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Resticted Cash | 3 Months Ended
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Mar. 31, 2017
Restricted Cash And Investments Abstract |
Resticted Cash Disclosure | NOTE 2 – RESTRICTED CASH The following table includes the composition of the Company’s restricted cash:
| March 31, |  | December 31,
| 2017 |  | 2016
| (In thousands)
Cash pledged as collateral to other financial institutions to secure: |  |  |  |  |
Derivatives | $ | 1,980 |  | $ | 1,980
Obligations under agreement of loans sold with recourse |  | 1,050 |  |  | 1,050
| $ | 3,030 |  | $ | 3,030
At March 31, 2017 and December 31, 2016, the Bank’s international banking entities, Oriental International Bank Inc. (“OIB”) and Oriental Overseas, a division of the Bank, held an unencumbered certificate of deposit and other short-term highly liquid securities in the amount of $300 thousand as the legal reserve required for international banking entities in Puerto Rico law. At March 31, 2017 the Bank’s international banking entities, Oriental International Bank Inc. (“OIB”) and Oriental Overseas, a division of the Bank, held an unencumbered certificate of deposit and other short-term highly liquid securities in the amount of $300 thousand and $325 thousand, respectively, as the legal reserve required for international banking entities under Puer to Rico law. The certificate of deposit and other securities cannot be withdrawn or sold by OIB or Oriental Overseas without prior written approval of the OCFI. As part of its derivative activities, the Company has entered into collateral agreements with certain financial counterparties. At March 31, 2017 and December 31, 2016, the Company had delivered approximately $2.0 million, at both periods, of cash as collateral for such derivatives activities. As part of the BBVA Acquisition, the Company assu med a contract with FNMA which required collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At March 31, 2017 and December 31, 2016, the Company delivered as collateral cash amounting to approximately $1.1 million, at bot h periods. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances for the week that covered March 31, 2017 was $160.0 million (December 31, 2016 - $161.0 million). At March 31, 2017 and December 31, 2016, the Bank complied with the requirement. Cash and due from bank as well as other short-term, highly liquid securities are used to cover the required average reserve balances.

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