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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 66,956 $ 93,229 $ 21,297
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 16,424 17,649 21,060
Amortization of intangible assets 4,403 4,896 5,143
Provision for loan and lease losses 144,254 86,733 172,045
Deferred income tax (benefit) expense (13,152) 23,879 80
Stock-based compensation 7,296 6,876 6,037
Gain on sale of investments (371) (6,104) 0
Gain on extinguishment of debt (1,391) (4,217) 0
Other-than-temporary impairments on debt securities [1] 12,231 6,687 16,517
Unrealized (gain) loss on derivative instruments (187) 78 (164)
Net gain on sales of premises and equipment and other assets (149) (700) (64)
Net gain on sale of loans (6,291) (10,273) (7,379)
Net amortization/accretion of premiums, discounts, and deferred loan fees and costs (8,757) (8,819) (6,229)
Originations and purchases of loans held for sale (316,258) (488,833) (428,348)
Gain on sale of merchant contracts 0 0 (7,000)
Sales and repayments of loans held for sale 329,554 493,821 436,461
Loans held for sale valuation adjustment 0 0 (191)
Bargain purchase gain 0 0 (13,443)
Gain from recovery of investments previously written off 0 (1,547) 0
Impairment of Fixed Assets 640 0 0
Amortization of broker placement fees 1,900 2,881 4,563
Net amortization/accretion of premiums and discounts on investment securities 2,764 6,890 7,046
(Increase) decrease in accrued interest receivable (12,755) 2,934 1,703
Increase (decrease) in accrued interest payable 1,390 (29,200) 6,241
(Increase) decrease in other assets (202) 17,716 20,625
Increase (decrease) in other liabilities 7,665 (15,144) 5,891
Net cash provided by operating activities 235,964 199,432 261,891
Cash flows from investing activities:      
Principal collected on loans 2,504,629 2,830,830 2,969,616
Proceeds from sale of loans held for investment 53,245 31,852 107,702
Proceeds from sale of repossessed assets 35,239 56,369 61,808
Proceeds from sale of available-for-sale securities 23,408 219,780 0
Purchases of available-for-sale securities (265,415) (619,636) (250,585)
Purchases of held-to-maturity investment securities 0 0 (4,530)
Proceeds from principal repayments and maturities of securities available for sale 232,977 390,286 296,950
Proceeds from principal repayments and maturities of securities held-to-maturity securities 5,563 5,293 5,068
Additions to premises and equipment (9,417) (10,370) (12,456)
Proceeds from sale of premises and equipment and other assets 2,043 2,279 4,035
Net cash received from acquisition 0 0 217,659
Net cash outflows from purchase/sale of insurance contracts 0 (960) 0
Proceeds from sale of merchant contracts 0 0 10,000
Net purchases/sales of other equity securities (127) (10,823) (6,417)
Loans originated and purchased (2,655,401) (2,813,253) (2,959,871)
Proceeds From Recovery Of Investments Previously Written Off 0 1,547 0
Net cash (used in) provided by investing activities (73,256) 83,194 438,979
Cash flows from financing activities:      
Net increase (decrease) in deposits 220,105 (542,019) (673,347)
Net FHLB advances proceeds 45,000 215,000 130,000
Dividends paid on preferred stock (2,676) (223) 0
Repurchase of outstanding common stock (2,497) (1,132) (1,173)
Change in securities sold under agreements to repurchase 0 (400,000) (200,000)
Repayments of junior subordinated debentures (5,930) (7,025) 0
Net cash provided by (used in) financing activities 254,002 (735,399) (744,520)
Net decrease in cash and cash equivalents 416,710 (452,773) (43,650)
Cash and cash equivalents at beginning of year 299,685 752,458 796,108
Cash and cash equivalents at end of year 716,395 299,685 752,458
Cash and cash equivalents include:      
Cash and Cash Equivalents, at Carrying Value, Total $ 299,685 $ 299,685 $ 752,458
[1]
For the years ended December 31, 2017, 2016 and 2015, approximately $12.2 million, $6.3 million and $15.9 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 years ended December 31, 2016 and 2015 were associated with credit losses on private label MBS.