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Borrowings and Related Interest | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Borrowings | NOTE 12 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At September 30, 2018, 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, 2018 and December 31, 2017, securities sold under agreements to repurchase (classified by counterparty), excluding accrued interest in the amount of $429 thousand and $369 thousand, respectively, were as follows:
| September 30, |  | December 31,
| 2018 |  | 2017
|  |  |  | Fair Value of |  |  |  |  | Fair Value of
| Borrowing |  | Underlying |  | Borrowing |  | Underlying
| Balance |  | Collateral |  | Balance |  | Collateral
| (In thousands)
South Street Securities, LLC |  | 12,000 |  |  | 12,590 |  |  | - |  |  | -
JP Morgan Chase Bank NA |  | 130,000 |  |  | 140,364 |  |  | 82,500 |  |  | 88,974
Nomura Securities International, Inc |  | 53,294 |  |  | 56,199 |  |  | - |  |  | -
JVB Financial Group, LLC |  | 32,525 |  |  | 34,116 |  |  | - |  |  | -
Federal Home Loan Bank |  | 110,000 |  |  | 116,432 |  |  | 110,000 |  |  | 116,509
Citigroup Global Markets Inc. |  | 39,989 |  |  | 42,524 |  |  | - |  |  | -
Total | $ | 377,808 |  | $ | 402,225 |  | $ | 192,500 |  | $ | 205,483
The following table shows a summary of Oriental’s repurchase agreements and their terms, excluding accrued interest in the amount of $429 thousand, at September 30, 2018:
|  |  |  |  | Weighted- |  |  |  |
|  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  | (In thousands) |  |  |  |  |  |
2018 |  |  | 32,525 |  | 2.19% |  | 9/10/2018 |  | 10/10/2018
|  |  | 39,989 |  | 2.30% |  | 9/18/2018 |  | 10/2/2018
|  |  | 53,294 |  | 2.45% |  | 9/24/2018 |  | 10/25/2018
|  |  | 12,000 |  | 2.40% |  | 9/25/2018 |  | 10/15/2018
2019 |  |  | 50,000 |  | 1.72% |  | 3/2/2017 |  | 9/3/2019
2020 |  |  | 60,000 |  | 1.85% |  | 3/2/2017 |  | 3/2/2020
|  |  | 50,000 |  | 2.61% |  | 3/15/2018 |  | 3/15/2020
|  |  | 30,000 |  | 2.70% |  | 3/23/2018 |  | 3/23/2020
|  |  | 50,000 |  | 2.86% |  | 7/6/2018 |  | 7/6/2020
|  | $ | 377,808 |  | 2.31% |  |  |  |
All of the repurchase agreements referred to above with maturity dates up to the date of this report were renewed as short-term repurchase agreements. 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, 2018 and December 31, 2017. There was no cash collateral at September 30, 2018 and December 31, 2017.
|  |  |  |  |  |  | Market Value of Underlying Collateral |  |  |  |  |  |  |  | Market Value of Underlying Collateral
|  |  |  | Weighted |  | FNMA and |  |  |  |  | Weighted |  | FNMA and
| Repurchase |  | Average | FHLMC |  | Repurchase |  | Average | FHLMC
| Liability |  | Rate |  | Certificates |  | Liability |  | Rate |  | Certificates
| September 30, 2018 |  | December 31, 2017
| (Dollars in thousands)
Less than 90 days | $ | 137,808 |  |  | 2.34% |  | $ | 145,429 |  | $ | - |  |  | - |  | $ | -
Over 90 days |  | 240,000 |  |  | 2.30% |  |  | 256,796 |  |  | 192,500 |  |  | 1.63% |  |  | 205,483
Total | $ | 377,808 |  |  | 2.31% |  | $ | 402,225 |  | $ | 192,500 |  |  | 1.63% |  | $ | 205,483
Advances from the Federal Home Loan Bank of New York Advances are received from 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, 2018 and December 31, 2017, these advances were secured by mortgage and commercial loans amounting to $905.3 million and $1.3 billion, respectively. Also, at September 30, 2018 and December 31, 2017, Oriental had an additional borrowing capacity with the FHLB-NY of $830.7 million and $920.0 million, respectively. At September 30, 2018 and December 31, 2017, the weighted average remaining maturity of FHLB’s advances was 26.2 months and 3.2 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 advances outstanding as of September 30, 2018. The following table shows a summary of these advances and their terms, excluding accrued interest in the amount of $153 thousand, at September 30, 2018
|  |  |  |  | Weighted- |  |  |  |
|  |  | Borrowing |  | Average |  |  |  | Maturity
Year of Maturity |  |  | Balance |  | Coupon |  | Settlement Date |  | Date
|  |  | (In thousands) |  |  |  |  |  |
2018 |  |  | 33,964 |  | 2.32% |  | 9/4/2018 |  | 10/1/2018
2020 |  |  | 8,953 |  | 2.59% |  | 7/19/2013 |  | 7/20/2020
2023 |  |  | 12,152 |  | 2.94% |  | 5/9/2018 |  | 5/9/2023
|  |  | 2,087 |  | 2.92% |  | 6/8/2018 |  | 6/8/2023
|  |  | 16,222 |  | 2.92% |  | 7/13/2018 |  | 7/13/2023
|  | $ | 73,378 |  | 2.61% |  |  |  |
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, 2018 and December 31, 2017, 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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