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Investments Securities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2016 and December 31, 2015 were as follows:
| June 30, 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 | $ | 402,557 |  | $ | 14,414 |  | $ | - |  | $ | 416,971 |  | 2.61%
GNMA certificates |  | 109,214 |  |  | 5,064 |  |  | - |  |  | 114,278 |  | 3.06%
CMOs issued by US government-sponsored agencies |  | 120,238 |  |  | 416 |  |  | 179 |  |  | 120,475 |  | 1.87%
Total mortgage-backed securities |  | 632,009 |  |  | 19,894 |  |  | 179 |  |  | 651,724 |  | 2.55%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of US government-sponsored agencies |  | 4,468 |  |  | 34 |  |  | - |  |  | 4,502 |  | 1.37%
Obligations of Puerto Rico government and public instrumentalities |  | 6,720 |  |  | - |  |  | 872 |  |  | 5,848 |  | 5.55%
Other debt securities |  | 2,101 |  |  | 127 |  |  | - |  |  | 2,228 |  | 2.94%
Total investment securities |  | 13,289 |  |  | 161 |  |  | 872 |  |  | 12,578 |  | 3.73%
Total securities available for sale | $ | 645,298 |  | $ | 20,055 |  | $ | 1,051 |  | $ | 664,302 |  | 2.57%
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 610,384 |  |  | 8,121 |  |  | - |  |  | 618,505 |  | 2.20%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | 25,015 |  |  | 10 |  |  | - |  |  | 25,025 |  | 0.49%
Total securities held to maturity |  | 635,399 |  |  | 8,131 |  |  | - |  |  | 643,530 |  | 2.13%
Total | $ | 1,280,697 |  | $ | 28,186 |  | $ | 1,051 |  | $ | 1,307,832 |  | 2.36%
| 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 June 30, 2016, by contractual maturity, are shown in the next table.
| June 30, 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 | $ | 12,650 |  | $ | 12,996 |  | $ | - |  | $ | -
Total due from 5 to 10 years |  | 12,650 |  |  | 12,996 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 389,907 |  |  | 403,975 |  |  | 610,384 |  |  | 618,505
GNMA certificates |  | 109,214 |  |  | 114,278 |  |  | - |  |  | -
CMOs issued by US government-sponsored agencies |  | 120,238 |  |  | 120,475 |  |  | - |  |  | -
Total due after 10 years |  | 619,359 |  |  | 638,728 |  |  | 610,384 |  |  | 618,505
Total mortgage-backed securities |  | 632,009 |  |  | 651,724 |  |  | 610,384 |  |  | 618,505
Investment securities |  |  |  |  |  |  |  |  |  |  |
Due from 1 to 5 years |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | - |  |  | - |  |  | 25,015 |  |  | 25,025
Obligations of Puerto Rico government and public instrumentalities |  | 6,720 |  |  | 5,848 |  |  | - |  |  | -
Total due from 1 to 5 years |  | 6,720 |  |  | 5,848 |  |  | 25,015 |  |  | 25,025
Due from 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
Obligations of US government and sponsored agencies |  | 4,468 |  |  | 4,502 |  |  | - |  |  | -
Other debt securities |  | 2,101 |  |  | 2,228 |  |  | - |  |  | -
Total due from 5 to 10 years |  | 6,569 |  |  | 6,730 |  |  | - |  |  | -
Total investment securities |  | 13,289 |  |  | 12,578 |  |  | 25,015 |  |  | 25,025
Total securities available-for-sale and held-to-maturity | $ | 645,298 |  | $ | 664,302 |  | $ | 635,399 |  | $ | 643,530
Realized Gain Loss On Investments Table Text Block |
| Six-Month Period Ended June 30, 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 | $ | 293,505 |  | $ | 277,181 |  | $ | 16,324 |  | $ | -
Investment securities |  |  |  |  |  |  |  |  |  |  |
Obligations of Puerto Rico government and public instrumentalities |  | 6,978 |  |  | 11,095 |  |  | - |  |  | 4,117
Total | $ | 300,483 |  | $ | 288,276 |  | $ | 16,324 |  | $ | 4,117
| Six-Month Period Ended June 30, 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 |  | $ | 2,571 |  | $ | -
GNMA certificates |  | 63,524 |  |  | 63,523 |  |  | 1 |  |  | -
Total | $ | 103,831 |  | $ | 101,258 |  | $ | 2,572 |  | $ | -
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
| June 30, 2016
| 12 months or more
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 54,449 |  | $ | 179 |  | $ | 54,270
Obligations of Puerto Rico government and public instrumentalities |  | 6,720 |  |  | 872 |  |  | 5,848
| $ | 61,169 |  | $ | 1,051 |  | $ | 60,118
| 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 |
|  | Six-Month Period Ended June 30,
|  | 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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- 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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