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Loans Receivable

6 Months Ended

Jun. 30, 2017

Loans Receivable [Abstract]

LOANS RECEIVABLE

NOTE 4 - LOANS

The Company’s loan portfolio is composed of two segments, loans initially accounted for under the amortized cost method (referred to as "originated and other" loans) and loans acquired (referred to as "acquired" loans). Acquired loans are further segregated between acquired BBVAPR loans and acquired Eurobank loans. Acquired Eurobank loans were purchased subject to loss-sharing agreements with the FDIC, which were terminated on February 6, 2017.

The composition of the Company’s loan portfolio at June 30, 2017 and December 31, 2016 was as follows:

	June 30,			December 31,
	2017			2016
	(In thousands)
Originated and other loans and leases held for investment:
Mortgage	$	699,290		$	721,494
Commercial		1,270,844			1,277,866
Consumer		314,267			290,515
Auto and leasing		807,204			756,395
		3,091,605			3,046,270
Allowance for loan and lease losses on originated and other loans and leases		(69,666)			(59,300)
		3,021,939			2,986,970
Deferred loan costs, net		6,574			5,766
Total originated and other loans loans held for investment, net		3,028,513			2,992,736
Acquired loans:
Acquired BBVAPR loans:
Accounted for under ASC 310-20 (Loans with revolving feature and/or
acquired at a premium)
Commercial		5,350			5,562
Consumer		30,233			32,862
Auto		33,661			53,026
		69,244			91,450
Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20		(3,348)			(4,300)
		65,896			87,150
Accounted for under ASC 310-30 (Loans acquired with deteriorated
credit quality, including those by analogy)
Mortgage		544,325			569,253
Commercial		266,002			292,564
Consumer		2,163			4,301
Auto		58,078			85,676
		870,568			951,794
Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30		(37,494)			(31,056)
		833,074			920,738
Total acquired BBVAPR loans, net		898,970			1,007,888
Acquired Eurobank loans:
Loans secured by 1-4 family residential properties		70,329			73,018
Commercial		66,894			81,460
Consumer		1,256			1,372
Total acquired Eurobank loans		138,479			155,850
Allowance for loan and lease losses on Eurobank loans		(21,787)			(21,281)
Total acquired Eurobank loans, net		116,692			134,569
Total acquired loans, net		1,015,662			1,142,457
Total held for investment, net		4,044,175			4,135,193
Mortgage loans held-for-sale		14,044			12,499
Other loans held for sale		33,647			-
Total loans, net	$	4,091,866		$	4,147,692

Originated and Other Loans and Leases Held for Investment

The Company’s originated and other loans held for investment are encompassed within four portfolio segments: mortgage, commercial, consumer, and auto and leasing.

The following tables present the aging of the recorded investment in gross originated and other loans held for investment at June 30, 2017 and December 31, 2016, by class of loans. Mortgage loans past due include delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option.

	June 30, 2017
																						Loans 90+
																						Days Past
													Current									Due and
	30-59 Days			60-89 Days			90+ Days			Total Past			in Non-			Current						Still
	Past Due			Past Due			Past Due			Due			Accrual			Accruing			Total Loans			Accruing
	(In thousands)
Mortgage
Traditional (by origination year):
Up to the year 2002	$	193		$	1,406		$	2,930		$	4,529		$	-		$	43,252		$	47,781		$	168
Years 2003 and 2004		333			3,162			6,319			9,814			299			76,028			86,141			-
Year 2005		106			2,247			3,500			5,853			284			39,796			45,933			-
Year 2006		262			1,641			5,882			7,785			185			56,871			64,841			-
Years 2007, 2008 and 2009		435			1,693			8,653			10,781			38			60,375			71,194			335
Years 2010, 2011, 2012, 2013		324			1,506			6,845			8,675			-			124,191			132,866			164
Years 2014, 2015, 2016 and 2017		-			184			1,380			1,564			-			115,824			117,388			-
		1,653			11,839			35,509			49,001			806			516,337			566,144			667
Non-traditional		-			161			4,303			4,464			-			16,011			20,475			-
Loss mitigation program		11,348			7,291			13,806			32,445			2,921			67,744			103,110			1,217
		13,001			19,291			53,618			85,910			3,727			600,092			689,729			1,884
Home equity secured personal loans		-			-			-			-			-			332			332			-
GNMA's buy-back option program		-			-			9,229			9,229			-			-			9,229			-
		13,001			19,291			62,847			95,139			3,727			600,424			699,290			1,884
Commercial
Commercial secured by real estate:
Corporate		-			-			-			-			-			226,979			226,979			-
Institutional		-			-			254			254			-			46,806			47,060			-
Middle market		-			-			3,601			3,601			634			224,571			228,806			-
Retail		1,350			1,242			8,301			10,893			4,496			230,863			246,252			-
Floor plan		-			-			-			-			-			2,916			2,916			-
Real estate		-			-			-			-			-			15,783			15,783			-
		1,350			1,242			12,156			14,748			5,130			747,918			767,796			-
Other commercial and industrial:
Corporate		-			-			-			-			-			161,839			161,839			-
Institutional		-			-			-			-			-			128,479			128,479			-
Middle market		881			-			-			881			1,227			84,158			86,266			-
Retail		327			848			1,300			2,475			695			85,673			88,843			-
Floor plan		-			-			53			53			-			37,568			37,621			-
		1,208			848			1,353			3,409			1,922			497,717			503,048			-
		2,558			2,090			13,509			18,157			7,052			1,245,635			1,270,844			-

	June 30, 2017
																						Loans 90+
																						Days Past
													Current									Due and
	30-59 Days			60-89 Days			90+ Days			Total Past			in Non-			Current						Still
	Past Due			Past Due			Past Due			Due			Accrual			Accruing			Total Loans			Accruing
	(In thousands)
Consumer
Credit cards	$	442		$	288		$	636		$	1,366		$	-		$	26,308		$	27,674		$	-
Overdrafts		29			13			20			62			-			167			229			-
Personal lines of credit		59			-			29			88			-			2,188			2,276			-
Personal loans		2,693			1,752			1,096			5,541			699			262,728			268,968			-
Cash collateral personal loans		216			3			-			219			-			14,901			15,120			-
		3,439			2,056			1,781			7,276			699			306,292			314,267			-
Auto and leasing		45,914			20,458			8,205			74,577			90			732,537			807,204			-
Total	$	64,912		$	43,895		$	86,342		$	195,149		$	11,568		$	2,884,888		$	3,091,605		$	1,884

	December 31, 2016
																						Loans 90+
																						Days Past
													Current									Due and
	30-59 Days			60-89 Days			90+ Days			Total Past			in Non-			Current						Still
	Past Due			Past Due			Past Due			Due			Accrual			Accruing			Total Loans			Accruing
	(In thousands)
Mortgage
Traditional (by origination year):
Up to the year 2002	$	196		$	2,176		$	3,371		$	5,743		$	-		$	44,542		$	50,285		$	158
Years 2003 and 2004		156			3,872			7,272			11,300			181			79,226			90,707			-
Year 2005		-			1,952			4,306			6,258			180			43,571			50,009			-
Year 2006		506			2,905			6,261			9,672			94			59,534			69,300			-
Years 2007, 2008 and 2009		409			1,439			11,732			13,580			111			63,038			76,729			398
Years 2010, 2011, 2012, 2013		349			1,772			10,417			12,538			126			127,196			139,860			583
Years 2014, 2015 and 2016		47			123			1,357			1,527			-			106,672			108,199			-
		1,663			14,239			44,716			60,618			692			523,779			585,089			1,139
Non-traditional		-			498			4,730			5,228			-			17,631			22,859			-
Loss mitigation program		8,911			7,205			16,541			32,657			3,599			67,272			103,528			1,724
		10,574			21,942			65,987			98,503			4,291			608,682			711,476			2,863
Home equity secured personal loans		-			-			-			-			-			337			337			-
GNMA's buy-back option program		-			-			9,681			9,681			-			-			9,681			-
		10,574			21,942			75,668			108,184			4,291			609,019			721,494			2,863
Commercial
Commercial secured by real estate:
Corporate		-			-			-			-			-			242,770			242,770			-
Institutional		-			-			254			254			-			26,546			26,800			-
Middle market		-			60			3,319			3,379			1,304			230,298			234,981			-
Retail		154			350			6,594			7,098			4,638			237,992			249,728			-
Floor plan		-			-			-			-			-			2,989			2,989			-
Real estate		-			-			-			-			-			16,395			16,395			-
		154			410			10,167			10,731			5,942			756,990			773,663			-
Other commercial and industrial:
Corporate		-			-			-			-			-			136,438			136,438			-
Institutional		-			-			-			-			-			180,285			180,285			-
Middle market		-			-			-			-			1,278			80,355			81,633			-
Retail		930			100			969			1,999			294			71,412			73,705			-
Floor plan		8			-			61			69			-			32,073			32,142			-
		938			100			1,030			2,068			1,572			500,563			504,203			-
		1,092			510			11,197			12,799			7,514			1,257,553			1,277,866			-

	December 31, 2016
																						Loans 90+
																						Days Past
													Current									Due and
	30-59 Days			60-89 Days			90+ Days			Total Past			in Non-			Current						Still
	Past Due			Past Due			Past Due			Due			Accrual			Accruing			Total Loans			Accruing
	(In thousands)
Consumer
Credit cards	$	527		$	283		$	525		$	1,335		$	-		$	25,023		$	26,358		$	-
Overdrafts		16			12			5			33			-			174			207			-
Personal lines of credit		41			4			32			77			-			2,327			2,404			-
Personal loans		2,474			1,489			1,081			5,044			259			240,969			246,272			-
Cash collateral personal loans		240			20			4			264			-			15,010			15,274			-
		3,298			1,808			1,647			6,753			259			283,503			290,515			-
Auto and leasing		42,714			19,014			8,173			69,901			181			686,313			756,395			-
Total	$	57,678		$	43,274		$	96,685		$	197,637		$	12,245		$	2,836,388		$	3,046,270		$	2,863

At June 30, 2017 and December 31, 2016, the Company had carrying balance of $132.2 million and $136.6 million, respectively, in originated and other loans held for investment granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities as part of the institutional commercial loan segment. All originated and other loans granted to the Puerto Rico government are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. On June 30, 2017, the Company was opportunistic and entered into an agreement to sell a performing originated municipal loan, which was due in July 2018, for $28.8 million. The sale reduced near-term risk associated with a likely refinancing. The loan was moved to other loans held-for-sale at June 30, 2017 with a balance of $33.7 million, and included a principal payment of $4.8 million received by the Company in July 1, 2017. The sale transaction settled in July 5, 2017. In addition, on July 1, 2017, the Company received $3.7 million principal payments from the remaining municipal loans.

Acquired Loans

Acquired loans were initially measured at fair value and subsequently accounted for under either ASC 310-30 or ASC 310-20 (Non-refundable fees and Other Costs). We have acquired loans in two acquisitions, BBVAPR and Eurobank.

Acquired BBVAPR Loans

Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium)

Credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium are accounted for under the guidance of ASC 310-20, which requires that any contractually required loan payment receivable in excess of the Company’s initial investment in the loans be accreted into interest income on a level-yield basis over the life of the loan. Loans accounted for under ASC 310-20 are placed on non-accrual status when past due in accordance with the Company’s non-accrual policy, and any accretion of discount or amortization of premium is discontinued. Acquired BBVAPR loans that were accounted for under the provisions of ASC 310-20 are removed from the acquired loan category at the end of the reporting period upon refinancing, renewal or normal re-underwriting.

The following tables present the aging of the recorded investment in gross acquired BBVAPR loans accounted for under ASC 310-20 as of June 30, 2017 and December 31, 2016, by class of loans:

	June 30, 2017
																						Loans 90+
																						Days Past
													Current									Due and
	30-59 Days			60-89 Days			90+ Days			Total Past			in Non-			Current						Still
	Past Due			Past Due			Past Due			Due			Accrual			Accruing			Total Loans			Accruing
	(In thousands)
Commercial
Commercial secured by real estate
Retail	$	28		$	-		$	98		$	126		$	-		$	-		$	126		$	-
Floor plan		-			-			959			959			-			1,148			2,107			-
		28			-			1,057			1,085			-			1,148			2,233			-
Other commercial and industrial
Retail		50			32			45			127			-			2,988			3,115			-
Floor plan		-			-			2			2			-			-			2			-
		50			32			47			129			-			2,988			3,117			-
		78			32			1,104			1,214			-			4,136			5,350			-
Consumer
Credit cards		676			203			489			1,368			-			26,206			27,574			-
Personal loans		133			10			47			190			-			2,469			2,659			-
		809			213			536			1,558			-			28,675			30,233			-
Auto		2,435			1,231			325			3,991			-			29,670			33,661			-
Total	$	3,322		$	1,476		$	1,965		$	6,763		$	-		$	62,481		$	69,244		$	-

	December 31, 2016
																						Loans 90+
																						Days Past
													Current									Due and
	30-59 Days			60-89 Days			90+ Days			Total Past			in Non-			Current						Still
	Past Due			Past Due			Past Due			Due			Accrual			Accruing			Total Loans			Accruing
	(In thousands)
Commercial
Commercial secured by real estate
Retail	$	33		$	-		$	110		$	143		$	-		$	-		$	143		$	-
Floor plan		-			-			219			219			929			1,242			2,390			-
		33			-			329			362			929			1,242			2,533			-
Other commercial and industrial
Retail		97			34			121			252			-			2,775			3,027			-
Floor plan		-			-			2			2			-			-			2			-
		97			34			123			254			-			2,775			3,029			-
		130			34			452			616			929			4,017			5,562			-
Consumer
Credit cards		736			369			708			1,813			-			28,280			30,093			-
Personal loans		48			14			120			182			-			2,587			2,769			-
		784			383			828			1,995			-			30,867			32,862			-
Auto		3,652			1,355			517			5,524			15			47,487			53,026			-
Total	$	4,566		$	1,772		$	1,797		$	8,135		$	944		$	82,371		$	91,450		$	-

Acquired BBVAPR Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy)

Acquired BBVAPR loans, except for credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium, are accounted for by the Company in accordance with ASC 310-30.

The carrying amount corresponding to acquired BBVAPR loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at June 30, 2017 and December 31, 2016 is as follows:

	June 30,			December 31,
		2017			2016
		(In thousands)
Contractual required payments receivable:	$	1,569,855		$	1,669,602
Less: Non-accretable discount		366,762			363,107
Cash expected to be collected		1,203,093			1,306,495
Less: Accretable yield		332,525			354,701
Carrying amount, gross		870,568			951,794
Less: allowance for loan and lease losses		37,494			31,056
Carrying amount, net	$	833,074		$	920,738

At June 30, 2017 and December 31, 2016, the Company had $66.6 million and $66.2 million, respectively, in loans granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities as part of its acquired BBVAPR loans accounted for under ASC 310-30. These loans are primarily secured municipal general obligations and a $10.6 million participation in a loan to the Puerto Rico Housing Finance Authority ("PRHFA") legally required to be repaid from abandoned or unclaimed funds at financial institutions that revert to the government under a Puerto Rico escheat law. Such loan defaulted on an annual principal payment in the third quarter of 2016. On July 1, 2017, the Company received $5.2 million principal payments from acquired BBVAPR loans to municipalities.

The following tables describe the accretable yield and non-accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the quarters and six-month periods ended June 30, 2017, and 2016

	Quarter Ended June 30, 2017
	Mortgage			Commercial			Auto			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	276,817		$	46,902		$	6,583		$	3,058		$	333,360
Accretion		(7,694)			(4,513)			(1,776)			(556)			(14,539)
Change in expected cash flows		1			15,993			98			50			16,142
Transfer (to) from non-accretable discount		1,024			(2,344)			(52)			(1,066)			(2,438)
Balance at end of period	$	270,148		$	56,038		$	4,853		$	1,486		$	332,525
Non-Accretable Discount Activity:
Balance at beginning of period	$	309,993		$	14,803		$	22,564		$	18,159		$	365,519
Change in actual and expected losses		(2,465)			(280)			1,344			206			(1,195)
Transfer from (to) accretable yield		(1,024)			2,344			52			1,066			2,438
Balance at end of period	$	306,504		$	16,867		$	23,960		$	19,431		$	366,762

	Six-Month Period Ended June 30, 2017
	Mortgage			Commercial			Auto			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	292,115		$	50,366		$	8,538		$	3,682		$	354,701
Accretion		(15,584)			(9,494)			(3,923)			(1,158)			(30,159)
Change in expected cash flows		2			16,191			150			86			16,429
Transfer (to) from non-accretable discount		(6,385)			(1,025)			88			(1,124)			(8,446)
Balance at end of period	$	270,148		$	56,038		$	4,853		$	1,486		$	332,525
Non-Accretable Discount Activity:
Balance at beginning of period	$	305,615		$	16,965		$	22,407		$	18,120		$	363,107
Change in actual and expected losses		(5,496)			(1,123)			1,641			187			(4,791)
Transfer from (to) accretable yield		6,385			1,025			(88)			1,124			8,446
Balance at end of period	$	306,504		$	16,867		$	23,960		$	19,431		$	366,762

	Quarter Ended June 30, 2016
	Mortgage			Commercial			Auto			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	260,557		$	57,258		$	17,587		$	5,261		$	340,663
Accretion		(8,294)			(6,579)			(3,616)			(870)			(19,359)
Change in actual and expected losses		-			2,654			630			(1)			3,283
Transfer from (to) non-accretable discount		31,560			(1,026)			(498)			495			30,531
Balance at end of period	$	283,823		$	52,307		$	14,103		$	4,885		$	355,118
Non-Accretable Discount Activity:
Balance at beginning of period	$	370,155		$	18,148		$	21,938		$	18,735		$	428,976
Change in actual and expected losses		(2,442)			(1,173)			(315)			(15)			(3,945)
Transfer (to) from accretable yield		(31,560)			1,026			498			(495)			(30,531)
Balance at end of period	$	336,153		$	18,001		$	22,121		$	18,225		$	394,500

	Six-Month Period Ended June 30, 2016
	Mortgage			Commercial			Auto			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	268,794		$	65,026		$	21,578		$	6,290		$	361,688
Accretion		(16,601)			(14,287)			(7,827)			(1,808)			(40,523)
Change in actual and expected losses		-			2,982			631			(1)			3,612
Transfer (to) from non-accretable discount		31,630			(1,414)			(279)			404			30,341
Balance at end of period	$	283,823		$	52,307		$	14,103		$	4,885		$	355,118
Non-Accretable Discount Activity:
Balance at beginning of period	$	374,772		$	18,545		$	22,039		$	18,834		$	434,190
Change in actual and expected losses		(6,989)			(1,958)			(197)			(205)			(9,349)
Transfer from (to) accretable yield		(31,630)			1,414			279			(404)			(30,341)
Balance at end of period	$	336,153		$	18,001		$	22,121		$	18,225		$	394,500

Acquired Eurobank Loans

The carrying amount of acquired Eurobank loans at June 30, 2017 and December 31, 2016 is as follows:

	June 30			December 31
	2017			2016
	(In thousands)
Contractual required payments receivable:	$	201,564		$	232,698
Less: Non-accretable discount		9,010			12,340
Cash expected to be collected		192,554			220,358
Less: Accretable yield		54,075			64,508
Carrying amount, gross		138,479			155,850
Less: Allowance for loan and lease losses		21,787			21,281
Carrying amount, net	$	116,692		$	134,569

The following tables describe the accretable yield and non-accretable discount activity of acquired Eurobank loans for the quarters and six-month periods ended June 30, 2017, and 2016:

	Quarter Ended June 30, 2017
	Loans Secured by 1-4 Family Residential Properties			Commercial			Construction & Development Secured by 1-4 Family Residential Properties			Leasing			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	44,697			12,743			1,871			-			-			59,311
Accretion		(1,923)			(4,061)			(5)			(11)			(37)			(6,037)
Change in expected cash flows		19			543			6			(22)			74			620
Transfer from (to) non-accretable discount		219			(68)			34			33			(37)			181
Balance at end of period	$	43,012		$	9,157		$	1,906		$	-		$	-		$	54,075
Non-Accretable Discount Activity:
Balance at beginning of period	$	7,426			2,471			333			-			6			10,236
Change in actual and expected losses		(520)			(529)			-			33			(29)			(1,045)
Transfer from (to) accretable yield		(219)			68			(34)			(33)			37			(181)
Balance at end of period	$	6,687		$	2,010		$	299		$	-		$	14		$	9,010

	Six-Month Period Ended June 30, 2017
	Loans Secured by 1-4 Family Residential Properties			Commercial			Construction & Development Secured by 1-4 Family Residential Properties			Leasing			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	45,839		$	16,475		$	2,194		$	-		$	-		$	64,508
Accretion		(3,827)			(8,571)			(43)			(11)			(195)			(12,647)
Change in expected cash flows		100			1,321			43			(165)			384			1,683
Transfer from (to) non-accretable discount		900			(68)			(288)			176			(189)			531
Balance at end of period	$	43,012		$	9,157		$	1,906		$	-		$	-		$	54,075
Non-Accretable Discount Activity:
Balance at beginning of period	$	8,441		$	3,880		$	11		$	-		$	8		$	12,340
Change in actual and expected losses		(854)			(1,938)			-			176			(183)			(2,799)
Transfer from (to) accretable yield		(900)			68			288			(176)			189			(531)
Balance at end of period	$	6,687		$	2,010		$	299		$	-		$	14		$	9,010

	Quarter Ended June 30, 2016
	Loans Secured by 1-4 Family Residential Properties			Commercial			Construction & Development Secured by 1-4 Family Residential Properties			Leasing			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	50,787		$	33,203		$	2,237			-		$	-		$	86,227
Accretion		(2,263)			(4,528)			(33)			2			(76)			(6,898)
Change in actual and expected losses		(198)			1,619			-			(77)			81			1,425
Transfer from (to) non-accretable discount		10			(1,152)			-			75			(5)			(1,072)
Balance at end of period	$	48,336		$	29,142		$	2,204		$	-		$	-		$	79,682
Non-Accretable Discount Activity:
Balance at beginning of period	$	12,703		$	-		$	-		$	-		$	-		$	12,703
Change in actual and expected losses		(1,138)			(1,152)			-			75			(5)			(2,220)
Transfer (to) from accretable yield		(10)			1,152			-			(75)			5			1,072
Balance at end of period	$	11,555		$	-		$	-		$	-		$	-		$	11,555

	Six-Month Period Ended June 30, 2016
	Loans Secured by 1-4 Family Residential Properties			Commercial			Construction & Development Secured by 1-4 Family Residential Properties			Leasing			Consumer			Total
	(In thousands)
Accretable Yield Activity:
Balance at beginning of period	$	51,954		$	26,970		$	2,255		$	-		$	3,213		$	84,392
Accretion		(4,529)			(8,623)			(47)			2			(1,261)			(14,458)
Change in expected cash flows		786			12,712			(23)			(77)			(1,947)			11,451
Transfer from (to) non-accretable discount		125			(1,917)			19			75			(5)			(1,703)
Balance at end of period	$	48,336		$	29,142		$	2,204		$	-		$	-		$	79,682
Non-Accretable Discount Activity:
Balance at beginning of period	$	12,869		$	-		$	-		$	-		$	8,287		$	21,156
Change in actual and expected cash flows		(1,189)			(1,917)			19			75			(8,292)			(11,304)
Transfer (to) from accretable yield		(125)			1,917			(19)			(75)			5			1,703
Balance at end of period	$	11,555		$	-		$	-		$	-		$	-		$	11,555

Non-accrual Loans

The following table presents the recorded investment in loans in non-accrual status by class of loans as of June 30, 2017 and December 31, 2016:

	June 30,			December 31,
	2017			2016
	(In thousands)
Originated and other loans and leases held for investment
Mortgage
Traditional (by origination year):
Up to the year 2002	$	2,824		$	3,336
Years 2003 and 2004		6,809			7,668
Year 2005		3,890			4,487
Year 2006		6,067			6,746
Years 2007, 2008 and 2009		8,633			11,526
Years 2010, 2011, 2012, 2013		6,680			10,089
Years 2014, 2015, 2016 and 2017		1,380			1,404
		36,283			45,256
Non-traditional		4,303			4,730
Loss mitigation program		18,082			20,744
		58,668			70,730
Commercial
Commercial secured by real estate
Institutional		254			-
Middle market		4,236			4,682
Retail		14,239			11,561
		18,729			16,243
Other commercial and industrial
Middle market		2,108			1,278
Retail		2,629			1,950
Floor plan		53			61
		4,790			3,289
		23,519			19,532
Consumer
Credit cards		636			525
Overdrafts		20			-
Personal lines of credit		29			32
Personal loans		1,999			1,420
Cash collateral personal loans		3			4
		2,687			1,981
Auto and leasing		8,295			9,052
Total non-accrual originated loans	$	93,169		$	101,295

	June 30,			December 31,
	2017			2016
	(In thousands)
Acquired BBVAPR loans accounted for under ASC 310-20
Commercial
Commercial secured by real estate
Retail	$	127		$	143
Floor plan		959			1,149
		1,086			1,292
Other commercial and industrial
Retail		45			121
Floor plan		2			2
		47			123
		1,133			1,415
Consumer
Credit cards		489			708
Personal loans		47			120
		536			828
Auto		325			552
Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20		1,994			2,795
Total non-accrual loans	$	95,163		$	104,090

Loans accounted for under ASC 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses or are accounted under the cost recovery method.

Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due, but are not placed in non-accrual status until they become 18 months or more past due, since they are insured loans. Therefore, these loans are included as non-performing loans but excluded from non-accrual loans. In addition, these loans are excluded from the impairment analysis.

At June 30, 2017 and December 31, 2016, loans whose terms have been extended and which are classified as troubled-debt restructurings that are not included in non-accrual loans amounted to $98.7 million and $98.1 million, respectively, as they are performing under their new terms.

Impaired Loans

The Company evaluates all loans, some individually and others as homogeneous groups, for purposes of determining impairment. The total investment in impaired commercial loans that were individually evaluated for impairment was $58.1 million and $54.3 million at June 30, 2017 and December 31, 2016, respectively. The impairments on these commercial loans were measured based on the fair value of collateral or the present value of cash flows, including those identified as troubled-debt restructurings. The allowance for loan and lease losses for these impaired commercial loans amounted to $1.9 million and $1.8 million at June 30, 2017 and December 31, 2016, respectively. The total investment in impaired mortgage loans that were individually evaluated for impairment was $87.0 million and $91.6 million at June 30, 2017 and December 31, 2016, respectively. Impairment on mortgage loans assessed as troubled-debt restructurings was measured using the present value of cash flows. The allowance for loan losses for these impaired mortgage loans amounted to $8.6 million and $7.8 million at June 30, 2017 and December 31, 2016, respectively.

Originated and Other Loans and Leases Held for Investment

The Company’s recorded investment in commercial and mortgage loans categorized as originated and other loans and leases held for investment that were individually evaluated for impairment and the related allowance for loan and lease losses at June 30, 2017 and December 31, 2016 are as follows:

	June 30, 2017
	Unpaid			Recorded			Related
	Principal			Investment			Allowance			Coverage
	(In thousands)
Impaired loans with specific allowance:
Commercial	$	21,475		$	19,486		$	1,940		10%
Residential impaired and troubled-debt restructuring		95,821			87,042			8,630		10%
Impaired loans with no specific allowance:
Commercial		44,367			37,842			N/A		0%
Total investment in impaired loans	$	161,663		$	144,370		$	10,570		7%

	December 31, 2016
	Unpaid			Recorded			Related
	Principal			Investment			Allowance			Coverage
	(In thousands)
Impaired loans with specific allowance:
Commercial	$	13,183		$	11,698		$	1,626		14%
Residential impaired and troubled-debt restructuring		100,101			91,650			7,761		8%
Impaired loans with no specific allowance
Commercial		49,038			41,441			N/A		0%
Total investment in impaired loans	$	162,322		$	144,789		$	9,387		6%

Acquired BBVAPR Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium)

The Company’s recorded investment in acquired BBVAPR commercial loans accounted for under ASC 310-20 that were individually evaluated for impairment and the related allowance for loan and lease losses at June 30, 2017 and December 31, 2016 are as follows:

	June 30, 2017
	Unpaid			Recorded			Related
	Principal			Investment			Allowance			Coverage
	(In thousands)
Impaired loans with specific allowance
Commercial	$	-		$	-		$	-		0%
Impaired loans with no specific allowance
Commercial	$	926		$	761			N/A		0%
Total investment in impaired loans	$	926		$	761		$	-		0%
	December 31, 2016
	Unpaid			Recorded			Specific
	Principal			Investment			Allowance			Coverage
	(In thousands)
Impaired loans with specific allowance
Commercial	$	944		$	929		$	141		15%
Impaired loans with no specific allowance
Commercial	$	240		$	221			N/A		0%
Total investment in impaired loans	$	1,184		$	1,150		$	141		12%

Acquired BBVAPR Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy)

The Company’s recorded investment in acquired BBVAPR loan pools accounted for under ASC 310-30 that have recorded impairments and their related allowance for loan and lease losses at June 30, 2017 and December 31, 2016 are as follows:

	June 30, 2017
										Coverage
	Unpaid			Recorded						to Recorded
	Principal			Investment			Allowance			Investment
	(In thousands)
Impaired loan pools with specific allowance:
Mortgage	$	567,845		$	544,326		$	4,141		1%
Commercial		224,838			217,495			25,614		12%
Auto		58,132			58,078			7,739		13%
Total investment in impaired loan pools	$	850,815		$	819,899		$	37,494		5%

	December 31 , 2016
										Coverage
	Unpaid			Recorded						to Recorded
	Principal			Investment			Allowance			Investment
	(In thousands)
Impaired loan pools with specific allowance:
Mortgage	$	595,757		$	569,250		$	2,682		0%
Commercial		199,092			195,528			23,452		12%
Auto		92,797			85,676			4,922		6%
Total investment in impaired loan pools	$	887,646		$	850,454		$	31,056		4%

The tables above only present information with respect to acquired BBVAPR loan pools accounted for under ASC 310-30 if there is a recorded impairment to such loan pools and a specific allowance for loan losses.

Acquired Eurobank Loans

The Company’s recorded investment in acquired Eurobank loan pools that have recorded impairments and their related allowance for loan and lease losses as of June 30, 2017 and December 31, 2016 are as follows:

	June 30, 2017
										Coverage
	Unpaid			Recorded						to Recorded
	Principal			Investment			Allowance			Investment
	(In thousands)
Impaired loan pools with specific allowance:
Loans secured by 1-4 family residential properties	$	83,293		$	70,329		$	13,651		19%
Commercial		56,193			53,389			8,131		15%
Consumer		14			1,256			5		0%
Total investment in impaired loan pools	$	139,500		$	124,974		$	21,787		17%

	December 31, 2016
										Coverage
	Unpaid			Recorded			Specific			to Recorded
	Principal			Investment			Allowance			Investment
	(In thousands)
Impaired loan pools with specific allowance
Loans secured by 1-4 family residential properties	$	88,017		$	73,018		$	11,947		16%
Commercial		81,992			72,140			9,328		13%
Consumer		29			1,372			6		0%
Total investment in impaired loan pools	$	170,038		$	146,530		$	21,281		15%

The tables above only present information with respect to acquired Eurobank loan pools accounted for under ASC 310-30 if there is a recorded impairment to such loan pools and a specific allowance for loan losses.

The following table presents the interest recognized in commercial and mortgage loans that were individually evaluated for impairment, which excludes loans accounted for under ASC 310-30, for the quarters and six-month periods ended June 30, 2017 and 2016:

	Quarter Ended June 30,
	2017						2016
	Interest Income Recognized			Average Recorded Investment			Interest Income Recognized			Average Recorded Investment
	(In thousands)
Originated and other loans held for investment:
Impaired loans with specific allowance
Commercial	$	193		$	14,908		$	75		$	194,759
Residential troubled-debt restructuring		723			87,615			791			91,007
Impaired loans with no specific allowance
Commercial		383			44,528			149			29,579
		1,299			147,051			1,015			315,345
Acquired loans accounted for under ASC 310-20:
Impaired loans with specific allowance
Commercial		-			-			-			-
Impaired loans with no specific allowance
Commercial		-			763			15			789
Total interest income from impaired loans	$	1,299		$	147,814		$	1,030		$	316,134

	Six-Month Period Ended June 30,
	2017							2016
	Interest Income Recognized			Average Recorded Investment				Interest Income Recognized			Average Recorded Investment
	(In thousands)
Originated and other loans held for investment:
Impaired loans with specific allowance
Commercial	$	385		$	13,859		$	150		$	195,777
Residential troubled-debt restructuring		1,427			88,579			1,591			90,650
Impaired loans with no specific allowance
Commercial		766			44,211			298			31,603
Total interest income from impaired loans	$	2,578		$	146,649		$	2,039		$	318,030
Acquired loans accounted for under ASC 310-20:
Impaired loans with specific allowance
Commercial	$	-		$	-		$	-		$	-
Impaired loans with no specific allowance
Commercial		-			840			30			628
Total interest income from impaired loans	$	2,578		$	147,489		$	2,069		$	318,658

Modifications

The following tables present the troubled-debt restructurings in all loan portfolios during the quarters and six-month periods ended June 30, 2017 and 2016.

	Quarter Ended June 30, 2017
	Number of contracts		Pre-Modification Outstanding Recorded Investment			Pre-Modification Weighted Average Rate		Pre-Modification Weighted Average Term (in Months)		Post-Modification Outstanding Recorded Investment			Post-Modification Weighted Average Rate		Post-Modification Weighted Average Term (in Months)
	(Dollars in thousands)
Mortgage	27		$	3,349		6.00%		382		$	3,313		4.21%		367
Commercial	9			2,155		5.96%		55			2,155		5.12%		68
Consumer	37			477		12.83%		65			477		10.87%		68
Auto	4			66		6.39%		61			66		12.91%		37
	Six-Month Period Ended June 30, 2017
	Number of contracts		Pre-Modification Outstanding Recorded Investment			Pre-Modification Weighted Average Rate		Pre-Modification Weighted Average Term (in Months)		Post-Modification Outstanding Recorded Investment			Post-Modification Weighted Average Rate		Post-Modification Weighted Average Term (in Months)
	(Dollars in thousands)
Mortgage	59		$	7,353		6.29%		387		$	7,328		4.26%		378
Commercial	18			3,373		6.44%		55			3,374		5.41%		67
Consumer	62			869		11.98%		65			907		10.62%		70
Auto	7			111		7.41%		67			113		12.48%		38

	Quarter Ended June 30, 2016
	Number of contracts		Pre-Modification Outstanding Recorded Investment			Pre-Modification Weighted Average Rate		Pre-Modification Weighted Average Term (in Months)		Post-Modification Outstanding Recorded Investment			Post-Modification Weighted Average Rate		Post-Modification Weighted Average Term (in Months)
	(Dollars in thousands)
Mortgage	19		$	2,670		5.69%		372		$	2,670		4.54%		494
Commercial	6			668		6.65%		65			668		5.91%		86
Consumer	26			364		12.73%		75			372		10.20%		70
	Six-Month Period Ended June 30, 2016
	Number of contracts		Pre-Modification Outstanding Recorded Investment			Pre-Modification Weighted Average Rate		Pre-Modification Weighted Average Term (in Months)		Post-Modification Outstanding Recorded Investment			Post-Modification Weighted Average Rate		Post-Modification Weighted Average Term (in Months)
	(Dollars in thousands)
Mortgage	52		$	6,628		5.90%		365		$	7,525		4.73%		493
Commercial	8			1,323		6.73%		53			1,324		6.31%		61
Consumer	47			556		13.27%		75			603		10.56%		71

The following table presents troubled-debt restructurings for which there was a payment default during the twelve month periods ended June 30, 2017 and 2016:

	Twelve Month Period Ended June 30,
	2017						2016
	Number of Contracts		Recorded Investment				Number of Contracts		Recorded Investment
	(Dollars in thousands)
Mortgage	22		$	2,293			84		$	9,869
Commercial	5		$	563			-		$	-
Consumer	17		$	156			7		$	134
Auto	-		$	-			1		$	17

Credit Quality Indicators

The Company categorizes originated and other loans and acquired loans accounted for under ASC 310-20 into risk categories based on relevant information about the ability of borrowers to service their debt, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans.

The Company uses the following definitions for risk ratings:

Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards.

Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date.

Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.

Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable.

Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans.

As of June 30, 2017 and December 31, 2016, and based on the most recent analysis performed, the risk category of gross originated and other loans and BBVAPR acquired loans accounted for under ASC 310-20 subject to risk rating by class of loans is as follows:

	June 30, 2017
	Risk Ratings
																Individually
	Balance						Special									Measured for
	Outstanding			Pass			Mention			Substandard			Doubtful			Impairment
	(In thousands)
Commercial - originated and other loans held for investment
Commercial secured by real estate:
Corporate	$	226,979		$	210,369		$	14,640		$	-		$	-		$	1,970
Institutional		47,060			34,882			-			10,675			-			1,503
Middle market		228,806			189,754			9,624			3,640			-			25,788
Retail		246,252			215,629			8,796			4,891			-			16,936
Floor plan		2,916			2,916			-			-			-			-
Real estate		15,783			15,783			-			-			-			-
		767,796			669,333			33,060			19,206			-			46,197
Other commercial and industrial:
Corporate		161,839			161,839			-			-			-			-
Institutional		128,479			128,479			-			-			-			-
Middle market		86,266			67,119			11,266			124			-			7,757
Retail		88,843			83,331			837			1,301			-			3,374
Floor plan		37,621			34,328			3,240			53			-			-
		503,048			475,096			15,343			1,478			-			11,131
Total		1,270,844			1,144,429			48,403			20,684			-			57,328
Commercial - acquired loans (under ASC 310-20)
Commercial secured by real estate:
Retail		126			-			-			126			-			-
Floor plan		2,107			850			298			198			-			761
		2,233			850			298			324			-			761
Other commercial and industrial:
Retail		3,115			3,109			-			6			-			-
Floor plan		2			-			-			2			-			-
		3,117			3,109			-			8			-			-
Total		5,350			3,959			298			332			-			761
Total	$	1,276,194		$	1,148,388		$	48,701		$	21,016		$	-		$	58,089

	December 31, 2016
	Risk Ratings
																Individually
	Balance						Special									Measured for
	Outstanding			Pass			Mention			Substandard			Doubtful			Impairment
	(In thousands)
Commercial - originated and other loans held for investment
Commercial secured by real estate:
Corporate	$	242,770		$	226,768		$	16,002		$	-		$	-		$	-
Institutional		26,800			16,067			9,090			-			-			1,643
Middle market		234,981			194,913			9,437			514			-			30,117
Retail		249,728			221,687			7,860			4,318			-			15,863
Floor plan		2,989			2,989			-			-			-			-
Real estate		16,395			16,395			-			-			-			-
		773,663			678,819			42,389			4,832			-			47,623
Other commercial and industrial:
Corporate		136,438			136,438			-			-			-			-
Institutional		180,285			180,185			100			-			-			-
Middle market		81,633			63,556			16,150			149			-			1,778
Retail		73,705			68,529			731			740			-			3,705
Floor plan		32,142			29,267			2,814			28			-			33
		504,203			477,975			19,795			917			-			5,516
Total		1,277,866			1,156,794			62,184			5,749			-			53,139
Commercial - acquired loans (under ASC 310-20)
Commercial secured by real estate:
Retail		143			-			-			143			-			-
Floor plan		2,390			905			337			-			-			1,148
		2,533			905			337			143			-			1,148
Other commercial and industrial:
Retail		3,027			3,014			-			13			-			-
Floor plan		2			-			-			-			-			2
		3,029			3,014			-			13			-			2
Total		5,562			3,919			337			156			-			1,150
Total	$	1,283,428		$	1,160,713		$	62,521		$	5,905		$	-		$	54,289

For residential and consumer loan classes, the Company evaluates credit quality based on the delinquency status of the loan. As of June 30, 2017 and December 31, 2016, and based on the most recent analysis performed, the risk category of gross originated and other loans and acquired BBVAPR loans accounted for under ASC 310-20 not subject to risk rating by class of loans is as follows:

	June 30, 2017
	Delinquency
																						Individually
	Balance																					Measured for
	Outstanding			0-29 days			30-59 days			60-89 days			90-119 days			120-364 days			365+ days			Impairment
	(In thousands)
Originated and other loans and leases held for investment
Mortgage
Traditional (by origination year)
Up to the year 2002	$	47,781		$	42,873		$	-		$	1,346		$	372		$	585		$	1,972		$	633
Years 2003 and 2004		86,141			75,434			-			3,023			744			3,103			2,077			1,760
Year 2005		45,933			39,918			-			2,247			591			1,421			1,257			499
Year 2006		64,841			55,454			-			1,523			972			1,585			2,852			2,455
Years 2007, 2008 and 2009		71,194			59,629			-			1,447			524			1,462			5,325			2,807
Years 2010, 2011, 2012 2013		132,866			123,813			242			1,427			340			1,251			3,279			2,514
Years 2014, 2015, 2016 and 2017		117,388			115,824			-			184			122			432			665			161
		566,144			512,945			242			11,197			3,665			9,839			17,427			10,829
Non-traditional		20,475			16,009			-			161			29			895			3,381			-
Loss mitigation program		103,110			17,823			1,640			2,512			471			958			3,493			76,213
		689,729			546,777			1,882			13,870			4,165			11,692			24,301			87,042
Home equity secured personal loans		332			332			-			-			-			-			-			-
GNMA's buy-back option program		9,229			-			-			-			1,383			3,776			4,070			-
		699,290			547,109			1,882			13,870			5,548			15,468			28,371			87,042
Consumer
Credit cards		27,674			26,308			442			288			234			402			-			-
Overdrafts		229			167			29			13			5			13			2			-
Unsecured personal lines of credit		2,276			2,188			59			-			-			29			-			-
Unsecured personal loans		268,968			263,427			2,693			1,752			1,083			13			-			-
Cash collateral personal loans		15,120			14,901			216			3			-			-			-			-
		314,267			306,991			3,439			2,056			1,322			457			2			-
Auto and Leasing		807,204			732,627			45,914			20,458			6,181			2,006			18			-
		1,820,761			1,586,727			51,235			36,384			13,051			17,931			28,391			87,042
Acquired loans (accounted for under ASC 310-20)
Consumer
Credit cards		27,574			26,206			676			203			181			308			-			-
Personal loans		2,659			2,469			133			10			5			42			-			-
		30,233			28,675			809			213			186			350			-			-
Auto		33,661			29,670			2,435			1,231			260			65			-			-
		63,894			58,345			3,244			1,444			446			415			-			-
Total	$	1,884,655		$	1,645,072		$	54,479		$	37,828		$	13,497		$	18,346		$	28,391		$	87,042

	December 31, 2016
	Delinquency
																						Individually
	Balance																					Measured for
	Outstanding			0-29 days			30-59 days			60-89 days			90-119 days			120-364 days			365+ days			Impairment
	(In thousands)
Originated and other loans and leases held for investment
Mortgage
Traditional (by origination year)
Up to the year 2002	$	50,285		$	44,248		$	-		$	2,095		$	368		$	1,315		$	1,552		$	707
Years 2003 and 2004		90,707			78,501			-			3,712			1,767			2,675			2,100			1,952
Year 2005		50,009			43,177			-			1,952			561			1,024			2,181			1,114
Year 2006		69,300			57,271			82			2,397			353			2,210			3,410			3,577
Years 2007, 2008 and 2009		76,729			61,547			83			1,439			865			2,330			6,459			4,006
Years 2010, 2011, 2012 2013		139,860			127,375			60			1,451			1,459			1,667			3,584			4,264
Year 2014, 2015 and 2016		108,199			106,672			-			123			386			210			761			47
		585,089			518,791			225			13,169			5,759			11,431			20,047			15,667
Non-traditional		22,859			17,631			-			498			366			1,263			3,101			-
Loss mitigation program		103,528			17,814			2,304			1,681			388			1,599			3,759			75,983
		711,476			554,236			2,529			15,348			6,513			14,293			26,907			91,650
Home equity secured personal loans		337			337			-			-			-			-			-			-
GNMA's buy-back option program		9,681			-			-			-			2,440			3,141			4,100			-
		721,494			554,573			2,529			15,348			8,953			17,434			31,007			91,650
Consumer
Credit cards		26,358			25,023			527			283			191			334			-			-
Overdrafts		207			174			16			12			1			4			-			-
Unsecured personal lines of credit		2,404			2,327			41			4			3			25			4			-
Unsecured personal loans		246,272			241,227			2,474			1,489			1,074			8			-			-
Cash collateral personal loans		15,274			15,010			240			20			4			-			-			-
		290,515			283,761			3,298			1,808			1,273			371			4			-
Auto and Leasing		756,395			686,493			42,714			19,014			6,253			1,921			-			-
		1,768,404			1,524,827			48,541			36,170			16,479			19,726			31,011			91,650
Acquired loans (accounted for under ASC 310-20)
Consumer
Credit cards		30,093			28,281			736			369			227			480			-			-
Personal loans		2,769			2,587			48			14			21			99			-			-
		32,862			30,868			784			383			248			579			-			-
Auto		53,026			47,503			3,652			1,355			415			101			-			-
		85,888			78,371			4,436			1,738			663			680			-			-
Total	$	1,854,292		$	1,603,198		$	52,977		$	37,908		$	17,142		$	20,406		$	31,011		$	91,650

X

- Definition

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