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Resticted Cash | 12 Months Ended
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Dec. 31, 2015
Restricted Cash And Investments Abstract |
Resticted Cash Disclosure | NOTE 2 – RESTRICTED CASH The following table includes the composition of the Company’s restricted cash:
| December 31,
| 2015 |  | 2014
| (In thousands)
Cash pledged as collateral to other financial institutions to secure: |  |  |  |  |
Derivatives | $ | 1,980 |  | $ | 2,980
Obligations under agreement of loans sold with recourse |  | 1,369 |  |  | 5,427
| $ | 3,349 |  | $ | 8,407
At December 31, 2015 and 2014, the Bank’s international banking entities, Oriental International Bank Inc. (“OIB”) and Oriental Overseas, a division of the Bank, each held unencumbered certificates of deposit in the amount of $300 thousand as the legal reserve required for international banking entities under Puerto Rico law. Each certificate of deposit cannot be withdrawn by OIB or Oriental Overseas without prior written approval of the OCFI. As part of its derivative activities, the Comp any has entered into collateral agreements with certain financial counterparties. At December 31, 2015 and 2014, the Company had delivered $2.0 million and $3.0 million, respectively, of cash as collateral for such derivatives activities. As part of the BBVA Acquisition, the Company assumed a contract with FNMA which required collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At December 31, 2015 and 2014, the Company delivered as collateral cash amounting to $1.4 m illion and $5.4 million, respectively. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances for the week that covered December 31, 2015 was $14 8.3 million (December 31, 2014 - $141.5 million). At December 31, 2015 and 2014, the Bank complied with the requirement. Cash and due from bank as well as other short-term, highly liquid securities are used to cover the required average reserve balances.

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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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