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Investments Securities (Tables)

9 Months Ended

Sep. 30, 2015

Investments [Abstract]

Investment Table Text Block

The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by the Company at September 30, 2015 and December 31, 2014 were as follows:

	September 30, 2015
				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	$	777,412		$	30,486		$	97		$	807,801		2.98%
GNMA certificates		30,854			1,075			-			31,929		3.31%
CMOs issued by US government-sponsored agencies		147,336			172			1,684			145,824		1.84%
Total mortgage-backed securities		955,602			31,733			1,781			985,554		2.81%
Investment securities
Obligations of US government-sponsored agencies		5,572			31			-			5,603		1.36%
Obligations of Puerto Rico government and political subdivisions		18,987			-			5,194			13,793		5.53%
Other debt securities		2,593			162			-			2,755		2.95%
Total investment securities		27,152			193			5,194			22,151		4.43%
Total securities available for sale	$	982,754		$	31,926		$	6,975		$	1,007,705		2.86%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	569,599			2,146			1,650			570,095		2.26%
Investment securities
US Treasury securities		25,040			13			-			25,053		0.49%
Total securities held to maturity		594,639			2,159			1,650			595,148		2.19%
Total	$	1,577,393		$	34,085		$	8,625		$	1,602,853		2.61%

	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%

The amortized cost and fair value of the Company’s investment securities at September 30, 2015, by contractual maturity, are shown in the next table.

	September 30, 2015
	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	$	16,410		$	16,772		$	-		$	-
Total due after 5 to 10 years		16,410			16,772			-			-
Due after 10 years
FNMA and FHLMC certificates		761,002			791,029			569,599			570,095
GNMA certificates		30,854			31,929			-			-
CMOs issued by US government-sponsored agencies		147,336			145,824			-			-
Total due after 10 years		939,192			968,782			569,599			570,095
Total mortgage-backed securities		955,602			985,554			569,599			570,095
Investment securities
Due from 1 to 5 years
US Treasury securities		-			-			25,040			25,053
Obligations of Puerto Rico government and political subdivisions		8,766			7,341			-			-
Total due from 1 to 5 years		8,766			7,341			25,040			25,053
Due after 5 to 10 years
Obligations of US government and sponsored agencies		5,572			5,603			-			-
Total due after 5 to 10 years		5,572			5,603			-			-
Due after 10 years
Obligations of Puerto Rico government and political subdivisions		10,221			6,452			-			-
Other debt securities		2,593			2,755			-			-
Total due after 10 years		12,814			9,207			-			-
Total investment securities		27,152			22,151			25,040			25,053
Total securities available-for-sale	$	982,754		$	1,007,705		$	594,639		$	595,148

Realized Gain Loss On Investments Table Text Block

The table below presents the gross realized gains by category for such periods

	Nine-Month Period Ended September 30,2015
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	40,307		$	37,736		$	2,571		$	-
GNMA certificates		63,524			63,523			1			-
Total	$	103,831		$	101,259		$	2,572		$	-

	Nine-Month Period Ended September 30,2014
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross 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 mortgage-backed securities	$	189,249		$	184,883		$	4,366		$	-

Unrealized Gain Loss On Investments Table Text Block

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

	September 30, 2015
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	109,190		$	1,684		$	107,506
Obligations of Puerto Rico government and political subdivisions		18,987			5,194			13,793
	$	128,177		$	6,878		$	121,299
	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
FNMA and FHLMC certificates	$	49,679		$	97		$	49,582
Securities held-to-maturity
FNMA and FHLMC Certificates		342,215			1,650			340,565
	$	391,894		$	1,747		$	390,147
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	109,190		$	1,684		$	107,506
FNMA and FHLMC certificates		49,679			97			49,582
Obligations of Puerto Rico government and political subdivisions		18,987			5,194			13,793
		177,856			6,975			170,881
Securities held-to-maturity
FNMA and FHLMC Certificates		342,215			1,650			340,565
	$	520,071		$	8,625		$	511,446

	December 31, 2014
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico government and political subdivisions	$	20,939		$	5,267		$	15,672
CMOs issued by US government-sponsored agencies		143,928			3,086			140,842
FNMA and FHLMC certificates		113,376			1,172			112,204
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 political subdivisions		20,939			5,267			15,672
GNMA certificates		77			8			69
	$	357,228		$	9,631		$	347,597

Other Than Temporary Impairment Credit Losses Recognized In Earnings

The following table presents a rollforward of credit-related impairment losses recognized in earnings for the quarter and nine-month periods ended September 30, 2015 and 2014 on available-for-sale securities that the Company does not have the intent to sell or will not more-likely-than-not be required to sell:

	Quarter Ended September 30,						Nine-Month Period Ended September 30,
	2015			2014			2015			2014
	(In thousands)
Balance at beginning of period	$	-		$	-		$	-		$	-
Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses		246			-			246			-
Balance at end of period	$	246		$	-		$	246		$	-

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-Number 210



-Article 6



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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 320



-SubTopic 10



-Section 50



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