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Investments Securities (Tables)

12 Months Ended

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 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, 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 earnings 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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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 6
-Section 10
-Paragraph (c)
-Subparagraph (1)

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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

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