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Investments Securities (Tables) | 9 Months Ended
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Sep. 30, 2014
Investments [Abstract] |
Available for sale securities |
| September 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 | $ | 1,023,303 |  | $ | 36,414 |  | $ | 3,082 |  | $ | 1,056,635 |  | 3.13%
GNMA certificates |  | 5,241 |  |  | 348 |  |  | 21 |  |  | 5,568 |  | 4.92%
CMOs issued by US government-sponsored agencies |  | 189,142 |  |  | 206 |  |  | 4,390 |  |  | 184,958 |  | 1.80%
Total mortgage-backed securities |  | 1,217,686 |  |  | 36,968 |  |  | 7,493 |  |  | 1,247,161 |  | 2.93%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of US government-sponsored agencies |  | 7,795 |  |  | - |  |  | 34 |  |  | 7,761 |  | 1.32%
Obligations of Puerto Rico government and political subdivisions |  | 20,915 |  |  | - |  |  | 5,469 |  |  | 15,446 |  | 5.41%
Other debt securities |  | 3,373 |  |  | 138 |  |  | - |  |  | 3,511 |  | 2.91%
Total investment securities |  | 32,083 |  |  | 138 |  |  | 5,503 |  |  | 26,718 |  | 4.15%
Total securities available for sale | $ | 1,249,769 |  | $ | 37,106 |  | $ | 12,996 |  | $ | 1,273,879 |  | 2.96%
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 144,305 |  |  | 82 |  |  | 170 |  |  | 144,217 |  | 1.95%
Total | $ | 1,394,074 |  | $ | 37,188 |  | $ | 13,166 |  | $ | 1,418,096 |  | 2.86%
| 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%
| September 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 | $ | 22,896 |  | $ | 23,243 |  | $ | - |  | $ | -
Total due after 5 to 10 years |  | 22,896 |  |  | 23,243 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 1,000,407 |  |  | 1,033,392 |  |  | 144,305 |  |  | 144,217
GNMA certificates |  | 5,241 |  |  | 5,568 |  |  | - |  |  | -
CMOs issued by US government-sponsored agencies |  | 189,142 |  |  | 184,958 |  |  | - |  |  | -
Total due after 10 years |  | 1,194,790 |  |  | 1,223,918 |  |  | 144,305 |  |  | 144,217
Total mortgage-backed securities |  | 1,217,686 |  |  | 1,247,161 |  |  | 144,305 |  |  | 144,217
Investment securities |  |  |  |  |  |  |  |  |  |  |
Due from 1 to 5 years |  |  |  |  |  |  |  |  |  |  |
Obligations of Puerto Rico government and political subdivisions |  | 10,450 |  |  | 8,628 |  |  | - |  |  | -
Total due from 1 to 5 years |  | 10,450 |  |  | 8,628 |  |  | - |  |  | -
Due after 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
Obligations of US government and sponsored agencies |  | 7,795 |  |  | 7,761 |  |  | - |  |  | -
Total due after 5 to 10 years |  | 7,795 |  |  | 7,761 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
Obligations of Puerto Rico government and political subdivisions |  | 10,465 |  |  | 6,818 |  |  | - |  |  | -
Other debt securities |  | 3,373 |  |  | 3,511 |  |  | - |  |  | -
Total due after 10 years |  | 13,838 |  |  | 10,329 |  |  | - |  |  | -
Total investment securities |  | 32,083 |  |  | 26,718 |  |  | - |  |  | -
Total securities available-for-sale | $ | 1,249,769 |  | $ | 1,273,879 |  | $ | 144,305 |  | $ | 144,217
Gross Realized Gains and Losses by Category | In addition, during the nine-month period ended September 30, 2014, the Company sold $110.8 million of available-for-sale FNMA and FHLMC certificates because the Company believed that gains could be realize d and that there were good opportunities to invest the proceeds in other investment securities with attractive yields and terms that would allow the Company to continue protecting its net interest margin. T he Company recorded a net gain on sale of these securities of $4.4 millio n. The table below present s the gross realized ga ins by category for such period. There was no reali zed gain or loss for the nine-month period ended September 30, 2013.
| Nine-Month Period Ended September 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 |  | 74,091 |  |  | 74,091 |  |  | - |  |  | -
Total | $ | 189,249 |  | $ | 184,883 |  | $ | 4,366 |  | $ | -
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The following table s show the Company's gross unrealized losses and fair value of investment securities availab le-for-sale and held-to-maturity, aggregated by investment category and the length of time that individual securities have been in a continuo us unrealized loss position at September 30, 2014 and December 31, 201 3
| September 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 | $ | 149,957 |  | $ | 4,242 |  | $ | 145,716
FNMA and FHLMC certificates |  | 183,479 |  |  | 3,049 |  |  | 180,430
Obligations of Puerto Rico government and political subdivisions |  | 20,915 |  |  | 5,469 |  |  | 15,446
GNMA certificates |  | 197 |  |  | 22 |  |  | 176
| $ | 354,548 |  | $ | 12,782 |  | $ | 341,768
| Less than 12 months
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 15,746 |  | $ | 148 |  | $ | 15,598
FNMA and FHLMC certificates |  | 26,220 |  |  | 33 |  |  | 26,187
Obligations of US government and sponsored agencies |  | 7,796 |  |  | 34 |  |  | 7,761
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC Certificates |  | 95,598 |  |  | 170 |  |  | 95,428
| $ | 145,359 |  | $ | 385 |  | $ | 144,974
| Total
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 165,703 |  | $ | 4,390 |  | $ | 161,314
FNMA and FHLMC certificates |  | 209,699 |  |  | 3,082 |  |  | 206,617
Obligations of Puerto Rico government and political subdivisions |  | 20,915 |  |  | 5,469 |  |  | 15,446
Obligations of US government and sponsored agencies |  | 7,796 |  |  | 34 |  |  | 7,761
GNMA certificates |  | 197 |  |  | 22 |  |  | 176
|  | 404,309 |  |  | 12,996 |  |  | 391,314
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC Certificates |  | 95,598 |  |  | 170 |  |  | 95,428
| $ | 499,907 |  | $ | 13,166 |  | $ | 486,742
| 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

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