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Investments Securities (Tables)

9 Months Ended

Sep. 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 Oriental at September 30, 2017 and December 31, 2016 were as follows:

	September 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	$	344,581		$	2,464		$	1,462		$	345,583		2.36%
GNMA certificates		162,993			2,197			423			164,767		2.94%
CMOs issued by US government-sponsored agencies		86,905			6			1,038			85,873		1.90%
Total mortgage-backed securities		594,479			4,667			2,923			596,223		2.45%
Investment securities
US Treasury securities		10,269			-			51			10,218		1.26%
Obligations of US government-sponsored agencies		3,121			-			29			3,092		1.38%
Obligations of Puerto Rico government and public instrumentalities		2,455			-			249			2,206		5.55%
Other debt securities		1,612			72			-			1,684		3.00%
Total investment securities		17,457			72			329			17,200		2.42%
Total securities available for sale	$	611,936		$	4,739		$	3,252		$	613,423		2.44%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	530,178		$	367		$	4,715		$	525,830		2.09%

	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 Oriental’s investment securities at September 30, 2017, by contractual maturity, are shown in the next table.

	September 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	$	7,160		$	7,246		$	-		$	-
Total due from 1 to 5 years		7,160			7,246			-			-
Due after 5 to 10 years
CMOs issued by US government-sponsored agencies	$	76,877		$	75,884		$	-		$	-
FNMA and FHLMC certificates		132,716			132,163			-			-
Total due after 5 to 10 years		209,593			208,047			-			-
Due after 10 years
FNMA and FHLMC certificates	$	204,705		$	206,174		$	530,178		$	525,830
GNMA certificates		162,993			164,767			-			-
CMOs issued by US government-sponsored agencies		10,028			9,989			-			-
Total due after 10 years		377,726			380,930			530,178			525,830
Total mortgage-backed securities		594,479			596,223			530,178			525,830
Investment securities
Due less than one year
US Treasury securities	$	324		$	323		$	-		$	-
Obligations of Puerto Rico government and public instrumentalities		2,455			2,206			-			-
Total due in less than one year		2,779			2,529			-			-
Due from 1 to 5 years
US Treasury securities	$	9,945		$	9,895		$	-		$	-
Obligations of US government and sponsored agencies		3,121			3,092			-			-
Total due from 1 to 5 years		13,066			12,987			-			-
Due from 5 to 10 years
Other debt securities		1,612			1,684			-			-
Total due after 5 to 10 years		1,612			1,684			-			-
Total investment securities		17,457			17,200			-			-
Total	$	611,936		$	613,423		$	530,178		$	525,830

Realized Gain Loss On Investments Table Text Block

	Nine-Month Period Ended September 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		84,202			84,085			117			-
Total	$	256,996		$	250,100		$	6,896		$	-

	Nine-Month Period Ended September 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 Oriental’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

	September 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	$	58,328		$	869		$	57,459
FNMA and FHLMC certificates		8,196			175			8,021
Obligations of US government and sponsored agencies		3,121			29			3,092
Obligations of Puerto Rico government and public instrumentalities		2,455			249			2,206
	$	72,100		$	1,322		$	70,778
Securities held to maturity
FNMA and FHLMC certificates	$	44,759		$	884		$	43,875
	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	27,413		$	169		$	27,244
FNMA and FHLMC certificates		146,578			1,287			145,291
GNMA certificates		29,243			423			28,820
US Treasury Securities		10,269			51			10,218
	$	213,503		$	1,930		$	211,573
Securities held-to-maturity
FNMA and FHLMC Certificates	$	386,995		$	3,831		$	383,164
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	85,741		$	1,038		$	84,703
FNMA and FHLMC certificates		154,774			1,462			153,312
Obligations of Puerto Rico government and public instrumentalities		2,455			249			2,206
Obligations of US government and sponsored agencies		3,121			29			3,092
GNMA certificates		29,243			423			28,820
US Treasury Securities		10,269			51			10,218
	$	285,603		$	3,252		$	282,351
Securities held-to-maturity
FNMA and FHLMC certificates	$	431,754		$	4,715		$	427,039

	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 Treasury 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 Treasury 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 nine-month periods ended September 30, 2017 and 2016 on available-for-sale securities

		Nine-Month Period Ended September 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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