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Significant Events | 12 Months Ended
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Dec. 31, 2018
Significant Events [Abstract] |
Significant Events | NOTE 2 – SIGNIFICANT EVENTS Hurricanes Irma and Maria During 2017, Oriental was impacted by hurricanes Irma and Maria, which struck the Island on September 7, 2017 and September 20, 2017, respectively. Hurricane Maria caused catastrophic damages throughout Puerto Rico, including homes, businesses, roads, bridges, power lines, commercial establishments, and public facilities. It caused an unprecedented crisis when it ravaged the Island’s electric power grid less than two weeks after hurricane Irma left over a million Puerto Rico residents without power. For several months after the hurricanes, a large part of Puerto Rico was without electricity, many businesses were unable to operate, and government authorities struggled to deliver emergency supplie s and clean drinking water to many communities outside the San Juan metropolitan area. Further, payment and delivery systems, including the U.S. Post Office, were unable to operate for weeks after hurricane Maria. Almost all of Oriental’s operation s and clients are located in Puerto Rico. Although Oriental’s business operations were disrupted by major damages to Puerto Rico’s critical infrastructure, including its electric power grid and telecommunications network, Oriental’s digital channels, core banking and electronic funds transfer systems continued to function uninterrupted during and after the hurricanes. Within days after hurricane Maria, and upon securing a continuing supply of diesel fuel for its electric power generators, Oriental was able to open its main offices and many of its branches and ATMs in addition to its digital and phone trade channels. As a result of this event and, based on current assessments of information available for the impact of the hurricanes on our credit portfolio, 2017 results included an additional loan loss provision of $32.4 million. Oriental implemented its disaster response plan as these storms approached its service areas. To operate in disaster response mode, Oriental incurred expenses for, among other things, buying diesel and generators for electric power, debris removal, security m easures, property damage mitigation, and emergency communication with customers regarding the status of its banking operations. The estimated total non-credit operating cost s as of December 31, 2017 amounted to $6.6 million. No additional losses have been incurred at December 31, 2018. Oriental maintains insurance for casualty losses as well as for disaster response costs and certain revenue lost through business interrupt ion. Oriental received a $1.0 million partial payment from its insurance c arrier during the year ended December 2017 and a $6.25 million payment during the year ended December 31, 2018. At December 31, 2017, a receivable of $1.2 million was included in other assets, the remaining $5 million was recognized as other non-interest income in the statement of operations during 2018.

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- Definition The entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=114868817 + Details
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