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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block] | Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:
| March 31, 2016
| Fair Value Measurements
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale | $ | - |  | $ | 669,285 |  | $ | - |  | $ | 669,285
Trading securities |  | - |  |  | 314 |  |  | - |  |  | 314
Money market investments |  | 5,897 |  |  | - |  |  | - |  |  | 5,897
Derivative assets |  | - |  |  | 1,890 |  |  | 772 |  |  | 2,662
Servicing assets |  | - |  |  | - |  |  | 7,819 |  |  | 7,819
Derivative liabilities |  | - |  |  | (6,220) |  |  | (746) |  |  | (6,966)
| $ | 5,897 |  | $ | 665,269 |  | $ | 7,845 |  | $ | 679,011
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Impaired commercial loans | $ | - |  | $ | - |  | $ | 227,117 |  | $ | 227,117
Foreclosed real estate |  | - |  |  | - |  |  | 56,777 |  |  | 56,777
Other repossessed assets |  | - |  |  | - |  |  | 4,408 |  |  | 4,408
| $ | - |  | $ | - |  | $ | 288,302 |  | $ | 288,302
| December 31, 2015
| Fair Value Measurements
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale | $ | - |  | $ | 974,609 |  | $ | - |  | $ | 974,609
Trading securities |  | - |  |  | 288 |  |  | - |  |  | 288
Money market investments |  | 4,699 |  |  | - |  |  | - |  |  | 4,699
Derivative assets |  | - |  |  | 1,854 |  |  | 1,171 |  |  | 3,025
Servicing assets |  | - |  |  | - |  |  | 7,455 |  |  | 7,455
Derivative liabilities |  | - |  |  | (6,162) |  |  | (1,095) |  |  | (7,257)
| $ | 4,699 |  | $ | 970,589 |  | $ | 7,531 |  | $ | 982,819
Non-recurring fair value measurements: |  |  |  |  |  |  |  |  |  |  |
Impaired commercial loans | $ | - |  | $ | - |  | $ | 235,767 |  | $ | 235,767
Foreclosed real estate |  | - |  |  | - |  |  | 58,176 |  |  | 58,176
Other repossessed assets |  | - |  |  | - |  |  | 6,226 |  |  | 6,226
| $ | - |  | $ | - |  | $ | 300,169 |  | $ | 300,169
The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters ended March 31, 2016 and 2015:
| Quarter Ended March 31, 2016
| Derivative |  |  |  |  | Derivative |  |  |
| asset |  |  |  |  | liability |  |  |
| (S&P |  |  |  |  | (S&P |  |  |
| Purchased |  |  | Servicing |  | Embedded |  |  |
Level 3 Instruments Only | Options) |  |  | assets |  | Options) |  | Total
Balance at beginning of period | $ | 1,171 |  | $ | 7,455 |  | $ | (1,095) |  | $ | 7,531
Gains (losses) included in earnings |  | (399) |  |  | - |  |  | 330 |  |  | (69)
New instruments acquired |  | - |  |  | 557 |  |  | - |  |  | 557
Principal repayments |  | - |  |  | (104) |  |  | - |  |  | (104)
Amortization |  | - |  |  | - |  |  | 19 |  |  | 19
Changes in fair value of servicing assets |  | - |  |  | (89) |  |  | - |  |  | (89)
Balance at end of period | $ | 772 |  | $ | 7,819 |  | $ | (746) |  | $ | 7,845
| Quarter Ended March 31, 2015
| Derivative |  |  |  |  | Derivative |
| asset |  |  |  |  | liability |
| (S&P |  |  |  |  | (S&P |
| Purchased |  |  | Servicing |  |  | Embedded |
Level 3 Instruments Only | Options) |  |  | assets |  |  | Options) |  | Total
Balance at beginning of period | $ | 5,555 |  | $ | 13,992 |  | $ | (5,477) |  | $ | 14,070
(Losses) gains included in earnings |  | (1,821) |  |  | - |  |  | 1,782 |  |  | (39)
New instruments acquired |  | - |  |  | 531 |  |  | - |  |  | 531
Principal repayments |  | - |  |  | (418) |  |  | - |  |  | (418)
Amortization |  | - |  |  | - |  |  | 78 |  |  | 78
Changes in fair value of servicing assets |  |  |  |  | (59) |  |  | - |  |  | (59)
Changes in fair value due to sales price of mortgage servicing rights held-for-sale |  | - |  |  | (1,882) |  |  | - |  |  | (1,882)
Balance at end of period | $ | 3,734 |  | $ | 12,164 |  | $ | (3,617) |  | $ | 12,281
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block] | The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at March 31, 2016:
|  | March 31, 2016
|  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
|  | (In thousands) |  |  |  |  |  |
Derivative assets (S&P Purchased Options) |  | $ | 772 |  | Option pricing model |  | Implied option volatility |  | 35.32% -38.69%
|  |  |  |  |  |  | Counterparty credit risk (based on 5-year credit default swap ("CDS") spread) |  | 79.96%-89.03%
Servicing assets |  | $ | 7,819 |  | Cash flow valuation |  | Constant prepayment rate |  | 4.43%-12.17%
|  |  |  |  |  |  | Discount rate |  | 10.00% - 12.00%
Derivative liability (S&P Embedded Options) |  | $ | (746) |  | Option pricing model |  | Implied option volatility |  | 35.32% -38.69%
|  |  |  |  |  |  | Counterparty credit risk (based on 5-year CDS spread) |  | 79.96%-89.03
Collateral dependant impaired loans |  | $ | 25,252 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 30.20%-42.40%
Puerto Rico Electric Power Authority line of credit, net |  | $ | 186,675 |  | Cash flow valuation |  | Discount rate |  | 7.25%
Other non-collateral dependant impaired loans |  | $ | 15,190 |  | Cash flow valuation |  | Discount rate |  | 4.25%-16.95%
Foreclosed real estate |  | $ | 56,777 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 30.20%-42.20%
Other repossessed assets |  | $ | 4,408 |  | Fair value of property or collateral |  | Appraised value less disposition costs |  | 30.20%-42.20%
Fair Value By Balance Sheet Grouping [Text Block] | The estimated fair value and carrying value of the Company’s financial instruments at March 31, 2016 and December 31, 2015 is as follows:
| March 31, |  | December 31,
| 2016 |  | 2015
| Fair |  | Carrying |  | Fair |  | Carrying
| Value |  | Value |  | Value |  | Value
| (In thousands)
Level 1 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 677,849 |  | $ | 677,849 |  | $ | 536,710 |  | $ | 536,710
Restricted cash |  | 3,349 |  | $ | 3,349 |  | $ | 3,349 |  | $ | 3,349
Level 2 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Trading securities |  | 314 |  | $ | 314 |  | $ | 288 |  | $ | 288
Investment securities available-for-sale |  | 669,285 |  | $ | 669,285 |  | $ | 974,609 |  | $ | 974,609
Investment securities held-to-maturity |  | 641,346 |  | $ | 637,036 |  | $ | 614,679 |  | $ | 620,189
Federal Home Loan Bank (FHLB) stock |  | 20,761 |  | $ | 20,761 |  | $ | 20,783 |  | $ | 20,783
Other investments |  | 3 |  | $ | 3 |  | $ | 3 |  | $ | 3
Derivative assets |  | 1,890 |  | $ | 1,890 |  | $ | 1,855 |  | $ | 1,855
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  | 6,220 |  | $ | 6,220 |  | $ | 6,162 |  | $ | 6,162
Level 3 |  |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Total loans (including loans held-for-sale) |  | 4,088,158 |  |  | 4,360,129 |  |  | 4,101,219 |  |  | 4,434,213
Derivative assets |  | 772 |  |  | 772 |  |  | 1,170 |  |  | 1,170
FDIC indemnification asset |  | 10,897 |  |  | 20,923 |  |  | 17,786 |  |  | 22,599
Accrued interest receivable |  | 18,392 |  |  | 18,392 |  |  | 20,637 |  |  | 20,637
Servicing assets |  | 7,819 |  |  | 7,819 |  |  | 7,455 |  |  | 7,455
Accounts receivable and other assets |  | 44,781 |  |  | 44,781 |  |  | 42,786 |  |  | 42,786
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits |  | 4,772,507 |  |  | 4,778,947 |  |  | 4,705,878 |  |  | 4,715,764
Securities sold under agreements to repurchase |  | 645,098 |  |  | 636,172 |  |  | 955,859 |  |  | 934,691
Advances from FHLB |  | 334,782 |  |  | 331,980 |  |  | 335,812 |  |  | 332,476
Other borrowings |  | 2,661 |  |  | 1,756 |  |  | 2,593 |  |  | 1,734
Subordinated capital notes |  | 97,330 |  |  | 102,808 |  |  | 94,940 |  |  | 102,633
Accrued expenses and other liabilities |  | 92,761 |  |  | 92,761 |  |  | 92,935 |  |  | 92,935
Derivative liabilities embedded in deposits |  | 746 |  |  | 746 |  |  | 1,095 |  |  | 1,095

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a,b,bb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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