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Investments Securities (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2017 and December 31, 2016 were as follows:
| June 30, 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 | $ | 346,388 |  | $ | 2,102 |  | $ | 1,797 |  | $ | 346,693 |  | 2.35%
GNMA certificates |  | 145,538 |  |  | 1,633 |  |  | 487 |  |  | 146,684 |  | 2.93%
CMOs issued by US government-sponsored agencies |  | 92,622 |  |  | 10 |  |  | 1,078 |  |  | 91,554 |  | 1.89%
Total mortgage-backed securities |  | 584,548 |  |  | 3,745 |  |  | 3,362 |  |  | 584,931 |  | 2.42%
Investment securities |  |  |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | 55,031 |  |  | 3 |  |  | 44 |  |  | 54,990 |  | 1.13%
Obligations of US government-sponsored agencies |  | 3,353 |  |  | - |  |  | 27 |  |  | 3,326 |  | 1.38%
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | - |  |  | 339 |  |  | 4,341 |  | 5.55%
Other debt securities |  | 1,668 |  |  | 71 |  |  | - |  |  | 1,739 |  | 3.00%
Total investment securities |  | 64,732 |  |  | 74 |  |  | 410 |  |  | 64,396 |  | 1.51%
Total securities available for sale | $ | 649,280 |  | $ | 3,819 |  | $ | 3,772 |  | $ | 649,327 |  | 2.33%
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 555,407 |  | $ | 212 |  | $ | 6,024 |  | $ | 549,595 |  | 2.11%
| 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%
The amortized cost and fair value of the Company’s investment securities at June 30, 2017, by contractual maturity, are shown in the next table.
| June 30, 2017
| Available-for-sale |  | Held-to-maturity
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In thousands)
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |  |
Due from 1 to 5 years |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 8,102 |  | $ | 8,185 |  | $ | - |  | $ | -
Total due from 1 to 5 years |  | 8,102 |  |  | 8,185 |  |  | - |  |  | -
Due after 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 70,850 |  | $ | 70,047 |  | $ | - |  | $ | -
FNMA and FHLMC certificates |  | 69,364 |  |  | 69,403 |  |  | - |  |  | -
Total due after 5 to 10 years |  | 140,214 |  |  | 139,450 |  |  | - |  |  | -
Due after 10 years |  |  |  |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 268,922 |  | $ | 269,105 |  | $ | 555,407 |  | $ | 549,595
GNMA certificates |  | 145,538 |  |  | 146,684 |  |  | - |  |  | -
CMOs issued by US government-sponsored agencies |  | 21,772 |  |  | 21,507 |  |  | - |  |  | -
Total due after 10 years |  | 436,232 |  |  | 437,296 |  |  | 555,407 |  |  | 549,595
Total mortgage-backed securities |  | 584,548 |  |  | 584,931 |  |  | 555,407 |  |  | 549,595
Investment securities |  |  |  |  |  |  |  |  |  |  |
Due less than one year |  |  |  |  |  |  |  |  |  |  |
US Treasury securities | $ | 45,092 |  | $ | 45,095 |  | $ | - |  | $ | -
Total due in less than one year |  | 45,092 |  |  | 45,095 |  |  | - |  |  | -
Due from 1 to 5 years |  |  |  |  |  |  |  |  |  |  |
US Treasury securities | $ | 9,939 |  | $ | 9,895 |  | $ | - |  | $ | -
Obligations of US government and sponsored agencies |  | 3,353 |  |  | 3,326 |  |  | - |  |  | -
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | 4,341 |  |  | - |  |  | -
Total due from 1 to 5 years |  | 17,972 |  |  | 17,562 |  |  | - |  |  | -
Due from 5 to 10 years |  |  |  |  |  |  |  |  |  |  |
Other debt securities |  | 1,668 |  |  | 1,739 |  |  | - |  |  | -
Total due after 5 to 10 years |  | 1,668 |  |  | 1,739 |  |  | - |  |  | -
Total investment securities |  | 64,732 |  |  | 64,396 |  |  | - |  |  | -
Total | $ | 649,280 |  | $ | 649,327 |  | $ | 555,407 |  | $ | 549,595
Realized Gain Loss On Investments Table Text Block |
| Six-Month Period Ended June 30, 2017
|  |  | 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 | $ | 107,510 |  | $ | 102,311 |  | $ | 5,199 |  | $ | -
GNMA certificates |  | 65,284 |  |  | 63,704 |  |  | 1,580 |  |  | -
Investment securities |  |  |  |  |  |  |  |  |  |  |
US Treasury securities |  | 39,409 |  |  | 39,297 |  |  | 112 |  |  | -
Total | $ | 212,203 |  | $ | 205,312 |  | $ | 6,891 |  | $ | -
| 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 PR government and public instrumentalities |  | 6,978 |  |  | 11,095 |  |  | - |  |  | 4,117
Total mortgage-backed securities | $ | 300,483 |  | $ | 288,276 |  | $ | 16,324 |  | $ | 4,117
Unrealized Gain Loss On Investments Table Text Block | The following tables sho w 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
| June 30, 2017
| 12 months or more
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 30,309 |  | $ | 342 |  | $ | 29,967
Obligations of US government and sponsored agencies |  | 3,353 |  |  | 27 |  |  | 3,326
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | 339 |  |  | 4,341
| $ | 38,342 |  | $ | 708 |  | $ | 37,634
Securities held to maturity |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 6,753 |  | $ | 164 |  | $ | 6,589
| Less than 12 months
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 61,115 |  | $ | 736 |  | $ | 60,379
FNMA and FHLMC certificates |  | 164,473 |  |  | 1,797 |  |  | 162,676
GNMA certificates |  | 30,437 |  |  | 487 |  |  | 29,950
US Treausury Securities |  | 10,263 |  |  | 44 |  |  | 10,219
| $ | 266,288 |  | $ | 3,064 |  | $ | 263,224
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC Certificates | $ | 471,100 |  | $ | 5,860 |  | $ | 465,240
| Total
| Amortized |  | Unrealized |  | Fair
| Cost |  | Loss |  | Value
| (In thousands)
Securities available-for-sale |  |  |  |  |  |  |  |
CMOs issued by US government-sponsored agencies | $ | 91,424 |  | $ | 1,078 |  | $ | 90,346
FNMA and FHLMC certificates |  | 164,473 |  |  | 1,797 |  |  | 162,676
Obligations of Puerto Rico government and public instrumentalities |  | 4,680 |  |  | 339 |  |  | 4,341
Obligations of US government and sponsored agencies |  | 3,353 |  |  | 27 |  |  | 3,326
GNMA certificates |  | 30,437 |  |  | 487 |  |  | 29,950
US Treausury Securities |  | 10,263 |  |  | 44 |  |  | 10,219
| $ | 304,630 |  | $ | 3,772 |  | $ | 300,858
Securities held-to-maturity |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 477,853 |  | $ | 6,024 |  | $ | 471,829
| 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
| 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 held to maturity |  |  |  |  |  |  |  |
FNMA and FHLMC certificates | $ | 525,258 |  | $ | 7,266 |  | $ | 517,992
Other Than Temporary Impairment Credit Losses Recognized In Earnings | The following table presents a rollfor ward of credit-related impairment losses recognized in earnings for the six-month period s ended June 30, 2017 and 2016 on available-for-sale securities
|  | Six-Month Period Ended June 30,
|  | 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 A table of investments, shown as a text block. + 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) -Subparagraph (1) + Details
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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=73527792&loc=d3e27340-111563 + Details
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