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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block] | Assets and liabilities measured at fair value on a recurring and non-recurring basis, including financial liabilities for which the Company has elected the fair value option, are summarized below:
| September 30, 2014
| Fair Value Measurements
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale | $ | - |  | $ | 1,273,879 |  | $ | - |  | $ | 1,273,879
Money market investments |  | 7,777 |  |  | - |  |  | - |  |  | 7,777
Derivative assets |  | - |  |  | 2,683 |  |  | 5,762 |  |  | 8,445
Servicing assets |  | - |  |  | - |  |  | 13,986 |  |  | 13,986
Derivative liabilities |  | - |  |  | (11,414) |  |  | (5,588) |  |  | (17,002)
| $ | 7,777 |  | $ | 1,265,148 |  | $ | 14,160 |  | $ | 1,287,085
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Impaired commercial loans | $ | - |  | $ | - |  | $ | 226,791 |  | $ | 226,791
Foreclosed real estate |  | - |  |  | - |  |  | 100,564 |  |  | 100,564
Other repossessed assets |  | - |  |  | - |  |  | 21,733 |  |  | 21,733
| $ | - |  | $ | - |  | $ | 349,088 |  | $ | 349,088
| December 31, 2013
| Fair Value Measurements
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale | $ | - |  | $ | 1,568,745 |  | $ | 19,680 |  | $ | 1,588,425
Securities purchased under agreements to resell |  | - |  |  | 60,000 |  |  | - |  |  | 60,000
Money market investments |  | 6,967 |  |  | - |  |  | - |  |  | 6,967
Derivative assets |  | - |  |  | 4,072 |  |  | 16,430 |  |  | 20,502
Servicing assets |  | - |  |  | - |  |  | 13,801 |  |  | 13,801
Derivative liabilities |  | - |  |  | (14,937) |  |  | (15,736) |  |  | (30,673)
| $ | 6,967 |  | $ | 1,617,880 |  | $ | 34,175 |  | $ | 1,659,022
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Impaired commercial loans | $ | - |  | $ | - |  | $ | 28,353 |  | $ | 28,353
Foreclosed real estate |  | - |  |  | - |  |  | 90,024 |  |  | 90,024
Other repossessed assets |  | - |  |  | - |  |  | 12,583 |  |  | 12,583
| $ | - |  | $ | - |  | $ | 130,960 |  | $ | 130,960
|  | Quarter Ended September 30, 2014
|  |  |  | Derivative |  |  |  |  | Derivative |  |  |
|  | Other |  | asset |  |  |  |  | liability |  |  |
|  | debt |  | (S&P |  |  |  |  | (S&P |  |  |
|  | securities |  | Purchased |  | Servicing |  | Embedded |  |  |
Level 3 Instruments Only |  | available-for-sale |  | Options) |  | assets |  | Options) |  | Total
| (In thousands)
Balance at beginning of period |  | $ | - |  | $ | 6,580 |  | $ | 13,970 |  | $ | (6,368) |  | $ | 14,182
Gains (losses) included in earnings |  |  | - |  |  | (818) |  |  | - |  |  | 675 |  |  | (143)
New instruments acquired |  |  | - |  |  | - |  |  | 554 |  |  | - |  |  | 554
Principal repayments |  |  | - |  |  | - |  |  | (427) |  |  | - |  |  | (427)
Amortization |  |  | - |  |  | - |  |  | - |  |  | 105 |  |  | 105
Changes in fair value of servicing assets |  |  | - |  |  | - |  |  | (111) |  |  | - |  |  | (111)
Balance at end of period |  | $ | - |  | $ | 5,762 |  | $ | 13,986 |  | $ | (5,588) |  | $ | 14,160
|  | Nine-Month Period Ended September 30, 2014
|  |  |  | Derivative |  |  |  |  | Derivative |  |  |
|  | Other |  | asset |  |  |  |  | liability |  |  |
|  | debt |  | (S&P |  |  |  |  | (S&P |  |  |
|  | securities |  | Purchased |  | Servicing |  | Embedded |  |  |
Level 3 Instruments Only |  | available-for-sale |  | Options) |  | assets |  | Options) |  | Total
| (In thousands)
Balance at beginning of period |  | $ | 19,680 |  | $ | 16,430 |  | $ | 13,801 |  | $ | (15,736) |  | $ | 34,175
Gains (losses) included in earnings |  |  | - |  |  | (10,668) |  |  | - |  |  | 9,639 |  |  | (1,029)
Changes in fair value of investment securities available for sale included in other comprehensive income |  |  | 320 |  |  | - |  |  | - |  |  | - |  |  | 320
New instruments acquired |  |  | - |  |  | - |  |  | 1,608 |  |  | - |  |  | 1,608
Principal repayments |  |  | (20,000) |  |  | - |  |  | (799) |  |  | - |  |  | (20,799)
Amortization |  |  | - |  |  | - |  |  | - |  |  | 509 |  |  | 509
Changes in fair value of servicing assets |  |  | - |  |  | - |  |  | (624) |  |  | - |  |  | (624)
Balance at end of period |  | $ | - |  | $ | 5,762 |  | $ | 13,986 |  | $ | (5,588) |  | $ | 14,160
| Quarter Ended September 30, 2013 |  |
|  |  |  | Derivative |  |  |  |  | Derivative |  |  |  |  |
| Other |  | asset |  |  |  |  | liability |  |  |  |  |
| debt |  | (S&P |  |  |  |  | (S&P |  |  |  |  |
| securities |  | Purchased |  |  | Servicing |  | Embedded |  |  |  |  |
Level 3 Instruments Only | available-for-sale |  | Options) |  |  | assets |  | Options) |  | Total |  |
Balance at beginning of period | $ | 20,058 |  | $ | 16,020 |  | $ | 12,994 |  | $ | (15,315) |  | $ | 33,757 |  |
Gains (losses) included in earnings |  | - |  |  | 1,921 |  |  | - |  |  | (1,994) |  |  | (73) |  |
Changes in fair value of investment securities available for sale included in other comprehensive income |  | (552) |  |  | - |  |  | - |  |  | - |  |  | (552) |  |
New instruments acquired |  | - |  |  | - |  |  | 704 |  |  | - |  |  | 704 |  |
Principal repayments |  | - |  |  | - |  |  | (309) |  |  | - |  |  | (309) |  |
Amortization |  | - |  |  | - |  |  | - |  |  | 110 |  |  | 110 |  |
Changes in fair value of servicing assets |  | - |  |  | - |  |  | 262 |  |  | - |  |  | 262 |  |
Balance at end of period | $ | 19,506 |  | $ | 17,941 |  | $ | 13,651 |  | $ | (17,199) |  | $ | 33,899 |  |
| Nine-Month Period Ended September 30, 2013 |  |
|  |  |  | Derivative |  |  |  |  | Derivative |  |  |
| Other |  | asset |  |  |  |  | liability |  |  |
| debt |  | (S&P |  |  |  |  | (S&P |  |  |
| securities |  | Purchased |  |  | Servicing |  |  | Embedded |  |  |
Level 3 Instruments Only | available-for-sale |  | Options) |  |  | assets |  |  | Options) |  | Total |
Balance at beginning of period | $ | 20,012 |  | $ | 13,233 |  | $ | 10,795 |  | $ | (12,707) |  | $ | 31,333 |  |
Gains (losses) included in earnings |  | - |  |  | 4,708 |  |  | - |  |  | (4,807) |  |  | (99) |  |
Changes in fair value of investment securities available for sale included in other comprehensive income |  | (506) |  |  | - |  |  | - |  |  | - |  |  | (506) |  |
New instruments acquired |  | - |  |  | - |  |  | 2,659 |  |  | - |  |  | 2,659 |  |
Principal repayments |  | - |  |  | - |  |  | (855) |  |  | - |  |  | (855) |  |
Amortization |  | - |  |  | - |  |  | - |  |  | 315 |  |  | 315 |  |
Changes in fair value of servicing assets |  | - |  |  | - |  |  | 1,052 |  |  | - |  |  | 1,052 |  |
Balance at end of period | $ | 19,506 |  | $ | 17,941 |  | $ | 13,651 |  | $ | (17,199) |  | $ | 33,899 |  |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block] | The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and nine-month period s ended September 3 0, 2014 and 2013:
|  | September 30, 2014
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
|  | (In thousands) |  |  |  |  |  |
Derivative assets (S&P Purchased Options) |  | $ | 5,762 |  | Option pricing model |  | Implied option volatility |  | 25.75%-36.88%
|  |  |  |  |  |  | Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) |  | 66.90% - 69.11%
Servicing assets |  | $ | 13,986 |  | Cash flow valuation |  | Constant prepayment rate |  | 5.60% - 13.28%
|  |  |  |  |  |  | Discount rate |  | 10.00% - 12.00%
Derivative liability (S&P Embedded Options) |  | $ | (5,588) |  | Option pricing model |  | Implied option volatility |  | 25.75%-36.88%
|  |  |  |  |  |  | Counterparty credit risk (based on 5-year CDS spread) |  | 66.90% - 69.11%
Collateral dependant impaired loans |  | $ | 26,809 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 20.20% - 29.20%
Puerto Rico Electric Power Authority line of credit |  | $ | 199,982 |  | Cash flow valuation |  | Discount rate |  | 7.25
Foreclosed real estate |  | $ | 100,564 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 20.20% - 29.20%
Other repossessed assets |  | $ | 21,733 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 20.20% - 29.20%
Fair Value By Balance Sheet Grouping [Text Block] | The estimated fair value and carrying value of the Company's financial instruments at September 30, 2014 and December 31, 201 3 is as follows:
| September 30, |  | December 31,
| 2014 |  | 2013
| Fair |  | Carrying |  | Fair |  | Carrying
| Value |  | Value |  | Value |  | Value
| (In thousands)
Level 1 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 671,239 |  | $ | 671,239 |  | $ | 621,269 |  | $ | 621,269
Restricted cash |  | 32,907 |  |  | 32,907 |  |  | 82,199 |  |  | 82,199
Level 2 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Securities purchased under agreements to resell |  | - |  |  | - |  |  | 60,000 |  |  | 60,000
Trading securities |  | 1,687 |  |  | 1,687 |  |  | 1,869 |  |  | 1,869
Investment securities available-for-sale |  | 1,273,879 |  |  | 1,273,879 |  |  | 1,568,745 |  |  | 1,568,745
Investment securities held-to-maturity |  | 144,217 |  |  | 144,305 |  |  | - |  |  | -
Federal Home Loan Bank (FHLB) stock |  | 21,189 |  |  | 21,189 |  |  | 24,450 |  |  | 24,450
Other investments |  | 65 |  |  | 65 |  |  | 65 |  |  | 65
Derivative assets |  | 2,683 |  |  | 2,683 |  |  | 4,072 |  |  | 4,072
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Securities purchased but not yet received |  | 30,057 |  |  | 30,057 |  |  | - |  |  | -
Derivative liabilities |  | 11,414 |  |  | 11,414 |  |  | 14,937 |  |  | 14,937
Level 3 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale |  | - |  |  | - |  |  | 19,680 |  |  | 19,680
Total loans (including loans held-for-sale) |  |  |  |  |  |  |  |  |  |  |
Non-covered loans, net |  | 4,486,738 |  |  | 4,545,209 |  |  | 4,857,505 |  |  | 4,662,458
Covered loans, net |  | 365,503 |  |  | 311,693 |  |  | 459,444 |  |  | 356,961
Derivative assets |  | 5,762 |  |  | 5,762 |  |  | 16,430 |  |  | 16,430
FDIC indemnification asset |  | 83,995 |  |  | 120,619 |  |  | 152,965 |  |  | 189,240
Accrued interest receivable |  | 19,665 |  |  | 19,665 |  |  | 18,734 |  |  | 18,734
Servicing assets |  | 13,986 |  |  | 13,986 |  |  | 13,801 |  |  | 13,801
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits |  | 5,053,119 |  |  | 5,069,175 |  |  | 5,409,540 |  |  | 5,383,265
Securities sold under agreements to repurchase |  | 1,058,042 |  |  | 1,012,228 |  |  | 1,323,903 |  |  | 1,267,618
Advances from FHLB |  | 340,043 |  |  | 334,787 |  |  | 335,324 |  |  | 336,143
Other borrowings |  | 3,865 |  |  | 3,872 |  |  | 3,638 |  |  | 3,663
Subordinated capital notes |  | 91,061 |  |  | 101,190 |  |  | 99,316 |  |  | 100,010
Accrued expenses and other liabilities |  | 159,541 |  |  | 159,541 |  |  | 144,424 |  |  | 144,424
Derivative liabilities |  | 5,588 |  |  | 5,588 |  |  | 15,736 |  |  | 15,736

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=25499696&loc=SL7498348-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
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