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Securities Purchased Under Agreements To Resell And Investments Securities (Tables)

12 Months Ended

Dec. 31, 2014

Investments [Abstract]

Available for sale securities

	December 31, 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	$	972,836		$	37,876		$	1,203		$	1,009,509		3.12%
GNMA certificates		4,473			288			8			4,753		4.94%
CMOs issued by US government-sponsored agencies		179,146			136			3,153			176,129		1.81%
Total mortgage-backed securities		1,156,455			38,300			4,364			1,190,391		2.92%
Investment securities
Obligations of US government-sponsored agencies		7,148			33			-			7,181		1.34%
Obligations of Puerto Rico government and public instrumentalities		20,939			-			5,267			15,672		5.41%
Other debt securities		3,137			157			-			3,294		2.95%
Total investment securities		31,224			190			5,267			26,147		4.23%
Total securities available for sale	$	1,187,679		$	38,490		$	9,631		$	1,216,538		2.96%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates		162,752			1,402			-			164,154		2.48%
Total	$	1,350,431		$	39,892		$	9,631		$	1,380,692		2.90%

	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 public instrumentalities		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%

	December 31, 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	$	21,181		$	21,550		$	-		$	-
Total due after 5 to 10 years		21,181			21,550			-			-
Due after 10 years
FNMA and FHLMC certificates		951,655			987,959			162,752			164,154
GNMA certificates		4,473			4,753			-			-
CMOs issued by US government-sponsored agencies		179,146			176,129			-			-
Total due after 10 years		1,135,274			1,168,841			162,752			164,154
Total mortgage-backed securities		1,156,455			1,190,391			162,752			164,154
Investment securities
Due from 1 to 5 years
Obligations of Puerto Rico government and public instrumentalities		10,473			8,872			-			-
Total due from 1 to 5 years		10,473			8,872			-			-
Due after 5 to 10 years
Obligations of US government and sponsored agencies		7,148			7,181			-			-
Total due after 5 to 10 years		7,148			7,181			-			-
Due after 10 years
Obligations of Puerto Rico government and public instrumentalities		10,466			6,800			-			-
Other debt securities		3,137			3,294			-			-
Total due after 10 years		13,603			10,094			-			-
Total investment securities		31,224			26,147			-			-
Total securities available-for-sale	$	1,187,679		$	1,216,538		$	162,752		$	164,154

Gross Realized Gains and Losses by Category

In addition, during 2014, the Company sold $110.8 million of available-for-sale FNMA and FHLMC certificates because the Company believed that gains could be realized 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. The Company recorded a net gain on sale of these securities of $4.4 million.

The table below presents the sale of investment securities, including its gross realized gains and losses by category, for the years ended 2014, 2013 and 2012:

	Year Ended December 31, 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		99,360			99,360			-			-
Total	$	214,518		$	210,152		$	4,366		$	-

	Year Ended December 31, 2013
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
GNMA certificates	$	141,202		$	141,237		$	-		$	35
Total	$	141,202		$	141,237		$	-		$	35

	Year Ended December 31, 2012
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of Securities Available-for-Sale
Mortgage-backed securities and CMOs
FNMA and FHLMC certificates	$	1,422,405		$	1,346,561		$	75,844		$	-
GNMA certificates		187,973			187,971			2			-
CMOs issued by US Government-sponsored agencies		334,687			333,334			1,353			-
Total mortgage-backed securities and CMOs		1,945,065			1,867,866			77,199			-
Investment securities
US Treasury securities		238,796			238,797			-			1
Obligations of Puerto Rico Government and public instrumentalities		35,882			36,478			32			628
Structured credit investments		44,577			46,969			-			2,392
Other mortgage securities		1,274			1,274			-			-
Total investment securities		320,529			323,518			32			3,021
Total	$	2,265,594		$	2,191,384		$	77,231		$	3,021

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 December 31, 2014 and 2013

	December 31, 2014
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	143,928		$	3,086		$	140,842
FNMA and FHLMC certificates		113,376			1,172			112,204
Obligations of Puerto Rico government and public instrumentalities		20,939			5,267			15,672
GNMA certificates		77			8			69
	$	278,320		$	9,533		$	268,787
	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	15,172		$	67		$	15,105
FNMA and FHLMC certificates		63,736			31			63,705
	$	78,908		$	98		$	78,810
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	159,100		$	3,153		$	155,947
FNMA and FHLMC certificates		177,112			1,203			175,909
Obligations of Puerto Rico government and public instrumentalities		20,939			5,267			15,672
GNMA certificates		77			8			69
	$	357,228		$	9,631		$	347,597

	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 public instrumentalities	$	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 public instrumentalities	$	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		220,914			6,669			214,244
Obligations of US government and sponsored agencies		10,691			42			10,649
Other debt securities		20,000			320			19,680
	$	534,578		$	14,996		$	519,581
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico Government and public instrumentalities	$	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		220,914			6,669			214,244
Obligations of US government and sponsored agencies		10,691			42			10,649
Other debt securities		20,000			320			19,680
	$	558,063		$	20,714		$	537,348

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Schedule of gross realized gains and losses by category on the sale of available for sale securities.

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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.

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