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Business Segment | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segment Reporting | NOTE 2 2 – BUSINESS SEGMENTS Oriental segregates its businesses into the following major reportable segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as Oriental’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the repor table segments. Oriental measures the performance of these reportable segments based on pre-established goals of different financial parameters such as net income, net interest income, loan production, and fees generated. Oriental’s methodology for allocat ing non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant. Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to origin ate mortgage loans for Oriental’s own portfolio. As part of its mortgage banking activities, Oriental may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities. Wealth Management is comprised of the B ank’s trust division, Oriental Financial Services, Oriental Insurance, and OPC. The core operations of this segment are financial planning, money management and investment banking, brokerage services, insurance sales activity, corporate and individual trus t and retirement services, as well as retirement plan administration services. The Treasury segment encompasses all of Oriental’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, d erivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. Following are the results of operations and the selected financial information by operating segment for the quarters and nine-month periods ended September 30, 2017 and 2016:
| Quarter Ended September 30, 2017
|  |  |  | Wealth |  |  |  | Total Major |  |  |  |  | Consolidated
| Banking |  |  | Management |  | Treasury |  | Segments |  | Eliminations |  | Total
| (In thousands)
Interest income | $ | 82,162 |  | $ | 13 |  | $ | 8,180 |  | $ | 90,355 |  | $ | - |  | $ | 90,355
Interest expense |  | (6,342) |  |  | - |  |  | (3,535) |  |  | (9,877) |  |  | - |  |  | (9,877)
Net interest income |  | 75,820 |  |  | 13 |  |  | 4,645 |  |  | 80,478 |  |  | - |  |  | 80,478
Provision for loan and lease losses |  | (44,042) |  |  | - |  |  | - |  |  | (44,042) |  |  | - |  |  | (44,042)
Non-interest income |  | 10,384 |  |  | 6,695 |  |  | 833 |  |  | 17,912 |  |  | - |  |  | 17,912
Non-interest expenses |  | (43,819) |  |  | (5,048) |  |  | (1,602) |  |  | (50,469) |  |  | - |  |  | (50,469)
Intersegment revenue |  | 431 |  |  | - |  |  | - |  |  | 431 |  |  | (431) |  |  | -
Intersegment expenses |  | - |  |  | (324) |  |  | (107) |  |  | (431) |  |  | 431 |  |  | -
Income before income taxes | $ | (1,226) |  | $ | 1,336 |  | $ | 3,769 |  | $ | 3,879 |  | $ | - |  | $ | 3,879
Income tax expenses (benefit) |  | (475) |  |  | 521 |  |  | 514 |  |  | 560 |  |  | - |  |  | 560
Net income | $ | (751) |  | $ | 815 |  | $ | 3,255 |  | $ | 3,319 |  | $ | - |  | $ | 3,319
Total assets | $ | 5,605,922 |  | $ | 23,148 |  | $ | 1,620,919 |  | $ | 7,249,989 |  | $ | (961,772) |  | $ | 6,288,217
| Quarter Ended September 30, 2016
|  |  |  | Wealth |  |  |  | Total Major |  |  |  |  | Consolidated
| Banking |  |  | Management |  | Treasury |  | Segments |  | Eliminations |  | Total
| (In thousands)
Interest income | $ | 82,564 |  | $ | 15 |  | $ | 8,005 |  | $ | 90,584 |  | $ | - |  | $ | 90,584
Interest expense |  | (6,733) |  |  | - |  |  | (6,924) |  |  | (13,657) |  |  | - |  |  | (13,657)
Net interest income |  | 75,831 |  |  | 15 |  |  | 1,081 |  |  | 76,927 |  |  | - |  |  | 76,927
Provision for loan and lease losses |  | (23,469) |  |  | - |  |  | - |  |  | (23,469) |  |  | - |  |  | (23,469)
Non-interest income |  | 8,918 |  |  | 6,379 |  |  | 4,918 |  |  | 20,215 |  |  | - |  |  | 20,215
Non-interest expenses |  | (50,095) |  |  | (3,757) |  |  | (1,074) |  |  | (54,926) |  |  | - |  |  | (54,926)
Intersegment revenue |  | 375 |  |  | - |  |  | 86 |  |  | 461 |  |  | (461) |  |  | -
Intersegment expenses |  | (86) |  |  | (272) |  |  | (103) |  |  | (461) |  |  | 461 |  |  | -
Income before income taxes | $ | 11,474 |  | $ | 2,365 |  | $ | 4,908 |  | $ | 18,747 |  | $ | - |  | $ | 18,747
Income tax expenses (benefit) |  | 4,475 |  |  | 922 |  |  | (1,770) |  |  | 3,627 |  |  | - |  |  | 3,627
Net income | $ | 6,999 |  | $ | 1,443 |  | $ | 6,678 |  | $ | 15,120 |  | $ | - |  | $ | 15,120
Total assets | $ | 5,715,958 |  | $ | 19,433 |  | $ | 1,801,752 |  | $ | 7,537,143 |  |  | (945,030) |  | $ | 6,592,113
| Nine-Month Period Ended September 30, 2017
|  |  |  | Wealth |  |  |  |  | Total Major |  |  |  |  | Consolidated
| Banking |  | Management |  | Treasury |  | Segments |  | Eliminations |  | Total
| (In thousands)
Interest income | $ | 236,754 |  | $ | 43 |  | $ | 25,676 |  | $ | 262,473 |  | $ | - |  | $ | 262,473
Interest expense |  | (19,976) |  |  | - |  |  | (11,838) |  |  | (31,814) |  |  | - |  |  | (31,814)
Net interest income |  | 216,778 |  |  | 43 |  |  | 13,838 |  |  | 230,659 |  |  | - |  |  | 230,659
Provision for loan and lease losses, net |  | (88,210) |  |  | - |  |  | (22) |  |  | (88,232) |  |  | - |  |  | (88,232)
Non-interest income, net |  | 35,387 |  |  | 18,952 |  |  | 7,533 |  |  | 61,872 |  |  | - |  |  | 61,872
Non-interest expenses |  | (137,275) |  |  | (13,368) |  |  | (4,326) |  |  | (154,969) |  |  | - |  |  | (154,969)
Intersegment revenue |  | 1,243 |  |  | - |  |  | 140 |  |  | 1,383 |  |  | (1,383) |  |  | -
Intersegment expenses |  | (140) |  |  | (889) |  |  | (354) |  |  | (1,383) |  |  | 1,383 |  |  | -
Income before income taxes | $ | 27,783 |  | $ | 4,738 |  | $ | 16,809 |  | $ | 49,330 |  | $ | - |  | $ | 49,330
Income tax expense |  | 10,836 |  |  | 1,848 |  |  | 1,073 |  |  | 13,756 |  |  | - |  |  | 13,757
Net income | $ | 16,947 |  | $ | 2,890 |  | $ | 15,736 |  | $ | 35,574 |  | $ | - |  | $ | 35,573
Total assets | $ | 5,605,922 |  | $ | 23,148 |  | $ | 1,620,919 |  | $ | 7,249,989 |  | $ | (961,772) |  | $ | 6,288,217
| Nine-Month Period Ended September 30, 2016
|  |  |  | Wealth |  |  |  |  | Total Major |  |  |  |  | Consolidated
| Banking |  | Management |  | Treasury |  | Segments |  | Eliminations |  | Total
| (In thousands)
Interest income | $ | 243,389 |  | $ | 49 |  | $ | 26,360 |  | $ | 269,798 |  | $ | - |  | $ | 269,798
Interest expense |  | (20,840) |  |  | - |  |  | (23,744) |  |  | (44,584) |  |  | - |  |  | (44,584)
Net interest income |  | 222,549 |  |  | 49 |  |  | 2,616 |  |  | 225,214 |  |  | - |  |  | 225,214
Provision for loan and lease losses, net |  | (51,703) |  |  | - |  |  | - |  |  | (51,703) |  |  | - |  |  | (51,703)
Non-interest income, net |  | 24,927 |  |  | 19,309 |  |  | 4,637 |  |  | 48,873 |  |  | - |  |  | 48,873
Non-interest expenses |  | (147,881) |  |  | (11,610) |  |  | (4,117) |  |  | (163,608) |  |  | - |  |  | (163,608)
Intersegment revenue |  | 1,162 |  |  | - |  |  | 235 |  |  | 1,397 |  |  | (1,397) |  |  | -
Intersegment expenses |  | (235) |  |  | (849) |  |  | (313) |  |  | (1,397) |  |  | 1,397 |  |  | -
Income (loss) before income taxes | $ | 48,819 |  | $ | 6,899 |  | $ | 3,058 |  | $ | 58,776 |  | $ | - |  | $ | 58,776
Income tax expenses (benefit) |  | 19,039 |  |  | 2,691 |  |  | (6,584) |  |  | 15,146 |  |  | - |  |  | 15,146
Net income | $ | 29,780 |  | $ | 4,208 |  | $ | 9,642 |  | $ | 43,630 |  | $ | - |  | $ | 43,630
Total assets | $ | 5,715,958 |  | $ | 19,433 |  | $ | 1,801,752 |  | $ | 7,537,143 |  | $ | (945,030) |  | $ | 6,592,113

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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