in cash. However, wh en there is doubt regarding the ultimate collectability of loan principal, all cash thereafter received is applied to reduce the carrying value of such loans ( i.e. , the cost recovery method). Generally, the Corporation returns a loan to accrual status when all delinquent interest and principal becomes current under the terms of the loan agreement, or after a sustained period of repayment performance (6 months) and the loan is well secured and in the process of collection, and full repayment of the remaining contractual principal and interest is expected. PCI loans are not reported as nonaccrual as these loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loans. Loans that are past due 30 days or more as to principal or interest are considered delinquent, with the exception of residential mortgage, commercial mortgage, and construction loans, which are considered past due when the borrower is in arrears on two or more monthly payments. Impaired Loans - A loan is considered impaired when, based upon current information and events, it is probable that the Corporation will be unable to collect all amounts due (including principal and interest) according to the contr actual terms of the loan agreement, or the loan has been modified in a Troubled Debt Restructuring (“TDR”). Loans with insignificant delays or insignificant shortfalls in the amounts of payments expected to be collected are not considered to be impaired. T he Corporation evaluates individually for impairment those loans in the construction, commercial mortgage, and commercial and industrial portfolios of $1 million or more as well as any boat loan of $1 million or more. Although the authoritative accounting guidance for a specific impairment of a loan excludes large groups of smaller balance homogeneous loans that are collectively evaluated for impairment ( e.g. , mortgage an d consumer loans), it specifically requires that loan modifications considered TDR s be analyzed under its provision. The Corporation also evaluates for impairment purposes certain residential mortgage loans and home equity lines of credit with high delinqu ency and loan to value levels. Held-for-sale loans are not reported as impaired, as these loans are recorded at the lower of cost or fair value. The Corporation generally measures impairment and the related specific allowance for individually impaired lo ans based on the difference between the recorded investment of the loan and the present value of the loans’ expected future cash flows, discounted at the effective original interest rate of the loan at the time of modification, or the loan’s observable mar ket price. If the loan is collateral dependent, the Corporation measures impairment based upon the fair value of the underlying collateral, instead of discounted cash flows, regardless of whether foreclosure is probable. Loans are identified as collateral dependent if the repayment is expected to be provided solely by the underlying collateral, through liquidation or operation of the collateral. When the fair value of the collateral is used to measure impairment on an impaired collateral-dependent loan and repayment or satisfaction of the loan is dependent on the sale of the collateral, the fair value of the collateral is adjusted to consider estimated costs to sell. If repayment is dependent only on the operation of the collateral, the fair value of the col lateral is not adjusted for estimated costs to sell. If the fair value of the loan is less than the recorded investment, the Corporation recognizes impairment by either a direct write-down or establishing a specific allowance for the loan or by adjusting t he specific allowance for the impaired loan. For an impaired loan that is collateral dependent, charge-offs are taken in the period in which the loan, or a portion of the loan, is deemed uncollectible, and any portion of the loan that is not charged off is adversely credit-risk rat ed at a level no worse than substandard. A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. TDR loans typically result from the Corporation’s loss mitigation activities and the modification of residential mortgage loans in accordance with guidelines similar to those of the U.S. government’s Home Affordable Modification Pro gram, and could include rate reductions to a rate that is below market on the loan, principal forgiveness, term extensions, payment forbearance, refinancing of any past-due amounts, including interest, escrow, and late charges and fees, and other actions i ntended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Residential mortgage loans for which a binding offer to restructure has been extended are also classified as TDR loans. PCI loans are not classified as TDR loans. TDR loans are classified as either accrual or nonaccrual loans . Loans in accrual status may remain in accrual status when their contractual terms have been modified in a TDR if the loans had demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise , loans on nonaccrual and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure, generally for a minimum of six m onths , and there is evidence that such payments , can , and ar e likely to, continue as agreed. Refer to Note 8 – Loans Held for Investment ,” to the consolidated financial statements for additional qualitative and quantitative information about TDR loans. In connection with commercial loan restructurings, the decision to maintain a loan that has been restructured on accrual status is based on a current, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment under the modified terms. The credit evaluation reflects consideration of the borrower’s future capacity to pay, which may include evaluation of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest, and trends i ndicating improving profitability and collectability of receivables. This evaluation also includes an evaluation of the borrower’s current willingness to pay, which may include a review of past payment history, an evaluation of the borrower’s willingness t o provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The evaluation of mortgage and consumer loans for restructurings includes an evaluation of the client’s disposab le income and credit report, the value of the property, the loan-to-value relationship, and certain other client-specific factors that have affected the borrower’s ability to make timely principal an d interest payments on the loan . The Corporation remove s loans from TDR classification, consistent with authoritative guidance that allows for a TDR to be removed from this classification in years following the modification, only when the following two circumstances are met: The loan is in compliance with the terms of the restructuring agreement and, therefore, is not considered impaired under the revised terms; and The loan yields a market interest rate at the time of the restructuring. In other words, the loan was restructured with an interest rate equal to or greater than what the Corporation would have been willing to accept at the time of the restructuring for a new loan with comparable risk. If both of the conditions are met, the loan can be removed from the TDR classification in calendar years after th e year in which the restructuring took place. However, the loan continues to be individually evaluated for impairment. Loans classified as TDRs, including loans in trial payment periods (trial modifications), are considered impaired loans. With respect t o the restructuring of a loan into two new loan notes, or loan splits, g enerally Note A of a loan split is restructur ed under market terms, and Note B is fully charged off. If Note A is in compliance with the restructured terms in years following the restructuring, Note A will be removed from the TDR classification and will continue to be individually evaluated for impairment. Refer to Note 8 – Loans Held for Investment, to the consolidated financial statements , for additional information about loan splits. A loan that had previously been modified in a TDR and is subsequently refina nced under current underwriting standards at a market rate with no concessionary terms is accounted for as a new loan and is no longer reported as a TDR. Interest income on impaired loans is recognized based on the Corporation’s policy for recogniz ing int erest on accrual and non accrual loans. Loans Acquired - All purchased loans are recorded at fair value at the date of acquisition. Loans acquired with evidence of credit deterioration since their origination and where it is probable at the date of acquisit ion that the Corporation will not collect all contractually required principal and interest payments are considered PCI loans. Evidence of credit quality deterioration as of the purchase date may include stat istics such as past due and non accrual status, c redit scores, and revised loan terms. PCI loans have been aggregated into pools based on common risk characteristics. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. In accounti ng for PCI loans, the difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. The nonaccretable difference, which is neither accreted into income nor reco rded on the consolidated statements of financial condition, reflects estimated future credit losses expected to be incurred over the life of the pool of loans. The excess of cash flows expected to be collected over the estimated fair value of PCI loans is referred to as the accretable yield. This amount is not recorded on the statements of financial condition, but is accreted into interest income over the remaining life of the pool of loans, using the effective-yield method. Subsequent to acquisition, the Corporation continues to estimate cash flows expected to be collected over the life of the PCI loans using models that incorporate current key assumptions such as default rates, loss severity, and prepayment speeds. Decreases in expected cash flows will generally result in an impairment charge to the provision for loan and lease losses and the establishment of an allowance for loan and lease losses. Increases in expected cash flows will generally result in a reduction in any a llowance for loan and lease losses established subsequent to acquisition and an increase in the accretable yield. The adjusted accretable yield is recognized in interest income over the remaining life of the pool of loans. Resolutions of loans may include sales of loans to third parties, receipt of payments in settlement with the borrower, or foreclosure of the collateral. The Corporation’s policy is to remove an individual loan from a pool at its relative carrying amount. The carrying amount is defined as the loan’s current contractually required payments receivable less its remaining nonaccretable difference and accretable yield, but excluding any post-acquisition loan loss allowance. To determine the carrying value, the Corporation performs a pro-rata al location of the pool’s total remaining nonaccretable difference and accretable yield to an individual loan in proportion to the loan’s current contractually required payments receivable compared to the pool’s total contractually required payments receivabl e. This removal method assumes that the amount received from resolution approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in the remaining effective yield caused by this removal method is addressed by the Corporation’s quarterly cash flow evaluation process for each pool. Modified PCI loans are not removed from a pool even if those loans would otherwise be deemed TDRs. Because the initial fair value of PCI loans recorded at acquisition includes an estimate of credit losses expected to be realized over the remaining lives of the loans, the Corporation separately tracks and reports PCI loans and excludes these loans from its delinquency and non accrual loan statistics. For acquired loans that are not deemed impaired at acquisition, subsequent to acquisition, the Corporation recognizes the difference between the initial fair value at acquisition and the undiscounted expected cash flows in interest income over the period in which substantial ly all of the inherent losses associated with the non-PCI loans at the acquisition date are estimated to occur. Thus, such loans are accounted for consistently with other originated loans, potentially being classified as nonaccrual or impaired, as well as being classified under the Corporation’s standard practice and procedures. In addition, these loans are considered in the determination of the allowance for loan losses. Charge-off of Uncollectible Loans - Net charge-offs consist of the unpaid principal balances of loans held for investment that the Corporation determines are uncollectible, net of recovered amounts. Charge-offs are recorded as a reduction to the allowance for loan and lease losses and subse quent recoveries of previously charged off amounts are credited to the allowance for loan and lease losses. Collateral dependent loans in the construction, commercial mortgage, and commercial and industrial loan portfolios are charged off to their net real izable value (fair value of collateral, less estimated costs to sell) when loans are considered to be uncollectible. Within the consumer loan portfolio, auto loans and finance leases are reserved once they are 120 days delinquent and are charged off to th eir estimated net realizable value when the collateral deficiency is deemed uncollectible ( i.e. , when foreclosure/repossession is probable) or when the loan is 365 days past due. Within the other consumer loan portfolio , closed-end loans are charged off w hen payments are 120 days in arrears, except small personal loans. Open-end (revolving credit) consumer loans, including credit card loans, and small personal loans are charged off when payments are 180 days in arrears. On a quarterly basis, residential mo rtgage loans that are 180 days delinquent and have an original loan-to-value ratio that is higher than 60% are reviewed and charged-off, as needed, to the fair value of the underlying collateral. Generally, all loans may be charged off or written down to t he fair value of the collateral prior to the application of the policies described above if a loss-confirming event has occurred. Loss-confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, or receipt of an asset valuation indicating a collateral deficiency when the asset is the sole source of repayment. The Corporation does not record charge-offs on PCI loans that are performing in accordance with or better than expectations as of the date of acquisition, as the f air value of these loans already reflects a credit component. The Corporation records charge-offs on PCI loans only if actual losses exceed estimated losses incorporated into the fair value recorded at acquisition and the amount is deemed uncollectible. L oans held for sale Loans that the Corporation intends to sell or that the Corporation does not have the ability and intent to hold for the foreseeable future are classified as held-for-sale loans. Loans held for sale are stated at the lower of aggregate c ost or fair value. Generally, the loans held-for-sale portfolio consists of conforming residential mortgage loans that the Corporation intends to sell to the Government National Mortgage Association (“GNMA”) and government-sponsored entities (“GSEs”) |
EFFECTS OF NATURAL DISASTERS
EFFECTS OF NATURAL DISASTERS | 12 Months Ended |
Dec. 31, 2018 | |
Update On Effects Of Natural Disasters [Abstract] | |
Natural Disasters [Text Block] | NOTE 2 – EFFECTS OF NATURAL DISASTERS Two strong hurricanes affected the Corporation’ s service areas during 2017. Early in September, Hurricane Irma, a Category 5 hurricane, affected the eastern Caribbean islands, including the U.S. Virgin Islands of St. Thomas and St. John and Tortola in the British Virgin Islands and, to a lesser extent, the U.S. Virgin Island of S t. Croix and Puerto Rico. After hitting the eastern Caribbean, Hurricane Irma made landfall along Florida’s southwest shoreline. Two weeks after Hurricane Irma sideswiped Puerto Rico, Hurricane Maria made landfall in the south east corner of Puerto Rico a s a Category 4 hurricane and exited on the northern coast at a point between the cities of Arecibo and Barceloneta after battering other islands in the Caribbean, including St. Croix. These hurricanes caused widespread property damage, flooding, power out ages, water and communicat ion services interruptions, and severely disrupted normal economic activi ty in all of these regions. The following summarizes the more significant financial repercussions of these natural disasters for the Corporation and for its major subsidiary, FirstBank. Credit Quality and Allowance for Loan and Lease Losses During the third quarter of 2017, the Corporation recorded a $ 66.5 million charge to the provision for loan and lease losses related to the establishment of qualitative res erves associated with the effects of Hurricanes Irma and Maria. During the fourth quarter of 2017, commercial loan officers performed reviews of the hurricanes’ effect on large commercial borrowers, and the results of these reviews were factored into the d etermination of the allowance for loan and lease losses as of December 31, 2017. Relationship officers have 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 December 31 , 2018. Although the identification and evaluation of hurricane-affected cr edits 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 economic prospe cts of the hurricane-affected areas as a whole. During 2018, the Corporation recorded a net loan loss reserve release of approximately $ 16.9 million in connection with revised estimates associated with the effects of the hurricanes. The revised estimates w ere 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 2018 that reduced the balance of the consumer and residential mortgage loan portfolios outstanding on the dates of the hurr icanes. The individual review of large commercial loans also resulted in downgrades in the credit risk classification of certain loans and their hurricane-related qualitative reserves of approximately $ 5.7 million were transferred to the general reserve and the ir reserve s are now determined following the methodology applicable to criticized and adversely cla ssified loans, as appropriate. In addition, consumer loan charge-offs totaling $ 10.9 million were taken against previously established hurricane-related qualitative reserves. These charge offs were directly linked to the performance of consumer borrowers that were subject to payment deferral programs. As of December 31 , 2018, the hurricane-related qualitative allowance amounted to $ 19.2 million (December 31, 2017 - $ 55.6 million). With the future resolution of unc ertainties and the ongoing collection of information on individual commercial customers and statistics on the consumer and residential loan portfolios, the loss estimate will be re vised as needed. Refer to Note 9 - Allowance for Loan and Lease Losses, to t he consolidated financial statements , for information about the determination of the hurricane-related qualitative reserves. Disaster Response Plan Costs, Casualty Losses and Related Insurance The Corporation incurred a variety of costs to operate in disa ster 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 reasonable and necessary disaster response costs and certain revenue lost through business interruption. Insurance claim receivables were established for some of the individual costs, when incurred, based on management’s understanding of the underlying coverage and when realization of the claim was deemed probable. During 2018, the Corporation reached settlement on certain insurance claims arising from the hurricanes. As a result, the Corporation received insurance proceeds of approximately $ 6.8 million, primarily related to impairments, repairs and maintenance costs incurred on some facilities, including certain OREO properties, $ 1.0 million related to recoveries of disaster response costs, and $ 0.8 million related to a loan receivable fully charged-off in prior periods. The insurance proceeds were recorded agai nst 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 proceeds in excess of losses incurr ed, amounting to $ 0.5 million for 2018, were recognized as a gain from insurance proceeds and reported as part of “other non-interest income” in the statement of income . As of December 31 , 2018, the Corporation still had an insurance claim receivable of $ 3 .4 million (December 31, 2017 - $ 4.8 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 cla ims 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 during 2018. Total deposits as of December 31 , 2018, excluding brokered CDs, increased $ 567.0 million from December 31, 2017 and $ 928.5 million since September 30, 2017. The most significant increase was in non-interest- bearing demand deposits, which grew 31 %, or $ 561.8 million, from December 31, 2017 and 51 %, or $ 809.3 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-affected 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 re solved and additional disaster-recovery funds are distributed. |
RESTRICTIONS ON CASH AND DUE FR
RESTRICTIONS ON CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Due from Banks [Text Block] | NOTE 4 – RESTRICTIONS ON CASH AND DUE FROM BANKS The Corporation’s bank subsidiary, FirstBank, is required by law to maintain minimum average weekly reserve balances to cover demand deposits. The amount of those minimum average weekly reserve balances for the period that covered December 31, 201 8 was $ 420.9 million (2017 - $ 337.1 million ). As of December 31, 201 8 and 201 7 , the Bank complied with the requirement. Cash and due from ba nks as well as other highly liquid securities are used to cover the required average reserve balances. As of December 3 1, 201 8 , and as required by the Puerto Rico International Banking Law, the Corporation maintained $ 300,000 in time deposits, which were considered restricted assets related to FirstBank Overseas Corpo ration, an international banking entity that is a subsid iary of FirstBank. |
MONEY MARKET INVESTMENTS
MONEY MARKET INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |
Money Market Investments [Text Block] | N OTE 5 – MONEY MARKET INVESTMENTS Money market investments are composed of time deposits with other financial institutions with original maturities of twelve months or less and short-term investments with original maturities of three months or less. Money market investments as of December 31, 2018 and 2017 were as follows: 2018 2017 (Dollars in thousands) Time deposits with other financial institutions, weighted-average interest rate of 1.00% (2017- 1.02%) $ 300 $ 3,126 Other short-term investments, weighted-average interest rate of 0.29% (2017 - weighted-average interest rate of 0.29%) 7,290 7,289 $ 7,590 $ 10,415 As of December 31, 201 8 and 2017 , the Corporation had no money market investments pledged as collateral. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES [Text Block] | NOTE 6 – 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 December 31, 201 8 and 201 7 were as follows: December 31, 2018 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Fair value Unrealized Weighted- Gains Losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,489 $ - $ - $ 33 $ 7,456 1.29 U.S. government-sponsored agencies obligations: Due within one year 191,531 - - 1,908 189,623 1.28 After 1 to 5 years 184,851 - 203 2,249 182,805 2.07 After 5 to 10 years 195,750 - 286 1,674 194,362 2.95 After 10 years 34,627 - - 217 34,410 2.68 Puerto Rico government obligations: After 5 to 10 years 4,000 - 128 - 4,128 5.12 After 10 years 4,185 - - 1,361 2,824 6.97 United States and Puerto Rico government obligations 622,433 - 617 7,442 615,608 2.18 Mortgage-backed securities ("MBS"): FHLMC certificates: After 5 to 10 years 92,149 - 31 1,850 90,330 2.09 After 10 years 265,624 - 523 6,699 259,448 2.52 357,773 - 554 8,549 349,778 2.41 GNMA certificates: After 1 to 5 years 176 - 3 - 179 3.43 After 5 to 10 years 61,604 - 408 503 61,509 2.88 After 10 years 118,898 - 2,938 747 121,089 3.92 180,678 - 3,349 1,250 182,777 3.56 FNMA certificates: Due within one year 119 - 2 - 121 2.20 After 1 to 5 years 19,798 - 50 122 19,726 2.79 After 5 to 10 years 165,067 - 2 3,822 161,247 2.13 After 10 years 543,972 - 2,211 13,233 532,950 2.67 728,956 - 2,265 17,177 714,044 2.55 Collateralized mortgage obligations guaranteed by the FHLMC and GNMA: After 1 to 5 years 6,530 - 1 18 6,513 3.15 After 10 years 59,020 - 474 60 59,434 3.22 65,550 - 475 78 65,947 3.22 Other mortgage pass-through trust certificates: After 10 years 19,340 5,426 - - 13,914 4.89 Total MBS 1,352,297 5,426 6,643 27,054 1,326,460 2.71 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 1,975,230 $ 5,426 $ 7,260 $ 34,496 $ 1,942,568 2.55 December 31, 2017 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Fair value Unrealized 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 and/or call options. The weighted-average yield on investment securities available for sale is based on amortized cost and, therefore, does not give effect to changes in fair value. The net unrealized gain or loss on securities available for sale and the noncredit loss component of OTTI are presented as part of OCI. The aggregate amortized cost and approximate market value of investment securities available for sale as of December 31, 2018 by contractual maturity, are shown below: Amortized Cost Fair Value (Dollars in thousands) United States Puerto Rico government obligations and other debt securities: Within 1 year $ 199,020 $ 197,079 After 1 to 5 years 185,351 183,305 After 5 to 10 years 199,750 198,490 After 10 years 38,812 37,234 622,933 616,108 MBS and Collateralized Mortgage Obligations (1) 1,352,297 1,326,460 Total investment securities available for sale $ 1,975,230 $ 1,942,568 (1) The expected maturities of MBS and collateralized mortgage obligations may differ from their contractual maturities because they may be subject to prepayments. The following tables show the Corporation’s available-for-sale investments’ fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 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 cred it loss was charged against the amortized cost basis of the debt security. As of December 31, 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 $ - $ - $ 2,824 $ 1,361 $ 2,824 $ 1,361 U.S. Treasury and U.S. government agencies' obligations 16,669 77 468,094 6,004 484,763 6,081 MBS: FNMA 25,079 129 521,871 17,048 546,950 17,177 FHLMC 3,382 32 263,798 8,517 267,180 8,549 GNMA 3,364 15 57,535 1,235 60,899 1,250 Collateralized mortgage obligations issued or guaranteed by FHLMC and GNMA 16,065 78 - - 16,065 78 Other mortgage pass-through trust certificates - - 13,914 5,426 13,914 5,426 $ 64,559 $ 331 $ 1,328,036 $ 39,591 $ 1,392,595 $ 39,922 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 agencies' 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 equity securities in the consolidated statement of financial condition. Assessment for OTTI Debt securities issued by U.S. government agencies, U.S. government-sponsored entities, and the U.S. Treasury accounted for approximately 99 % of the total available-for-sale portfolio as of December 31 , 2018, and no credit losses are expected, given the ex plicit and implicit guarantees provided by the U.S. federal government. The Corporation’s OTTI assessment was concentrated mainly on private label MBS, and on Puerto Rico government debt securities, for which credit losses are evaluated on a quarterly basi s. 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 information available about the financial condition of the issuer, credit ratings, the failure of the issuer to make scheduled princip al 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 prospects 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, supporting the principal and interest payments of the debt securities. The Corporation recorded OTTI losses on available-for-sale debt securities as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Total OTTI losses $ - $ (12,231) $ (1,845) Portion of OTTI recognized in OCI (50) - (4,842) Net impairment losses recognized in earnings (1) $ (50) $ (12,231) $ (6,687) (1) For the year ended December 31, 2018, the credit impairment of $50 thousand recognized in earnings consisted of credit losses on private label MBS. For the years ended December 31, 2017 and 2016, approximately $12.2 million and $6.3 million, respectively, of the credit impairment recognized in earnings consisted of credit losses on Puerto Rico government debt securities that were sold in the second quarter of 2017, as further discussed below. The remaining impairment losses for the year ended December 31, 2016 were associated with credit losses on private label MBS. 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 also recognized in OCI: Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for December 31, 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 $ 50 $ - $ 6,842 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for December 31, 2016 securities that have been 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 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for December 31, 2015 securities that have been securities sold 2016 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Puerto Rico government obligations $ 15,889 $ 6,300 $ - $ 22,189 Private label MBS 6,405 387 - 6,792 Total OTTI credit losses for available-for-sale debt securities $ 22,294 $ 6,687 $ - $ 28,981 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). This transaction resulted in a $ 0.4 million recovery from previous OTTI charges reflected in the consolidated statement of income as part of “net gain on sale of investm ents.” Approximately $ 12.2 million and $ 6.3 million of the cumulative OTTI charges on these securities was recorded in the first quarter of 2017 and the first quarter of 2016, respectively . For the OTTI charge recorded on the Puerto Rico government debt securities during 2017 and 2016 , the Corporation considered the latest available information about the Puerto Rico government’s financial condition, including but not limited to credit ratings downgrades, revised estimates of recovery rates, and other rele vant developments such as government actions, including debt exchange proposals and the fiscal plan published by the Puerto 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 decline in market value of these securities was considered a credit-related OTTI. The analysis derived an estimate of value based on the p resent value of risk-adjusted cash flows of the underlying securities and included the following components: The contractual future cash flows of the bonds were projected based on the key terms as set forth in the official statements for each security. Su ch key terms include, among others, the interest rate, amortization schedule, if any, and maturity date. The risk-adjusted cash flows were calculated based on a probability of default analysis and recovery rate assumptions, including the weighting of di fferent scenarios of ultimate recovery, considering the credit rating of each security. Constant monthly default rates were assumed throughout the life 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 purchase price and expected risk-adjusted future cash flows as of the purchase date of each investment. The discounted risk-adjusted cash f low analysis for the three Puerto Rico government bonds mentioned above assumed a default probability of 100 %, as these three non accrual bonds had been in default since the third quarter of 2016. Based on this analysis, the Corporation recorded in the firs t quarter of 2017 credit-related OTTI amounting to $12.2 million, assuming recovery rates ranging from 15 % to 80 % (with a weighted average of 41 %). As of December 31, 2018, the Corporation’s available-for-sale investment securities portfolio includes bonds of the Puerto Rico Housing Finance Authority (“PRHFA”) at an amortized cost of $ 8.2 million (fair value - $ 7.0 million). Approximately $ 4.2 million (fair value - $ 2.8 million) of these bonds consist of residential pass-through mortgage-backe d securities issued by the PRHFA that are collateralized by certain second mortgages originated under a program launched by the Puerto Rico government in 2010. These bonds have been structured as zero-coupon bonds for the first ten years (up to July 2019). Cons idering the absence of any instances of default and the insurance protection provided by the PRHFA to the underlying collateral, management concluded that these obligations were not other-than-temporarily impaired as of December 31, 2018. In a ddition, during 2018 and 2016, the Corporation recorded credit-related impairment losses of $ 50 thousand and $ 0.4 million, respectively, associated with private label MBS , which are collateralized by fixed-rate mortgages on single-family residential proper ties in the United States. The interest rate on these private-label MBS is variable, tied to 3-month LIBOR and limited to the weighted-average coupon on the underlying collateral. The underlying mortgages are fixed-rate, single-family loans with original h igh FICO scores (over 700) and moderate loan-to-value ratios (under 80%), as well as moderate delinquency levels. As of As of December 31, 2018 December 31, 2017 Weighted Weighted Average Range Average Range Discount rate 14.5% 14.5% 14.0% 14.0% Prepayment rate 11.4% 3.3% - 20.9% 16.4% 12.0% - 29.0% Projected Cumulative Loss Rate 3% 0% - 6.8% 3% 0% - 6.8% Refer to Note 29 – Fair Value, for additional information about the valuation model for private label MBS. Total proceeds from the sale of securities available for sale during 2018, 2017 and 2016 amounted to approximately $ 47.8 million, $ 23.4 million and $ 219.8 million, respectively. Total proceeds from sales in 2018 consisted of proceeds of $ 36.2 million on the sale of U.S. agency MBS and $ 11.6 million on the sale of U.S. agency callable debt securities . For the year ended December 31, 2018, the Corporation recorded a loss of approximately $ 59 thousand on the sale of U.S agency MBS and a gain of approximately $ 22 thousand on the sale of the U.S. agency callable debt securities. In 2017, the Corporation recorded a $0.4 million recovery from pr evious OTTI charges on the sale of Puerto Rico government debt securities with an amortized cost of $23.0 million. Total proceeds from sales in 2016 consisted of proceeds of $ 204.8 million on the sale of U.S. agency MBS and $ 15.0 million on the sale of a U.S. Treasury Security. For the year ended December 31, 2016, the Corporation recorded a $ 6.1 million gain on the sale of U.S. agency MBS and an $ 8 thousand gain on the sale of the U.S. Treasury security. The following table states the names of issuers, and the aggregate amortized cost and market value of the securities of such issuers, when the aggregate amortized cost of such securities exceeds 10 % of the Corporation’s stockholders’ equity. This information excludes securities of the U.S. and Puerto Rico government. Investments in obligations issued by a state of the U.S. and its political subdivisions and agencies that are payable and secured by the same source of revenue or taxing authority, oth er than the U .S. government, are considered securities of a single issuer and include debt and mortgage-backed securities . As of As of December 31, 2018 December 31, 2017 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) FHLMC $ 387,703 $ 379,653 $ 375,719 $ 370,855 GNMA 239,698 242,211 250,140 257,192 FNMA 791,200 775,673 801,198 796,726 FHLB 334,717 330,714 299,949 296,767 Investments 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 December 31, 201 8 and December 31, 201 7 were as follows : December 31, 2018 Amortized cost Fair value Gross Unrecognized Weighted- (Dollars in thousands) gains losses average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 6,100 $ - $ 435 $ 5,665 4.79 After 5 to 10 years 53,016 - 5,360 47,656 6.00 After 10 years 85,699 - 13,362 72,337 5.86 Total investment securities held to maturity $ 144,815 $ - $ 19,157 $ 125,658 5.86 December 31, 2017 Amortized cost Fair value Gross Unrecognized Weighted- (Dollars in thousands) gains losses 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 December 31, 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 $ - $ - $ 125,658 $ 19,157 $ 125,658 $ 19,157 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 determines the fair market 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 th e proxy security at the end of each quarter, plus any corresponding discount rate adjustments to reflect recent transactions or market yield expectations for these type of transactions. All of the Puerto Rico Municipal Bonds are performing and current as to scheduled contractual payments as of December 31 , 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 independe nt of the Puerto Rico central 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, these bonds have priority over the payment of operating costs 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 general obligation bonds and loans. The Corporation performs periodic credit qualit y reviews on these issuers. Based on the quarterly analysis performed, management concluded that no individual debt security held to maturity was other-than-temporarily impaired as of December 31 , 2018. The Financial Oversight and Management Board for P uerto Rico (the “PROMESA oversight board”) has not designated any of Puerto Rico’s 78 municipalities as covered entities under the Puerto Rico Oversight, Management, and Economic Stability Act. (“ PROMESA ”) . However, while the latest fiscal plan certified by the PROMESA oversight board did not contemplate a restructuring of th e debt of Puerto Rico’s municipalities, the plan did call for the gradual elimination 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 effect 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 a nd cash equivalents and are classified as money market investments in the consolidated statements of financial condition. As of December 31 , 2018 and December 31, 2017, the Corporation had no outstanding securities held to maturity that were classified as cash and cash equivalents. |
EQUITY SECURITIES
EQUITY SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Other Investment Securities [Text Block] | NOTE 6 – EQUITY SECURITIES 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-sal e investment securities to equity securities in the consolidated statement of financial condition. During 2018, the Corporation measured these equity securities at fair value through earnings resulting in the recognition of marked-to-market losses of $ 9 thousand record ed as part of other non-interest income in the statement of income. Institutions that are members of the Federal Home Loan Bank (“FHLB”) system are required to maintain a minimum investment in FHLB stock. Such minimum investment is calculated as a percent age 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 sto ck issued at $ 100 par value. Both stock and cash dividends may be received on FHLB stock. As of December 31, 2018 and 201 7 , the Corporation had investments in FHLB stock with a book value of $ 41.9 million and $ 40.9 million, respectively . Dividend inc ome from FHLB stock for 201 8 , 201 7 , and 201 6 amounted to $ 2.7 million, $ 2.1 million, and $ 1. 5 million, respectively. The FHLB of New York issued the shares of FHLB stock 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 by their member stockholders. The system is supervised by the Federal Housing Finance Agenc y, 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 carry out their housing finance mission. The Corporation has other equity securities that do not have a readily determinable fair value. The carrying value of such securities was $ 2.2 million as of both December 31, 2018 and 2017 . |
INTEREST AND DIVIDEND ON INVEST
INTEREST AND DIVIDEND ON INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Investment Income, Interest and Dividend [Abstract] | |
Interest and Dividend on Investments [Text Block] | NOTE 7 – INTEREST AND DIVIDEND INCOME ON INVESTMENT SECURITIES, MONEY MARKET IN VEST MENTS AND INTEREST-BEARING CASH ACCOUNTS The following provides information about interest on investments and FHLB dividend income: Year Ended December 31, 2018 2017 2016 (In thousands) Mortgage-backed securities: Taxable $ 8,688 $ 9,656 $ 11,246 Exempt (1) 27,741 24,575 20,921 36,429 34,231 32,167 PR government obligations, U.S. Treasury securities, and U.S. government agencies: Taxable 470 2,091 4,131 Exempt (1) 20,582 12,690 13,145 21,052 14,781 17,276 Other investment securities (including FHLB dividends) Taxable 2,743 2,113 1,462 Total interest income on investment securities 60,224 51,125 50,905 Interest on money market investments and interest-bearing cash accounts Taxable 10,863 4,609 2,669 Exempt 233 5 696 Total interest income on money market investments and interest-bearing cash accounts 11,096 4,614 3,365 Total interest and dividend income on investment securities, money market investments, and interest-bearing cash accounts $ 71,320 $ 55,739 $ 54,270 (1) Primarily MBS and government obligations held by International Banking Entities, whose interest income and sales is exempt from Puerto Rico income taxation under the International Banking Entity Act of Puerto Rico. The following table summarizes the components of interest and dividend income on investments: Year Ended December 31, 2018 2017 2016 (In thousands) Interest income on investment securities, money market investments, and interest-bearing cash accounts $ 68,592 $ 53,634 $ 52,816 Dividends on FHLB stock 2,728 2,105 1,454 Total interest income and dividends on investments $ 71,320 $ 55,739 $ 54,270 |
LOANS PORTFOLIO
LOANS PORTFOLIO | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | NOTE 8 – LOANS HELD FOR INVESTMENT The following provides information about the loan portfolio held for investment: As of December 31, As of December 31, 2018 2017 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 3,163,208 $ 3,290,957 Commercial loans: Construction loans (1) 79,429 111,397 Commercial mortgage loans (1) 1,522,662 1,614,972 Commercial and Industrial loans (1)(2) 2,148,111 2,083,253 Total commercial loans 3,750,202 3,809,622 Finance leases 333,536 257,462 Consumer loans 1,611,177 1,492,435 Loans held for investment 8,858,123 8,850,476 Allowance for loan and lease losses (196,362) (231,843) Loans held for investment, net $ 8,661,761 $ 8,618,633 (1) During the first and third quarters 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 nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third, and fourth quarters of 2018. (2) As of December 31, 2018 and 2017, $796.8 million and $833.5 million, respectively, of commercial loans were secured by real estate but are not dependent upon the real estate for repayment. As of December 31, 201 8, and 201 7 , the Corporation had net deferred origination costs on its loan portfolio amounting to $ 5.6 millio n and $ 4.0 million, respectively. The total loan portfolio is net of unearned income of $ 51.3 million and $ 38.6 million as of December 31, 201 8 and 201 7 , respectively. As of December 31, 201 8 , the Corporation was servicing residential mortgage loans owned by others aggregating $ 2.9 billion (201 7 — $ 2. 8 billion), and c ommercial loan participations owned by others amounting to $ 273.4 million as of December 31, 2018 (201 7 — $ 361.3 million). Various loans, mainly secured by first mortgages, were assigned as collateral for CDs, individual retirement accounts, and advances from the FHLB. Total loans pledged as collateral amounted to $ 1.9 billion as of December 31, 201 8 and 2017. Loans held for investment on which accrual of interest income had been discontinued were as follows: As of As of December 31, December 31, 2018 2017 (In thousands) Nonaccrual loans: Residential mortgage $ 147,287 $ 178,291 Commercial mortgage (1) 109,536 156,493 Commercial and Industrial (1) 30,382 85,839 Construction: Land (1) 6,260 15,026 Construction-commercial (1) - 35,100 Construction-residential 2,102 1,987 Consumer: Auto loans 11,212 10,211 Finance leases 1,329 1,237 Other consumer loans 7,865 5,370 Total nonaccrual loans held for investment (2)(3)(4) $ 315,973 $ 489,554 ________________ (1) During the first and third quarters 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third and fourth quarters of 2018. (2) Excludes $16.1 million and $8.3 million of nonaccrual loans held for sale as of December 31, 2018 and December 31, 2017, respectively. (3) Amount excludes PCI loans with a carrying value of approximately $146.6 million and $158.2 million as of December 31, 2018 and 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 nonaccrual 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) Nonaccrual loans exclude $478.9 million and $374.7 million of TDR loans that are in compliance with the modified terms and in accrual status as of December 31, 2018 and 2017, respectively. If these nonaccrual loans were accruing interest, the additional interest income realized in 2018 would have be en $ 21.4 million (201 7 — $ 35.2 million; 201 6 — $ 43.2 million) . During the first quarter of 2018, the Corporation transferred to held for sale several non accrual 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 char ge-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 fi rst quarter of 2018, the Corporation sold all of the se loans transferred to held for sale in separate transactions and also completed the sale of a $ 7.7 million nonaccrual construction loan held for s ale. These sale s resulted in the recognition of an addit ional aggregate net loss of $ 2.7 million recorded as part of “other non-interest income” in the consoli dated statement of income . In addition, during the third quarter of 2018, the Corporation transferred to held for sale several non accrual 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 reserves 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. As of December 31, 201 8 , the recorded investment of residential mortgage loans collateralized by residential real estate property that are in the process of foreclosure amounted to $ 177.2 million, including $ 48.5 million of loans insured by the FHA or guaranteed by the VA, and $ 21.3 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 Consumer Financial Protection Bureau ( “ CFPB ” ). Foreclosure procedures and ti melines 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 processed through the state’s court while foreclosure in non-judicial sta tes ( i.e. , the BVI) is processed without court intervention. Foreclosure timelines vary according to local jurisdiction law and investor guidelines. Occasionally, foreclosures may be delayed due to , among other reasons, mandatory mediations, bankruptcy, court delays an d title issues . The Corporation’s aging of the loans held for investment portfolio is as follows: As of December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1)(2)(3) Total Past Due Purchased Credit-Impaired Loans Current Total loans held for investment 90 days past due and still accruing (1)(2)(3) (In thousands) Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 4,183 $ 104,751 $ 108,934 $ - $ 38,271 $ 147,205 $ 104,751 Other residential mortgage loans (2) (4) - 62,077 161,851 223,928 143,176 2,648,899 3,016,003 14,564 Commercial: Commercial and Industrial loans 2,550 66 35,385 38,001 - 2,110,110 2,148,111 5,003 Commercial mortgage loans (4) - 1,038 110,482 111,520 3,464 1,407,678 1,522,662 946 Construction: Land (4) - 207 6,327 6,534 - 13,779 20,313 67 Construction-commercial (4) - - - - - 47,965 47,965 - Construction-residential (4) - - 2,102 2,102 - 9,049 11,151 - Consumer: Auto loans 31,070 7,103 11,212 49,385 - 897,091 946,476 - Finance leases 5,502 1,362 1,329 8,193 - 325,343 333,536 - Other consumer loans 9,898 4,542 11,617 26,057 - 638,644 664,701 3,752 Total loans held for investment $ 49,020 $ 80,578 $ 445,056 $ 574,654 $ 146,640 $ 8,136,829 $ 8,858,123 $ 129,083 (1) Includes nonaccrual 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 Corporation's 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 nonaccrual loans since the principal repayment is insured. These balances include $51.4 million of residential mortgage loans insured by the FHA and guaranteed by the VA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2018, taking into consideration the FHA interest curtailment process. (3) As of December 31, 2018, includes $43.6 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 Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears 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, 2018 amounted to $5.6 million, $101.4 million, $5.1 million, and $0.2 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 Past Due Purchased Credit-Impaired Loans Current Total loans held for investment 90 days past due and still accruing (1)(2)(3) (In thousands) 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 (4) - - 35,100 35,100 - 41,456 76,556 - Construction-residential (4) - 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 nonaccrual 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 Corporation's 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 nonaccrual loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA and guaranteed by the VA 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 Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears 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. In working with borrowers in the Virgin Islands and Puerto Rico affected by Hurricanes Irma and Maria, which made landfall on September 6, 2017 and September 20, 2017, respectively, the Corporation provided three-month deferred repayment arrangements to consumer borrowers (i.e., personal loans, auto loans, finance leases, and credit cards) who were current in their payments or no more than 2 payments in arrears as of the date of the respective hurricane. For residential mortgage loans, th e Corporation entered during the third and fourth quarters of 2017 into deferred payment arrangements on 9,588 residential mortgages totaling $ 1.3 billion as of December 31, 2017 that provided for a three-month payment deferral for those loans current or n o more than 2 payments in arrears as of the date of the events. For both consumer and residential mortgage loans that were subject to the deferral programs, each borrower was required to resume their regularly scheduled loan payment at the end of the defe rral period (January 2018) and the deferred amounts were move to the end of the loan. The payment deferral programs were applied prospectively from the date of the events and did not change the delinquency status of the loans as of such dates. Also in 20 17, the Corporation, on a case by case basis, entered into three-month deferral arrangements on 351 commercial and construction loans that were current in payments at the date of the event totaling $ 1.2 billion as of December 31, 2017. Residential mortgag e loans in early delinquency (i.e., 30-89 days past due as defined in regulatory report instructions) decreased during year 2018 by $ 42.7 million to $ 73.2 million as of December 31, 2018, and consumer loans in early delinquency decreased during year 2018 b y $ 51.7 million to $ 59.5 million as of December 31, 2018. Commercial and construction loans in early delinquency decreased during year 2018 by $ 13.8 million to $ 3.9 million as of December 31, 2018. The Corporation’s commercial and construction loans credit quality indicators as of December 31, 2018 and 2017 are summarized below: Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Adversely Classified (1) Total Portfolio December 31, 2018 (In thousands) Commercial mortgage $ 276,935 $ 1,701 $ - $ 278,636 $ 1,522,662 Construction: Land 7,407 - - 7,407 20,313 Construction-commercial - - - - 47,965 Construction-residential 2,102 - - 2,102 11,151 Commercial and Industrial 45,274 6,114 396 51,784 2,148,111 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 nonaccrual loans held for sale of $16.1 million ($11.4 million commercial mortgage, $3.0 million construction-commercial, and $1.7 million commercial and industrial) and $8.3 million (construction-land) as of December 31, 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 de bt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful – Doubtful classifications have all of the weaknesses inherent in those classified Substandard with the adde d characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable , on the basis of currently known facts, conditions and values. A Doubtful classification may be appropriate in cases where significant risk expos ures are perceived, but loss cannot be determined because of specific reasonable pending factors, which may strengthen the credit in the near term. Loss – Assets classified Loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset even though partial recovery may occur in t he future. There is little or no prospect for near term improvement and no realistic strengthening action of significance pending . In addition, the Corporation had $ 257.8 million in commercial and construction loans rated as Special Mention (2017 - $ 354.7 million). A Special Mention assets has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Corporation’s credit posi tion at some future date. Special Mention assets are not adversely classified and do not expose the Corporation sufficient risk to warrant adverse classification. The Corporation periodically reviews its loans classification to evaluate if they are properl y classified, and to determine impairment, if any. The frequency of these reviews will depend on the amount of the aggregate outstanding debt, and the risk rating classification of the obligor. In addition, during the renewal and annual review process of a pplicable credit facilities, the Corporation evaluates the corresponding loan grades. The Corporation has a Loan Review Group that reports directly to the Corporation’s Risk Management Committee and administratively to the Chief Risk Officer, which perfor ms annual comprehensive credit process reviews of the Bank’s commercial portfolios. This group evaluates the credit risk profile of portfolios, including the assessment of the risk rating representative of the current credit quality of the loans, and the e valuation of collateral documentation. The monitoring performed by this group contributes to the assessment of compliance with credit policies and underwriting standards, the determination of the current level of credit risk, the evaluation of the effectiv eness of the credit management process and the identification of any deficiency that may arise in the credit-granting process. Based on its findings, the Loan 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. The Corporation’s consumer and residential loans credit quality indicators as of December 31, 20 18 and 2017 are summarized below: December 31, 2018 Consumer Credit Exposure-Credit Risk Profile Based on Payment Activity Residential Real-Estate Consumer FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 147,205 $ 2,725,540 $ 935,264 $ 332,207 $ 656,836 Purchased Credit-Impaired (2) - 143,176 - - - Nonaccrual - 147,287 11,212 1,329 7,865 Total $ 147,205 $ 3,016,003 $ 946,476 $ 333,536 $ 664,701 (1) It is the Corporation's 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 nonaccrual loans since the principal repayment is insured. This balance includes $51.4 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, 2018, taking into consideration the FHA interest curtailment process. (2) PCI loans are excluded from nonaccrual 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. December 31, 2017 Consumer Credit Exposure-Credit Risk Profile Based on Payment Activity Residential Real-Estate Consumer FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 138,939 $ 2,819,736 $ 834,120 $ 256,225 $ 642,734 Purchased Credit-Impaired (2) - 153,991 - - - Nonaccrual - 178,291 10,211 1,237 5,370 Total $ 138,939 $ 3,152,018 $ 844,331 $ 257,462 $ 648,104 (1) It is the Corporation's 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 nonaccrual 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 nonaccrual 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 (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance (In thousands) As of December 31, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 293,494 325,897 19,965 110,238 148,920 403,732 474,817 19,965 Commercial: Commercial mortgage loans 184,068 201,116 17,684 43,358 49,253 227,426 250,369 17,684 Commercial and Industrial loans 61,162 76,027 9,693 30,030 48,085 91,192 124,112 9,693 Construction: Land 2,444 2,923 552 2,431 2,927 4,875 5,850 552 Construction-commercial - - - - - - - - Construction-residential 1,718 2,370 208 - - 1,718 2,370 208 Consumer: Auto loans 17,781 17,781 3,689 250 250 18,031 18,031 3,689 Finance leases 1,914 1,914 102 22 22 1,936 1,936 102 Other consumer loans 9,291 10,066 2,083 2,068 2,750 11,359 12,816 2,083 $ 571,872 $ 638,094 $ 53,976 $ 188,397 $ 252,207 $ 760,269 $ 890,301 $ 53,976 (1) Excluding accrued interest receivable. Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) 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 (1) Excluding accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Year Ended December 31, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 411,730 18,131 1,376 19,507 Commercial: Commercial mortgage loans 233,372 4,434 2,135 6,569 Commercial and Industrial loans 99,050 2,530 9 2,539 Construction: Land 5,025 93 26 119 Construction-commercial - - - - Construction-residential 1,724 - - - Consumer: Auto loans 20,156 1,449 - 1,449 Finance leases 2,197 145 - 145 Other consumer loans 12,177 913 164 1,077 $ 785,431 $ 27,695 $ 3,710 $ 31,405 (1) Excluding accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Year Ended December 31, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 438,847 17,316 2,478 19,794 Commercial: Commercial mortgage loans 180,283 1,983 390 2,373 Commercial and Industrial loans 121,233 1,447 403 1,850 Construction: Land 14,174 372 38 410 Construction-commercial 35,996 - - - Construction-residential 252 - - - Consumer: Auto loans 24,618 1,781 - 1,781 Finance leases 2,428 168 - 168 Other consumer loans 14,324 1,176 144 1,320 $ 832,155 $ 24,243 $ 3,453 $ 27,696 (1) Excluding accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Year Ended December 31, 2016 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 451,276 18,492 2,234 20,726 Commercial: Commercial mortgage loans 203,322 1,403 723 2,126 Commercial and Industrial loans 166,362 631 1,287 1,918 Construction: Land 15,801 170 51 221 Construction-commercial 38,191 - - - Construction-residential 1,348 - - - Consumer: Auto loans 27,177 1,820 - 1,820 Finance leases 2,846 203 - 203 Other consumer loans 18,018 1,376 154 1,530 $ 924,341 $ 24,095 $ 4,449 $ 28,544 (1) Excluding accrued interest receivable. The following table show the activity for impaired loans for 2018, 2017 and 2016: 2018 2017 2016 (In thousands) Impaired Loans: Balance at beginning of year $ 790,308 $ 887,905 $ 806,509 Loans determined impaired during the year 250,524 140,977 288,202 Charge-offs (1) (57,152) (82,113) (67,210) Loans sold, net of charge-offs (4,121) (53,245) (8,675) Increases to existing impaired loans 7,335 8,292 3,236 Foreclosures (36,453) (37,513) (36,161) Loans no longer considered impaired (5,417) (3,526) (27,643) Loans transferred to held for sale (74,052) - - Paid in full, partial payments and other (110,703) (70,469) (70,353) Balance at end of year $ 760,269 $ 790,308 $ 887,905 (1) For the year ended December 31, 2018, includes charge-offs totaling $22.2 million associated with the $74.4 million in nonaccrual loans transferred to held for sale. For the year ended December 31, 2017, includes a charge-off of $10.7 million related to the sale of the PREPA credit line and, for the year ended December 31, 2016, includes $4.2 million of charge-offs related to impaired loans included in a sale of a $16.3 million pool of non-performing assets. PCI Loans 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 Ric o branches of Doral Bank, and acquired certain assets, including PCI loans, and assumed deposits, through an alliance with Banco Popular of Puerto Rico, that was the successful lead bidd er 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 fr om Doral Financial in the second quarter of 2014 of all its rights, title and interest in first and second residential mortgage s loans in full satisfaction of secured borrowings owed by such entity to FirstBank. Under AS C Topic 310-30, the acquired PCI l oans 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 accrual 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 reco gnizes 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 As of December 31, December 31, 2018 2017 (In thousands) Residential mortgage loans $ 143,176 $ 153,991 Commercial mortgage loans 3,464 4,183 Total PCI loans $ 146,640 $ 158,174 Allowance for loan losses (11,354) (11,251) Total PCI loans, net of allowance for loan losses $ 135,286 $ 146,923 The following tables present PCI loans by past due status as of December 31, 2018 and 2017: As of December 31, 2018 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 6,979 $ 26,932 $ 33,911 $ 109,265 $ 143,176 Commercial mortgage loans - - 2,512 2,512 952 3,464 Total (1) $ - $ 6,979 $ 29,444 $ 36,423 $ 110,217 $ 146,640 _____________ (1) According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage 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 December 31, 2018 amounted to $11.6 million. No PCI commercial mortgage loan was 30-59 days past due as of December 31, 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 Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans and PCI 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 flows the Corporation 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. Thi |
ALLOWANCE FOR LOAN AND LEASE LO
ALLOWANCE FOR LOAN AND LEASE LOSSES | 12 Months Ended |
Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
ALLOWANCE FOR LOAN AND LEASE LOSSES [Text Block] | The changes in the allowance for loan and lease losses were as follows: Residential Commercial Commercial and Construction Consumer Year Ended December 31, 2018 Mortgage Loans Mortgage Loans Industrial Loans Loans Loans Total (In thousands) Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (24,775) (23,911) (9,704) (8,296) (50,106) (116,792) Recoveries 3,392 7,925 1,819 334 8,588 22,058 Provision (release) 13,202 23,074 (8,440) 7,032 24,385 59,253 Ending balance $ 50,794 $ 55,581 $ 32,546 $ 3,592 $ 53,849 $ 196,362 Ending balance: specific reserve for impaired loans $ 19,965 $ 17,684 $ 9,693 $ 760 $ 5,874 $ 53,976 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 19,875 $ 37,497 $ 22,853 $ 2,832 $ 47,975 $ 131,032 Loans held for investment: Ending balance $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Ending balance: impaired loans $ 403,732 $ 227,426 $ 91,192 $ 6,593 $ 31,326 $ 760,269 Ending balance: purchased credit-impaired loans $ 143,176 $ 3,464 $ - $ - $ - $ 146,640 Ending balance: loans with general allowance $ 2,616,300 $ 1,291,772 $ 2,056,919 $ 72,836 $ 1,913,387 $ 7,951,214 Residential Commercial Commercial and Construction Consumer Year Ended December 31, 2017 Mortgage Loans Mortgage Loans Industrial Loans Loans Loans Total (In thousands) Allowance for loan and lease losses: Beginning balance $ 33,980 $ 57,261 $ 61,953 $ 2,562 $ 49,847 $ 205,603 Charge-offs (28,186) (39,092) (19,855) (3,607) (44,030) (134,770) Recoveries 2,437 270 5,755 732 7,562 16,756 Provision 50,744 30,054 1,018 4,835 57,603 144,254 Ending balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Ending balance: specific reserve for impaired loans $ 22,086 $ 9,783 $ 12,359 $ 2,017 $ 5,165 $ 51,410 Ending balance: purchased credit-impaired loans (1) $ 10,873 $ 378 $ - $ - $ - $ 11,251 Ending balance: general allowance $ 26,016 $ 38,332 $ 36,512 $ 2,505 $ 65,817 $ 169,182 Loans held for investment: Ending balance $ 3,290,957 $ 1,614,972 $ 2,083,253 $ 111,397 $ 1,749,897 $ 8,850,476 Ending balance: impaired loans $ 433,434 $ 152,914 $ 118,300 $ 47,266 $ 38,394 $ 790,308 Ending balance: purchased credit-impaired loans $ 153,991 $ 4,183 $ - $ - $ - $ 158,174 Ending balance: loans with general allowance $ 2,703,532 $ 1,457,875 $ 1,964,953 $ 64,131 $ 1,711,503 $ 7,901,994 The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of December 31, 2018 and 2017: As of December 31, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,238 $ 43,358 $ 30,030 $ 2,431 $ 2,340 $ 188,397 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 293,494 184,068 61,162 4,162 28,986 571,872 Allowance for loan and lease losses 19,965 17,684 9,693 760 5,874 53,976 Allowance for loan and lease losses to principal balance 6.80 % 9.61 % 15.85 % 18.26 % 20.26 % 9.44 % PCI loans: Carrying value of PCI loans 143,176 3,464 - - - 146,640 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.65 % 11.55 % - - - 7.74 % Loans with general allowance: Principal balance of loans 2,616,300 1,291,772 2,056,919 72,836 1,913,387 7,951,214 Allowance for loan and lease losses 19,875 37,497 22,853 2,832 47,975 131,032 Allowance for loan and lease losses to principal balance 0.76 % 2.90 % 1.11 % 3.89 % 2.51 % 1.65 % Total loans held for investment: Principal balance of loans $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Allowance for loan and lease losses 50,794 55,581 32,546 3,592 53,849 196,362 Allowance for loan and lease losses to principal balance (1) 1.61 % 3.65 % 1.52 % 4.52 % 2.77 % 2.22 % Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total As of December 31, 2017 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 $146.6 million and $158.2 million as of December 31, 2018 and 2017, respectively. However, the Corporation separately tracks and reports PCI loans and excludes these loans from the amounts of nonaccrual loans, impaired loans, TDRs and non-performing assets. As of December 31, 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 changes to the reserve is included as part of other non-interest expenses in the consolidated statements of income . During the second quarter of 2018, the Corporation implemented certain enhancements to the methodology for the calculation of th e 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 usin g 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 calcula tion 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 metho d 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 pro portion 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 loss rates observed during a look-back period that management determined was appropriate to use for each region to identify any relevant 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 loa ns, 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 – Effects of Natural Disasters, two strong hurricanes affect ed 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 activity 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 developed based on a regressio n 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 initially determined based on the estimated effect that the hur ricanes 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 construction loan rel ationships, loan officers performed individual reviews of the effect of the hurricanes on these borrowers’ sources of repayments. These large relationships, that represented 80% of the outstanding balance of the Corporation’s commercial and construction l oan portfolio, were analyzed and divided into three hurricane-affected categories ( i.e. , Low, Medium 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 . During 2018, the Corporation performed additional procedures to evaluate the adequacy of the qualitative reserve, 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. For the determination of the hurricane-related qualitative reserve for residential mortgage loans as of December 31, 2018, the Corporation stressed the loss factors derived from its base methodology by incorporating assumptions of further deterioration in the housing price index and higher loan modification levels . Although the foreclosure moratoriums extended by the FHA to hurricane-affected individ uals ended on September 15, 2018, there are likely to be additional delays in foreclosure actions due to court related backlogs. For the determination of the hurricane-related qualitative reserve for commercial and construction loans not individually revie wed as of December 31, 2018, the Corporation segregated the portfolio based on delinquency levels and stressed the general reserve loss factors applicable to 30-89 days past due loans to reflect higher default probabilities. As of December 31, 2018, the hu rricane-related qualitative reserve was $ 19.2 million (2017 - $ 55.6 million), composed of $ 17.2 million for Puerto Rico (2017 - $ 50.2 million) and $ 2.0 million for the Virgin Islands (2017 - $ 5.4 million). On a portfolio basis, the hurricane-related quali tative reserve as of December 31, 2018 and 2017 was composed of: (i) $ 8.8 million for residential mortgage loans (2017 - $ 9.2 million); (ii) $ 3.4 million for commercial and industrial loans (2017 - $ 13.1 million); (iii) $ 3.8 million for commercial mortgage loans (2017 - $ 7.5 million); (iv) $ 0 for construction loans (2017 - $ 0.7 million); and (v) $ 3.2 million for consumer loans (2017 - $ 25.0 million). Refer to Note 1 – Nature of Business and Summary of Significant Accounting Policies , for additional informat ion about the Corporation’s approach to estimating the hurricane-related qualitative reserve. 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 scheduled annual reviews, 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 December 31, 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 overall economic prospects of the hurricane-affected areas as a whole. During 2018, the Corporation recorded a net loan loss reserve release of $ 16.9 million in connection with revised est imates associated with the effects of the hurricanes. In addition to the above-mentioned updated assessments of financial performance and repayment prospects 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 2018 that reduced the balance of the consumer and residential mortgage loan portfolios outstanding o n the dates of the hurricanes. The individual review of large commercial loans also resulted in downgrades in the credit risk classification of certain loans and their hurricane-related qualitative reserves of approximately $ 5 .7 million were transferred to the general reserve and the reserve for such loans are now determined following the methodology applicable to criticized and adversely classified loans, as appropriate. In addition, approximately $ 10.9 million of the consumer loan charge-offs recorded in 2018 were taken against previously-established hurricane-related qualitative reserves associated with Hurricanes Irma and Maria. As of December 31, 2018, the hurricane-related qualitative allowance amounted to $ 19.2 million ( compared to $ 55.6 million as of December 31. 2017). 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 | 12 Months Ended |
Dec. 31, 2018 | |
Receivables Held-for-sale [Abstract] | |
Loans Held For Sale [Text Block] | NOTE 11 – LOANS HELD FOR SALE The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of: December 31, 2018 2017 (In thousands) Residential mortgage loans $ 27,075 $ 24,690 Construction loans (1) 3,015 8,290 Commercial and Industrial loans (1) 1,725 - Commercial mortgage loans (1) 11,371 - Total $ 43,186 $ 32,980 (1) During the first and third quarters 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 nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third, and fourth quarters of 2018. |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Other Real Estate Owned [Text Block] | NOTE 11 – OTHER REAL ESTATE OWNED The following table presents OREO inventory as of the dates indicated: December 31, (In thousands) 2018 2017 OREO OREO balances, carrying value: Residential (1) $ 49,239 $ 54,381 Commercial 71,838 82,871 Construction 10,325 10,688 Total $ 131,402 $ 147,940 (1) Excludes $14.4 million and $21.3 million as of December 31, 2018 and 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | NOTE 12 – RELATED-PARTY TRANSACTIONS The Corporation granted loans to its directors, executive officers, and certain related individuals or entities in the ordinary course of business. The movement and balance of these loans were as follows: Amount (In thousands) Balance at December 31, 2016 $ 1,208 New loans 65 Payments (189) Other changes - Balance at December 31, 2017 1,084 New loans 57 Payments (117) Other changes - Balance at December 31, 2018 $ 1,024 These loans were made subject to the provisions of Regulation O-“Loans to Executive Officers, Directors and Principal Shareholders of Member Banks,” which governs the permissible lending relationships between a financial institution and its executive officers, directors, principal shareholders, their families and related interests. A mounts related to changes in the status of those who are considered related parties are reported as other changes. There were no changes in the status of related parties during 2018 and 2017 . From time to time, the Corporation, in the ordinary course of its business, obtains services from related parties or makes contributions to non-profit organizations that have some association with the Corporation. Management believes the terms of such arrangements are consistent with arrangements entered into with independent third parties. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property Plant And Equipment Disclosure [Text Block] | NOTE 13 – PREMISES AND EQUIPMENT Premises and equipment comprise: Useful Life In Years As of December 31, 2018 2017 (Dollars in thousands) Buildings and improvements 10-35 $ 131,206 $ 132,008 Leasehold improvements 1-10 54,734 53,866 Furniture and equipment 2-10 176,116 166,853 362,056 352,727 Accumulated depreciation and amortization (256,355) (245,777) 105,701 106,950 Land 24,640 24,640 Projects in progress 17,473 10,305 Total premises and equipment, net $ 147,814 $ 141,895 Depreciation and amortization expense amounted to $ 15.0 m illion, $ 16.4 million, and $ 17.6 million for the years ended December 31, 201 8 , 201 7 , and 201 6 , respectively . The Corporation identified impairment to several of its facilities and equipment in the areas affected by Hurricanes Irma and Maria. Losses related to the damaged facilities and equipment were charged against earnings in 2018 and 2017, and included as a component of “Other non-interest income” in the consolidated statements of income. The losses were determined with information available as to carrying amounts of impaired assets and the extent of the damage sustained. Management identified asset impairm ents of approximately $ 1.3 million and $ 0.6 million as of December 31, 2018 and 2017, respectively. The Corporation maintains insurance policies for casualty losses that provide for replacement value coverage. During 2018, the Corporation received insuran ce proceeds of $ 2.0 million related to losses incurred at some facilities. The insurance proceeds were recorded against i mpairment losses . Insurance recoveries in excess of losses measured, amounting to $ 0.5 million for 2018, were recognized as a gain from insurance proceeds and also reported as part of “Other non-interest income” in the consolidated statement of income. |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and other Intangible Assets [Abstract] | |
GOODWILL AND OTHER INTANGIBLES [Text Block] | NOTE 14 – GOODWILL AND OTHER INTANGIBLES Goodwill as of December 31, 2018 and 2017 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 201 8 . The Corporation’s goodwill is related to the U.S. (Florida) reporting unit. The Corporation bypassed the qualitative assessment in 2018 and proceeded di rectly to perform the first step of the two-step goodwill impairment test. The Step 1 evaluation of goodwill allocated to the Florida reporting unit under both valuation approaches (market and discounted cash flow analysis) indicated that the fair value of the unit was above the carrying amount of its equity book value as of the valuation date (October 1); therefore, the completion of Step 2 was not required. Based on the analyses under both the market and discounted cash flow approaches, the estimated fair value of the reporting unit exceeded the carrying amount of the entity, including goodwill at the evaluation date. Goodwill was not impaired as of December 31, 2018 or 2017, nor was any goodwill written off due to impairment during 2018, 2017, or 2016. I n 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 ($5.7 million as of December 31, 2018 and $8.0 million as of December 31, 2017), which is being amortized over the remaining estimated life of 2.9 years on an accelerated basis based on the estimated attrition rate of the purchased credit card accounts, which reflects the pattern in which the economic benefits of the intangible asset are consumed. These benefits are consumed as the revenue stream generated by the cardholder relationship is realized. The core deposit intangible of $4.3 million (2017 - $5.5 million) primarily consists of the core deposit acquired in the February 2015 Doral Bank transaction . In the first quarter of 2016, FirstBank Insurance Agency acquired certain insurance customer ac counts and related customer records and recognized an insurance customer relationship intangible of $ 1.1 million ($0.6 million as of December 31, 2018 and $0.8 million as of December 31. 2017), which is being amortized over the remaining estimated life of 4.0 years on a straight-line basis. The acquired accounts have 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 December 31, 2018 2017 (Dollars in thousands) Core deposit intangible: Gross amount $ 51,664 $ 51,664 Accumulated amortization (1) (47,329) (46,186) Net carrying amount $ 4,335 $ 5,478 Remaining amortization period 6.0 years 7.0 years Purchased credit card relationship intangible: Gross amount $ 24,465 $ 24,465 Accumulated amortization (2) (18,763) (16,465) Net carrying amount $ 5,702 $ 8,000 Remaining amortization period 2.9 years 3.9 years Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (3) (445) (292) Net carrying amount $ 622 $ 775 Remaining amortization period 4.0 years 5.0 years (1) For the years ended December 31, 2018, 2017 and 2016, the amortization expense of core deposit intangibles amounted to $1.1 million, $1.7 million and $2.0 million, respectively. (2) For the years ended December 31, 2018, 2017 and 2016, the amortization expense of the purchased credit card relationship intangible amounted to $2.3 million, $2.5 million and $2.8 million, respectively. (3) For the years ended December 31, 2018, 2017 and 2016, the amortization expense of the insurance customer relationship intangible amounted to $0.2 million, $0.2 million 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) 2019 $ 3,088 2020 2,851 2021 2,658 2022 915 2023 622 2024 and after 525 |
NON-CONSOLIDATED VARIABLE INTER
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS [Text Block] | NOTE 15 – 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 eva luates if it is the primary beneficiary of the VIE and whether the entity should be consolidated or not. Below is a summary of transactions with VIEs for which the Corporation has retained some level of continuing involvement: GNMA The Corporation typic ally transfers first lien residential mortgage loans in conjunction with GNMA securitization transactions in which the loans are exchanged for cash or securities that are readily redeemed for cash proceeds and servicing rights. The securities issued throug h these transactions ar e 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 December 31, 2018 , the Corporation serv iced 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 $ 100 million of its variab le - 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 a ggregate principal amount of the Corporation’s Junior Subordinated Deferrable Debentures. The debentures are presented in the Corporation’s consolidated statement of financial condition as Other Borrowings, net of related issuance costs. The variable - rate trust-preferred securities are fully and unconditionally guaranteed by the Corporation. The Junior Subordinated Deferrable Debentures issued by the Corporation in April 2004 and September 2004 mature on June 17, 2034 and September 20, 2034, respectively; h owever, 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 201 8, 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’s winning bid equated to 90 % o f the $ 23.8 million par value. The 10 % discount resulted in a gain of approximately $ 2.3 million. In addition, d uring the third quarter of 2017, the Corporation completed the repurchase of $ 7.3 million of trust - preferred securities of the FBP Statutory Tru st I that were offered to the Corporation by an investment banking firm. The Corporation’s purchase price equated to 81 % of the $ 7.3 million par value. The 19 % discount, plus accrued interest, resulted in a gain of approximately $ 1.4 million . In a separate transaction, during the first quarter of 2016, the Corporation completed the repurchase of $ 10 million of trust-preferred securities of the FBP Statutory Trust II that were auctioned in a public sale at which the Corporation was invited to participate. Th e Corporation’s winning bid equated to 70 % of the $ 10 million par value. The 30 % discount, plus accrued interest, resulted in a gain of approximately $ 4.2 million. These gains are reflected in the statement of income as a “Gain on early extinguishment of d ebt”. The Collins Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act eliminated certain 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 periods. During the second quarter of 2016, the Corporation , having received ap proval from the Federal Reserve, paid $ 31.2 million for all of the accru ed but deferred interest payments plus the interest for the second quarter of 2016 on the Corporation’s subordinated debentures associated with its trust - preferred securities. Subsequently, the Corporation has received quarterly approvals that have enabled it to make scheduled quarterly interest pa yments. As of December 31, 2018 , the Corporation was current on all interest payments due on its subordinated debt. I n October 2017, the New York FED terminated the formal written agreement (the “Written Agreement”) entered into on June 3, 2010 by the Corporation and the Reserve Bank. However, t he Corporation has agreed with its regulators to continue to obtain approval before paying dividends, receiving dividends from the Bank, making payment s on subordin ated debt or trust- preferred securities, incurring or guaranteeing debt or purchasing or r edeeming any corporate stock. The Corporation has received approval to make the subordinated debentures ’ quarterly payment through December 2019 , subject to condition s established in the agreement with regulators . Grantor Trusts During 2004 and 2005, an unaffiliated party , referred to in this subsection as the seller, established a series of 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 seller then entered into a sales agreement through which it sold and issued t he trust certificates in favor of the Corporation’s banking subsidiary. Currently, the Bank is the sole owner of the trust certificates; the servicing of the underlying residential mortgages that generate the principal and interest cash flows is performed by another third party, which receives a servicing fee. The 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 i nterest to the Bank . I nterest income is shared to a certain extent with the FDIC, which has an interest only strip (“IO”) tied to the cash flo ws of the underlying loans and is entitled to receive the excess of the interest income less a servicing fee over the variable rate income that the Bank earns on the securities. This IO is limited to the weighted - average coupon on the securities. The FDIC beca me 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 risk s from losses on non- accruing loans and repossessed collateral . As of December 31, 2018 , the amortized cost and fair value of the Grantor Trusts amounted to $ 19.3 mi llion and $ 13.9 million, respectively, with a weighted - average yield of 4.89 % , which is included as part of the Corporation’s available-for-sale investment securities portfolio . Investment in unconsolidated entity On February 16, 2011, FirstBank sold an asset portfolio consisting of performing and nonaccrual construction, commercial mortgage and commercial and industrial loans with an aggregate book value of $ 269.3 million to CPG/GS, an entity organized under the laws of the Commonwealth of Puerto Rico an d 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 December 31, 2018, the carrying amount of the refinanced loan was $ 6.2 million, which was included in the Corporation’s commercial mortgage loans held for investment portfolio. This loan has a three-year maturity, bears a fixed-interest rate, and is primarily secured by income-producing real e state 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 receive d 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 and a priority return of at least 12 %, which has not occurred, resulting in Fir stBank’s interest in CPG/GS being subordinate to PRLP’s interest. CPG/GS will then begin to make payments pro rata to PRLP and FirstBank, 35 % and 65 %, respectively, until FirstBank has achieved a 12 % return on its invested capital and the aggregate amount of distributions is equal to FirstBank’s capital contributions to CPG/GS. The Bank has determined that CPG/GS is a VIE in which the Bank is not the primary beneficiary. In determining the primary beneficiary of CPG/GS, the Bank considered applicable gui dance that requires the Bank to qualitatively assess the determination of the primary beneficiary (or consolidator) of CPG/GS based on whether it has both the power to direct the activities of CPG/GS that most significantly affect the entity’s economic per formance 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 property; 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: Year Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 25,255 $ 26,244 $ 24,282 Capitalization of servicing assets 3,864 3,318 5,260 Amortization (2,895) (3,091) (3,229) Temporary impairment recoveries (charges), net 1,289 (1,611) (325) Other (1) (85) 395 256 Balance at end of year $ 27,428 $ 25,255 $ 26,244 (1) Amount represents adjustments 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: Year ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 1,451 $ 461 $ 136 Temporary impairment charges 123 1,611 466 OTTI of servicing assets (132) (621) - Recoveries (1,412) - (141) Balance at end of year $ 30 $ 1,451 $ 461 The components of net servicing income are shown below: Year ended December 31, 2018 2017 2016 (In thousands) Servicing fees $ 8,704 $ 7,630 $ 7,606 Late charges and prepayment penalties 510 405 674 Adjustment for loans repurchased (85) 395 256 Other (8) (35) (1) Servicing income, gross 9,121 8,395 8,535 Amortization and impairment of servicing assets (1,606) (4,702) (3,554) Servicing income, net $ 7,515 $ 3,693 $ 4,981 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 2018: Constant prepayment rate: Government-guaranteed mortgage loans 6.0 % 5.6 % Conventional conforming mortgage loans 6.5 % 6.2 % Conventional non-conforming mortgage loans 10.3 % 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 % 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 % 2016: Constant prepayment rate: Government-guaranteed mortgage loans 7.6 % 5.9 % Conventional conforming mortgage loans 8.0 % 6.3 % Conventional non-conforming mortgage loans 14.1 % 9.3 % Discount rate: Government-guaranteed mortgage loans 12.0 % 11.5 % Conventional conforming mortgage loans 10.0 % 9.5 % Conventional non-conforming mortgage loans 14.3 % 13.8 % 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 10 % and 20 % adverse changes in those assumptions for mortgage loans as of December 31, 2018 were as follows: (Dollars in thousands) Carrying amount of servicing assets $ 27,428 Fair value $ 31,738 Weighted-average expected life (in years) 8.45 Constant prepayment rate (weighted-average annual rate) 6.26 % Decrease in fair value due to 10% adverse change $ 747 Decrease in fair value due to 20% adverse change $ 1,462 Discount rate (weighted-average annual rate) 11.25 % Decrease in fair value due to 10% adverse change $ 1,528 Decrease in fair value due to 20% adverse change $ 2,930 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 | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
DEPOSITS [Text Block] | N OTE 17 – DEPOSITS AND R ELATED I NTEREST The following table summarizes deposit balances as of the dates indicated: December 31, 2018 2017 (In thousands) Type of account and interest rate: Non-interest-bearing checking accounts $ 2,395,481 $ 1,833,665 Interest-bearing savings accounts - 0.05% to 0.40% (2017- 0.05% to 0.40%) 2,334,949 2,401,385 Interest-bearing checking accounts - 0.05% to 1.00% (2017- 0.05% to 1.00%) 1,304,043 1,207,511 Certificates of deposit- 0.10% to 4.00% (2017- 0.10% to 4.00%) 2,404,644 2,429,585 Brokered certificates of deposit- 1.10% to 3.00% (2017- 0.85% to 2.80%) 555,597 1,150,485 $ 8,994,714 $ 9,022,631 The weighted-average interest rate on total interest-bearing deposits as of December 31 , 201 8 and 2017 was 1.03 % and 0.9 7 % , respectively. As of December 31, 201 8 , the aggregate amount of unplanned overdrafts of demand deposits that were reclassified as loans amounted to $ 2.1 million (2017 - $ 1.7 million ). Pre-arranged overdrafts lines of credit amounted to $ 21.7 million as of December 31, 2018 (2017- $ 15.2 million ). The following table presents the contractual maturities of CDs, including brokered CDs, as of December 31, 2018: Total (In thousands) Three months or less $ 516,484 Over three months to six months 422,723 Over six months to one year 726,199 Over one year to two years 643,293 Over two years to three years 321,978 Over three years to four years 180,994 Over four years to five years 144,951 Over five years 3,619 Total $ 2,960,241 As of December 31, 201 8 , CDs in denominations of $ 100,000 or higher amounted to $ 2.2 billion (2017- $ 2.8 billion ) including brokered CDs of $ 555.6 m illion (201 7 - $ 1 . 2 billion) at a weighted-average rate of 1.88 % (2017 - 1.50 % ) issued to deposit brokers in the form of large certificates of deposits that are generally participated out by brokers in shares of less than the FDIC insurance limit. As of December 31, 201 8 , unamortized broker placement fees amounted to $ 1.1 million (2017 - $ 2.2 million ), which are amortized over the contractual maturity of the brokered CDs under the interest method. Brokered CDs mature as follows: December 31, 2018 (In thousands) Three months or less $ 86,024 Over three months to six months 42,879 Over six months to one year 130,692 One to three years 249,284 Three to five years 45,336 Over five years 1,382 Total $ 555,597 As of December 31, 201 8 , deposit accounts issued to government agencies amounted to $ 900.8 million (2017- $ 652.0 million). These deposits in Puerto Rico and the U.S. Virgin Islands are insured by the FDIC up to the applicable limits, generally $250,000. The uninsured portion s were collateralized by securities and loans with an amortized cost of $ 615.7 million (2017 - $ 562.5 m illion ) and an estimated market value of $ 592.9 million (2017 - $ 542.9 million ) . In addition, as of December 31, 2018, the Corporation used $ 182.0 million in letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands. As of D ecember 31, 201 8 , the Corporation had $ 677.3 million of government deposits in Puerto Rico (2017 - $ 490.3 million ) and $ 223.4 million in the Virgin Islands (2017 - $ 161.7 million ). A table showing interest expense on deposits follows: Year Ended December 31, 2018 2017 2016 (In thousands) Interest-bearing checking accounts $ 5,208 $ 4,566 $ 4,914 Savings 14,298 12,520 12,392 Certificates of deposit 33,652 30,277 28,068 Brokered certificates of deposit 14,493 19,174 21,928 Total $ 67,651 $ 66,537 $ 67,302 The total interest expense on deposits includes the amortization of broker placement fees related to brokered CD s amounting to $1.2 million, $1.9 million, and $ 2.9 million for 201 8 , 201 7 and 201 6 , respectively. For 201 8, 2017 and 2016 , total interest expense includes $ 9 thou sand, $ 0.1 million, and $ 0.2 million , respectively, for the accretion of premium s related to time deposits assumed in the Doral Bank transaction in 2015. |
SECURITIES SOLD UNDER AGREEMENT
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | |
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE [Text Block] | 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: December, 31 2018 2017 (Dollars in thousands) Short-term fixed-rate repurchase agreement with a rate of 2.85% (December 31, 2017 - 1.53%) $ 50,086 $ 100,000 Long-term fixed-rate repurchase agreements, interest rate of 2.26% (December 31, 2017: interest ranging from 1.96% to 2.26%) (1)(2) 100,000 200,000 $ 150,086 $ 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 December 31, 2018, the lender had the option to call another repurchase agreement, which was not exercised. The weighted-average interest rates on repurchase agreements as of December 31, 201 8 and 201 7 were 2.46 % and 1.92 %, respectively. Accrued interest payable on repurchase agreements amounted to $ 2.8 million and $ 1.8 million as of December 31, 201 8 and 201 7 , respectively. Repurchase agreements mature as follows: December 31, 2018 (In thousands) Three months or less $ 50,086 Over three to four years 100,000 Total $ 150,086 The following securities were sold under agreements to repurchase: December 31, 2018 Amortized Approximate Weighted Cost of Fair Value Average Underlying Balance of of Underlying Interest Rate Underlying Securities Securities Borrowing Securities of Security (In thousands) U.S. government-sponsored agencies $ 31,396 $ 25,276 $ 30,958 1.55 % Mortgage-backed securities 155,963 124,810 151,777 2.39 % Total $ 187,359 $ 150,086 $ 182,735 Accrued interest receivable $ 483 December 31, 2017 Amortized Approximate Weighted Cost of Fair Value Average Underlying Balance of of Underlying Interest Rate Underlying Securities Securities Borrowing Securities of Security (In thousands) U.S. government-sponsored agencies $ 132,637 $ 127,801 $ 131,271 1.39 % Mortgage-backed securities 222,325 172,199 218,852 2.29 % Total $ 354,962 $ 300,000 $ 350,123 Accrued interest receivable $ 1,060 The maximum aggregate balance outstanding at any month-end during 201 8 was $ 200 million (2017 - $ 300 million ). The average balance during 201 8 was $ 166.0 million (2017 - $ 300 million ). The weighted-average interest rate during 201 8 and 201 7 was 5.66 % and 3.64 %, respectively , considering negative market rates on reverse repurchase agreements. As of December 31, 201 8 and 201 7 , the securities underlying such agreements were delivered to the dealers with which the repurchase agreements were transacted. Repurchase agreements as of December 31, 2018, grouped by counterparty, were as follows: Weighted-Average Counterparty Amount Maturity (In Months) (Dollars in thousands) JP Morgan Chase $ 150,086 35 |
ADVANCES FROM THE FEDERAL HOME
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) | 12 Months Ended |
Dec. 31, 2018 | |
Advances from the Federal Home Loan Bank (FHLB) [Abstract] | |
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) [Text Block] | NOTE 19 – ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) The following is a summary of the advances from the FHLB: December 31, December 31, 2018 2017 (Dollars in thousands) Long-term fixed-rate advances from FHLB, with a weighted-average interest rate of 2.07% (December 31, 2017 - 1.91%) $ 740,000 $ 715,000 Advances from FHLB mature as follows: December 31, 2018 (In thousands) Over six months to one year $ 205,000 Over one to three years 335,000 Over three to five years 200,000 Total $ 740,000 Advances are received from the FHLB under an Advances, Collateral Pledge, and Security Agreement (the “Collateral Agreement”). Under the Collateral Agreement, the Corporation is required to maintain a minimum amount of qualifying mortgage collateral with a market value of generally 125 % or higher than the outstanding advances. As of December 31, 201 8 , the estimated value of specific mortgage loans pledged as collateral amounted to $ 1. 3 billion (2017 - $ 1.4 billion ), as computed by the FHLB for collateral purposes. The carrying value of such loans as of December 31, 201 8 amounte d to $ 1.7 billion (2017 - $ 1.7 billion ). As of December 31, 201 8 , the Corporation had additional capacity of approximately $ 422.2 million on this credit facility based on collateral pledged at the FHLB, including a haircut reflecting the perceived risk ass ociated with the collateral. Haircut refers to the percentage by which an asset’s market value is reduced for the purpose of collateral levels. Advances may be repaid prior to maturity, in whole or in part, at the option of the borrower upon payment of any applicable fee specified in the contract governing such advance. In calculating the fee, due consideration is given to (i) all relevant factors, including , but not limited to, any and all applicable costs of repurchasing and/or prepaying any associated li abilities and/or hedges entered into with respect to the applicable advance; (ii) the financial characteristics, in their entirety, of the advance being pr epaid; and (iii), in the case of adjustable-rate advances, the expected future earnings of the replac ement borrowing as long as the replacement borrowing is at least equal to the original advance’s par amount and the replacement borrowing’s tenor is at least equal to the remaining maturity of the prepaid advance. |
OTHER BORROWINGS
OTHER BORROWINGS | 12 Months Ended |
Dec. 31, 2018 | |
Subordinated Borrowings [Abstract] | |
OTHER BORROWINGS [Text Block] | NOTE 20 – OTHER BORROWINGS Other borrowings, as of the indicated dates, consist of: December 31, December 31, (In thousands) 2018 2017 Junior subordinated debentures due in 2034, interest-bearing at a floating rate of 2.75% over 3-month LIBOR (5.54% as of December 31, 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 (5.29% as of December 31, 2018 and 4.12% as of December 31, 2017) 118,557 118,557 $ 184,150 $ 208,635 (1) Refer to Note 15 - Non-Consolidated Variable Interest Entities 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. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE [Text Block] | NOTE 21 – EARNINGS PER COMMON SHARE The calculation of earnings per common share for the years ended December 31, 2018, 2017, and 2016 are as follows: Year Ended December 31, 2018 2017 2016 (In thousands, except per share information) Net income $ 201,608 $ 66,956 $ 93,229 Less: Preferred stock dividends (2,676) (2,676) (223) Net income attributable to common stockholders $ 198,932 $ 64,280 $ 93,006 Weighted-Average Shares: Average common shares outstanding 215,709 213,963 212,818 Average potential dilutive common shares 968 2,155 2,976 Average common shares outstanding - assuming dilution 216,677 216,118 215,794 Earnings per common share: Basic $ 0.92 $ 0.30 $ 0.44 Diluted $ 0.92 $ 0.30 $ 0.43 ____________ Earnings per common share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares issued and outstanding. Net income attributable to common stockholders represents net income adjusted for any p referred 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 unve sted share s 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-forfe itable dividend rights if the performance condition is met as of the end of the reporting period, warrants outstanding during the period and common stock issued under the assumed exercise of stock options using the treasury stock method . This method assume s that the potential dilutive common shares are issued and outstanding 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 differenc e between the number s of potential dilutive shares issued and the 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 th at do not contain non-forfeitable dividend rights , stock options, 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. Stock options not included in the computation of outstanding shares because the y were antidilutive amounted to 34,989 as of December 31, 2016. There were no stock options outstanding as of December 31, 2018 and 2017. On May 17, 2018, the U.S. Treasury exercised its warrant to purchase 1,285,899 shares of the Corporation’s common stock on cashless basis, resulting in the issuance of 730,571 shares of common stock. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION [Text Block] | NOTE 22 – 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 common stock reserved for issuance under the Omnibus Plan, extend the term of the Omnibus 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 19 86, 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 December 31, 201 8 , 6,897,855 authorized shares of common stock wer e available for 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 es tablish the terms 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, su bject to forfeiture 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 participant s may exercise full voting rights. The restricted stock granted under the Omnibus Plan is typically subject to a vesting period. During 2018, the Corporation awarded to its independent directors 65,447 shares of restricted stock that are subject to a one-y ear vesting period. In addition, during 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 %) vest 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 total expense determined for the restricted stock awarded to retirement-eligible employees was charged against earnings at the grant date. The fair value of the shares of restricted stock granted in 2018 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 2018 under the Omnibus Plan: 2018 Number of Weighted- shares of Average restricted Grant Date stock Fair Value Non-vested shares at beginning of year 1,816,968 $ 2.76 Granted 407,886 6.71 Forfeited (16,000) 4.31 Vested (1,244,744) 2.47 Non-vested shares at end of year 964,110 $ 4.79 For the years ended December 31, 201 8 , 201 7 and 201 6 , the Corporation recognized $ 3.4 million, $ 4.0 million and $ 3 . 9 million, respectively, of stock-based compensation expense related to restricted stock awards. As of December 31, 201 8 , there was $ 2.2 million of total unrecognized compensation cost related to non - vested shares of restricted stock. The weighted average p eriod over which the Corporation expects to recognize such cost is 1.3 years . During 2017, the Corporation awarded to its independent directors 148,424 shares of restricted stock subject to a one-year vesting period. In addition, during 2017, the Corpora tion 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 co mmon stock. As a result of the sale by U.S. Treasury, the Corporation ceased being subject to the compensation-related restrictions under TARP, which substantially limited the Corporation’s ability to award short-term and long-term incentives to the Corpor ation’s executives, and the Corporation’s senior officers are no longer subject to the transferability restrictions 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, resulting 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 common 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 a ssuming 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 compensati on accounting guidance requires the Corporation to reverse compensation expense for any awards that are forfeited due to employee or director turnover. Quarterly changes in the estimated forfeiture rate may have a significant effect on stock-based compensa tion, as the effect of adjusting the rate for all expense amortization is recognized in the period in which the forfeiture estimate is changed. If the actual forfeiture rate is higher than the estimated forfeiture rate, an adjustment is made to increase t he estimated forfeiture rate, which will result in a decrease in the expense recognized in the financial statements. If the actual forfeiture rate is lower than the estimated forfeiture rate, 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 forfeiture rate did not change as a result of the restricted shares forfeited in connection with the aforementioned U.S. Treasury’s sale of the Corporat ion’s common stock. Performance Units Under the Omnibus Plan, the Corporation may award performance units to Omnibus Plan participants. During 2018, the Corporation granted 304,408 units to executives, with each unit representing the value of one share of the Corporation’s common stock. The performance units 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 settled in shares of the Corporation’s common stock. Included in those 304,408 performance units were 29,171 units granted to retirement-eligible executives at the grant date. The performance units will vest based on the achievement of a p re-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. The fair value of the performance units awarded during 2018 was based on the market price of the Corporation’s outstanding common stock on the date of the grant. For the year ended December 31, 2018, the Corp oration recognized $ 0.6 million of stock-based compensation related to performance unit s. As of December 31, 2018, there was $ 1.3 million of total unrecognized compensation cost related to unvested performance units that the Corporation expects to recognize over the three-year requisite service period. The total expense determined for the pe rformance units 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 probability 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 o f 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 582,193 shares during 2017 ) with a weighted-average market value of $ 6.51 ( as compared to a weighted average market value of $ 5.64 during 2017 ) as salary stock compensation. This resulted in a compensation expense of $ 1.7 million recorded in 201 8 ( as compared to $ 3 . 3 million during 2017 ). Effective July 1, 2018, the payment of additional salary amounts in the form of stock was elimin ated in accordance with the previously disclosed revised executive compensation program. For 2018, the Corporation withheld 96,377 shares (2017 – 195,789 shares) from the common stock paid to certain senior officers as additional compensation and 337,689 shares of restricted stock that vested during 201 8 (201 7 - 243,102 shares) to cover employees’ payroll and income tax withholding liabilities; 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 . |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY [Text Block] | NOTE 22 – STOCKHOLDERS’ EQUITY Common Stock As of December 31, 201 8 and 201 7 , the Corporation had 2,000,000,000 authorized shares of common stock with a par value of $ 0.10 per share. As of December 31, 201 8 and 201 7 , there were 221,789,509 and 220,382,343 shares issued, respectively, and 217,235,140 and 216,278,040 , shares outstanding, respectively. Refer to Note 21 – Stock - Based Compensation, for information about transactions related to common stock under the Omnibus Plan. On November 14, 2018, f or the first time since June 200 9, the Corporation’s Board of Directors, after receiving regulatory approval, declared a quarterly cash dividend of $ 0.03 per common share which was paid on December 14, 2018, to common stockholders of re cord on November 30, 2018. Total cash dividends paid on shares of common stock amounted to $ 6.5 million for 2018. The Corporation has received regulatory approval to pay quarterly dividends on common stock through December 2019, subject to conditions estab lished in the agreement with regulators. The Corporation intends to request approval in future periods to continue quarterly dividend payments on common stock. On May 17, 2018, the U.S. Treasury exercised its warrant to purchase 1,285,899 shares of the Co rporation’s stock on a cashless basis resulting in the issuance of 730,571 shares of common stock and the use of 555,328 shares to cover the strike price of the transaction. Cash paid in lieu of fractional shares was $ 6.58 . On May 10, 2017, the U.S. Treasury announced that it sold all of its remaining 10,291,553 shares of the Corporation’s common stock. Since the U.S. Treasury did not recover the full amount of its original investment under TARP, 2,370,571 outstanding restricted shares held by the Cor poration’s employees were forfeited, resulting in a reduction in the number of common shares outstanding. O n February 7, 2017, funds affiliated with Thomas H. Lee Partners, L.P. (“THL”) and funds managed by Oaktree Capital Management (“Oaktree”) sold 20 million shares ( 10 million shares each) of the Corporation’s common stock. Subsequently, the underwriters exercised their option to purchase an additional 3 million shares of the Corporation’s common stock from the selling stockholders. Also, o n August 3 , 2017, THL and Oaktree participated in another secondary offering of the Corporation’s common stock in which they sold an aggregate of 20 million shares ( 10 million shares each) of common stock. The Corporation did not receive any proceeds from these offe r ings. As of December 31, 2018, each of THL and Oaktree owned less than 5 % of the Corporation’s common stock. 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 , subject 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 o f Directors when authorizing the issuance of that particular series. As of December 31, 201 8 , the Corporation has five outstanding series of non-convertible, non-cumulative preferred stock: 7.125 % non-cumulative perpetual monthly income preferred stock, Se ries 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 perp etual monthly income preferred stock, Series E. The liquidation value per share is $ 25 . Effective January 17, 2012, the Corporation delisted all of its outstanding series of 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 securities exchange or for quotation of the Series A through E Preferred Stock in a quotation medium. In December 2016, f or the first time since July 2009, the Corporati on paid dividends on its non-cumulative perpetual monthly income preferred stock, after receiving regulatory approval. Since then, the Corporation has continued to pay monthly dividend payments 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 2019, subject to conditions established in the agreement with regulators. The Corporation intends to re quest approval in future periods to continue monthly dividend payments on the non-cumulative perpetual monthly income preferred stock. On October 3, 2017, the Federal Reserve terminated the Written Agreement entered into on June 3, 2010 by 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 gu aranteeing debt or purchasing or redeeming any corporate stock. T reasury stock During 201 8 and 201 7 , the Corporation withheld an aggregate of 434,066 shares and 438,891 shares, respectively, of the common stock paid to certain senior officers as additional compensation and restricted stock that vested during 201 8 and 201 7 to cover employees’ payroll and income tax withholding li abilities; these shares are held as treasur y s tock . As of December 31, 201 8 and 201 7 , the Corporation had 4,554,369 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 reserve 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 dividends to the stockholders, without the prior consent of the Puerto Rico Commissioner of Financial Institutions. The Puerto Rico Banking Law provides that, when the expendit ures of a Puerto Rico commercial bank are greater than receipts, the excess of the 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 re duction thereof. If there is no legal surplus reserve sufficient to cover such balance 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 reserv e to an amount of at least 20 % of the original capital contributed. During 2018 and 201 7, $ 20.5 million and $ 7.3 million, respectively, were transferre d to the legal surplus reserve. FirstBank’s legal surplus reserve, included as part of retained earnings in the Corporation’s consolidated statement of financial condition, amounted to $ 80.2 million and $ 59.7 million as of December 31, 201 8 and 201 7, respectively . |
EMPLOYEES' BENEFIT PLAN
EMPLOYEES' BENEFIT PLAN | 12 Months Ended |
Dec. 31, 2018 | |
Employees' Benefit Plan [Abstract] | |
Employees' Benefit Plan [Text Block] | NOTE 23 – EMPLOYEES’ BENEFIT PLAN FirstBank provides contributory retirement plans pursuant to Section 1081.01 of the Puerto Rico Internal Revenue Code of 2011 for Puerto Rico employees and Section 401(k) of the U.S. Internal Revenue Code for USVI and U.S. employees (the “Plans”). All employees are eligible to participate in the Plans after three months of service for purposes of making elective deferral contributions and one year of service for purposes of sharing in the Bank’s matching, qual ified matching, and qualified nonelective contributions. Under the provisions of the Plans, th e Bank contributes 50 % of the first 6 % of the participant’s compensation contributed t o the Plans on a pretax basis. The matching contribution of fifty cents for every dollar of the employee’s contribution is comprised of: (i) twenty-five cents for every dollar of the employee’s contribution up to 6% of the employee’s eligible compensation to be paid to the Plan as of each bi-weekly payroll; and, (ii) an additional twenty-fiv e cents for every dollar of the employee’s contribution up to 6% of the employee’s eligible compensation to be deposited as a lump sum as of the second payroll of the month of January of the Plan Year following that in which the elective deferrals were made. P uerto Rico employees were permitted to contribute up to $ 15,000 for each of 201 8 , 2017 and 201 6 ( USVI and U.S. employees - $ 18,500 for 2018 a nd $ 18,000 for each of 2017 and 2016) . Additional contributions to the Plans are voluntarily made by the Bank as determin ed by its Board of Directors. No additional discretionary contributions were made for t he years ended December 31, 2018 , 201 7 and 201 6 . The Bank had a total plan expense of $ 1.5 million for the year ended December 31, 201 8 , $ 0.9 million for 201 7 , and $ 1.1 million for 201 6 . |
OTHER NON- INTEREST EXPENSES
OTHER NON- INTEREST EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
Other Non Interest Expenses [Abstract] | |
Other Noninterest Expenses [Text Block] | NOTE 25 – O THER N ON - INTEREST E XPENSES A detail of other non-interest expenses is as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Supplies and printing $ 2,177 $ 1,990 $ 1,502 (Release) provision for unfunded lending commitments (264) (928) 1,173 Amortization of intangible assets 3,593 4,403 4,896 Servicing and processing fees 4,991 4,421 4,604 Write-down and losses on sale of non-real estate repossessed properties 62 253 689 Insurance and supervisory fees 4,602 4,809 4,865 Other 6,914 7,203 8,022 Total $ 22,075 $ 22,151 $ 25,751 |
OTHER NON- INTEREST INCOME
OTHER NON- INTEREST INCOME | 12 Months Ended |
Dec. 31, 2018 | |
Other Non-interest Income [Abstract] | |
Other Noninterest Income [Text Block] | NOTE 26 – O THER N ON - INTEREST I NCOME A detail of other non-interest income is as follows: Year Ended 2018 2017 2016 (In thousands) Non-deferrable loan fees $ 2,384 $ 2,109 $ 3,346 Commissions and fees-broker-dealer-related - - 789 Merchant-related income 5,244 4,209 4,095 ATM and POS fees 9,515 8,929 8,462 Credit and debit card interchange and other fees 9,598 7,587 7,492 Mail and cable transmission commissions 2,101 1,729 1,740 Fair value adjustments and losses on sales of commercial and construction loans held for sale (3,186) - - Gain from sales of fixed-assets 1,366 149 591 Gain from insurance proceeds 537 - - Other 5,183 4,142 4,385 Total $ 32,742 $ 28,854 $ 30,900 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES [Text Block] | NOTE 26 – 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 Internal 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 uti lize 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 applicable NOL carry-forward period . Pursuant to the 2011 PR Code, the carryforward period for NOLs incurred during taxable years that commenced after December 31, 2004 and ended before January 1, 2013 is 12 years; for NOLs incurred during taxable years commencing after December 31, 2012 the carryover period is 10 years. 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 limitations, 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 received 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 has allowed the Corporation to realize 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 ordinary 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, F irstBank Insurance, from a taxable corporation to a non-taxable “pass-through” entity. This election has allowed the Corporation to offset pass-through income earned by FirstBank Insurance with net operating losses available at the Holding Company level. 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 USV I. 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 mandatory repatriation of liquid assets, 10% tax on base erosion payme nts, 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 for the year 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 deductions. Other significant provisions, such as the base erosion and anti-abu se 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 receipts. On December 10, 2018, the Governor of Puerto Rico signed into Law Ac t 257 (“Act 257”) to amend some of the provisions of the 2011 PR Code, as amended. Act 257 introduces various changes to the current income tax regime in the case of individuals and corporations, and the sales and use taxes that are effective January 1, 2019, including, among others, (i) a reduction in the Puerto Rico corporate tax rate from 39% to 37.5%; (ii) an increase in the net operating and capital losses usage limitation from 80% to 90%; (iii) amendments to the provisions related to “pass-through” entities that provide that corporations that own 50% or more of a partnership will not be able to claim a current or carryover non partnership NOLs deduction against a partnership dis tributable share, adversely impacting the above described tax action taken in 2017 for FirstBank Insurance; and (iv) other limitations on certain deductions such as meals and entertainment deductions. The PROMESA oversight board accepted the required certi fication submitted by the Legislature of Puerto Rico (the “Compliance Certification”) acknowledging that Act 257 is not significantly inconsistent with the Commonwealth’s Fiscal Plan as it applies to Articles 1 through 131 and 164-165 of Act 257 . However, the PROMESA oversight board expressed concerns regarding certain provisions of Act 257, specifically Articles 132 through 163, regarding the video lottery terminals that operate outside casinos in Puerto Rico. It is not yet determined whether Act 257 wi ll be further amended to accommodate any mandate from the PROMESA o versight b oard. The Corporation has maintained an effective tax rate lower than the maximum statutory rate, mainly by investing in government obligations and MBS exempt from U.S. and Puert o Rico income taxes and by doing business through an International Banking Entity (“IBE”) unit of the Bank, and through the Bank’s subsidiary, FirstBank Overseas Corporation, whose interest income and gain on sales is exempt from Puerto Rico income taxatio n. The IBE and FirstBank Overseas Corporation were created under the International Banking Entity Act of Puerto Rico, which provides for total Puerto Rico tax exemption on net income derived by IBEs operating in Puerto Rico on the specific activities ident ified in the IBE Act. An IBE that operates as a unit of a bank pays income taxes at the corporate standard rate to the extent that the IBE’s net income exceeds 20 % of the bank’s total net taxable income. The components of income tax (benefit) expense are summarized below: Year Ended December 31, 2018 2017 2016 (In thousands) Current income tax expense $ 14,073 $ 8,179 $ 13,151 Deferred income tax expense (benefit): Adjustment for enacted changes in tax law 15,402 138 (20) Reversal of deferred tax asset valuation allowance (63,228) (1,792) - Other deferred income tax expense (benefit) 22,783 (11,498) 23,899 Total income tax (benefit) expense $ (10,970) $ (4,973) $ 37,030 The differences between the income tax expense applicable to income before the provision for income taxes and the amount computed by applying the statutory tax rate in Puerto Rico were as follows: Year Ended December 31, 2018 2017 2016 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income (Dollars in thousands) Computed income tax at statutory rate $ 74,349 39.0 % $ 24,173 39.0 % $ 50,801 39.0 % Federal and state taxes 3,768 2.0 % 2,335 3.8 % - - % Benefit of net exempt income (22,782) (12.0) % (16,596) (26.8) % (14,995) (11.5) % Disallowed NOL carryforward resulting from net exempt income 14,904 7.8 % 5,091 8.2 % 6,396 4.9 % Deferred tax valuation allowance (90,521) (47.5) % (10,037) (16.2) % (5,976) (4.6) % Adjustments in net deferred tax assets due to changes in enacted tax rates 15,402 8.1 % 138 0.2 % (20) - % Change in tax status of subsidiaries - - % (13,161) (21.2) % - - % Share-based compensation windfall (1,595) (0.8) % (40) - % 92 0.1 % Effect of capital losses subject to preferential rates - - % 2,102 3.4 % 727 0.6 % Non deductible expenses and other permanent differences (839) (0.4) % (470) (0.8) % (1,720) (1.2) % Tax return to provision adjustments 4 - % 607 1.0 % 434 0.3 % Other-net (3,660) (1.9) % 885 1.4 % 1,291 1.0 % Total income tax (benefit) expense $ (10,970) (5.7) % $ (4,973) (8.0) % $ 37,030 28.6 % For 2018, the Corporation recorded an income tax benefit of approximately $11.0 million compared to an income tax benefit of $5.0 million for 2017. The income tax benefit for 2018 was driven by a $90.5 million change in the deferred tax asset valuation allowance, primarily attributable to a $63.2 million partial reversal of FirstBank’s deferred tax asset valuation allowance recorded during the fourth quarter of 2018. The income tax benefit for 2017 was mostly attributable to the tax benefit related to hurricane-related charges and to a $ 13.2 million tax benefit resulting from the above discussed change in tax status of certain subsidiaries from taxable corporations to limited liability companies that hav e elected to be treated as partnerships for income tax purposes in Puerto Rico. The Corporation adjusted its Puerto Rico deferred tax assets due to the reduction in the Puerto Rico corporate tax rate as per Act 257. The adjustment resulted in a charge of approximately $9.9 million to income tax expense. As a result of the partial reversal of the deferred tax asset valuation allowance and the remeasurement of deferred tax assets in connection with the enactment of Act 257 , the Corporation’s net de ferred tax assets amounted to $ 319.9 million as of December 31, 2018, net of a valuation allowance of $100.7 million, compared to net deferred tax assets of $294.8 million, net of a valuation allowance of $191.2 million as of December 31, 2017. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Significant components of the Corporation's deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 (In thousands) Deferred tax asset: Net operating loss carryforward $ 316,059 $ 376,423 Allowance for loan and lease losses 75,010 94,111 Alternative Minimum Tax credits available for carryforward 9,238 6,598 Unrealized loss on OREO valuation 15,405 14,784 Unrealized loss on available-for-sale securities, net 189 - Settlement payment-closing agreement 7,031 7,313 Legal and other reserves 3,293 2,333 Reserve for insurance premium cancellations 610 635 Other 7,526 8,326 Total gross deferred tax assets 434,361 510,523 Deferred tax liabilities: Differences between the assigned values and tax bases of assets and liabilities recognized in purchase business combinations 4,192 5,143 Servicing assets 9,143 8,625 Unrealized gain on available-for-sale securities, net - 1,306 Other 514 9,457 Total gross deferred tax liabilities 13,849 24,531 Valuation allowance (100,661) (191,183) Net deferred tax asset $ 319,851 $ 294,809 Accounting for income taxes requires that companies assess whether a valuation allowance should be recorded against their deferred tax asset based on an assessment of the amount of the deferred tax asset that is “more likely than not” to be realized. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. Management assesses the valuation allowance recorded against deferred tax assets at each reporting date. The determination of whether a valuation allowance for deferred tax assets is appropriate is subject to considerable judgment and requires the evaluation of positive and negative evidence that can be objectively verified. Consideration must be given to all sources of taxable income available to realize the deferred tax asset, including, as applicable, the future reversal of existing temporary differences, future taxable income forecasts exclusive of the reversal of temporary differences and carryforwards, and tax planning strategies. In estimating taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions taking into account statutory, judicial, and regulatory guidance . After completion of the deferred tax asset valuation allowance analysis for the fourth quarter of 2018, management concluded that, as of December 31, 2018, it is more likely than not that FirstBank, the banking subsidiary, will generate sufficient taxable income within the applicable NOL carry-forward periods to realize $ 220.5 million of its deferred tax assets related to NOLs and, therefore, reversed $ 63.2 million of the valuation allowance. The decision to partially reverse the valuation allowance was r eached after weighting all of the evidence and determining that the positive evidence out weighted the negative evidence. The positive evidence considered by management in arriving at its conclusion to reverse part of the deferred tax asset valuation allow ance includes factors such as : FirstBank’s three-year cumulative income position ; the continued profitability following the hurricane events in 2017; and forecasts of future profitability, under several potential scenarios, that support significant utiliza tion of NOLs prior to their expiration ranging between the years 2021 through 2024. The negative evidence considered by management includes: uncertainties around the state of the Puerto Rico economy, including the effect of hurricane recovery funds togethe r with Puerto Rico government debt renegotiati on efforts and the ultimate sustainability of the approved Fiscal Plan; and consideration of the Corporation’s still elevated levels of non-performing assets. Management’s estimate of future taxable income is based on internal projections that consider historical performance, multiple internal scenarios and assumptions, as well as external data that management believes is reasonable. If events are identified that affect the Corporation’s ability to utilize its deferred tax assets, the analysis will be updated to determine if any adjustments to the valuation allowance are required. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the remaining valuation allowance may need to be increased. Such an increase could have a material adverse effect on the Corporation’s financial condition and results of operations. Conversely, a higher than projected proportion of taxable inco me to exempt income could lead to a higher usage of available NOLs and a lower amount of disallowed NOLs from projected levels of tax-exempt income, per the 2011 PR code, which in turn could result in further releases to the deferred tax valuation allowanc e; any such decreases could have a material positive effect on the Corporation’s financial condition and results of operations. As of December 31, 2018, approximately $ 10 4 million of the deferred tax assets of the Corporation are attributable to temporary differences or tax credit carry-forwards that have no expiration date, compared to $ 125.6 million in 2017. The valuation allowance attributable to FirstBank’s deferred tax assets of $ 68.1 million as of December 31, 2018 is related to the estimated NOL dis allowance attributable to projected levels of tax-exempt income; NOLs attributable to the Virgin Islands jurisdiction; and capital losses. The remaining balance of $ 32.6 million of the deferred tax asset valuation allowance non-attributable to FirstBank is mainly related to NOLs and capital losses at the Holding Company and the Bank’s subsidiary First Management of Puerto Rico. The Corporation will continue to provide a valuation allowance against its deferred tax assets in each applicable tax jurisdiction until the need for a valuation allowance is eliminated. The need for a valuation allowance is eliminated when the Corporation determines that it is more likely than not the deferred tax assets will be realized. The ability to recognize the remaining defer red tax assets that continue to be subject to a valuation allowance will be evaluated on a quarterly basis to determine if there are any significant events that would affect the ability to utilize these deferred tax assets. The Corporation has U.S. and US VI sourced NOL carryforwards. Section 382 of the U.S. Internal Revenue Code (the “Section 382”) limits the ability to utilize U.S. and USVI NOLs for income tax purposes in such jurisdictions following an event that is considered to be an ownership change. Generally, an “ownership change” occurs when certain shareholders increase their aggregate ownership by more than 50 percentage points over their lowest ownership percentage over a three-year testing period. Upon the occurrence of a Section 382 ownership change, the use of NOLs attributable to the period prior to the ownership change is subject to limitations and only a portion of the U.S. and USVI NOLs may be used by the Corporation to offset its annual U.S. and USVI taxable income, if any. During 2017, the Corporation completed a formal ownership change analysis within the meaning of Section 382 covering a comprehensive period, and concluded that an ownership change occurred during such period. The ownership change and resulting Section 382 limitation d id not cause a U.S. or USVI income tax liability or material income tax expense related to periods prior to 2017 since the Corporation had sufficient post-ownership change NOLs in those jurisdictions to offset taxable income. The Section 382 limitation re sulted in higher U.S. and USVI income tax liabilities than we would have incurred in the absence of such limitation. The Corporation has mitigated to an extent the adverse effects associated with the Section 382 limitation as any such tax paid in the U.S. or USVI can be creditable against Puerto Rico tax liabilities or taken as a 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. For the 2018 and 2017 year, and as a result of the Section 382 limitation, the Corporation incurred an income tax expense of approximately $ 3.8 million and $ 2.3 million, respectively, related to its U.S. oper ations. The limitation did not impact the USVI operations for the years 2018 and 2017. As of December 31, 2018, the Corporation did not have UTBs recorded on its books. The Corporation classifies all interest and penalties, if any, related to tax uncert ainties 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 year s 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 f or income taxes. Any such adjustment could be material to the results 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 subsequen t to 2014 remain open to examination. For Puerto Rico tax purposes, all tax years subsequent to 2013 remain open to examination. |
OTHER COMPREHENSIVE INCOME (LOS
OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2018 | |
Statement of Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 28 – OTHER COMPREHENSIVE LOSS The following table presents changes in accumulated other comprehensive loss for the years ended December 31, 2018, 2017 and 2016: Changes in Accumulated Other Comprehensive Loss by Component (1) Year ended December 31, 2018 2017 2016 (In thousands) Unrealized net holding losses on debt securities Beginning balance $ (20,609) $ (34,383) $ (27,749) Other comprehensive (loss) income (19,806) 13,774 (6,634) Ending balance $ (40,415) $ (20,609) $ (34,383) Unrealized holding losses on equity securities Beginning balance $ (6) $ (7) $ - Reclassification to retained earnings per ASU 2016-01 6 - - Other comprehensive income - 1 (7) Ending balance $ - $ (6) $ (7) ______________________ (1) All amounts presented are net of tax. The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2018, 2017 and 2016: Reclassifications Out of Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Income Year ended December 31, 2018 2017 2016 (In thousands) Unrealized holding losses on debt securities Realized (loss) gain on sale of debt securities Net (loss) gain on sale of investments $ (34) $ 371 $ 6,104 OTTI on debt securities Net impairment losses on available-for-sale debt securities (50) (12,231) (6,687) Total before tax $ (84) $ (11,860) $ (583) Income tax - - - Total, net of tax $ (84) $ (11,860) $ (583) |
LEASE COMMITMENTS
LEASE COMMITMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Lease Commitments [Abstract] | |
Lease Commitments [Text Block] | NOTE 28 – LEASE COMMITMENTS As of December 31, 201 8 , certain premises are leased with terms expiring through the year 2050 . The Corporation has the option to renew or extend certain leases beyond the original term. Some of these leases require the payment of insurance, increases in property taxes, and other incidental costs. As of December 31, 201 8 , the obligation under various leases is as follows: Amount (In thousands) 2019 $ 9,640 2020 8,869 2021 8,101 2022 7,086 2023 5,488 2024 and later years 36,444 Total $ 75,628 Rental expense for offices and premises included in occupancy and equipment expense was $ 11.3 million in 201 8 (201 7 - $ 1 1. 7 million; 201 6 - $ 1 1 . 3 million). |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE [Text Block] | NOTE 29 – 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 mea sure 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 involvin g 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 tra ded 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 obs ervable 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 princ ipally 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 asset s 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 Record ed at Fair Value on a Recurring Basis Investment securities available for sale and marketable e quity securities held at fair value The fair value of investment securities was the market value based on quoted market prices (as is the case with Treasury notes, non-callable U.S. Agency debt securities , and equity securities with readily determinable fair values ), 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, issu er spreads, bids, offers and reference data, including market research operations (Level 2). Observable prices in the market already consider the risk of nonperformance. If listed prices or quotes are not available, fair value is based upon 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 co unterparties, when appropriate. On interest caps, only the seller’s credit risk is 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 effect of credit risk in the valuation of derivative instru ments in 201 8 , 201 7 and 201 6 was immaterial. Assets and liabilities measured at fair value on a recurring basis are summarized below: As of December 31, 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 7,456 - - 7,456 7,401 - - 7,401 Noncallable U.S. agency debt securities - 319,124 - 319,124 - 361,971 - 361,971 Callable U.S. agency debt securities and MBS - 1,594,622 - 1,594,622 - 1,497,253 - 1,497,253 Puerto Rico government obligations - 4,128 2,824 6,952 - 4,118 2,695 6,813 Private label MBS - - 13,914 13,914 - - 17,060 17,060 Other investments - - 500 500 - - 100 100 Equity securities (1) 418 - - 418 - - - - Derivatives, included in assets: Purchased interest rate cap agreements - 623 - 623 - 305 - 305 Forward contracts - - - - - 7 - 7 Interest rate lock commitments - 383 - 383 - - - - Forward loan sales commitments - 12 - 12 - - - - Liabilities: Derivatives, included in liabilities: Written interest rate cap agreements - 617 - 617 - 305 - 305 Forward contracts - 383 - 383 - 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 years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Level 3 Instruments Only Securities Available for Sale (1) Securities Available for Sale (1) Securities Available for Sale (1) (In thousands) Beginning balance $ 19,855 $ 22,914 $ 27,297 Total gain (losses) (realized/unrealized): Included in earnings (50) - (387) Included in other comprehensive income 222 2,777 1,586 Purchases 500 - - Principal repayments and amortization (3,289) (5,836) (5,582) Ending balance $ 17,238 $ 19,855 $ 22,914 ___________________ (1) Amounts mostly related to private label MBS. The table below presents qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2018 and 2017: December 31, 2018 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available for sale: Private label MBS $ 13,914 Discounted cash flows Discount rate 14.5% Prepayment rate 3.3% - 20.9% (Weighted-Average 11.4%) Projected Cumulative Loss Rate 0.0% - 6.8% (Weighted-Average 3%) Puerto Rico government obligations 2,824 Discounted cash flows Discount rate 6.28% 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% - 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 v alue of the instruments. Meaningful and possible shifts of each input were modeled to assess the effect on the fair value estimation. Puerto Rico Government Obligations : The significant unobservable input used in the fair value measurement is the assumed prepayment rate of the underlying residential mortgage loans that collateralize these obligations that are g uaranteed by the Puerto Rico Housing Finance Authority . A significant increase (decrease) in the assumed rate would lead to a hig her (lower) fair v alue estimate. The fair value of these 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 constraints on the bonds considering the absence of an active mark et for them. Due to the guarantee of the Puerto Rico Housing Finance Authority and other applicable contractual safeguards, no additional credit spread is applied for debt service default . The table below summarizes changes in unrealized gains and losses recorded in earnings for the years ended December 31, 2018, 2017, and 2016 for Level 3 assets and liabilities that are still held at the end of each year: Changes in Unrealized Losses (Year Ended December 31, 2018) Changes in Unrealized Losses (Year Ended December 31, 2017) Changes in Unrealized Losses (Year Ended December 31, 2016) Level 3 Instruments Only Securities Available for Sale Securities Available for Sale Securities Available for Sale (In thousands) Changes in unrealized losses relating to assets still held at reporting date: Net impairment losses on available-for-sale investment securities (credit component) $ (50) $ - $ (387) Additionally, fair value is used on a nonrecurring basis to evaluate certain assets in accordance with GAAP. Adjustments to fair value usually result from the application of lower-of-cost or market accounting ( e.g ., loans held for sale carried at the lower-of-cost or fair value and repossessed assets) or write-downs of in dividual assets ( e.g ., goodwill and loans). As of December 31, 201 8 , impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Carrying value as of December 31, 2018 (Losses) recorded for the Year Ended December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 365,726 $ (29,799) OREO (2) - - 131,402 (11,499) Loans held for sale (3) - - 16,111 (10,102) (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) Nonaccrual commercial and construction loans transferred to held for sale in 2018 and still in inventory at year end. The value of these loans was primarily derived from broker price opinions that the Corporation considered. As of December 31, 2017, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Carrying value as of December 31, 2017 (Losses) recorded for the Year Ended December 31, 2017 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 410,428 $ (39,493) OREO (2) - - 147,940 (8,511) Mortgage servicing rights (3) - - 25,255 (1,611) (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 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) Fair value adjustments to mortgage servicing rights were mainly due to assumptions associated with mortgage prepayment rates. The Corporation carries its mortgage servicing rights at the lower of cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights include: Prepayment rate 6.30%, Discount rate 11.23%. As of December 31, 2016, impairment or valuation adjustments were recorded for assets recognized at fair value on a nonrecurring basis as shown in the following table: Carrying value as of December 31, 2016 (Losses) recorded for the Year Ended December 31, 2016 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 442,081 $ (49,884) OREO (2) - - 137,681 (7,873) Mortgage servicing rights (3) - - 26,244 (325) (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) 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 6.12%, Discount rate 11.19%. Qualitative information regarding the fair value measurements for Level 3 financial instruments as of December 31, 2018 are as follows: December 31, 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 is a description of the valuation methodologies used for instruments that are not measured or reported at fair value on a recurring basis or reported at fair value on a non-recurring basis. The estimated fair value was calculated using certain facts and assumptions, which vary depending on the specific financial instrument. Cash and due from banks and money market investments The carrying amounts of cash and due from banks and money market investments are reasonable estimates of their fair value. Money market investments include held-to-maturity securities, which have a contractual maturity of three months or less. The fair value of these securities is based on quoted market prices in active markets that incorporate the risk of nonperf ormance. Investment securities held to maturity Investment securities held to maturity consist of financing arrangements with Puerto Rico municipalities issued in bond form, but underwritten as loans with features that are typically found in commercial loan transactions. These obligations typically are not issued in bearer form, nor are they registered with the Securities and Exchange Commission and are not rated by external credit agencies. The fair value of these financing arrangements was based on a d iscounted cash flow analysis using risk-adjusted discount rates (Level 3). The credit spreads for valuations are based on a similar security that traded in the open market. Other equity securities Equity or other securities that do not have a readily ava ilable fair value are stated at their net realizable value, which management believes is a reasonable proxy for their fair value. This category is principally composed of stock that is owned by the Corporation to comply with FHLB regulatory requirements. T he realizable value of the FHLB stock equals its cost as this stock can be freely redeemed at par. Loans receivable, including loans held for sale The fair value s of loans held for investment and of mortgage loans held for sale w ere estimated using disco unted cash flow analyses, based on interest rates currently being offered for loans with similar terms and credit quality and with adjustments that the Corporation’s management believes a market participant would consider in determining fair value. Loans w ere classified by type, such as commercial, residential mortgage, and automobile. These asset categories were further segmented into fixed-and adjustable-rate categories. Valuations are carried out based on categories and not on a loan-by-loan basis. The fair values of performing fixed-rate and adjustable-rate loans were calculated by discounting expected cash flows through the estimated maturity date. This fair value is not currently an indication of an exit price as that type of assumption could result i n a different fair value estimate. The fair value s of credit card loans w ere estimated using a discounted cash flow method and excludes any value related to a customer account relationship. Other loans with no stated maturity, like credit lines, were value d at book value. Prepayment assumptions were considered for non-residential loans. For residential mortgage loans, prepayment estimates were based on a prepayment model that combined both a historical calibration and current market prepayment expectations. Discount rates were based on the U.S. Treasury and LIBOR/Swap Yield Curves at the date of the analysis, and included appropriate adjustments for expected credit losses and liquidity. For impaired collateral dependent loans, the impairment was primarily m easured based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observable transactions involving similar assets in similar locations. Deposits The estimated fair value s of demand deposits and savings accounts, which are deposits with no defined maturities, equal the amount payable on demand at the reporting date. The fair values of retail fixed-rate time deposits, with stated maturities, are based on the present value of the future cash flows expected to be paid on the deposits. The cash flows were based on contractual maturities; no early repayments were assumed. Discount rates were based on the LIBOR yield curve. The estimated fair value of total deposits excludes the fair value of core deposit intangibles, which represent the value of the customer relationship. The fair value of total deposits is measured by the value of demand deposits and savings deposits that bear a low or zero rate of interest and do not fluctuate in response to changes in interest rates. The fair value s of brokered CDs, which are included within deposits, are determined using discounted cash flow analyses over the full term s of the CDs. The fair value s of the CDs are computed using the outstandin g principal amount. The discount rates used were based on brokered CD market rates as of the end of the year. The fair value s do not incorporate the risk of nonperformance, since interests in brokered CDs are generally sold by brokers in amounts of less t han $ 250,000 and, therefore, are insured by the FDIC. Securities sold under agreements to repurchase Some repurchase agreements reprice at least quarterly, and their outstanding balances are estimated to be their fair value. Where longer commitments are involved, fair value s are estimated using exit price indications of the cost of unwinding the transactions as of the end of the reporting period. The brokers who are the counterparties provide these indications, which the Corporation evaluates. Securities sold under agreements to repurchase are fully collateralized by investment securities. Advances from the FHLB The fair value s of advances from the FHLB with fixed maturities are determined using discounted cash flow analyses over the full terms of the b orrowings, using indications of the fair value of similar transactions. The cash flows assume no early repayment of the borrowings. Discount rates are based on the LIBOR yield curve. Advances from the FHLB are fully collateralized by mortgage loans and, to a lesser extent, investment securities. Other borrowings Other borrowings consist of junior subordinated debentures. Projected cash flows from the debentures were discounted using the Bloomberg BB Finance curve plus a credit spread. This credit spread w as estimated using the difference in yield curves between swap rates and a yield curve that considers the industry and credit rating of the Corporation as issuer of the debenture s at a tenor comparable to the time to maturity of the debentures. The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of December 31, 2018 and 2017: Total Carrying Amount in Statement of Financial Condition December 31, 2018 Fair Value Estimate December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 586,203 $ 586,203 $ 586,203 $ - $ - Investment securities available for sale (fair value) 1,942,568 1,942,568 7,456 1,917,874 17,238 Investment securities held to maturity (amortized cost) 144,815 125,658 - - 125,658 Equity securities (fair value) 44,530 44,530 418 44,112 - Loans held for sale (lower of cost or market) 43,186 43,831 - 27,720 16,111 Loans, held for investment (amortized cost) 8,858,123 Less: allowance for loan and lease losses (196,362) Loans held for investment, net of allowance $ 8,661,761 8,213,144 - - 8,213,144 Derivatives, included in assets (fair value) 1,018 1,018 - 1,018 - Liabilities: Deposits (amortized cost) 8,994,714 9,005,679 - 9,005,679 - Securities sold under agreements to repurchase (amortized cost) 150,086 169,366 - 169,366 - Advances from FHLB (amortized cost) 740,000 730,253 - 730,253 - Other borrowings (amortized cost) 184,150 177,201 - - 177,201 Derivatives, included in liabilities (fair value) 1,000 1,000 - 1,000 - 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 | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 30 – REVENUE FROM CONTRACTS WITH CUSTOMERS As noted in Note 1 – Nature of Business 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 pres ented 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 p romised 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 services. To determine revenue recognition for arrangements that an entity det ermines 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 obligations in the contract; (iii) determines the transaction price; (iv) allo cates 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 t he 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 determined to be within the scope of ASC Topic 606, the Corporation assesses th e 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. The Corporation then recognizes as revenue the amount of the transaction p rice that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Disaggregation of Revenue The following table summarizes the Corporation’s revenue, which includes net interest income on financial in struments and non-interest income, disaggregated by type of service and business segments for the year ended December 31, 2018: (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Year ended December 31, 2018: Net interest income (1) $ 79,389 $ 217,933 $ 78,675 $ 61,628 $ 59,056 $ 28,702 $ 525,383 Service charges and fees on deposit accounts - 13,332 4,965 - 559 2,812 21,668 Insurance commissions - 7,889 - - 87 455 8,431 Merchant-related income - 3,561 748 - - 934 5,243 Credit and debit card fees - 17,538 1,225 - 618 2,061 21,442 Other service charges and fees 252 4,391 1,280 71 1,351 525 7,870 Not in scope of Topic 606 (1) 16,821 995 (3,060) 2,434 405 61 17,656 Total non-interest income 17,073 47,706 5,158 2,505 3,020 6,848 82,310 Total Revenue $ 96,462 $ 265,639 $ 83,833 $ 64,133 $ 62,076 $ 35,550 $ 607,693 (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 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-suffic ient 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 considered day-to-day contrac ts 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 Corpo ration’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 performance obligation related t o 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, contingent commission income w as 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 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-shar ing 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-sharing agreement, the Corporation satisfies the marketing al liance 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 measureme nt 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 primaril y 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 primarily earned as a result of surcharges assessed to non-First Bank 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 guidan ce. 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 obligation 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 sol d its merchant contracts 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 rev enues generated by the merchant contracts over the term of the 10-year agreement. As of December 31 , 2018 and 2017, this contract liability amounted to $ 2.1 million and $ 2.4 million, respectively, which will be recognized over the remaining term of the co ntract. For 2018, the Corporation recognized revenue and contract liabilities decreased by approximately $ 0.3 million due to the completion of performance over time. There were no changes in contract 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 December 31, 2018 and 2017, there were no receivables from contracts wit h 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 significant performance obligations as of December 31, 2018. The C orporation 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 | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | N OTE 32 – S UPPLEMENTAL STATEMENT OF C ASH F LOWS I NFORMATION Supplemental cash flow information is as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Cash paid for: Interest on borrowings $ 98,194 $ 93,634 $ 127,707 Income tax 7,175 4,037 3,198 Non-cash investing and financing activities: Additions to OREO 48,767 47,711 47,808 Additions to auto and other repossessed assets 52,023 40,987 52,628 Capitalization of servicing assets 3,864 3,318 5,260 Loan securitizations 233,175 235,074 338,333 Loans held for investment transferred to held for sale 90,319 - 10,332 Loans held for sale transferred to held for investment 2,179 10,234 1,443 Property plant and equipment transferred to other assets - 1,185 1,221 |
REGULATORY MATTERS, COMMITMENTS
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 32 – 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 accounting practices. The Corporation’s capital amounts and classification are also subject to qualitative ju dgments and adjustment by the regulators with respect to minimum capital requirements, components, risk weightings, and other factors. On October 3, 2017, the New York FED terminated the Written Agreement entered into on June 3, 2010 by the Corporation an d 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 before paying dividends, receiving dividends from the Bank, making payments on subordinated debt or trust-preferred securit ies, incurring or guaranteeing debt or purchasing or redeeming any corporate stock. Although the Corporation and FirstBank became subject 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, were fully effective as of January 1, 2019. However, certain elements of the new rules have been deferred by the federal banking agencies. The Corporation and FirstBank compute risk-we ighted assets using the Standardized Approach required by the Basel III rules. The Basel III rules require the Corporation to maintain an additional capital conservation buffer of 2.5 % to avoid limitations on both (i) capital distributions ( e.g. , repurcha ses of capital instruments , dividend s and interest payments on capital instruments) and (ii) discretionary bonus payments to executive 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 over a four-year period, increasing by that same percentage amount on each subse quent January 1 until it reached the fully phase d-in 2.5 % CET1 requirement on January 1, 2019 . Under the fully phased-in Basel III rules, in order to be considered adequately capitalized and not subject to the above described limitations , the Corporation is required to maintain: (i) a minimum CET1 capi tal 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 ratio of total Tier 1 capital to risk-weighted assets of at least 6.0 %, plus the 2.5 % capital conservation buffer, resulting in a required minimum Tier 1 capital ratio of 8.5 %; (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 requir ed 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 adjusted) 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 o f 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 Feder al 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 banks not using the Basel advanced approaches capital rule . The extension, which was effective on January 1, 2018, pauses the full transition to the Basel III treatme nt of mortgage servicing assets, certain deferred tax assets, and investments in the capital of unconsolidated financial institutions and minority interests, pending the banking agencies’ broader efforts, announ ced in September 2017, to simplify the regulator y capital rules that apply to banking organizations that are not subject to the advanced approaches capital rules . Because the advanced approaches 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 community, midsize, and regional banks, including the Corporation and FirstBank . Please refer to the discussion in “Part I – Item 7 – Business – Supervision and R egulation” included in the Corporation’s 2018 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 December 31, 2018 and 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 December 31, 2018 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,118,940 24.00% $ 706,418 8.0% N/A N/A FirstBank $ 2,075,894 23.51% $ 706,426 8.0% $ 883,032 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,792,880 20.30% 397,360 4.5% N/A N/A FirstBank $ 1,656,563 18.76% 397,365 4.5% 573,971 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,828,984 20.71% $ 529,814 6.0% N/A N/A FirstBank $ 1,964,563 22.25% $ 529,819 6.0% $ 706,426 8.0% Leverage ratio First BanCorp. $ 1,828,984 15.37% $ 475,924 4.0% N/A N/A FirstBank $ 1,964,563 16.53% $ 475,490 4.0% $ 594,362 5.0% At 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 following table summarizes commitments to extend credit and standby letters of credit as of the indicated dates: December 31, 2018 2017 (In thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit: Construction undisbursed funds $ 160,905 $ 77,649 Unused personal lines of credit 722,510 710,607 Commercial lines of credit 455,344 471,732 Commercial letters of credit 69,664 46,728 Standby letters of credit 2,865 2,691 The Corporation’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument on commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. Management uses the same credit policies and approval process in entering into commitments and conditional obligations as it does for on-balance sheet instruments. 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 commitments are expected to expire without being drawn upon, the total commitment amount does not necessarily represe nt future cash requirements. For most of the commercial lines of credit, the Corporation has the option to reevaluate the agreement prior to additional disbursements. In the case of credit cards and personal lines of credit, the Corporation can cancel th e unused credit facility at any time and without cause. In general, commercial and standby letters of credit are issued to facilitate foreign and domestic trade transactions. Normally, commercial and standby letters of credit are short-term commitments u sed to finance commercial contracts for the shipment of goods. The collateral for these letters of credit includes cash or available commercial lines of credit. The fair value of commercial and standby letters of credit is based on the fees currently charg ed for such agreements, which, as of December 31, 201 8 and 201 7 , was not significant. The Corporation obtained from GNMA commitment authority to issue GNMA mortgage-backed securities. Under this program, for 201 8 , the Corporation sold approximately $ 233.2 million (2017 - $ 235.1 million) of FHA/VA mortgage loan production into GNMA mortgage-backed securities. As of December 31, 2018 , First BanCorp. and its subsidiaries were defendants in various legal proceedings arising in the ordinary course of busi ness. On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with threatened and outstanding legal cases, matters and proceedings, utilizing the latest information available. For cases, matters and proceedin gs 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 accrual is adjusted as appropriate to reflect any relevant developments. F or 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, given the varying stages of the proceedings (including the fact that some o f 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 unresolved issues in the proceedings, and the inherent uncertainty of the v arious 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 inhe rently uncertain, based on information currently available, m anagement 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 estimate can be made, or discloses that an estimate cannot be made. Base d on the Corporation’s assessment as of December 31, 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. Set forth below is a description of the Corporation’s significant legal proceedings: 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 Puerto 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 Comm issioner's Office. All 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 Judgment. 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 wit hout prejudice. On August 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 Bank 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 Resolutions denying all writs o f Certiorari filed by 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 for Reconsideration on October 12, 20 18. All Motions for Reconsideration have been denied. Case remanded to the Court of First Instance for the continuation of proceedings. No further motions have been filed by any of the Parties. |
DERIVATIVE INSTRUMENTS AND HEDG
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Text Block] | NOTE 33 – 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 inte rest 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 changes in interest rates. The Corporation designates a derivative as a fair value hedge, cash flow hedge or economic undesignated hedge when it enters into the derivative contract. As of December 31, 2018 and 201 7 , all derivatives held by the Corporation were considered economic undesignated hedges. These undesignat ed hedges are recorded at fair value with the resulting gain or loss recognized in current earnings. The following summarizes the principal derivative activities used by the Corporation in managing interest rate risk: Interest rate cap agreements - Inter est 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 ri sing interest rates. Forward Contracts - Forward contracts are primarily 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 a re 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 forward sales are considered derivative instruments that need to be marked to market. These securities are used to economically hedge the FHA/VA residential mortgage loan securitizations of the mortgage-banking operations. 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 statement of income. Interest Rate Lock Commitments - Interest rate lock commitments are agreements under which the Corporation agrees to extend credit to a borrower under certain specified terms and conditions in which the interest rate and the maximum amount of the loan are set prior to funding. Under the agreement, the Corporation commits to lend funds to a potential borrower generally on a fixed rate basis, regardless of whether interest rates change in the market. To satisfy the needs of its customers, the Corporation may enter into non-hedging transactions. I n these transactions, th e 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 enters into certain contracts with embedded derivatives that do not require s eparate 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 th e 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 December 31, 2018 2017 (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements $ 68,510 $ 91,010 Purchased interest rate cap agreements 68,510 91,010 Interest rate lock commitments 11,722 - Forward Contracts: Sale of TBA GNMA MBS pools 33,000 26,000 Forward loan sales commitments 6,339 - $ 188,081 $ 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 December 31, December 31, December 31, December 31, Financial Condition 2018 2017 Statement of 2018 2017 Location Fair Value Fair Value 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 $ 617 $ 305 Purchased interest rate cap agreements Other assets 623 305 Accounts payable and other liabilities - - Interest rate lock commitments Other assets 383 - - - Forward Contracts: Sales of TBA GNMA MBS pools Other assets - 7 Accounts payable and other liabilities 383 19 Forward loan sales commitments Other assets 12 - - - $ 1,018 $ 312 $ 1,000 $ 324 The following table summarizes the effect of derivative instruments on the consolidated statements of income: Gain (or Loss) Location of Unrealized Gain (loss) Year ended Recognized in December 31, Statement of Income on Derivatives 2018 2017 2016 (In thousands) Undesignated economic hedges: Interest rate contracts: Written and purchased interest rate cap agreements Interest income - Loans $ 22 $ (2) $ - Interest rate lock commitments Mortgage Banking Activities 383 - - Forward contracts: Sales of TBA GNMA MBS pools Mortgage Banking Activities (371) 189 (78) Forward loan sales commitments Mortgage Banking Activities 12 - - Total gain (loss) on derivatives $ 46 $ 187 $ (78) 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 impact of derivative instruments on earnings. This will depend, for the most part, on the shape of the yield curve, and the level of interest rates, as well as the expectations for rates in the future. As of December 31, 201 8 , the Corporation has not entered into any derivative instrument containing credit-risk-related contingent features. Credit and Market Risk of Derivatives The Corporation uses derivative instruments to manage interest rate risk. By using derivative instruments, the Corporation is exposed to credit and market risk. If the counterparty fails to perform, credit risk is equal to the extent of the Corporation’s fair value gain o n the derivative. When the fair value of a derivative instrument contract is positive, this generally indicates that the count erparty owes the Corporation which , therefore, creates a credit risk for the Corporation. When the fair value of a derivative instrument contract is negative, the Corpo ration owes the counterparty and , therefore, it has no credit risk. The Corporation minimizes its credit risk in derivative instruments by entering into transactions with reputable broker dealers (fi nancial institutions) that are reviewed periodically by the Management Investment and Asset Liability Committee of the Corporation ( the “MIALCO”) and by the Board of Directors. The Corporation also has a policy of requiring that all derivative instrument c ontracts be governed by an International Swaps and Derivatives Association Master Agreement, which includes a provision for netting . The Corporation has a policy of diversifying derivatives counterparties to reduce the consequences of counterparty default. The Corporation has credit risk of $ 1.0 million as of December 31, 201 8 ( 2017 — $ 0.3 million) related to derivative instruments with positive fair values. The credit risk does not consider the value of any collateral and the effects of legally enf orceable master netting agreements. There were no credit losses associated with derivative instruments recognized in 201 8 , 201 7 , or 201 6 . Market risk is the adverse effect that a change in interest rates or implied volatility rates has on the value of a financial instrument. The Corporation manages the market risk associated with interest rate contracts by establishing and monitoring limits as to the types and degree of risk that may be undertaken. The Corporation’s derivative activities are monitored by the MIALCO as part of its risk-management oversight of the Corporation’s treasury functions. |
OFFSETTING OF ASSETS AND LIABIL
OFFSETTING OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Offsetting [Abstract] | |
Offsetting of assets and liabilities [Text Block] | NOTE 34 – OFFSETTING OF ASSETS AND LIABILITIES The Corporation enters into master agreements with counterparties, primarily related to derivatives and repurchase ag reements, 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 ot her amount or obligation owed with respect t o any other agreement or transaction between them. The following table present s information about the offsetting of financial assets and liabilities as well as derivative assets and liabilities: Offsetting of Financial Assets and Derivative Assets As of December 31, 2018 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Derivatives $ 623 $ - $ 623 $ - $ (623) $ - Securities purchased under agreement to resell 200,000 (200,000) - - - - Total $ 200,623 $ (200,000) $ 623 $ - $ (623) $ - As of December 31, 2017 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Derivatives $ 305 $ - $ 305 $ (305) $ - $ - Securities purchased under agreement to resell 200,000 (200,000) - - - - Total $ 200,305 $ (200,000) $ 305 $ (305) $ - $ - Offsetting of Financial Liabilities and Derivative Liabilities As of December 31, 2018 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 350,086 $ (200,000) $ 150,086 $ (150,086) $ - $ - As of December 31, 2017 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 500,000 $ (200,000) $ 300,000 $ (300,000) $ - $ - |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 35 – 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 December 31, 2018 , the Corporation had six reportable segm ents: 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 e valuate 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 products , were also considered in the determ ination of the reportable segments. The Commercial and Corporate Banking segment consists of the Corporation’s lending and other services for large customers represented by specialized and middle-market clients and the public sector. The Commercial and Co rporate 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 o ther local banks and mortgage bankers. The Consumer (Retail) Banking segment consists of the Corporation’s consumer lending and deposit-taking activities conducted mainly through its branch network and loan centers. The Treasury and Investments segment is responsible for the Corporation’s investment portfolio and treasury functions that are executed to manage and enhance liquidity. This segment lends funds to the Commercial and Corporate Banking, Mortgage Banking and Consumer (Retail) Banking segments to finance their lending activities and borrows from those segments. The Consumer (Retail) Banking and the United States Operations segments also lend funds to other segments. The interest rates charged or credited by Treasury and Investments, the Consumer ( Retail) Banking, and the United States Operations segments are allocated based on market rates. The difference between the allocated interest income or expense and the Corporation’s actual net interest income from centralized management of funding costs is reported in the Treasury and Investments segment. The United States Operations segment consists of all banking activities conducted by FirstBank in the United States mainland, including commercial and retail banking services. The Virgin Islands Operation s 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 Business an d Summary of Significant Accounting Policies , ” to the consolidated financial statements. The Corporation evaluates the performance of the segments based on net interest income, the provision for loan and lease losses, non-interest income and direct non-in terest 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 for the years ended December 31, 2018, 2017, and 2016: Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) For the year ended December 31, 2018: Interest income $ 127,042 $ 181,166 $ 138,706 $ 61,913 $ 83,971 $ 32,169 $ 624,967 Net (charge) credit for transfer of funds (47,653) 65,092 (60,031) 44,540 (1,948) - - Interest expense - (28,325) - (44,825) (22,967) (3,467) (99,584) Net interest income 79,389 217,933 78,675 61,628 59,056 28,702 525,383 Provision for loan and lease losses (13,083) (23,516) (4,804) - (11,882) (5,968) (59,253) Non-interest income 17,073 47,706 5,158 2,505 3,020 6,848 82,310 Direct non-interest expenses (38,213) (112,176) (32,371) (2,966) (33,566) (30,963) (250,255) Segment income $ 45,166 $ 129,947 $ 46,658 $ 61,167 $ 16,628 $ (1,381) $ 298,185 Average earnings assets $ 2,258,974 $ 1,636,002 $ 2,530,635 $ 2,552,130 $ 1,750,155 $ 537,574 $ 11,265,470 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) For the year ended December 31, 2017: Interest income $ 131,718 $ 173,690 $ 128,871 $ 48,071 $ 69,760 $ 36,313 $ 588,423 Net (charge) credit for transfer of funds (45,759) 27,475 (36,904) 56,865 (1,677) - - Interest expense - (25,240) - (49,577) (18,902) (3,153) (96,872) Net interest income 85,959 175,925 91,967 55,359 49,181 33,160 491,551 Provision for loan and lease losses (47,713) (53,778) (33,296) - (3,644) (5,823) (144,254) Non-interest income (loss) 12,825 43,924 7,176 (10,206) 2,664 6,004 62,387 Direct non-interest expenses (36,403) (108,165) (35,142) (3,376) (32,197) (26,994) (242,277) Segment income $ 14,668 $ 57,906 $ 30,705 $ 41,777 $ 16,004 $ 6,347 $ 167,407 Average earnings assets $ 2,451,655 $ 1,749,148 $ 2,489,948 $ 2,215,551 $ 1,525,191 $ 603,835 $ 11,035,328 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) For the year ended December 31, 2016: Interest income $ 138,955 $ 179,485 $ 123,084 $ 50,372 $ 56,037 $ 37,359 $ 585,292 Net (charge) credit for transfer of funds (49,435) 13,996 (26,364) 60,787 1,016 - - Interest expense - (24,787) - (57,924) (15,240) (3,223) (101,174) Net interest income 89,520 168,694 96,720 53,235 41,813 34,136 484,118 (Provision) release for loan and lease losses (24,873) (34,246) (28,578) - 1,369 (405) (86,733) Non-interest income 19,531 44,535 7,811 5,423 3,554 7,100 87,954 Direct non-interest expenses (38,170) (112,787) (40,676) (4,047) (30,678) (27,596) (253,954) Segment income (loss) $ 46,008 $ 66,196 $ 35,277 $ 54,611 $ 16,058 $ 13,235 $ 231,385 Average earnings assets $ 2,562,245 $ 1,951,214 $ 2,497,037 $ 2,616,877 $ 1,226,633 $ 612,570 $ 11,466,576 The following table presents a reconciliation of the reportable segment financial information to the consolidated totals: Year Ended December 31, 2018 2017 2016 (In thousands) Net income: Total income for segments and other $ 298,185 $ 167,407 $ 231,385 Other operating expenses (1) (107,547) (105,424) (101,126) Income before income taxes 190,638 61,983 130,259 Income tax (benefit) expense (10,970) (4,973) 37,030 Total consolidated net income $ 201,608 $ 66,956 $ 93,229 Average assets: Total average earning assets for segments $ 11,265,470 $ 11,035,328 $ 11,466,576 Average non-earning assets 940,731 937,950 923,566 Total consolidated average assets $ 12,206,201 $ 11,973,278 $ 12,390,142 (1) Expenses pertaining to corporate administrative functions that support the operating segments 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. The following table presents revenues (interest income plus non-interest income) and selected balance sheet data by geography based on the location in which the transaction is originated: 2018 2017 2016 (In thousands) Revenues: Puerto Rico $ 581,269 $ 536,069 $ 568,180 United States 86,991 72,424 60,607 Virgin Islands 39,017 42,317 44,459 Total consolidated revenues $ 707,277 $ 650,810 $ 673,246 Selected Balance Sheet Information: Total assets: Puerto Rico $ 9,797,267 $ 9,871,272 $ 9,765,530 United States 1,940,633 1,780,654 1,499,548 Virgin Islands 505,661 609,342 657,377 Loans: Puerto Rico $ 6,586,033 $ 6,633,432 $ 6,926,719 United States 1,834,088 1,665,448 1,382,440 Virgin Islands 481,188 584,576 627,720 Deposits: Puerto Rico (1) $ 6,208,531 $ 6,268,056 $ 6,291,353 United States (2) 1,519,362 1,637,941 1,564,839 Virgin Islands 1,266,821 1,116,634 975,013 (1) For 2018, 2017, and 2016, includes $441.1 million, $1.0 billion, and $1.4 billion, respectively, of brokered CDs allocated to Puerto Rico operations. (2) For 2018, 2017, and 2016 includes $114.5 million, $158.0 million, and $60.1 million, respectively, of brokered CDs allocated to the United States operations. |
FIRST BANCORP. (Holding Company
FIRST BANCORP. (Holding Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
FIRST BANCORP. (Holding Company Only) Financial Information [Text Block] | NOTE 37 - FIRST BANCORP. (HOLDING COMPANY ONLY) FINANCIAL INFORMATION The following condensed financial information presents the financial position of the Holding Company only as of December 31, 201 8 and 201 7 , and the results of its operations and cash flows for the years ended December 31, 201 8 , 201 7 , and 201 6 : Statements of Financial Condition As of December 31, 2018 2017 (In thousands) Assets Cash and due from banks $ 10,984 $ 20,864 Money market investments 6,111 6,111 Other investment securities 285 285 Loans held for investment, net - 191 Investment in First Bank Puerto Rico, at equity 2,179,655 2,028,641 Investment in First Bank Insurance Agency, at equity 17,780 12,400 Investment in FBP Statutory Trust I 1,963 2,698 Investment in FBP Statutory Trust II 3,561 3,561 Other assets 12,219 3,799 Total assets $ 2,232,558 $ 2,078,550 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 184,150 $ 208,635 Accounts payable and other liabilities 3,704 818 Total liabilities 187,854 209,453 Stockholders' equity 2,044,704 1,869,097 Total liabilities and stockholders' equity $ 2,232,558 $ 2,078,550 Statements of Income Year Ended December 31, 2018 2017 2016 (In thousands) Income Interest income on money market investments $ 20 $ 20 $ 20 Interest income on loans 105 - - Dividend income from banking subsidiaries 37,784 7,200 34,876 Dividend income from non-banking subsidiaries - 3,000 7,000 Other income 275 262 241 38,184 10,482 42,137 Expense Other borrowings 8,983 8,284 7,705 Other operating expenses 2,489 3,175 3,481 11,472 11,459 11,186 Gain on early extinguishment of debt 2,316 1,391 4,217 Income before income taxes and equity in undistributed earnings of subsidiaries 29,028 414 35,168 Income tax expense - 45 - Equity in undistributed earnings of subsidiaries 172,580 66,587 58,061 Net income $ 201,608 $ 66,956 $ 93,229 Other comprehensive (loss) income, net of tax (19,806) 13,775 (6,641) Comprehensive income $ 181,802 $ 80,731 $ 86,588 Statements of Cash Flows Year Ended December 31, 2018 2017 2016 (In thousands) Cash flows from operating activities: Net income $ 201,608 $ 66,956 $ 93,229 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 2,202 3,769 3,563 Equity in undistributed earnings of subsidiaries (172,580) (66,587) (58,061) Gain on early extinguishment of debt (2,316) (1,391) (4,217) Accretion of discount on loans (4) (14) (11) Net (increase) decrease in other assets (8,417) (8) 802 Net increase (decrease) in other liabilities 2,890 (201) (26,685) Net cash provided by operating activities 23,383 2,524 8,620 Cash flows from investing activities: Principal collected on loans 191 50 50 Net cash provided by investing activities 191 50 50 Cash flows from financing activities: Repurchase of common stock (2,827) (2,497) (1,132) Repayment of junior subordinated debentures (21,434) (5,930) (7,025) Dividends paid on common stock (6,517) - - Dividends paid on preferred stock (2,676) (2,676) (223) Net cash used in financing activities (33,454) (11,103) (8,380) Net (decrease) increase in cash and cash equivalents (9,880) (8,529) 290 Cash and cash equivalents at beginning of the year 26,975 35,504 35,214 Cash and cash equivalents at end of year $ 17,095 $ 26,975 $ 35,504 Cash and cash equivalents include: Cash and due from banks $ 10,984 $ 20,864 $ 29,393 Money market instruments 6,111 6,111 6,111 $ 17,095 $ 26,975 $ 35,504 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS [Text Block] | NOTE 37 – SUBSEQUENT EVENTS The Corporation has performed an evaluation of all events occurring subsequent to December 31, 2018; management has determined that there were no events occurring in this period that require disclosure in or adjustment to the accompanying financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of business First BanCorp. is a publicly owned, Puerto Rico-chartered financial holding company that is subject to regulation, supervision, and examination by the Board of Governors of the Federal Reserve System ( the “Federal Reserve Board”). The Corporation is a full service provider of financial services and products with operations in Puerto Rico, the United States, the U.S. Virgin Islands ( “ USVI ” ), and the British Virgin Islands ( “ BVI ” ). The Corporation provi des a wide range of financial services for retail, commercial, and institutional clients. As of December 31, 2018, the Corporation controlled two wholly-owned subsidiaries: FirstBank Puerto Rico (“FirstBank” or the “Bank”), and FirstBank Insurance Agency, Inc. (“FirstBank Insurance Agency”). FirstBank is a Puerto Rico-chartered commercial bank, and FirstBank Insurance Agency is a Puerto Rico-chartered insurance agency. FirstBank is subject to the supervision, examination, and regulation of both the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico (“OCIF”) and the Federal Deposit Insurance Corporation (the “FDIC”). Deposits are insured through the FDIC Deposit Insurance Fund. FirstBank also operates in the state of F lorida (USA), subject to regulation and examination by the Florida Office of Financial Regulation and the FDIC, in the USVI, subject to regulation and examination by the United States Virgin Islands Banking Board, and in the BVI, subject to regulation by t he British Virgin Islands Financial Services Commission. The Consumer Financial Protection Bureau (“CFPB”) regulates FirstBank’s consumer financial products and services. FirstBank Insurance Agency is subject to the supervision, examination, and regulatio n of the Office of the Insurance Commissioner of the Commonwealth of Puerto Rico. As of December 31, 2018, FirstBank conducts its business through its main office located in San Juan, Puerto Rico, 46 banking branches in Puerto Rico, 11 banking branches in the USVI and the BVI, and 10 banking branches in the state of Florida (USA). As of December 31, 2018, FirstBank has 6 wholly owned subsidiaries with operations in Puerto Rico: First Federal Finance Corp. (d/b/a Money Express La Financiera), a finance co mpany specializing in the origination of small loans with 28 offices in Puerto Rico; First Management of Puerto Rico, a domestic corporation, which holds tax-exempt assets; FirstBank Puerto Rico Securities Corp. (“FirstBank Securities”) , a subsidiary forme rly engaged in broker-dealer activities; FirstBank Overseas Corporation, an international banking entity organized under the International Banking Entity Act of Puerto Rico; and two other companies that hold and operate certain other real estate owned (“OR EO”) properties. On August 1, 2018, the Bank’s Board of Directors approved a resolution to dissolve the broker-dealer subsidiary FirstBank Securities. Accordingly, FirstBank Securities filed the required Form BDW for the withdrawal of its registration from the SEC and the Financial Industry Regulatory Authority and its license to operate as broker-dealer was terminated effective September 30, 2018. Management is in the process of completing the dissolution of FirstBank Securities as a legal entity under the state laws. |
Principles of consolidation [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of the Corporation and its subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Statutory business trusts that are wholly- owned by the Corporation and are issuers of trust-preferred securities, and entities in which the Corporation has a non-controlling interest, are not consolidated in the Corporation’s consolidated financial statements in accordance with authoritative guidance issued by the Financial Accounting Standards Board (“FASB”) for consolidation of variable interest entities (“VIE”). See “Variable Interest Entities” below for further details regarding the Corporation’s accounting policy for these entities . |
Reclassifications [Policy Text Block] | Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the 2018 presentation. These reclassifications include, but are not limited to, the amount of deferred tax assets, net of valuation allowance, that was p reviously presented as part of other assets, was reclassified and is presented separately in the statements of financial condition, the amount of the FDIC insurance premium expense, that was previously presented as part of Insurance and supervisory fees, w as reclassified and is presented separately in the statements of income, and the amount of supervisory fees and other insurance expenses, that was previously presented as part of Insurance and supervisory fees, was reclassified and is presented as part of Other interest non-interest expenses in the statements of income. These reclassifications had no impact on the previously reported results of operations, financial condition, or cash flows. |
Use of estimates in the preparation of financial statements [Policy Text Block] | Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets , liabilities and contingent liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results cou ld differ from those estimates. |
Cash and cash equivalents [Policy Text Block] | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from the Federal Reserve Bank of New York (the “New York FED” or “Federal Reserve”) and other depository instituti ons. The term also includes money market funds and short-ter m investments with original maturities of three months or less and time deposits with original maturities of twelve months or less. Time deposits considered cash and cash equivalent are highly liquid and readily convertible to cash . |
Investment securities [Policy Text Block] | Investment securities The Corporation classifies its investments in debt and equity securities into one of four categories: Held-to-maturity — Securities that the entity has the intent and ability to hold to maturity. These securities are carried at amortized cost. The Corpo ration may not sell or transfer held-to-maturity securities without calling into question its intent to hold other debt securities to maturity, unless a nonrecurring or unusual event that could not have been reasonably anticipated has occurred. Trading — Securities that are bought and held principally for the purpose of selling them in the near term. These securities are carried at fair value, with unrealized gains and losses reported in earnings. As of December 31, 201 8 and 201 7 , the Corporation did not hold investment securities for trading purposes. Available-for-sale — Securities not classified as held-to-maturity or trading. These securities are carried at fair value, with unrealized holding gains and losses, net of deferred taxes, reported in other comprehensive income (“OCI”) as a separate component of stockholders’ equity, and do not affect earnings until they are realized or are deemed to be other-than-temporarily impaired. E quity securities — Equity securities that do not have readily available fair values are classified as other equity securities in the consolidated statements of financial condition. These securities are stated at the lower of cost or realizable value. This category is principally composed of stock that is owned by th e Corporation to comply with Federal Home Loan Bank ( “ FHLB ” ) regulatory requirements. Their realizable value equals their cost. Also included in this category are marketable equity securities held at fair value with changes in unrealized gains or losses r ecorded through earnings pursuant to the requirements of ASU 2016-01. Premiums and discounts on debt securities are amortized as an adjustment to interest income on investments over the life of the related securities under the interest method. Net realized gains and losses and valuation adjustments considered other-than-temporary, if any, related to inv estment securities are determined using the specific identification method and are reported in non-interest income as net gain (loss) on sale of investments and net impairment losses on debt securities, respectively. Purchases and sales of securities are recognized on a trade-date basis. |
Evaluation of other-than-temporary impairment (OTTI) on held-to-maturity and available-for-sale securities [Policy Text Block] | Evaluation of other-than-temporary impairment (“OTTI”) on held-to-maturity and available-for-sale securities On a quarterly basis, the Corporation performs an assessment to determine whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered an OTTI. A security is considered impaired if the fair value is less than its amortized cost basis. The Corporation employs a systematic methodology that considers all available evidence in evaluating a potential impairment of its investments. The impairment analysis of debt securities places special emphasis on the analysis of the cash position of the issuer and its cash and capital generation capacity, which could increase or diminish the issuer’s ability to repay its bond obligations, the len gth 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 information available about the financial conditio n 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 economic climate. The C orporation also takes into consideration changes in the near-term prospects of the underlying collateral of a security, if any, such as changes in default rates, loss severity given default, and significant changes in prepayment assumptions and the level o f cash flows generated from the underlying collateral, if any, supporting the principal and interest payments of the debt securities. OTTI must be recognized in earnings if the Corporation has the intent to sell the debt security or it is more likely than not that it will be required to sell the debt security before recovery of its amortized cost basis. However, even if the Corporation does not expect to sell a debt security, it must evaluate expected cash flows to be received and determine if a credit los s has occurred. An unrealized loss is generally deemed to be other-than-temporary and a credit loss is deemed to exist if the present value of the expected future cash flows is less than the amortized cost basis of the debt security. For available-for-sal e and held-to-maturity debt securities the Corporations intends to hold, the credit loss component of an OTTI, if any, is recorded as net impairment losses on debt securities in the statements of income, while the remaining portion of the impairment loss i s recognized in OCI, net of taxes, and included as a component of stockholders’ equity . The previous amortized cost basis less the OTTI recognized in earnings is the new amortized cost basis of the investment. The new amortized cost basis is not adjusted f or subsequent recoveries in fair value. Subsequent increases and decreases (if not an OTTI) in the fair value of available-for-sale securities is included in other comprehensive income. For held-to-maturity debt securities, any OTTI recognized in OCI shou ld be accreted from other comprehensive income to the amortized cost of the debt security over the remaining life of the debt security. However, debt securities for which OTTI was recognized in earnings, the difference between the new amortized cost basis and the cash flows expected to be collected is accreted as interest income as long as th e security is not placed in nonaccrual status. Debt securities held by the Corporation at year-end primarily consisted of securities issued by U.S. government-sponsored entities, private label mortgage-backed securities (“MBS”) , certain bonds issued by the Puerto Rico Housing Finance Authority, a government instrumentality of the Commonwealth of Puerto Rico, and obligations of certain municipalities in Puerto Rico . Given the explicit and implicit guarantees provided by the U.S. f ederal government, the Corporation believes the credit risk in securities issued by the U.S. government-sponsored entities is low. The Corporation’s OTTI assessment was concentrated on Puerto R ico government debt securities and private label MBS. For further information, including methodology and assumptions used for the discounted cash flow analyses performed on these securities, refer to Note 5 – Investment Securities, to the consolidated financi al statements. |
Loans held for investment [Policy Text Block] | Loans held for investment Loans that the Corporation has the ability and intent to hold for the foreseeable future are classified as held for investment. The substantial majority of the Corporation’s loans are classified as held for investment. Loans are stated at the principal outstanding balance, net of unearned interest, cumulative charge-offs, u namortized deferred origination fees and costs, and unamortized premiums and discounts. Fees collected and costs incurred in the origination of new loans are deferred and amortized using the interest method or a method that approximates the interest method over the term of the loan as an adjustment to interest yield. Unearned interest on certain personal loans, auto loans and finance leases and discounts and premiums are recognized as income under a method that approximates the interest method. When a loan is paid-off or sold, any unamortized net deferred fee (cost) is credited (charged) to income. Credit card loans are reported at their outstanding unpaid principal balance plus uncollected billed interest and fees net of amounts deemed uncollectible. Purcha sed Credit Impaired (“ PCI ”) loans are reported net of any remaining purchase accounting adjustments. See “Loans Acquired” below for the accounting policy for PCI loans. Non accrual and Past-Due Loans - Loans on which the recognition of interest income has been discontinued are designated as non accrual . Loans are classified as non accrual when they are 90 days past due for interest and principal, with the exception of residential mortgage loans guaranteed by the Federal Housing Administration (the “FHA”) or the Veterans Administration (the “VA”) and credit cards. It is the Corporation’s policy to report delinquent mortgage loans insured by the FHA , or guarantee d by the VA or the Puerto Rico Housing Authority, as loans past due 90 days and still accruing as op posed to non accrual loans since the principal repayment is insured. However, the Corporation discontinues the recognition of income for FHA/VA loans when such loans are over 15 months delinquent , taking into consideration the FHA interest curtailment proce ss, and for loans guaranteed by the Puerto Rico Housing Finance Authority when such loans are over 90 days delinquent. As permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”), credit card loans are gen erally charged off in the period in which the account becomes 180 days past due. Credit card loans continue to accrue finance charges and fees until charged off at 180 days. Loans generally may be placed on non accrual status prior to when required by the p olicies described above when the full and timely collection of interest or principal becomes uncertain (generally based on an assessment of the borrower’s financial condition and the adequacy of collateral, if any). When a loan is placed on non accrual stat us, any accrued but uncollected interest income is reversed and charged against interest income and amortization of any net deferred fees is suspended. Interest income on non accrual loans is recognized only to the extent it is received in cash. However, wh en there is doubt regarding the ultimate collectability of loan principal, all cash thereafter received is applied to reduce the carrying value of such loans ( i.e. , the cost recovery method). Generally, the Corporation returns a loan to accrual status when all delinquent interest and principal becomes current under the terms of the loan agreement, or after a sustained period of repayment performance (6 months) and the loan is well secured and in the process of collection, and full repayment of the remaining contractual principal and interest is expected. PCI loans are not reported as nonaccrual as these loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loans. Loans that are past due 30 days or more as to principal or interest are considered delinquent, with the exception of residential mortgage, commercial mortgage, and construction loans, which are considered past due when the borrower is in arrears on two or more monthly payments. Impaired Loans - A loan is considered impaired when, based upon current information and events, it is probable that the Corporation will be unable to collect all amounts due (including principal and interest) according to the contr actual terms of the loan agreement, or the loan has been modified in a Troubled Debt Restructuring (“TDR”). Loans with insignificant delays or insignificant shortfalls in the amounts of payments expected to be collected are not considered to be impaired. T he Corporation evaluates individually for impairment those loans in the construction, commercial mortgage, and commercial and industrial portfolios of $1 million or more as well as any boat loan of $1 million or more. Although the authoritative accounting guidance for a specific impairment of a loan excludes large groups of smaller balance homogeneous loans that are collectively evaluated for impairment ( e.g. , mortgage an d consumer loans), it specifically requires that loan modifications considered TDR s be analyzed under its provision. The Corporation also evaluates for impairment purposes certain residential mortgage loans and home equity lines of credit with high delinqu ency and loan to value levels. Held-for-sale loans are not reported as impaired, as these loans are recorded at the lower of cost or fair value. The Corporation generally measures impairment and the related specific allowance for individually impaired lo ans based on the difference between the recorded investment of the loan and the present value of the loans’ expected future cash flows, discounted at the effective original interest rate of the loan at the time of modification, or the loan’s observable mar ket price. If the loan is collateral dependent, the Corporation measures impairment based upon the fair value of the underlying collateral, instead of discounted cash flows, regardless of whether foreclosure is probable. Loans are identified as collateral dependent if the repayment is expected to be provided solely by the underlying collateral, through liquidation or operation of the collateral. When the fair value of the collateral is used to measure impairment on an impaired collateral-dependent loan and repayment or satisfaction of the loan is dependent on the sale of the collateral, the fair value of the collateral is adjusted to consider estimated costs to sell. If repayment is dependent only on the operation of the collateral, the fair value of the col lateral is not adjusted for estimated costs to sell. If the fair value of the loan is less than the recorded investment, the Corporation recognizes impairment by either a direct write-down or establishing a specific allowance for the loan or by adjusting t he specific allowance for the impaired loan. For an impaired loan that is collateral dependent, charge-offs are taken in the period in which the loan, or a portion of the loan, is deemed uncollectible, and any portion of the loan that is not charged off is adversely credit-risk rat ed at a level no worse than substandard. A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. TDR loans typically result from the Corporation’s loss mitigation activities and the modification of residential mortgage loans in accordance with guidelines similar to those of the U.S. government’s Home Affordable Modification Pro gram, and could include rate reductions to a rate that is below market on the loan, principal forgiveness, term extensions, payment forbearance, refinancing of any past-due amounts, including interest, escrow, and late charges and fees, and other actions i ntended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Residential mortgage loans for which a binding offer to restructure has been extended are also classified as TDR loans. PCI loans are not classified as TDR loans. TDR loans are classified as either accrual or nonaccrual loans . Loans in accrual status may remain in accrual status when their contractual terms have been modified in a TDR if the loans had demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise , loans on nonaccrual and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure, generally for a minimum of six m onths , and there is evidence that such payments , can , and ar e likely to, continue as agreed. Refer to Note 8 – Loans Held for Investment ,” to the consolidated financial statements for additional qualitative and quantitative information about TDR loans. In connection with commercial loan restructurings, the decision to maintain a loan that has been restructured on accrual status is based on a current, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment under the modified terms. The credit evaluation reflects consideration of the borrower’s future capacity to pay, which may include evaluation of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest, and trends i ndicating improving profitability and collectability of receivables. This evaluation also includes an evaluation of the borrower’s current willingness to pay, which may include a review of past payment history, an evaluation of the borrower’s willingness t o provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The evaluation of mortgage and consumer loans for restructurings includes an evaluation of the client’s disposab le income and credit report, the value of the property, the loan-to-value relationship, and certain other client-specific factors that have affected the borrower’s ability to make timely principal an d interest payments on the loan . The Corporation remove s loans from TDR classification, consistent with authoritative guidance that allows for a TDR to be removed from this classification in years following the modification, only when the following two circumstances are met: The loan is in compliance with the terms of the restructuring agreement and, therefore, is not considered impaired under the revised terms; and The loan yields a market interest rate at the time of the restructuring. In other words, the loan was restructured with an interest rate equal to or greater than what the Corporation would have been willing to accept at the time of the restructuring for a new loan with comparable risk. If both of the conditions are met, the loan can be removed from the TDR classification in calendar years after th e year in which the restructuring took place. However, the loan continues to be individually evaluated for impairment. Loans classified as TDRs, including loans in trial payment periods (trial modifications), are considered impaired loans. With respect t o the restructuring of a loan into two new loan notes, or loan splits, g enerally Note A of a loan split is restructur ed under market terms, and Note B is fully charged off. If Note A is in compliance with the restructured terms in years following the restructuring, Note A will be removed from the TDR classification and will continue to be individually evaluated for impairment. Refer to Note 8 – Loans Held for Investment, to the consolidated financial statements , for additional information about loan splits. A loan that had previously been modified in a TDR and is subsequently refina nced under current underwriting standards at a market rate with no concessionary terms is accounted for as a new loan and is no longer reported as a TDR. Interest income on impaired loans is recognized based on the Corporation’s policy for recogniz ing int erest on accrual and non accrual loans. Loans Acquired - All purchased loans are recorded at fair value at the date of acquisition. Loans acquired with evidence of credit deterioration since their origination and where it is probable at the date of acquisit ion that the Corporation will not collect all contractually required principal and interest payments are considered PCI loans. Evidence of credit quality deterioration as of the purchase date may include stat istics such as past due and non accrual status, c redit scores, and revised loan terms. PCI loans have been aggregated into pools based on common risk characteristics. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. In accounti ng for PCI loans, the difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. The nonaccretable difference, which is neither accreted into income nor reco rded on the consolidated statements of financial condition, reflects estimated future credit losses expected to be incurred over the life of the pool of loans. The excess of cash flows expected to be collected over the estimated fair value of PCI loans is referred to as the accretable yield. This amount is not recorded on the statements of financial condition, but is accreted into interest income over the remaining life of the pool of loans, using the effective-yield method. Subsequent to acquisition, the Corporation continues to estimate cash flows expected to be collected over the life of the PCI loans using models that incorporate current key assumptions such as default rates, loss severity, and prepayment speeds. Decreases in expected cash flows will generally result in an impairment charge to the provision for loan and lease losses and the establishment of an allowance for loan and lease losses. Increases in expected cash flows will generally result in a reduction in any a llowance for loan and lease losses established subsequent to acquisition and an increase in the accretable yield. The adjusted accretable yield is recognized in interest income over the remaining life of the pool of loans. Resolutions of loans may include sales of loans to third parties, receipt of payments in settlement with the borrower, or foreclosure of the collateral. The Corporation’s policy is to remove an individual loan from a pool at its relative carrying amount. The carrying amount is defined as the loan’s current contractually required payments receivable less its remaining nonaccretable difference and accretable yield, but excluding any post-acquisition loan loss allowance. To determine the carrying value, the Corporation performs a pro-rata al location of the pool’s total remaining nonaccretable difference and accretable yield to an individual loan in proportion to the loan’s current contractually required payments receivable compared to the pool’s total contractually required payments receivabl e. This removal method assumes that the amount received from resolution approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in the remaining effective yield caused by this removal method is addressed by the Corporation’s quarterly cash flow evaluation process for each pool. Modified PCI loans are not removed from a pool even if those loans would otherwise be deemed TDRs. Because the initial fair value of PCI loans recorded at acquisition includes an estimate of credit losses expected to be realized over the remaining lives of the loans, the Corporation separately tracks and reports PCI loans and excludes these loans from its delinquency and non accrual loan statistics. For acquired loans that are not deemed impaired at acquisition, subsequent to acquisition, the Corporation recognizes the difference between the initial fair value at acquisition and the undiscounted expected cash flows in interest income over the period in which substantial ly all of the inherent losses associated with the non-PCI loans at the acquisition date are estimated to occur. Thus, such loans are accounted for consistently with other originated loans, potentially being classified as nonaccrual or impaired, as well as being classified under the Corporation’s standard practice and procedures. In addition, these loans are considered in the determination of the allowance for loan losses. Charge-off of Uncollectible Loans - Net charge-offs consist of the unpaid principal balances of loans held for investment that the Corporation determines are uncollectible, net of recovered amounts. Charge-offs are recorded as a reduction to the allowance for loan and lease losses and subse quent recoveries of previously charged off amounts are credited to the allowance for loan and lease losses. Collateral dependent loans in the construction, commercial mortgage, and commercial and industrial loan portfolios are charged off to their net real izable value (fair value of collateral, less estimated costs to sell) when loans are considered to be uncollectible. Within the consumer loan portfolio, auto loans and finance leases are reserved once they are 120 days delinquent and are charged off to th eir estimated net realizable value when the collateral deficiency is deemed uncollectible ( i.e. , when foreclosure/repossession is probable) or when the loan is 365 days past due. Within the other consumer loan portfolio , closed-end loans are charged off w hen payments are 120 days in arrears, except small personal loans. Open-end (revolving credit) consumer loans, including credit card loans, and small personal loans are charged off when payments are 180 days in arrears. On a quarterly basis, residential mo rtgage loans that are 180 days delinquent and have an original loan-to-value ratio that is higher than 60% are reviewed and charged-off, as needed, to the fair value of the underlying collateral. Generally, all loans may be charged off or written down to t he fair value of the collateral prior to the application of the policies described above if a loss-confirming event has occurred. Loss-confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, or receipt of an asset valuation indicating a collateral deficiency when the asset is the sole source of repayment. The Corporation does not record charge-offs on PCI loans that are performing in accordance with or better than expectations as of the date of acquisition, as the f air value of these loans already reflects a credit component. The Corporation records charge-offs on PCI loans only if actual losses exceed estimated losses incorporated into the fair value recorded at acquisition and the amount is deemed uncollectible. |
Nonaccrual and Past Due Loans [Policy Text Block] | Non accrual and Past-Due Loans - Loans on which the recognition of interest income has been discontinued are designated as non accrual . Loans are classified as non accrual when they are 90 days past due for interest and principal, with the exception of residential mortgage loans guaranteed by the Federal Housing Administration (the “FHA”) or the Veterans Administration (the “VA”) and credit cards. It is the Corporation’s policy to report delinquent mortgage loans insured by the FHA , or guarantee d by the VA or the Puerto Rico Housing Authority, as loans past due 90 days and still accruing as op posed to non accrual loans since the principal repayment is insured. However, the Corporation discontinues the recognition of income for FHA/VA loans when such loans are over 15 months delinquent , taking into consideration the FHA interest curtailment proce ss, and for loans guaranteed by the Puerto Rico Housing Finance Authority when such loans are over 90 days delinquent. As permitted by regulatory guidance issued by the Federal Financial Institutions Examination Council (“FFIEC”), credit card loans are gen erally charged off in the period in which the account becomes 180 days past due. Credit card loans continue to accrue finance charges and fees until charged off at 180 days. Loans generally may be placed on non accrual status prior to when required by the p olicies described above when the full and timely collection of interest or principal becomes uncertain (generally based on an assessment of the borrower’s financial condition and the adequacy of collateral, if any). When a loan is placed on non accrual stat us, any accrued but uncollected interest income is reversed and charged against interest income and amortization of any net deferred fees is suspended. Interest income on non accrual loans is recognized only to the extent it is received in cash. However, wh en there is doubt regarding the ultimate collectability of loan principal, all cash thereafter received is applied to reduce the carrying value of such loans ( i.e. , the cost recovery method). Generally, the Corporation returns a loan to accrual status when all delinquent interest and principal becomes current under the terms of the loan agreement, or after a sustained period of repayment performance (6 months) and the loan is well secured and in the process of collection, and full repayment of the remaining contractual principal and interest is expected. PCI loans are not reported as nonaccrual as these loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loans. Loans that are past due 30 days or more as to principal or interest are considered delinquent, with the exception of residential mortgage, commercial mortgage, and construction loans, which are considered past due when the borrower is in arrears on two or more monthly payments. Charge-off of Uncollectible Loans - Net charge-offs consist of the unpaid principal balances of loans held for investment that the Corporation determines are uncollectible, net of recovered amounts. Charge-offs are recorded as a reduction to the allowance for loan and lease losses and subse quent recoveries of previously charged off amounts are credited to the allowance for loan and lease losses. Collateral dependent loans in the construction, commercial mortgage, and commercial and industrial loan portfolios are charged off to their net real izable value (fair value of collateral, less estimated costs to sell) when loans are considered to be uncollectible. Within the consumer loan portfolio, auto loans and finance leases are reserved once they are 120 days delinquent and are charged off to th eir estimated net realizable value when the collateral deficiency is deemed uncollectible ( i.e. , when foreclosure/repossession is probable) or when the loan is 365 days past due. Within the other consumer loan portfolio , closed-end loans are charged off w hen payments are 120 days in arrears, except small personal loans. Open-end (revolving credit) consumer loans, including credit card loans, and small personal loans are charged off when payments are 180 days in arrears. On a quarterly basis, residential mo rtgage loans that are 180 days delinquent and have an original loan-to-value ratio that is higher than 60% are reviewed and charged-off, as needed, to the fair value of the underlying collateral. Generally, all loans may be charged off or written down to t he fair value of the collateral prior to the application of the policies described above if a loss-confirming event has occurred. Loss-confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, or receipt of an asset valuation indicating a collateral deficiency when the asset is the sole source of repayment. The Corporation does not record charge-offs on PCI loans that are performing in accordance with or better than expectations as of the date of acquisition, as the f air value of these loans already reflects a credit component. The Corporation records charge-offs on PCI loans only if actual losses exceed estimated losses incorporated into the fair value recorded at acquisition and the amount is deemed uncollectible. |
Impaired Loans [Policy Text Block] | Impaired Loans - A loan is considered impaired when, based upon current information and events, it is probable that the Corporation will be unable to collect all amounts due (including principal and interest) according to the contr actual terms of the loan agreement, or the loan has been modified in a Troubled Debt Restructuring (“TDR”). Loans with insignificant delays or insignificant shortfalls in the amounts of payments expected to be collected are not considered to be impaired. T he Corporation evaluates individually for impairment those loans in the construction, commercial mortgage, and commercial and industrial portfolios of $1 million or more as well as any boat loan of $1 million or more. Although the authoritative accounting guidance for a specific impairment of a loan excludes large groups of smaller balance homogeneous loans that are collectively evaluated for impairment ( e.g. , mortgage an d consumer loans), it specifically requires that loan modifications considered TDR s be analyzed under its provision. The Corporation also evaluates for impairment purposes certain residential mortgage loans and home equity lines of credit with high delinqu ency and loan to value levels. Held-for-sale loans are not reported as impaired, as these loans are recorded at the lower of cost or fair value. The Corporation generally measures impairment and the related specific allowance for individually impaired lo ans based on the difference between the recorded investment of the loan and the present value of the loans’ expected future cash flows, discounted at the effective original interest rate of the loan at the time of modification, or the loan’s observable mar ket price. If the loan is collateral dependent, the Corporation measures impairment based upon the fair value of the underlying collateral, instead of discounted cash flows, regardless of whether foreclosure is probable. Loans are identified as collateral dependent if the repayment is expected to be provided solely by the underlying collateral, through liquidation or operation of the collateral. When the fair value of the collateral is used to measure impairment on an impaired collateral-dependent loan and repayment or satisfaction of the loan is dependent on the sale of the collateral, the fair value of the collateral is adjusted to consider estimated costs to sell. If repayment is dependent only on the operation of the collateral, the fair value of the col lateral is not adjusted for estimated costs to sell. If the fair value of the loan is less than the recorded investment, the Corporation recognizes impairment by either a direct write-down or establishing a specific allowance for the loan or by adjusting t he specific allowance for the impaired loan. For an impaired loan that is collateral dependent, charge-offs are taken in the period in which the loan, or a portion of the loan, is deemed uncollectible, and any portion of the loan that is not charged off is adversely credit-risk rat ed at a level no worse than substandard. |
TDR loans [Policy Text Block] | A restructuring of a loan constitutes a TDR if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. TDR loans typically result from the Corporation’s loss mitigation activities and the modification of residential mortgage loans in accordance with guidelines similar to those of the U.S. government’s Home Affordable Modification Pro gram, and could include rate reductions to a rate that is below market on the loan, principal forgiveness, term extensions, payment forbearance, refinancing of any past-due amounts, including interest, escrow, and late charges and fees, and other actions i ntended to minimize the economic loss and to avoid foreclosure or repossession of collateral. Residential mortgage loans for which a binding offer to restructure has been extended are also classified as TDR loans. PCI loans are not classified as TDR loans. TDR loans are classified as either accrual or nonaccrual loans . Loans in accrual status may remain in accrual status when their contractual terms have been modified in a TDR if the loans had demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise , loans on nonaccrual and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure, generally for a minimum of six m onths , and there is evidence that such payments , can , and ar e likely to, continue as agreed. Refer to Note 8 – Loans Held for Investment ,” to the consolidated financial statements for additional qualitative and quantitative information about TDR loans. In connection with commercial loan restructurings, the decision to maintain a loan that has been restructured on accrual status is based on a current, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment under the modified terms. The credit evaluation reflects consideration of the borrower’s future capacity to pay, which may include evaluation of cash flow projections, consideration of the adequacy of collateral to cover all principal and interest, and trends i ndicating improving profitability and collectability of receivables. This evaluation also includes an evaluation of the borrower’s current willingness to pay, which may include a review of past payment history, an evaluation of the borrower’s willingness t o provide information on a timely basis, and consideration of offers from the borrower to provide additional collateral or guarantor support. The evaluation of mortgage and consumer loans for restructurings includes an evaluation of the client’s disposab le income and credit report, the value of the property, the loan-to-value relationship, and certain other client-specific factors that have affected the borrower’s ability to make timely principal an d interest payments on the loan . The Corporation remove s loans from TDR classification, consistent with authoritative guidance that allows for a TDR to be removed from this classification in years following the modification, only when the following two circumstances are met: The loan is in compliance with the terms of the restructuring agreement and, therefore, is not considered impaired under the revised terms; and The loan yields a market interest rate at the time of the restructuring. In other words, the loan was restructured with an interest rate equal to or greater than what the Corporation would have been willing to accept at the time of the restructuring for a new loan with comparable risk. If both of the conditions are met, the loan can be removed from the TDR classification in calendar years after th e year in which the restructuring took place. However, the loan continues to be individually evaluated for impairment. Loans classified as TDRs, including loans in trial payment periods (trial modifications), are considered impaired loans. With respect t o the restructuring of a loan into two new loan notes, or loan splits, g enerally Note A of a loan split is restructur ed under market terms, and Note B is fully charged off. If Note A is in compliance with the restructured terms in years following the restructuring, Note A will be removed from the TDR classification and will continue to be individually evaluated for impairment. Refer to Note 8 – Loans Held for Investment, to the consolidated financial statements , for additional information about loan splits. A loan that had previously been modified in a TDR and is subsequently refina nced under current underwriting standards at a market rate with no concessionary terms is accounted for as a new loan and is no longer reported as a TDR. Interest income on impaired loans is recognized based on the Corporation’s policy for recogniz ing int erest on accrual and non accrual loans. |
Loans Acquired [Policy Text Block] | Loans Acquired - All purchased loans are recorded at fair value at the date of acquisition. Loans acquired with evidence of credit deterioration since their origination and where it is probable at the date of acquisit ion that the Corporation will not collect all contractually required principal and interest payments are considered PCI loans. Evidence of credit quality deterioration as of the purchase date may include stat istics such as past due and non accrual status, c redit scores, and revised loan terms. PCI loans have been aggregated into pools based on common risk characteristics. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. In accounti ng for PCI loans, the difference between contractually required payments and the cash flows expected to be collected at acquisition is referred to as the nonaccretable difference. The nonaccretable difference, which is neither accreted into income nor reco rded on the consolidated statements of financial condition, reflects estimated future credit losses expected to be incurred over the life of the pool of loans. The excess of cash flows expected to be collected over the estimated fair value of PCI loans is referred to as the accretable yield. This amount is not recorded on the statements of financial condition, but is accreted into interest income over the remaining life of the pool of loans, using the effective-yield method. Subsequent to acquisition, the Corporation continues to estimate cash flows expected to be collected over the life of the PCI loans using models that incorporate current key assumptions such as default rates, loss severity, and prepayment speeds. Decreases in expected cash flows will generally result in an impairment charge to the provision for loan and lease losses and the establishment of an allowance for loan and lease losses. Increases in expected cash flows will generally result in a reduction in any a llowance for loan and lease losses established subsequent to acquisition and an increase in the accretable yield. The adjusted accretable yield is recognized in interest income over the remaining life of the pool of loans. Resolutions of loans may include sales of loans to third parties, receipt of payments in settlement with the borrower, or foreclosure of the collateral. The Corporation’s policy is to remove an individual loan from a pool at its relative carrying amount. The carrying amount is defined as the loan’s current contractually required payments receivable less its remaining nonaccretable difference and accretable yield, but excluding any post-acquisition loan loss allowance. To determine the carrying value, the Corporation performs a pro-rata al location of the pool’s total remaining nonaccretable difference and accretable yield to an individual loan in proportion to the loan’s current contractually required payments receivable compared to the pool’s total contractually required payments receivabl e. This removal method assumes that the amount received from resolution approximates pool performance expectations. The remaining accretable yield balance is unaffected and any material change in the remaining effective yield caused by this removal method is addressed by the Corporation’s quarterly cash flow evaluation process for each pool. Modified PCI loans are not removed from a pool even if those loans would otherwise be deemed TDRs. Because the initial fair value of PCI loans recorded at acquisition includes an estimate of credit losses expected to be realized over the remaining lives of the loans, the Corporation separately tracks and reports PCI loans and excludes these loans from its delinquency and non accrual loan statistics. For acquired loans that are not deemed impaired at acquisition, subsequent to acquisition, the Corporation recognizes the difference between the initial fair value at acquisition and the undiscounted expected cash flows in interest income over the period in which substantial ly all of the inherent losses associated with the non-PCI loans at the acquisition date are estimated to occur. Thus, such loans are accounted for consistently with other originated loans, potentially being classified as nonaccrual or impaired, as well as being classified under the Corporation’s standard practice and procedures. In addition, these loans are considered in the determination of the allowance for loan losses. |
Loans held for sale [Policy Text Block] | L oans held for sale Loans that the Corporation intends to sell or that the Corporation does not have the ability and intent to hold for the foreseeable future are classified as held-for-sale loans. Loans held for sale are stated at the lower of aggregate c ost or fair value. Generally, the loans held-for-sale portfolio consists of conforming residential mortgage loans that the Corporation intends to sell to the Government National Mortgage Association (“GNMA”) and government-sponsored entities (“GSEs”) , suc h as the Federal National Mortgage Association (“FNMA”) and the Federal Home Loan Mortgage Corporation (“FHLMC”). Generally, residential mortgage loans held for sale are valued on an aggregate portfolio basis and the value is primarily derived from quotati ons based on the mortgage-backed securities market. The amount by which cost exceeds market value in the aggregate portfolio of loans held for sale, if any, is accounted for as a valuation allowance with changes therein included in the determination of net income and reported as part of mortgage banking activities in the consolidated statements of income. Loan costs and fees are deferred at origination and are recognized in income at the time of sale. The fair value of commercial and construction loans held for sale is primarily derived from external appraisals , or broker price opinions that the Corporation considered, with changes in the valuation allowance reported as part of other non-interest income in the consolidated statements of income. In certain circumstances, the Corporation transfers loans from/to held for sale or held for investment based on a change in strategy. If such a change in holding strategy is made, significant adjustments to the loans’ carrying values may be necessary. Reclassificatio ns of loans held for investment to held for sale are made at the lower of cost or fair value on the date of transfer and establish a new cost basis upon transfer. Write-downs of loans transferred from held for investment to held for sale are recorded as ch arge-offs at the time of transfer. Subsequent changes in value below amortized cost are recorded through non-interest income. Reclassifications of loans held for sale to held for investment are made at fair value on the date of transfer. Any difference bet ween the carrying value and the fair value of a reclassified loan is recorded as an adjustment to non-interest income, prospectively, over the remaining life of the loan . |
Allowance for loan and lease losses [Policy Text Block] | Allowance for loan and lease losses The Corporation maintains the allowance for loa n and lease losses at a level considered adequate to absorb incurred losses currently inherent in the loan and lease portfolio. The Corporation does not maintain an allowance for held-for-sale loans or PCI loans that are performing in accordance with or be tter than expectations as of the date of acquisition, as the fair values of these loans already reflect a credit component. The allowance for loan and lease losses provides for probable incurred losses that have been identified with specific valuation allo wances for individually evaluated impaired loans and for probable incurred losses believed to be inherent in the loan portfolio that have not been specifically identified. The determination of the allowance for loan and lease losses requires significant es timates, including with respect to the timing and amounts of expected future cash flows on impaired loans, consideration of current economic conditions and business strategies , and historical loss experience pertaining to the portfolios and pools of homoge neous loans, all of which may be susceptible to change. The Corporation evaluates the need for changes to the allowance by portfolio loan segments and classes of loans within certain of those portfolio segments. The Corporation combines loans with similar credit risk characteristics into the following portfolio segments: commercial mortgage, construction, commercial and industrial, residential mortgage, and consumer loans. Classes are usually disaggregations of the portfolio segments. The classes wi thin the residential mortgage segment are residential mortgages guaranteed by the U.S. government and other residential loans. The classes within the consumer portfolio are auto, finance lease, and other consumer loans. Other consumer loans mainly include unsecured personal loans, credit cards, home equity lines, lines of credits, and marine financing. The classes within the construction loan portfolio are land loans, construction of commercial projects, and construction of residential projects. The commer cial mortgage and commercial and industrial segments are not further segmented into classes. The adequacy of the allowance for loan and lease losses is based on judgments related to the credit quality of each portfolio segment. These judgments consider ong oing evaluations of each portfolio segment, including such factors as the economic risks associated with each loan class, the financial condition of specific borrowers, the geography (Puerto Rico, Florida or the Virgin Islands), the level of delinquent loa ns, historical loss experience, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. In addition to the general economic conditions and other factors described above, additional factors considered include the internal risk ratings assigned to loans. An internal risk rating is assigned to each commercial and construction loan at the time of approval and is subject to subsequent periodic review by the Corporation's senior management. The allowance f or loan and lease losses is reviewed on a quarterly basis as part of the Corporation’s continued evaluation of its asset quality. The allowance for loan and lease losses is increased through a provision for credit losses that is charged to earnings, based on the quarterly evaluation of the factors previously mentioned, and is reduced by charge-offs, net of recoveries. The allowance for loan and lease losses consists of specific reserves based upon valuations of loans considered to be impaired and genera l reserves. A specific valuation allowance is established for individual impaired loans in the commercial mortgage, construction, and commercial and industrial portfolios and certain boat loans , residential mortgage loans, and home equity lines of credit, primarily when the collateral value of the loan (if the impaired loan is determined to be collateral dependent) or the present value of the expected future cash flows discounted at the loan’s effective rate is lower than the carrying amount of that loan. T he loans within the commercial mortgage, construction, commercial and industrial portfolios , and boat loans of $1 million or more are individually evaluated for impairment. Also, certain residential mortgage loans and home equity lines of credit are indivi dually evaluated for impairment purposes based on their delinquency and loan to value levels. When foreclosure of a collateral dependent loan is probable, the impairment measure is based on the fair value of the collateral. The fair value of the collatera l is generally obtained from appraisals. Updated appraisals are obtained when the Corporation determines that loans are impaired and are generally updated annually thereafter according to the Corporation’s appraisal policy. In addition, appraisals and/or a ppraiser price opinions are also obtained for residential mortgage loans based on specific characteristics such as delinquency levels, age of the appraisal, and loan-to-value ratios. The excess of the recorded investment in a collateral dependent loan ove r the resulting fair value of the collateral is charged-off when deemed uncollectible. For all other loans, which include small, homogeneous loans, such as auto loans, and the other classes in the consumer loan portfolio, residential mortgages and commer cial and construction loans not individually evaluated for impairment , the Corporation maintains a general valuation allowance established through a process that begins with estimates of incurred losses based upon various statistical analyses. The general reserve is primarily determined by applying loss factors according to the loan type and assigned risk category (pass, special mention, and substandard loans that are not considered to be impaired; all doubtful loans are considered impaired). The Corporat ion uses a roll-rate methodology to estimate losses on its consumer loan portfolio based on delinquencies and considering credit bureau score bands. The Corporation tracks the historical portfolio performance to arrive at a weighted-average distribution in each subgroup of each delinquency bucket. Roll-to-loss rates (loss factors) are calculated by multiplying the roll rates from each subgroup within the delinquency buckets forward through loss. Once roll rates are calculated, the resulting loss factor is a pplied to the existing receivables in the applicable subgroups within the delinquency buckets and the end results are aggregated to arrive at the required allowance level. The Corporation’s assessment also involves evaluating key qualitative and environmen tal factors, which include credit and macroeconomic indicators such as unemployment, bankruptcy trends, recent market transactions, and collateral values to account for current market conditions that are likely to cause estimated credit losses to differ fr om historical loss experience. The Corporation analyzes the expected delinquency migration to determine the future volume of delinquencies. The cash flow analysis for each residential mortgage pool is performed at the individual loan level and then aggr egated to the pool level in determining the overall loss ratio (the “base methodology”) . The model applies risk-adjusted prepayment curves, default curves, and severity curves to each loan in the pool. For loan restructuring pools , the present value of fut ure cash flows under the new terms, at the loan’s effective interest rate, is taken into consideration. Additionally, estimates of default risk and prepayments related to loan restructurings are based on, among other things, the historical experience of th ese loans. Loss severity is affected by the house price scenario, which is based in part on recent house price trends. Default curves are used in the model . T he attributes that are most significant to the probability of default include present collection s tatus (current, delinquent, in bankruptcy, in foreclosure stage), vintage, loan-to-values, and geography (Puerto Rico, Florida or the Virgin Islands). The estimates of the risk-adjusted timing of liquidations and associated costs are used in the model, and are risk-adjusted for the geographic area in which each property is located. For commercial loans, historical charge-off rates are calculated by the Corporation on a quarterly basis for each commercial loan regulatory-based credit risk category ( i.e. p ass, special mention, substandard, and doubtful) using 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 observe d in a particular risk-rated category and the calculation 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 uses the loss rate of such less severe category. A qualita tive factor adjustment is applied to the base rate average utilizing a resulting factor derived from a set of risk-based ratings and weights assigned to credit and economic indicators over a reasonable period applied to a developed expected range of histor ical losses and a basis point adjustment derived from the difference between the average raw loss rate and the highest loss rate observed during a look-back period that management determined was appropriate to use for each region to identify any relevant e ffect during an economic cycle. During 2017, management established a separate qualitative element of the allowance to estimate inherent losses associated with the effect of Hurricanes Maria and Irma on the Corporation’s loan portfolios in Puerto Rico and Virgin Islands. This qualitative element of the allowance was initially determined based on the estimated effect that the hurricanes could have on employment levels ( e.g. , an unemployment rate that significantly increases from levels in Pue rto Rico at the time of the hurricanes based on statistics observed in the aftermath of similar natural disasters in the U.S . mainland like Hurricane Katrina) , economic activity in the Corporation’s geographic regions, and the time it could take for the af fected regions to return to a more normalized operating environment. For large commercial and construction loan relationships, loan officers performed individual reviews of the effect of the hurricanes on these borrowers’ sources of repayment. These large relationships, that represented 80 % of the outstanding balance of the Corporation’s commercial and construction loan portfolio at the time of the hurricanes, were analyzed and divided into three hurricane-affected categories ( i.e. Low, Medium and High). Clients categorized as Low had no effect, or relatively insignificant e ffect, as a result of the storms. Clients in the Medium category had demonstrated that they had sufficient liquidity to satisfy their obligations, but the complexity of the insurance claim process may affect their primary or secondary source of repayment. Finally, clients categorized as High could potentially have problems with their primary or secondary sources of repayment as they have a higher degree of uncertainty with respect to the timing of the insurance claim resolution, and the full reestablishment of their businesses is highly dependent on the timely receipt of insurance proceeds. Reserve levels were then recognized for these particular loans based on this stratification. For loans in the Low category, no additional qualitative hurricane-related re serve was calculated. For loans in the Medium and High categories, the Corporation stressed the general reserve loss factors applicable to these loans to reflect higher default probabilities not reflected in the historical data. This review also resulted in downgrades in the credit risk classification of certain loans and their reserves were determined following the methodology applicable to criticized and adversely classified loans, as appropriate. During 2018, the Corporation performed additional proc edures to evaluate the adequacy of the qualitative reserve, 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 i n 2018. For the determination of the hurricane-related qualitative reserve for residential mortgage loans as of December 31, 2018, the Corporation stressed the loss factors derived from its above-described base methodology by incorporating assumptions of f urther deterioration in the housing price index and higher loan modification levels. Although the foreclosure moratoriums extended by the FHA to hurricane-affected individuals ended on September 15, 2018, there are likely to be additional delays in foreclo sure actions due to court related backlogs. For the determination of the hurricane-related qualitative reserve for commercial and construction loans not individually reviewed as of December 31, 2018, the Corporation segregated the portfolio based on delinq uency levels and stressed the general reserve loss factors applicable to 30-89 days past due loans to reflect higher default probabilities. Refer to Note 2 – Effect s of Natural Disasters, to the consolidated financial statements, for additional information about the effect of Hurricanes Maria and Irma in the Corporation financial results. Refer to Note 9 – Allowance for Loan and Lease Losses, to the consolidated financial statements, for additional information, including the balance of the hurricane-relat ed qualitative allowance for each portfolio segment and accounting policy with respect to the reserve for unfunded lending commitment s , such as letters of credit and biding unfunded loan commitments. |
Transfers and servicing of financial assets and extinguishment of liabilities [Policy Text Block] | Transfers and servicing of financial assets and e xtinguishment of liabilities After a transfer of financial assets in a transaction that qualifies for sale accounting, the Corporation derecognizes the financial assets when control has been surrendered, and derecognizes liabilities when they are extinguished. The transfer of financial assets in which the Corporation surrenders control over the assets is accounted for as a sale to the extent that consideration other than beneficial interests is received in exchange. The criteria that must be met to determine that the control over transferred assets has been surrendered include: (1) the assets must be isolated from creditors of the trans feror; (2) the transferee must obtain the right (free of conditions that constrain it from taking advantage of t hat right) to pledge or exchange the transferred assets; and (3) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When the Corporation transfers financial assets an d the transfer fails any one of the above criteria, the Corporation is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. |
Servicing Assets [Policy Text Block] | Servicing a ssets The Corporation recognizes as separate assets the rights to service loans for others, whether those servicing assets are originated or purchased. In the ordinary course of business, the Corporation sells residential mortgage loans (originated or purchased) to GNMA, which generally securitizes the transferred loans into mortgage-backed securities for sale into the secondary market. Also, certain conventional conforming loans are sold to FNMA or FHLMC , with servicing retained. When the Corporation sells mortgage loans, it recognizes any retained servicing right, based on its fair value. Servicing assets (“MSRs”) retained in a sale or securitization arise from contractual agreements between the Corporation and investors in mortgage securities and mortgage loans. The value of MSRs is derived from the net positive cash flows associated with the servicing contracts. Under these contracts, the Corporation performs loan-servicing functions in exchange for fees and other remuneration. The servicing functions typically include: collecting and remitting loan payments, responding to borrower inquiries, accounting for principal and interest, holding custodial funds for payment of property taxes and insurance premiums, supervising foreclosures and property dispositions, and generally administering the loans. The servicing rights, included as part of other assets in the statements of financial condition, entitle the Corpo ration to servicing fees based on the outstanding principal balance of the mortgage loans and the contractu al servicing rate. The servicing fees are credited to income on a monthly basis when collected and recorded as part of mortgage banking activities in the consolidated statements of income. In addition, the Corporation generally receives other remuneration consisting of mortgagor-contracted fees such as late charges and prepayment penalties, which are credited to income when collected. Considerable judgment is required to determine the fair value of the Corporation’s MSRs. Unlike highly liquid investments, the market value of MSRs cannot be readily determined because these assets are not actively traded in securities markets. The initial carrying value of the MSRs is generally determined based on its fair value. The fair value of the MSRs is determined bas ed on a combination of market information on trading activity (MSR trades and broker valuations), benchmarking of servicing assets (valuation surveys), and cash flow modeling. The valuation of the Corporation’s MSRs incorporates two sets of assumptions: (1 ) market-derived assumptions for discount rates, servicing costs, escrow earnings rates, floating earnings rates, and the cost of funds ; and (2) market assumptions calibrated to the Corporation’s loan characteristics and portfolio behavior for escrow balan ces, delinquencies and foreclosures, late fees, prepayments, and prepayment penalties. Once recorded, MSRs are periodically evaluated for impairment. Impairment occurs when the current fair value of the MSRs is less than its carrying value. If MSRs are i mpaired, the impairment is recognized in current-period earnings and the carrying value of the MSRs is adjusted through a valuation allowance. If the value of the MSRs subsequently increases, the recovery in value is recognized in current period earnings a nd the carrying value of the MSRs is adjusted through a reduction in the valuation allowance. For purposes of performing the MSR impairment evaluation, the servicing portfolio is stratified on the basis of certain risk characteristics such as region, terms , and coupons. An other-than-temporary impairment analysis is prepared to evaluate whether a loss in the value of the MSRs in a particular stratum , if any, is other than temporary or not. When the recovery of the value is unlikely in the foreseeable future , a write-down of the MSRs in the stratum to its estimated recoverable value is charged to the valuation allowance. As of December 31, 201 8 , the carrying value of the MSRs amounted to $ 27.4 million (201 7 - $ 25.3 million). The servicing assets are amortize d over the estimated life of the underlying loans based on an income forecast method as a reduction of servicing income. The income forecast method of amortization is based on projected cash flows. A particular periodic amortization is calculated by applyi ng to the carrying amount of the MSRs the ratio of the cash flows projected for the current period to total remaining net MSR forecasted cash flow. |
Premises and equipment [Policy Text Block] | Premises and equipment Premises and equipment are carried at cost, net of accumulated depreciation and amortization. Depreciation is provided on the straight-line method over the estimated useful life of each type of asset. Amortization of leasehold improvements is computed ov er the terms of the leases (contractual term plus lease renewals that are reasonably assured) or the estimated useful lives of the improvements, whichever is shorter. Costs of maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Costs of renewals and betterments are capitalized. When assets are sold or disposed of, their cost and related accumulated depreciation are removed from the accounts and any gain or loss is reflected in earnings as part o f other non-interest income in the statements of income. When the asset is no longer used in operations, and the Corporation intends to sell it, the asset is reclassified to other assets held for sale and is reported at the lower of carrying amount or fair value less cost to sell. The Corporation has operating lease agreements primarily associated with the rental of premises to support the branch network or for general office space. Certain of these arrangements are noncancelable and provide for rent esca lation and renewal options. Refer to “Recently issued accounting standards and recently adopted accounting pronouncements – Lease Accounting” below for new accounting guidance with respect to the leasing transactions in effect since January 1, 2019. |
Other real estate owned (OREO) [Policy Text Block] | Other real estate owned (OREO) OREO, which consists of real estate acquired in settlement of loans, is recorded at the lower of cost (carrying value of the loan) or fair value minus estimated costs to sell the real estate acquired. Generally, loans have b een written down to their net realizable value prior to foreclosure. Any further reduction to their net realizable value is recorded with a charge to the allowance for loan losses at the time of foreclosure or short ly there after. Thereafter, gains or losse s resulting from the sale of these properties and losses recognized on the periodic reevaluations of these properties are credited or charged to earnings and are included as part of net loss on OREO operations in the statements of income. The cost of maint aining and operating these properties is expensed as incurred. The Corporation estimates fair values primarily based on appraisals, when available, and the net realizable value is reviewed and updated periodically depending on the type of property involved . |
Goodwill and other intangible assets [Policy Text Block] | Goodwill and other intangible assets Goodwill – Goodwill is the purchase premium after adjusting for the fair value of net assets acquired. Goodwill is not amortized but is reviewed for potential impairment on an annual basis, generally during the fo urth quarter, or more often if events or circumstances indicate there may be an impairment. The Corporation evaluated goodwill for impairment as of October 1, 201 8 . Goodwill impairment testing is performed at the segment (or “reporting unit”) level. Goodw ill is assigned to reporting units at the date the goodwill is initially recorded. Once goodwill has been assigned to a reporting unit, it no longer retains its association with a particular acquisition, and all of the activities within a reporting unit, whether acquired or internally generated, are available to support the value of the goodwill. The Corporation’s goodwill is related to the U.S. (Florida) reporting unit . The Corporation bypassed the qualitative assessment in 201 8 and proceeded directly to perform the first step of the two-step goodwill impairment test. The first step (“Step 1”) involves a comparison of the estimated fair value of the reporting unit to its carrying value, including goodwill. If the estimated fair value of a reporting unit exceeds its carrying value, goodwill is not considered impaired. If the carrying value exceeds the estimated fair value, there is an indication of potential impairment and the second step is performed to measure the amount of the impairment. The second step (“Step 2”), if necessary, involves calculating an implied fair value of the goodwill for each reporting unit for which Step 1 indicated a potential impairment. The implied fair value of goodwill is determined in a manner simila r to the calculation of the amount of goodwill in a business combination, by measuring the excess of the estimated fair value of the reporting unit, as determined in Step 1, over the aggregate estimated fair values of the individual assets, liabilities, an d identifiable intangibles as if the reporting unit was then being acquired in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying va lue of goodwill assigned to a reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded for the excess. An impairment loss cannot exceed the carrying value of goodwill assigned to a reporting unit, and the loss establ ishes a new basis in the goodwill. Subsequent reversal of goodwill impairment losses is not permitted. In determining the fair value of a reporting unit, which is based on the nature of the business and the reporting unit’s current and expected financial performance, the Corporation uses a combination of methods, including market price multiples of comparable companies, as well as a discounted cash flow (“DCF”) analysis . The Corporation evaluates the results obtained under each valuation methodology to id entify and understand the key value drivers in order to ascertain that the results obtained are reasonable and appropriate under the circumstances. The computations require management to make estimates and assumptions. Critical assumptions that are used as part of these evaluations include: a selection of comparable publicly traded companies, based on size, performance, and asset quality; a selection of comparable and public acquisition transactions of entities of similar size; the discount rate applied to future earnings, based on an estimate of the cost of equity; the potential future earnings of the reporting unit; and the market growth and new business assumptions. For purposes of the market comparable approach, the valuation was determined based on market multiples for comparable companies and recent acquisition transactions and market participant assumptions applied to the reporting unit to derive an implied value of equity. For purposes of the DCF analysi s , the valuation was based on es timated future cash flows. The financial projections used in the DCF analysis for the reporting unit were based on the most recent available data. The growth assumptions included in these projections were based on management’s expectations of the reporting unit’s financial prospects as well as particular plans for the entity ( i.e. , restructuring plans). The cost of equity was estimated using the capital asset pricing model using comparable companies, an equity risk premium, the rate of return of a “riskless ” asset, a size premium based on the size of the reporting unit, and a company specific premium. The resulting discount rate was analyzed in terms of reasonability given current market conditions. The Step 1 evaluation of goodwill allocated to the Florid a reporting unit, under both valuation approaches (market and DCF) indicated that the fair value of the unit was above the carrying amount of its equity book value as of the valuation date (October 1), which meant that Step 2 was not undertaken. Based on t he analysis under both the discounted cash flow and market approaches, the estimated fair val ue of the reporting unit exceeded the carrying amount of the unit, including goodwill, at the evaluation date. The Corporation engaged a third-party valuation sp ecialist to assist management in the annual evaluation of the Florida unit’s goodwill as of the October 1, 201 8 valuation date. In reaching its conclusion on impairment, management discussed with the specialist the methodologies, assumptions, and results s upporting the relevant values for the goodwill and determined that they were reasonable. The goodwill impairment evaluation process requires the Corporation to make estimates and assumptions with regards to the fair value of its reporting unit. Actual va lues may differ significantly from these estimates. Such differences could result in future impairment of goodwill that would, in turn, negatively impact the Corporation’s results of operations and the profitability of the reporting unit where goodwill is recorded. Goodwill was not impaired as of December 31, 201 8 or 201 7. Intangible Assets subject to Amortization - Core deposit intangibles are amortized over their estimated lives, generally on a straight-line basis, and are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The carryi ng value of core deposit intangible assets amounted to $4.3 million as of December 31, 2018 ($5.5 million as of December 31, 2017). In connection with the acquisition of a FirstBank-branded credit card loan portfolio in 2012, the Corporation recognized at acquisition a purchased credit card relationship intangible of $ 24.5 million ($ 5.7 million and $ 8.0 million as of December 31, 201 8 and 201 7 , respectively), which is being amortized on an accelerated basis based on the estimated attrition rate of the purc hased credit card accounts, which reflects the pattern in which the economic benefits of the intangible asset are consumed. These benefits are consumed as the revenue stream generated by the cardholder relationship is realized. For further disclosures, ref er to Note 14 – Goodwill and other Intangibles, to the consolidated financial statements. In the first quarter of 2016, FirstBank Insurance Agency acquired certain insurance customer accounts and related customer records and recognized an insurance custom er relationship intangible of $ 1.1 million ( $0.6 million and $0. 8 million as of December 31, 2018 and 2017, respectively ), which is being amortized on a straight-line basis. The list of accounts acquired has a direct relationship to previous mortgage loan portfolio acquisitions from Doral Bank and Doral Financial in 2015 and 2014, respectively. For intangible assets subject to amortization, an impairment loss is recognized if the carrying value of the intangible asset is not recoverable and exceeds fair va lue. The carrying value of the intangible asset is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. The Corporation performed impairment tests for the years ended December 31, 201 8 , 201 7 , and 201 6 and determined that no impairment was needed to be recognized for intangible assets subject to amortization . |
Securities purchased and sold under agreements to repurchase [Policy Text Block] | Securities purchased and sold under agreements to repurchase Securities purchased under resale agreements and securities sold u nder repurchase agreements are accounted for as collateralized financing transactions. Generally, these agreements are recorded at the amount at which the securities were purchased or sold. The Corporation monitors the fair value of securities purchased an d sold, and obtains collateral from , or returns it to , the counterparties when appropriate. These financing transactions do not create material credit risk given the collateral provided and the related monitoring process. The Corporation sells and acquires securities under agreements to repurchase or resell the same or similar securities. Generally, similar securities are securities from the same issuer, with identical form and type, similar maturity, identical contractual interest rates, similar assets as collateral, and the same aggregate unpaid principal amount. The counterparty to certain agreements may have the right to repledge the collateral by contract or custom. Such assets are presented separately in the statements of financial condition as securities pledged with creditors ’ right to repledge . Repur chase and resale activities may be transacted under legally enforceable master repurchase agreements that give the Corporation, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Corporation offsets repurchase and resale transactions with the same counterparty on the consolidated statements of financial condition where it has such a legally enforceable master netting agreement and the transactions have th e same maturity date. From time to time, the Corporation modifies repurchase agreements to take advantage of prevailing interest rates. Following applicable GAAP guidance, if the Corporation determines that the debt under the modified terms is substantial ly different from the original terms, the modification must be accounted for as an extinguishment of debt. Modified terms are considered substantially different if the present value of the cash flows under the terms of the new debt instrument is at least 1 0 % different from the present value of the remaining cash flows under the terms of the original instrument. The new debt instrument will be initially recorded at fair value, and that amount will be used to determine the debt extinguishment gain or loss to be recognized through the statement of income and the effective rate of the new instrument. If the Corporation determines that the debt under the modified terms is not substantially different, then the new effective interest rate is determined based on the carrying amount of the original debt instrument. None of the repurchase agreements modified in the past were considered to be substantially different from the original terms, and, therefore, these modifications were not accounted for as extinguishments of debt. |
Rewards Liability [Policy Text Block] | Rewards l iability The Corporation offers products, primarily credit cards, that offer various rewards to reward program members, such as airline tickets, cash, or merchandise, based on account activity. The Corporation generally recognizes the cost of rewards as part of business promotion expenses when the rewards are earned by the customer and, at that time, r ecords the corresponding reward liability. The reward liability is computed based on points earned to date that are expected to be redeemed and the average cost per point redemption. The reward liability is reduced as points are redeemed. In estimating t he reward liability, the Corporation considers historical reward redemption behavior, the terms of the current reward program, and the card purchase activity. The reward liability is sensitive to changes in the reward redemption type and redemption rate, w hich is based on the expectation that the vast majority of all points earned will eventually be redeemed. The reward liability, which is included in other liabilities in the consolidated statements of financial condition, totaled $ 7.0 million as of each De cember 31, 201 8 and 201 7 . |
Income Tax [PolicyText Block] | Income taxes The Corporation uses the asset and liability method for the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Corporation’s financial statements or tax returns. Deferred income tax assets and liabilities are determined for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the futur e. The computation is based on enacted tax laws and rates applicable to periods in which the temporary differences are expected to be recovered or settled. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. In making such assessment, significant weight is given to evidence that can be objectively verified, including both positive and negative evidence. The authoritative guidance for accounting for income taxes requ ires the consideration of all sources of taxable income available to realize the deferred tax asset, including the future reversal of existing temporary differences, tax planning strategies and future taxable income exclusive of the impact of the reversal of temporary differences and carryforwards. In estimating taxes, management assesses the relative merits and risks of the appropriate tax treatment of transactions taking into account statutory, judicial, and regulatory guidance. Refer to Note 26 – Incom e Taxes, to the consolidated financial statements for additional information. Under the authoritative accounting guidance, income tax benefits are recognized and measured based on a two-step analysis: 1) a tax position must be more likely than not to be su stained based solely on its technical merits in order to be recognized; and 2) the benefit is measured at the largest dollar amount of that position that is more likely than not to be sustained upon settlement. The difference between the benefit recognize d in accordance with this analysis and the tax benefit claimed on a tax return is referred to as an Unrecognized Tax Benefit (“UTB”). The Corporation classifies interest and penalties, if any, related to UTBs as components of income tax expense. As of Dec ember 31, 2018 and 2017, the Corporation did not have any UTBs recorded on its books. |
Treasury stock [Policy Text Block] | Treasury stock The Corporation accounts for treasury stock at par value. Under this method, the treasury stock account is increased by the par value of each share of common stock reacquired. Any excess paid per share over the par value is debited to additional paid-in capital for the amount per share that was originally credited. Any remaining excess is charged to retained earnings. |
Stock-based compensation [Policy Text Block] | Stock-based compensation Compensation cost is recognized in the financial statements for all share-based payment grants. On May 24, 2016, the Corporation’s stockholders approved the amendment and restatement of the First BanCorp. Omnibus Incentive Plan, as amended (the “Omnibus P lan”), to, among other things, increase the number of shares of common stock reserved for issuance under the Omnibus Plan, extend the term of the Omnibus 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, restr icted stock, restricted stock units, performance shares, cash-based awards and other stock-based awards. The compensation cost for an award, determined based on the estimate of the fair value at the grant date (considering forfeitures and any post - vesting restrictions), is recognized over the period during which an employee or director is required to provide services in exchange for an award, which is the vesting period. Stock-based compensation accounting guidance provides f o r the develop ment of an estimate of the number of share-based awards that will be forfeited due to employee or director turnover. Quarterly changes in the estimated forfeiture rate may have a significant effect on share-based compensation, as the effect of adjusting the rate for all expense amortization is recognized in the period in which the forfeiture estimate is changed. If the actual forfeiture rate is higher than the estimated forfeiture rate, an adjustment is made to increase the estimated forfeiture rate, which will r esult in a decrease in the expense recognized in the financial statements. If the actual forfeiture rate is lower than the estimated forfeiture rate, then an adjustment is made to decrease the estimated forfeiture rate, which will result in an increase in the expense recognized in the financial statements. When unvested shares of restricted stock or performance units are forfeited, any compensation expense previously recognized on the forfeited awards is reversed in the period of the forfeiture. For addi tional information regarding the Corporation’s equity-based compensation and awards granted, refer to Note 21 – Stock-based Compensation, to the consolidated financial statements. |
Comprehensive income [Policy Text Block] | Comprehensive income Comprehensive income for First BanCorp. includ es net income and the unrealized gain (loss) on available-for-sale securities, net of estimated tax effects. |
Segment Information [Policy Text Block] | Segment i nformation The Corporation reports financial and descriptive information about its reportable segments . Operating segments are componen ts of an enterprise about which separate financial information is available that is evaluated regularly by management in deciding how to allocate resources and in assessing performance. The Corporation’s management determined that the segregation that bes t fulfills the segment definition described above is by 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 December 31, 2018 , the Corporation had six operating segments that are all reportable segments: Commercial and Corporate Banking; Mortgage Banking; Consumer (Retail) Banking; Treasury and Investments; United States Operations; and Virgin Islands Operations. Refer to Note 35 – Segment Informati on, to the consolidated financial statements for additional information. |
Valuation of financial instruments [Policy Text Block] | Valuation of financial instruments The measurement of fair value is fundamental to the Corporation’s presentation of its financial condition and results of operations. The Corporati on holds fixed income and equity securities, derivatives, investments, and other financial instruments at fair value. The Corporation holds its investments and liabilities mainly to manage liquidity needs and interest rate risks. A significant part of the Corporation’s total assets is reflected at fair value on the Corporation’s financial statements. The FASB’s 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 classifyi ng 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 Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Valuations are observed from unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Under the fair value accounting guidance, an entity has the irrevocable option to elect, on a contract-by-contract basis, to measure certain financial assets and liabilities at fair value at the inception of the contract and, thereafter, to reflect any changes in fair value in current earnings. The Corporation did not make any fair value option election as of December 31, 2018 or 2017. See Note 29 – Fair Value, to the consolidated financial state ments for additional information. |
Income recognition- Insurance agencies business [Policy Text Block] | Income recognition— Insurance agency Commission revenue is recognized as of the effective date of the insurance policy. Additional premiums and rate adjustments are recorded as they occur. The Corporation also receiv es contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed by the Corporation. Contingent commissions from insurance companies are recognized wh en determinable, which is generally when such commissions are received or when the amount to be received is reported to the Corporation by the insurance company. An allowance is created for expected adjustments to commissions earned relating to policy canc ellations. Please refer to Note 30 - Revenue from Contracts with Customers, below for additional information about the Corporation’s evaluation of insurance commissions for purposes of the implementation of the revenue recognition accounting guidelines eff ective since January 1, 2018 and other revenues within the scope of the Accounting Standard Codification (“ASC” or “Codification”) Topic 606. |
Earnings per common share [Policy Text Block] | Earnings per common share Earnings per share-basic is calculated by dividing net income attributable to common stockholders by the weighted-average number of common shares issued and outstanding. Net income attributable to common stockholders represents net income adjusted for any preferred stock dividends, including any preferred stock dividends declared, and any cumulative preferred stock 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 excludes unvested shares of restricted stock that do not contain non-forf eitable dividend rights. The computation of diluted earnings per share is similar to the computation of basic earnings per share except that the number of weighted-average common shares is increased to include the number of additional common shares that wo uld have been outstanding if the dilutive common shares had been issued, referred to as potential common shares. Potential dilutive common shares consist of unvested shares of restricted stock that do not contain non-forfeitable dividend rights, perform ance units that do not contain non-forfeitable dividend rights if the performance condition is met as of the end of the reporting period, and warrants outstanding during the period using the treasury stock method. This method assumes that the potential di lutive common shares are issued and outstanding and the proceeds from the exercise, in addition to the amount of compensation cost attributable to future services, are used to purchase common stock at the exercise date. The difference between the number o f potential dilutive shares issued and the 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 dividend 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 th eir inclusion would have an antidilutive effect on earnings per share. |
MONEY MARKET INVESTMENTS (Table
MONEY MARKET INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |
Schedule Of Money Market Investments [Table Text Block] | Money market investments as of December 31, 2018 and 2017 were as follows: 2018 2017 (Dollars in thousands) Time deposits with other financial institutions, weighted-average interest rate of 1.00% (2017- 1.02%) $ 300 $ 3,126 Other short-term investments, weighted-average interest rate of 0.29% (2017 - weighted-average interest rate of 0.29%) 7,290 7,289 $ 7,590 $ 10,415 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Significant Assumptions in Valuation of Private Label MBS [Table Text Block] | The table below presents qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2018 and 2017: December 31, 2018 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available for sale: Private label MBS $ 13,914 Discounted cash flows Discount rate 14.5% Prepayment rate 3.3% - 20.9% (Weighted-Average 11.4%) Projected Cumulative Loss Rate 0.0% - 6.8% (Weighted-Average 3%) Puerto Rico government obligations 2,824 Discounted cash flows Discount rate 6.28% 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% - 6.8% (Weighted Average 3.0%) Puerto Rico government obligations 2,695 Discounted cash flows Discount rate 6.61% Prepayment rate 3.00% |
Schedule of Available-for-sale Securities by issuer type [Table Text Block] | The following table states the names of issuers, and the aggregate amortized cost and market value of the securities of such issuers, when the aggregate amortized cost of such securities exceeds 10 % of the Corporation’s stockholders’ equity. This information excludes securities of the U.S. and Puerto Rico government. Investments in obligations issued by a state of the U.S. and its political subdivisions and agencies that are payable and secured by the same source of revenue or taxing authority, oth er than the U .S. government, are considered securities of a single issuer and include debt and mortgage-backed securities As of As of December 31, 2018 December 31, 2017 Amortized Amortized Cost Fair Value Cost Fair Value (In thousands) FHLMC $ 387,703 $ 379,653 $ 375,719 $ 370,855 GNMA 239,698 242,211 250,140 257,192 FNMA 791,200 775,673 801,198 796,726 FHLB 334,717 330,714 299,949 296,767 |
Held-to-maturity Securities [Member] | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | 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 December 31, 201 8 and December 31, 201 7 were as follows December 31, 2018 Amortized cost Fair value Gross Unrecognized Weighted- (Dollars in thousands) gains losses average yield% Puerto Rico Municipal Bonds: After 1 to 5 years $ 6,100 $ - $ 435 $ 5,665 4.79 After 5 to 10 years 53,016 - 5,360 47,656 6.00 After 10 years 85,699 - 13,362 72,337 5.86 Total investment securities held to maturity $ 144,815 $ - $ 19,157 $ 125,658 5.86 December 31, 2017 Amortized cost Fair value Gross Unrecognized Weighted- (Dollars in thousands) gains losses 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 |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables show the Corporation’s held-to-maturity investments’ fair value and gross unrecognized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrecognized loss position, as of December 31 , 2018 and December 31, 2017 As of December 31, 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 $ - $ - $ 125,658 $ 19,157 $ 125,658 $ 19,157 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 |
Available-for-sale Securities [Member] | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Line Items] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | 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 December 31, 201 8 and 201 7 were as follows: December 31, 2018 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Fair value Unrealized Weighted- Gains Losses average yield% (Dollars in thousands) U.S. Treasury securities: Due within one year $ 7,489 $ - $ - $ 33 $ 7,456 1.29 U.S. government-sponsored agencies obligations: Due within one year 191,531 - - 1,908 189,623 1.28 After 1 to 5 years 184,851 - 203 2,249 182,805 2.07 After 5 to 10 years 195,750 - 286 1,674 194,362 2.95 After 10 years 34,627 - - 217 34,410 2.68 Puerto Rico government obligations: After 5 to 10 years 4,000 - 128 - 4,128 5.12 After 10 years 4,185 - - 1,361 2,824 6.97 United States and Puerto Rico government obligations 622,433 - 617 7,442 615,608 2.18 Mortgage-backed securities ("MBS"): FHLMC certificates: After 5 to 10 years 92,149 - 31 1,850 90,330 2.09 After 10 years 265,624 - 523 6,699 259,448 2.52 357,773 - 554 8,549 349,778 2.41 GNMA certificates: After 1 to 5 years 176 - 3 - 179 3.43 After 5 to 10 years 61,604 - 408 503 61,509 2.88 After 10 years 118,898 - 2,938 747 121,089 3.92 180,678 - 3,349 1,250 182,777 3.56 FNMA certificates: Due within one year 119 - 2 - 121 2.20 After 1 to 5 years 19,798 - 50 122 19,726 2.79 After 5 to 10 years 165,067 - 2 3,822 161,247 2.13 After 10 years 543,972 - 2,211 13,233 532,950 2.67 728,956 - 2,265 17,177 714,044 2.55 Collateralized mortgage obligations guaranteed by the FHLMC and GNMA: After 1 to 5 years 6,530 - 1 18 6,513 3.15 After 10 years 59,020 - 474 60 59,434 3.22 65,550 - 475 78 65,947 3.22 Other mortgage pass-through trust certificates: After 10 years 19,340 5,426 - - 13,914 4.89 Total MBS 1,352,297 5,426 6,643 27,054 1,326,460 2.71 Other After 1 to 5 years 500 - - - 500 2.96 Total investment securities available for sale $ 1,975,230 $ 5,426 $ 7,260 $ 34,496 $ 1,942,568 2.55 December 31, 2017 Amortized cost Noncredit Loss Component of OTTI Recorded in OCI Gross Fair value Unrealized 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. The aggregate amortized cost and approximate market value of investment securities available for sale as of December 31, 2018 by contractual maturity, are shown below: Amortized Cost Fair Value (Dollars in thousands) United States Puerto Rico government obligations and other debt securities: Within 1 year $ 199,020 $ 197,079 After 1 to 5 years 185,351 183,305 After 5 to 10 years 199,750 198,490 After 10 years 38,812 37,234 622,933 616,108 MBS and Collateralized Mortgage Obligations (1) 1,352,297 1,326,460 Total investment securities available for sale $ 1,975,230 $ 1,942,568 (1) The expected maturities of MBS and collateralized mortgage obligations may differ from their contractual maturities because they may be subject to prepayments. |
Schedule of Unrealized Loss on Investments [Table Text Block] | The following tables show the Corporation’s available-for-sale investments’ fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31, 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 cred it loss was charged against the amortized cost basis of the debt security. As of December 31, 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 $ - $ - $ 2,824 $ 1,361 $ 2,824 $ 1,361 U.S. Treasury and U.S. government agencies' obligations 16,669 77 468,094 6,004 484,763 6,081 MBS: FNMA 25,079 129 521,871 17,048 546,950 17,177 FHLMC 3,382 32 263,798 8,517 267,180 8,549 GNMA 3,364 15 57,535 1,235 60,899 1,250 Collateralized mortgage obligations issued or guaranteed by FHLMC and GNMA 16,065 78 - - 16,065 78 Other mortgage pass-through trust certificates - - 13,914 5,426 13,914 5,426 $ 64,559 $ 331 $ 1,328,036 $ 39,591 $ 1,392,595 $ 39,922 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 agencies' 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 equity securities in the consolidated statement of financial condition. |
OTTI Losses on Debt Securities [Table Text Block] | The Corporation recorded OTTI losses on available-for-sale debt securities as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Total OTTI losses $ - $ (12,231) $ (1,845) Portion of OTTI recognized in OCI (50) - (4,842) Net impairment losses recognized in earnings (1) $ (50) $ (12,231) $ (6,687) (1) For the year ended December 31, 2018, the credit impairment of $50 thousand recognized in earnings consisted of credit losses on private label MBS. For the years ended December 31, 2017 and 2016, approximately $12.2 million and $6.3 million, respectively, of the credit impairment recognized in earnings consisted of credit losses on Puerto Rico government debt securities that were sold in the second quarter of 2017, as further discussed below. The remaining impairment losses for the year ended December 31, 2016 were associated with credit losses on private label MBS. 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 also recognized in OCI: Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for December 31, 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 $ 50 $ - $ 6,842 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for December 31, 2016 securities that have been 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 Cumulative OTTI credit losses recognized in earnings on securities still held Credit impairments Credit loss December 31, recognized in earnings on reductions for December 31, 2015 securities that have been securities sold 2016 Balance previously impaired during the period Balance (In thousands) Available-for-sale securities Puerto Rico government obligations $ 15,889 $ 6,300 $ - $ 22,189 Private label MBS 6,405 387 - 6,792 Total OTTI credit losses for available-for-sale debt securities $ 22,294 $ 6,687 $ - $ 28,981 |
INTEREST AND DIVIDEND ON INVE_2
INTEREST AND DIVIDEND ON INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment Income, Interest and Dividend [Abstract] | |
Schedule of interest on investments and FHLB dividend income | The following provides information about interest on investments and FHLB dividend income: Year Ended December 31, 2018 2017 2016 (In thousands) Mortgage-backed securities: Taxable $ 8,688 $ 9,656 $ 11,246 Exempt (1) 27,741 24,575 20,921 36,429 34,231 32,167 PR government obligations, U.S. Treasury securities, and U.S. government agencies: Taxable 470 2,091 4,131 Exempt (1) 20,582 12,690 13,145 21,052 14,781 17,276 Other investment securities (including FHLB dividends) Taxable 2,743 2,113 1,462 Total interest income on investment securities 60,224 51,125 50,905 Interest on money market investments and interest-bearing cash accounts Taxable 10,863 4,609 2,669 Exempt 233 5 696 Total interest income on money market investments and interest-bearing cash accounts 11,096 4,614 3,365 Total interest and dividend income on investment securities, money market investments, and interest-bearing cash accounts $ 71,320 $ 55,739 $ 54,270 (1) Primarily MBS and government obligations held by International Banking Entities, whose interest income and sales is exempt from Puerto Rico income taxation under the International Banking Entity Act of Puerto Rico. The following table summarizes the components of interest and dividend income on investments: Year Ended December 31, 2018 2017 2016 (In thousands) Interest income on investment securities, money market investments, and interest-bearing cash accounts $ 68,592 $ 53,634 $ 52,816 Dividends on FHLB stock 2,728 2,105 1,454 Total interest income and dividends on investments $ 71,320 $ 55,739 $ 54,270 |
LOAN PORTFOLIO (Tables)
LOAN PORTFOLIO (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan Portfolio Held for Investment [Table Text Block] | The following provides information about the loan portfolio held for investment: As of December 31, As of December 31, 2018 2017 (In thousands) Residential mortgage loans, mainly secured by first mortgages $ 3,163,208 $ 3,290,957 Commercial loans: Construction loans (1) 79,429 111,397 Commercial mortgage loans (1) 1,522,662 1,614,972 Commercial and Industrial loans (1)(2) 2,148,111 2,083,253 Total commercial loans 3,750,202 3,809,622 Finance leases 333,536 257,462 Consumer loans 1,611,177 1,492,435 Loans held for investment 8,858,123 8,850,476 Allowance for loan and lease losses (196,362) (231,843) Loans held for investment, net $ 8,661,761 $ 8,618,633 (1) During the first and third quarters 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 nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third, and fourth quarters of 2018. (2) As of December 31, 2018 and 2017, $796.8 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 [Table Text Block] | Loans held for investment on which accrual of interest income had been discontinued were as follows: As of As of December 31, December 31, 2018 2017 (In thousands) Nonaccrual loans: Residential mortgage $ 147,287 $ 178,291 Commercial mortgage (1) 109,536 156,493 Commercial and Industrial (1) 30,382 85,839 Construction: Land (1) 6,260 15,026 Construction-commercial (1) - 35,100 Construction-residential 2,102 1,987 Consumer: Auto loans 11,212 10,211 Finance leases 1,329 1,237 Other consumer loans 7,865 5,370 Total nonaccrual loans held for investment (2)(3)(4) $ 315,973 $ 489,554 ________________ (1) During the first and third quarters 2018, the Corporation transferred $74.4 million (net of fair value write-downs of $22.2 million recorded at the time of transfers) in nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third and fourth quarters of 2018. (2) Excludes $16.1 million and $8.3 million of nonaccrual loans held for sale as of December 31, 2018 and December 31, 2017, respectively. (3) Amount excludes PCI loans with a carrying value of approximately $146.6 million and $158.2 million as of December 31, 2018 and 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 nonaccrual 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) Nonaccrual loans exclude $478.9 million and $374.7 million of TDR loans that are in compliance with the modified terms and in accrual status as of December 31, 2018 and 2017, respectively. |
Corporation's Aging of Loans Held for Investment Portfolio [Table Text Block] | The Corporation’s aging of the loans held for investment portfolio is as follows: As of December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due (1)(2)(3) Total Past Due Purchased Credit-Impaired Loans Current Total loans held for investment 90 days past due and still accruing (1)(2)(3) (In thousands) Residential mortgage: FHA/VA government-guaranteed loans (2) (3) (4) $ - $ 4,183 $ 104,751 $ 108,934 $ - $ 38,271 $ 147,205 $ 104,751 Other residential mortgage loans (2) (4) - 62,077 161,851 223,928 143,176 2,648,899 3,016,003 14,564 Commercial: Commercial and Industrial loans 2,550 66 35,385 38,001 - 2,110,110 2,148,111 5,003 Commercial mortgage loans (4) - 1,038 110,482 111,520 3,464 1,407,678 1,522,662 946 Construction: Land (4) - 207 6,327 6,534 - 13,779 20,313 67 Construction-commercial (4) - - - - - 47,965 47,965 - Construction-residential (4) - - 2,102 2,102 - 9,049 11,151 - Consumer: Auto loans 31,070 7,103 11,212 49,385 - 897,091 946,476 - Finance leases 5,502 1,362 1,329 8,193 - 325,343 333,536 - Other consumer loans 9,898 4,542 11,617 26,057 - 638,644 664,701 3,752 Total loans held for investment $ 49,020 $ 80,578 $ 445,056 $ 574,654 $ 146,640 $ 8,136,829 $ 8,858,123 $ 129,083 (1) Includes nonaccrual 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 Corporation's 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 nonaccrual loans since the principal repayment is insured. These balances include $51.4 million of residential mortgage loans insured by the FHA and guaranteed by the VA that were over 15 months delinquent, and were no longer accruing interest as of December 31, 2018, taking into consideration the FHA interest curtailment process. (3) As of December 31, 2018, includes $43.6 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 Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears 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, 2018 amounted to $5.6 million, $101.4 million, $5.1 million, and $0.2 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 Past Due Purchased Credit-Impaired Loans Current Total loans held for investment 90 days past due and still accruing (1)(2)(3) (In thousands) 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 (4) - - 35,100 35,100 - 41,456 76,556 - Construction-residential (4) - 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 nonaccrual 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 Corporation's 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 nonaccrual loans since the principal repayment is insured. These balances include $29.9 million of residential mortgage loans insured by the FHA and guaranteed by the VA 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 Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears 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 [Table Text Block] | The Corporation’s commercial and construction loans credit quality indicators as of December 31, 2018 and 2017 are summarized below: Commercial Credit Exposure-Credit Risk Profile Based on Creditworthiness Category: Substandard Doubtful Loss Total Adversely Classified (1) Total Portfolio December 31, 2018 (In thousands) Commercial mortgage $ 276,935 $ 1,701 $ - $ 278,636 $ 1,522,662 Construction: Land 7,407 - - 7,407 20,313 Construction-commercial - - - - 47,965 Construction-residential 2,102 - - 2,102 11,151 Commercial and Industrial 45,274 6,114 396 51,784 2,148,111 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 nonaccrual loans held for sale of $16.1 million ($11.4 million commercial mortgage, $3.0 million construction-commercial, and $1.7 million commercial and industrial) and $8.3 million (construction-land) as of December 31, 2018 and December 31, 2017, respectively. The Corporation’s consumer and residential loans credit quality indicators as of December 31, 20 18 and 2017 are summarized below: December 31, 2018 Consumer Credit Exposure-Credit Risk Profile Based on Payment Activity Residential Real-Estate Consumer FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 147,205 $ 2,725,540 $ 935,264 $ 332,207 $ 656,836 Purchased Credit-Impaired (2) - 143,176 - - - Nonaccrual - 147,287 11,212 1,329 7,865 Total $ 147,205 $ 3,016,003 $ 946,476 $ 333,536 $ 664,701 (1) It is the Corporation's 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 nonaccrual loans since the principal repayment is insured. This balance includes $51.4 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, 2018, taking into consideration the FHA interest curtailment process. (2) PCI loans are excluded from nonaccrual 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. December 31, 2017 Consumer Credit Exposure-Credit Risk Profile Based on Payment Activity Residential Real-Estate Consumer FHA/VA/ Guaranteed (1) Other residential loans Auto Finance Leases Other Consumer (In thousands) Performing $ 138,939 $ 2,819,736 $ 834,120 $ 256,225 $ 642,734 Purchased Credit-Impaired (2) - 153,991 - - - Nonaccrual - 178,291 10,211 1,237 5,370 Total $ 138,939 $ 3,152,018 $ 844,331 $ 257,462 $ 648,104 (1) It is the Corporation's 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 nonaccrual 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 nonaccrual 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 [Table Text Block] | 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 (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance (In thousands) As of December 31, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - $ - $ - $ - $ - Other residential mortgage loans 293,494 325,897 19,965 110,238 148,920 403,732 474,817 19,965 Commercial: Commercial mortgage loans 184,068 201,116 17,684 43,358 49,253 227,426 250,369 17,684 Commercial and Industrial loans 61,162 76,027 9,693 30,030 48,085 91,192 124,112 9,693 Construction: Land 2,444 2,923 552 2,431 2,927 4,875 5,850 552 Construction-commercial - - - - - - - - Construction-residential 1,718 2,370 208 - - 1,718 2,370 208 Consumer: Auto loans 17,781 17,781 3,689 250 250 18,031 18,031 3,689 Finance leases 1,914 1,914 102 22 22 1,936 1,936 102 Other consumer loans 9,291 10,066 2,083 2,068 2,750 11,359 12,816 2,083 $ 571,872 $ 638,094 $ 53,976 $ 188,397 $ 252,207 $ 760,269 $ 890,301 $ 53,976 (1) Excluding accrued interest receivable. Impaired Loans Impaired Loans - With a Related Specific Allowance With No Related Specific Allowance Impaired Loans Total Recorded Investment (1) Unpaid Principal Balance Related Specific Allowance Recorded Investment (1) Unpaid Principal Balance Recorded Investment (1) 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 (1) Excluding accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Year Ended December 31, 2018 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 411,730 18,131 1,376 19,507 Commercial: Commercial mortgage loans 233,372 4,434 2,135 6,569 Commercial and Industrial loans 99,050 2,530 9 2,539 Construction: Land 5,025 93 26 119 Construction-commercial - - - - Construction-residential 1,724 - - - Consumer: Auto loans 20,156 1,449 - 1,449 Finance leases 2,197 145 - 145 Other consumer loans 12,177 913 164 1,077 $ 785,431 $ 27,695 $ 3,710 $ 31,405 (1) Excluding accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Year Ended December 31, 2017 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 438,847 17,316 2,478 19,794 Commercial: Commercial mortgage loans 180,283 1,983 390 2,373 Commercial and Industrial loans 121,233 1,447 403 1,850 Construction: Land 14,174 372 38 410 Construction-commercial 35,996 - - - Construction-residential 252 - - - Consumer: Auto loans 24,618 1,781 - 1,781 Finance leases 2,428 168 - 168 Other consumer loans 14,324 1,176 144 1,320 $ 832,155 $ 24,243 $ 3,453 $ 27,696 (1) Excluding accrued interest receivable. Average Recorded Investment (1) Interest Income on Accrual Basis Interest Income on Cash Basis Total Interest Income (In thousands) Year Ended December 31, 2016 FHA/VA-Guaranteed loans $ - $ - $ - $ - Other residential mortgage loans 451,276 18,492 2,234 20,726 Commercial: Commercial mortgage loans 203,322 1,403 723 2,126 Commercial and Industrial loans 166,362 631 1,287 1,918 Construction: Land 15,801 170 51 221 Construction-commercial 38,191 - - - Construction-residential 1,348 - - - Consumer: Auto loans 27,177 1,820 - 1,820 Finance leases 2,846 203 - 203 Other consumer loans 18,018 1,376 154 1,530 $ 924,341 $ 24,095 $ 4,449 $ 28,544 (1) Excluding accrued interest receivable. The following table show the activity for impaired loans for 2018, 2017 and 2016: 2018 2017 2016 (In thousands) Impaired Loans: Balance at beginning of year $ 790,308 $ 887,905 $ 806,509 Loans determined impaired during the year 250,524 140,977 288,202 Charge-offs (1) (57,152) (82,113) (67,210) Loans sold, net of charge-offs (4,121) (53,245) (8,675) Increases to existing impaired loans 7,335 8,292 3,236 Foreclosures (36,453) (37,513) (36,161) Loans no longer considered impaired (5,417) (3,526) (27,643) Loans transferred to held for sale (74,052) - - Paid in full, partial payments and other (110,703) (70,469) (70,353) Balance at end of year $ 760,269 $ 790,308 $ 887,905 (1) For the year ended December 31, 2018, includes charge-offs totaling $22.2 million associated with the $74.4 million in nonaccrual loans transferred to held for sale. For the year ended December 31, 2017, includes a charge-off of $10.7 million related to the sale of the PREPA credit line and, for the year ended December 31, 2016, includes $4.2 million of charge-offs related to impaired loans included in a sale of a $16.3 million pool of non-performing assets. |
Accretable Yield [Table Text Block] | Changes in the accretable yield of PCI loans for the years ended December 31, 2018, 2017 and 2016 were as follows: December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Balance at beginning of year $ 103,682 $ 116,462 $ 118,385 Accretion recognized in earnings (10,189) (10,810) (11,533) Reclassification (to) from non-accretable - (1,970) 9,610 Balance at end of period $ 93,493 $ 103,682 $ 116,462 |
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: Year ended Year ended December 31, 2018 December 31, 2017 (In thousands) Balance at beginning of year $ 158,174 $ 165,818 Accretion 10,189 10,810 Collections (16,749) (15,400) Foreclosures (4,974) (3,054) Ending balance $ 146,640 $ 158,174 Allowance for loan losses (11,354) (11,251) Ending balance, net of allowance for loan losses $ 135,286 $ 146,923 |
Changes in Allowance for Loan and Lease Losses [Table Text Block] | The changes in the allowance for loan and lease losses were as follows: Residential Commercial Commercial and Construction Consumer Year Ended December 31, 2018 Mortgage Loans Mortgage Loans Industrial Loans Loans Loans Total (In thousands) Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (24,775) (23,911) (9,704) (8,296) (50,106) (116,792) Recoveries 3,392 7,925 1,819 334 8,588 22,058 Provision (release) 13,202 23,074 (8,440) 7,032 24,385 59,253 Ending balance $ 50,794 $ 55,581 $ 32,546 $ 3,592 $ 53,849 $ 196,362 Ending balance: specific reserve for impaired loans $ 19,965 $ 17,684 $ 9,693 $ 760 $ 5,874 $ 53,976 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 19,875 $ 37,497 $ 22,853 $ 2,832 $ 47,975 $ 131,032 Loans held for investment: Ending balance $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Ending balance: impaired loans $ 403,732 $ 227,426 $ 91,192 $ 6,593 $ 31,326 $ 760,269 Ending balance: purchased credit-impaired loans $ 143,176 $ 3,464 $ - $ - $ - $ 146,640 Ending balance: loans with general allowance $ 2,616,300 $ 1,291,772 $ 2,056,919 $ 72,836 $ 1,913,387 $ 7,951,214 Residential Commercial Commercial and Construction Consumer Year Ended December 31, 2017 Mortgage Loans Mortgage Loans Industrial Loans Loans Loans Total (In thousands) Allowance for loan and lease losses: Beginning balance $ 33,980 $ 57,261 $ 61,953 $ 2,562 $ 49,847 $ 205,603 Charge-offs (28,186) (39,092) (19,855) (3,607) (44,030) (134,770) Recoveries 2,437 270 5,755 732 7,562 16,756 Provision 50,744 30,054 1,018 4,835 57,603 144,254 Ending balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Ending balance: specific reserve for impaired loans $ 22,086 $ 9,783 $ 12,359 $ 2,017 $ 5,165 $ 51,410 Ending balance: purchased credit-impaired loans (1) $ 10,873 $ 378 $ - $ - $ - $ 11,251 Ending balance: general allowance $ 26,016 $ 38,332 $ 36,512 $ 2,505 $ 65,817 $ 169,182 Loans held for investment: Ending balance $ 3,290,957 $ 1,614,972 $ 2,083,253 $ 111,397 $ 1,749,897 $ 8,850,476 Ending balance: impaired loans $ 433,434 $ 152,914 $ 118,300 $ 47,266 $ 38,394 $ 790,308 Ending balance: purchased credit-impaired loans $ 153,991 $ 4,183 $ - $ - $ - $ 158,174 Ending balance: loans with general allowance $ 2,703,532 $ 1,457,875 $ 1,964,953 $ 64,131 $ 1,711,503 $ 7,901,994 The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of December 31, 2018 and 2017: As of December 31, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,238 $ 43,358 $ 30,030 $ 2,431 $ 2,340 $ 188,397 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 293,494 184,068 61,162 4,162 28,986 571,872 Allowance for loan and lease losses 19,965 17,684 9,693 760 5,874 53,976 Allowance for loan and lease losses to principal balance 6.80 % 9.61 % 15.85 % 18.26 % 20.26 % 9.44 % PCI loans: Carrying value of PCI loans 143,176 3,464 - - - 146,640 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.65 % 11.55 % - - - 7.74 % Loans with general allowance: Principal balance of loans 2,616,300 1,291,772 2,056,919 72,836 1,913,387 7,951,214 Allowance for loan and lease losses 19,875 37,497 22,853 2,832 47,975 131,032 Allowance for loan and lease losses to principal balance 0.76 % 2.90 % 1.11 % 3.89 % 2.51 % 1.65 % Total loans held for investment: Principal balance of loans $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Allowance for loan and lease losses 50,794 55,581 32,546 3,592 53,849 196,362 Allowance for loan and lease losses to principal balance (1) 1.61 % 3.65 % 1.52 % 4.52 % 2.77 % 2.22 % Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total As of December 31, 2017 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 $146.6 million and $158.2 million as of December 31, 2018 and 2017, respectively. However, the Corporation separately tracks and reports PCI loans and excludes these loans from the amounts of nonaccrual loans, impaired loans, TDRs and non-performing assets. |
Troubled Debt Restructurings On Financing Receivables Table [Text Block] | Selected information on TDR loans held for investment based on the recorded investment by loan class and modification type is summarized in the following tables. This information reflects all of the Corporation's TDRs held for investment: As of December 31, 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 $ 22,729 $ 11,586 $ 239,348 $ - $ 145 $ 60,094 $ 333,902 Commercial Mortgage loans (2) 3,966 2,005 122,709 - - 9,269 137,949 Commercial and Industrial loans (3) 664 19,769 13,323 - 2,673 38,492 74,921 Construction loans: Land 16 2,524 1,933 - - 292 4,765 Construction-commercial - - - - - - - Construction-residential - 545 - - - 217 762 Consumer loans - Auto - 1,517 10,085 - - 6,429 18,031 Finance leases - 101 1,186 - - 648 1,935 Consumer loans - Other 1,396 1,236 5,651 275 - 1,824 10,382 Total Troubled Debt Restructurings $ 28,771 $ 39,283 $ 394,235 $ 275 $ 2,818 $ 117,265 $ 582,647 (1) Other concessions granted by the Corporation include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table. (2) Excludes commercial mortgage TDR loans held for sale amounting to $11.1 million as of December 31, 2018. (3) Excludes commercial and industrial TDR loans held for sale amounting to $0.9 millions of December 31, 2018. As of 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 include deferral of principal and/or interest payments for a period longer than what would be considered insignificant, payment plans under judicial stipulation, or a combination of the concessions listed in the table. The following table presents the Corporation's TDR loans held for investment activity: Year Ended Year Ended Year Ended December 31, 2018 December 31, 2017 December 31, 2016 (In thousands) Beginning balance of TDRs $ 587,219 $ 647,048 $ 661,591 New TDRs 171,857 93,837 84,942 Increases to existing TDRs 7,027 6,575 3,921 Charge-offs post-modification (1)(2)(3) (27,951) (32,963) (24,876) Sales, net of charge-offs - (53,245) (3,761) Foreclosures (21,591) (25,059) (16,834) TDRs transferred to held for sale, net of charge-offs (34,541) - - Paid-off, partial payments and other (99,373) (48,974) (57,935) Ending balance of TDRs $ 582,647 $ 587,219 $ 647,048 (1) For the year ended December 31, 2018, includes charge-offs totaling $8.5 million associated with $34.5 million in commercial and construction loans transferred to held for sale. (2) For the year ended December 31, 2017, includes a $10.7 million charge-off related to the sale of the PREPA credit line. (3) For the year ended December 31, 2016, includes $1.3 million of charge-offs related to TDRs included in the sale of the $16.3 million pool of non-performing assets. The following table provides a breakdown of the TDR loans held for investment by those in accrual and nonaccrual status: As of December 31, 2018 Accrual Nonaccrual (1) Total TDRs (In thousands) Non-FHA/VA residential mortgage loans $ 271,766 $ 62,136 $ 333,902 Commercial Mortgage loans (2) 116,830 21,119 137,949 Commercial and Industrial loans (3) 66,603 8,318 74,921 Construction loans: Land 1,071 3,694 4,765 Construction-commercial - - - Construction-residential - 762 762 Consumer loans - Auto 11,842 6,189 18,031 Finance leases 1,791 144 1,935 Consumer loans - Other 9,025 1,357 10,382 Total Troubled Debt Restructurings $ 478,928 $ 103,719 $ 582,647 (1) Included in nonaccrual loans are $17.7 million in loans that are 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 $11.1 million as of December 31, 2018. (3) Excludes commercial and industrial TDR loans held for sale amounting to $0.9 million as of December 31, 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 nonaccrual loans are $88.6 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. |
Entity Loan Modification Program [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings On Financing Receivables Table [Text Block] | Loan modifications that are con sidered TDR loans completed during 2018 , 2017 and 201 6 were as follows: Year Ended December 31, 2018 Number of contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (In thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 104 $ 14,827 $ 14,159 Commercial Mortgage loans 11 138,994 138,785 Commercial and Industrial loans 10 9,141 8,786 Construction loans: Land 1 97 97 Construction-residential 1 587 558 Consumer loans - Auto 285 4,500 4,489 Finance leases 48 1,001 987 Consumer loans - Other 768 3,935 3,996 Total Troubled Debt Restructurings 1,228 $ 173,082 $ 171,857 Year ended December 31, 2017 Number of contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (In thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 132 $ 19,484 $ 19,263 Commercial Mortgage loans 13 25,722 25,018 Commercial and Industrial loans 21 39,428 39,338 Construction loans: Land 4 122 125 Consumer loans - Auto 426 6,451 6,451 Finance leases 22 548 548 Consumer loans - Other 657 3,041 3,094 Total Troubled Debt Restructurings 1,275 $ 94,796 $ 93,837 Year ended December 31, 2016 Number of contracts Pre-modification Outstanding Recorded Investment Post-modification Outstanding Recorded Investment (In thousands) Troubled Debt Restructurings: Non-FHA/VA residential mortgage loans 209 $ 30,940 $ 29,668 Commercial Mortgage loans 11 5,710 5,739 Commercial and Industrial loans 25 22,182 22,184 Construction loans: Land 9 6,759 6,756 Consumer loans - Auto 744 13,141 13,141 Finance leases 74 1,878 1,878 Consumer loans - Other 1,156 5,496 5,576 Total Troubled Debt Restructurings 2,228 $ 86,106 $ 84,942 |
Entity Loan Modification Program [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings On Financing Receivables Table [Text Block] | Loan modifications considered TDR loans that defaulted during the years ended December 31, 2018 , 2017 , and 201 6 , a nd had become TDR during th e 12- months preceding the default date, were as follows: Year ended December 31, 2018 2017 2016 Number of contracts Recorded Investment Number of contracts Recorded Investment Number of contracts Recorded Investment (In thousands) Non-FHA/VA residential mortgage loans 15 $ 1,994 46 $ 5,355 50 $ 7,673 Commercial Mortgage loans - - 1 57 - - Consumer loans - Auto 62 1,003 14 207 51 764 Finance leases 1 22 1 39 2 43 Consumer loans - Other 56 206 99 387 119 454 Total 134 $ 3,225 161 $ 6,045 222 $ 8,934 |
Entity Loan Modification Program [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | AB Note Restructure Workout Strategy [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Troubled Debt Restructurings On Financing Receivables Table [Text Block] | The following table provides additional information about the volume of this type of loan restructuring and the effect on the allowance for loan and lease losses in 2018 , 2017 and 201 6 : (In thousands) December 31, 2018 December 31, 2017 December 31, 2016 Beginning balance $ 35,577 $ 36,971 $ 39,329 New TDR loan splits 32,104 - - Paid-off and partial payments (33,841) (1,394) (2,358) Ending balance $ 33,840 $ 35,577 $ 36,971 (In thousands) December 31, 2018 December 31, 2017 December 31, 2016 Allowance for loan losses at the beginning of the year $ 3,846 $ 5,141 $ 862 (Release) charges to the provision for loan losses (10,789) (1,295) 4,279 Net loan loss recoveries 7,416 - - Allowance for loan losses at the end of the year $ 473 $ 3,846 $ 5,141 |
Financial Asset Acquired with Credit Deterioration [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loan Portfolio Held for Investment [Table Text Block] | The carrying amounts of PCI loans were as follows: As of As of December 31, December 31, 2018 2017 (In thousands) Residential mortgage loans $ 143,176 $ 153,991 Commercial mortgage loans 3,464 4,183 Total PCI loans $ 146,640 $ 158,174 Allowance for loan losses (11,354) (11,251) Total PCI loans, net of allowance for loan losses $ 135,286 $ 146,923 |
Corporation's Aging of Loans Held for Investment Portfolio [Table Text Block] | The following tables present PCI loans by past due status as of December 31, 2018 and 2017: As of December 31, 2018 30-59 Days 60-89 Days 90 days or more Total Past Due Total PCI loans Current (In thousands) Residential mortgage loans $ - $ 6,979 $ 26,932 $ 33,911 $ 109,265 $ 143,176 Commercial mortgage loans - - 2,512 2,512 952 3,464 Total (1) $ - $ 6,979 $ 29,444 $ 36,423 $ 110,217 $ 146,640 _____________ (1) According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage 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 December 31, 2018 amounted to $11.6 million. No PCI commercial mortgage loan was 30-59 days past due as of December 31, 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 Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage and commercial mortgage loans are considered past due when the borrower is in arrears two or more monthly payments. PCI residential mortgage loans and PCI 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 Allowance for Loan and Lease Losses [Table Text Block] | Changes in the allowance for loan losses related to PCI loans were as follows: Year ended December 31, 2018 December 31, 2017 Balance at beginning of year $ 11,251 $ 6,857 Provision for loan losses 103 4,394 Balance at end of period $ 11,354 $ 11,251 |
ALLOWANCE FOR LOAN AND LEASE _2
ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Allowance For Credit Losses On Financing Receivables Table [Text Block] | The changes in the allowance for loan and lease losses were as follows: Residential Commercial Commercial and Construction Consumer Year Ended December 31, 2018 Mortgage Loans Mortgage Loans Industrial Loans Loans Loans Total (In thousands) Allowance for loan and lease losses: Beginning balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Charge-offs (24,775) (23,911) (9,704) (8,296) (50,106) (116,792) Recoveries 3,392 7,925 1,819 334 8,588 22,058 Provision (release) 13,202 23,074 (8,440) 7,032 24,385 59,253 Ending balance $ 50,794 $ 55,581 $ 32,546 $ 3,592 $ 53,849 $ 196,362 Ending balance: specific reserve for impaired loans $ 19,965 $ 17,684 $ 9,693 $ 760 $ 5,874 $ 53,976 Ending balance: purchased credit-impaired loans (1) $ 10,954 $ 400 $ - $ - $ - $ 11,354 Ending balance: general allowance $ 19,875 $ 37,497 $ 22,853 $ 2,832 $ 47,975 $ 131,032 Loans held for investment: Ending balance $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Ending balance: impaired loans $ 403,732 $ 227,426 $ 91,192 $ 6,593 $ 31,326 $ 760,269 Ending balance: purchased credit-impaired loans $ 143,176 $ 3,464 $ - $ - $ - $ 146,640 Ending balance: loans with general allowance $ 2,616,300 $ 1,291,772 $ 2,056,919 $ 72,836 $ 1,913,387 $ 7,951,214 Residential Commercial Commercial and Construction Consumer Year Ended December 31, 2017 Mortgage Loans Mortgage Loans Industrial Loans Loans Loans Total (In thousands) Allowance for loan and lease losses: Beginning balance $ 33,980 $ 57,261 $ 61,953 $ 2,562 $ 49,847 $ 205,603 Charge-offs (28,186) (39,092) (19,855) (3,607) (44,030) (134,770) Recoveries 2,437 270 5,755 732 7,562 16,756 Provision 50,744 30,054 1,018 4,835 57,603 144,254 Ending balance $ 58,975 $ 48,493 $ 48,871 $ 4,522 $ 70,982 $ 231,843 Ending balance: specific reserve for impaired loans $ 22,086 $ 9,783 $ 12,359 $ 2,017 $ 5,165 $ 51,410 Ending balance: purchased credit-impaired loans (1) $ 10,873 $ 378 $ - $ - $ - $ 11,251 Ending balance: general allowance $ 26,016 $ 38,332 $ 36,512 $ 2,505 $ 65,817 $ 169,182 Loans held for investment: Ending balance $ 3,290,957 $ 1,614,972 $ 2,083,253 $ 111,397 $ 1,749,897 $ 8,850,476 Ending balance: impaired loans $ 433,434 $ 152,914 $ 118,300 $ 47,266 $ 38,394 $ 790,308 Ending balance: purchased credit-impaired loans $ 153,991 $ 4,183 $ - $ - $ - $ 158,174 Ending balance: loans with general allowance $ 2,703,532 $ 1,457,875 $ 1,964,953 $ 64,131 $ 1,711,503 $ 7,901,994 The tables below present the allowance for loan and lease losses and the carrying value of loans by portfolio segment as of December 31, 2018 and 2017: As of December 31, 2018 Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total Impaired loans without specific reserves: Principal balance of loans, net of charge-offs $ 110,238 $ 43,358 $ 30,030 $ 2,431 $ 2,340 $ 188,397 Impaired loans with specific reserves: Principal balance of loans, net of charge-offs 293,494 184,068 61,162 4,162 28,986 571,872 Allowance for loan and lease losses 19,965 17,684 9,693 760 5,874 53,976 Allowance for loan and lease losses to principal balance 6.80 % 9.61 % 15.85 % 18.26 % 20.26 % 9.44 % PCI loans: Carrying value of PCI loans 143,176 3,464 - - - 146,640 Allowance for PCI loans 10,954 400 - - - 11,354 Allowance for PCI loans to carrying value 7.65 % 11.55 % - - - 7.74 % Loans with general allowance: Principal balance of loans 2,616,300 1,291,772 2,056,919 72,836 1,913,387 7,951,214 Allowance for loan and lease losses 19,875 37,497 22,853 2,832 47,975 131,032 Allowance for loan and lease losses to principal balance 0.76 % 2.90 % 1.11 % 3.89 % 2.51 % 1.65 % Total loans held for investment: Principal balance of loans $ 3,163,208 $ 1,522,662 $ 2,148,111 $ 79,429 $ 1,944,713 $ 8,858,123 Allowance for loan and lease losses 50,794 55,581 32,546 3,592 53,849 196,362 Allowance for loan and lease losses to principal balance (1) 1.61 % 3.65 % 1.52 % 4.52 % 2.77 % 2.22 % Residential Mortgage Loans Commercial Mortgage Loans Commercial and Industrial Loans Consumer Loans Construction Loans (Dollars in thousands) Total As of December 31, 2017 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 $146.6 million and $158.2 million as of December 31, 2018 and 2017, respectively. However, the Corporation separately tracks and reports PCI loans and excludes these loans from the amounts of nonaccrual loans, impaired loans, TDRs and non-performing assets. |
LOANS HELD FOR SALE (Tables)
LOANS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables Held-for-sale [Abstract] | |
Portfolio of Loans Held for Sale [Table Text Block] | The Corporation’s loans held-for-sale portfolio as of the dates indicated was composed of: December 31, 2018 2017 (In thousands) Residential mortgage loans $ 27,075 $ 24,690 Construction loans (1) 3,015 8,290 Commercial and Industrial loans (1) 1,725 - Commercial mortgage loans (1) 11,371 - Total $ 43,186 $ 32,980 (1) During the first and third quarters 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 nonaccrual loans to held for sale. Loans transferred to held for sale consisted of nonaccrual commercial mortgage loans totaling $39.6 million (net of fair value write-downs of $13.8 million), nonaccrual construction loans totaling $33.0 million (net of fair value write-downs of $6.7 million) and nonaccrual 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 loans held for sale and $30.0 million of the construction loans transferred to loans held for sale were eventually sold during the second, third, and fourth quarters of 2018. |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, (In thousands) 2018 2017 OREO OREO balances, carrying value: Residential (1) $ 49,239 $ 54,381 Commercial 71,838 82,871 Construction 10,325 10,688 Total $ 131,402 $ 147,940 (1) Excludes $14.4 million and $21.3 million as of December 31, 2018 and 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. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Amount (In thousands) Balance at December 31, 2016 $ 1,208 New loans 65 Payments (189) Other changes - Balance at December 31, 2017 1,084 New loans 57 Payments (117) Other changes - Balance at December 31, 2018 $ 1,024 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment [Table Text Block] | Premises and equipment comprise: Useful Life In Years As of December 31, 2018 2017 (Dollars in thousands) Buildings and improvements 10-35 $ 131,206 $ 132,008 Leasehold improvements 1-10 54,734 53,866 Furniture and equipment 2-10 176,116 166,853 362,056 352,727 Accumulated depreciation and amortization (256,355) (245,777) 105,701 106,950 Land 24,640 24,640 Projects in progress 17,473 10,305 Total premises and equipment, net $ 147,814 $ 141,895 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and other Intangible Assets [Abstract] | |
Gross Amount and Accumulated Amortization of Other Intangible Assets [Table Text Block] | 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 December 31, 2018 2017 (Dollars in thousands) Core deposit intangible: Gross amount $ 51,664 $ 51,664 Accumulated amortization (1) (47,329) (46,186) Net carrying amount $ 4,335 $ 5,478 Remaining amortization period 6.0 years 7.0 years Purchased credit card relationship intangible: Gross amount $ 24,465 $ 24,465 Accumulated amortization (2) (18,763) (16,465) Net carrying amount $ 5,702 $ 8,000 Remaining amortization period 2.9 years 3.9 years Insurance customer relationship intangible: Gross amount $ 1,067 $ 1,067 Accumulated amortization (3) (445) (292) Net carrying amount $ 622 $ 775 Remaining amortization period 4.0 years 5.0 years (1) For the years ended December 31, 2018, 2017 and 2016, the amortization expense of core deposit intangibles amounted to $1.1 million, $1.7 million and $2.0 million, respectively. (2) For the years ended December 31, 2018, 2017 and 2016, the amortization expense of the purchased credit card relationship intangible amounted to $2.3 million, $2.5 million and $2.8 million, respectively. (3) For the years ended December 31, 2018, 2017 and 2016, the amortization expense of the insurance customer relationship intangible amounted to $0.2 million, $0.2 million and $0.1 million, respectively. |
Schedule of Expected Amortization Expense [Table Text Block] | The estimated aggregate annual amortization expense related to the intangible assets for future periods is as follows: Amount (In thousands) 2019 $ 3,088 2020 2,851 2021 2,658 2022 915 2023 622 2024 and after 525 |
NON-CONSOLIDATED VARIABLE INT_2
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Changes in Servicing Assets [Table Text Block] | The changes in servicing assets are shown below: Year Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 25,255 $ 26,244 $ 24,282 Capitalization of servicing assets 3,864 3,318 5,260 Amortization (2,895) (3,091) (3,229) Temporary impairment recoveries (charges), net 1,289 (1,611) (325) Other (1) (85) 395 256 Balance at end of year $ 27,428 $ 25,255 $ 26,244 (1) Amount represents adjustments related to the repurchase of loans serviced for others. |
Changes in Impairment Allowance [Table Text Block] | Changes in the impairment allowance were as follows: Year ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ 1,451 $ 461 $ 136 Temporary impairment charges 123 1,611 466 OTTI of servicing assets (132) (621) - Recoveries (1,412) - (141) Balance at end of year $ 30 $ 1,451 $ 461 |
Components of Net Servicing Income [Table Text Block] | The components of net servicing income are shown below: Year ended December 31, 2018 2017 2016 (In thousands) Servicing fees $ 8,704 $ 7,630 $ 7,606 Late charges and prepayment penalties 510 405 674 Adjustment for loans repurchased (85) 395 256 Other (8) (35) (1) Servicing income, gross 9,121 8,395 8,535 Amortization and impairment of servicing assets (1,606) (4,702) (3,554) Servicing income, net $ 7,515 $ 3,693 $ 4,981 |
Key Economic Assumptions Used in Determining Fair Value at Time of Sale of Loans [Table Text Block] | 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 2018: Constant prepayment rate: Government-guaranteed mortgage loans 6.0 % 5.6 % Conventional conforming mortgage loans 6.5 % 6.2 % Conventional non-conforming mortgage loans 10.3 % 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 % 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 % 2016: Constant prepayment rate: Government-guaranteed mortgage loans 7.6 % 5.9 % Conventional conforming mortgage loans 8.0 % 6.3 % Conventional non-conforming mortgage loans 14.1 % 9.3 % Discount rate: Government-guaranteed mortgage loans 12.0 % 11.5 % Conventional conforming mortgage loans 10.0 % 9.5 % Conventional non-conforming mortgage loans 14.3 % 13.8 % |
Weighted-Averages of Key Economic Assumptions in Valuation Model [Table Text Block] | 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 10 % and 20 % adverse changes in those assumptions for mortgage loans as of December 31, 2018 were as follows: (Dollars in thousands) Carrying amount of servicing assets $ 27,428 Fair value $ 31,738 Weighted-average expected life (in years) 8.45 Constant prepayment rate (weighted-average annual rate) 6.26 % Decrease in fair value due to 10% adverse change $ 747 Decrease in fair value due to 20% adverse change $ 1,462 Discount rate (weighted-average annual rate) 11.25 % Decrease in fair value due to 10% adverse change $ 1,528 Decrease in fair value due to 20% adverse change $ 2,930 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Summary of Deposit Balances [Table Text Block] | The following table summarizes deposit balances as of the dates indicated: December 31, 2018 2017 (In thousands) Type of account and interest rate: Non-interest-bearing checking accounts $ 2,395,481 $ 1,833,665 Interest-bearing savings accounts - 0.05% to 0.40% (2017- 0.05% to 0.40%) 2,334,949 2,401,385 Interest-bearing checking accounts - 0.05% to 1.00% (2017- 0.05% to 1.00%) 1,304,043 1,207,511 Certificates of deposit- 0.10% to 4.00% (2017- 0.10% to 4.00%) 2,404,644 2,429,585 Brokered certificates of deposit- 1.10% to 3.00% (2017- 0.85% to 2.80%) 555,597 1,150,485 $ 8,994,714 $ 9,022,631 |
Schedule of contractual maturities of CDs | The following table presents the contractual maturities of CDs, including brokered CDs, as of December 31, 2018: Total (In thousands) Three months or less $ 516,484 Over three months to six months 422,723 Over six months to one year 726,199 Over one year to two years 643,293 Over two years to three years 321,978 Over three years to four years 180,994 Over four years to five years 144,951 Over five years 3,619 Total $ 2,960,241 |
Brokered Certificates Of Deposit Mature [Table Text Block] | Brokered CDs mature as follows: December 31, 2018 (In thousands) Three months or less $ 86,024 Over three months to six months 42,879 Over six months to one year 130,692 One to three years 249,284 Three to five years 45,336 Over five years 1,382 Total $ 555,597 |
Schedule of Interest Expenses on Deposits [Table Text Block] | A table showing interest expense on deposits follows: Year Ended December 31, 2018 2017 2016 (In thousands) Interest-bearing checking accounts $ 5,208 $ 4,566 $ 4,914 Savings 14,298 12,520 12,392 Certificates of deposit 33,652 30,277 28,068 Brokered certificates of deposit 14,493 19,174 21,928 Total $ 67,651 $ 66,537 $ 67,302 |
SECURITIES SOLD UNDER AGREEME_2
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Repurchase Agreements [Abstract] | |
Schedule Of Repurchase Agreements [Table Text Block] | Securities sold under agreements to repurchase (repurchase agreements ) as of the dates indicated consisted of the following: December, 31 2018 2017 (Dollars in thousands) Short-term fixed-rate repurchase agreement with a rate of 2.85% (December 31, 2017 - 1.53%) $ 50,086 $ 100,000 Long-term fixed-rate repurchase agreements, interest rate of 2.26% (December 31, 2017: interest ranging from 1.96% to 2.26%) (1)(2) 100,000 200,000 $ 150,086 $ 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 December 31, 2018, the lender had the option to call another repurchase agreement, which was not exercised. Repurchase agreements mature as follows: December 31, 2018 (In thousands) Three months or less $ 50,086 Over three to four years 100,000 Total $ 150,086 Repurchase agreements as of December 31, 2018, grouped by counterparty, were as follows: Weighted-Average Counterparty Amount Maturity (In Months) (Dollars in thousands) JP Morgan Chase $ 150,086 35 |
Schedule of Securities Sold Under Repurchase Agreements [Table Text Block] | The following securities were sold under agreements to repurchase: December 31, 2018 Amortized Approximate Weighted Cost of Fair Value Average Underlying Balance of of Underlying Interest Rate Underlying Securities Securities Borrowing Securities of Security (In thousands) U.S. government-sponsored agencies $ 31,396 $ 25,276 $ 30,958 1.55 % Mortgage-backed securities 155,963 124,810 151,777 2.39 % Total $ 187,359 $ 150,086 $ 182,735 Accrued interest receivable $ 483 December 31, 2017 Amortized Approximate Weighted Cost of Fair Value Average Underlying Balance of of Underlying Interest Rate Underlying Securities Securities Borrowing Securities of Security (In thousands) U.S. government-sponsored agencies $ 132,637 $ 127,801 $ 131,271 1.39 % Mortgage-backed securities 222,325 172,199 218,852 2.29 % Total $ 354,962 $ 300,000 $ 350,123 Accrued interest receivable $ 1,060 |
ADVANCES FROM THE FEDERAL HOM_2
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Advances from the Federal Home Loan Bank (FHLB) [Abstract] | |
Summary of Advances from FHLB [Table Text Block] | The following is a summary of the advances from the FHLB: December 31, December 31, 2018 2017 (Dollars in thousands) Long-term fixed-rate advances from FHLB, with a weighted-average interest rate of 2.07% (December 31, 2017 - 1.91%) $ 740,000 $ 715,000 Advances from FHLB mature as follows: December 31, 2018 (In thousands) Over six months to one year $ 205,000 Over one to three years 335,000 Over three to five years 200,000 Total $ 740,000 |
OTHER BORROWINGS (Tables)
OTHER BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subordinated Borrowings [Abstract] | |
Components of Other Borrowings [Table Text Block] | Other borrowings, as of the indicated dates, consist of: December 31, December 31, (In thousands) 2018 2017 Junior subordinated debentures due in 2034, interest-bearing at a floating rate of 2.75% over 3-month LIBOR (5.54% as of December 31, 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 (5.29% as of December 31, 2018 and 4.12% as of December 31, 2017) 118,557 118,557 $ 184,150 $ 208,635 (1) Refer to Note 15 - Non-Consolidated Variable Interest Entities 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. |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Calculations of Earnings Per Common Share [Table Text Block] | The calculation of earnings per common share for the years ended December 31, 2018, 2017, and 2016 are as follows: Year Ended December 31, 2018 2017 2016 (In thousands, except per share information) Net income $ 201,608 $ 66,956 $ 93,229 Less: Preferred stock dividends (2,676) (2,676) (223) Net income attributable to common stockholders $ 198,932 $ 64,280 $ 93,006 Weighted-Average Shares: Average common shares outstanding 215,709 213,963 212,818 Average potential dilutive common shares 968 2,155 2,976 Average common shares outstanding - assuming dilution 216,677 216,118 215,794 Earnings per common share: Basic $ 0.92 $ 0.30 $ 0.44 Diluted $ 0.92 $ 0.30 $ 0.43 ____________ |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity Under Omnibus Plan [Table Text Block] | The following table summarizes the restricted stock activity in 2018 under the Omnibus Plan: 2018 Number of Weighted- shares of Average restricted Grant Date stock Fair Value Non-vested shares at beginning of year 1,816,968 $ 2.76 Granted 407,886 6.71 Forfeited (16,000) 4.31 Vested (1,244,744) 2.47 Non-vested shares at end of year 964,110 $ 4.79 |
OTHER NON- INTEREST EXPENSES (T
OTHER NON- INTEREST EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Non Interest Expenses [Abstract] | |
Schedule of other non interest expenses [Table Text Block] | A detail of other non-interest expenses is as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Supplies and printing $ 2,177 $ 1,990 $ 1,502 (Release) provision for unfunded lending commitments (264) (928) 1,173 Amortization of intangible assets 3,593 4,403 4,896 Servicing and processing fees 4,991 4,421 4,604 Write-down and losses on sale of non-real estate repossessed properties 62 253 689 Insurance and supervisory fees 4,602 4,809 4,865 Other 6,914 7,203 8,022 Total $ 22,075 $ 22,151 $ 25,751 |
OTHER NON- INTEREST INCOME (Tab
OTHER NON- INTEREST INCOME (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Non-interest Income [Abstract] | |
Schedule of other non interest income [Table Text Block] | A detail of other non-interest income is as follows: Year Ended 2018 2017 2016 (In thousands) Non-deferrable loan fees $ 2,384 $ 2,109 $ 3,346 Commissions and fees-broker-dealer-related - - 789 Merchant-related income 5,244 4,209 4,095 ATM and POS fees 9,515 8,929 8,462 Credit and debit card interchange and other fees 9,598 7,587 7,492 Mail and cable transmission commissions 2,101 1,729 1,740 Fair value adjustments and losses on sales of commercial and construction loans held for sale (3,186) - - Gain from sales of fixed-assets 1,366 149 591 Gain from insurance proceeds 537 - - Other 5,183 4,142 4,385 Total $ 32,742 $ 28,854 $ 30,900 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax (benefit) expense are summarized below: Year Ended December 31, 2018 2017 2016 (In thousands) Current income tax expense $ 14,073 $ 8,179 $ 13,151 Deferred income tax expense (benefit): Adjustment for enacted changes in tax law 15,402 138 (20) Reversal of deferred tax asset valuation allowance (63,228) (1,792) - Other deferred income tax expense (benefit) 22,783 (11,498) 23,899 Total income tax (benefit) expense $ (10,970) $ (4,973) $ 37,030 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The differences between the income tax expense applicable to income before the provision for income taxes and the amount computed by applying the statutory tax rate in Puerto Rico were as follows: Year Ended December 31, 2018 2017 2016 Amount % of Pretax Income Amount % of Pretax Income Amount % of Pretax Income (Dollars in thousands) Computed income tax at statutory rate $ 74,349 39.0 % $ 24,173 39.0 % $ 50,801 39.0 % Federal and state taxes 3,768 2.0 % 2,335 3.8 % - - % Benefit of net exempt income (22,782) (12.0) % (16,596) (26.8) % (14,995) (11.5) % Disallowed NOL carryforward resulting from net exempt income 14,904 7.8 % 5,091 8.2 % 6,396 4.9 % Deferred tax valuation allowance (90,521) (47.5) % (10,037) (16.2) % (5,976) (4.6) % Adjustments in net deferred tax assets due to changes in enacted tax rates 15,402 8.1 % 138 0.2 % (20) - % Change in tax status of subsidiaries - - % (13,161) (21.2) % - - % Share-based compensation windfall (1,595) (0.8) % (40) - % 92 0.1 % Effect of capital losses subject to preferential rates - - % 2,102 3.4 % 727 0.6 % Non deductible expenses and other permanent differences (839) (0.4) % (470) (0.8) % (1,720) (1.2) % Tax return to provision adjustments 4 - % 607 1.0 % 434 0.3 % Other-net (3,660) (1.9) % 885 1.4 % 1,291 1.0 % Total income tax (benefit) expense $ (10,970) (5.7) % $ (4,973) (8.0) % $ 37,030 28.6 % |
Schedule of significant components Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax bases. Significant components of the Corporation's deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 (In thousands) Deferred tax asset: Net operating loss carryforward $ 316,059 $ 376,423 Allowance for loan and lease losses 75,010 94,111 Alternative Minimum Tax credits available for carryforward 9,238 6,598 Unrealized loss on OREO valuation 15,405 14,784 Unrealized loss on available-for-sale securities, net 189 - Settlement payment-closing agreement 7,031 7,313 Legal and other reserves 3,293 2,333 Reserve for insurance premium cancellations 610 635 Other 7,526 8,326 Total gross deferred tax assets 434,361 510,523 Deferred tax liabilities: Differences between the assigned values and tax bases of assets and liabilities recognized in purchase business combinations 4,192 5,143 Servicing assets 9,143 8,625 Unrealized gain on available-for-sale securities, net - 1,306 Other 514 9,457 Total gross deferred tax liabilities 13,849 24,531 Valuation allowance (100,661) (191,183) Net deferred tax asset $ 319,851 $ 294,809 |
OTHER COMPREHENSIVE INCOME (L_2
OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement of Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents changes in accumulated other comprehensive loss for the years ended December 31, 2018, 2017 and 2016: Changes in Accumulated Other Comprehensive Loss by Component (1) Year ended December 31, 2018 2017 2016 (In thousands) Unrealized net holding losses on debt securities Beginning balance $ (20,609) $ (34,383) $ (27,749) Other comprehensive (loss) income (19,806) 13,774 (6,634) Ending balance $ (40,415) $ (20,609) $ (34,383) Unrealized holding losses on equity securities Beginning balance $ (6) $ (7) $ - Reclassification to retained earnings per ASU 2016-01 6 - - Other comprehensive income - 1 (7) Ending balance $ - $ (6) $ (7) ______________________ (1) All amounts presented are net of tax. |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The following table presents the amounts reclassified out of each component of accumulated other comprehensive loss for the years ended December 31, 2018, 2017 and 2016: Reclassifications Out of Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Income Year ended December 31, 2018 2017 2016 (In thousands) Unrealized holding losses on debt securities Realized (loss) gain on sale of debt securities Net (loss) gain on sale of investments $ (34) $ 371 $ 6,104 OTTI on debt securities Net impairment losses on available-for-sale debt securities (50) (12,231) (6,687) Total before tax $ (84) $ (11,860) $ (583) Income tax - - - Total, net of tax $ (84) $ (11,860) $ (583) |
LEASE COMMITMENTS (Tables)
LEASE COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Lease Commitments [Abstract] | |
Schedule of Obligations Under Various Leases [Table Text Block] | As of December 31, 201 8 , the obligation under various leases is as follows: Amount (In thousands) 2019 $ 9,640 2020 8,869 2021 8,101 2022 7,086 2023 5,488 2024 and later years 36,444 Total $ 75,628 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis are summarized below: As of December 31, 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 7,456 - - 7,456 7,401 - - 7,401 Noncallable U.S. agency debt securities - 319,124 - 319,124 - 361,971 - 361,971 Callable U.S. agency debt securities and MBS - 1,594,622 - 1,594,622 - 1,497,253 - 1,497,253 Puerto Rico government obligations - 4,128 2,824 6,952 - 4,118 2,695 6,813 Private label MBS - - 13,914 13,914 - - 17,060 17,060 Other investments - - 500 500 - - 100 100 Equity securities (1) 418 - - 418 - - - - Derivatives, included in assets: Purchased interest rate cap agreements - 623 - 623 - 305 - 305 Forward contracts - - - - - 7 - 7 Interest rate lock commitments - 383 - 383 - - - - Forward loan sales commitments - 12 - 12 - - - - Liabilities: Derivatives, included in liabilities: Written interest rate cap agreements - 617 - 617 - 305 - 305 Forward contracts - 383 - 383 - 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. |
Schedule of Changes in Fair Value [Table Text Block] | The table below summarizes changes in unrealized gains and losses recorded in earnings for the years ended December 31, 2018, 2017, and 2016 for Level 3 assets and liabilities that are still held at the end of each year: Changes in Unrealized Losses (Year Ended December 31, 2018) Changes in Unrealized Losses (Year Ended December 31, 2017) Changes in Unrealized Losses (Year Ended December 31, 2016) Level 3 Instruments Only Securities Available for Sale Securities Available for Sale Securities Available for Sale (In thousands) Changes in unrealized losses relating to assets still held at reporting date: Net impairment losses on available-for-sale investment securities (credit component) $ (50) $ - $ (387) |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The table below presents qualitative information for significant assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2018 and 2017: December 31, 2018 (In thousands) Fair Value Valuation Technique Unobservable Input Range Investment securities available for sale: Private label MBS $ 13,914 Discounted cash flows Discount rate 14.5% Prepayment rate 3.3% - 20.9% (Weighted-Average 11.4%) Projected Cumulative Loss Rate 0.0% - 6.8% (Weighted-Average 3%) Puerto Rico government obligations 2,824 Discounted cash flows Discount rate 6.28% 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% - 6.8% (Weighted Average 3.0%) Puerto Rico government obligations 2,695 Discounted cash flows Discount rate 6.61% Prepayment rate 3.00% |
Impairment or Valuation Adjustments were Recorded for Assets Recognized at Fair Value [Table Text Block] | As of December 31, 201 8 , impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Carrying value as of December 31, 2018 (Losses) recorded for the Year Ended December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 365,726 $ (29,799) OREO (2) - - 131,402 (11,499) Loans held for sale (3) - - 16,111 (10,102) (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) Nonaccrual commercial and construction loans transferred to held for sale in 2018 and still in inventory at year end. The value of these loans was primarily derived from broker price opinions that the Corporation considered. As of December 31, 2017, impairment or valuation adjustments were recorded for assets recognized at fair value on a non-recurring basis as shown in the following table: Carrying value as of December 31, 2017 (Losses) recorded for the Year Ended December 31, 2017 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 410,428 $ (39,493) OREO (2) - - 147,940 (8,511) Mortgage servicing rights (3) - - 25,255 (1,611) (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 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) Fair value adjustments to mortgage servicing rights were mainly due to assumptions associated with mortgage prepayment rates. The Corporation carries its mortgage servicing rights at the lower of cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights include: Prepayment rate 6.30%, Discount rate 11.23%. As of December 31, 2016, impairment or valuation adjustments were recorded for assets recognized at fair value on a nonrecurring basis as shown in the following table: Carrying value as of December 31, 2016 (Losses) recorded for the Year Ended December 31, 2016 Level 1 Level 2 Level 3 (In thousands) Loans receivable (1) $ - $ - $ 442,081 $ (49,884) OREO (2) - - 137,681 (7,873) Mortgage servicing rights (3) - - 26,244 (325) (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) 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 6.12%, Discount rate 11.19%. |
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 December 31, 2018 are as follows: December 31, 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 |
Estimated Fair Value and Carrying Value of Financial Instruments [Table Text Block] | The following tables present the carrying value, estimated fair value and estimated fair value level of the hierarchy of financial instruments as of December 31, 2018 and 2017: Total Carrying Amount in Statement of Financial Condition December 31, 2018 Fair Value Estimate December 31, 2018 Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks and money market investments (amortized cost) $ 586,203 $ 586,203 $ 586,203 $ - $ - Investment securities available for sale (fair value) 1,942,568 1,942,568 7,456 1,917,874 17,238 Investment securities held to maturity (amortized cost) 144,815 125,658 - - 125,658 Equity securities (fair value) 44,530 44,530 418 44,112 - Loans held for sale (lower of cost or market) 43,186 43,831 - 27,720 16,111 Loans, held for investment (amortized cost) 8,858,123 Less: allowance for loan and lease losses (196,362) Loans held for investment, net of allowance $ 8,661,761 8,213,144 - - 8,213,144 Derivatives, included in assets (fair value) 1,018 1,018 - 1,018 - Liabilities: Deposits (amortized cost) 8,994,714 9,005,679 - 9,005,679 - Securities sold under agreements to repurchase (amortized cost) 150,086 169,366 - 169,366 - Advances from FHLB (amortized cost) 740,000 730,253 - 730,253 - Other borrowings (amortized cost) 184,150 177,201 - - 177,201 Derivatives, included in liabilities (fair value) 1,000 1,000 - 1,000 - 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 of Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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 years ended December 31, 2018, 2017, and 2016: 2018 2017 2016 Level 3 Instruments Only Securities Available for Sale (1) Securities Available for Sale (1) Securities Available for Sale (1) (In thousands) Beginning balance $ 19,855 $ 22,914 $ 27,297 Total gain (losses) (realized/unrealized): Included in earnings (50) - (387) Included in other comprehensive income 222 2,777 1,586 Purchases 500 - - Principal repayments and amortization (3,289) (5,836) (5,582) Ending balance $ 17,238 $ 19,855 $ 22,914 ___________________ (1) Amounts mostly related to private label MBS. |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | (In thousands) Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Treasury and Investments United States Operations Virgin Islands Operations Total Year ended December 31, 2018: Net interest income (1) $ 79,389 $ 217,933 $ 78,675 $ 61,628 $ 59,056 $ 28,702 $ 525,383 Service charges and fees on deposit accounts - 13,332 4,965 - 559 2,812 21,668 Insurance commissions - 7,889 - - 87 455 8,431 Merchant-related income - 3,561 748 - - 934 5,243 Credit and debit card fees - 17,538 1,225 - 618 2,061 21,442 Other service charges and fees 252 4,391 1,280 71 1,351 525 7,870 Not in scope of Topic 606 (1) 16,821 995 (3,060) 2,434 405 61 17,656 Total non-interest income 17,073 47,706 5,158 2,505 3,020 6,848 82,310 Total Revenue $ 96,462 $ 265,639 $ 83,833 $ 64,133 $ 62,076 $ 35,550 $ 607,693 (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) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Cash paid for: Interest on borrowings $ 98,194 $ 93,634 $ 127,707 Income tax 7,175 4,037 3,198 Non-cash investing and financing activities: Additions to OREO 48,767 47,711 47,808 Additions to auto and other repossessed assets 52,023 40,987 52,628 Capitalization of servicing assets 3,864 3,318 5,260 Loan securitizations 233,175 235,074 338,333 Loans held for investment transferred to held for sale 90,319 - 10,332 Loans held for sale transferred to held for investment 2,179 10,234 1,443 Property plant and equipment transferred to other assets - 1,185 1,221 |
REGULATORY MATTERS, COMMITMEN_2
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Corporations and its banking subsidiarys regulatory capital positions [Table Text Block] | The regulatory capital positions of the Corporation and FirstBank as of December 31, 2018 and 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 December 31, 2018 Total Capital (to Risk-Weighted Assets) First BanCorp. $ 2,118,940 24.00% $ 706,418 8.0% N/A N/A FirstBank $ 2,075,894 23.51% $ 706,426 8.0% $ 883,032 10.0% Common Equity Tier 1 Capital (to Risk-Weighted Assets) First BanCorp. $ 1,792,880 20.30% 397,360 4.5% N/A N/A FirstBank $ 1,656,563 18.76% 397,365 4.5% 573,971 6.5% Tier I Capital (to Risk-Weighted Assets) First BanCorp. $ 1,828,984 20.71% $ 529,814 6.0% N/A N/A FirstBank $ 1,964,563 22.25% $ 529,819 6.0% $ 706,426 8.0% Leverage ratio First BanCorp. $ 1,828,984 15.37% $ 475,924 4.0% N/A N/A FirstBank $ 1,964,563 16.53% $ 475,490 4.0% $ 594,362 5.0% At 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% |
Schedule of detail of commitments to extend credit, standby letters of credit and commitments to sell loans [Table Text Block] | The following table summarizes commitments to extend credit and standby letters of credit as of the indicated dates: December 31, 2018 2017 (In thousands) Financial instruments whose contract amounts represent credit risk: Commitments to extend credit: Construction undisbursed funds $ 160,905 $ 77,649 Unused personal lines of credit 722,510 710,607 Commercial lines of credit 455,344 471,732 Commercial letters of credit 69,664 46,728 Standby letters of credit 2,865 2,691 |
DERIVATIVE INSTRUMENTS AND HE_2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of All Derivative Instruments [Table Text Block] | The following table summarizes the notional amounts of all derivative instruments: Notional Amounts (1) As of December 31, 2018 2017 (In thousands) Undesignated economic hedges: Interest rate contracts: Written interest rate cap agreements $ 68,510 $ 91,010 Purchased interest rate cap agreements 68,510 91,010 Interest rate lock commitments 11,722 - Forward Contracts: Sale of TBA GNMA MBS pools 33,000 26,000 Forward loan sales commitments 6,339 - $ 188,081 $ 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 [Table Text Block] | 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 December 31, December 31, December 31, December 31, Financial Condition 2018 2017 Statement of 2018 2017 Location Fair Value Fair Value 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 $ 617 $ 305 Purchased interest rate cap agreements Other assets 623 305 Accounts payable and other liabilities - - Interest rate lock commitments Other assets 383 - - - Forward Contracts: Sales of TBA GNMA MBS pools Other assets - 7 Accounts payable and other liabilities 383 19 Forward loan sales commitments Other assets 12 - - - $ 1,018 $ 312 $ 1,000 $ 324 |
Effect of Derivative Instruments on Statement of Income (Loss) [Table Text Block] | The following table summarizes the effect of derivative instruments on the consolidated statements of income: Gain (or Loss) Location of Unrealized Gain (loss) Year ended Recognized in December 31, Statement of Income on Derivatives 2018 2017 2016 (In thousands) Undesignated economic hedges: Interest rate contracts: Written and purchased interest rate cap agreements Interest income - Loans $ 22 $ (2) $ - Interest rate lock commitments Mortgage Banking Activities 383 - - Forward contracts: Sales of TBA GNMA MBS pools Mortgage Banking Activities (371) 189 (78) Forward loan sales commitments Mortgage Banking Activities 12 - - Total gain (loss) on derivatives $ 46 $ 187 $ (78) |
OFFSETTING OF ASSETS AND LIAB_2
OFFSETTING OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Offsetting [Abstract] | |
Offsetting Assets [Table Text Block] | Offsetting of Financial Assets and Derivative Assets As of December 31, 2018 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Derivatives $ 623 $ - $ 623 $ - $ (623) $ - Securities purchased under agreement to resell 200,000 (200,000) - - - - Total $ 200,623 $ (200,000) $ 623 $ - $ (623) $ - As of December 31, 2017 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Derivatives $ 305 $ - $ 305 $ (305) $ - $ - Securities purchased under agreement to resell 200,000 (200,000) - - - - Total $ 200,305 $ (200,000) $ 305 $ (305) $ - $ - |
Offsetting Liabilities [Table Text Block] | Offsetting of Financial Liabilities and Derivative Liabilities As of December 31, 2018 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 350,086 $ (200,000) $ 150,086 $ (150,086) $ - $ - As of December 31, 2017 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 Gross Amounts Not Offset in the Statement of Financial Position Financial Instruments Cash Collateral Net Amount (In thousands) Description Securities sold under agreements to repurchase $ 500,000 $ (200,000) $ 300,000 $ (300,000) $ - $ - |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment [Text Block] | The following table presents information about the reportable segments for the years ended December 31, 2018, 2017, and 2016: Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) For the year ended December 31, 2018: Interest income $ 127,042 $ 181,166 $ 138,706 $ 61,913 $ 83,971 $ 32,169 $ 624,967 Net (charge) credit for transfer of funds (47,653) 65,092 (60,031) 44,540 (1,948) - - Interest expense - (28,325) - (44,825) (22,967) (3,467) (99,584) Net interest income 79,389 217,933 78,675 61,628 59,056 28,702 525,383 Provision for loan and lease losses (13,083) (23,516) (4,804) - (11,882) (5,968) (59,253) Non-interest income 17,073 47,706 5,158 2,505 3,020 6,848 82,310 Direct non-interest expenses (38,213) (112,176) (32,371) (2,966) (33,566) (30,963) (250,255) Segment income $ 45,166 $ 129,947 $ 46,658 $ 61,167 $ 16,628 $ (1,381) $ 298,185 Average earnings assets $ 2,258,974 $ 1,636,002 $ 2,530,635 $ 2,552,130 $ 1,750,155 $ 537,574 $ 11,265,470 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) For the year ended December 31, 2017: Interest income $ 131,718 $ 173,690 $ 128,871 $ 48,071 $ 69,760 $ 36,313 $ 588,423 Net (charge) credit for transfer of funds (45,759) 27,475 (36,904) 56,865 (1,677) - - Interest expense - (25,240) - (49,577) (18,902) (3,153) (96,872) Net interest income 85,959 175,925 91,967 55,359 49,181 33,160 491,551 Provision for loan and lease losses (47,713) (53,778) (33,296) - (3,644) (5,823) (144,254) Non-interest income (loss) 12,825 43,924 7,176 (10,206) 2,664 6,004 62,387 Direct non-interest expenses (36,403) (108,165) (35,142) (3,376) (32,197) (26,994) (242,277) Segment income $ 14,668 $ 57,906 $ 30,705 $ 41,777 $ 16,004 $ 6,347 $ 167,407 Average earnings assets $ 2,451,655 $ 1,749,148 $ 2,489,948 $ 2,215,551 $ 1,525,191 $ 603,835 $ 11,035,328 Mortgage Banking Consumer (Retail) Banking Commercial and Corporate Banking Treasury and Investments United States Operations Virgin Islands Operations Total (In thousands) For the year ended December 31, 2016: Interest income $ 138,955 $ 179,485 $ 123,084 $ 50,372 $ 56,037 $ 37,359 $ 585,292 Net (charge) credit for transfer of funds (49,435) 13,996 (26,364) 60,787 1,016 - - Interest expense - (24,787) - (57,924) (15,240) (3,223) (101,174) Net interest income 89,520 168,694 96,720 53,235 41,813 34,136 484,118 (Provision) release for loan and lease losses (24,873) (34,246) (28,578) - 1,369 (405) (86,733) Non-interest income 19,531 44,535 7,811 5,423 3,554 7,100 87,954 Direct non-interest expenses (38,170) (112,787) (40,676) (4,047) (30,678) (27,596) (253,954) Segment income (loss) $ 46,008 $ 66,196 $ 35,277 $ 54,611 $ 16,058 $ 13,235 $ 231,385 Average earnings assets $ 2,562,245 $ 1,951,214 $ 2,497,037 $ 2,616,877 $ 1,226,633 $ 612,570 $ 11,466,576 |
Reconciliation of the Reportable Segment Financial Information [Table Text Block] | The following table presents a reconciliation of the reportable segment financial information to the consolidated totals: Year Ended December 31, 2018 2017 2016 (In thousands) Net income: Total income for segments and other $ 298,185 $ 167,407 $ 231,385 Other operating expenses (1) (107,547) (105,424) (101,126) Income before income taxes 190,638 61,983 130,259 Income tax (benefit) expense (10,970) (4,973) 37,030 Total consolidated net income $ 201,608 $ 66,956 $ 93,229 Average assets: Total average earning assets for segments $ 11,265,470 $ 11,035,328 $ 11,466,576 Average non-earning assets 940,731 937,950 923,566 Total consolidated average assets $ 12,206,201 $ 11,973,278 $ 12,390,142 (1) Expenses pertaining to corporate administrative functions that support the operating segments 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. |
Schedule of revenues and selected balance sheet data by geography [Table Text Block] | The following table presents revenues (interest income plus non-interest income) and selected balance sheet data by geography based on the location in which the transaction is originated: 2018 2017 2016 (In thousands) Revenues: Puerto Rico $ 581,269 $ 536,069 $ 568,180 United States 86,991 72,424 60,607 Virgin Islands 39,017 42,317 44,459 Total consolidated revenues $ 707,277 $ 650,810 $ 673,246 Selected Balance Sheet Information: Total assets: Puerto Rico $ 9,797,267 $ 9,871,272 $ 9,765,530 United States 1,940,633 1,780,654 1,499,548 Virgin Islands 505,661 609,342 657,377 Loans: Puerto Rico $ 6,586,033 $ 6,633,432 $ 6,926,719 United States 1,834,088 1,665,448 1,382,440 Virgin Islands 481,188 584,576 627,720 Deposits: Puerto Rico (1) $ 6,208,531 $ 6,268,056 $ 6,291,353 United States (2) 1,519,362 1,637,941 1,564,839 Virgin Islands 1,266,821 1,116,634 975,013 (1) For 2018, 2017, and 2016, includes $441.1 million, $1.0 billion, and $1.4 billion, respectively, of brokered CDs allocated to Puerto Rico operations. (2) For 2018, 2017, and 2016 includes $114.5 million, $158.0 million, and $60.1 million, respectively, of brokered CDs allocated to the United States operations. |
FIRST BANCORP. (Holding Compa_2
FIRST BANCORP. (Holding Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Statements of Financial Condition [Table Text Block] | Statements of Financial Condition As of December 31, 2018 2017 (In thousands) Assets Cash and due from banks $ 10,984 $ 20,864 Money market investments 6,111 6,111 Other investment securities 285 285 Loans held for investment, net - 191 Investment in First Bank Puerto Rico, at equity 2,179,655 2,028,641 Investment in First Bank Insurance Agency, at equity 17,780 12,400 Investment in FBP Statutory Trust I 1,963 2,698 Investment in FBP Statutory Trust II 3,561 3,561 Other assets 12,219 3,799 Total assets $ 2,232,558 $ 2,078,550 Liabilities and Stockholders' Equity Liabilities: Other borrowings $ 184,150 $ 208,635 Accounts payable and other liabilities 3,704 818 Total liabilities 187,854 209,453 Stockholders' equity 2,044,704 1,869,097 Total liabilities and stockholders' equity $ 2,232,558 $ 2,078,550 |
Statements of Loss [Table Text Block] | Statements of Income Year Ended December 31, 2018 2017 2016 (In thousands) Income Interest income on money market investments $ 20 $ 20 $ 20 Interest income on loans 105 - - Dividend income from banking subsidiaries 37,784 7,200 34,876 Dividend income from non-banking subsidiaries - 3,000 7,000 Other income 275 262 241 38,184 10,482 42,137 Expense Other borrowings 8,983 8,284 7,705 Other operating expenses 2,489 3,175 3,481 11,472 11,459 11,186 Gain on early extinguishment of debt 2,316 1,391 4,217 Income before income taxes and equity in undistributed earnings of subsidiaries 29,028 414 35,168 Income tax expense - 45 - Equity in undistributed earnings of subsidiaries 172,580 66,587 58,061 Net income $ 201,608 $ 66,956 $ 93,229 Other comprehensive (loss) income, net of tax (19,806) 13,775 (6,641) Comprehensive income $ 181,802 $ 80,731 $ 86,588 |
Statements of Cash Flow of holding company [Table Text Block] | Statements of Cash Flows Year Ended December 31, 2018 2017 2016 (In thousands) Cash flows from operating activities: Net income $ 201,608 $ 66,956 $ 93,229 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 2,202 3,769 3,563 Equity in undistributed earnings of subsidiaries (172,580) (66,587) (58,061) Gain on early extinguishment of debt (2,316) (1,391) (4,217) Accretion of discount on loans (4) (14) (11) Net (increase) decrease in other assets (8,417) (8) 802 Net increase (decrease) in other liabilities 2,890 (201) (26,685) Net cash provided by operating activities 23,383 2,524 8,620 Cash flows from investing activities: Principal collected on loans 191 50 50 Net cash provided by investing activities 191 50 50 Cash flows from financing activities: Repurchase of common stock (2,827) (2,497) (1,132) Repayment of junior subordinated debentures (21,434) (5,930) (7,025) Dividends paid on common stock (6,517) - - Dividends paid on preferred stock (2,676) (2,676) (223) Net cash used in financing activities (33,454) (11,103) (8,380) Net (decrease) increase in cash and cash equivalents (9,880) (8,529) 290 Cash and cash equivalents at beginning of the year 26,975 35,504 35,214 Cash and cash equivalents at end of year $ 17,095 $ 26,975 $ 35,504 Cash and cash equivalents include: Cash and due from banks $ 10,984 $ 20,864 $ 29,393 Money market instruments 6,111 6,111 6,111 $ 17,095 $ 26,975 $ 35,504 |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of business (Detail) | Dec. 31, 2018subsidiariesofficesnumberofbranches |
FirstBank [Member] | PUERTO RICO [Member] | |
Nature Of Business [Line Items] | |
Wholly owned subsidiaries | subsidiaries | 6 |
Banking branches | 46 |
FirstBank [Member] | U S [Member] | |
Nature Of Business [Line Items] | |
Banking branches | 10 |
FirstBank [Member] | USVI and BVI [Member] | |
Nature Of Business [Line Items] | |
Banking branches | 11 |
First Federal Finance Corp [Member] | PUERTO RICO [Member] | |
Nature Of Business [Line Items] | |
Offices | offices | 28 |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Loans held for investment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Troubled Debt Restructurings Sustained Performance Period | 6 months | |
Loan value deliquency threshold to be valued at fair value, percent | 60.00% | |
Nonacrual Sustained Performance Period | 6 months | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 1 | |
Boat Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 1 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Delinquent | 2 months | |
Residential Portfolio Segment [Member] | Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Nonperforming | 2 months 29 days | |
Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Guaranteed Loans Past Due | 2 months 29 days | |
Period Of Guaranteed Residential Mortgage Loans That Are No Longer Accruing Interest | 1 year 3 months | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Nonperforming | 2 months 29 days | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Delinquent | 2 months | |
Financing Receivable, Individually Evaluated for Impairment | $ 1 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Delinquent | 30 days | |
Financing Receivable, Individually Evaluated for Impairment | $ 1 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Delinquent | 2 months | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due Of Financing Receivables To Be Considered Nonperforming | 2 months 29 days | |
Threshold Period Past Due Of Financing Receivables To Be Considered Delinquent | 30 days | |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due for Write-off of Financing Receivable | 3 months 28 days | |
Consumer Portfolio Segment [Member] | Personal Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due for Write-off of Financing Receivable | 3 months 28 days | |
Consumer Portfolio Segment [Member] | Small Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due for Write-off of Financing Receivable | 5 months 27 days | |
Consumer Portfolio Segment [Member] | Credit Card [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due for Write-off of Financing Receivable | 5 months 27 days | 5 months 27 days |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Threshold Period Past Due for Write-off of Financing Receivable | 3 months 28 days |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for loan and lease losses (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Commercial And Construction Large Relationships Percent | 80.00% |
Boat Loans [Member] | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 1 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | 1 |
Construction Loans [Member] | |
Financing Receivable Allowance For Credit Losses [Line Items] | |
Financing Receivable, Individually Evaluated for Impairment | $ 1 |
NATURE OF BUSINESS AND SUMMAR_5
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Servicing Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Servicing Asset at Amortized Cost | $ 27,428 | $ 25,255 | $ 26,244 | $ 24,282 |
NATURE OF BUSINESS AND SUMMAR_6
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill and other intangible assets (Detail) - Customer Relationships [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 15, 2016 | Jun. 30, 2012 |
Credit Card [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets Gross | $ 24,465 | $ 24,465 | $ 24,500 | |
Property, Liability and Casualty Insurance Product Line [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets Gross | $ 1,067 | $ 1,067 | ||
Property, Liability and Casualty Insurance Product Line [Member] | Doral Bank Transaction Member [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets Gross | $ 1,100 |
NATURE OF BUSINESS AND SUMMAR_7
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Securities purchased and sold under agreements to repurchase (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Modified Repurchase Agreements Threshold | 10.00% |
NATURE OF BUSINESS AND SUMMAR_8
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rewards Liability (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Reward liability | $ 7 | $ 7 |
NATURE OF BUSINESS AND SUMMAR_9
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Updates (Detail) $ in Millions | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Capitalized Costs Cloud Computing Arrangements | $ 0.2 |
Minimum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
ROU assets and lease liabilities for operating leases | 55 |
Maximum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
ROU assets and lease liabilities for operating leases | $ 65 |
NATURE OF BUSINESS AND SUMMA_10
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Detail) | 12 Months Ended |
Dec. 31, 2018numberofreportableunits | |
Segment Reporting [Abstract] | |
Number Of Reportable Segments | 6 |
EFFECTS OF NATURAL DISASTERS- A
EFFECTS OF NATURAL DISASTERS- Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Liability For Catastrophe Claims [Line Items] | |||||
Proceeds from the settlement of insurance claims | $ 7,673 | $ 0 | $ 0 | ||
Gain from insurance proceeds | 537 | 0 | $ 0 | ||
Commercial [Member] | General Allowance [Member] | |||||
Liability For Catastrophe Claims [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 5,700 | $ 5,700 | |||
Hurricane [Member] | |||||
Liability For Catastrophe Claims [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 19,200 | 55,600 | 19,200 | $ 66,500 | |
Net Loan Loss Reserve Release | 16,900 | ||||
Increase Decrease In Deposits Excluding Brokered Certificates Of Deposits | $ 567,000 | $ 928,500 | |||
Percentage Of Non Interest Bearing Demand Deposits | 31.00% | 51.00% | |||
Insurance Settlements Receivable | $ 3,400 | 4,800 | $ 3,400 | ||
Proceeds from the settlement of insurance claims | 6,800 | ||||
Gain from insurance proceeds | 500 | ||||
Recoveries of disaster response costs | 1,000 | ||||
Increase Decrease In Non Interest Bearing Demand Deposits | 561,800 | 809,300 | |||
Hurricane [Member] | Consumer loans [Member] | |||||
Liability For Catastrophe Claims [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 3,200 | $ 25,000 | 3,200 | ||
Charge-offs | (10,900) | ||||
Hurricane [Member] | Commercial [Member] | |||||
Liability For Catastrophe Claims [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | (5,700) | $ (5,700) | |||
Hurricane [Member] | Loans Receivable [Member] | |||||
Liability For Catastrophe Claims [Line Items] | |||||
Proceeds from the settlement of insurance claims | $ 800 |
RESTRICTIONS ON CASH AND DUE _2
RESTRICTIONS ON CASH AND DUE FROM BANKS (Narratives) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Average Weekly Demand Deposit Reserve | $ 420,900,000 | $ 337,100,000 |
Time Deposits [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 300,000 |
MONEY MARKET INVESTMENTS (Detai
MONEY MARKET INVESTMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |||
Time deposits with other financial institutions | $ 300 | $ 3,126 | |
Other short-term investments | 7,290 | 7,289 | |
Money Market Funds At Carrying Value | $ 7,590 | $ 10,415 | $ 10,094 |
Weighted average interest rate, time deposits | 1.00% | 1.02% | |
Weighted average interest rate, other short term investments | 0.29% | 0.29% |
MONEY MARKET INVESTMENTS - Addi
MONEY MARKET INVESTMENTS - Additional Information (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Asset Pledged as Collateral [Member] | |
Cash and Cash Equivalents [Line Items] | |
Money market instruments | $ 0 |
INVESTMENT SECURITIES - Investm
INVESTMENT SECURITIES - Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | $ 1,975,230 | $ 1,903,878 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,426 | 5,731 |
Gross unrealized gain | 7,260 | 11,309 |
Gross unrealized loss | 34,496 | 18,440 |
Fair value | $ 1,942,568 | $ 1,891,016 |
Weighted-average yield | 2.55% | 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 | |
Fair value | $ 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 | $ 7,489 | |
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 | 33 | |
Fair value Due within one year | $ 7,456 | |
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 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost Due within one year | $ 191,531 | $ 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 | 1,908 | 319 |
Fair value Due within one year | $ 189,623 | $ 122,152 |
Weighted-average yield Due within one year | 1.28% | 1.06% |
Amortized cost After 1 to 5 years | $ 184,851 | $ 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 | 203 | 28 |
Gross Unrealized losses After 1 to 5 years | 2,249 | 3,735 |
Fair value After 1 to 5 years | $ 182,805 | $ 305,765 |
Weighted-average yield After 1 to 5 years | 2.07% | 1.42% |
Amortized cost After 5 to 10 years | $ 195,750 | $ 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 | 286 | 117 |
Gross Unrealized losses After 5 to 10 years | 1,674 | 319 |
Fair value After 5 to 10 years | $ 194,362 | $ 133,249 |
Weighted-average yield After 5 to 10 years | 2.95% | 2.72% |
Amortized cost After 10 years | $ 34,627 | $ 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 | 217 | 149 |
Fair value After 10 years | $ 34,410 | $ 40,621 |
Weighted-average yield After 10 years | 2.68% | 1.84% |
Puerto Rico-government obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost After 5 to 10 years | $ 4,000 | $ 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 | 128 | 47 |
Gross Unrealized losses After 5 to 10 years | 0 | 0 |
Fair value After 5 to 10 years | $ 4,128 | $ 4,118 |
Weighted-average yield After 5 to 10 years | 5.12% | 3.14% |
Amortized cost After 10 years | $ 4,185 | $ 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 | 1,361 | 1,277 |
Fair value After 10 years | $ 2,824 | $ 2,695 |
Weighted-average yield After 10 years | 6.97% | 6.97% |
United States And Puerto Rico Government Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | $ 622,433 | $ 621,664 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross unrealized gain | 617 | 193 |
Gross unrealized loss | 7,442 | 5,856 |
Fair value | $ 615,608 | $ 616,001 |
Weighted-average yield | 2.18% | 1.70% |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | $ 1,352,297 | $ 1,281,690 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,426 | 5,731 |
Gross unrealized gain | 6,643 | 11,116 |
Gross unrealized loss | 27,054 | 12,578 |
Fair value | $ 1,326,460 | $ 1,274,497 |
Weighted-average yield | 2.71% | 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 | $ 92,149 | $ 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 | 31 | 14 |
Gross Unrealized losses After 5 to 10 years | 1,850 | 63 |
Fair value After 5 to 10 years | $ 90,330 | $ 18,609 |
Weighted-average yield After 5 to 10 years | 2.09% | 2.14% |
Amortized cost After 10 years | $ 265,624 | $ 297,733 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 523 | 217 |
Gross Unrealized losses After 10 years | 6,699 | 4,853 |
Fair value After 10 years | $ 259,448 | $ 293,097 |
Weighted-average yield After 10 years | 2.52% | 2.23% |
Amortized cost | $ 357,773 | $ 316,391 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross unrealized gain | 554 | 231 |
Gross unrealized loss | 8,549 | 4,916 |
Fair value | $ 349,778 | $ 311,706 |
Weighted-average yield | 2.41% | 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 | $ 176 | $ 81 |
Noncredit Loss Component of OTTI Recorded in OCI After 1 to 5 years | 0 | 0 |
Gross Unrealized gains After 1 to 5 years | 3 | 1 |
Gross Unrealized losses After 1 to 5 years | 0 | 0 |
Fair value After 1 to 5 years | $ 179 | $ 82 |
Weighted-average yield After 1 to 5 years | 3.43% | 3.23% |
Amortized cost After 5 to 10 years | $ 61,604 | $ 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 | 408 | 1,244 |
Gross Unrealized losses After 5 to 10 years | 503 | 0 |
Fair value After 5 to 10 years | $ 61,509 | $ 70,905 |
Weighted-average yield After 5 to 10 years | 2.88% | 3.05% |
Amortized cost After 10 years | $ 118,898 | $ 145,067 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 2,938 | 5,910 |
Gross Unrealized losses After 10 years | 747 | 334 |
Fair value After 10 years | $ 121,089 | $ 150,643 |
Weighted-average yield After 10 years | 3.92% | 3.81% |
Amortized cost | $ 180,678 | $ 214,809 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross unrealized gain | 3,349 | 7,155 |
Gross unrealized loss | 1,250 | 334 |
Fair value | $ 182,777 | $ 221,630 |
Weighted-average yield | 3.56% | 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 | $ 119 | |
Noncredit Loss Component of OTTI Recorded in OCI Due within one year | 0 | |
Gross Unrealized gains Due within one year | 2 | |
Gross Unrealized losses Due within one year | 0 | |
Fair value Due within one year | $ 121 | |
Weighted-average yield Due within one year | 2.20% | |
Amortized cost After 1 to 5 years | $ 19,798 | $ 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 | 50 | 294 |
Gross Unrealized losses After 1 to 5 years | 122 | 109 |
Fair value After 1 to 5 years | $ 19,726 | $ 21,016 |
Weighted-average yield After 1 to 5 years | 2.79% | 2.69% |
Amortized cost After 5 to 10 years | $ 165,067 | $ 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 | 2 | 0 |
Gross Unrealized losses After 5 to 10 years | 3,822 | 818 |
Fair value After 5 to 10 years | $ 161,247 | $ 49,116 |
Weighted-average yield After 5 to 10 years | 2.13% | 1.83% |
Amortized cost After 10 years | $ 543,972 | $ 613,129 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 2,211 | 3,180 |
Gross Unrealized losses After 10 years | 13,233 | 6,401 |
Fair value After 10 years | $ 532,950 | $ 609,908 |
Weighted-average yield After 10 years | 2.67% | 2.43% |
Amortized cost | $ 728,956 | $ 683,894 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross unrealized gain | 2,265 | 3,474 |
Gross unrealized loss | 17,177 | 7,328 |
Fair value | $ 714,044 | $ 680,040 |
Weighted-average yield | 2.55% | 2.39% |
Mortgage Backed Securities [Member] | Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost After 1 to 5 years | $ 6,530 | $ 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 | 1 | 14 |
Gross Unrealized losses After 1 to 5 years | 18 | 0 |
Fair value After 1 to 5 years | $ 6,513 | $ 5,932 |
Weighted-average yield After 1 to 5 years | 3.15% | 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 | |
Gross Unrealized losses After 5 to 10 years | 0 | |
Fair value After 5 to 10 years | $ 2,567 | |
Weighted-average yield After 5 to 10 years | 2.23% | |
Amortized cost After 10 years | $ 59,020 | $ 35,331 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 0 | 0 |
Gross Unrealized gains After 10 years | 474 | 231 |
Gross Unrealized losses After 10 years | 60 | 0 |
Fair value After 10 years | $ 59,434 | $ 35,562 |
Weighted-average yield After 10 years | 3.22% | 2.22% |
Amortized cost | $ 65,550 | $ 43,805 |
Noncredit Loss Component of OTTI Recorded in OCI | 0 | 0 |
Gross unrealized gain | 475 | 256 |
Gross unrealized loss | 78 | 0 |
Fair value | $ 65,947 | $ 44,061 |
Weighted-average yield | 3.22% | 2.22% |
Mortgage Backed Securities [Member] | Other mortgage pass-through trust certificates [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost After 10 years | $ 19,340 | $ 22,791 |
Noncredit Loss Component of OTTI Recorded in OCI After 10 years | 5,426 | 5,731 |
Gross Unrealized gains After 10 years | 0 | 0 |
Gross Unrealized losses After 10 years | 0 | 0 |
Fair value After 10 years | $ 13,914 | $ 17,060 |
Weighted-average yield After 10 years | 4.89% | 2.44% |
Amortized cost | $ 19,340 | $ 22,791 |
Noncredit Loss Component of OTTI Recorded in OCI | 5,426 | 5,731 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Fair value | $ 13,914 | $ 17,060 |
Weighted-average yield | 4.89% | 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 |
Fair value | $ 500 | $ 100 |
Weighted-average yield | 2.96% | 1.48% |
INVESTMENT SECURITIES - Aggrega
INVESTMENT SECURITIES - Aggregate amortized cost and approximate market value of investment securities available for sale by contractual maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Total Amortized cost | $ 1,975,230 | $ 1,903,878 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Total Fair value | 1,942,568 | 1,891,016 |
Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Total Amortized cost | 1,352,297 | 1,281,690 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Total Fair value | 1,326,460 | 1,274,497 |
United States And Puerto Rico Government Obligations [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Total Amortized cost | 622,433 | 621,664 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Total Fair value | 615,608 | $ 616,001 |
United States and Puerto Rico government obligations and other debt obligations [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Total Amortized cost | 622,933 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Total Fair value | 616,108 | |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract] | ||
Amortized cost Due within one year | 199,020 | |
Amortized cost After 1 to 5 years | 185,351 | |
Amortized cost After 5 to 10 years | 199,750 | |
Amortized cost After 10 years | 38,812 | |
Total Amortized cost | 1,975,230 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract] | ||
Fair value Due within one year | 197,079 | |
Fair value After 1 to 5 years | 183,305 | |
Fair value After 5 to 10 years | 198,490 | |
Fair value After 10 years | 37,234 | |
Total Fair value | $ 1,942,568 |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule Of Investments [Line Items] | ||||||||
Proceeds from sale of available-for-sale securities | $ 47,805 | $ 23,408 | $ 219,780 | |||||
Amortized cost | 1,975,230 | 1,903,878 | ||||||
Net impairment losses on available-for-sale debt securities | 50 | 12,231 | 6,687 | |||||
Fair value | 1,942,568 | 1,891,016 | ||||||
Other Debt Obligations [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Equity Securities, FV-NI | 400 | |||||||
Amortized cost | 500 | 100 | ||||||
Fair value | 500 | 100 | ||||||
Available-for-sale Securities [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Equity Securities, FV-NI | $ (400) | |||||||
Percentage Of Debt Securities Government And Government Sponsored Agencies | 99.00% | |||||||
Proceeds from sale of available-for-sale securities | $ 47,800 | 23,400 | 219,800 | |||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 6,842 | 6,792 | 28,981 | $ 22,294 | ||||
Available-for-sale Securities [Member] | PRHFA [Member] | Zero-coupon bonds [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Amortized cost | 8,200 | |||||||
Fair value | 7,000 | |||||||
Available-for-sale Securities [Member] | Puerto Rico-government obligations [Member] | PUERTO RICO [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Default Rate | 100.00% | |||||||
Available-for-sale Securities [Member] | Puerto Rico-government obligations [Member] | PUERTO RICO [Member] | Minimum [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Recovery Rate | 15.00% | |||||||
Available-for-sale Securities [Member] | Puerto Rico-government obligations [Member] | PUERTO RICO [Member] | Maximum [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Recovery Rate | 80.00% | |||||||
Available-for-sale Securities [Member] | Puerto Rico-government obligations [Member] | PUERTO RICO [Member] | Weighted Average [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Recovery Rate | 41.00% | |||||||
Available-for-sale Securities [Member] | Puerto Rico-government obligations [Member] | PUERTO RICO [Member] | Accumulated Other-than-Temporary Impairment Attributable to Parent [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Proceeds from sale of available-for-sale securities | $ 23,400 | |||||||
Amortized cost | 23,000 | |||||||
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 34,400 | |||||||
Gain on Sale of Investments | 400 | |||||||
Net impairment losses on available-for-sale debt securities | $ 12,200 | $ 6,300 | ||||||
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 | 6,842 | $ 6,792 | 6,792 | $ 6,405 | ||||
Net impairment losses on available-for-sale debt securities | $ 50 | 400 | ||||||
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] | Private label MBS [Member] | FICO Score, Greater than 700 [Member] | LTV Less than 80 Percent [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] | U.S. agency MBS [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Proceeds from sale of available-for-sale securities | $ 36,200 | 204,800 | ||||||
Gain on Sale of Investments | 6,100 | |||||||
Loss on Sale of Investments | 59 | |||||||
Available-for-sale Securities [Member] | U S Treasury Securities [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Proceeds from sale of available-for-sale securities | 15,000 | |||||||
Gain on Sale of Investments | $ 8 | |||||||
Available-for-sale Securities [Member] | U.S. agency debt securities | Call Option [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Proceeds from sale of available-for-sale securities | 11,600 | |||||||
Gain on Sale of Investments | 22 | |||||||
Available-for-sale Securities [Member] | Residential pass-through mortgage-backed securities [Member] | PRHFA [Member] | Zero-coupon bonds [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Amortized cost | 4,200 | |||||||
Fair value | $ 2,800 | |||||||
Held-to-maturity Securities [Member] | ||||||||
Schedule Of Investments [Line Items] | ||||||||
Percentage Of Held To Maturity Securities | 70.00% |
INVESTMENT SECURITIES - Availab
INVESTMENT SECURITIES - Available-For-Sale Investments' Fair Value And Gross Unrealized Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Less than 12 months | $ 64,559 | $ 456,477 |
Unrealized Losses Less than 12 months | 331 | 3,123 |
Fair Value 12 months or more | 1,328,036 | 823,506 |
Unrealized Losses 12 months or more | 39,591 | 21,048 |
Total Fair Value | 1,392,595 | 1,279,983 |
Total Unrealized Losses | 39,922 | 24,171 |
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 | |
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 | 2,824 | 2,695 |
Unrealized Losses 12 months or more | 1,361 | 1,277 |
Total Fair Value | 2,824 | 2,695 |
Total Unrealized Losses | 1,361 | 1,277 |
U.S. Treasury and U.S. government agencies obligations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Less than 12 months | 16,669 | 136,459 |
Unrealized Losses Less than 12 months | 77 | 494 |
Fair Value 12 months or more | 468,094 | 362,050 |
Unrealized Losses 12 months or more | 6,004 | 4,085 |
Total Fair Value | 484,763 | 498,509 |
Total Unrealized Losses | 6,081 | 4,579 |
MBS [Member] | FNMA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Less than 12 months | 25,079 | 189,699 |
Unrealized Losses Less than 12 months | 129 | 1,705 |
Fair Value 12 months or more | 521,871 | 274,963 |
Unrealized Losses 12 months or more | 17,048 | 5,623 |
Total Fair Value | 546,950 | 464,662 |
Total Unrealized Losses | 17,177 | 7,328 |
MBS [Member] | FHLMC [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Less than 12 months | 3,382 | 91,174 |
Unrealized Losses Less than 12 months | 32 | 590 |
Fair Value 12 months or more | 263,798 | 166,331 |
Unrealized Losses 12 months or more | 8,517 | 4,326 |
Total Fair Value | 267,180 | 257,505 |
Total Unrealized Losses | 8,549 | 4,916 |
MBS [Member] | GNMA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Less than 12 months | 3,364 | 39,145 |
Unrealized Losses Less than 12 months | 15 | 334 |
Fair Value 12 months or more | 57,535 | 0 |
Unrealized Losses 12 months or more | 1,235 | 0 |
Total Fair Value | 60,899 | 39,145 |
Total Unrealized Losses | 1,250 | 334 |
MBS [Member] | Collateralized mortgage obligations issued or guaranteed by FHLMC and GNMA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Fair Value Less than 12 months | 16,065 | |
Unrealized Losses Less than 12 months | 78 | |
Fair Value 12 months or more | 0 | |
Unrealized Losses 12 months or more | 0 | |
Total Fair Value | 16,065 | |
Total Unrealized Losses | 78 | |
MBS [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 | 13,914 | 17,060 |
Unrealized Losses 12 months or more | 5,426 | 5,731 |
Total Fair Value | 13,914 | 17,060 |
Total Unrealized Losses | $ 5,426 | $ 5,731 |
INVESTMENT SECURITIES - OTTI Lo
INVESTMENT SECURITIES - OTTI Losses on Available-for-Sale Debt Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Total OTTI losses | $ 0 | $ (12,231) | $ (1,845) |
Portion of OTTI recognized in OCI | (50) | 0 | (4,842) |
Net impairment losses recognized in earnings | $ (50) | $ (12,231) | $ (6,687) |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 28,981 | $ 22,294 |
Credit impairments recognized in earnings on securities that have been previously impaired | 50 | 12,231 | 6,687 |
Credit loss reductions for securities sold during the period | 0 | (34,420) | 0 |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | 6,842 | 6,792 | 28,981 |
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 | 0 | 22,189 | 15,889 |
Credit impairments recognized in earnings on securities that have been previously impaired | 12,231 | 6,300 | |
Credit loss reductions for securities sold during the period | (34,420) | 0 | |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | 0 | 22,189 | |
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 | 6,405 |
Credit impairments recognized in earnings on securities that have been previously impaired | 50 | 0 | 387 |
Credit loss reductions for securities sold during the period | 0 | 0 | 0 |
Ending balance of credit losses on debt securities held for which a portion of an OTTI was recognized in OCI | $ 6,842 | $ 6,792 | $ 6,792 |
INVESTMENT SECURITIES - Signifi
INVESTMENT SECURITIES - Significant Assumptions in Valuation of Private Label MBS (Detail) - Private label MBS [Member] | Dec. 31, 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 | 0.145 | 0.14 |
Discount rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.1449 | 0.14 |
Discount rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.1449 | 0.14 |
Prepayment rate [Member] | Weighted Average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.114 | 0.164 |
Prepayment rate [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.033 | 0.12 |
Prepayment rate [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.209 | 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 | 0.03 | 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 | 0.068 | 0.068 |
INVESTMENT SECURITIES - Aggre_2
INVESTMENT SECURITIES - Aggregate amortized cost and market value of the securities by issuers when the aggregate amortized cost of the sucurities of such issuers exceed 10% of the Corporation's stockholders' equity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
FHLMC [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 387,703 | $ 375,719 |
Fair Value | 379,653 | 370,855 |
GNMA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 239,698 | 250,140 |
Fair Value | 242,211 | 257,192 |
FNMA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 791,200 | 801,198 |
Fair Value | 775,673 | 796,726 |
FHLB [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 334,717 | 299,949 |
Fair Value | $ 330,714 | $ 296,767 |
INVESTMENT SECURITIES - Inves_2
INVESTMENT SECURITIES - Investment Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Investment securities held to maturity at amortized cost (fair value 2018 - $125,658; 2017 - $131,032) | $ 144,815 | $ 150,627 |
Held to Maturity Fair value | 125,658 | 131,032 |
Municipal Bonds [Member] | Puerto Rico [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Held to Maturity Amortized Cost After 1 to 5 years | 6,100 | 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 years | 435 | 173 |
Held to Maturity Fair value After 1 to 5 years | $ 5,665 | $ 3,680 |
Held to Maturity Weighted-average yield After 1 to 5 years | 4.79% | 5.38% |
Held to Maturity Amortized Cost After 5 to 10 years | $ 53,016 | $ 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 years | 5,360 | 3,048 |
Held to Maturity Fair value After 5 to 10 years | $ 47,656 | $ 36,475 |
Held to Maturity Weighted-average yield After 5 to 10 years | 6.00% | 5.28% |
Held to Maturity Amortized Cost After 10 years | $ 85,699 | $ 107,251 |
Held to Maturity Gross Unrecognized gains After 10 years | 0 | 0 |
Held to Maturity Gross Unrecognized losses After 10 years | 13,362 | 16,374 |
Held to Maturity Fair value After 10 years | $ 72,337 | $ 90,877 |
Held to Maturity Weighted-average yield After 10 years | 5.86% | 4.93% |
Investment securities held to maturity at amortized cost (fair value 2018 - $125,658; 2017 - $131,032) | $ 144,815 | $ 150,627 |
Held to Maturity Gross Unrecognized gains | 0 | 0 |
Held to Maturity Gross Unrecognized losses | 19,157 | 19,595 |
Held to Maturity Fair value | $ 125,658 | $ 131,032 |
Held to Maturity Weighted-average yield | 5.86% | 5.03% |
INVESTMENT SECURITIES - Inves_3
INVESTMENT SECURITIES - Investments Securities Held to Maturity (Securities in continous unrealized loss position) (Detail) - Puerto Rico [Member] - Municipal Bonds [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Held To Maturity Securities [Line Items] | ||
HTM Fair Value Less than 12 months | $ 0 | $ 0 |
HTM Unrealized Losses Less than 12 months | 0 | 0 |
HTM Fair Value 12 months or more | 125,658 | 131,032 |
HTM Unrealized Losses 12 months or more | 19,157 | 19,595 |
HTM Fair Value | 125,658 | 131,032 |
HTM Unrealized Losses | $ 19,157 | $ 19,595 |
EQUITY SECURITIES - Additional
EQUITY SECURITIES - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary of Investment Holdings [Line Items] | |||
Capital stock par value | $ 100 | ||
Book value of investment in FHLB stock | $ 41,900 | $ 40,900 | |
Equity Securities without Readily Determinable Fair Value, Amount | 2,200 | ||
Equity Securities [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Market-to-market loss | (9) | ||
Other Debt Obligations [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Equity Securities | 400 | ||
Available-for-sale Securities [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Equity Securities | (400) | ||
Investment in Federal Home Loan Bank Stock [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Dividend income from FHLB stock | $ 2,700 | $ 2,100 | $ 1,500 |
INTEREST AND DIVIDEND ON INVE_3
INTEREST AND DIVIDEND ON INVESTMENTS- Interest on investments and FHLB dividend income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Income And Expenses [Line Items] | |||
Mortgage-backed securities | $ 36,429 | $ 34,231 | $ 32,167 |
PR Government obligations, U.S. Treasury securities and U.S. Government agencies | 21,052 | 14,781 | 17,276 |
Total Intesrest income investment securities | 60,224 | 51,125 | 50,905 |
Interest on money market investments and interest-bearing cash accounts | 11,096 | 4,614 | 3,365 |
Total interest and dividends on investments | 71,320 | 55,739 | 54,270 |
Taxable [Member] | |||
Other Income And Expenses [Line Items] | |||
Mortgage-backed securities | 8,688 | 9,656 | 11,246 |
PR Government obligations, U.S. Treasury securities and U.S. Government agencies | 470 | 2,091 | 4,131 |
Other investment securities (including FHLB dividends) | 2,743 | 2,113 | 1,462 |
Interest on money market investments and interest-bearing cash accounts | 10,863 | 4,609 | 2,669 |
Exempt [Member] | |||
Other Income And Expenses [Line Items] | |||
Mortgage-backed securities | 27,741 | 24,575 | 20,921 |
PR Government obligations, U.S. Treasury securities and U.S. Government agencies | 20,582 | 12,690 | 13,145 |
Interest on money market investments and interest-bearing cash accounts | $ 233 | $ 5 | $ 696 |
INTEREST AND DIVIDEND ON INVE_4
INTEREST AND DIVIDEND ON INVESTMENTS- Components of interest and dividend income on investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of interest and dividend income on investments [Abstract] | |||
Interest income on investment securities, money market investments, and interest-bearing cash accounts | $ 68,592 | $ 53,634 | $ 52,816 |
Dividends on FHLB stock | 2,728 | 2,105 | 1,454 |
Total interest and dividends on investments | $ 71,320 | $ 55,739 | $ 54,270 |
LOAN PORTFOLIO - Loan Portfolio
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 | |
Less: allowance for loan and lease losses | (196,362) | (231,843) | (205,603) | $ (240,710) |
Loans held for investment, net | 8,661,761 | 8,618,633 | ||
Commercial and Industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | ||
Commercial mortgage loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,522,662 | 1,614,972 | ||
Total commercial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | ||
Total commercial loans [Member] | Commercial and Industrial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | 2,180,455 | |
Less: allowance for loan and lease losses | (32,546) | (48,871) | (61,953) | (68,768) |
Finance leases [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 333,536 | 257,462 | ||
Consumer Portfolio [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,944,713 | 1,749,897 | 1,716,628 | |
Less: allowance for loan and lease losses | (53,849) | (70,982) | (49,847) | (60,642) |
Construction loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 79,429 | 111,397 | 124,951 | |
Less: allowance for loan and lease losses | (3,592) | (4,522) | $ (2,562) | $ (3,519) |
Construction loans [Member] | Total commercial loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 47,965 | 76,556 | ||
Residential mortgage loans, mainly secured by first mortgages [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | ||
Consumer Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,611,177 | 1,492,435 | ||
Consumer Loan [Member] | Finance leases [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,944,713 | 1,749,897 | ||
Less: allowance for loan and lease losses | $ (53,849) | $ (70,982) |
LOAN PORTFOLIO - Loan Portfol_2
LOAN PORTFOLIO - Loan Portfolio Held for Investment (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | $ 90,319 | $ 0 | $ 10,332 |
Loans and Leases Receivable, Gross | 8,858,123 | 8,850,476 | 8,886,873 |
Commercial Mortgage Backed Securities [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | 796,800 | 833,500 | |
Commercial And Industrial Sector [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | |
Construction Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | 79,429 | 111,397 | $ 124,951 |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans and Leases Receivable, Gross | 1,522,662 | $ 1,614,972 | |
Nonperforming Financial Instruments [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | 74,400 | ||
Fair value write-downs | 22,200 | ||
Nonperforming Financial Instruments [Member] | Commercial And Industrial Sector [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | 1,800 | ||
Fair value write-downs | 1,700 | ||
Nonperforming Financial Instruments [Member] | Construction Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | 33,000 | ||
Fair value write-downs | 6,700 | ||
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | 39,600 | ||
Fair value write-downs | 13,800 | ||
Nonperforming Financial Instruments [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Construction Loans [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | 30,000 | ||
Nonperforming Financial Instruments [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Loans held for investment transferred to held for sale | $ 27,200 |
LOAN PORTFOLIO - Loans Held for
LOAN PORTFOLIO - Loans Held for Investment on Which Accrual of Interest Income had been Discontinued (Detail) - Nonperforming Financial Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Non-performing loans: | ||
Total non-performing loans held for investment | $ 315,973 | $ 489,554 |
Commercial mortgage [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 109,536 | 156,493 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 0 | 35,100 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 6,260 | 15,026 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member} | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 30,382 | 85,839 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 2,102 | 1,987 |
Consumer Portfolio Segment [Member] | Auto loans [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 11,212 | 10,211 |
Consumer Portfolio Segment [Member] | Other consumer loans [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 7,865 | 5,370 |
Finance leases [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | 1,329 | 1,237 |
Residential Mortgage [Member] | ||
Non-performing loans: | ||
Total non-performing loans held for investment | $ 147,287 | $ 178,291 |
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 43,186 | $ 32,980 |
Nonperforming Financial Instruments [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 16,100 | $ 8,300 |
LOAN PORTFOLIO - Narratives (De
LOAN PORTFOLIO - Narratives (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Pledged as Collateral | $ 1,900 | $ 1,900 | |
Additional interest income that would have realized | 21.4 | 35.2 | $ 43.2 |
Residential Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Servicing of loans | 2,900 | 2,800 | |
Commercial loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Servicing of loans | 273.4 | 361.3 | |
Origination Fees [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans And Leases Receivable Deferred Income | 5.6 | 4 | |
Unearned Income [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans And Leases Receivable Deferred Income | $ 51.3 | $ 38.6 |
LOAN PORTFOLIO - Corporation's
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 574,654 | $ 848,763 | |
Financing Receivable, Current | 8,136,829 | 7,843,539 | |
Loans held for investment | 8,858,123 | 8,850,476 | $ 8,886,873 |
90 days past due and still accruing | 129,083 | 131,420 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 3,163,208 | 3,290,957 | 3,296,031 |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 3,750,202 | 3,809,622 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 111,520 | 170,705 | |
Financing Receivable, Current | 1,407,678 | 1,440,084 | |
Loans held for investment | 1,522,662 | 1,614,972 | |
90 days past due and still accruing | 946 | 6,687 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,944,713 | 1,749,897 | 1,716,628 |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 8,193 | 15,270 | |
Financing Receivable, Current | 325,343 | 242,192 | |
Loans held for investment | 333,536 | 257,462 | |
90 days past due and still accruing | 0 | 0 | |
Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,148,111 | 2,083,253 | |
Commercial And Industrial Sector [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 38,001 | 97,703 | |
Financing Receivable, Current | 2,110,110 | 1,985,550 | |
Loans held for investment | 2,148,111 | 2,083,253 | 2,180,455 |
90 days past due and still accruing | 5,003 | 2,317 | |
Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 223,928 | 286,252 | |
Financing Receivable, Current | 2,648,899 | 2,711,775 | |
Loans held for investment | 3,016,003 | 3,152,018 | |
90 days past due and still accruing | 14,564 | 15,459 | |
Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 26,057 | 25,189 | |
Financing Receivable, Current | 638,644 | 622,915 | |
Loans held for investment | 664,701 | 648,104 | |
90 days past due and still accruing | 3,752 | 3,991 | |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 79,429 | 111,397 | 124,951 |
Construction Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,102 | 2,082 | |
Financing Receivable, Current | 9,049 | 5,828 | |
Loans held for investment | 11,151 | 7,910 | |
90 days past due and still accruing | 0 | 0 | |
Construction Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 35,100 | |
Financing Receivable, Current | 47,965 | 41,456 | |
Loans held for investment | 47,965 | 76,556 | |
90 days past due and still accruing | 0 | 0 | |
Construction Loans [Member] | Land [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,534 | 15,301 | |
Financing Receivable, Current | 13,779 | 11,630 | |
Loans held for investment | 20,313 | 26,931 | |
90 days past due and still accruing | 67 | 151 | |
Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 49,385 | 91,554 | |
Financing Receivable, Current | 897,091 | 752,777 | |
Loans held for investment | 946,476 | 844,331 | |
90 days past due and still accruing | 0 | 0 | |
FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 108,934 | 109,607 | |
Financing Receivable, Current | 38,271 | 29,332 | |
Loans held for investment | 147,205 | 138,939 | |
90 days past due and still accruing | 104,751 | 102,815 | |
30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 49,020 | 87,856 | |
30-59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Loans held for investment | 5,100 | 9,000 | |
30-59 Days Past Due [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,502 | 10,549 | |
30-59 Days Past Due [Member] | Commercial And Industrial Sector [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,550 | 8,971 | |
30-59 Days Past Due [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Loans held for investment | 101,400 | 224,000 | |
30-59 Days Past Due [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 9,898 | 10,776 | |
30-59 Days Past Due [Member] | Construction Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
30-59 Days Past Due [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
30-59 Days Past Due [Member] | Construction Loans [Member] | Land [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Loans held for investment | 200 | 2,500 | |
30-59 Days Past Due [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 31,070 | 57,560 | |
30-59 Days Past Due [Member] | FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Loans held for investment | 5,600 | 6,000 | |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 80,578 | 139,933 | |
60-89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,038 | 7,525 | |
60-89 Days Past Due [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,362 | 3,484 | |
60-89 Days Past Due [Member] | Commercial And Industrial Sector [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 66 | 576 | |
60-89 Days Past Due [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 62,077 | 92,502 | |
60-89 Days Past Due [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,542 | 5,052 | |
60-89 Days Past Due [Member] | Construction Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 95 | |
60-89 Days Past Due [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
60-89 Days Past Due [Member] | Construction Loans [Member] | Land [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 207 | 124 | |
60-89 Days Past Due [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 7,103 | 23,783 | |
60-89 Days Past Due [Member] | FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,183 | 6,792 | |
90 days or more Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 445,056 | 620,974 | |
90 days or more Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 110,482 | 163,180 | |
90 days or more Past Due [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,329 | 1,237 | |
90 days or more Past Due [Member] | Commercial And Industrial Sector [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 35,385 | 88,156 | |
90 days or more Past Due [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 161,851 | 193,750 | |
90 days or more Past Due [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,617 | 9,361 | |
90 days or more Past Due [Member] | Construction Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 2,102 | 1,987 | |
90 days or more Past Due [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 35,100 | |
90 days or more Past Due [Member] | Construction Loans [Member] | Land [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,327 | 15,177 | |
90 days or more Past Due [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 11,212 | 10,211 | |
90 days or more Past Due [Member] | FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 104,751 | 102,815 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 36,423 | 46,260 | |
Financing Receivable, Current | 110,217 | 111,914 | |
Loans held for investment | 146,640 | 158,174 | 165,818 |
Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 33,911 | 43,071 | |
Financing Receivable, Current | 109,265 | 110,920 | |
Loans held for investment | 143,176 | 153,991 | 162,676 |
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 3,464 | 4,183 | |
Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | 0 |
Financial Asset Acquired with Credit Deterioration [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Commercial And Industrial Sector [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | 0 |
Financial Asset Acquired with Credit Deterioration [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 143,176 | 153,991 | |
Financial Asset Acquired with Credit Deterioration [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | $ 0 |
Financial Asset Acquired with Credit Deterioration [Member] | Construction Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Construction Loans [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Construction Loans [Member] | Land [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | 30-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | 30-59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 0 | |
Loans held for investment | 11,600 | 28,100 | |
Financial Asset Acquired with Credit Deterioration [Member] | 60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,979 | 16,955 | |
Financial Asset Acquired with Credit Deterioration [Member] | 60-89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 6,979 | 16,600 | |
Financial Asset Acquired with Credit Deterioration [Member] | 90 days or more Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 29,444 | 29,305 | |
Financial Asset Acquired with Credit Deterioration [Member] | 90 days or more Past Due [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 26,932 | $ 26,471 |
LOAN PORTFOLIO - Corporation'_2
LOAN PORTFOLIO - Corporation's Aging of Loans Held for Investment Portfolio (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 129,083 | $ 131,420 | |
Loans and Leases Receivable, Gross | $ 8,858,123 | 8,850,476 | $ 8,886,873 |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 79,429 | 111,397 | 124,951 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 3,163,208 | 3,290,957 | 3,296,031 |
Residential Portfolio Segment [Member] | Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 14,564 | 15,459 | |
Loans and Leases Receivable, Gross | 3,016,003 | 3,152,018 | |
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 0 | 0 | |
Loans and Leases Receivable, Gross | 11,151 | 7,910 | |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 101,400 | 224,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 946 | 6,687 | |
Loans and Leases Receivable, Impaired, Description | According to the Corporation's delinquency policy and consistent with the instructions for the preparation of the Consolidated Financial Statements for Bank Holding Companies (FR Y-9C) required by the Federal Reserve Board, residential mortgage, commercial mortgage, and construction loans are considered past due when the borrower is in arrears on two or more monthly payments. | ||
Loans and Leases Receivable, Gross | $ 1,522,662 | 1,614,972 | |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 5,100 | 9,000 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 0 | 0 | |
Loans and Leases Receivable, Gross | 47,965 | 76,556 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 67 | 151 | |
Loans and Leases Receivable, Gross | 20,313 | 26,931 | |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 200 | 2,500 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | $ 1,944,713 | $ 1,749,897 | $ 1,716,628 |
Consumer Portfolio Segment [Member] | Credit Card [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Threshold Period Past Due for Write-off of Financing Receivable | 5 months 27 days | 5 months 27 days | |
Consumer Portfolio Segment [Member] | Other Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 3,752 | $ 3,991 | |
Loans and Leases Receivable, Gross | 664,701 | 648,104 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | 104,751 | 102,815 | |
Defaulted loans collateralizing Ginnie Mae (GNMA) securities | 43,600 | 62,100 | |
Loans and Leases Receivable, Gross | 147,205 | 138,939 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans and Leases Receivable, Gross | 5,600 | 6,000 | |
Loans Insured or Guaranteed by US Government Authorities [Member] | Nonaccrual Of Interest [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Financing Receivable Recorded Investment 90 Days Past Due And Still Accruing | $ 51,400 | $ 29,900 | |
Period Of Residential Mortgage Loan That Are No Longer Accruing Interest | 1 year 3 months | 1 year 3 months |
LOAN PORTFOLIO - Commercial Cre
LOAN PORTFOLIO - Commercial Credit Exposure - Credit RiskProfile Based on Creditworthiness Category (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 |
Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 79,429 | 111,397 | 124,951 |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,522,662 | 1,614,972 | |
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | 2,180,455 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 47,965 | 76,556 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 20,313 | 26,931 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | $ 3,296,031 |
Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 11,151 | 7,910 | |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 276,935 | 257,503 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 45,274 | 154,416 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 35,100 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,407 | 15,971 | |
Substandard [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,102 | 1,987 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,701 | 4,166 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 6,114 | 3,854 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 490 | |
Doubtful [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 396 | 676 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Loss [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Total Adversely Classified [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 278,636 | 261,669 | |
Total Adversely Classified [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 51,784 | 158,946 | |
Total Adversely Classified [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 35,100 | |
Total Adversely Classified [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,407 | 16,461 | |
Total Adversely Classified [Member] | Residential Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 2,102 | $ 1,987 |
LOAN PORTFOLIO - Commercial C_2
LOAN PORTFOLIO - Commercial Credit Exposure - Credit RiskProfile Based on Creditworthiness Category (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | $ 43,186 | $ 32,980 |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 3,015 | 8,290 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 1,725 | 0 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 16,100 | 8,300 |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 11,400 | |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | 1,700 | |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | $ 3,000 | |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Construction Loans [Member] | Land [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Receivable Held For Sale Net | $ 8,300 |
LOAN PORTFOLIO - Consumer Credi
LOAN PORTFOLIO - Consumer Credit Exposure - Credit RiskProfile Based on Payment Activity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | 3,296,031 |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,944,713 | 1,749,897 | 1,716,628 |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 333,536 | 257,462 | |
Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 3,016,003 | 3,152,018 | |
Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 664,701 | 648,104 | |
Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 946,476 | 844,331 | |
Government-guaranteed mortgage loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 147,205 | 138,939 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 146,640 | 158,174 | 165,818 |
Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 143,176 | 153,991 | 162,676 |
Financial Asset Acquired with Credit Deterioration [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | 0 |
Financial Asset Acquired with Credit Deterioration [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 143,176 | 153,991 | |
Financial Asset Acquired with Credit Deterioration [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Financial Asset Acquired with Credit Deterioration [Member] | Government-guaranteed mortgage loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 0 | 0 | |
Performing Financing Receivable [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,951,214 | 7,901,994 | 7,833,150 |
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,616,300 | 2,703,532 | 2,691,088 |
Performing Financing Receivable [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,913,387 | 1,711,503 | $ 1,672,215 |
Performing Financing Receivable [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 332,207 | 256,225 | |
Performing Financing Receivable [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,725,540 | 2,819,736 | |
Performing Financing Receivable [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 656,836 | 642,734 | |
Performing Financing Receivable [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 935,264 | 834,120 | |
Performing Financing Receivable [Member] | Government-guaranteed mortgage loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 147,205 | 138,939 | |
Nonperforming Financial Instruments [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 1,329 | 1,237 | |
Nonperforming Financial Instruments [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 147,287 | 178,291 | |
Nonperforming Financial Instruments [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,865 | 5,370 | |
Nonperforming Financial Instruments [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 11,212 | 10,211 | |
Nonperforming Financial Instruments [Member] | Government-guaranteed mortgage loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 0 | $ 0 |
LOAN PORTFOLIO - Impaired loans
LOAN PORTFOLIO - Impaired loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | $ 571,872 | $ 577,262 | ||
Unpaid Principal Balance with Related Allowance | 638,094 | 680,648 | ||
Related Allowance | 53,976 | 51,410 | $ 64,421 | |
Recorded Investment with no Related Allowance | 188,397 | 213,046 | ||
Unpaid Principal Balance with no Related Allowance | 252,207 | 289,918 | ||
Recorded Investment | 760,269 | 790,308 | 887,905 | $ 806,509 |
Unpaid Principal Balance | 890,301 | 970,566 | ||
Average Recorded Investments | 785,431 | 832,155 | 924,341 | |
Interest Income on Impaired Loans Accrual Basis | 27,695 | 24,243 | 24,095 | |
Interest Income on Impaired Loans Cash Basis | 3,710 | 3,453 | 4,449 | |
Impaired Financing Receivable Interest Income | 31,405 | 27,696 | 28,544 | |
Construction loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 4,162 | 47,218 | ||
Related Allowance | 760 | 2,017 | 1,405 | |
Recorded Investment with no Related Allowance | 2,431 | 48 | ||
Recorded Investment | 6,593 | 47,266 | 53,291 | |
Residential Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 293,494 | 316,616 | ||
Related Allowance | 19,965 | 22,086 | 8,633 | |
Recorded Investment with no Related Allowance | 110,238 | 116,818 | ||
Recorded Investment | 403,732 | 433,434 | 442,267 | |
Residential Portfolio Segment [Member] | Other Loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 293,494 | 316,616 | ||
Unpaid Principal Balance with Related Allowance | 325,897 | 349,284 | ||
Related Allowance | 19,965 | 22,086 | ||
Recorded Investment with no Related Allowance | 110,238 | 116,818 | ||
Unpaid Principal Balance with no Related Allowance | 148,920 | 154,048 | ||
Recorded Investment | 403,732 | 433,434 | ||
Unpaid Principal Balance | 474,817 | 503,332 | ||
Average Recorded Investments | 411,730 | 438,847 | 451,276 | |
Interest Income on Impaired Loans Accrual Basis | 18,131 | 17,316 | 18,492 | |
Interest Income on Impaired Loans Cash Basis | 1,376 | 2,478 | 2,234 | |
Impaired Financing Receivable Interest Income | 19,507 | 19,794 | 20,726 | |
Residential Portfolio Segment [Member] | Construction loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 1,718 | 252 | ||
Unpaid Principal Balance with Related Allowance | 2,370 | 355 | ||
Related Allowance | 208 | 55 | ||
Recorded Investment with no Related Allowance | 0 | 0 | ||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | ||
Recorded Investment | 1,718 | 252 | ||
Unpaid Principal Balance | 2,370 | 355 | ||
Average Recorded Investments | 1,724 | 252 | 1,348 | |
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | |
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | |
Impaired Financing Receivable Interest Income | 0 | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 61,162 | 90,008 | ||
Unpaid Principal Balance with Related Allowance | 76,027 | 112,005 | ||
Related Allowance | 9,693 | 12,359 | 22,638 | |
Recorded Investment with no Related Allowance | 30,030 | 28,292 | ||
Unpaid Principal Balance with no Related Allowance | 48,085 | 31,254 | ||
Recorded Investment | 91,192 | 118,300 | 153,543 | |
Unpaid Principal Balance | 124,112 | 143,259 | ||
Average Recorded Investments | 99,050 | 121,233 | 166,362 | |
Interest Income on Impaired Loans Accrual Basis | 2,530 | 1,447 | 631 | |
Interest Income on Impaired Loans Cash Basis | 9 | 403 | 1,287 | |
Impaired Financing Receivable Interest Income | 2,539 | 1,850 | 1,918 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 184,068 | 87,814 | ||
Unpaid Principal Balance with Related Allowance | 201,116 | 124,084 | ||
Related Allowance | 17,684 | 9,783 | 26,172 | |
Recorded Investment with no Related Allowance | 43,358 | 65,100 | ||
Unpaid Principal Balance with no Related Allowance | 49,253 | 100,612 | ||
Recorded Investment | 227,426 | 152,914 | 194,391 | |
Unpaid Principal Balance | 250,369 | 224,696 | ||
Average Recorded Investments | 233,372 | 180,283 | 203,322 | |
Interest Income on Impaired Loans Accrual Basis | 4,434 | 1,983 | 1,403 | |
Interest Income on Impaired Loans Cash Basis | 2,135 | 390 | 723 | |
Impaired Financing Receivable Interest Income | 6,569 | 2,373 | 2,126 | |
Commercial Portfolio Segment [Member] | Construction loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 0 | 35,101 | ||
Unpaid Principal Balance with Related Allowance | 0 | 38,595 | ||
Related Allowance | 0 | 560 | ||
Recorded Investment with no Related Allowance | 0 | 0 | ||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | ||
Recorded Investment | 0 | 35,101 | ||
Unpaid Principal Balance | 0 | 38,595 | ||
Average Recorded Investments | 0 | 35,996 | 38,191 | |
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | |
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | |
Impaired Financing Receivable Interest Income | 0 | 0 | 0 | |
Commercial Portfolio Segment [Member] | Construction loans [Member] | Land [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 2,444 | 11,865 | ||
Unpaid Principal Balance with Related Allowance | 2,923 | 19,973 | ||
Related Allowance | 552 | 1,402 | ||
Recorded Investment with no Related Allowance | 2,431 | 48 | ||
Unpaid Principal Balance with no Related Allowance | 2,927 | 49 | ||
Recorded Investment | 4,875 | 11,913 | ||
Unpaid Principal Balance | 5,850 | 20,022 | ||
Average Recorded Investments | 5,025 | 14,174 | 15,801 | |
Interest Income on Impaired Loans Accrual Basis | 93 | 372 | 170 | |
Interest Income on Impaired Loans Cash Basis | 26 | 38 | 51 | |
Impaired Financing Receivable Interest Income | 119 | 410 | 221 | |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Related Allowance | 5,874 | 5,165 | 5,573 | |
Recorded Investment | 31,326 | 38,394 | 44,413 | |
Consumer Portfolio Segment [Member] | Other Loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 9,291 | 11,084 | ||
Unpaid Principal Balance with Related Allowance | 10,066 | 11,830 | ||
Related Allowance | 2,083 | 1,396 | ||
Recorded Investment with no Related Allowance | 2,068 | 2,521 | ||
Unpaid Principal Balance with no Related Allowance | 2,750 | 3,688 | ||
Recorded Investment | 11,359 | 13,605 | ||
Unpaid Principal Balance | 12,816 | 15,518 | ||
Average Recorded Investments | 12,177 | 14,324 | 18,018 | |
Interest Income on Impaired Loans Accrual Basis | 913 | 1,176 | 1,376 | |
Interest Income on Impaired Loans Cash Basis | 164 | 144 | 154 | |
Impaired Financing Receivable Interest Income | 1,077 | 1,320 | 1,530 | |
Consumer Portfolio Segment [Member] | Auto loans [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 17,781 | 22,338 | ||
Unpaid Principal Balance with Related Allowance | 17,781 | 22,338 | ||
Related Allowance | 3,689 | 3,665 | ||
Recorded Investment with no Related Allowance | 250 | 267 | ||
Unpaid Principal Balance with no Related Allowance | 250 | 267 | ||
Recorded Investment | 18,031 | 22,605 | ||
Unpaid Principal Balance | 18,031 | 22,605 | ||
Average Recorded Investments | 20,156 | 24,618 | 27,177 | |
Interest Income on Impaired Loans Accrual Basis | 1,449 | 1,781 | 1,820 | |
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | |
Impaired Financing Receivable Interest Income | 1,449 | 1,781 | 1,820 | |
Finance Leases Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 1,914 | 2,184 | ||
Unpaid Principal Balance with Related Allowance | 1,914 | 2,184 | ||
Related Allowance | 102 | 104 | ||
Recorded Investment with no Related Allowance | 22 | 0 | ||
Unpaid Principal Balance with no Related Allowance | 22 | 0 | ||
Recorded Investment | 1,936 | 2,184 | ||
Unpaid Principal Balance | 1,936 | 2,184 | ||
Average Recorded Investments | 2,197 | 2,428 | 2,846 | |
Interest Income on Impaired Loans Accrual Basis | 145 | 168 | 203 | |
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | |
Impaired Financing Receivable Interest Income | 145 | 168 | 203 | |
FHA/VA government-guaranteed loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Impaired [Line Items] | ||||
Recorded Investment with Related Allowance | 0 | 0 | ||
Unpaid Principal Balance with Related Allowance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Recorded Investment with no Related Allowance | 0 | 0 | ||
Unpaid Principal Balance with no Related Allowance | 0 | 0 | ||
Recorded Investment | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | ||
Average Recorded Investments | 0 | 0 | 0 | |
Interest Income on Impaired Loans Accrual Basis | 0 | 0 | 0 | |
Interest Income on Impaired Loans Cash Basis | 0 | 0 | 0 | |
Impaired Financing Receivable Interest Income | $ 0 | $ 0 | $ 0 |
LOAN PORTFOLIO - Additional Inf
LOAN PORTFOLIO - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | $ 8,886,873 | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 | |||||
Loans held for investment transferred to held for sale | 90,319 | 0 | 10,332 | ||||||
Financing Receivable Recorded Investment Past Due | 574,654 | 848,763 | |||||||
Charge-off | 116,792 | 134,770 | 136,928 | ||||||
Unpaid Principal Balance | 890,301 | 970,566 | |||||||
Related Allowance | 64,421 | 53,976 | 51,410 | 64,421 | |||||
Proceeds From Sale Of Loans Held For Investment | 82,526 | 53,245 | 31,852 | ||||||
Provision For Loan And Lease Losses | $ 59,253 | 144,254 | 86,733 | ||||||
Threshold Period Past Due Of Financing Receivables To Be Considered Defaulted | 2 months 29 days | ||||||||
Troubled Debt Restructurings Sustained Performance Period | 6 months | ||||||||
Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 647,048 | $ 582,647 | 587,219 | 647,048 | $ 661,591 | ||||
Outstanding unfunded commitments on TDR loans | 700 | ||||||||
Financing Receivable Loans Restructured Recorded Investment Accruals | $ 9,900 | 3,000 | |||||||
Troubled Debt Restructurings Sustained Performance Period | 6 months | ||||||||
Ab Note Restructure Workout Strategy [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Provision For Loan And Lease Losses | $ (10,789) | (1,295) | 4,279 | ||||||
Total TDR loans | 36,971 | 33,840 | 35,577 | 36,971 | $ 39,329 | ||||
PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 165,818 | 146,640 | 158,174 | 165,818 | |||||
Contractually outstanding principal and interest at acquisition | 181,100 | 196,600 | |||||||
Financing Receivable Recorded Investment Past Due | $ 36,423 | 46,260 | |||||||
GNMA | Repurchase Option Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Threshold Delinquent Days To Repruchase Gnma Loans | 3 months | ||||||||
Commercial And Industrial Sector [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | $ 2,148,111 | 2,083,253 | |||||||
Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 3,296,031 | 3,163,208 | 3,290,957 | 3,296,031 | |||||
Charge-off | 24,775 | 28,186 | 33,621 | ||||||
Related Allowance | 8,633 | 19,965 | 22,086 | 8,633 | |||||
Provision For Loan And Lease Losses | 13,202 | 50,744 | 25,090 | ||||||
Residential Portfolio Segment [Member] | Loans In Trial [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 3,400 | ||||||||
Residential Portfolio Segment [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 162,676 | 143,176 | 153,991 | 162,676 | |||||
Financing Receivable Recorded Investment Past Due | 33,911 | 43,071 | |||||||
Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 147,205 | 138,939 | |||||||
Financing Receivable Recorded Investment Past Due | 108,934 | 109,607 | |||||||
Unpaid Principal Balance | 0 | 0 | |||||||
Related Allowance | 0 | 0 | |||||||
Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 60,500 | 62,100 | |||||||
Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 0 | 0 | |||||||
Residential Portfolio Segment [Member] | FNMA and FHLMC Loans | Repurchase Option Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Purchases | 100 | 36 | 700 | ||||||
Residential Portfolio Segment [Member] | GNMA | Repurchase Option Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Purchases | 49,100 | 25,100 | 29,100 | ||||||
Financing Receivable Recorded Investment Past Due | $ 43,600 | 62,100 | |||||||
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Mortgage Threshold Delinquent Days To Commence Foreclosure Process | 3 months 28 days | ||||||||
Financing Receivable Significant Purchases | $ 46,100 | ||||||||
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | 233,200 | ||||||||
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | FMMA | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | $ 9,800 | ||||||||
Commercial Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | |||||||
Financing Receivable Significant Purchases | 21,400 | 52,600 | |||||||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 257,800 | 354,700 | |||||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 1,568,808 | 1,522,662 | 1,614,972 | 1,568,808 | |||||
Financing Receivable Significant Sales | 20,200 | ||||||||
Charge-off | 23,911 | 39,092 | 20,454 | ||||||
Unpaid Principal Balance | 250,369 | 224,696 | |||||||
Related Allowance | 26,172 | 17,684 | 9,783 | 26,172 | |||||
Provision For Loan And Lease Losses | 23,074 | 30,054 | 8,688 | ||||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 137,949 | 50,812 | |||||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 3,142 | 3,464 | 4,183 | 3,142 | |||||
Financing Receivable Recorded Investment Past Due | 2,512 | 3,189 | |||||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 2,180,455 | 2,148,111 | 2,083,253 | 2,180,455 | |||||
Financing Receivable Recorded Investment Past Due | 38,001 | 97,703 | |||||||
Charge-off | 9,704 | 19,855 | 26,579 | ||||||
Unpaid Principal Balance | 124,112 | 143,259 | |||||||
Related Allowance | 22,638 | 9,693 | 12,359 | 22,638 | |||||
Provision For Loan And Lease Losses | (8,440) | 1,018 | 17,075 | ||||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 74,921 | 94,112 | |||||||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | 0 | |||||
Residential Mortgage Backed Securities [Member] | Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Residential mortgage loans in process of foreclosure | 177,200 | ||||||||
Residential Mortgage Backed Securities [Member] | Residential Portfolio Segment [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Residential mortgage loans in process of foreclosure | 21,300 | ||||||||
Residential Mortgage Backed Securities [Member] | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Residential mortgage loans in process of foreclosure | 48,500 | ||||||||
Nonperforming Financial Instruments [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held for investment transferred to held for sale | 74,400 | ||||||||
Charge Offs Loans Held For Sale | 22,200 | ||||||||
Financing Receivable Significant Sales | 16,300 | ||||||||
Proceeds From Sale Of Loans Held For Investment | 11,300 | ||||||||
Provision For Loan And Lease Losses | 1,800 | ||||||||
Classified And Non Performing Loans Sold Outstanding Balance | 20,100 | ||||||||
Reserves Allocated To Bulk Sale | 2,800 | 2,800 | |||||||
Net charge-offs | 4,600 | ||||||||
Nonperforming Financial Instruments [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | 16,300 | ||||||||
Charge-off | 1,300 | ||||||||
Nonperforming Financial Instruments [Member] | Loans Tranferred To Held For Sale [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held for investment transferred to held for sale | 34,500 | ||||||||
Charge Offs Loans Held For Sale | 8,500 | ||||||||
Nonperforming Financial Instruments [Member] | Commercial And Industrial Sector [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held for investment transferred to held for sale | 1,800 | ||||||||
Charge Offs Loans Held For Sale | 1,700 | ||||||||
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 0 | 0 | |||||||
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Loans Tranferred To Held For Sale [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | $ 29,700 | $ 66,900 | |||||||
Loans held for investment transferred to held for sale | 17,200 | 57,200 | |||||||
Charge Offs Loans Held For Sale | 12,500 | 9,700 | |||||||
Charge Offs Loans Held For Sale Previously Established Reserve | 2,400 | 4,100 | |||||||
Provision Loans Transferred To Held For Sale | 10,100 | $ 5,600 | |||||||
Performing Financing Receivable [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 7,833,150 | 7,951,214 | 7,901,994 | 7,833,150 | |||||
Performing Financing Receivable [Member] | Ab Note Restructure Workout Strategy [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 31,300 | ||||||||
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 2,691,088 | 2,616,300 | 2,703,532 | 2,691,088 | |||||
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | Loans Insured or Guaranteed by US Government Authorities [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 147,205 | 138,939 | |||||||
Performing Financing Receivable [Member] | Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | FNMA and FHLMC Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | 104,900 | ||||||||
Performing Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 1,371,275 | 1,291,772 | 1,457,875 | 1,371,275 | |||||
Performing Financing Receivable [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 2,026,912 | 2,056,919 | 1,964,953 | 2,026,912 | |||||
Construction loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 124,951 | 79,429 | 111,397 | 124,951 | |||||
Charge-off | 8,296 | 3,607 | 1,770 | ||||||
Related Allowance | 1,405 | 760 | 2,017 | 1,405 | |||||
Provision For Loan And Lease Losses | 7,032 | 4,835 | 497 | ||||||
Construction loans [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 0 | 0 | 0 | 0 | |||||
Construction loans [Member] | Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 11,151 | 7,910 | |||||||
Financing Receivable Recorded Investment Past Due | 2,102 | 2,082 | |||||||
Unpaid Principal Balance | 2,370 | 355 | |||||||
Related Allowance | 208 | 55 | |||||||
Construction loans [Member] | Residential Portfolio Segment [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 762 | 217 | |||||||
Construction loans [Member] | Residential Portfolio Segment [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 0 | 0 | |||||||
Construction loans [Member] | Commercial Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 47,965 | 76,556 | |||||||
Financing Receivable Recorded Investment Past Due | 0 | 35,100 | |||||||
Unpaid Principal Balance | 0 | 38,595 | |||||||
Related Allowance | 0 | 560 | |||||||
Construction loans [Member] | Commercial Portfolio Segment [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Total TDR loans | 0 | 35,100 | |||||||
Construction loans [Member] | Commercial Portfolio Segment [Member] | PCI loans [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 0 | 0 | |||||||
Construction loans [Member] | Nonperforming Financial Instruments [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held for investment transferred to held for sale | 33,000 | ||||||||
Charge Offs Loans Held For Sale | 6,700 | ||||||||
Construction loans [Member] | Performing Financing Receivable [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 71,660 | 72,836 | 64,131 | 71,660 | |||||
Construction loans [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Nonperforming Financial Instruments [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held for investment transferred to held for sale | 30,000 | ||||||||
Construction loans [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Loans Tranferred To Held For Sale [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans held for investment transferred to held for sale | 7,700 | ||||||||
Loss on Sales of Loans, Net | $ 2,700 | ||||||||
Puerto Rico Electric Power Authority [Member] | Entity Loan Modification Program [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Charge-off | 10,700 | ||||||||
Puerto Rico Electric Power Authority [Member] | Nonperforming Financial Instruments [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | $ 64,000 | ||||||||
Unpaid Principal Balance | 75,000 | ||||||||
Related Allowance | 10,200 | ||||||||
Proceeds From Sale Of Loans Held For Investment | 53,200 | ||||||||
Provision For Loan And Lease Losses | $ 600 | ||||||||
Puerto Rico Housing Finance Authority [Member] | Residential Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 112,100 | ||||||||
Puerto Rico [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 6,926,719 | $ 6,586,033 | 6,633,432 | 6,926,719 | |||||
Credit risk concentration | 74.00% | ||||||||
Outstanding of credit facilities granted | $ 61,600 | 55,900 | |||||||
Puerto Rico [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | 5,600 | ||||||||
Charge-off | 1,300 | ||||||||
Puerto Rico [Member] | Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | 34,900 | ||||||||
Puerto Rico [Member] | Puerto Rico Government And Political Subdivisions [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Outstanding of credit facilities granted | 47,200 | ||||||||
Puerto Rico [Member] | Puerto Rico Electric Power Authority [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Outstanding of credit facilities granted | 14,500 | ||||||||
Virgin Islands [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | 627,720 | $ 481,188 | 584,576 | 627,720 | |||||
Credit risk concentration | 21.00% | ||||||||
Outstanding of credit facilities granted | $ 55,800 | 70,400 | |||||||
Virgin Islands [Member] | Construction loans [Member] | Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | 27,000 | ||||||||
Virgin Islands [Member] | Public Corporations [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Outstanding of credit facilities granted | 32,600 | ||||||||
Virgin Islands [Member] | Government [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Outstanding of credit facilities granted | 23,200 | ||||||||
United States [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Loans and Leases Receivable, Gross | $ 1,382,440 | $ 1,834,088 | $ 1,665,448 | $ 1,382,440 | |||||
Credit risk concentration | 5.00% | ||||||||
United States [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Financing Receivable Significant Sales | $ 9,200 |
LOAN PORTFOLIO - Natural Disast
LOAN PORTFOLIO - Natural Disaster Deferal Program - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)numberofcontracts | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 |
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,944,713 | 1,749,897 | 1,716,628 |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | $ 3,296,031 |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,750,202 | $ 3,809,622 | |
Financing Receivables 30 To 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 59,500 | ||
Increase (Decrease) in Finance Receivables | (51,700) | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 73,200 | ||
Increase (Decrease) in Finance Receivables | (42,700) | ||
Financing Receivables 30 To 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,900 | ||
Increase (Decrease) in Finance Receivables | $ (13,800) | ||
Hurricane [Member] | Natural Disaster Payment Deferral Program [Member] | Financing Receivable Equal To Less Than 60 Days Past Due [Member] | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payment Deferral Period | 3 months | ||
Hurricane [Member] | Natural Disaster Payment Deferral Program [Member] | Financing Receivable Equal To Less Than 60 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payment Deferral Period | 3 months | ||
Financing Receivable Deferral Payment Number Of Agreements | numberofcontracts | 9,588 | ||
Loans and Leases Receivable, Gross | $ 1,300,000 | ||
Hurricane [Member] | Natural Disaster Payment Deferral Program [Member] | Financing Receivables Current [Member] | Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Payment Deferral Period | 3 months | ||
Financing Receivable Deferral Payment Number Of Agreements | numberofcontracts | 351 | ||
Loans and Leases Receivable, Gross | $ 1,200,000 |
LOAN PORTFOLIO - Activity for I
LOAN PORTFOLIO - Activity for Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Loans: | |||
Balance at beginning of period | $ 790,308 | $ 887,905 | $ 806,509 |
Loans determined impaired during the period | 250,524 | 140,977 | 288,202 |
Charge-offs | (57,152) | (82,113) | (67,210) |
Impaired Loans sold, net of charge-offs | (4,121) | (53,245) | (8,675) |
Increases to existing impaired loans | 7,335 | 8,292 | 3,236 |
Foreclosures | (36,453) | (37,513) | (36,161) |
Loans no longer considered impaired | (5,417) | (3,526) | (27,643) |
Impaired Loans Transferred from (to) Held For Sale | (74,052) | 0 | 0 |
Paid in full, partial payments and other | (110,703) | (70,469) | (70,353) |
Balance at end of period | $ 760,269 | $ 790,308 | $ 887,905 |
LOAN PORTFOLIO - Activity for_2
LOAN PORTFOLIO - Activity for Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 90,319 | $ 0 | $ 10,332 |
Nonperforming Financial Instruments [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 22,200 | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | 74,400 | ||
Impaired Loans [Member] | Puerto Rico Electric Power Authority [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Allowance For Loan And Lease Losses Write Offs Loans Sold | $ 10,700 | ||
Impaired Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | 22,200 | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 74,400 | ||
Allowance For Loan And Lease Losses Write Offs Loans Sold | 4,200 | ||
Classified And Non Performing Loans Sold | $ 16,300 |
LOAN PORTFOLIO- Carrying Value
LOAN PORTFOLIO- Carrying Value of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | 146,640 | 158,174 | 165,818 |
Allowance for loan losses purchased credit impaired | (11,354) | (11,251) | (6,857) |
Purchased Credit Impaired Loans, Net | 135,286 | 146,923 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | 3,296,031 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | 143,176 | 153,991 | 162,676 |
Allowance for loan losses purchased credit impaired | (10,954) | (10,873) | (6,632) |
Commercial Portfolio Segment [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | 1,522,662 | 1,614,972 | 1,568,808 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Loans and Leases Receivable, Gross | 3,464 | 4,183 | 3,142 |
Allowance for loan losses purchased credit impaired | $ (400) | $ (378) | $ (225) |
LOAN PORTFOLIO- Corporation's A
LOAN PORTFOLIO- Corporation's Aging of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | $ 574,654 | $ 848,763 | |
Financing Receivable Recorded Investment Current | 8,136,829 | 7,843,539 | |
Loans and Leases Receivable, Gross | 8,858,123 | 8,850,476 | $ 8,886,873 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 36,423 | 46,260 | |
Financing Receivable Recorded Investment Current | 110,217 | 111,914 | |
Loans and Leases Receivable, Gross | 146,640 | 158,174 | 165,818 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 49,020 | 87,856 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 0 | 0 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 80,578 | 139,933 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 6,979 | 16,955 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 445,056 | 620,974 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 29,444 | 29,305 | |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | 3,296,031 |
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 33,911 | 43,071 | |
Financing Receivable Recorded Investment Current | 109,265 | 110,920 | |
Loans and Leases Receivable, Gross | 143,176 | 153,991 | 162,676 |
Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 0 | 0 | |
Loans and Leases Receivable, Gross | 11,600 | 28,100 | |
Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 6,979 | 16,600 | |
Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 26,932 | 26,471 | |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,522,662 | 1,614,972 | 1,568,808 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 2,512 | 3,189 | |
Financing Receivable Recorded Investment Current | 952 | 994 | |
Loans and Leases Receivable, Gross | 3,464 | 4,183 | $ 3,142 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 0 | 0 | |
Loans and Leases Receivable, Gross | 0 | 200 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | 0 | 355 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable Recorded Investment Past Due | $ 2,512 | $ 2,834 |
LOAN PORTFOLIO-Corporation's Ag
LOAN PORTFOLIO-Corporation's Aging of Purchased Credit Impaired Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | 3,296,031 |
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 1,522,662 | 1,614,972 | 1,568,808 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 146,640 | 158,174 | 165,818 |
Financial Asset Acquired with Credit Deterioration [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 143,176 | 153,991 | 162,676 |
Financial Asset Acquired with Credit Deterioration [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 3,464 | 4,183 | $ 3,142 |
Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | 11,600 | 28,100 | |
Financial Asset Acquired with Credit Deterioration [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans and Leases Receivable, Gross | $ 0 | $ 200 |
LOAN PORTFOLIO - Change in Accr
LOAN PORTFOLIO - Change in Accretable Yield of Purchased Credit Impaired Loans (Detail) - Financial Asset Acquired with Credit Deterioration [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of year | $ 103,682 | $ 116,462 | $ 118,385 |
Accretion recognized in earnings | (10,189) | (10,810) | (11,533) |
Reclassification (to) from non-accretable | 0 | (1,970) | 9,610 |
Balance at end of period | $ 93,493 | $ 103,682 | $ 116,462 |
LOAN PORTFOLIO -Changes in Carr
LOAN PORTFOLIO -Changes in Carrying Amount Of Purchased Credit Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | |||
Beggining balance of period | $ 8,850,476 | $ 8,886,873 | |
Ending balance | 8,858,123 | 8,850,476 | $ 8,886,873 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Beggining balance of period | 158,174 | 165,818 | |
Accretion | 10,189 | 10,810 | 11,533 |
Collections | (16,749) | (15,400) | |
Foreclosures | (4,974) | (3,054) | |
Ending balance | 146,640 | 158,174 | 165,818 |
Allowance for loan losses purchased credit impaired | (11,354) | (11,251) | $ (6,857) |
Ending balance: purchased credit-impaired loans | $ 135,286 | $ 146,923 |
LOAN PORTFOLIO - Changes in the
LOAN PORTFOLIO - Changes in the allowance for loan losses related to purchased credit impaired doans (Detail) - Financial Asset Acquired with Credit Deterioration [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Beginning balance: purchased credit-impaired loans | $ 11,251 | $ 6,857 |
Provsion of PCI Loans | 103 | 4,394 |
Ending balance: purchased credit-impaired loans | $ 11,354 | $ 11,251 |
LOAN PORTFOLIO- Selected Inform
LOAN PORTFOLIO- Selected Information on TDRs includes Recorded Investment by Loan Class and Modification Type (Detail) - Entity Loan Modification Program [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | $ 582,647 | $ 587,219 | $ 647,048 | $ 661,591 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 74,921 | 94,112 | ||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 137,949 | 50,812 | ||
Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,935 | 2,184 | ||
Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 333,902 | 363,930 | ||
Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 10,382 | 11,783 | ||
Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 762 | 217 | ||
Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 35,100 | ||
Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 4,765 | 6,476 | ||
Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 18,031 | 22,605 | ||
Interest rate below market [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 28,771 | 35,947 | ||
Interest rate below market [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 664 | 2,510 | ||
Interest rate below market [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 3,966 | 6,563 | ||
Interest rate below market [Member] | Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Interest rate below market [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 22,729 | 25,964 | ||
Interest rate below market [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,396 | 892 | ||
Interest rate below market [Member] | Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Interest rate below market [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Interest rate below market [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 16 | 18 | ||
Interest rate below market [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Maturity or term extension [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 39,283 | 38,683 | ||
Maturity or term extension [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 19,769 | 20,648 | ||
Maturity or term extension [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 2,005 | 2,094 | ||
Maturity or term extension [Member] | Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 101 | 238 | ||
Maturity or term extension [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 11,586 | 8,318 | ||
Maturity or term extension [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,236 | 2,097 | ||
Maturity or term extension [Member] | Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 545 | 0 | ||
Maturity or term extension [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Maturity or term extension [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 2,524 | 3,941 | ||
Maturity or term extension [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,517 | 1,347 | ||
Combination of reduction in interest rateand extension of maturity [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 394,235 | 340,753 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 13,323 | 16,049 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 122,709 | 31,870 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,186 | 1,946 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 239,348 | 267,578 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 5,651 | 6,891 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,933 | 2,186 | ||
Combination of reduction in interest rateand extension of maturity [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 10,085 | 14,233 | ||
Forgiveness of principal and/or interest [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 275 | 35,317 | ||
Forgiveness of principal and/or interest [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forgiveness of principal and/or interest [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forgiveness of principal and/or interest [Member] | Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forgiveness of principal and/or interest [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forgiveness of principal and/or interest [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 275 | 217 | ||
Forgiveness of principal and/or interest [Member] | Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forgiveness of principal and/or interest [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 35,100 | ||
Forgiveness of principal and/or interest [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forgiveness of principal and/or interest [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 2,818 | 6,623 | ||
Forbearance Agreement [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 2,673 | 6,623 | ||
Forbearance Agreement [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 145 | 0 | ||
Forbearance Agreement [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Forbearance Agreement [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Other Loan Modifications [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 117,265 | 129,896 | ||
Other Loan Modifications [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 38,492 | 48,282 | ||
Other Loan Modifications [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 9,269 | 10,285 | ||
Other Loan Modifications [Member] | Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 648 | 0 | ||
Other Loan Modifications [Member] | Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 60,094 | 62,070 | ||
Other Loan Modifications [Member] | Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 1,824 | 1,686 | ||
Other Loan Modifications [Member] | Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 217 | 217 | ||
Other Loan Modifications [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | ||
Other Loan Modifications [Member] | Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | 292 | 331 | ||
Other Loan Modifications [Member] | Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable, Modifications, Recorded Investment | $ 6,429 | $ 7,025 |
LOAN PORTFOLIO - Selected Infor
LOAN PORTFOLIO - Selected Information on TDRs Includes Recorded Investment by Loan Class and Modification Type (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | $ 43,186 | $ 32,980 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 1,725 | 0 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 11,371 | 0 |
Nonperforming Financial Instruments [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 16,100 | $ 8,300 |
Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 1,700 | |
Entity Loan Modification Program [Member] | Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | 900 | |
Entity Loan Modification Program [Member] | Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Loans Receivable Held For Sale Net | $ 11,100 |
LOAN PORTFOLIO - Corporation'_3
LOAN PORTFOLIO - Corporation's TDR Activity (Detail) - Entity Loan Modification Program [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable Modifications [Line Items] | |||
Beginning Balance of TDRs | $ 587,219 | $ 647,048 | $ 661,591 |
New TDRs | 171,857 | 93,837 | 84,942 |
Increases to existing TDRs (disbursements) | 7,027 | 6,575 | 3,921 |
Charge-offs post modification | (27,951) | (32,963) | (24,876) |
Sales, net of charge-offs | 0 | (53,245) | (3,761) |
Foreclosures | (21,591) | (25,059) | (16,834) |
TDRs transferred from (to) held for sale | (34,541) | 0 | 0 |
Paid-off and partial payments | (99,373) | (48,974) | (57,935) |
Ending balance of TDRs | $ 582,647 | $ 587,219 | $ 647,048 |
LOAN PORTFOLIO - Corporation'_4
LOAN PORTFOLIO - Corporation's TDR Activity (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable Modifications [Line Items] | |||||
Loans held for investment transferred to held for sale | $ 90,319 | $ 0 | $ 10,332 | ||
Charge-off | 116,792 | 134,770 | 136,928 | ||
Nonperforming Financial Instruments [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Charge Offs Loans Held For Sale | 22,200 | ||||
Loans held for investment transferred to held for sale | 74,400 | ||||
Financing Receivable Significant Sales | $ 16,300 | ||||
Nonperforming Financial Instruments [Member] | Puerto Rico Electric Power Authority [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Financing Receivable Significant Sales | $ 64,000 | ||||
Entity Loan Modification Program [Member] | Puerto Rico Electric Power Authority [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Charge-off | $ 10,700 | ||||
Entity Loan Modification Program [Member] | Nonperforming Financial Instruments [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Charge-off | 1,300 | ||||
Financing Receivable Significant Sales | $ 16,300 | ||||
Entity Loan Modification Program [Member] | Nonperforming Financial Instruments [Member] | Loans Tranferred To Held For Sale [Member] | |||||
Financing Receivable Modifications [Line Items] | |||||
Charge Offs Loans Held For Sale | 8,500 | ||||
Loans held for investment transferred to held for sale | $ 34,500 |
LOAN PORTFOLIO - Breakdown Betw
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Detail) - Entity Loan Modification Program [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | $ 478,928 | $ 374,695 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 103,719 | 212,524 | ||
Financing Receivable, Modifications, Recorded Investment | 582,647 | 587,219 | $ 647,048 | $ 661,591 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 66,603 | 41,536 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 8,318 | 52,576 | ||
Financing Receivable, Modifications, Recorded Investment | 74,921 | 94,112 | ||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 116,830 | 23,329 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 21,119 | 27,483 | ||
Financing Receivable, Modifications, Recorded Investment | 137,949 | 50,812 | ||
Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 1,791 | 1,968 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 144 | 216 | ||
Financing Receivable, Modifications, Recorded Investment | 1,935 | 2,184 | ||
Other Loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 271,766 | 280,729 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 62,136 | 83,201 | ||
Financing Receivable, Modifications, Recorded Investment | 333,902 | 363,930 | ||
Other Loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 9,025 | 10,294 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 1,357 | 1,489 | ||
Financing Receivable, Modifications, Recorded Investment | 10,382 | 11,783 | ||
Construction loans [Member] | Residential Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 0 | 0 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 762 | 217 | ||
Financing Receivable, Modifications, Recorded Investment | 762 | 217 | ||
Construction loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 0 | 0 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 0 | 35,100 | ||
Financing Receivable, Modifications, Recorded Investment | 0 | 35,100 | ||
Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 1,071 | 1,291 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 3,694 | 5,185 | ||
Financing Receivable, Modifications, Recorded Investment | 4,765 | 6,476 | ||
Auto loans [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable Modifications [Line Items] | ||||
Financing Receivable Modifications Recorded Investment Accrual Status | 11,842 | 15,548 | ||
Financing Receivable Modifications Recorded Investment Nonaccrual Status | 6,189 | 7,057 | ||
Financing Receivable, Modifications, Recorded Investment | $ 18,031 | $ 22,605 |
LOAN PORTFOLIO - Breakdown Be_2
LOAN PORTFOLIO - Breakdown Between Accrual and Nonaccrual Status of TDRs (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Performing Financing Receivable [Member] | Non Accrual [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Total TDR loans | $ 17.7 | $ 88.6 |
LOAN PORTFOLIO - Loan Modificat
LOAN PORTFOLIO - Loan Modifications are Considered TDRs (Detail) - Entity Loan Modification Program [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)numberofcontracts | Dec. 31, 2017USD ($)numberofcontracts | Dec. 31, 2016USD ($)numberofcontracts | |
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 1,228 | 1,275 | 2,228 |
Pre-modification Outstanding Recorded Investment | $ 173,082 | $ 94,796 | $ 86,106 |
Post-Modification Outstanding Recorded Investment | $ 171,857 | $ 93,837 | $ 84,942 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 10 | 21 | 25 |
Pre-modification Outstanding Recorded Investment | $ 9,141 | $ 39,428 | $ 22,182 |
Post-Modification Outstanding Recorded Investment | $ 8,786 | $ 39,338 | $ 22,184 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 11 | 13 | 11 |
Pre-modification Outstanding Recorded Investment | $ 138,994 | $ 25,722 | $ 5,710 |
Post-Modification Outstanding Recorded Investment | $ 138,785 | $ 25,018 | $ 5,739 |
Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 48 | 22 | 74 |
Pre-modification Outstanding Recorded Investment | $ 1,001 | $ 548 | $ 1,878 |
Post-Modification Outstanding Recorded Investment | $ 987 | $ 548 | $ 1,878 |
Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 104 | 132 | 209 |
Pre-modification Outstanding Recorded Investment | $ 14,827 | $ 19,484 | $ 30,940 |
Post-Modification Outstanding Recorded Investment | $ 14,159 | $ 19,263 | $ 29,668 |
Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 768 | 657 | 1,156 |
Pre-modification Outstanding Recorded Investment | $ 3,935 | $ 3,041 | $ 5,496 |
Post-Modification Outstanding Recorded Investment | $ 3,996 | $ 3,094 | $ 5,576 |
Construction loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 1 | ||
Pre-modification Outstanding Recorded Investment | $ 587 | ||
Post-Modification Outstanding Recorded Investment | $ 558 | ||
Construction loans [Member] | Commercial Portfolio Segment [Member] | Land [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 1 | 4 | 9 |
Pre-modification Outstanding Recorded Investment | $ 97 | $ 122 | $ 6,759 |
Post-Modification Outstanding Recorded Investment | $ 97 | $ 125 | $ 6,756 |
Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 285 | 426 | 744 |
Pre-modification Outstanding Recorded Investment | $ 4,500 | $ 6,451 | $ 13,141 |
Post-Modification Outstanding Recorded Investment | $ 4,489 | $ 6,451 | $ 13,141 |
LOAN PORTFOLIO - Loan Modific_2
LOAN PORTFOLIO - Loan Modifications Considered Troubled Debt Restructurings Defaulted (Detail) - Entity Loan Modification Program [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)numberofcontracts | Dec. 31, 2017USD ($)numberofcontracts | Dec. 31, 2016USD ($)numberofcontracts | |
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 134 | 161 | 222 |
Recorded investment | $ | $ 3,225 | $ 6,045 | $ 8,934 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 0 | 1 | 0 |
Recorded investment | $ | $ 0 | $ 57 | $ 0 |
Finance Leases Portfolio Segment [Member] | Consumer Loan [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 1 | 1 | 2 |
Recorded investment | $ | $ 22 | $ 39 | $ 43 |
Other Loans [Member] | Residential Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 15 | 46 | 50 |
Recorded investment | $ | $ 1,994 | $ 5,355 | $ 7,673 |
Other Loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 56 | 99 | 119 |
Recorded investment | $ | $ 206 | $ 387 | $ 454 |
Auto loans [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable Modifications [Line Items] | |||
Number of contracts | numberofcontracts | 62 | 14 | 51 |
Recorded investment | $ | $ 1,003 | $ 207 | $ 764 |
LOAN PORTFOLIO - Loan Restructu
LOAN PORTFOLIO - Loan Restructuring and Effect on Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable Disclosure [Abstract] | |||
Beginning balance | $ 231,843 | $ 205,603 | $ 240,710 |
Provision for loan and lease losses | 59,253 | 144,254 | 86,733 |
Ending balance | 196,362 | 231,843 | 205,603 |
Entity Loan Modification Program [Member] | |||
Financing Receivable, Additional Disclosures [Abstract] | |||
Beginning Balance of TDRs | 587,219 | 647,048 | 661,591 |
New TDRs loan splits | 171,857 | 93,837 | 84,942 |
Paid-off and partial payments | (99,373) | (48,974) | (57,935) |
Ending balance of TDRs | 582,647 | 587,219 | 647,048 |
Entity Loan Modification Program [Member] | AB Note Restructure Workout Strategy [Member] | |||
Financing Receivable, Additional Disclosures [Abstract] | |||
Beginning Balance of TDRs | 35,577 | 36,971 | 39,329 |
New TDRs loan splits | 32,104 | 0 | 0 |
Paid-off and partial payments | (33,841) | (1,394) | (2,358) |
Ending balance of TDRs | 33,840 | 35,577 | 36,971 |
Loans and Leases Receivable Disclosure [Abstract] | |||
Beginning balance | 3,846 | 5,141 | 862 |
Provision for loan and lease losses | (10,789) | (1,295) | 4,279 |
Net loan loss recoveries | 7,416 | 0 | 0 |
Ending balance | $ 473 | $ 3,846 | $ 5,141 |
ALLOWANCE FOR LOAN AND LEASE _3
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | $ 231,843 | $ 205,603 | $ 240,710 | |
Charge-offs | (116,792) | (134,770) | (136,928) | |
Recoveries | 22,058 | 16,756 | 15,088 | |
(Provision) release for loan and lease losses | 59,253 | 144,254 | 86,733 | |
Ending balance | 196,362 | 231,843 | 205,603 | |
Ending balance: specific reserve for impaired loans | 53,976 | 51,410 | 64,421 | |
Ending balance | 8,858,123 | 8,850,476 | 8,886,873 | |
Ending balance: impaired loans | 760,269 | 790,308 | 887,905 | $ 806,509 |
General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 169,182 | 134,325 | ||
Ending balance | 131,032 | 169,182 | 134,325 | |
Ending balance | 7,951,214 | 7,901,994 | 7,833,150 | |
PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: purchased credit-impaired loans | 11,354 | 11,251 | 6,857 | |
Ending balance | 146,640 | 158,174 | 165,818 | |
Commercial And Industrial Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance | 2,148,111 | 2,083,253 | ||
Residential Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 58,975 | 33,980 | 39,570 | |
Charge-offs | (24,775) | (28,186) | (33,621) | |
Recoveries | 3,392 | 2,437 | 2,941 | |
(Provision) release for loan and lease losses | 13,202 | 50,744 | 25,090 | |
Ending balance | 50,794 | 58,975 | 33,980 | |
Ending balance: specific reserve for impaired loans | 19,965 | 22,086 | 8,633 | |
Ending balance | 3,163,208 | 3,290,957 | 3,296,031 | |
Ending balance: impaired loans | 403,732 | 433,434 | 442,267 | |
Residential Portfolio Segment [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 26,016 | 18,715 | ||
Ending balance | 19,875 | 26,016 | 18,715 | |
Ending balance | 2,616,300 | 2,703,532 | 2,691,088 | |
Residential Portfolio Segment [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: purchased credit-impaired loans | 10,954 | 10,873 | 6,632 | |
Ending balance | 143,176 | 153,991 | 162,676 | |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance | 3,750,202 | 3,809,622 | ||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 48,493 | 57,261 | 68,211 | |
Charge-offs | (23,911) | (39,092) | (20,454) | |
Recoveries | 7,925 | 270 | 816 | |
(Provision) release for loan and lease losses | 23,074 | 30,054 | 8,688 | |
Ending balance | 55,581 | 48,493 | 57,261 | |
Ending balance: specific reserve for impaired loans | 17,684 | 9,783 | 26,172 | |
Ending balance | 1,522,662 | 1,614,972 | 1,568,808 | |
Ending balance: impaired loans | 227,426 | 152,914 | 194,391 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 38,332 | 30,864 | ||
Ending balance | 37,497 | 38,332 | 30,864 | |
Ending balance | 1,291,772 | 1,457,875 | 1,371,275 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: purchased credit-impaired loans | 400 | 378 | 225 | |
Ending balance | 3,464 | 4,183 | 3,142 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 48,871 | 61,953 | 68,768 | |
Charge-offs | (9,704) | (19,855) | (26,579) | |
Recoveries | 1,819 | 5,755 | 2,689 | |
(Provision) release for loan and lease losses | (8,440) | 1,018 | 17,075 | |
Ending balance | 32,546 | 48,871 | 61,953 | |
Ending balance: specific reserve for impaired loans | 9,693 | 12,359 | 22,638 | |
Ending balance | 2,148,111 | 2,083,253 | 2,180,455 | |
Ending balance: impaired loans | 91,192 | 118,300 | 153,543 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 36,512 | 39,315 | ||
Ending balance | 22,853 | 36,512 | 39,315 | |
Ending balance | 2,056,919 | 1,964,953 | 2,026,912 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: purchased credit-impaired loans | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 70,982 | 49,847 | 60,642 | |
Charge-offs | (50,106) | (44,030) | (54,504) | |
Recoveries | 8,588 | 7,562 | 8,326 | |
(Provision) release for loan and lease losses | 24,385 | 57,603 | 35,383 | |
Ending balance | 53,849 | 70,982 | 49,847 | |
Ending balance: specific reserve for impaired loans | 5,874 | 5,165 | 5,573 | |
Ending balance | 1,944,713 | 1,749,897 | 1,716,628 | |
Ending balance: impaired loans | 31,326 | 38,394 | 44,413 | |
Consumer Portfolio Segment [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 65,817 | 44,274 | ||
Ending balance | 47,975 | 65,817 | 44,274 | |
Ending balance | 1,913,387 | 1,711,503 | 1,672,215 | |
Consumer Portfolio Segment [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: purchased credit-impaired loans | 0 | 0 | 0 | |
Ending balance | 0 | 0 | 0 | |
Construction Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 4,522 | 2,562 | 3,519 | |
Charge-offs | (8,296) | (3,607) | (1,770) | |
Recoveries | 334 | 732 | 316 | |
(Provision) release for loan and lease losses | 7,032 | 4,835 | 497 | |
Ending balance | 3,592 | 4,522 | 2,562 | |
Ending balance: specific reserve for impaired loans | 760 | 2,017 | 1,405 | |
Ending balance | 79,429 | 111,397 | 124,951 | |
Ending balance: impaired loans | 6,593 | 47,266 | 53,291 | |
Construction Loans [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Beginning balance | 2,505 | 1,157 | ||
Ending balance | 2,832 | 2,505 | 1,157 | |
Ending balance | 72,836 | 64,131 | 71,660 | |
Construction Loans [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: purchased credit-impaired loans | 0 | 0 | 0 | |
Ending balance | 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 | 208 | 55 | ||
Ending balance | 11,151 | 7,910 | ||
Ending balance: impaired loans | 1,718 | 252 | ||
Construction Loans [Member] | Residential Portfolio Segment [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance | 0 | 0 | ||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance: specific reserve for impaired loans | 0 | 560 | ||
Ending balance | 47,965 | 76,556 | ||
Ending balance: impaired loans | 0 | 35,101 | ||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Ending balance | $ 0 | $ 0 |
ALLOWANCE FOR LOAN AND LEASE _4
ALLOWANCE FOR LOAN AND LEASE LOSSES - Carrying Amount of Portfolios (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | $ 188,397 | $ 213,046 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 571,872 | 577,262 | ||
Impaired Financing Receivable Related Allowance | 53,976 | 51,410 | $ 64,421 | |
Loans and Leases Receivable, Gross | 8,858,123 | 8,850,476 | 8,886,873 | |
Loans And Leases Receivable Allowance | 196,362 | 231,843 | 205,603 | $ 240,710 |
PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 146,640 | 158,174 | 165,818 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 11,354 | 11,251 | 6,857 | |
General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 7,951,214 | 7,901,994 | 7,833,150 | |
Loans And Leases Receivable Allowance | 131,032 | 169,182 | 134,325 | |
Consumer Loan [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,611,177 | 1,492,435 | ||
Construction Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 2,431 | 48 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 4,162 | 47,218 | ||
Impaired Financing Receivable Related Allowance | 760 | 2,017 | 1,405 | |
Loans and Leases Receivable, Gross | 79,429 | 111,397 | 124,951 | |
Loans And Leases Receivable Allowance | 3,592 | 4,522 | 2,562 | 3,519 |
Construction Loans [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 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 | 72,836 | 64,131 | 71,660 | |
Loans And Leases Receivable Allowance | 2,832 | 2,505 | 1,157 | |
Commercial And Industrial Sector [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | ||
Residenital Mortgage Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 110,238 | 116,818 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 293,494 | 316,616 | ||
Impaired Financing Receivable Related Allowance | 19,965 | 22,086 | 8,633 | |
Loans and Leases Receivable, Gross | 3,163,208 | 3,290,957 | 3,296,031 | |
Loans And Leases Receivable Allowance | 50,794 | 58,975 | 33,980 | 39,570 |
Residenital Mortgage Loans [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 143,176 | 153,991 | 162,676 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 10,954 | 10,873 | 6,632 | |
Residenital Mortgage Loans [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,616,300 | 2,703,532 | 2,691,088 | |
Loans And Leases Receivable Allowance | 19,875 | 26,016 | 18,715 | |
Residenital Mortgage Loans [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 | 1,718 | 252 | ||
Impaired Financing Receivable Related Allowance | 208 | 55 | ||
Loans and Leases Receivable, Gross | 11,151 | 7,910 | ||
Residenital Mortgage Loans [Member] | Construction Loans [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,750,202 | 3,809,622 | ||
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 | ||
Loans and Leases Receivable, Gross | 47,965 | 76,556 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 0 | 0 | ||
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 | 30,030 | 28,292 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 61,162 | 90,008 | ||
Impaired Financing Receivable Related Allowance | 9,693 | 12,359 | 22,638 | |
Loans and Leases Receivable, Gross | 2,148,111 | 2,083,253 | 2,180,455 | |
Loans And Leases Receivable Allowance | 32,546 | 48,871 | 61,953 | 68,768 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 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 | 2,056,919 | 1,964,953 | 2,026,912 | |
Loans And Leases Receivable Allowance | 22,853 | 36,512 | 39,315 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 43,358 | 65,100 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 184,068 | 87,814 | ||
Impaired Financing Receivable Related Allowance | 17,684 | 9,783 | 26,172 | |
Loans and Leases Receivable, Gross | 1,522,662 | 1,614,972 | 1,568,808 | |
Loans And Leases Receivable Allowance | 55,581 | 48,493 | 57,261 | $ 68,211 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,464 | 4,183 | 3,142 | |
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Allowance For Loan Losses | 400 | 378 | 225 | |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,291,772 | 1,457,875 | 1,371,275 | |
Loans And Leases Receivable Allowance | 37,497 | 38,332 | $ 30,864 | |
Finance leases [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 22 | 0 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 1,914 | 2,184 | ||
Impaired Financing Receivable Related Allowance | 102 | 104 | ||
Loans and Leases Receivable, Gross | 333,536 | 257,462 | ||
Finance leases [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 0 | 0 | ||
Finance leases [Member] | General Allowance [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 332,207 | 256,225 | ||
Finance leases [Member] | Consumer Loan [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Impaired Financing Receivable With No Related Allowance Recorded Investment | 2,340 | 2,788 | ||
Impaired Financing Receivable With Related Allowance Recorded Investment | 28,986 | 35,606 | ||
Impaired Financing Receivable Related Allowance | 5,874 | 5,165 | ||
Loans and Leases Receivable, Gross | 1,944,713 | 1,749,897 | ||
Loans And Leases Receivable Allowance | 53,849 | 70,982 | ||
Finance leases [Member] | Consumer Loan [Member] | PCI loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross | 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 | 1,913,387 | 1,711,503 | ||
Loans And Leases Receivable Allowance | $ 47,975 | $ 65,817 |
ALLOWANCE FOR LOAN AND LEASE _5
ALLOWANCE FOR LOAN AND LEASE LOSSES - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Write Offs | $ 116,792 | $ 134,770 | $ 136,928 | ||
Construction Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Write Offs | 8,296 | 3,607 | 1,770 | ||
Commercial Portfolio Segment [Member] | General Allowance [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 5,700 | ||||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Write Offs | 23,911 | 39,092 | 20,454 | ||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Write Offs | 9,704 | 19,855 | 26,579 | ||
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Puerto Rico [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Write Offs | 1,300 | ||||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Period Increase Decrease | $ (1,600) | ||||
Commercial Portfolio Segment [Member] | Floor Plan Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 400 | 700 | |||
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 | 50,106 | 44,030 | 54,504 | ||
Residential Portfolio Segment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Allowance For Loan And Lease Losses Write Offs | 24,775 | 28,186 | $ 33,621 | ||
Hurricane [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 19,200 | 55,600 | $ 66,500 | ||
Net Loan Loss Reserve Release | 16,900 | ||||
Hurricane [Member] | Puerto Rico [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 17,200 | 50,200 | |||
Hurricane [Member] | Virgin Islands [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 2,000 | 5,400 | |||
Hurricane [Member] | Construction Loans [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 0 | 700 | |||
Hurricane [Member] | Commercial Portfolio Segment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | (5,700) | ||||
Hurricane [Member] | Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 3,800 | 7,500 | |||
Hurricane [Member] | Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 3,400 | 13,100 | |||
Hurricane [Member] | Consumer Portfolio Segment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | 3,200 | 25,000 | |||
Allowance For Loan And Lease Losses Write Offs | 10,900 | ||||
Hurricane [Member] | Residential Portfolio Segment [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Financing Receivable Allowance For Credit Losses | $ 8,800 | $ 9,200 |
LOANS HELD FOR SALE - Portfolio
LOANS HELD FOR SALE - Portfolio of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | $ 43,186 | $ 32,980 |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 27,075 | 24,690 |
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 11,371 | 0 |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | 1,725 | 0 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Held For Sale Net | $ 3,015 | $ 8,290 |
LOANS HELD FOR SALE - Portfol_2
LOANS HELD FOR SALE - Portfolio of Loans Held For Sale Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held For Sale Net | $ 43,186 | $ 32,980 | |
Loans held for investment transferred to held for sale | 90,319 | 0 | $ 10,332 |
Nonperforming Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value write-downs | 22,200 | ||
Loans Receivable Held For Sale Net | 16,100 | 8,300 | |
Loans held for investment transferred to held for sale | 74,400 | ||
Commercial And Industrial Sector [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value write-downs | 1,700 | ||
Loans held for investment transferred to held for sale | 1,800 | ||
Commercial Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held For Sale Net | 11,371 | 0 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held For Sale Net | 1,725 | 0 | |
Commercial Portfolio Segment [Member] | Commercial And Industrial Sector [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held For Sale Net | 1,700 | ||
Construction Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held For Sale Net | 3,015 | $ 8,290 | |
Construction Loans [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Fair value write-downs | 6,700 | ||
Loans held for investment transferred to held for sale | 33,000 | ||
Construction Loans [Member] | Nonperforming Financial Instruments [Member] | Loans held for sale sold [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for investment transferred to held for sale | 30,000 | ||
Construction Loans [Member] | Commercial Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans Receivable Held For Sale Net | $ 3,000 |
OTHER REAL ESTATE OWNED- Other
OTHER REAL ESTATE OWNED- Other real estate owned (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Real Estate And Foreclosed Assets [Line Items] | ||
OREO | $ 131,402 | $ 147,940 |
Other Real Estate Owned [Member] | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
OREO | 131,402 | 147,940 |
Other Real Estate Owned [Member] | Construction [Member] | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
OREO | 10,325 | 10,688 |
Other Real Estate Owned [Member] | Residential [Member] | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
OREO | 49,239 | 54,381 |
Other Real Estate Owned [Member] | Commercial [Member] | Mortgage [Member] | ||
Other Real Estate And Foreclosed Assets [Line Items] | ||
OREO | $ 71,838 | $ 82,871 |
OTHER REAL ESTATE OWNED- Additi
OTHER REAL ESTATE OWNED- Additional information (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Properties [Line Items] | ||
Foreclosures that meet the conditions of ASC Topic 310-40 | $ 171,066 | $ 166,682 |
Other Real Estate Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Foreclosures that meet the conditions of ASC Topic 310-40 | $ 14,400 | $ 21,300 |
RELATED PARTY TRANSACTIONS- Mov
RELATED PARTY TRANSACTIONS- Movement and balance of these loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Opening Balance | $ 1,084 | $ 1,208 |
New loans | 57 | 65 |
Loans and Leases Receivable, Related Parties, Proceeds | (117) | (189) |
Other changes | 0 | 0 |
Closing Balance | $ 1,024 | $ 1,084 |
PREMISES AND EQUIPMENT (Detail)
PREMISES AND EQUIPMENT (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Buildings and Improvements | $ 131,206 | $ 132,008 |
Leasehold Improvements | 54,734 | 53,866 |
Furniture and equipment | 176,116 | 166,853 |
Property, Plant and Equipment, Gross | 362,056 | 352,727 |
Accumulated Depreciation | (256,355) | (245,777) |
Subtotal | 105,701 | 106,950 |
Land | 24,640 | 24,640 |
Projects in progress | 17,473 | 10,305 |
Premises and equipment, net | $ 147,814 | $ 141,895 |
Maximum [Member] | FurnitureAndFixturesMember | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Maximum [Member] | BuildingImprovementsMember | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 35 years | |
Maximum [Member] | LeaseholdImprovementsMember | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum [Member] | FurnitureAndFixturesMember | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | BuildingImprovementsMember | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Minimum [Member] | LeaseholdImprovementsMember | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 1 year |
PREMISES AND EQUIPMENT- Additio
PREMISES AND EQUIPMENT- Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Impaired Long Lived Assets Held And Used [Line Items] | |||
Depreciation and amortization expense | $ 15,000 | $ 16,400 | $ 17,600 |
Gain from insurance proceeds | 537 | 0 | 0 |
Insurance proceeds | 7,673 | 0 | $ 0 |
Hurricane [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Gain from insurance proceeds | 500 | ||
Insurance proceeds | 6,800 | ||
Hurricane [Member] | Property Plant And Equipment [Member] | |||
Impaired Long Lived Assets Held And Used [Line Items] | |||
Tangible Asset Impairment Charges | 1,300 | $ 600 | |
Insurance proceeds | $ 2,000 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLES - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 15, 2016 | Jun. 30, 2012 | |
Finite Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 28,100 | $ 28,100 | |||
Amortization expense | 3,593 | 4,403 | $ 4,896 | ||
Core Deposits [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets Gross | 51,664 | 51,664 | |||
Amortization expense | 1,100 | 1,700 | 2,000 | ||
Customer Relationships [Member] | Credit Card [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets Gross | 24,465 | 24,465 | $ 24,500 | ||
Amortization expense | 2,300 | 2,500 | 2,800 | ||
Customer Relationships [Member] | Property, Liability and Casualty Insurance Product Line [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets Gross | 1,067 | 1,067 | |||
Amortization expense | $ 200 | $ 200 | $ 100 | ||
Doral Bank Transaction Member [Member] | Customer Relationships [Member] | Property, Liability and Casualty Insurance Product Line [Member] | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Finite Lived Intangible Assets Gross | $ 1,100 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,100 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLES - Gross Amount and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2012 | |
Core Deposits [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 51,664 | $ 51,664 | |
Accumulated amortization | (47,329) | (46,186) | |
Net carrying amount | $ 4,335 | $ 5,478 | |
Remaining amortization period | 6 years | 7 years | |
Customer Relationships [Member] | Credit Card [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Gross amount | $ 24,465 | $ 24,465 | $ 24,500 |
Accumulated amortization | (18,763) | (16,465) | |
Net carrying amount | $ 5,702 | $ 8,000 | |
Remaining amortization period | 2 years 10 months 24 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 | (445) | (292) | |
Net carrying amount | $ 622 | $ 775 | |
Remaining amortization period | 4 years | 5 years |
GOODWILL - Yearly Amortization
GOODWILL - Yearly Amortization Expense (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and other Intangible Assets [Abstract] | |
2,019 | $ 3,088 |
2,020 | 2,851 |
2,021 | 2,658 |
2,022 | 915 |
2,023 | 622 |
2024 and after | $ 525 |
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 | 12 Months Ended | |||||||||
Feb. 16, 2011 | Sep. 30, 2004 | Apr. 30, 2004 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Principal amount of corporation serviced loans securitized through GNMA | $ 1,700,000 | |||||||||||
Gains Losses On Extinguishment Of Debt | 2,316 | $ 1,391 | $ 4,217 | |||||||||
Servicing Asset at Amortized Cost | 27,428 | 25,255 | 26,244 | $ 24,282 | ||||||||
Servicing Asset At Fair Value Amount | 31,738 | |||||||||||
Interest Expense Trust Preferred Securities | $ 31,200 | |||||||||||
Loans and Leases Receivable, Gross | $ 8,858,123 | $ 8,850,476 | $ 8,886,873 | |||||||||
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 | |||||||||||
Percentage Of Variation In Assumptions | 10.00% | |||||||||||
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 repurchased | $ 23,800 | |||||||||||
Trust Preferred Securities Winning Bid | 90.00% | 81.00% | ||||||||||
Trust Preferred Securties Discount | 10.00% | 19.00% | ||||||||||
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 | $ 1,400 | ||||||||||
Fbp Statutory Trust One [Member] | Junior Subordinated Debt [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Trust preferred securities repurchased | $ 23,800 | $ 7,300 | ||||||||||
Debt Instrument Face Amount | $ 103,100 | |||||||||||
Cpg Gs [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Loans sold to CPG | $ 269,300 | |||||||||||
Acquired equity interest | 35.00% | |||||||||||
Loans and Leases Receivable, Gross | $ 136,100 | $ 6,200 | ||||||||||
Cash realized on sale of loan | $ 88,500 | |||||||||||
Carrying amount of the Bank investment in CPG/GS | $ 0 | |||||||||||
Maximum [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Percentage Of Variation In Assumptions | 20.00% | |||||||||||
Minimum [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Percentage Of Variation In Assumptions | 10.00% | |||||||||||
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 | |||||||||||
Servicing Asset at Amortized Cost | $ 19,300 | |||||||||||
Servicing Asset At Fair Value Amount | $ 13,900 | |||||||||||
Percentage Of Weighted Average Yield With Third Party | 4.89% | |||||||||||
Variable Rate Demand Obligation [Member] | Junior Subordinated Debt [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 Debt [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Principal amount of corporation's junior subordinated deferrable debentures | $ 103,100 | |||||||||||
Fbp Statutory Trust Two [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Trust Preferred Securities Winning Bid | 70.00% | |||||||||||
Trust Preferred Securties Discount | 30.00% | |||||||||||
Fbp Statutory Trust Two [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Gains Losses On Extinguishment Of Debt | $ 4,200 | |||||||||||
Fbp Statutory Trust Two [Member] | Junior Subordinated Debt [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Trust preferred securities repurchased | $ 10,000 | |||||||||||
Fbp Statutory Trust Two [Member] | Variable Rate Demand Obligation [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Variable Rate Trust Preferred Securities | $ 125,000 | |||||||||||
Proceeds of the issuance, together with proceeds of the purchase | 3,900 | |||||||||||
Fbp Statutory Trust Two [Member] | Variable Rate Demand Obligation [Member] | Junior Subordinated Debt [Member] | ||||||||||||
Servicing Liabilities At Fair Value [Line Items] | ||||||||||||
Principal amount of corporation's junior subordinated deferrable debentures | $ 128,900 |
NON-CONSOLIDATED VARIABLE INT_4
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Servicing Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |||
Balance at beginning of period | $ 25,255 | $ 26,244 | $ 24,282 |
Capitalization of servicing assets | 3,864 | 3,318 | 5,260 |
Amortization | (2,895) | (3,091) | (3,229) |
Temporary impairment recoveries (charges), net | 1,289 | (1,611) | (325) |
Adjustment to servicing assets for loans repurchased | (85) | 395 | 256 |
Balance at end of period | $ 27,428 | $ 25,255 | $ 26,244 |
NON-CONSOLIDATED VARIABLE INT_5
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Changes in Impairment Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transfers and Servicing [Abstract] | |||
Balance at beginning of period | $ 1,451 | $ 461 | $ 136 |
Temporary impairment charges | 123 | 1,611 | 466 |
OTTI of servicing assets | (132) | (621) | 0 |
Recoveries | (1,412) | 0 | (141) |
Balance at end of period | $ 30 | $ 1,451 | $ 461 |
NON-CONSOLIDATED VARIABLE INT_6
NON-CONSOLIDATED VARIABLE INTEREST ENTITIES AND SERVICING ASSETS - Components of Net Servicing Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Transfers and Servicing [Abstract] | ||||
Servicing fees | $ 8,704 | $ 7,630 | $ 7,606 | |
Late charges and prepayment penalties | 510 | 405 | 674 | |
Adjustment to servicing assets for loans repurchased | (85) | 395 | 256 | |
Other | [1] | (8) | (35) | (1) |
Servicing income, gross | 9,121 | 8,395 | 8,535 | |
Amortization and impairment of servicing assets | (1,606) | (4,702) | (3,554) | |
Servicing income, net | $ 7,515 | $ 3,693 | $ 4,981 | |
[1] |
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) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 | 6.50% | 6.70% | 8.00% |
Discount rate | 10.00% | 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 | 10.30% | 9.50% | 14.10% |
Discount rate | 14.30% | 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 | 6.00% | 6.20% | 7.60% |
Discount rate | 12.00% | 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% | 6.30% |
Discount rate | 10.00% | 10.00% | 9.50% |
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% | 9.30% |
Discount rate | 14.30% | 14.30% | 13.80% |
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% | 5.90% |
Discount rate | 12.00% | 12.00% | 11.50% |
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 | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Transfers and Servicing [Abstract] | ||||
Carrying amount of servicing assets | $ 27,428 | $ 25,255 | $ 26,244 | $ 24,282 |
Fair value | $ 31,738 | |||
Weighted-average expected life | 8 years 5 months 12 days | |||
Constant prepayment rate | 6.26% | |||
Decrease in fair value due to 10% adverse change | $ 747 | |||
Decrease in fair value due to 20% adverse change | $ 1,462 | |||
Discount rate | 11.25% | |||
Decrease in fair value due to 10% adverse change | $ 1,528 | |||
Decrease in fair value due to 20% adverse change | $ 2,930 |
DEPOSITS - Narratives (Detail)
DEPOSITS - Narratives (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deposits [Line Items] | |||
weighted average interest rate on total interest-bearing deposits | 1.03% | 0.97% | |
Overdrafts in demand deposits that were reclassified as loans | $ 2,100,000 | $ 1,700,000 | |
Overdrafts Prearranged Lines Of Credit | 21,700,000 | 15,200,000 | |
CDs in denominations of $100,000 or higher | 2,200,000,000 | 2,800,000,000 | |
Brokered certificates of deposit | $ 555,597,000 | $ 1,150,485,000 | |
Weighted Average Interest Rate of Time Deposits, $100,000 or More | 5.66% | 3.64% | |
Unamortized broker placement fees | $ 1,100,000 | $ 2,200,000 | |
Deposits | 8,994,714,000 | 9,022,631,000 | |
Market value of uninsured portions collateralized by securities and loans | 592,900,000 | 542,900,000 | |
Amortized cost of uninsured portions collateralized by securities and loans | 615,700,000 | 562,500,000 | |
Certificate Of Deposits Denominations | 100,000 | ||
Accretion Of Premium From Acquisition | 9,000 | 100,000 | $ 200,000 |
Letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands | 1,900,000,000 | 1,900,000,000 | |
Amortization Of Broker Placement Fees | $ 1,163,000 | $ 1,900,000 | 2,881,000 |
CDs including brokered CDs [Member] | |||
Deposits [Line Items] | |||
Weighted Average Interest Rate of Time Deposits, $100,000 or More | 1.88% | 1.50% | |
Federal Home Loan Bank [Member] | |||
Deposits [Line Items] | |||
Letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands | $ 1,700,000,000 | $ 1,700,000,000 | |
Government [Member] | |||
Deposits [Line Items] | |||
Deposits | 900,800,000 | 652,000,000 | |
Puerto Rico [Member] | |||
Deposits [Line Items] | |||
Brokered certificates of deposit | 441,100,000 | 1,000,000,000 | 1,400,000,000 |
Deposits | 6,208,531,000 | 6,268,056,000 | 6,291,353,000 |
Puerto Rico [Member] | Government [Member] | |||
Deposits [Line Items] | |||
Deposits | 677,300,000 | 490,300,000 | |
United States [Member] | |||
Deposits [Line Items] | |||
Brokered certificates of deposit | 114,500,000 | 158,000,000 | 60,100,000 |
Deposits | 1,519,362,000 | 1,637,941,000 | 1,564,839,000 |
Virgin Islands [Member] | |||
Deposits [Line Items] | |||
Deposits | 1,266,821,000 | 1,116,634,000 | $ 975,013,000 |
Virgin Islands [Member] | Federal Home Loan Bank [Member] | |||
Deposits [Line Items] | |||
Letters of credit issued by the FHLB as pledges for public deposits in the Virgin Islands | 182,000,000 | ||
Virgin Islands [Member] | Government [Member] | |||
Deposits [Line Items] | |||
Deposits | $ 223,400,000 | $ 161,700,000 |
DEPOSITS - Summary of Deposit B
DEPOSITS - Summary of Deposit Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits, by Type [Abstract] | ||
Non-interest bearing checking accounts | $ 2,395,481 | $ 1,833,665 |
Savings accounts | 2,334,949 | 2,401,385 |
Interest-bearing checking accounts | 1,304,043 | 1,207,511 |
Certificates of deposit | 2,404,644 | 2,429,585 |
Brokered certificates of deposit | 555,597 | 1,150,485 |
Total deposits | $ 8,994,714 | $ 9,022,631 |
DEPOSITS- Certificates of Depos
DEPOSITS- Certificates of Deposits Mature (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Deposits [Abstract] | |
Three months or less | $ 516,484 |
Over three months to six months | 422,723 |
Over six months to one year | 726,199 |
Over one year to two years | 643,293 |
Over two years to three years | 321,978 |
Over three years to four years | 180,994 |
Over four years to five years | 144,951 |
Over five years | 3,619 |
Total | $ 2,960,241 |
DEPOSITS - Summary of Deposits
DEPOSITS - Summary of Deposits Balance (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Minimum [Member] | ||
Deposits [Line Items] | ||
Interest-bearing savings accounts | 0.05% | 0.05% |
Interest-bearing checking accounts | 0.05% | 0.05% |
Certificates of deposit | 0.10% | 0.10% |
Brokered certificates of deposit | 1.10% | 0.85% |
Maximum [Member] | ||
Deposits [Line Items] | ||
Interest-bearing savings accounts | 0.40% | 0.40% |
Interest-bearing checking accounts | 1.00% | 1.00% |
Certificates of deposit | 4.00% | 4.00% |
Brokered certificates of deposit | 3.00% | 2.80% |
DEPOSITS - Brokered Certificate
DEPOSITS - Brokered Certificates Of Deposit Mature (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Three months or less | $ 86,024 | |
Over three months to six months | 42,879 | |
Over six months to one year | 130,692 | |
One to three years | 249,284 | |
Three to five years | 45,336 | |
Over five years | 1,382 | |
Total | $ 555,597 | $ 1,150,485 |
DEPOSITS - Interest Expenses on
DEPOSITS - Interest Expenses on deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense, Deposits [Abstract] | |||
Interest-bearing checking accounts | $ 5,208 | $ 4,566 | $ 4,914 |
Savings | 14,298 | 12,520 | 12,392 |
Certificates of deposit | 33,652 | 30,277 | 28,068 |
Brokered certificates of deposit | 14,493 | 19,174 | 21,928 |
Interest expense on deposits | $ 67,651 | $ 66,537 | $ 67,302 |
SECURITIES SOLD UNDER AGREEME_3
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Narratives (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | |||
Assets Sold under Agreements to Repurchase, Interest Rate | 2.46% | 1.92% | |
Maximum aggregate balance outstanding | $ 150,086 | $ 300,000 | |
Weighted average interest rate | 5.66% | 3.64% | |
Repurchase Agreements [Member] | |||
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | |||
Assets Sold under Agreements to Repurchase, Interest Rate | 1.96% | ||
Accrued interest payable on repurchase agreements | $ 2,800 | $ 1,800 | |
Maximum aggregate balance outstanding | $ 100,000 | ||
Maximum [Member] | |||
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | |||
Maximum aggregate balance outstanding | 200,000 | 300,000 | |
Weighted Average [Member] | |||
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | |||
Average balance outstanding | $ 166,000 | $ 300,000 |
SECURITIES SOLD UNDER AGREEME_4
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities Sold Under Agreements To Repurchase [Line Items] | ||
Repurchase agreements | $ 150,086 | $ 300,000 |
short term debt [member] | ||
Securities Sold Under Agreements To Repurchase [Line Items] | ||
Repurchase agreements | 50,086 | 100,000 |
long term debt [member] | ||
Securities Sold Under Agreements To Repurchase [Line Items] | ||
Repurchase agreements | $ 100,000 | $ 200,000 |
SECURITIES SOLD UNDER AGREEME_5
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities Sold Under Agreements to Repurchase (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 2.46% | 1.92% | |
Securities Sold Under Agreements To Repurchase | $ 150,086 | $ 300,000 | |
Callable Repurchase Agreements | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 1.96% | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | ||
short term debt [member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 2.85% | 1.53% | |
Securities Sold Under Agreements To Repurchase | $ 50,086 | $ 100,000 | |
long term debt [member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 2.26% | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 | 200,000 | |
Maximum [Member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Securities Sold Under Agreements To Repurchase | $ 200,000 | $ 300,000 | |
Maximum [Member] | long term debt [member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 2.26% | ||
Minimum [Member] | long term debt [member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 1.96% |
SECURITIES SOLD UNDER AGREEME_6
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Schedule of Repurchase Agreement Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Securities Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 150,086 | $ 300,000 |
Securities Sold Under Agreements To Repurchase Mature Three Months Or Less [Member] | ||
Securities Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | 50,086 | |
Securities Sold Under Agreements To Repurchase Mature Three Year To Four Years [Member] | ||
Securities Sold Under Agreements To Repurchase [Line Items] | ||
Securities Sold Under Agreements To Repurchase | $ 100,000 |
SECURITIES SOLD UNDER AGREEME_7
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Securities sold under agreements to repurchase, Underlying Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Amortized Cost of Underlying Securities | $ 187,359 | $ 354,962 | |
Balance of Borrowings | 150,086 | 300,000 | |
Approximate Fair Value of Underlying Securities | $ 182,735 | $ 350,123 | |
Weighted-average interest rates on repurchase agreements | 2.46% | 1.92% | |
Accrued interest receivable on loans and investments | $ 50,365 | $ 57,172 | |
Repurchase Agreements [Member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Weighted-average interest rates on repurchase agreements | 1.96% | ||
Accrued interest receivable on loans and investments | 483 | 1,060 | |
Repurchase Agreements [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Amortized Cost of Underlying Securities | 31,396 | 132,637 | |
Balance of Borrowings | 25,276 | 127,801 | |
Approximate Fair Value of Underlying Securities | $ 30,958 | $ 131,271 | |
Weighted-average interest rates on repurchase agreements | 1.55% | 1.39% | |
Repurchase Agreements [Member] | Mortgage Backed Securities [Member] | |||
Securities Sold Under Agreements To Repurchase [Line Items] | |||
Amortized Cost of Underlying Securities | $ 155,963 | $ 222,325 | |
Balance of Borrowings | 124,810 | 172,199 | |
Approximate Fair Value of Underlying Securities | $ 151,777 | $ 218,852 | |
Weighted-average interest rates on repurchase agreements | 2.39% | 2.29% |
SECURITIES SOLD UNDER AGREEME_8
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE - Repurchase Agreements Grouped by Counterparty (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 150,086 | $ 300,000 |
Jp Morgan Chase [Member] | ||
Repurchase Agreement Counterparty [Line Items] | ||
Repurchase agreements | $ 150,086 | |
Weighted-Average Maturity | 35 years |
ADVANCES FROM THE FEDERAL HOM_3
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Narratives (Detail) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Minimum amount of qualifying mortgage collateral with a market value, percent | 125.00% | |
Carrying value of mortgage loans | $ 1.9 | $ 1.9 |
Securities with an approximate estimated value pledged to the FHLB | 1.3 | 1.4 |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Carrying value of mortgage loans | $ 1.7 | $ 1.7 |
ADVANCES FROM THE FEDERAL HOM_4
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Federal Home Loan Bank Advances [Abstract] | ||
Long-term Federal Home Loan Bank Advances | $ 740,000 | $ 715,000 |
Federal Home Loan Bank, Advance, Branch of FHLB Bank, Interest Rate, Type [Fixed List] | Fixed |
ADVANCES FROM THE FEDERAL HOM_5
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Summary of Advances from FHLB (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Federal Home Loan Bank Advances [Abstract] | ||
Weighted-interest rate | 2.07% | 1.91% |
fixed-rate | Fixed |
ADVANCES FROM THE FEDERAL HOM_6
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Advances from FHLB Mature (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Federal Home Loan Bank Advances [Abstract] | ||
Over six months to one year | $ 205,000 | |
Over one to three years | 335,000 | |
Over three to four years | 200,000 | |
Total | $ 740,000 | $ 715,000 |
ADVANCES FROM THE FEDERAL HOM_7
ADVANCES FROM THE FEDERAL HOME LOAN BANK (FHLB) - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Additional capacity on credit facility based on collateral pledged | $ 422.2 | |
Loans Pledged as Collateral | 1,900 | $ 1,900 |
Federal Home Loan Bank Advances [Member] | ||
Federal Home Loan Bank Advances Branch Of F H L B Bank [Line Items] | ||
Loans Pledged as Collateral | $ 1,700 | $ 1,700 |
OTHER BORROWINGS - Components o
OTHER BORROWINGS - Components of Other Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures due in 2034 | $ 184,150 | $ 208,635 |
Junior Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures due in 2034 | 184,150 | 208,635 |
Junior Subordinated Debt [Member] | due June 17, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures due in 2034 | 65,593 | 90,078 |
Junior Subordinated Debt [Member] | due September 20, 2034 [Member] | ||
Subordinated Borrowing [Line Items] | ||
Junior subordinated debentures due in 2034 | $ 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 | ||
Mar. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fbp Statutory Trust One [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Payments for Repurchase of Trust Preferred Securities | $ 23.8 | |||
Junior Subordinated Debt [Member] | Fbp Statutory Trust One [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Payments for Repurchase of Trust Preferred Securities | $ 23.8 | $ 7.3 | ||
Junior Subordinated Debt [Member] | due June 17, 2034 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long Term Debt Percentage Bearing Variable Interest Rate | 5.54% | 4.35% | ||
Subordinated Borrowing Due Date | Jun. 17, 2034 | |||
Debt Instrument Basis Spread On Variable Rate | 2.75% | |||
Junior Subordinated Debt [Member] | 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 | |||
Junior Subordinated Debt [Member] | due September 20, 2034 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long Term Debt Percentage Bearing Variable Interest Rate | 5.29% | 4.12% | ||
Subordinated Borrowing Due Date | Sep. 20, 2034 | |||
Debt Instrument Basis Spread On Variable Rate | 2.50% | |||
Junior Subordinated Debt [Member] | 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 |
EARNINGS PER COMMON SHARE - Cal
EARNINGS PER COMMON SHARE - Calculations of Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income (Loss): | |||
Net income | $ 201,608 | $ 66,956 | $ 93,229 |
Dividends on preferred stock | (2,676) | (2,676) | (223) |
Net income attributable to common stockholders | $ 198,932 | $ 64,280 | $ 93,006 |
Weighted-Average Shares: | |||
Basic weighted-average common shares outstanding | 215,709 | 213,963 | 212,818 |
Average potential common shares | 968 | 2,155 | 2,976 |
Diluted weighted-average number of common shares outstanding | 216,677 | 216,118 | 215,794 |
Earnings Per Share, Basic and Diluted [Abstract] | |||
Basic | $ 0.92 | $ 0.3 | $ 0.44 |
Diluted | $ 0.92 | $ 0.3 | $ 0.43 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Detail) - Stock Options [Member] - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share Diluted [Line Items] | |||
Antidilutive effect on earnings per share | 34,989 | ||
Stock options outstanding | 0 | 0 |
STOCK-BASED COMPENSATION - Omni
STOCK-BASED COMPENSATION - Omnibus Plan - Additional Information (Detail) - Omnibus Plan [Member] - shares | Dec. 31, 2018 | May 24, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Authorized granting up shares | 14,169,807 | |
Number of authorized shares of common stock available for grant | 6,897,855 |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 10, 2017 | |
Omnibus Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 1.7 | $ 3.3 | ||||
Omnibus Plan [Member] | Restricted Stock [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Granted shares restricted stocks | 407,886 | |||||
Stock-based compensation expense | $ 3.4 | $ 4 | $ 3.9 | |||
Unrecognized compensation cost related to non-vested shares | $ 2.2 | |||||
Period for cost recognition not yet recognized | 1 year 3 months 18 days | |||||
Forefeited | 16,000 | |||||
Omnibus Plan [Member] | Restricted Stock [Member] | Director [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Granted shares restricted stocks | 65,447 | 148,424 | ||||
Vesting period | 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 restricted stocks | 342,439 | 951,332 | ||||
Vesting period | 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 restricted stocks | 838,332 | |||||
Troubled Asset Relief Program [Member] | Restricted Stock [Member] | Senior Officers [Member] | Department Of Treasury [Member] | Government [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Restricted stock vesting percentage | 50.00% | |||||
Secondary Offering Of Common Stock | 10,291,553 | |||||
Forefeited | 2,370,571 | |||||
Percentage Of Outstanding Shares Of Restricted Stock Forfeited | 50.00% | |||||
Fair Value Of Restricted Stock Granted | $ 2.71 |
STOCK-BASED COMPENSATION - Re_2
STOCK-BASED COMPENSATION - Restricted Stock Activity Under Omnibus Plan (Detail) - Omnibus Plan [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted-Average Grant Date Fair Value, Granted | $ 6.51 | $ 5.64 |
Restricted Stock [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of non-vested shares of restricted stock, beginning of period | 1,816,968 | |
Granted | 407,886 | |
Forefeited | (16,000) | |
Vested | (1,244,744) | |
Number of non-vested shares of restricted stock, end of period | 964,110 | 1,816,968 |
Weighted-Average Grant Date Fair Value, beginning of period | $ 2.76 | |
Weighted-Average Grant Date Fair Value, Granted | 6.71 | |
Weighted-Averages Grant Date Dair Value, Forfeited | 4.31 | |
Weighted-Average Grant Date Fair Value, Vested | 2.47 | |
Weighted-Average Grant Date Fair Value, end of period | $ 4.79 | $ 2.76 |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Units - Additional Information (Detail) - Omnibus Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted performance units | 268,709 | 582,193 |
Stock-based compensation expense | $ 1.7 | $ 3.3 |
Performance Shares [member] | Executives [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Granted performance units | 304,408 | |
Vesting period | 3 years | |
Retirement Eligible 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 expense | $ 0.6 | |
Unrecognized compensation cost related to non-vested shares | $ 1.3 |
STOCK-BASED COMPENSATION - Sala
STOCK-BASED COMPENSATION - Salary Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Repurchased of common stock | 434,066 | 438,891 | |
Omnibus Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Granted shares | 268,709 | 582,193 | |
Weighted-Average Grant Date Fair Value, Granted | $ 6.51 | $ 5.64 | |
Compensation expense | $ 1.7 | $ 3.3 | |
Omnibus Plan [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted-Average Grant Date Fair Value, Granted | $ 6.71 | ||
Compensation expense | $ 3.4 | $ 4 | $ 3.9 |
Omnibus Plan [Member] | Senior Officers [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Repurchased of common stock | 96,377 | 195,789 | |
Omnibus Plan [Member] | Senior Officers [Member] | Restricted Stock [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Repurchased of common stock | 337,689 | 243,102 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Detail) - USD ($) | Dec. 14, 2018 | Nov. 14, 2018 | May 17, 2018 | Aug. 03, 2017 | Feb. 07, 2017 | Dec. 31, 2018 | Dec. 31, 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 | 221,789,509 | 220,382,343 | |||||
Common stock, shares outstanding | 217,235,140 | 216,278,040 | |||||
Common Stock Dividends Per Share Declared | $ 0.03 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.03 | ||||||
Preferred Stock Shares Authorized | 50,000,000 | 50,000,000 | |||||
Preferred stock, par value | $ 1 | $ 1 | |||||
Liquidation value per share, Preferred stock | $ 25 | ||||||
Treasury Stock Shares Acquired | 434,066 | 438,891 | |||||
Treasury Stock Shares | 4,554,369 | 4,104,303 | |||||
Legal Surplus Amount | $ 80,191,000 | $ 59,693,000 | |||||
7.125% Noncumulative Perpetual Monthly Income Preferred Stock, Series A [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividend rate percentage | 7.125% | ||||||
8.35% Noncumulative Perpetual Monthly Income Preferred Stock, Series B [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividend rate percentage | 8.35% | ||||||
7.40% Noncumulative Perpetual Monthly Income Preferred Stock, Series C [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividend rate percentage | 7.40% | ||||||
7.25% Noncumulative Perpetual Monthly Income Preferred Stock, Series D [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividend rate percentage | 7.25% | ||||||
7.00% Noncumulative Perpetual Monthly Income Preferred Stock, Series E [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Preferred stock dividend rate percentage | 7.00% | ||||||
FirstBank [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Legal Surplus Amount Additions | $ 20,500,000 | 7,300,000 | |||||
Legal surplus reserve rate | 10.00% | ||||||
Legal Surplus Amount | $ 80,200,000 | $ 59,700,000 | |||||
Original amount contributed in percentage | 20.00% | ||||||
Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Dividends, Cash | $ 6,500,000 | ||||||
Common Stock [Member] | Department Of Treasury [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common stock purchased through a warrants excercise | 1,285,899 | ||||||
Common stock shares issued as result of warrants excercise | 730,571 | ||||||
Shares Used To Cover Strike Price | 555,328 | ||||||
Cash Paid In Lieu Of Fractional Shares | $ 6.58 | ||||||
Common Stock [Member] | THL and Oaktree [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock Issued During Period Shares New Issues | 20,000,000 | 20,000,000 | |||||
Purchase Of Common Stock Secondary Offering | 3,000,000 | ||||||
Percentage Of Stock Ownership | 5.00% | ||||||
Common Stock [Member] | Oaktree Capital Management [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock Issued During Period Shares New Issues | 10,000,000 | 10,000,000 | |||||
Common Stock [Member] | Thomas H Lee Partners [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock Issued During Period Shares New Issues | 10,000,000 | 10,000,000 |
EMPLOYEES' BENEFIT PLAN- Narrat
EMPLOYEES' BENEFIT PLAN- Narratives (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 50.00% | ||
Employee contribution percent maximum to get employer matching contribution | 6.00% | ||
Total plan expense | $ 1,500,000 | $ 900,000 | $ 1,100,000 |
Matching Constribution Description | The matching contribution of fifty cents for every dollar of the employee’s contribution is comprised of: (i) twenty-five cents for every dollar of the employee’s contribution up to 6% of the employee’s eligible compensation to be paid to the Plan as of each bi-weekly payroll; and, (ii) an additional twenty-five cents for every dollar of the employee’s contribution up to 6% of the employee’s eligible compensation to be deposited as a lump sum as of the second payroll of the month of January of the Plan Year following that in which the elective deferrals were made. | ||
PUERTO RICO [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount | $ 15,000 | 15,000 | 15,000 |
United States And Virign Islands Operations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Amount | $ 18,500 | $ 18,000 | $ 18,000 |
OTHER NON- INTEREST EXPENSES- D
OTHER NON- INTEREST EXPENSES- Detail of other non-interest expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Non Interest Expenses [Abstract] | |||
Supplies and printing | $ 2,177 | $ 1,990 | $ 1,502 |
(Release) provision for unfunded lending commitments | (264) | (928) | 1,173 |
Amortization Of Intangible Assets | 3,593 | 4,403 | 4,896 |
Servicing and processing fees | 4,991 | 4,421 | 4,604 |
Write-down and losses on sale of non-real estate repossessed properties | 62 | 253 | 689 |
Insurance and supervisory fees | 4,602 | 4,809 | 4,865 |
Other | 6,914 | 7,203 | 8,022 |
Total | $ 22,075 | $ 22,151 | $ 25,751 |
OTHER NON- INTEREST INCOME- Det
OTHER NON- INTEREST INCOME- Detail of other non-interest income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Non-interest Income [Abstract] | |||
Non Deferrable Loan Fees | $ 2,384 | $ 2,109 | $ 3,346 |
Commissions and fees- broker-dealer related | 0 | 0 | 789 |
Merchant related income | 5,244 | 4,209 | 4,095 |
ATM and POS fees | 9,515 | 8,929 | 8,462 |
Credit and debit card intercharge and other fees | 9,598 | 7,587 | 7,492 |
Mail and cable transmission comissions | 2,101 | 1,729 | 1,740 |
Fair value adjustments and losses on sales of commercial loans held for sale | (3,186) | 0 | 0 |
Gain from sale of fixed assets | 1,366 | 149 | 591 |
Gain from insurance proceeds | 537 | 0 | 0 |
Other | 5,183 | 4,142 | 4,385 |
Total | $ 32,742 | $ 28,854 | $ 30,900 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |||
Minimum Percentage Of Bank Net Taxable Income For Paying Income Tax At Normal Rate | 20.00% | ||
Deferred tax asset | $ 434,361 | $ 510,523 | |
Valuation allowance | $ 100,661 | 191,183 | |
Evidence used to determinate the partial reversal of valuation allowance | The positive evidence considered by management in arriving at its conclusion to reverse part of the deferred tax asset valuation allowance includes factors such as: FirstBank’s three-year cumulative income position; the continued profitability following the hurricane events in 2017; and forecasts of future profitability, under several potential scenarios, that support significant utilization of NOLs prior to their expiration ranging between the years 2021 through 2024. The negative evidence considered by management includes: uncertainties around the state of the Puerto Rico economy, including the effect of hurricane recovery funds together with Puerto Rico government debt renegotiation efforts and the ultimate sustainability of the approved Fiscal Plan; and consideration of the Corporation’s still elevated levels of non-performing assets. | ||
Income tax expense | $ 10,970 | 4,973 | $ (37,030) |
Deferred tax asset not subject to expiration period | $ 104,000 | 125,600 | |
Domestic Country [Member] | Other taxable domestic corporations [Member] | |||
Income Tax Contingency [Line Items] | |||
Dividend received deduction | 85.00% | ||
Domestic Country [Member] | Subsidiaries [Member] | |||
Income Tax Contingency [Line Items] | |||
Dividend received deduction | 100.00% | ||
U S [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | $ 3,800 | 2,300 | |
United States And Virign Islands Operations [Member] | |||
Income Tax Contingency [Line Items] | |||
Income tax expense | 0 | $ 0 | |
FirstBank [Member] | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | 68,100 | ||
Deferred tax asset related to NOLs | 220,500 | ||
Holding Company and First Management [Member] | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | $ 32,600 |
INCOME TAXES- Components of inc
INCOME TAXES- Components of income tax expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Current income tax expense | $ 14,073 | $ 8,179 | $ 13,151 |
Deferred income tax expense (benefit): | |||
Adjustment for enacted changes in tax law | 15,402 | 138 | (20) |
Reversal of deferred tax asset valuation allowance | (63,228) | (1,792) | 0 |
Other deferred income tax expense (benefit) | 22,783 | (11,498) | 23,899 |
Total income tax (benefit) expense | $ (10,970) | $ (4,973) | $ 37,030 |
INCOME TAXES- Reconciliations o
INCOME TAXES- Reconciliations of Income tax expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||
Computed income tax at statutory rate | $ 74,349 | $ 24,173 | $ 50,801 |
Federal and state taxes | 3,768 | 2,335 | 0 |
Benefit of net exempt income | (22,782) | (16,596) | (14,995) |
Disallowed NOL carryforward resulting from net exempt income | 14,904 | 5,091 | 6,396 |
Deferred tax valuation allowance | (90,521) | (10,037) | (5,976) |
Adjustment for enacted changes in tax law | 15,402 | 138 | (20) |
Change in tax status of subsidiaries | 0 | (13,161) | 0 |
Share based compensation windfull | (1,595) | (40) | 92 |
Effect of capital losses subject to preferential rates | 0 | 2,102 | 727 |
Non deductible expenses and other permanent differences | (839) | (470) | (1,720) |
Tax return to provision adjustments | 4 | 607 | 434 |
Other-net | (3,660) | 885 | 1,291 |
Total income tax (benefit) expense | $ (10,970) | $ (4,973) | $ 37,030 |
Computed income tax at statutory tax rate % | 39.00% | 39.00% | 39.00% |
Federal and state taxes % | 2.00% | 3.80% | 0.00% |
Benefit of net exempt income % | (12.00%) | (26.80%) | (11.50%) |
Disallowed NOL carryforward resulting from net exempt income % | 7.80% | 8.20% | 4.90% |
Deferred tax valuation allowance % | (47.50%) | (16.20%) | (4.60%) |
Adjustments in net deferred tax assets due to changes in enacted tax rates % | 8.10% | 0.20% | 0.00% |
Change in tax status of subsidiaries % | 0.00% | (21.20%) | 0.00% |
Share based compensation windfall % | (0.80%) | 0.00% | 0.10% |
Effective Income Tax Reconciliation Effect Of Capital Losses Subject To Preferential Rates | 0.00% | 3.40% | 0.60% |
Non-tax deductible expenses and other permanent differences % | (0.40%) | (0.80%) | (1.20%) |
Tax-return provision adjustments % | 0.00% | 1.00% | 0.30% |
Other-net % | (1.90%) | 1.40% | 1.00% |
Total income tax (benefit) expense % | (5.70%) | (8.00%) | 28.60% |
INCOME TAXES- Significant compo
INCOME TAXES- Significant components of deferred tax assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets [Abstract] | ||
Net operating loss carryforward | $ 316,059 | $ 376,423 |
Allowance for loan and lease losses | 75,010 | 94,111 |
Alternative Minimum Tax credits available for carryforwards | 9,238 | 6,598 |
Unrealized loss on OREO valuation | 15,405 | 14,784 |
Unrealized net loss on available for sale securities | 189 | 0 |
Settlement payment - closing agreement | 7,031 | 7,313 |
Legal and other reserves | 3,293 | 2,333 |
Reserve for insurance premium cancellations | 610 | 635 |
Other | 7,526 | 8,326 |
Total gross deferred tax asset | 434,361 | 510,523 |
Deferred Tax Liabilities [Abstract] | ||
Differences between the assigned values and tax bases of assets and liabilities recognized in purchase business combinations | 4,192 | 5,143 |
Servicing assets | 9,143 | 8,625 |
Unrealized gain on available-for-sale securities, net | 0 | 1,306 |
Other | 514 | 9,457 |
Deferred tax liability | 13,849 | 24,531 |
Valuation allowance | (100,661) | (191,183) |
Net deferred tax asset | $ 319,851 | $ 294,809 |
OTHER COMPREHENSIVE LOSS - Chan
OTHER COMPREHENSIVE LOSS - Change in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (20,615) | ||
Ending balance | (40,415) | $ (20,615) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Debt Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (20,609) | (34,383) | $ (27,749) |
Other comprehensive (loss) income | (19,806) | 13,774 | (6,634) |
Ending balance | (40,415) | (20,609) | (34,383) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Equity Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (6) | (7) | 0 |
Other comprehensive (loss) income | 0 | 1 | (7) |
Amounts reclassified from accumulated comprehensive loss | 6 | 0 | 0 |
Ending balance | $ 0 | $ (6) | $ (7) |
OTHER COMPREHENSIVE LOSS - Recl
OTHER COMPREHENSIVE LOSS - Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net impairment losses on available-for-sale debt securities | $ (50) | $ (12,231) | $ (6,687) |
Total before tax | 190,638 | 61,983 | 130,259 |
Income tax expense | 10,970 | 4,973 | (37,030) |
Net Income Loss | 201,608 | 66,956 | 93,229 |
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 (loss) gain on sale of investments | (34) | 371 | 6,104 |
Net impairment losses on available-for-sale debt securities | (50) | (12,231) | (6,687) |
Total before tax | (84) | (11,860) | (583) |
Income tax expense | 0 | 0 | 0 |
Net Income Loss | $ (84) | $ (11,860) | $ (583) |
LEASE COMMITMENTS- Future oblig
LEASE COMMITMENTS- Future obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,019 | $ 9,640 | ||
2,020 | 8,869 | ||
2,021 | 8,101 | ||
2,022 | 7,086 | ||
2,023 | 5,488 | ||
2024 and later years | 36,444 | ||
Total | 75,628 | ||
Operating Leases Rent Expense Net | $ 11,300 | $ 11,700 | $ 11,300 |
Leases expiring up to | Dec. 31, 2050 |
FAIR VALUE - Assets and Liabili
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | $ 1,942,568 | $ 1,891,016 |
Fair Value, Measurements, Recurring [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Equity Securities, FV-NI | 418 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Available For Sale Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 500 | 100 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 418 |
Fair Value, Measurements, Recurring [Member] | U S Treasury Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 7,456 | 7,401 |
Fair Value, Measurements, Recurring [Member] | Government Agencies Debt Securities [Member] | Noncallable [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 319,124 | 361,971 |
Fair Value, Measurements, Recurring [Member] | Government Agencies Debt Securities [Member] | Call Option [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 1,594,622 | 1,497,253 |
Fair Value, Measurements, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 6,952 | 6,813 |
Fair Value, Measurements, Recurring [Member] | Private label MBS [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 13,914 | 17,060 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Purchase [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 623 | 305 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | Written [Member] | ||
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 617 | 305 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 7 |
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 383 | 19 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 383 | 0 |
Fair Value, Measurements, Recurring [Member] | Forward loan sales commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 12 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Equity Securities, FV-NI | 418 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Other Available For Sale Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Equity Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 418 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | U S Treasury Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 7,456 | 7,401 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Government Agencies Debt Securities [Member] | Noncallable [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Government Agencies Debt Securities [Member] | Call Option [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Private label MBS [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Purchase [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Cap [Member] | Written [Member] | ||
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Forward Contracts [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 1 [Member] | Forward loan sales commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Equity Securities, FV-NI | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Other Available For Sale Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Equity Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | U S Treasury Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Government Agencies Debt Securities [Member] | Noncallable [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 319,124 | 361,971 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Government Agencies Debt Securities [Member] | Call Option [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 1,594,622 | 1,497,253 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 4,128 | 4,118 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Private label MBS [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Purchase [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 623 | 305 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Cap [Member] | Written [Member] | ||
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 617 | 305 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Forward Contracts [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 7 |
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 383 | 19 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 383 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 2 [Member] | Forward loan sales commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 12 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Equity Securities, FV-NI | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Other Available For Sale Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 500 | 100 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Equity Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | U S Treasury Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Government Agencies Debt Securities [Member] | Noncallable [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Government Agencies Debt Securities [Member] | Call Option [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 2,824 | 2,695 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Available For Sale Securities | 13,914 | 17,060 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Purchase [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Cap [Member] | Written [Member] | ||
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Forward Contracts [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Forward loan sales commitments [Member] | ||
Assets Fair Value Disclosure [Abstract] | ||
Derivative Assets | $ 0 | $ 0 |
FAIR VALUE - Fair Value of Asse
FAIR VALUE - Fair Value of Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value Inputs Level 3 [Member] | ||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 19,855 | $ 22,914 | $ 27,297 | |
Total gains or (losses) (realized/unrealized): | ||||
Included in earnings | (50) | 0 | (387) | |
Included in other comprehensive income | 222 | 2,777 | 1,586 | |
Purchases | 500 | 0 | 0 | |
Principal Repayments And Amortization | (3,289) | (5,836) | (5,582) | |
Ending balance | 17,238 | 19,855 | 22,914 | |
Available-for-sale Securities [Member] | ||||
Total gains or (losses) (realized/unrealized): | ||||
Included in earnings | [1] | $ 50 | $ 0 | $ 387 |
[1] | Amounts mostly related to private label MBS. |
FAIR VALUE - Assets and Liabi_2
FAIR VALUE - Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 1,942,568 | $ 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 | 0.1449 | 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 | 0.1449 | 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 | 0.068 | 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 | 0.145 | 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 | 0.03 | 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 | $ 13,914 | $ 17,060 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Private label MBS [Member] | Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.145 | 0.14 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Puerto Rico-government obligations [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale | $ 2,824 | $ 2,695 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Puerto Rico-government obligations [Member] | Measurement Input, Discount Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.0628 | 0.0661 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Puerto Rico-government obligations [Member] | Measurement Input, Constant Prepayment Rate [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] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.033 | 0.12 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | 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 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | Maximum [Member] | Private label MBS [Member] | Measurement Input, Constant Prepayment Rate [Member] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.209 | 0.29 |
Fair Value, Measurements, Recurring [Member] | Fair Value Inputs Level 3 [Member] | 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 | 0.068 | 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] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.114 | 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] | ||
Debt Securities, Available-for-sale, Sale [Abstract] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.03 | 0.03 |
FAIR VALUE - Change in unrealiz
FAIR VALUE - Change in unrealized losses included in earnings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Available-for-sale Securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Net impairment losses on available-for-sale investment securities credit component | [1] | $ (50) | $ 0 | $ (387) |
[1] | Amounts mostly related to private label MBS. |
FAIR VALUE - Impairment of Valu
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Detail) - Fair Value Measurements Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Fair Value Inputs Level 1 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Loans receivable | $ 0 | [1] | $ 0 | [2] | $ 0 | [3] |
Other Real Estate Owned | 0 | [4] | 0 | [5] | 0 | [6] |
Mortgage servicing rights | 0 | [7] | 0 | [8] | ||
Loans held for sale | 0 | |||||
Fair Value Inputs Level 2 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Loans receivable | 0 | [1] | 0 | [2] | 0 | [3] |
Other Real Estate Owned | 0 | [4] | 0 | [5] | 0 | [6] |
Mortgage servicing rights | 0 | [7] | 0 | [8] | ||
Loans held for sale | 0 | |||||
Fair Value Inputs Level 3 [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Loans receivable | 365,726 | [1] | 410,428 | [2] | 442,081 | [3] |
Other Real Estate Owned | 131,402 | [4] | 147,940 | [5] | 137,681 | [6] |
Mortgage servicing rights | 25,255 | [7] | 26,244 | [8] | ||
Loans held for sale | 16,111 | |||||
Fair Value Inputs Level 3 [Member] | OREO [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Assets Fair Value Adjustment | (11,499) | (8,511) | (7,873) | |||
Fair Value Inputs Level 3 [Member] | Mortgage Servicing Rights [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Assets Fair Value Adjustment | (1,611) | (325) | ||||
Fair Value Inputs Level 3 [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) | |||||
Fair Value Inputs Level 3 [Member] | Loans Receivable [Member] | ||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Assets Fair Value Adjustment | $ (29,799) | $ (39,493) | [2] | $ (49,884) | [3] | |
[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] | 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. | |||||
[3] | 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. | |||||
[4] | 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. | |||||
[5] | 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. | |||||
[6] | 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. | |||||
[7] | Fair value adjustments to mortgage servicing rights were mainly due to assumptions associated with mortgage prepayment rates. The Corporation carries its mortgage servicing rights at the lower of cost or market, measured at fair value on a non-recurring basis. Assumptions for the value of mortgage servicing rights include: Prepayment rate 6.30%, Discount rate 11.23%. | |||||
[8] | 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 6.12%, Discount rate 11.19%. |
FAIR VALUE - Impairment of Va_2
FAIR VALUE - Impairment of Valuation Adjustments were Recorded for Assets Recognized at Fair Value (Parenthetical) (Detail) - Fair Value Inputs Level 3 [Member] - Fair Value Measurements Nonrecurring [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Measurement Input, Constant Prepayment Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Servicing Asset, Measurement Input | 0.063 | 0.0612 |
Measurement Input, Discount Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Servicing Asset, Measurement Input | 0.1123 | 0.1119 |
FAIR VALUE - Fair Value (Detail
FAIR VALUE - Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||||
Investment securities available for sale | $ 1,942,568 | $ 1,891,016 | ||
Held To Maturity Securities | 144,815 | 150,627 | ||
Total gross loans held for investment portfolio | 8,858,123 | 8,850,476 | $ 8,886,873 | |
Less: allowance for loan and lease losses | (196,362) | (231,843) | $ (205,603) | $ (240,710) |
Loans held for investment, net | 8,661,761 | 8,618,633 | ||
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||||
Other borrowings | 184,150 | 208,635 | ||
Carrying Reported Amount Fair Value Disclosure [Member] | ||||
Assets: | ||||
Cash and due from banks and money market investments | 586,203 | 716,395 | ||
Investment securities available for sale | 1,942,568 | 1,891,016 | ||
Held To Maturity Securities | 144,815 | 150,627 | ||
Equity Securities | 44,530 | 43,119 | ||
Loans held for sale | 43,186 | 32,980 | ||
Total gross loans held for investment portfolio | 8,858,123 | 8,850,476 | ||
Less: allowance for loan and lease losses | (196,362) | (231,843) | ||
Loans held for investment, net | 8,661,761 | 8,618,633 | ||
Derivative Assets | 1,018 | 312 | ||
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||||
Deposits | 8,994,714 | 9,022,631 | ||
Securities sold under agreements to repurchase | 150,086 | 300,000 | ||
Advances from FHLB | 740,000 | 715,000 | ||
Other borrowings | 184,150 | 208,635 | ||
Derivative Liabilities | 1,000 | 324 | ||
Estimate Of Fair Value Fair Value Disclosure [Member] | ||||
Assets: | ||||
Cash and due from banks and money market investments | 586,203 | 716,395 | ||
Investment securities available for sale | 1,942,568 | 1,891,016 | ||
Held To Maturity Securities | 125,658 | 131,032 | ||
Equity Securities | 44,530 | 43,119 | ||
Loans held for sale | 43,831 | 34,979 | ||
Loans held for investment, net | 8,213,144 | 8,372,865 | ||
Derivative Assets | 1,018 | 312 | ||
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||||
Deposits | 9,005,679 | 9,026,600 | ||
Securities sold under agreements to repurchase | 169,366 | 325,913 | ||
Advances from FHLB | 730,253 | 707,272 | ||
Other borrowings | 177,201 | 189,424 | ||
Derivative Liabilities | 1,000 | 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 | 586,203 | 716,395 | ||
Investment securities available for sale | 7,456 | 7,819 | ||
Held To Maturity Securities | 0 | 0 | ||
Equity Securities | 418 | 0 | ||
Loans held for sale | 0 | 0 | ||
Loans held for investment, net | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||||
Deposits | 0 | 0 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Advances from FHLB | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Derivative Liabilities | 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 | 1,917,874 | 1,863,342 | ||
Held To Maturity Securities | 0 | 0 | ||
Equity Securities | 44,112 | 43,119 | ||
Loans held for sale | 27,720 | 25,237 | ||
Loans held for investment, net | 0 | 0 | ||
Derivative Assets | 1,018 | 312 | ||
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||||
Deposits | 9,005,679 | 9,026,600 | ||
Securities sold under agreements to repurchase | 169,366 | 325,913 | ||
Advances from FHLB | 730,253 | 707,272 | ||
Other borrowings | 0 | 0 | ||
Derivative Liabilities | 1,000 | 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 | 17,238 | 19,855 | ||
Held To Maturity Securities | 125,658 | 131,032 | ||
Equity Securities | 0 | 0 | ||
Loans held for sale | 16,111 | 9,742 | ||
Loans held for investment, net | 8,213,144 | 8,372,865 | ||
Derivative Assets | 0 | 0 | ||
Financial Instruments Financial Liabilities Balance Sheet Groupings [Abstract] | ||||
Deposits | 0 | 0 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Advances from FHLB | 0 | 0 | ||
Other borrowings | 177,201 | 189,424 | ||
Derivative Liabilities | $ 0 | $ 0 |
REVENUE FROM CONTRACT WITH CUST
REVENUE FROM CONTRACT WITH CUSTOMERS (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||
Net interest income | $ 525,383 | $ 491,551 | $ 484,118 |
Noninterest Income | 82,310 | $ 62,387 | $ 87,954 |
Total Revenues | 607,693 | ||
Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 21,668 | ||
Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 8,431 | ||
Total Revenues | 2,400 | ||
Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 5,243 | ||
Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 21,442 | ||
Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 7,870 | ||
Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 17,656 | ||
Mortgage Banking Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net interest income | 79,389 | ||
Noninterest Income | 17,073 | ||
Total Revenues | 96,462 | ||
Mortgage Banking Segment [Member] | Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Mortgage Banking Segment [Member] | Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Mortgage Banking Segment [Member] | Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Mortgage Banking Segment [Member] | Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Mortgage Banking Segment [Member] | Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 252 | ||
Mortgage Banking Segment [Member] | Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 16,821 | ||
Consumer Retail Banking Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net interest income | 217,933 | ||
Noninterest Income | 47,706 | ||
Total Revenues | 265,639 | ||
Consumer Retail Banking Segment [Member] | Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 13,332 | ||
Consumer Retail Banking Segment [Member] | Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 7,889 | ||
Consumer Retail Banking Segment [Member] | Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 3,561 | ||
Consumer Retail Banking Segment [Member] | Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 17,538 | ||
Consumer Retail Banking Segment [Member] | Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 4,391 | ||
Consumer Retail Banking Segment [Member] | Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 995 | ||
Commercial And Corporate Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net interest income | 78,675 | ||
Noninterest Income | 5,158 | ||
Total Revenues | 83,833 | ||
Commercial And Corporate Segment [Member] | Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 4,965 | ||
Commercial And Corporate Segment [Member] | Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Commercial And Corporate Segment [Member] | Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 748 | ||
Commercial And Corporate Segment [Member] | Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 1,225 | ||
Commercial And Corporate Segment [Member] | Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 1,280 | ||
Commercial And Corporate Segment [Member] | Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | (3,060) | ||
Treasury And Investments Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net interest income | 61,628 | ||
Noninterest Income | 2,505 | ||
Total Revenues | 64,133 | ||
Treasury And Investments Segment [Member] | Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Treasury And Investments Segment [Member] | Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Treasury And Investments Segment [Member] | Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Treasury And Investments Segment [Member] | Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
Treasury And Investments Segment [Member] | Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 71 | ||
Treasury And Investments Segment [Member] | Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 2,434 | ||
United States Operations Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net interest income | 59,056 | ||
Noninterest Income | 3,020 | ||
Total Revenues | 62,076 | ||
United States Operations Segment [Member] | Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 559 | ||
United States Operations Segment [Member] | Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 87 | ||
United States Operations Segment [Member] | Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 0 | ||
United States Operations Segment [Member] | Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 618 | ||
United States Operations Segment [Member] | Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 1,351 | ||
United States Operations Segment [Member] | Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 405 | ||
Virgin Islands Operations Segment [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net interest income | 28,702 | ||
Noninterest Income | 6,848 | ||
Total Revenues | 35,550 | ||
Virgin Islands Operations Segment [Member] | Service charges and fees on deposit accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 2,812 | ||
Virgin Islands Operations Segment [Member] | Insurance commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 455 | ||
Virgin Islands Operations Segment [Member] | Merchant-related income [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 934 | ||
Virgin Islands Operations Segment [Member] | Credit and debit card fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 2,061 | ||
Virgin Islands Operations Segment [Member] | Other service charges and fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | 525 | ||
Virgin Islands Operations Segment [Member] | Not inscope of Topic 606 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest Income | $ 61 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from External Customer [Line Items] | ||
Revenues | $ 607,693 | |
10-year agreement | ||
Revenue from External Customer [Line Items] | ||
Contract With Customer Liability | 2,100 | $ 2,400 |
Decrease in Contract with Customer, Liability | (300) | |
Insurance commissions [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenues | $ 2,400 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash paid for: | |||
Interest on borrowings | $ 98,194 | $ 93,634 | $ 127,707 |
Income tax | 7,175 | 4,037 | 3,198 |
Non-cash investing and financing activities: | |||
Additions to OREO | 48,767 | 47,711 | 47,808 |
Additions to auto and other repossed properties | 52,023 | 40,987 | 52,628 |
Capitalization of servicing assets | 3,864 | 3,318 | 5,260 |
Loan securitizations | 233,175 | 235,074 | 338,333 |
Loans held for investment transferred to held for sale | 90,319 | 0 | 10,332 |
Loans held for sale transferred to held for investment | 2,179 | 10,234 | 1,443 |
Property plant and equipment transferred to other assets | $ 0 | $ 1,185 | $ 1,221 |
REGULATORY MATTERS, COMMITMEN_3
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital Conservation Buffer | 2.50% | |
Common Equity Tier 1 Capital Conservation Buffer First Year | 0.625% | |
Common Equity Tier 1 Capital Conservation Buffer | 2.50% | |
Banking Organizations Basel Advanced Approach Asset Requirement | $ 250,000 | |
Foreign Subsidiaries Basel Advanced Approach Asset Requirement | 10,000 | |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Securitization of FHA/VA mortgage loan production into GNMA mortgage-backed securities | $ 233.2 | $ 235.1 |
Minimum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Common Equity Tier 1 Capital To Risk Weight Assets Ratio | 4.50% | |
Common equity tier 1 capital to risk weight assets ratio plus common equity tier1 capital conservation buffer | 7.00% | |
Total Tier 1 Capital To Risk Weight Assets Ratio | 6.00% | |
Total Tier 1 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | 8.50% | |
Total Tier1 Capital And Tier 2 Capital To Risk Weight Assets Ratio | 8.00% | |
Total Tier 1 Capital And Tier 2 Capital To Risk Weight Assets Ratio Plus Common Equity Tier 1 Capital Conservation Buffer | 10.50% | |
Leverage Ratio | 4.00% |
REGULATORY MATTERS, COMMITMEN_4
REGULATORY MATTERS, COMMITMENTS AND CONTINGENCIES - Regulatory capital positions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
First BanCorp [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital | $ 2,118,940 | $ 1,989,873 |
Common Equity Tier 1 Capital To Risk Weight Assets | 1,792,880 | 1,674,164 |
Tier 1 Capital | 1,828,984 | 1,675,282 |
Tier 1 Leverage Capital | 1,828,984 | 1,675,282 |
Total Capital Required For Capital Adequacy | 706,418 | 706,432 |
Common Equity Tier 1 Capital To Risk Weight Assets Capital Adequacy | 397,360 | 397,368 |
Tier 1 Risk Based Capital Required for Capital Adequacy | 529,814 | 529,824 |
Tier 1 Leverage Capital Required for Capital Adequacy | $ 475,924 | $ 477,643 |
Total Risk Based Capital Ratio | 24.00% | 22.53% |
Common Equity Tier 1 Capital To Risk Weight Assets Ratio | 20.30% | 18.96% |
Tier 1 Risk Based Capital Ratio | 20.71% | 18.97% |
Tier 1 Leverage Ratio | 15.37% | 14.03% |
Total Risk Based Capital Ratio Adequately Capitalized | 8.00% | 8.00% |
Common Equity Tier 1 Capital To Risk Weight Assets Ratio Capital Adequacy | 4.50% | 4.50% |
Tier 1 Risk Based Capital Ratio Adequately Capitalized | 6.00% | 6.00% |
Tier 1 Leverage Ratio Adequately Capitalized | 4.00% | 4.00% |
FirstBank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital | $ 2,075,894 | $ 1,947,627 |
Common Equity Tier 1 Capital To Risk Weight Assets | 1,656,563 | 1,562,431 |
Tier 1 Capital | 1,964,563 | 1,835,445 |
Tier 1 Leverage Capital | 1,964,563 | 1,835,445 |
Total Capital Required For Capital Adequacy | 706,426 | 706,218 |
Common Equity Tier 1 Capital To Risk Weight Assets Capital Adequacy | 397,365 | 397,248 |
Tier 1 Risk Based Capital Required for Capital Adequacy | 529,819 | 529,663 |
Tier 1 Leverage Capital Required for Capital Adequacy | 475,490 | 477,056 |
Total Capital Required to be Well Capitalized | 883,032 | 882,772 |
Common Equity Tier 1 Capital To Risk Weight Assets Well Capitalized | 573,971 | 573,802 |
Tier 1 Risk Based Capital Required to be Well Capitalized | 706,426 | 706,218 |
Tier 1 Leverage Capital Required to be Well Capitalized | $ 594,362 | $ 596,320 |
Total Risk Based Capital Ratio | 23.51% | 22.06% |
Common Equity Tier 1 Capital To Risk Weight Assets Ratio | 18.76% | 17.70% |
Tier 1 Risk Based Capital Ratio | 22.25% | 20.79% |
Tier 1 Leverage Ratio | 16.53% | 15.39% |
Total Risk Based Capital Ratio Adequately Capitalized | 8.00% | 8.00% |
Common Equity Tier 1 Capital To Risk Weight Assets Ratio Capital Adequacy | 4.50% | 4.50% |
Tier 1 Risk Based Capital Ratio Adequately Capitalized | 6.00% | 6.00% |
Tier 1 Leverage Ratio Adequately Capitalized | 4.00% | 4.00% |
Total Risk Based Capital Ratio Well Capitalized | 10.00% | 10.00% |
Common Equity Tier1 Capital To Risk Weight Assets Ratio Well Capitalized | 6.50% | 6.50% |
Tier 1 Risk Based Capital to Risk Weighted Well Capitalized | 8.00% | 8.00% |
Tier 1 Leverage Ratio Well Capitalized | 5.00% | 5.00% |
REGULATORY MATTERS - Summary of
REGULATORY MATTERS - Summary of Commitments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commercial Letters Of Credit [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 69,664 | $ 46,728 |
Standby letters of credit [Member] [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 2,865 | 2,691 |
Commercial lines of credit [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 455,344 | 471,732 |
Unused personal lines of credit [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 722,510 | 710,607 |
Construction undisbursed funds [Member] | ||
Other Commitments [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 160,905 | $ 77,649 |
DERIVATIVE INSTRUMENTS AND HE_3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Narratives (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Credit risk of related to derivative instruments with positive fair values | $ 1 | $ 0.3 |
DERIVATIVE INSTRUMENTS AND HE_4
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amounts of All Derivative Instruments (Detail) - Not Designated as Hedging Instrument, Economic Hedge [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Economic undesignated hedges: | ||
Derivative Notional Amount | $ 188,081 | $ 208,020 |
Sale of TBA GNMA MBS pools | ||
Economic undesignated hedges: | ||
Derivative Notional Amount | 33,000 | 26,000 |
Forward loan sales commitments [Member] | ||
Economic undesignated hedges: | ||
Derivative Notional Amount | 6,339 | 0 |
Interest Rate Lock Commitments [Member] | ||
Economic undesignated hedges: | ||
Derivative Notional Amount | 11,722 | 0 |
Interest Rate Cap [Member] | Written [Member] | ||
Economic undesignated hedges: | ||
Derivative Notional Amount | 68,510 | 91,010 |
Interest Rate Cap [Member] | Purchase [Member] | ||
Economic undesignated hedges: | ||
Derivative Notional Amount | $ 68,510 | $ 91,010 |
DERIVATIVE INSTRUMENTS AND HE_5
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Summary of Fair Value of Derivative Instruments and Location in Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Other Assets | $ 171,066 | $ 166,682 |
Accrued Liabilities and Other Liabilities | 129,907 | 145,905 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative Assets | 1,018 | 312 |
Derivative Liabilities | 1,000 | 324 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Sale of TBA GNMA MBS pools | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 0 | 7 |
Accrued Liabilities and Other Liabilities | 383 | 19 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward loan sales commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 12 | 0 |
Accrued Liabilities and Other Liabilities | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Lock Commitments [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 383 | 0 |
Accrued Liabilities and Other Liabilities | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | Written [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 0 | 0 |
Accrued Liabilities and Other Liabilities | 617 | 305 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | Purchase [Member] | ||
Derivatives Fair Value [Line Items] | ||
Other Assets | 623 | 305 |
Accrued Liabilities and Other Liabilities | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS AND HE_6
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Effect of Derivative Instruments on Statement of Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments Gain Loss [Line Items] | |||
Interest And Fee Income Loans And Leases | $ 553,647 | $ 532,684 | $ 531,022 |
Mortgage banking activities | 17,228 | 13,491 | 20,435 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | |||
Economic undesignated hedges: | |||
Total gain (loss) on derivatives | 46 | 187 | (78) |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Sale of TBA GNMA MBS pools | |||
Derivative Instruments Gain Loss [Line Items] | |||
Mortgage banking activities | (371) | 189 | (78) |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Forward loan sales commitments [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Mortgage banking activities | 12 | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Lock Commitments [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Mortgage banking activities | 383 | 0 | 0 |
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Rate Cap [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Interest And Fee Income Loans And Leases | $ 22 | $ (2) | $ 0 |
OFFSETTING OF ASSETS AND LIAB_3
OFFSETTING OF ASSETS AND LIABILITIES - Offsetting of financial assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Gross amount recognized of derivative asset | $ 623 | $ 305 |
Gross amount of derivatives assets offset | 0 | 0 |
Net asset amount of assets presented in the Statement of Financial Condition | 623 | 305 |
Obligation to return Financial instrument, derivatives assets | 0 | (305) |
Obligation to return Cash Collateral, derivative assets | (623) | 0 |
Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral | 0 | 0 |
Gross amount recognized of repurchase agreements | 350,086 | 500,000 |
Gross amount of repurchase agreements offset | (200,000) | (200,000) |
Net repurchase agreements amount offset presented | 150,086 | 300,000 |
Right to claim Financial instrument, repurchase agreements | (150,086) | (300,000) |
Right to claim Cash Collateral, repurchase agreements | 0 | 0 |
Securities Sold Under Agreements To Repurchase Amount Offset Against Collateral | 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 | 200,623 | 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 | 623 | 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 | (623) | 0 |
Derivative Asset Securities Purchased Under Agreements To Resell Securities Borrowed Amount Offset Against Collateral | $ 0 | $ 0 |
SEGMENT INFORMATION - Additiona
SEGMENT INFORMATION - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018numberofreportableunits | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |
SEGMENT INFORMATION - Informati
SEGMENT INFORMATION - Information about Reportable Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 624,967 | $ 588,423 | $ 585,292 |
Interest expense | (99,584) | (96,872) | (101,174) |
Net interest income (loss) | 525,383 | 491,551 | 484,118 |
(Provision) release for loan and lease losses | 59,253 | 144,254 | 86,733 |
Non-interest income | 82,310 | 62,387 | 87,954 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 624,967 | 588,423 | 585,292 |
Net (charge) credit for transfer of funds | 0 | 0 | 0 |
Interest expense | (99,584) | (96,872) | (101,174) |
Net interest income (loss) | 525,383 | 491,551 | 484,118 |
(Provision) release for loan and lease losses | 59,253 | 144,254 | 86,733 |
Non-interest income | 82,310 | 62,387 | 87,954 |
Direct non-interest expenses | (250,255) | (242,277) | (253,954) |
Segment income | 298,185 | 167,407 | 231,385 |
Average earnings assets | 11,265,470 | 11,035,328 | 11,466,576 |
Mortgage Banking Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 79,389 | ||
Non-interest income | 17,073 | ||
Mortgage Banking Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 127,042 | 131,718 | 138,955 |
Net (charge) credit for transfer of funds | (47,653) | (45,759) | (49,435) |
Interest expense | 0 | 0 | 0 |
Net interest income (loss) | 79,389 | 85,959 | 89,520 |
(Provision) release for loan and lease losses | 13,083 | 47,713 | 24,873 |
Non-interest income | 17,073 | 12,825 | 19,531 |
Direct non-interest expenses | (38,213) | (36,403) | (38,170) |
Segment income | 45,166 | 14,668 | 46,008 |
Average earnings assets | 2,258,974 | 2,451,655 | 2,562,245 |
Consumer Retail Banking Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 217,933 | ||
Non-interest income | 47,706 | ||
Consumer Retail Banking Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 181,166 | 173,690 | 179,485 |
Net (charge) credit for transfer of funds | 65,092 | 27,475 | 13,996 |
Interest expense | (28,325) | (25,240) | (24,787) |
Net interest income (loss) | 217,933 | 175,925 | 168,694 |
(Provision) release for loan and lease losses | 23,516 | 53,778 | 34,246 |
Non-interest income | 47,706 | 43,924 | 44,535 |
Direct non-interest expenses | (112,176) | (108,165) | (112,787) |
Segment income | 129,947 | 57,906 | 66,196 |
Average earnings assets | 1,636,002 | 1,749,148 | 1,951,214 |
Commercial And Corporate Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 78,675 | ||
Non-interest income | 5,158 | ||
Commercial And Corporate Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 138,706 | 128,871 | 123,084 |
Net (charge) credit for transfer of funds | (60,031) | (36,904) | (26,364) |
Interest expense | 0 | 0 | 0 |
Net interest income (loss) | 78,675 | 91,967 | 96,720 |
(Provision) release for loan and lease losses | 4,804 | 33,296 | 28,578 |
Non-interest income | 5,158 | 7,176 | 7,811 |
Direct non-interest expenses | (32,371) | (35,142) | (40,676) |
Segment income | 46,658 | 30,705 | 35,277 |
Average earnings assets | 2,530,635 | 2,489,948 | 2,497,037 |
Treasury And Investments Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 61,628 | ||
Non-interest income | 2,505 | ||
Treasury And Investments Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 61,913 | 48,071 | 50,372 |
Net (charge) credit for transfer of funds | 44,540 | 56,865 | 60,787 |
Interest expense | (44,825) | (49,577) | (57,924) |
Net interest income (loss) | 61,628 | 55,359 | 53,235 |
(Provision) release for loan and lease losses | 0 | 0 | 0 |
Non-interest income | 2,505 | (10,206) | 5,423 |
Direct non-interest expenses | (2,966) | (3,376) | (4,047) |
Segment income | 61,167 | 41,777 | 54,611 |
Average earnings assets | 2,552,130 | 2,215,551 | 2,616,877 |
United States Operations Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 59,056 | ||
Non-interest income | 3,020 | ||
United States Operations Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 83,971 | 69,760 | 56,037 |
Net (charge) credit for transfer of funds | (1,948) | (1,677) | 1,016 |
Interest expense | (22,967) | (18,902) | (15,240) |
Net interest income (loss) | 59,056 | 49,181 | 41,813 |
(Provision) release for loan and lease losses | 11,882 | 3,644 | (1,369) |
Non-interest income | 3,020 | 2,664 | 3,554 |
Direct non-interest expenses | (33,566) | (32,197) | (30,678) |
Segment income | 16,628 | 16,004 | 16,058 |
Average earnings assets | 1,750,155 | 1,525,191 | 1,226,633 |
Virgin Islands Operations Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income (loss) | 28,702 | ||
Non-interest income | 6,848 | ||
Virgin Islands Operations Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 32,169 | 36,313 | 37,359 |
Net (charge) credit for transfer of funds | 0 | 0 | 0 |
Interest expense | (3,467) | (3,153) | (3,223) |
Net interest income (loss) | 28,702 | 33,160 | 34,136 |
(Provision) release for loan and lease losses | 5,968 | 5,823 | 405 |
Non-interest income | 6,848 | 6,004 | 7,100 |
Direct non-interest expenses | (30,963) | (26,994) | (27,596) |
Segment income | (1,381) | 6,347 | 13,235 |
Average earnings assets | $ 537,574 | $ 603,835 | $ 612,570 |
SEGMENT INFORMATION - Reconcili
SEGMENT INFORMATION - Reconciliation of Reportable Segment Financial Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income (Loss): | |||
Income before income taxes | $ 190,638 | $ 61,983 | $ 130,259 |
Income tax (benefit) expense | (10,970) | (4,973) | 37,030 |
Net income | 201,608 | 66,956 | 93,229 |
Segment Reconciling Items [Member] | |||
Net Income (Loss): | |||
Segment income | 298,185 | 167,407 | 231,385 |
Other operating expenses | (107,547) | (105,424) | (101,126) |
Income before income taxes | 190,638 | 61,983 | 130,259 |
Income tax (benefit) expense | (10,970) | (4,973) | 37,030 |
Net income | 201,608 | 66,956 | 93,229 |
Average assets: | |||
Total average earning assets for segments | 11,265,470 | 11,035,328 | 11,466,576 |
Average non-earning assets | 940,731 | 937,950 | 923,566 |
Total consolidated average assets | $ 12,206,201 | $ 11,973,278 | $ 12,390,142 |
SEGMENT INFORMATION - revenues
SEGMENT INFORMATION - revenues and selected balance sheet data by geography based on the location (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 707,277 | $ 650,810 | $ 673,246 |
Total assets | 12,243,561 | 12,261,268 | |
Total gross loans held for investment portfolio | 8,858,123 | 8,850,476 | 8,886,873 |
Deposits | 8,994,714 | 9,022,631 | |
Brokered certificates of deposit | 555,597 | 1,150,485 | |
Puerto Rico [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 581,269 | 536,069 | 568,180 |
Total assets | 9,797,267 | 9,871,272 | 9,765,530 |
Total gross loans held for investment portfolio | 6,586,033 | 6,633,432 | 6,926,719 |
Deposits | 6,208,531 | 6,268,056 | 6,291,353 |
Brokered certificates of deposit | 441,100 | 1,000,000 | 1,400,000 |
United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 86,991 | 72,424 | 60,607 |
Total assets | 1,940,633 | 1,780,654 | 1,499,548 |
Total gross loans held for investment portfolio | 1,834,088 | 1,665,448 | 1,382,440 |
Deposits | 1,519,362 | 1,637,941 | 1,564,839 |
Brokered certificates of deposit | 114,500 | 158,000 | 60,100 |
Virgin Islands [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 39,017 | 42,317 | 44,459 |
Total assets | 505,661 | 609,342 | 657,377 |
Total gross loans held for investment portfolio | 481,188 | 584,576 | 627,720 |
Deposits | $ 1,266,821 | $ 1,116,634 | $ 975,013 |
FIRST BANCORP. (Holding Compa_3
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | |||
Cash and due from banks | $ 578,613 | $ 705,980 | $ 289,591 |
Money market investments | 7,590 | 10,415 | 10,094 |
Other investment securities | 44,530 | 43,119 | |
Loans Receivable Net | 8,704,947 | 8,651,613 | |
Other assets | 171,066 | 166,682 | |
Total assets | 12,243,561 | 12,261,268 | |
Liabilities: | |||
Other borrowings | 184,150 | 208,635 | |
Accounts payable and other liabilities | 129,907 | 145,905 | |
Total liabilities | 10,198,857 | 10,392,171 | |
Stockholders Equity | 2,044,704 | 1,869,097 | 1,786,243 |
Total liabilities and stockholders' equity | 12,243,561 | 12,261,268 | |
Holding Company [Member] | |||
ASSETS | |||
Cash and due from banks | 10,984 | 20,864 | |
Money market investments | 6,111 | 6,111 | $ 6,111 |
Other investment securities | 285 | 285 | |
Loans Receivable Net | 0 | 191 | |
Other assets | 12,219 | 3,799 | |
Total assets | 2,232,558 | 2,078,550 | |
Liabilities: | |||
Other borrowings | 184,150 | 208,635 | |
Accounts payable and other liabilities | 3,704 | 818 | |
Total liabilities | 187,854 | 209,453 | |
Stockholders Equity | 2,044,704 | 1,869,097 | |
Total liabilities and stockholders' equity | 2,232,558 | 2,078,550 | |
Holding Company [Member] | Investment In Banking Subsidiary [Member] | |||
ASSETS | |||
Equity Method Investments | 2,179,655 | 2,028,641 | |
Holding Company [Member] | Non Banking Subsidiary [Member] | |||
ASSETS | |||
Equity Method Investments | 17,780 | 12,400 | |
Holding Company [Member] | Statutory Trust One [Member] | |||
ASSETS | |||
Equity Method Investments | 1,963 | 2,698 | |
Holding Company [Member] | Statutory Trust Two [Member] | |||
ASSETS | |||
Equity Method Investments | $ 3,561 | $ 3,561 |
FIRST BANCORP. (Holding Compa_4
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | |||
Interest income on money market investments | $ 60,224 | $ 51,125 | $ 50,905 |
Interest income on loans | 553,647 | 532,684 | 531,022 |
Total interest and dividends on investments | 71,320 | 55,739 | 54,270 |
Expense: | |||
Gains Losses On Extinguishment Of Debt | 2,316 | 1,391 | 4,217 |
Income tax expense | 10,970 | 4,973 | (37,030) |
Net income | 201,608 | 66,956 | 93,229 |
Other comprehensive (loss) income, net of tax | (19,806) | 13,775 | (6,641) |
Comprehensive income | 181,802 | 80,731 | 86,588 |
Holding Company [Member] | |||
Income: | |||
Interest income on money market investments | 20 | 20 | 20 |
Interest income on loans | 105 | 0 | 0 |
Other Interest And Dividend Income | 275 | 262 | 241 |
Total interest and dividends on investments | 38,184 | 10,482 | 42,137 |
Expense: | |||
Other borrowings | 8,983 | 8,284 | 7,705 |
Other operating expenses | 2,489 | 3,175 | 3,481 |
Total operating expenses | 11,472 | 11,459 | 11,186 |
Gains Losses On Extinguishment Of Debt | 2,316 | 1,391 | 4,217 |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments | 29,028 | 414 | 35,168 |
Income tax expense | 0 | 45 | 0 |
Equity in undistributed earnings of subsidiaries | 172,580 | 66,587 | 58,061 |
Net income | 201,608 | 66,956 | 93,229 |
Other comprehensive (loss) income, net of tax | (19,806) | 13,775 | (6,641) |
Comprehensive income | 181,802 | 80,731 | 86,588 |
Investment In Banking Subsidiary [Member] | Holding Company [Member] | |||
Income: | |||
Dividend income | 37,784 | 7,200 | 34,876 |
Non Banking Subsidiary [Member] | Holding Company [Member] | |||
Income: | |||
Dividend income | $ 0 | $ 3,000 | $ 7,000 |
FIRST BANCORP. (Holding Compa_5
FIRST BANCORP. (Holding Company Only) Financial Information - Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 201,608 | $ 66,956 | $ 93,229 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 5,825 | 7,296 | 6,876 |
Gain on extinguishment of debt | (2,316) | (1,391) | (4,217) |
Net (increase) decrease in other assets | (8,906) | 202 | (17,716) |
Net increase (decrease) in other liabilities | (1,248) | 8,305 | (15,144) |
Net cash provided by operating activities | 288,323 | 235,964 | 199,432 |
Cash flows from investing activities: | |||
Principal collected on loans | 2,722,311 | 2,504,629 | 2,830,830 |
Net cash provided by investing activities | (223,258) | (73,256) | 83,194 |
Cash flows from financing activities: | |||
Repayments of junior subordinated debentures | (21,434) | (5,930) | (7,025) |
Repurchase of outstanding common stock | (2,827) | (2,497) | (1,132) |
Dividends paid on preferred stock | 2,676 | 2,676 | 223 |
Net cash used in financing activities | (195,257) | 254,002 | (735,399) |
Net (decrease) increase in cash and cash equivalents | (130,192) | 416,710 | (452,773) |
Cash and cash equivalents at beginning of year | 716,395 | 299,685 | 752,458 |
Cash and cash equivalents at end of year | 586,203 | 716,395 | 299,685 |
Cash and cash equivalents include: | |||
Money market instruments | 7,590 | 10,415 | 10,094 |
Holding Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 201,608 | 66,956 | 93,229 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 2,202 | 3,769 | 3,563 |
Equity in undistributed earnings of subsidiaries | (172,580) | (66,587) | (58,061) |
Gain on extinguishment of debt | (2,316) | (1,391) | (4,217) |
Accretion of discount on loans | (4) | (14) | (11) |
Net (increase) decrease in other assets | (8,417) | (8) | 802 |
Net increase (decrease) in other liabilities | 2,890 | (201) | (26,685) |
Net cash provided by operating activities | 23,383 | 2,524 | 8,620 |
Cash flows from investing activities: | |||
Principal collected on loans | 191 | 50 | 50 |
Net cash provided by investing activities | 191 | 50 | 50 |
Cash flows from financing activities: | |||
Repayments of junior subordinated debentures | (21,434) | (5,930) | (7,025) |
Repurchase of outstanding common stock | (2,827) | (2,497) | (1,132) |
Dividends paid on common stock | (6,517) | 0 | 0 |
Dividends paid on preferred stock | (2,676) | (2,676) | (223) |
Net cash used in financing activities | (33,454) | (11,103) | (8,380) |
Net (decrease) increase in cash and cash equivalents | (9,880) | (8,529) | 290 |
Cash and cash equivalents at beginning of year | 26,975 | 35,504 | 35,214 |
Cash and cash equivalents at end of year | 17,095 | 26,975 | 35,504 |
Cash and cash equivalents include: | |||
Cash and due from banks | 10,984 | 20,864 | 29,393 |
Money market instruments | $ 6,111 | $ 6,111 | $ 6,111 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||
Gains Losses On Extinguishment Of Debt | $ 2,316 | $ 1,391 | $ 4,217 |