Securities Purchased Under Agreements and Investments (Tables)

6 Months Ended

Jun. 30, 2014

	June 30, 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	$	1,070,034	$	44,076	$	1,992	$	1,112,118	3.10%
GNMA certificates		5,560		389		21		5,928	4.92%
CMOs issued by US government-sponsored agencies		200,111		306		3,786		196,631	1.79%
Total mortgage-backed securities		1,275,705		44,771		5,799		1,314,677	2.90%
Investment securities
US Treasury securities		9,000		-		-		9,000	0.01%
Obligations of US government-sponsored agencies		74,613		-		38		74,575	0.17%
Obligations of Puerto Rico government and political subdivisions		22,391		-		5,591		16,800	5.32%
Other debt securities		3,729		177		-		3,906	2.95%
Total investment securities		109,733		177		5,629		104,281	1.30%
Total securities available for sale	$	1,385,438	$	44,948	$	11,428	$	1,418,958	2.77%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates		26,706		138		-		26,844	2.52%
Total	$	1,412,144	$	45,086	$	11,428	$	1,445,802	2.77%

	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%

	June 30, 2014
	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In thousands)				(In thousands)
Mortgage-backed securities
Due after 5 to 10 years
FNMA and FHLMC certificates	$	24,631	$	25,109	$	-	$	-
Total due after 5 to 10 years		24,631		25,109		-		-
Due after 10 years
FNMA and FHLMC certificates		1,045,403		1,087,009		26,706		26,844
GNMA certificates		5,560		5,928		-		-
CMOs issued by US government-sponsored agencies		200,111		196,631		-		-
Total due after 10 years		1,251,074		1,289,568		26,706		26,844
Total mortgage-backed securities		1,275,705		1,314,677		26,706		26,844
Investment securities
Due in less than one year
US Treasury securities		9,000		9,000		-		-
Obligations of US government and sponsored agencies		66,000		66,000		-		-
Total due in less than one year		75,000		75,000		-		-
Due from 1 to 5 years
Obligations of Puerto Rico government and political subdivisions		11,927		9,543		-		-
Total due from 1 to 5 years		11,927		9,543		-		-
Due after 5 to 10 years
Obligations of US government and sponsored agencies		8,613		8,575		-		-
Total due after 5 to 10 years		8,613		8,575		-		-
Due after 10 years
Obligations of Puerto Rico government and political subdivisions		10,464		7,257		-		-
Other debt securities		3,729		3,906		-		-
Total due after 10 years		14,193		11,163		-		-
Total investment securities		109,733		104,281		-		-
Total securities available-for-sale	$	1,385,438	$	1,418,958	$	26,706	$	26,844

Gross Realized Gains and Losses by Category

For the six-month period ended June 30, 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 six-month period ended June 30, 2013.

	Six-Month Period Ended June 30, 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	$	115,158	$	110,792	$	4,366	$	-
GNMA certificates		48,077		48,077		-		-
Total	$	163,235	$	158,869	$	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 and held-to-maturity, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2014 and December 31, 2013

	June 30, 2014
	12 months or more
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	156,542	$	3,734	$	152,808
FNMA and FHLMC certificates		190,630		1,992		188,638
Obligations of Puerto Rico government and political subdivisions		22,391		5,591		16,800
GNMA certificates		199		21		178
	$	369,762	$	11,338	$	358,424

	Less than 12 months
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	16,365	$	52	$	16,313
Obligations of US government and sponsored agencies		8,613		38		8,575
	$	24,978	$	90	$	24,888


	Total
	Amortized		Unrealized		Fair
	Cost		Loss		Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	172,907	$	3,786	$	169,121
FNMA and FHLMC certificates		190,630		1,992		188,638
Obligations of Puerto Rico government and political subdivisions		22,391		5,591		16,800
Obligations of US government and sponsored agencies		8,613		38		8,575
GNMA certificates		199		21		178
	$	394,740	$	11,428	$	383,312

	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.

+ References+ Details