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Borrowings | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Borrowings | NOTE 1 2 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At September 30, 2017, securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to Oriental the same or similar securities at the maturity of these agreements. The purpose of these transactions is to provide financing for Oriental’s securities portfolio. At September 30, 2017 and December 31, 2016, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $581 thousand and $1.5 million, respectively, were as follows:
| September 30, |  | December 31,
| 2017 |  | 2016
|  |  |  | Fair Value of |  |  |  |  | Fair Value of
| Borrowing |  | Underlying |  | Borrowing |  | Underlying
| Balance |  | Collateral |  | Balance |  | Collateral
| (In thousands)
PR Cash and Money Market Fund |  | - |  |  | - |  |  | 70,010 |  |  | 74,538
JP Morgan Chase Bank NA |  | 172,500 |  |  | 185,848 |  |  | 350,219 |  |  | 376,674
Credit Suisse Securities (USA) LLC |  | - |  |  | - |  |  | 232,000 |  |  | 249,286
Federal Home Loan Bank |  | 110,000 |  |  | 115,836 |  |  | - |  |  | -
Total | $ | 282,500 |  | $ | 301,684 |  | $ | 652,229 |  | $ | 700,498
The following table shows a summary of Oriental’s repurchase agreements and their terms, excluding accrued interest in the amount of $581 thousand, at September 30, 2017:
|  |  |  |  | Weighted- |  |  |  |
|  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  | (In thousands) |  |  |  |  |  |
2018 |  |  | 172,500 |  | 1.42% |  | 12/10/2012 |  | 4/29/2018
2019 |  |  | 50,000 |  | 1.72% |  | 3/2/2017 |  | 9/3/2019
2020 |  |  | 60,000 |  | 1.85% |  | 3/2/2017 |  | 3/2/2020
|  | $ | 282,500 |  | 1.56% |  |  |  |
A repurchase agreement in the original amount of $500 million with an original term of ten years was modified in February 2016 to partially terminate, before maturity, $268.0 million at a cost of $12.0 million included as a loss on early extinguishment of debt in the consolidated statements of operations. The remaining balance of this repurchase agreement of $232.0 million matured on March 2, 2017. During the second quarter of 2017, repurchase agreement s in the original amount s of $25.0 million and $75.0 million, respectively, with original term s of June 2019 and December 2019, respectively, were terminated before mat urity at a cost of $80 thousand included as a loss on early extinguishment of debt in consolidated statement of operatio ns The following table presents the repurchase liability associated with the repurchase agreement transactions (excluding accrued interest) by maturity. Also, it includes the carrying value and approximate market value of collateral (excluding accrued interest) at September 30, 2017 and December 31, 2016. There was no cash collateral at September 30, 2017 and December 31, 2016.
| September 30, 2017
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |
| Repurchase |  | Average | FHLMC |  |
| Liability |  | Rate |  | Certificates |  | Total
| (Dollars in thousands)
Over 90 days |  | 282,500 |  |  | 1.56% |  |  | 301,684 |  |  | 301,684
Total | $ | 282,500 |  |  | 1.56% |  | $ | 301,684 |  | $ | 301,684
| December 31, 2016
|  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |  |  |  | US Treasury |  |  |
| Repurchase |  | Average | FHLMC |  | GNMA |  |  | Treasury |  |
| Liability |  | Rate |  | Certificates |  | Certificates |  |  | Notes | Total
| (Dollars in thousands)
Less than 90 days | $ | 349,729 |  | $ | 3.35% |  |  | 248,288 |  | $ | 75,536 |  | $ | 48,954 |  | $ | 372,778
Over 90 days |  | 302,500 |  |  | 1.44% |  |  | 327,627 |  |  | 93 |  |  | - |  |  | 327,720
Total | $ | 652,229 |  |  | 2.47% |  | $ | 575,915 |  | $ | 75,629 |  |  | 48,954 |  |  | 700,498
Advances from the Federal Home Loan Bank of New York Advances are received from the Federal Home Loan Bank of New York (the “FHLB-NY”) under an agreement whereby Oriental is required to maintain a minimum amount of qualifying collateral with a fair value of at least 110% of the outstanding advances. At September 30, 2017 and December 31, 2016, these advances were secured by mortgage and commercial loans amounting to $1.3 b illion and $1.4 billion, respectively. Also, at September 30, 2017 and December 31, 2016, Oriental had an additional borrowing capacity with the FHLB-NY of $849.5 m illion and $1.2 billion, respectively. At September 30, 2017 and December 31, 2016, the weig hted average remaining maturity of FHLB’s advances was 5.1 months and 10.6 months, respectively. The original terms of these advances range between one month and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advan ces outstanding as of September 30, 2017. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $312 thousand, at September 30, 2017
|  |  |  |  | Weighted- |  |  |  |
|  |  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  |  | (In thousands) |  |  |  |  |  |
2017 |  | $ | 35,487 |  | 1.29% |  | 9/1/2017 |  | 10/2/2017
|  |  | 35,487 |  |  |  |  |  |
2018 |  |  | 30,000 |  | 2.19% |  | 1/16/2013 |  | 1/16/2018
|  |  | 25,000 |  | 2.18% |  | 1/16/2013 |  | 1/16/2018
|  |  | 55,000 |  |  |  |  |  |
2020 |  |  | 9,292 |  | 2.59% |  | 7/19/2013 |  | 7/20/2020
|  | $ | 99,779 |  | 1.90% |  |  |  |
All of the advances referred to above with maturity dates up to the date of this report were renewed as one-month short-term advances. Subordinated Capital Notes Subordinated capital notes amounted to $36.1 million at September 30, 2017 and December 31, 2016, for both periods.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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