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Investments Securities (Tables)

12 Months Ended

Dec. 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 December 31, 2016 and 2015 were as follows:

	December 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	$	422,168		$	6,354		$	3,036		$	425,486		2.59%
GNMA certificates		163,614			2,241			620			165,235		2.95%
CMOs issued by US government-sponsored agencies		103,990			64			2,223			101,831		1.88%
Total mortgage-backed securities		689,772			8,659			5,879			692,552		2.57%
Investment securities
US Treasury securities		49,672			-			618			49,054		1.73%
Obligations of US government-sponsored agencies		3,903			-			19			3,884		1.38%
Obligations of Puerto Rico government and public instrumentalities		4,680			-			607			4,073		5.55%
Other debt securities		1,840			81			-			1,921		3.00%
Total investment securities		60,095			81			1,244			58,932		2.04%
Total securities available for sale	$	749,867		$	8,740		$	7,123		$	751,484		2.53%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	599,884		$	145		$	7,266		$	592,763		2.15%
Total	$	1,349,751		$	8,885		$	14,389		$	1,344,247		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 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%

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

	December 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 1 to 5 years
FNMA and FHLMC certificates	$	10,157		$	10,237		$	-		$	-
Total due from 1 to 5 years		10,157		$	10,237			-			-
Due after 5 to 10 years
CMOs issued by US Government-sponsored agencies	$	8,637		$	8,420		$	-		$	-
FNMA and FHLMC certificates		25,407			25,740			-			-
Total due after 5 to 10 years		34,044			34,160			-			-
Due after 10 years
FNMA and FHLMC certificates	$	386,604		$	389,509		$	599,884		$	592,763
GNMA certificates		163,614			165,235			-			-
CMOs issued by US Government-sponsored agencies		95,353			93,411			-			-
Total due after 10 years		645,571			648,155			599,884			592,763
Total mortgage-backed securities		689,772			692,552			599,884			592,763
Investment securities
Due less than one year
US Treasury securities	$	500		$	500		$	-		$	-
Total due in less than one year		500			500			-			-
Due from 1 to 5 years
US Treasury securities	$	34,464		$	34,122		$	-		$	-
Obligations of Puerto Rico government and public instrumentalities		4,680			4,073			-			-
Total due from 1 to 5 years		39,144			38,195			-			-
Due from 5 to 10 years
US Treasury securities	$	14,708		$	14,432		$	-		$	-
Obligations of US Government and sponsored agencies		3,903			3,884			-			-
Other debt securities		1,840			1,921			-			-
Total due after 10 years		20,451			20,237			-			-
Total investment securities		60,095			58,932			-			-
Total securities available-for-sale	$	749,867		$	751,484		$	599,884		$	592,763

Realized Gain Loss On Investments Table Text Block

	Year Ended December 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	$	293,505		$	277,181		$	16,324		$	-
Investment securities
Obligations of PR government and public instrumentalities		6,978			11,095			-			4,117
Total	$	300,483		$	288,276		$	16,324		$	4,117

	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 mortgage-backed securities	$	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		$	-

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, 2016
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	33,883		$	793		$	33,090
Obligations of Puerto Rico government and public instrumentalities		4,680			607			4,073
	$	38,563		$	1,400		$	37,163
	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	67,777		$	1,430		$	66,347
FNMA and FHLMC certificates		184,782			3,036			181,746
Obligations of US government and sponsored agencies		3,903			19			3,884
GNMA certificates		29,445			620			28,825
US Treausury Securities		49,172			618			48,554
Securities held-to-maturity
FNMA and FHLMC Certificates		525,258			7,266			517,992
	$	860,337		$	12,989		$	847,348
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US Government-sponsored agencies	$	101,660		$	2,223		$	99,437
FNMA and FHLMC certificates		184,782			3,036			181,746
Obligations of Puerto Rico Government and political subdivisions		4,680			607			4,073
Obligations of US government and sponsored agencies		3,903			19			3,884
GNMA certificates		29,445			620			28,825
US Treausury Securities		49,172			618			48,554
		373,642			7,123			366,519
Securities held-to-maturity
FNMA and FHLMC certificates		525,258			7,266			517,992
	$	898,900		$	14,389		$	884,511

	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
	$	180,338		$	1,869		$	178,469
Securities held to maturity
FNMA and FHLMC certificates		468,487			5,865			462,622
US Treausury Securities		25,032			71			24,961
	$	493,519		$	5,936		$	487,583
	$	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 available-for-sale
FNMA and FHLMC certificates		468,487			5,865			462,622
US Treasury Securities		25,032			71			24,961
	$	493,519		$	5,936		$	487,583
	$	794,998		$	14,285		$	780,713

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 years ended December 31, 2016, 2015 and 2014 on available-for-sale securities

		Year Ended December 31,
		2016			2015			2014
Balance at beginning of year		$	1,490		$	-		$	-
Reductions for securities sold during the period (realized)			(1,490)			-			-
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)
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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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