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Investments Securities (Tables) | 3 Months Ended
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Mar. 31, 2017
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, 2017 and December 31, 2016 were as follows:
| March 31, 2017
|  |  | 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 | $ | 452,484 |  | $ | 6,703 |  | $ | 2,165 |  | $ | 457,022 |  | 2.62%
GNMA certificates |  | 186,514 |  |  | 2,110 |  |  | 727 |  |  | 187,897 |  | 2.96%
CMOs issued by US government-sponsored agencies |  | 98,023 |  |  | 73 |  |  | 1,610 |  |  | 96,486 |  | 1.89%
Total mortgage-backed securities |  | 737,021 |  |  | 8,886 |  |  | 4,502 |  |  | 741,405 |  | 2.61%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | 49,530 |  |  | - |  |  | 526 |  |  | 49,004 |  | 1.73%
Obligations of US government-sponsored agencies |  | 3,604 |  |  | - |  |  | 19 |  |  | 3,585 |  | 1.38%
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | - |  |  | 433 |  |  | 4,247 |  | 5.55%
Other debt securities |  | 1,723 |  |  | 78 |  |  | - |  |  | 1,801 |  | 2.97%
Total investment securities |  | 59,537 |  |  | 78 |  |  | 978 |  |  | 58,637 |  | 2.05%
Total securities available for sale | $ | 796,558 |  | $ | 8,964 |  | $ | 5,480 |  | $ | 800,042 |  | 2.57%
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 577,997 |  | $ | 118 |  | $ | 7,152 |  | $ | 570,963 |  | 2.13%
Total | $ | 1,374,555 |  | $ | 9,082 |  | $ | 12,632 |  | $ | 1,371,005 |  | 2.38%
| 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%
The amortized cost and fair value of the Company’s investment securities at March 31, 2017, by contractual maturity, are shown in the next table.
| March 31, 2017
| 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 | $ | 9,137 |  | $ | 9,212 |  | $ | - |  | $ | -
Total due from 1 to 5 years |  | 9,137 |  | $ | 9,212 |  |  | - |  |  | -
Due after 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 7,511 |  | $ | 7,296 |  | $ | - |  | $ | -
FNMA and FHLMC certificates |  | 33,357 |  |  | 33,648 |  |  | - |  |  | -
Total due after 5 to 10 years |  | 40,868 |  |  | 40,944 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 409,990 |  | $ | 414,162 |  | $ | 577,997 |  | $ | 570,963
GNMA certificates |  | 186,514 |  |  | 187,897 |  |  | - |  |  | -
CMOs issued by US Government-sponsored agencies |  | 90,512 |  |  | 89,190 |  |  | - |  |  | -
Total due after 10 years |  | 687,016 |  |  | 691,249 |  |  | 577,997 |  |  | 570,963
Total mortgage-backed securities |  | 737,021 |  |  | 741,405 |  |  | 577,997 |  |  | 570,963
Investment securities |  |  |  |  |  |  |  |  |  |  |
Due less than one year |  |  |  |  |  |  |  |  |  |  |
US Treasury securities | $ | 324 |  | $ | 324 |  | $ | - |  | $ | -
Total due in less than one year |  | 324 |  |  | 324 |  |  | - |  |  | -
Due from 1 to 5 years |  |  |  |  |  |  |  |  |  |  |
US Treasury securities | $ | 34,493 |  | $ | 34,190 |  | $ | - |  | $ | -
Obligations of US Government and sponsored agencies |  | 3,604 |  |  | 3,585 |  |  | - |  |  | -
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | 4,247 |  |  | - |  |  | -
Total due from 1 to 5 years |  | 42,777 |  |  | 42,022 |  |  | - |  |  | -
Due from 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
US Treasury securities | $ | 14,713 |  | $ | 14,490 |  | $ | - |  | $ | -
Other debt securities |  | 1,723 |  |  | 1,801 |  |  | - |  |  | -
Total due after 5 to 10 years |  | 16,436 |  |  | 16,291 |  |  | - |  |  | -
Total investment securities |  | 59,537 |  |  | 58,637 |  |  | - |  |  | -
Total securities available-for-sale | $ | 796,558 |  | $ | 800,042 |  | $ | 577,997 |  | $ | 570,963
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 PR government and public instrumentalities |  | 6,978 |  |  | 11,095 |  |  | - |  |  | 4,117
Total mortgage-backed securities | $ | 295,172 |  | $ | 283,176 |  | $ | 16,113 |  | $ | 4,117
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 continuo us unrealized loss position at
| March 31, 2017
| 12 months or more
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 31,942 |  | $ | 564 |  | $ | 31,378
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | 433 |  |  | 4,247
| $ | 36,622 |  | $ | 997 |  | $ | 35,625
| Less than 12 months
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 55,117 |  | $ | 1,046 |  | $ | 54,071
FNMA and FHLMC certificates |  | 177,258 |  |  | 2,165 |  |  | 175,093
Obligations of US government and sponsored agencies |  | 3,604 |  |  | 19 |  |  | 3,585
GNMA certificates |  | 30,727 |  |  | 727 |  |  | 30,000
US Treausury Securities |  | 49,206 |  |  | 526 |  |  | 48,680
| $ | 315,912 |  | $ | 4,483 |  | $ | 311,429
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC Certificates |  | 501,949 |  |  | 7,152 |  |  | 494,797
| $ | 501,949 |  |  | 7,152 |  |  | 494,797
| $ | 1,133,773 |  | $ | 16,118 |  | $ | 1,117,655
| Total
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US Government-sponsored agencies | $ | 87,059 |  | $ | 1,610 |  | $ | 85,449
FNMA and FHLMC certificates |  | 177,258 |  |  | 2,165 |  |  | 175,093
Obligations of Puerto Rico government and political subdivisions |  | 4,680 |  |  | 433 |  |  | 4,247
Obligations of US government and sponsored agencies |  | 3,604 |  |  | 19 |  |  | 3,585
GNMA certificates |  | 30,727 |  |  | 727 |  |  | 30,000
US Treausury Securities |  | 49,206 |  |  | 526 |  |  | 48,680
|  | 352,534 |  |  | 5,480 |  |  | 347,054
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 501,949 |  |  | 7,152 |  |  | 494,797
| $ | 854,483 |  | $ | 12,632 |  | $ | 841,851
| December 31, 2016
| 12 months or more
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
Obligations of Puerto Rico government and public instrumentalities | $ | 4,680 |  | $ | 607 |  | $ | 4,073
CMOs issued by US government-sponsored agencies |  | 33,883 |  |  | 793 |  |  | 33,090
| $ | 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
| $ | 335,079 |  | $ | 5,723 |  | $ | 329,356
Securities held to maturity |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 525,258 |  |  | 7,266 |  |  | 517,992
| $ | 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 public instrumentalities |  | 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 available-for-sale |  |  |  |  |  |  |  |
FNMA and FHLMC certificates |  | 525,258 |  |  | 7,266 |  |  | 517,992
| $ | 525,258 |  | $ | 7,266 |  | $ | 517,992
| $ | 898,900 |  | $ | 14,389 |  | $ | 884,511
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 quarters ended March 31, 2017 and 2016 on available-for-sale securities
|  | Quarter Ended March 31,
|  | 2017 |  | 2016
| (In thousands)
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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