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Borrowings | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Borrowings | NOTE 13 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At December 31, 2016, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to the Company the same or similar securities at the maturity of these agreements. At December 31, 2016 and 2015, securities sold under agreements to repurchase (classified by counterpar ty), excluding accrued interest in the amount of $1.5 million and $2.2 million, respectively, were as follows:
| December 31,
| 2016 |  | 2015
|  |  |  | Fair Value of |  |  |  |  | Fair Value of
| Borrowing |  | Underlying |  | Borrowing |  | Underlying
| Balance |  | Collateral |  | Balance |  | Collateral
| (In thousands)
PR Cash and Money Market Fund | $ | 70,010 |  | $ | 74,538 |  | $ | - |  | $ | -
JP Morgan Chase Bank NA |  | 350,219 |  |  | 376,674 |  |  | 262,500 |  |  | 283,483
Credit Suisse Securities (USA) LLC |  | 232,000 |  |  | 249,286 |  |  | 670,000 |  |  | 737,887
Total | $ | 652,229 |  | $ | 700,498 |  | $ | 932,500 |  | $ | 1,021,370
The following table shows a summary of the Company’s repurchase agreements and their terms, excluding accrued interest in the amount of $1.5 million, at December 31, 2016:
|  |  |  |  | Weighted- |  |  |  |
|  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  | (In thousands) |  |  |  |  |  |
2017 |  | $ | 70,010 |  | 0.77% |  | 12/27/2016 |  | 1/3/2017
|  |  | 47,719 |  | 0.20% |  | 12/7/2016 |  | 1/5/2017
|  |  | 232,000 |  | 4.78% |  | 3/2/2007 |  | 3/2/2017
2018 |  |  | 202,500 |  | 1.42% |  | 12/10/2012 |  | 4/29/2018
2019 |  |  | 25,000 |  | 1.52% |  | 12/9/2016 |  | 6/9/2019
|  |  | 75,000 |  | 1.46% |  | 12/9/2016 |  | 12/9/2019
|  | $ | 652,229 |  | 2.47% |  |  |  |
A l l the repurchase agreements referred above with maturity up to the date of this report were renewed by the Company. A repurchase agreement in the original amount of $500 million with an original term of ten years, maturing on March 2, 2017, was modified in February 2016 to terminate, before maturity, $268.0 million of this repurchase agreement at a cost of $12.0 million, included as a loss on early extinguishment of debt in the consolidated statements of operations. The remaining balance of this repurchase agreement was $232.0 million at December 31, 2016. The following table presents the repurchase liability associated with the repurchase agreement transactions (excluding accrued interest) by maturity. Also, it includes the carrying value and approximate market value of collateral (excluding accrued interest) at December 31, 2016 and 2015. There was no cash collateral at December 31, 2016 and 2015.
| December 31, 2016
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |  |  |  | US Treasury |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  |  | Treasury |
| Liability |  | Rate |  | Certificates |  | Certificates |  |  | Notes | Total
| (Dollars in thousands)
Less than 90 days | $ | 349,729 |  |  | 3.35% |  | $ | 248,288 |  | $ | 75,536 |  | $ | 48,954 |  | $ | 372,778
Over 90 days |  | 302,500 |  |  | 1.44% |  |  | 327,627 |  |  | 93 |  |  | - |  |  | 327,720
Total | $ | 652,229 |  |  | 2.47% |  | $ | 575,915 |  | $ | 75,629 |  | $ | 48,954 |  | $ | 700,498
| December 31, 2015
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |  |  |  | US Treasury |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  |  | Treasury |  |
| Liability |  | Rate |  | Certificates |  | Certificates |  |  | Notes | Total
| (Dollars in thousands)
Less than 90 days | $ | 30,000 |  | $ | 0.70% |  |  | 31,961 |  | $ | - |  | $ | - |  | $ | 31,961
Over 90 days |  | 902,500 |  |  | 3.18% |  |  | 974,698 |  |  | 2,131 |  |  | 12,580 |  |  | 989,409
Total | $ | 932,500 |  |  | 3.10% |  | $ | 1,006,659 |  | $ | 2,131 |  |  | 12,580 |  |  | 1,021,370
The following summarizes significant data on securities sold under agreements to re purchase as of December 31, 2016 and 201 5, excluding accrued interest:
| December 31,
| 2016 |  | 2015
| (In thousands)
Average daily aggregate balance outstanding | $ | 663,845 |  | $ | 1,012,756
Maximum outstanding balance at any month-end | $ | 902,500 |  | $ | 1,158,945
Weighted average interest rate during the year |  | 2.83% |  |  | 2.92%
Weighted average interest rate at year end |  | 2.47% |  |  | 3.10%
Advances from the Federal Home Loan Bank of New York Advances are received from the Federal Home Loan Bank of New York (the “FHLB-NY”) under an agreement whereby the Company is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At December 31, 2016 and 2015, these advances were secured by mortgage and commercial loans amounting to $1.4 billion and $1.3 billion, respectively. Also, at December 31, 2016 and 2015, the Company had an additional borrowing capacity with the FHLB-NY of $1.2 billion and $770.6 million, respectively. At December 31, 2016 and 2015, the weighted average remaining maturity of FHLB’s advances was 10.6 months and 6.3 months, respectively. The original terms of these advances range between one month and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of December 31, 20 16. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $3 00 thousand, at December 31, 2016:
|  |  |  |  | Weighted- |  |  |  |
|  |  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  |  | (In thousands) |  |  |  |  |  |
2017 |  | $ | 36,582 |  | 0.69% |  | 12/1/2016 |  | 1/3/2017
|  |  | 4,031 |  | 1.24% |  | 4/3/2012 |  | 4/3/2017
|  |  | 40,613 |  |  |  |  |  |
2018 |  |  | 30,000 |  | 2.19% |  | 1/16/2013 |  | 1/16/2018
|  |  | 25,000 |  | 2.18% |  | 1/16/2013 |  | 1/16/2018
|  |  | 55,000 |  |  |  |  |  |
2020 |  |  | 9,541 |  | 2.59% |  | 7/19/2013 |  | 7/20/2020
|  | $ | 105,154 |  | 1.66% |  |  |  |
All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. Subordinated Capital Notes Subordinated capital notes amounted to $36.1 million and $102.6 million at December 31, 2016 and 2015, respectively. On September 29, 2016, the Company repaid $67.0 million of subordinated capital notes at maturity. In August 2003, the Statutory Trust II, a special purpose entity of the Company, was formed for the purpose of issuing trust r edeemable preferred securities. In September 2003, $35.0 million of trust redeemable preferred securities were issued by the Statutory Trust II as part of a pooled underwriting transaction. The proceeds from this issuance were used by the Statutory Trust II to purchase a like amount of a floating rate junior subordinated deferrable interest debenture issued by the Company. The subordinated deferrable interest debenture has a par value of $36.1 million, bears interest based on 3-month LIBOR plus 295 basis points (3.94% at December, 2016; 3.48.% at December 31, 2015), is payable quarterly, and matures on September 17, 2033. It may be called at par after five years and quarterly thereafter (next call date March 2017). The trust redeemable preferred securities have the same maturity and call provisions as the subordinated deferrable interest debenture. The subordinated deferrable interest debenture issued by the Company is accounted for as a liability denominated as a subordinated capital note on the consolidat ed statements of financial condition. The subordinated capital note is treated as Tier 1 capital for regulatory purposes. Under the Dodd-Frank Act and the new capital rules issued by the federal banking regulatory agencies in July 2013, bank holding companies are prohibited from including in their Tier 1 capital hybrid debt and equity securities, including trust preferred securities, issued on or after May 19, 2010. Any such instruments issued before May 19, 2010 by a bank holding company, such as the Company, with total consolidated assets of less than $15 billion as of December 31, 2009, may continue to be included as Tier 1 capital. Therefore, the Company is permitted to continue to include its existing trust pre Other borrowings As of December 31, 2015, the Company pr esented in the consolidated statements of financial condition other borrowings amounting to $1.7 million, which mainly consist ed of unsecured fixed-rate borrowings. On July 21, 2016, the $1.7 million outstanding as a fixed-rate borrowing was repaid, as requested by the Trustee o f the Certificate of the Fund.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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