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Borrowings | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Borrowings | NOTE 1 0 — BORROWINGS Securities Sold under Agreements to Repurchase At September 3 0, 2014, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to the Company the same or similar securities at the maturity of the se agreements. At September 30, 2014 and December 31, 201 3, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $2.2 million and $2.6 million, respectively, were as follows:
| September 30, |  | December 31,
| 2014 |  | 2013
|  |  |  | Fair Value of |  |  |  |  | Fair Value of
| Borrowing |  | Underlying |  | Borrowing |  | Underlying
| Balance |  | Collateral |  | Balance |  | Collateral
| (In thousands)
JP Morgan Chase Bank NA |  | 255,000 |  |  | 259,039 |  |  | 255,000 |  |  | 273,250
Credit Suisse Securities (USA) LLC |  | 755,000 |  |  | 842,183 |  |  | 755,000 |  |  | 864,232
Deutsche Bank |  | - |  |  | - |  |  | 255,000 |  |  | 272,053
Total | $ | 1,010,000 |  | $ | 1,101,222 |  | $ | 1,265,000 |  | $ | 1,409,535
The following table shows a summary of the Company's repurchase agreements and their terms, excluding accrued interest in the amount of $2.2 million, at September 30, 201 4:
|  |  |  |  | Weighted- |  |  |  |
|  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  | (In thousands) |  |  |  |  |  |
2014 |  | $ | 85,000 |  | 0.675% |  | 12/3/2012 |  | 12/3/2014
2015 |  |  | 255,000 |  | 0.840% |  | 12/10/2012 |  | 6/13/2015
2016 |  |  | 170,000 |  | 1.500% |  | 12/6/2012 |  | 12/8/2016
2017 |  |  | 500,000 |  | 4.780% |  | 3/2/2007 |  | 3/2/2017
|  | $ | 1,010,000 |  | 2.831% |  |  |  |
The following table presents the repurchase liabilit y associate d with the repurchase agreement transactions (excluding accrued interest) by maturit y. Also, it includes the carrying value and approximate market value of collate ral (excluding accrued interest) at September 30, 2014 and December 31, 2013. The informatio n excludes repurchase agreement transactions which were collateralized with securities or cash, or securities purchased under agreements to resell.
| September 30, 2014
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  |  |  |  |  |  |  |  | CMOs |  | Obligations |  |
|  |  |  | Weighted |  | FNMA and |  |  |  |  | issued by US |  | of US |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  | Government |  | Government |  |
| Liability |  | Rate |  | Certificates |  | Certificates |  | Sponsored Agencies |  | Sponsored Agencies |  | Total
| (Dollars in thousands)
Less than 90 days |  | 85,000 |  |  | 0.68% |  |  | 95,420 |  |  | 2,061 |  |  | - |  |  | - |  |  | 97,481
Over 90 days |  | 925,000 |  |  | 2.83% |  |  | 1,003,070 |  |  | 671 |  |  | - |  |  | - |  |  | 1,003,741
Total | $ | 1,010,000 |  |  | 2.89% |  | $ | 1,098,490 |  | $ | 2,732 |  | $ | - |  | $ | - |  | $ | 1,101,222
| December 31, 2013
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  |  |  |  |  |  |  |  | CMOs |  | Obligations |  |
|  |  |  | Weighted |  | FNMA and |  |  |  |  | issued by US |  | of US |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  | Government |  | Government |  |
| Liability |  | Rate |  | Certificates |  | Certificates |  | Sponsored Agencies |  | Sponsored Agencies |  | Total
| (Dollars in thousands)
Within 30 days | $ | 255,000 |  |  | 0.50% |  | $ | 216,201 |  | $ | - |  | $ | 48,923 |  | $ | 6,929 |  | $ | 272,053
Over 90 days |  | 1,010,000 |  |  | 2.89% |  |  | 1,018,632 |  |  | 3,000 |  |  | 45,100 |  |  | 3,720 |  |  | 1,070,452
Total | $ | 1,265,000 |  |  | 2.41% |  | $ | 1,234,833 |  | $ | 3,000 |  | $ | 94,023 |  | $ | 10,649 |  | $ | 1,342,505
Advances from the Federal Home Loan Bank of New York Advances are received from the Federal Home Loan Bank of New York (the “FHLB-NY”) under an agreement whereby the Company is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2014 and December 31, 2013, these advances were secured by mortgage and commercial loans amounting to $1.2 billion and $1.3 billion, respectively. Also, at September 30, 2014 and December 31, 2013, the Company had an additional b orrowing capacity with the FHLB-NY of $6 53.5 million and $674.2 million, respectively. At September 30, 2014 and December 31, 2013, the weighted average remaining maturity of FHLB's advances was 9.4 months and 11.3 mont hs, respectively. The original terms of these advances range between one day and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of September 30, 2014. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $3 30 thousand, at September 30, 201 4:
|  |  |  |  | Weighted- |  |  |  |
|  |  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  |  | (In thousands) |  |  |  |  |  |
2014 |  | $ | 25,000 |  | 0.36% |  | 9/4/2014 |  | 10/6/2014
|  |  | 50,000 |  | 0.37% |  | 9/10/2014 |  | 10/10/2014
|  |  | 100,000 |  | 0.36% |  | 9/16/2014 |  | 10/16/2014
|  |  | 25,000 |  | 0.32% |  | 9/24/2014 |  | 10/24/2014
|  |  | 25,000 |  | 0.30% |  | 9/30/2014 |  | 10/30/2014
|  |  | 39,641 |  | 0.37% |  | 9/2/2014 |  | 10/1/2014
|  |  | 264,641 |  |  |  |  |  |
2017 |  |  | 4,558 |  | 1.24% |  | 4/3/2012 |  | 4/3/2017
2018 |  |  | 30,000 |  | 2.19% |  | 1/16/2013 |  | 1/16/2018
|  |  | 25,000 |  | 2.18% |  | 1/16/2013 |  | 1/16/2018
|  |  | 55,000 |  |  |  |  |  |
2020 |  |  | 10,259 |  | 2.59% |  | 7/19/2013 |  | 7/20/2020
|  | $ | 334,458 |  | 0.74% |  |  |  |
All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. Subordinated Capital Notes Subordinated capital notes amounted to $101.2 million at September 30, 2014 and $100.0 million at December 31, 2013. Under the requirements of Puerto Rico Banking Act, the Bank must establish a redemption fund for the subordinated capital notes by transferring from undivided profits pre-established amounts as follows:
| Redemption fund
| (In thousands)
Redemption fund - September 30, 2014 | $ | 53,600
2014 |  | 1,675
2015 |  | 6,700
2016 |  | 5,025
| $ | 67,000
Other borrow ings Other borrow ings, presented in the unaudited consolidated statement of financial condition amounted to $3.9 million and $3.7 million at September 30, 2014 and December 31, 201 3, respectively, which mainly consists of unsec ured fixed-rate borrowings and term n otes tied to the appreciation of the S&P index. For both periods, the unsecured fixed rate borrowings amounted to $1.7 million at a fixed rate of 3.0%. The term note s tied to the S&P index amounted to $1.0 million at both September 30, 2014 and D ecember 31, 2013 with an index appreciation of $1.1 million and $957 thousand, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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