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Investments Securities (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015 were as follows:

	March 31, 2016
				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	$	431,411		$	13,445		$	-		$	444,856		2.63%
GNMA certificates		79,477			3,220			-			82,697		3.15%
CMOs issued by US government-sponsored agencies		128,957			353			728			128,583		1.86%
Total mortgage-backed securities		639,845			17,018			728			656,136		2.54%
Investment securities
Obligations of US government-sponsored agencies		4,785			51			-			4,837		1.36%
Obligations of Puerto Rico government and public instrumentalities		6,720			-			873			5,847		5.55%
Other debt securities		2,323			142			-			2,465		2.99%
Total investment securities		13,828			193			873			13,149		3.67%
Total securities available for sale	$	653,673		$	17,211		$	1,601		$	669,285		2.56%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	612,012			4,402			81			616,333		2.23%
Investment securities
US Treasury securities		25,024			-			11			25,013		0.49%
Total securities held to maturity		637,036			4,402			92			641,346		2.17%
Total	$	1,290,709		$	21,613		$	1,693		$	1,310,631		2.37%

	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 public instrumentalities		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%

The amortized cost and fair value of the Company’s investment securities at March 31, 2016, by contractual maturity, are shown in the next table.

	March 31, 2016
	Available-for-sale						Held-to-maturity
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
	(In thousands)						(In thousands)
Mortgage-backed securities
Due from 5 to 10 years
FNMA and FHLMC certificates	$	13,936		$	14,250		$	-		$	-
Total due from 5 to 10 years		13,936			14,250			-			-
Due after 10 years
FNMA and FHLMC certificates		417,475			430,606			612,012			616,333
GNMA certificates		79,477			82,697			-			-
CMOs issued by US government-sponsored agencies		128,957			128,583			-			-
Total due after 10 years		625,909			641,886			612,012			616,333
Total mortgage-backed securities		639,845			656,136			612,012			616,333
Investment securities
Due from 1 to 5 years
US Treasury securities		-			-			25,024			25,013
Obligations of Puerto Rico government and public instrumentalities		6,720			5,847			-			-
Total due from 1 to 5 years		6,720			5,847			25,024			25,013
Due from 5 to 10 years
Obligations of US government and sponsored agencies		4,785			4,837			-			-
Other debt securities		2,323			2,465			-			-
Total due from 5 to 10 years		7,108			7,302			-			-
Total investment securities		13,828			13,149			25,024			25,013
Total securities available-for-sale and held-to-maturity	$	653,673		$	669,285		$	637,036		$	641,346

Realized Gain Loss On Investments Table Text Block

	Quarter Ended March 31, 2016
				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	$	288,194		$	272,081		$	16,113		$	-
Investment securities
Obligations of Puerto Rico government and public instrumentalities		6,978			11,095			-			4,117
Total	$	295,172		$	283,176		$	16,113		$	4,117

	Quarter Ended March 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		$	37,735		$	2,572		$	-
GNMA certificates		26,768			26,768			-			-
Total	$	67,075		$	64,503		$	2,572		$	-

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

	March 31, 2016
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	83,400		$	728		$	82,672
Obligations of Puerto Rico government and public instrumentalities		6,720			873			5,847
		90,120			1,601			88,519
Securities held to maturity
FNMA and FHLMC certificates		30,309		$	46		$	30,263
	$	120,429		$	1,647		$	118,782
	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities held-to-maturity
FNMA and FHLMC certificates		58,589			35			58,554
US Treausury Securities		25,024			11			25,013
	$	83,613		$	46		$	83,567
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	83,400		$	728		$	82,672
Obligations of Puerto Rico government and public instrumentalities		6,720			873			5,847
		90,120			1,601			88,519
Securities held-to-maturity
FNMA and FHLMC certificates		88,898			81			88,817
US Treasury Securities		25,024			11			25,013
	$	204,042		$	1,693		$	202,349

	December 31, 2015
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico Government and public instrumentalities	$	17,801		$	4,070		$	13,731
CMOs issued by US government-sponsored agencies		103,340			2,410			100,930
	$	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 public instrumentalities		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

Other Than Temporary Impairment Credit Losses Recognized In Earnings

		Quarter Ended March 31,
		2016			2015
Balance at beginning of period		$	1,490		$	-
Reductions for securities sold during the period (realized)			(1,490)			-
Balance at end of period		$	-		$	-

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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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+ 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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