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Investments Securities (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 2015 and 2014 were as follows:
| December 31, 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 | $ | 735,363 |  | $ | 25,791 |  | $ | 1,509 |  | $ | 759,645 |  | 2.97%
GNMA certificates |  | 57,129 |  |  | 1,366 |  |  | - |  |  | 58,495 |  | 3.19%
CMOs issued by US government-sponsored agencies |  | 137,787 |  |  | 27 |  |  | 2,741 |  |  | 135,073 |  | 1.85%
Total mortgage-backed securities |  | 930,279 |  |  | 27,184 |  |  | 4,250 |  |  | 953,213 |  | 2.82%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of US government-sponsored agencies |  | 5,122 |  |  | - |  |  | 29 |  |  | 5,093 |  | 1.36%
Obligations of Puerto Rico government and political subdivisions |  | 17,801 |  |  | - |  |  | 4,070 |  |  | 13,731 |  | 6.24%
Other debt securities |  | 2,444 |  |  | 128 |  |  | - |  |  | 2,572 |  | 2.98%
Total investment securities |  | 25,367 |  |  | 128 |  |  | 4,099 |  |  | 21,396 |  | 4.94%
Total securities available for sale | $ | 955,646 |  | $ | 27,312 |  | $ | 8,349 |  | $ | 974,609 |  | 2.87%
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 595,157 |  |  | 426 |  |  | 5,865 |  |  | 589,718 |  | 2.24%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | 25,032 |  |  | - |  |  | 71 |  |  | 24,961 |  | 0.49%
Total securities held to maturity |  | 620,189 |  |  | 426 |  |  | 5,936 |  |  | 614,679 |  | 2.17%
Total | $ | 1,575,835 |  | $ | 27,738 |  | $ | 14,285 |  | $ | 1,589,288 |  | 2.60%
| 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 December 31, 2015, by contractual maturity, are shown in the next table.
| December 31, 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 | $ | 15,098 |  | $ | 15,228 |  | $ | - |  | $ | -
Total due after 5 to 10 years |  | 15,098 |  |  | 15,228 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 720,265 |  |  | 744,417 |  |  | 595,157 |  |  | 589,718
GNMA certificates |  | 57,129 |  |  | 58,495 |  |  | - |  |  | -
CMOs issued by US government-sponsored agencies |  | 137,787 |  |  | 135,073 |  |  | - |  |  | -
Total due after 10 years |  | 915,181 |  |  | 937,985 |  |  | 595,157 |  |  | 589,718
Total mortgage-backed securities |  | 930,279 |  |  | 953,213 |  |  | 595,157 |  |  | 589,718
Investment securities |  |  |  |  |  |  |  |  |  |  |
Due from 1 to 5 years |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | - |  |  | - |  |  | 25,032 |  |  | 24,961
Obligations of Puerto Rico government and political subdivisions |  | 8,733 |  |  | 7,438 |  |  | - |  |  | -
Total due from 1 to 5 years |  | 8,733 |  |  | 7,438 |  |  | 25,032 |  |  | 24,961
Due after 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
Obligations of US government and sponsored agencies |  | 5,122 |  |  | 5,093 |  |  | - |  |  | -
Total due after 5 to 10 years |  | 5,122 |  |  | 5,093 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
Obligations of Puerto Rico government and political subdivisions |  | 9,068 |  |  | 6,293 |  |  | - |  |  | -
Other debt securities |  | 2,444 |  |  | 2,572 |  |  | - |  |  | -
Total due after 10 years |  | 11,512 |  |  | 8,865 |  |  | - |  |  | -
Total investment securities |  | 25,367 |  |  | 21,396 |  |  | 25,032 |  |  | 24,961
Total securities available-for-sale | $ | 955,646 |  | $ | 974,609 |  | $ | 620,189 |  | $ | 614,679
Realized Gain Loss On Investments Table Text Block | The table below presents the gross realized gains and losses by category for such periods
| Year Ended December 31, 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 |  | $ | -
| Year Ended December 31, 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 |  | 99,360 |  |  | 99,360 |  |  | - |  |  | -
Total mortgage-backed securities | $ | 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 mortgage-backed securities | $ | 141,202 |  | $ | 141,237 |  | $ | - |  | $ | 35
Unrealized Gain Loss On Investments Table Text Block | The following table s show the Company’s gross unrealized losses and fair value of investment securities availab le-for-sale and held-to-maturity, aggregated by investment category and the length of time that individual securities have been in a continuo us unrealized loss position at
| December 31, 2015
| 12 months or more
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 103,340 |  | $ | 2,410 |  | $ | 100,930
Obligations of Puerto Rico government and political subdivisions |  | 17,801 |  |  | 4,070 |  |  | 13,731
| $ | 121,141 |  | $ | 6,480 |  | $ | 114,661
| Less than 12 months
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US Government-sponsored agencies |  | 25,736 |  | $ | 331 |  | $ | 25,405
FNMA and FHLMC certificates | $ | 149,480 |  | $ | 1,509 |  | $ | 147,971
Obligations of US government and sponsored agencies |  | 5,122 |  | $ | 29 |  | $ | 5,093
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC Certificates |  | 468,487 |  |  | 5,865 |  |  | 462,622
US Treausury Securities |  | 25,032 |  |  | 71 |  |  | 24,961
| $ | 673,857 |  | $ | 7,805 |  | $ | 666,052
| Total
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 129,076 |  |  | 2,741 |  | $ | 126,335
FNMA and FHLMC certificates |  | 149,480 |  |  | 1,509 |  |  | 147,971
Obligations of Puerto Rico Government and political subdivisions |  | 17,801 |  |  | 4,070 |  |  | 13,731
Obligations of US government and sponsored agencies |  | 5,122 |  |  | 29 |  |  | 5,093
|  | 301,479 |  |  | 8,349 |  |  | 293,130
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 468,487 |  |  | 5,865 |  |  | 462,622
US Treasury Securities |  | 25,032 |  |  | 71 |  |  | 24,961
| $ | 794,998 |  | $ | 14,285 |  | $ | 780,713
| 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 ea rnings for the year ended December 31, 2015 (non in 2014 and 2013) 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:
|  | Year Ended December 31,
|  | 2015
Balance at beginning of year |  | $ | -
Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses |  |  | 1,490
Balance at end of year |  | $ | 1,490

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27340-111563 + Details
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