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Debt securities held-to-maturity (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments [Abstract] |
Debt Securities, Held-to-maturity |
|  | At June 30, 2021 |
|  |  |  |  | Allowance |  |  | Gross | Gross |  |  | Weighted |
|  | Amortized |  | for Credit |  | Net of | unrealized | unrealized | Fair | average |
(In thousands) | cost |  | Losses |  | Allowance | gains | losses | value | yield |
Obligations of Puerto Rico, States and political subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Within 1 year | $ | 4,165 | $ | 47 | $ | 4,118 | $ | 46 | $ | - | $ | 4,164 | 6.07 | %
| After 1 to 5 years |  | 14,765 |  | 555 |  | 14,210 |  | 555 |  | - |  | 14,765 | 6.20 |
| After 5 to 10 years |  | 13,210 |  | 428 |  | 12,782 |  | 253 |  | - |  | 13,035 | 2.33 |
| After 10 years |  | 45,070 |  | 9,184 |  | 35,886 |  | 12,162 |  | - |  | 48,048 | 1.56 |
Total obligations of Puerto Rico, States and political subdivisions |  | 77,210 |  | 10,214 |  | 66,996 |  | 13,016 |  | - |  | 80,012 | 2.82 |
Collateralized mortgage obligations - federal agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 30 |  | - |  | 30 |  | 1 |  | - |  | 31 | 6.44 |
Total collateralized mortgage obligations - federal agencies |  | 30 |  | - |  | 30 |  | 1 |  | - |  | 31 | 6.44 |
Securities in wholly owned statutory business trusts |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years |  | 11,561 |  | - |  | 11,561 |  | - |  | - |  | 11,561 | 6.51 |
Total securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | - |  | 11,561 | 6.51 |
Total debt securities held-to-maturity | $ | 88,801 | $ | 10,214 | $ | 78,587 | $ | 13,017 | $ | - | $ | 91,604 | 3.30 | %
|  | At December 31, 2020 |
|  |  |  |  | Allowance |  |  | Gross | Gross |  |  | Weighted |
|  | Amortized |  | for Credit |  | Net of | unrealized | unrealized | Fair | average |
(In thousands) | cost |  | Losses |  | Allowance | gains | losses | value | yield |
Obligations of Puerto Rico, States and political subdivisions |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Within 1 year | $ | 3,990 | $ | 50 | $ | 3,940 | $ | 47 | $ | - | $ | 3,987 | 6.05 | %
| After 1 to 5 years |  | 16,030 |  | 710 |  | 15,320 |  | 710 |  | - |  | 16,030 | 6.16 |
| After 5 to 10 years |  | 14,845 |  | 573 |  | 14,272 |  | 295 |  | 23 |  | 14,544 | 2.77 |
| After 10 years |  | 46,164 |  | 8,928 |  | 37,236 |  | 11,501 |  | - |  | 48,737 | 1.58 |
Total obligations of Puerto Rico, States and political subdivisions |  | 81,029 |  | 10,261 |  | 70,768 |  | 12,553 |  | 23 |  | 83,298 | 2.93 |
Collateralized mortgage obligations - federal agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 31 |  | - |  | 31 |  | 1 |  | - |  | 32 | 6.44 |
Total collateralized mortgage obligations - federal agencies |  | 31 |  | - |  | 31 |  | 1 |  | - |  | 32 | 6.44 |
Securities in wholly owned statutory business trusts |  |  |  |  |  |  |  |  |  |  |  |  |  |
| After 10 years |  | 11,561 |  | - |  | 11,561 |  | - |  | - |  | 11,561 | 6.51 |
Total securities in wholly owned statutory business trusts |  | 11,561 |  | - |  | 11,561 |  | - |  | - |  | 11,561 | 6.51 |
Total debt securities held-to-maturity | $ | 92,621 | $ | 10,261 | $ | 82,360 | $ | 12,554 | $ | 23 | $ | 94,891 | 3.38 | %
Debt securities held to maturity credit quality indicator |
|  | At June 30, 2021 | At December 31, 2020
(In thousands) | Securities issued by Puerto Rico municipalities
Watch | $ | 17,610 | $ | 35,315
Pass |  | 14,980 |  | -
Total | $ | 32,590 | $ | 35,315
Debt securities held to maturity allowance for credit loss | Allowance for credit losses on debt securities held-to-maturity The following table provides the activity in the allowance for credit losses related to debt securities held-to-maturity by security type at June 30, 2021 and June 30, 2020:
|  | For the quarters ended June 30,
|  |  | 2021 |  | 2020
(In thousands) | Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses: |  |  |  |
Beginning balance |  | $ | 10,096 | $ | 13,390
Provision for credit losses (benefit) |  |  | 118 |  | (655)
Securities charged-off |  |  | - |  | -
Recoveries |  |  | - |  | -
Ending balance | $ | 10,214 | $ | 12,735
|  | For the six months ended June 30,
|  |  | 2021 |  | 2020
(In thousands) |  | Obligations of Puerto Rico, States and political subdivisions
Allowance for credit losses: |  |  |  |
Beginning balance |  | $ | 10,261 | $ | -
Impact of adopting CECL |  |  | - |  | 12,654
Provision for credit losses (benefit) |  |  | (47) |  | 81
Securities charged-off |  |  | - |  | -
Recoveries |  |  | - |  | -
Ending balance | $ | 10,214 | $ | 12,735

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- Definition Tabular disclosure of allowance for credit loss on investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447 + Details
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- Definition Tabular disclosure of credit quality indicator for investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447 + Details
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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269825-111563 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=121645371&loc=SL120269820-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27232-111563 + Details
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