Securities Purchased Under Agreements and Investments (Tables)

3 Months Ended

Mar. 31, 2014

	March 31, 2014
			Gross		Gross				Weighted
	Amortized		Unrealized		Unrealized		Fair		Average
	Cost		Gains		Losses		Value		Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	1,093,717	$	31,769	$	4,690	$	1,120,796		3.03%
GNMA certificates		6,146		426		23		6,549		4.93%
CMOs issued by US Government-sponsored agencies		211,308		351		4,139		207,520		1.78%
Total mortgage-backed securities		1,311,171		32,546		8,852		1,334,865		2.84%
Investment securities
US Treasury securities		70,000		-		-		70,000		0.03%
Obligations of US Government-sponsored agencies		9,539		-		42		9,497		1.23%
Obligations of Puerto Rico Government and political subdivisions		22,367		-		5,298		17,069		5.32%
Other debt securities		24,029		225		-		24,254		3.46%
Total investment securities		125,935		225		5,340		120,820		1.72%
Total securities available for sale	$	1,437,106	$	32,771	$	14,192	$	1,455,685		2.74%

	December 31, 2013
			Gross		Gross				Weighted
	Amortized		Unrealized		Unrealized		Fair		Average
	Cost		Gains		Losses		Value		Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	1,190,910	$	33,089	$	6,669	$	1,217,330		2.93%
GNMA certificates		7,406		433		24		7,815		4.92%
CMOs issued by US Government-sponsored agencies		220,801		407		6,814		214,394		1.78%
Total mortgage-backed securities		1,419,117		33,929		13,507		1,439,539		2.76%
Investment securities
Obligations of US Government-sponsored agencies		10,691		-		42		10,649		1.21%
Obligations of Puerto Rico Government and political subdivisions		121,035		-		6,845		114,190		4.38%
Other debt securities		24,200		167		320		24,047		3.46%
Total investment securities		155,926		167		7,207		148,886		2.99%
Total securities available-for-sale	$	1,575,043	$	34,096	$	20,714	$	1,588,425		2.89%

	March 31, 2014
	Available-for-sale
	Amortized Cost		Fair Value
	(In thousands)
Mortgage-backed securities
Due after 5 to 10 years
FNMA and FHLMC certificates	$	26,294	$	26,625
Total due after 5 to 10 years		26,294		26,625
Due after 10 years
FNMA and FHLMC certificates		1,067,423		1,094,171
GNMA certificates		6,146		6,549
CMOs issued by US Government-sponsored agencies		211,308		207,520
Total due after 10 years		1,284,877		1,308,240
Total mortgage-backed securities		1,311,171		1,334,865
Investment securities
Due in less than one year
US Treasury securities		70,000		70,000
Other debt securities		20,000		20,053
Total due in less than one year		90,000		90,053
Due from 1 to 5 years
Obligations of Puerto Rico Government and political subdivisions		11,903		9,827
Total due from 1 to 5 years		11,903		9,827
Due after 5 to 10 years
Obligations of US Government and sponsored agencies		9,539		9,497
Total due after 5 to 10 years		9,539		9,497
Due after 10 years
Obligations of Puerto Rico Government and political subdivisions		10,464		7,242
Other debt securities		4,029		4,201
Total due after 10 years		14,493		11,443
Total investment securities		125,935		120,820
Total securities available-for-sale	$	1,437,106	$	1,455,685

Gross Realized Gains and Losses by Category

For the quarter ended March 31, 2014 the Company recorded a net gain on sale of securities of $4.4 million. The tables below present the gross realized gains by category for such period. There was no realized gain or loss for the quarter ended March 31, 2013.

	Quarter Ended March 31, 2014
			Book Value		Gross		Gross
Description	Sale Price		at Sale		Gains		Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	115,159	$	110,792	$	4,366	$	-
GNMA certificates		23,993		23,993		-		-
Total	$	139,152	$	134,785	$	4,366	$	-

Available For Sale Securities Continuous Unrealized Loss Position Fair Value

The following tables show the Company's gross unrealized losses and fair value of investment securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2014 and December 31, 2013

	March 31, 2014
	12 months or more
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	1,897	$	163	$	1,734
Obligations of Puerto Rico Government and political subdivisions		22,367		5,298		17,069
GNMA certificates		80		10		70
	$	24,344	$	5,471	$	18,873

	Less than 12 months
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	177,882	$	3,976	$	173,906
FNMA and FHLMC certificates		214,926		4,690		210,236
Obligations of US government and sponsored agencies		9,539		42		9,497
GNMA certificates		121		13		108
	$	402,468	$	8,721	$	393,747


	Total
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	179,779	$	4,139	$	175,640
FNMA and FHLMC certificates		214,926		4,690		210,236
Obligations of Puerto Rico Government and political subdivisions		22,367		5,298		17,069
Obligations of US government and sponsored agencies		9,539		42		9,497
GNMA certificates		201		23		178
	$	426,812	$	14,192	$	412,620

	December 31, 2013
	12 months or more
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico Government and political subdivisions	$	20,845	$	5,470	$	15,375
CMOs issued by US Government-sponsored agencies		2,559		237		2,322
GNMA certificates		81		11		70
	$	23,485	$	5,718	$	17,767


	Less than 12 months
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico Government and political subdivisions	$	100,190	$	1,375	$	98,815
CMOs issued by US Government-sponsored agencies		182,661		6,577		176,084
GNMA certificates		122		13		109
FNMA and FHLMC certificates		220,913		6,669		214,244
Obligations of US Government and sponsored agencies		10,691		42		10,649
Other debt securities		20,000		320		19,680
	$	534,577	$	14,996	$	519,581


	Total
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico Government and political subdivisions	$	121,035	$	6,845	$	114,190
CMOs issued by US Government-sponsored agencies		185,220		6,814		178,406
GNMA certificates		203		24		179
FNMA and FHLMC certificates		220,913		6,669		214,244
Obligations of US Government and sponsored agencies		10,691		42		10,649
Other debt securities		20,000		320		19,680
	$	558,062	$	20,714	$	537,348

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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