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Fair Value (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block]

Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below:

	September 30, 2017
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	-		$	613,423		$	-		$	613,423
Trading securities		-			284			-			284
Money market investments		6,530			-			-			6,530
Derivative assets		-			809			-			809
Servicing assets		-			-			9,818			9,818
Derivative liabilities		-			(1,677)			-			(1,677)
	$	6,530		$	612,839		$	9,818		$	629,187
Non-recurring fair value measurements:
Impaired commercial loans	$	-		$	-		$	67,788		$	67,788
Foreclosed real estate		-			-			47,275			47,275
Other repossessed assets		-			-			3,829			3,829
	$	-		$	-		$	118,892		$	118,892

	December 31, 2016
	Fair Value Measurements
	Level 1			Level 2			Level 3			Total
	(In thousands)
Recurring fair value measurements:
Investment securities available-for-sale	$	-		$	751,484		$	-		$	751,484
Trading securities		-			347			-			347
Money market investments		5,606			-			-			5,606
Derivative assets		-			1,330			-			1,330
Servicing assets		-			-			9,858			9,858
Derivative liabilities		-			(2,437)			-			(2,437)
	$	5,606		$	750,724		$	9,858		$	766,188
Non-recurring fair value measurements:
Impaired commercial loans	$	-		$	-		$	54,289		$	54,289
Foreclosed real estate		-			-			47,520			47,520
Other repossessed assets		-			-			3,224			3,224
	$	-		$	-		$	105,033		$	105,033

The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the quarters and ine-month periods ended September 30, 2017 and 2016:

	Quarter Ended September 30, 2017
	Servicing
Level 3 Instruments Only	assets
	(In thousands)
Balance at beginning of period	$	9,866
New instruments acquired		429
Principal repayments		(152)
Changes in fair value of servicing assets		(325)
Balance at end of period	$	9,818
	Nine-Month Period Ended September 30, 2017
	Servicing
Level 3 Instruments Only	assets
	(In thousands)
Balance at beginning of period	$	9,858
New instruments acquired		1,503
Principal repayments		(478)
Changes in fair value of servicing assets		(1,065)
Balance at end of period	$	9,818

	Quarter Ended September, 2016
	Derivative						Derivative
	asset						liability
	(S&P						(S&P
	Purchased				Servicing		Embedded
Level 3 Instruments Only	Options)				assets		Options)			Total
	(In thousands)
Balance at beginning of period	$	187		$	7,932		$	(181)		$	7,938
Gains (losses) included in earnings		(187)			-			181			(6)
New instruments acquired		-			466			-			466
Principal repayments		-			(123)			(1)			(124)
Amortization		-			-			1			1
Changes in fair value of servicing assets		-			118			-			118
Balance at end of period	$	-		$	8,393		$	-		$	8,393
	Nine-Month Period Ended September, 2016
	Derivative							Derivative
	asset							liability
	(S&P							(S&P
	Purchased				Servicing			Embedded
Level 3 Instruments Only	Options)				assets			Options)			Total
	(In thousands)
Balance at beginning of period	$	1,170		$	7,455		$	(1,095)		$	7,530
Gains (losses) included in earnings		(1,170)			-			1,067			(103)
New instruments acquired		-			1,740			-			1,740
Principal repayments		-			(347)			-			(347)
Amortization		-			-			28			28
Changes in fair value of servicing assets		-			(455)			-			(455)
Balance at end of period	$	-		$	8,393		$	-		$	8,393

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block]

The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at

		September 30, 2017
		Fair Value			Valuation Technique		Unobservable Input		Range
		(In thousands)
Servicing assets		$	9,818		Cash flow valuation		Constant prepayment rate		4.22% - 9.11%
							Discount rate		10.00% - 12.00%
Collateral dependant impaired loans		$	24,025		Fair value of property or collateral		Appraised value less disposition costs		22.20% - 36.20%
Other non-collateral dependant impaired loans		$	43,763		Cash flow valuation		Discount rate		4.15% - 10.50%
Foreclosed real estate		$	47,275		Fair value of property or collateral		Appraised value less disposition costs		22.20% - 36.20%
Other repossessed assets		$	3,829		Fair value of property or collateral		Estimated net realizable value less disposition costs		34.00% - 66.00%

Fair Value By Balance Sheet Grouping [Text Block]

The estimated fair value and carrying value of Oriental’s financial instruments at September 30, 2017 and December 31, 2016 is as follows:

	September 30,						December 31,
	2017						2016
	Fair			Carrying			Fair			Carrying
	Value			Value			Value			Value
	(In thousands)
Level 1
Financial Assets:
Cash and cash equivalents	$	720,726		$	720,726		$	510,439		$	510,439
Restricted cash	$	3,030		$	3,030		$	3,030		$	3,030
Level 2
Financial Assets:
Trading securities	$	284		$	284		$	347		$	347
Investment securities available-for-sale	$	613,423		$	613,423		$	751,484		$	751,484
Investment securities held-to-maturity	$	525,830		$	530,178		$	592,763		$	599,884
Federal Home Loan Bank (FHLB) stock	$	14,016		$	14,016		$	10,793		$	10,793
Other investments	$	3		$	3		$	3		$	3
Derivative assets	$	809		$	809		$	1,330		$	1,330
Financial Liabilities:
Derivative liabilities	$	1,677		$	1,677		$	2,437		$	2,437
Level 3
Financial Assets:
Total loans (including loans held-for-sale)	$	3,854,106		$	3,964,572		$	3,917,340		$	4,147,692
FDIC indemnification asset	$	-		$	-		$	8,669		$	14,411
Accrued interest receivable	$	22,736		$	22,736		$	20,227		$	20,227
Servicing assets	$	9,818		$	9,818		$	9,858		$	9,858
Accounts receivable and other assets	$	37,443		$	37,443		$	46,525		$	46,525
Financial Liabilities:
Deposits	$	4,809,945		$	4,826,404		$	4,644,629		$	4,664,487
Securities sold under agreements to repurchase	$	281,786		$	283,080		$	651,898		$	653,756
Advances from FHLB	$	100,249		$	100,091		$	106,422		$	105,454
Other borrowings	$	-		$	-		$	61		$	61
Subordinated capital notes	$	31,938		$	36,083		$	30,230		$	36,083
Accrued expenses and other liabilities	$	86,766		$	86,766		$	95,370		$	95,370

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

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-Publisher FASB
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Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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