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Resticted Cash | 3 Months Ended
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Mar. 31, 2019
Restricted Cash [Abstract] |
Resticted Cash | NOTE 2 – RESTRICTED CASH The following table includes the composition of Oriental’s restricted cash:
| March 31, |  | December 31,
| 2019 |  | 2018
| (In thousands)
Cash pledged as collateral to other financial institutions to secure: |  |  |  |  |
Derivatives | $ | 1,980 |  | $ | 1,980
Obligations under agreement of loans sold with recourse |  | 1,050 |  |  | 1,050
| $ | 3,030 |  | $ | 3,030
At March 31, 2019 and December 31, 2018, the Bank’s international banking entities, OIB and Oriental Overseas, a division of the Bank, held short-term highly liquid securities in the amount of $305 thousand and $325 thousand, respectively, as the legal reserve required for international banking entities under Puerto Rico law. These instruments cannot be withdrawn or transferred by OIB or Oriental Overseas without prior written approval of the Office of the Commissio ner of Financial Institutions of Puerto Rico (the "OCFI"). As part of its derivative activities, Oriental has entered into collateral agreements with certain financial counterparties. At both March 31, 2019 and December 31, 2018, Oriental had deliver ed approximately $2.0 million of cash as collateral for such derivatives activities. Oriental has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At both March 31, 2019 and December 31, 2018, Oriental delivered as collateral cash amounting to approximately $1.1 million. The Bank is required by Puerto Rico law to maintain average weekly reserve balances to cover demand deposits. The amount of those minimum average reserve balances f or the week that covered March 31, 2019 was $21 2.2 million (December 31, 2018 - $211.6 million). At March 31, 2019 and December 31, 2018, the Bank complied with this requirement. Cash and due from bank as well as other short-term, highly liquid sec urities, are used to cover the required average reserve balances.

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- Definition The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. + References No definition available. + Details
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