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Restricted Cash | 6 Months Ended
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Jun. 30, 2019
Restricted Cash [Abstract] |
Restricted Cash | NOTE 3 – RESTRICTED CASH The following table includes the composition of Oriental’s restricted cash:
| June 30, |  | December 31,
| 2019 |  | 2018
| (In thousands)
Cash pledged as collateral to other financial institutions to secure: |  |  |  |  |
Derivatives | $ | - |  | $ | 1,980
Obligations under agreement of loans sold with recourse |  | 1,049 |  |  | 1,050
| $ | 1,049 |  | $ | 3,030
At June 30, 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 e ntities 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 These instruments cannot be withdrawn or transferred by OIB or Oriental Overseas without prior written approval of the Office of the Commissioner of Financial Institutions of Puerto Rico (the "OCFI"). As part of its derivat ive activities, Oriental enter s into collateral agreements with certain financial counterparties. At June 30, 2019 collateral agreement s ha ve expired. At December 31, 2018, Oriental had delivered approximately $2.0 million of cash as collateral for s uch derivatives activities. Oriental has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At June 30, 2019 and December 31, 2018, Oriental delivered as collateral cash amounting to approximately $1.0 million and $1.1 million, respectively. 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 for the week that covered June 30, 2019 was $208.3 million (December 31, 2018 - $211.6 million). At June 30, 2019 and December 31, 2018, the Bank complied with this requirement. Cash and due from bank as well as other short-term, highly liquid securities, 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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