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Investments Securities (Tables)

6 Months Ended

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 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

	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 rollforward of credit-related impairment losses recognized in earnings for the six-month periods 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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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)

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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=73527792&loc=d3e27340-111563

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