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Loans | 3 Months Ended
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Mar. 31, 2014
Loans Receivable [Abstract] |
LOANS RECEIVABLE | NOTE 4 - LOANS The Company's loan portfolio is composed of covered l oans and non-covered loans. The Company presents loans subject to the loss sharing agreements as “covered loans” in the tables below, and loans that are not subject to FDIC loss sharing agreements as “non-covered loans.” The risks of the FDIC-assisted Eurobank acquisition acquired loans are different from those loans not covered under the FDIC loss sharing agreements because of the loss protection provided by the FDIC. Also, loans acquired in the BBVAPR Acquisition are included as no n-covered loans in the unaudited consolidated statements of financial condition. Non-covered loans are further segregated between originated and other loans, acquired loans accounted for under ASC 310-20 (loans with revolving feature and/or acquired at a premium), and acquired loans accounted for under ASC 310-30 (loans acquired with deteriorated credit quality, including those by analogy). The composition of the Company's loan portfolio at March 31, 2014 and December 31, 201 3 was as follows:
| March 31, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Loans not covered under shared-loss agreements with FDIC: |  |  |  |  |
Originated and other loans and leases held for investment: |  |  |  |  |
Mortgage | $ | 782,150 |  | $ | 766,265
Commercial |  | 1,170,145 |  |  | 1,127,657
Consumer |  | 142,492 |  |  | 127,744
Auto and leasing |  | 447,940 |  |  | 379,874
|  | 2,542,727 |  |  | 2,401,540
Acquired loans: |  |  |  |  |
Accounted for under ASC 310-20 (Loans with revolving feature and/or |  |  |  |  |
acquired at a premium) |  |  |  |  |
Commercial |  | 71,577 |  |  | 77,681
Consumer |  | 52,049 |  |  | 56,174
Auto |  | 268,865 |  |  | 301,584
|  | 392,491 |  |  | 435,439
Accounted for under ASC 310-30 (Loans acquired with deteriorated |  |  |  |  |
credit quality, including those by analogy) |  |  |  |  |
Mortgage |  | 703,454 |  |  | 717,904
Commercial |  | 532,695 |  |  | 545,117
Construction |  | 122,693 |  |  | 126,427
Consumer |  | 53,310 |  |  | 63,620
Auto |  | 341,889 |  |  | 379,145
|  | 1,754,041 |  |  | 1,832,213
|  | 4,689,259 |  |  | 4,669,192
Deferred loan cost , net |  | 2,318 |  |  | 1,035
Loans receivable |  | 4,691,577 |  |  | 4,670,227
Allowance for loan and lease losses on non-covered loans |  | (56,183) |  |  | (54,298)
Loans receivable, net |  | 4,635,394 |  |  | 4,615,929
Mortgage loans held-for-sale |  | 19,355 |  |  | 46,529
Total loans not covered under shared-loss agreements with FDIC, net |  | 4,654,749 |  |  | 4,662,458
Loans covered under shared-loss agreements with FDIC: |  |  |  |  |
Loans secured by 1-4 family residential properties |  | 124,239 |  |  | 121,748
Construction and development secured by 1-4 family residential properties |  | 18,254 |  |  | 17,304
Commercial and other construction |  | 253,804 |  |  | 264,249
Consumer |  | 5,769 |  |  | 6,119
Leasing |  | 197 |  |  | 270
Total loans covered under shared-loss agreements with FDIC |  | 402,263 |  |  | 409,690
Allowance for loan and lease losses on covered loans |  | (54,398) |  |  | (52,729)
Total loans covered under shared-loss agreements with FDIC, net |  | 347,865 |  |  | 356,961
Total loans, net | $ | 5,002,614 |  | $ | 5,019,419
Non-covered Loans O riginated and Other Loans and L eases Held for Investment The Company's originated and other loans held for investment are encompassed within four portfolio segments: mortgage, commercial, consumer, and auto and leasing. The following table s present the aging of the recorded investment in gross originated and other loans held for investment as of March 31, 2014 and December 31, 2013 by class of loans. Mortgage loans past due included delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.
| March 31, 2014
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands) |  |  |
Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Traditional (by origination year): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Up to the year 2002 | $ | 5,330 |  | $ | 2,620 |  | $ | 2,877 |  | $ | 10,827 |  | $ | 61,269 |  | $ | 72,096 |  | $ | 91
Years 2003 and 2004 |  | 5,494 |  |  | 2,445 |  |  | 2,342 |  |  | 10,281 |  |  | 53,234 |  |  | 63,515 |  |  | -
Year 2005 |  | 6,620 |  |  | 2,288 |  |  | 6,289 |  |  | 15,197 |  |  | 72,621 |  |  | 87,818 |  |  | -
Year 2006 |  | 10,151 |  |  | 4,376 |  |  | 4,474 |  |  | 19,001 |  |  | 97,903 |  |  | 116,904 |  |  | -
Years 2007, 2008 and 2009 |  | 3,807 |  |  | 2,025 |  |  | 4,850 |  |  | 10,682 |  |  | 87,158 |  |  | 97,840 |  |  | -
Years 2010, 2011, 2012, 2013 and 2014 |  | 3,890 |  |  | 1,122 |  |  | 4,939 |  |  | 9,951 |  |  | 172,216 |  |  | 182,167 |  |  | 167
|  | 35,292 |  |  | 14,876 |  |  | 25,771 |  |  | 75,939 |  |  | 544,401 |  |  | 620,340 |  |  | 258
Non-traditional |  | 1,744 |  |  | 470 |  |  | 2,425 |  |  | 4,639 |  |  | 35,151 |  |  | 39,790 |  |  | -
Loss mitigation program |  | 8,149 |  |  | 6,485 |  |  | 12,559 |  |  | 27,193 |  |  | 58,812 |  |  | 86,005 |  |  | 2,254
|  | 45,185 |  |  | 21,831 |  |  | 40,755 |  |  | 107,771 |  |  | 638,364 |  |  | 746,135 |  |  | 2,512
Home equity secured personal loans |  | - |  |  | - |  |  | 138 |  |  | 138 |  |  | 595 |  |  | 733 |  |  | -
GNMA's buy-back option program |  | - |  |  | - |  |  | 35,282 |  |  | 35,282 |  |  | - |  |  | 35,282 |  |  | -
|  | 45,185 |  |  | 21,831 |  |  | 76,175 |  |  | 143,191 |  |  | 638,959 |  |  | 782,150 |  |  | 2,512
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | - |  |  | - |  |  | - |  |  | - |  |  | 62,935 |  |  | 62,935 |  |  | -
Institutional |  | - |  |  | - |  |  | - |  |  | - |  |  | 9,833 |  |  | 9,833 |  |  | -
Middle market |  | - |  |  | - |  |  | 1,531 |  |  | 1,531 |  |  | 168,222 |  |  | 169,753 |  |  | -
Retail |  | 1,241 |  |  | 277 |  |  | 4,780 |  |  | 6,298 |  |  | 150,396 |  |  | 156,694 |  |  | -
Floor plan |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,699 |  |  | 1,699 |  |  | -
Real estate |  | - |  |  | - |  |  | - |  |  | - |  |  | 11,837 |  |  | 11,837 |  |  | -
|  | 1,241 |  |  | 277 |  |  | 6,311 |  |  | 7,829 |  |  | 404,922 |  |  | 412,751 |  |  | -
Other commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | - |  |  | - |  |  | - |  |  | - |  |  | 28,475 |  |  | 28,475 |  |  | -
Institutional |  | - |  |  | - |  |  | - |  |  | - |  |  | 553,249 |  |  | 553,249 |  |  | -
Middle market |  | - |  |  | - |  |  | 513 |  |  | 513 |  |  | 82,420 |  |  | 82,933 |  |  | -
Retail |  | 609 |  |  | 292 |  |  | 1,622 |  |  | 2,523 |  |  | 64,532 |  |  | 67,055 |  |  | -
Floor plan |  | - |  |  | - |  |  | - |  |  | - |  |  | 25,682 |  |  | 25,682 |  |  | -
|  | 609 |  |  | 292 |  |  | 2,135 |  |  | 3,036 |  |  | 754,358 |  |  | 757,394 |  |  | -
|  | 1,850 |  |  | 569 |  |  | 8,446 |  |  | 10,865 |  |  | 1,159,280 |  |  | 1,170,145 |  |  | -
| March 31, 2014
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands) |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  | 263 |  |  | 171 |  |  | 354 |  |  | 788 |  |  | 14,702 |  |  | 15,490 |  |  | -
Overdrafts |  | 28 |  |  | 11 |  |  | 4 |  |  | 43 |  |  | 288 |  |  | 331 |  |  | -
Personal lines of credit |  | 60 |  |  | 99 |  |  | 57 |  |  | 216 |  |  | 1,718 |  |  | 1,934 |  |  | -
Personal loans |  | 1,418 |  |  | 524 |  |  | 248 |  |  | 2,190 |  |  | 105,847 |  |  | 108,037 |  |  | -
Cash collateral personal loans |  | 375 |  |  | 46 |  |  | 16 |  |  | 437 |  |  | 16,263 |  |  | 16,700 |  |  | -
|  | 2,144 |  |  | 851 |  |  | 679 |  |  | 3,674 |  |  | 138,818 |  |  | 142,492 |  |  | -
Auto and leasing |  | 33,788 |  |  | 8,559 |  |  | 5,872 |  |  | 48,219 |  |  | 399,721 |  |  | 447,940 |  |  | -
Total | $ | 82,967 |  | $ | 31,810 |  | $ | 91,172 |  | $ | 205,949 |  | $ | 2,336,778 |  | $ | 2,542,727 |  | $ | 2,512
| December 31, 2013
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands) |  |  |
Mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Traditional (by origination year): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Up to the year 2002 | $ | 6,697 |  | $ | 1,635 |  | $ | 3,408 |  | $ | 11,740 |  | $ | 64,772 |  | $ | 76,512 |  | $ | 79
Years 2003 and 2004 |  | 4,722 |  |  | 2,163 |  |  | 1,845 |  |  | 8,730 |  |  | 56,387 |  |  | 65,117 |  |  | -
Year 2005 |  | 8,527 |  |  | 2,119 |  |  | 4,808 |  |  | 15,454 |  |  | 74,087 |  |  | 89,541 |  |  | -
Year 2006 |  | 12,055 |  |  | 4,312 |  |  | 4,418 |  |  | 20,785 |  |  | 99,537 |  |  | 120,322 |  |  | -
Years 2007, 2008 and 2009 |  | 3,464 |  |  | 1,104 |  |  | 4,663 |  |  | 9,231 |  |  | 91,919 |  |  | 101,150 |  |  | 152
Years 2010, 2011, 2012 and 2013 |  | 3,923 |  |  | 1,609 |  |  | 4,453 |  |  | 9,985 |  |  | 139,561 |  |  | 149,546 |  |  | 459
|  | 39,388 |  |  | 12,942 |  |  | 23,595 |  |  | 75,925 |  |  | 526,263 |  |  | 602,188 |  |  | 690
Non-traditional |  | 3,217 |  |  | 1,162 |  |  | 2,311 |  |  | 6,690 |  |  | 35,412 |  |  | 42,102 |  |  | -
Loss mitigation program |  | 9,759 |  |  | 5,560 |  |  | 13,191 |  |  | 28,510 |  |  | 57,808 |  |  | 86,318 |  |  | 2,185
|  | 52,364 |  |  | 19,664 |  |  | 39,097 |  |  | 111,125 |  |  | 619,483 |  |  | 730,608 |  |  | 2,875
Home equity secured personal loans |  | - |  |  | - |  |  | 138 |  |  | 138 |  |  | 598 |  |  | 736 |  |  | -
GNMA's buy-back option program |  | - |  |  | - |  |  | 34,921 |  |  | 34,921 |  |  | - |  |  | 34,921 |  |  | -
|  | 52,364 |  |  | 19,664 |  |  | 74,156 |  |  | 146,184 |  |  | 620,081 |  |  | 766,265 |  |  | 2,875
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | - |  |  | - |  |  | - |  |  | - |  |  | 54,796 |  |  | 54,796 |  |  | -
Institutional |  | - |  |  | - |  |  | - |  |  | - |  |  | 4,050 |  |  | 4,050 |  |  | -
Middle market |  | 1,356 |  |  | - |  |  | 10,294 |  |  | 11,650 |  |  | 149,933 |  |  | 161,583 |  |  | -
Retail |  | 4,253 |  |  | 1,015 |  |  | 3,190 |  |  | 8,458 |  |  | 158,184 |  |  | 166,642 |  |  | -
Floor plan |  | - |  |  | - |  |  | - |  |  | - |  |  | 1,835 |  |  | 1,835 |  |  | -
Real estate |  | - |  |  | - |  |  | - |  |  | - |  |  | 11,655 |  |  | 11,655 |  |  | -
|  | 5,609 |  |  | 1,015 |  |  | 13,484 |  |  | 20,108 |  |  | 380,453 |  |  | 400,561 |  |  | -
Other commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 236 |  |  | - |  |  | - |  |  | 236 |  |  | 32,362 |  |  | 32,598 |  |  | -
Institutional |  | - |  |  | - |  |  | - |  |  | - |  |  | 536,445 |  |  | 536,445 |  |  | -
Middle market |  | - |  |  | 299 |  |  | 1,134 |  |  | 1,433 |  |  | 57,464 |  |  | 58,897 |  |  | -
Retail |  | 1,830 |  |  | 552 |  |  | 539 |  |  | 2,921 |  |  | 58,589 |  |  | 61,510 |  |  | -
Floor plan |  | 39 |  |  | - |  |  | - |  |  | 39 |  |  | 37,607 |  |  | 37,646 |  |  | -
|  | 2,105 |  |  | 851 |  |  | 1,673 |  |  | 4,629 |  |  | 722,467 |  |  | 727,096 |  |  | -
|  | 7,714 |  |  | 1,866 |  |  | 15,157 |  |  | 24,737 |  |  | 1,102,920 |  |  | 1,127,657 |  |  | -
| December 31, 2013
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands) |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  | 287 |  |  | 168 |  |  | 232 |  |  | 687 |  |  | 14,554 |  |  | 15,241 |  |  | -
Overdrafts |  | 46 |  |  | 4 |  |  | - |  |  | 50 |  |  | 322 |  |  | 372 |  |  | -
Personal lines of credit |  | 33 |  |  | 38 |  |  | 66 |  |  | 137 |  |  | 1,844 |  |  | 1,981 |  |  | -
Personal loans |  | 1,324 |  |  | 399 |  |  | 352 |  |  | 2,075 |  |  | 92,485 |  |  | 94,560 |  |  | -
Cash collateral personal loans |  | 324 |  |  | 43 |  |  | - |  |  | 367 |  |  | 15,223 |  |  | 15,590 |  |  | -
|  | 2,014 |  |  | 652 |  |  | 650 |  |  | 3,316 |  |  | 124,428 |  |  | 127,744 |  |  | -
Auto and leasing |  | 25,531 |  |  | 9,437 |  |  | 5,089 |  |  | 40,057 |  |  | 339,817 |  |  | 379,874 |  |  | -
Total | $ | 87,623 |  | $ | 31,619 |  | $ | 95,052 |  | $ | 214,294 |  | $ | 2,187,246 |  | $ | 2,401,540 |  | $ | 2,875
At March 31, 2014, the i ncrease in delinquencies in the consumer and the auto and leasing portfoli os compared to December 31, 2013 is mainly attributed to the fact that non-performing loans of acquired non-covered loan portfolio were accounted for under ASC 310-30. At March 31, 2014 such portfolios are increasing as new originations are ramping up the bal ances outstanding. More than a year from the a cquisition, those portfolios are beginning to reflect normal delinquency levels as seasoned portfolios. At March 31, 2014, the Company had $539.9 million in loans granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities as part of the institutional commercial loan segment. This entir e amount was current at March 31, 2014. A cquired Loans A ccounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium as part of t he non-covered portfolio are accounted for under the guidance of ASC 310-20, which requir es that any contractually required loan payment receivable in excess of the Company's initial investment in the loans be accreted into interest income on a level-yield b asis over the life of the loan. Loans accounted for under ASC 310-20 are placed on non-accrual status when past due in accordance with the Company's non-accrual policy a nd any accretion of discount or amortization of premium is d iscontinued. Loans acquired in the non-covered portfolio that were accounted for und er the provisions of ASC 310-20 are removed from the acquired loan category at the end of the reporting period upon refinancing, renewal or normal re-underwriting. The following table presents the aging of the recorded investment in gross acquired loans accounted for under ASC 310-20 as of March 31, 2014 and December 31, 201 3, by class of loans:
| March 31, 2014
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands) |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 11,079 |  | $ | 11,079 |  | $ | -
Retail |  | 47 |  |  | - |  |  | 603 |  |  | 650 |  |  | 3,651 |  |  | 4,301 |  |  | -
Floor plan |  | - |  |  | - |  |  | 101 |  |  | 101 |  |  | 2,651 |  |  | 2,752 |  |  | -
|  | 47 |  |  | - |  |  | 704 |  |  | 751 |  |  | 17,381 |  |  | 18,132 |  |  | -
Other commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 14 |  |  | - |  |  | 82 |  |  | 96 |  |  | 2,851 |  |  | 2,947 |  |  | -
Institutional |  | - |  |  | - |  |  | - |  |  | - |  |  | 221 |  |  | 221 |  |  | -
Retail |  | 645 |  |  | 128 |  |  | 716 |  |  | 1,489 |  |  | 15,727 |  |  | 17,216 |  |  | -
Floor plan |  | 84 |  |  | - |  |  | 126 |  |  | 210 |  |  | 32,851 |  |  | 33,061 |  |  | -
|  | 743 |  |  | 128 |  |  | 924 |  |  | 1,795 |  |  | 51,650 |  |  | 53,445 |  |  | -
|  | 790 |  |  | 128 |  |  | 1,628 |  |  | 2,546 |  |  | 69,031 |  |  | 71,577 |  |  | -
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  | 1,413 |  |  | 781 |  |  | 2,078 |  |  | 4,272 |  |  | 44,109 |  |  | 48,381 |  |  | -
Personal loans |  | 105 |  |  | 83 |  |  | 57 |  |  | 245 |  |  | 3,423 |  |  | 3,668 |  |  | -
|  | 1,518 |  |  | 864 |  |  | 2,135 |  |  | 4,517 |  |  | 47,532 |  |  | 52,049 |  |  | -
Auto |  | 13,161 |  |  | 3,522 |  |  | 1,342 |  |  | 18,025 |  |  | 250,840 |  |  | 268,865 |  |  | -
Total | $ | 15,469 |  | $ | 4,514 |  | $ | 5,105 |  | $ | 25,088 |  | $ | 367,403 |  | $ | 392,491 |  | $ | -
| December 31, 2013
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Loans 90+
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Days Past
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Due and
| 30-59 Days |  | 60-89 Days |  | 90+ Days |  | Total Past |  |  |  |  |  | Still
| Past Due |  | Past Due |  | Past Due |  | Due |  | Current |  | Total Loans |  | Accruing
| (In thousands) |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured by real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | 10,166 |  | $ | 10,166 |  | $ | -
Retail |  | 431 |  |  | 331 |  |  | 868 |  |  | 1,630 |  |  | 4,140 |  |  | 5,770 |  |  | -
Floor plan |  | - |  |  | - |  |  | 101 |  |  | 101 |  |  | 2,576 |  |  | 2,677 |  |  | -
|  | 431 |  |  | 331 |  |  | 969 |  |  | 1,731 |  |  | 16,882 |  |  | 18,613 |  |  | -
Other commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 14 |  |  | 83 |  |  | - |  |  | 97 |  |  | 9,696 |  |  | 9,793 |  |  | -
Retail |  | 1,717 |  |  | 1,418 |  |  | 659 |  |  | 3,794 |  |  | 23,544 |  |  | 27,338 |  |  | -
Floor plan |  | 35 |  |  | 193 |  |  | 18 |  |  | 246 |  |  | 21,691 |  |  | 21,937 |  |  | -
|  | 1,766 |  |  | 1,694 |  |  | 677 |  |  | 4,137 |  |  | 54,931 |  |  | 59,068 |  |  | -
|  | 2,197 |  |  | 2,025 |  |  | 1,646 |  |  | 5,868 |  |  | 71,813 |  |  | 77,681 |  |  | -
Consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  | 2,217 |  |  | 1,200 |  |  | 2,068 |  |  | 5,485 |  |  | 46,714 |  |  | 52,199 |  |  | -
Personal loans |  | 196 |  |  | 7 |  |  | 91 |  |  | 294 |  |  | 3,681 |  |  | 3,975 |  |  | -
|  | 2,413 |  |  | 1,207 |  |  | 2,159 |  |  | 5,779 |  |  | 50,395 |  |  | 56,174 |  |  | -
Auto |  | 12,534 |  |  | 3,616 |  |  | 1,608 |  |  | 17,758 |  |  | 283,826 |  |  | 301,584 |  |  | -
Total | $ | 17,144 |  | $ | 6,848 |  | $ | 5,413 |  | $ | 29,405 |  | $ | 406,034 |  | $ | 435,439 |  | $ | -
Acquired Loans Accounted for u nder ASC 310-30 (including those accounted for under ASC 310-30 by analogy) Loans acquired as part of the non-covered portfolio, except f or credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium, are accounted for by the Company in accordance with ASC 310-30. The carrying amount corresponding to non-covered loans acquired with deteriorated credit quality, including those accounted under ASC 310-3 0 by analogy, in the statement s of financial condition at March 31, 2014 and December 31, 2013 is as follows:
|  | March 31, |  | December 31,
|  | 2014 |  | 2013
|  | (In thousands)
Contractual required payments receivable |  | $ 2,799,336 |  | $ 2,929,353
Less: Non-accretable discount |  | 563,294 |  | 579,587
Cash expected to be collected |  | 2,236,042 |  | 2,349,766
Less: Accretable yield |  | 482,001 |  | 517,553
Carrying amount |  | $ 1,754,041 |  | $ 1,832,213
At March 31, 2014 and December 31, 2013, the Company had $196.1 million and $180.5 million, respectively, in loans granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities as part of its non-covered acquired loans accounted for under ASC 310-30. The following tables describe the accretable yield and non-accretable discount activity of acquired loans accoun ted for under ASC 310-30 for the quarters ended March 3 1, 2 014 and 2 01 3
| Quarter Ended March 31,
| 2014 |  | 2013
Accretable Yield Activity |  |  |  |  |
Balance at beginning of period | $ | 517,553 |  | $ | 655,833
Accretion |  | (40,269) |  |  | (47,668)
Transfer from non-accretable discount |  | 4,717 |  |  | -
Balance at end of period | $ | 482,001 |  | $ | 608,165
| Quarter Ended March 31,
| 2014 |  | 2013
Non-Accretable Discount Activity |  |  |  |  |
Balance at beginning of period | $ | 579,587 |  | $ | 714,462
Principal losses |  | (11,576) |  |  | (8,746)
Transfer to accretable yield |  | (4,717) |  |  | -
Balance at end of period | $ | 563,294 |  | $ | 705,716
Covered Loans The carrying amount of covered loans at March 31, 2014 and December 31, 2013 is as follows:
| March 31, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Contractual required payments receivable | $ | 657,353 |  | $ | 702,126
Less: Non-accretable discount |  | 107,323 |  |  | 129,477
Cash expected to be collected |  | 550,030 |  |  | 572,649
Less: Accretable yield |  | 147,767 |  |  | 162,959
Carrying amount, gross |  | 402,263 |  |  | 409,690
Less: Allowance for covered loan and lease losses |  | 54,398 |  |  | 52,729
Carrying amount, net | $ | 347,865 |  | $ | 356,961
The following tables describe the accretable yield and non-a ccretable discount activity of covered loans for the quarters ended March 3 1, 201 4 and 201 3:
| Quarter Ended March 31,
| 2014 |  | 2013
| (In thousands)
Accretable yield activity |  |  |  |  |
Balance at beginning of period | $ | 162,959 |  | $ | 188,008
Accretion |  | (23,388) |  |  | (20,229)
Transfer from non-accretable discount |  | 8,196 |  |  | 6,328
Balance at end of period | $ | 147,767 |  | $ | 174,107
| Quarter Ended March 31,
| 2014 |  | 2013
| (In thousands)
Non-accretable discount activity |  |  |  |  |
Balance at beginning of period | $ | 129,477 |  | $ | 237,555
Principal losses |  | (13,958) |  |  | (16,991)
Transfer to accretable yield |  | (8,196) |  |  | (6,328)
Balance at end of period | $ | 107,323 |  | $ | 214,236
Non-accrual Loans The following table presents the recorded investment in loans in non-accrual status by class of loans as of March 31, 2014 and December 31, 2013:
| March 31, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Originated and other loans and leases held for investment |  |  |  |  |
Mortgage |  |  |  |  |
Traditional (by origination year): |  |  |  |  |
Up to the year 2002 | $ | 2,884 |  | $ | 3,428
Years 2003 and 2004 |  | 2,359 |  |  | 1,845
Year 2005 |  | 6,667 |  |  | 4,922
Year 2006 |  | 4,555 |  |  | 4,418
Years 2007, 2008 and 2009 |  | 4,943 |  |  | 4,511
Years 2010, 2011, 2012, 2013 and 2014 |  | 8,342 |  |  | 7,818
|  | 29,750 |  |  | 26,942
Non-traditional |  | 2,425 |  |  | 2,311
Loss mitigation program |  | 16,903 |  |  | 18,792
|  | 49,078 |  |  | 48,045
Home equity secured personal loans |  | 138 |  |  | 138
|  | 49,216 |  |  | 48,183
Commercial |  |  |  |  |
Commercial secured by real estate |  |  |  |  |
Middle market |  | 11,596 |  |  | 11,895
Retail |  | 8,760 |  |  | 7,208
|  | 20,356 |  |  | 19,103
Other commercial and industrial |  |  |  |  |
Middle market |  | 513 |  |  | 1,134
Retail |  | 2,923 |  |  | 2,485
Floor plan |  | - |  |  | 108
|  | 3,436 |  |  | 3,727
|  | 23,792 |  |  | 22,830
Consumer |  |  |  |  |
Credit cards |  | 354 |  |  | 232
Overdrafts |  | 4 |  |  | -
Personal lines of credit |  | 161 |  |  | 84
Personal loans |  | 547 |  |  | 485
Cash collateral personal loans |  | 18 |  |  | 4
|  | 1,084 |  |  | 805
Auto and leasing |  | 6,047 |  |  | 5,089
| $ | 80,139 |  | $ | 76,907
| March 31, |  | December 31,
| 2014 |  | 2013
| (In thousands)
Acquired loans accounted under ASC 310-20 |  |  |  |  |
Commercial |  |  |  |  |
Commercial secured by real estate |  |  |  |  |
Retail | $ | 688 |  | $ | 956
Floor plan |  | 101 |  |  | 101
|  | 789 |  |  | 1,057
Other commercial and industrial |  |  |  |  |
Corporate |  | 96 |  |  | 97
Retail |  | 851 |  |  | 1,371
Floor plan |  | 126 |  |  | 18
|  | 1,073 |  |  | 1,486
|  | 1,862 |  |  | 2,543
Consumer |  |  |  |  |
Credit cards |  | 2,076 |  |  | 2,068
Personal loans |  | 58 |  |  | 151
|  | 2,134 |  |  | 2,219
Auto |  | 1,515 |  |  | 1,608
|  | 5,511 |  |  | 6,370
Total non-accrual loans | $ | 85,650 |  | $ | 83,277
Loans accounted for under ASC 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses. Effective April 24, 2013, delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are placed in non-accrual when they become 18 months or more past due, since they are insured loans. Before that date, they were placed in non-accrual when they became 90 days or more past due. At March 31, 2014 and December 31, 2013, loans whose terms have been extended and w hich are classified as troubled-debt restructuring s that are not included in non-accrual loans amounted to $70.8 million and $66.5 million, respectively, as they are p erforming under their new terms.

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