XML 112 R21.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Stockholders' Equity | 9 Months Ended
--- | ---
Sep. 30, 2014
Stockholders' Equity [Abstract] |
Stockholders' equity | NOTE 1 4 — STOCKHOLDERS' EQUIT Y Regulatory Capital Requirements The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Pursuant to the Dodd-Frank Act, federal banking regulators have adopted new capital rules that bec a me effective January 1, 2014 for advanced approaches ban king organizations and will become effective January 1, 2015 for all other covered organizations (subject to certain phase-in periods through January 1, 2019) and that will replace their general risk-based capital rules, advanced approaches rule, market risk rule, and leverage rules. Quantitative measures established by regulation to ensure capital adequacy currently require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations) and of Tier 1 capital to average total assets (as defined in the regulations). As of September 30, 2014 and December 31, 20 1 3, the Company and the Bank met all capital adequacy requirements to which they are subject. As of September 3 0, 201 4 and December 31, 201 3, the Bank i s “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum total risk-based, Tier 1 risk-based and Tier 1 leverage ratios as set forth in the tables presented below. The Company's and the Bank's actual capital a mounts and ratios as of September 30, 201 4 and December 31, 201 3 are as follows
|  |  |  |  |  | Minimum Capital |  | Minimum to be Well
| Actual |  | Requirement |  | Capitalized
| Amount |  | Ratio |  | Amount |  | Ratio |  |  | Amount | Ratio
| (Dollars in thousands)
Company Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 858,356 |  | 17.50% |  | $ | 392,465 |  | 8.00% |  | $ | 490,581 |  | 10.00%
Tier 1 capital to risk-weighted assets | $ | 782,797 |  | 15.96% |  | $ | 196,233 |  | 4.00% |  | $ | 294,349 |  | 6.00%
Tier 1 capital to average total assets | $ | 782,797 |  | 10.51% |  | $ | 297,984 |  | 4.00% |  | $ | 372,480 |  | 5.00%
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 827,459 |  | 16.16% |  | $ | 409,514 |  | 8.00% |  | $ | 511,893 |  | 10.00%
Tier 1 capital to risk-weighted assets | $ | 736,106 |  | 14.38% |  | $ | 204,757 |  | 4.00% |  | $ | 307,136 |  | 6.00%
Tier 1 capital to average total assets | $ | 736,106 |  | 9.06% |  | $ | 324,910 |  | 4.00% |  | $ | 406,138 |  | 5.00%
|  |  |  |  |  | Minimum Capital |  | Minimum to be Well
| Actual |  | Requirement |  | Capitalized
| Amount |  | Ratio |  | Amount |  | Ratio |  | Amount |  | Ratio
| (Dollars in thousands)
Bank Ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of September 30, 2014 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 813,760 |  | 16.66% |  | $ | 390,644 |  | 8.00% |  | $ | 488,305 |  | 10.00%
Tier 1 capital to risk-weighted assets | $ | 738,482 |  | 15.12% |  | $ | 195,322 |  | 4.00% |  | $ | 292,983 |  | 6.00%
Tier 1 capital to average total assets | $ | 738,482 |  | 9.99% |  | $ | 295,673 |  | 4.00% |  | $ | 369,592 |  | 5.00%
As of December 31, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital to risk-weighted assets | $ | 779,413 |  | 15.30% |  | $ | 407,637 |  | 8.00% |  | $ | 509,547 |  | 10.00%
Tier 1 capital to risk-weighted assets | $ | 688,350 |  | 13.51% |  | $ | 203,819 |  | 4.00% |  | $ | 305,728 |  | 6.00%
Tier 1 capital to average total assets | $ | 688,350 |  | 8.54% |  | $ | 322,395 |  | 4.00% |  | $ | 402,993 |  | 5.00%
Additional Paid-in Capital Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of September 30, 2014, accumulated issuance costs charged against additional paid in capital amounted to $10.1 million and $13.6 million for preferred and common stock, respective ly. Treasury Stock Under the Company's current stock repurchase program it is authorized to purchase in the open market up to $70 million of its outstanding shares of common stock, of which approximately $23.2 million of authority remains. The shares of common stock repurchased are to be held by the Company as treasury shares. During the nine-month period ended September 30, 2014, the Company purchased 707,5 00 shares under this program for a total of $10.4 million, at an average price of $1 4.6 6 per share. There were no repurchases during 2013. The following table presents the shares repurchased for each month in the nine-month period ended September 30, 2014, e xcluding the month s of March, April, May, June, July and September of 2014, during which no shares were purchased as part of the stock repurchase program:
| Total number of |  |  |  |  | Dollar amount of
| shares purchased as |  | Average |  | shares repurchased
|  | part of stock |  | price paid |  | (excluding
| repurchase programs |  | per share |  | commissions paid)
|  |  |  |  |  |  |  | (In thousands)
Period |  |  |  |  |  |  |  |
January 2014 |  | 57,700 |  | $ | 14.73 |  | $ | 850
February 2014 |  | 649,700 |  |  | 14.66 |  |  | 9,522
August 2014 |  | 100 |  |  | 15.50 |  |  | 2
Nine-Month Period Ended September 30, 2014 |  | 707,500 |  | $ | 14.66 |  | $ | 10,374
The number of shares that may yet be purchased under the $70 million program is estimated at 1,5 48,481 and was calculated by divid ing the remaining balance of $2 3.2 million by $1 4.98 (closing price o f the Company common stock at September 30, 2014). The Company did not purchase any shares of its common stock other than through its publicly announced stock repurchase program during the nine-months ended September 30, 2014. The activity in connection with common shares held in treasury by the Company for the nine-month periods ended September 30, 2014 and 2013 is set forth below:
| Nine-Month Period Ended September 30,
| 2014 |  | 2013
|  |  | Dollar |  |  |  | Dollar
| Shares |  | Amount |  | Shares |  | Amount
| (In thousands, except shares data)
Beginning of period | 7,030,101 |  | $ | 80,642 |  | 7,090,597 |  | $ | 81,275
Common shares used upon lapse of restricted stock units | (36,294) |  |  | (384) |  | (53,178) |  |  | (556)
Common shares repurchased as part of the stock repurchase program | 707,500 |  |  | 10,394 |  | - |  |  | -
Common shares used to match defined contribution plan, net | - |  |  | - |  | (7,318) |  |  | (77)
End of period | 7,701,307 |  | $ | 90,652 |  | 7,030,101 |  | $ | 80,642

X
- Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration