XML 81 R20.htm IDEA: XBRL DOCUMENT
v3.20.1

Borrowings and Related Interest | 3 Months Ended
--- | ---
Mar. 31, 2020
Borrowings and Related Interest [Abstract] |
Borrowings and Related Interest | NOTE 13— BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At March 31, 2020, 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. The following table shows Oriental’s repurchase agreements, excluding accrued interest in the amount of $103 thousand and $274 thousand at March 31, 2020 and December 31, 2019, respectively:
| March 31, |  | December 31,
| 2020 |  | 2019
| (In thousands)
Short-term fixed-rate repurchase agreements, interest ranging from 1.85% to 2.70% (December 31, 2019) | $ | - |  | $ | 140,000
Long-term fixed-rate repurchase agreements, interest ranging from 1.85% to 2.86% (December 31, 2019; 1.85% to 2.86%) |  | 50,000 |  |  | 50,000
Total assets sold under agreements to repurchase | $ | 50,000 |  | $ | 190,000
Repurchase agreements mature as follows:
| March 31, |  | December 31,
| 2020 |  | 2019
| (In thousands)
Less than 90 days | $ | - |  | $ | 140,000
Over 90-days |  | 50,000 |  |  | 50,000
Total | $ | 50,000 |  | $ | 190,000
During the quarter ended March 31, 2020 $140.0 million of repurchase agreements matured and were not renewed. The following securities were sold under agreements to repurchase:
| March 31, 2020
| Amortized |  |  |  | Approximate |  | Weighted
| Cost of |  |  |  | Fair Value |  | Average
| Underlying |  | Balance of |  | of Underlying |  | Interest Rate
Underlying Securities | Securities |  | Borrowing |  | Securities |  | of Security
| (Dollars in thousands)
FNMA and FHLMC Certificates | $ | 54,054 |  | $ | 50,000 |  | $ | 54,756 |  |  | 3.12%
Total | $ | 54,054 |  | $ | 50,000 |  | $ | 54,756 |  |  | 3.12%
| December 31, 2019
| Amortized |  |  |  | Approximate |  | Weighted
| Cost of |  |  |  | Fair Value |  | Average
| Underlying |  | Balance of |  | of Underlying |  | Interest Rate
Underlying Securities | Securities |  | Borrowing |  | Securities |  | of Security
| (Dollars in thousands)
FNMA and FHLMC Certificates | $ | 204,225 |  | $ | 190,000 |  | $ | 204,068 |  |  | 2.98%
Total | $ | 204,225 |  | $ | 190,000 |  | $ | 204,068 |  |  | 2.98%
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 March 31, 2020 and December 31, 2019, these advances were secured by mortgage and commercial loans amounting to $1.028 billion and $1.060 billion, respectively. Also, at March 31, 2020 and December 31, 2019, Oriental had an additional borrowing capacity with the FHLB-NY of $951 million and $983 million, respectively. At March 31, 2020 and December 31, 2019, the weighted average remaining maturity of FHLB’s advances was 20.8 months and 22.7 months, respectively. The original terms of these advances range between one day and seven years, and the FHLB-NY does not have the right to exercise put options at par on any advances outstanding as of March 31, 2020. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $154 thousand and $160 thousand, at March 31, 2020 and December 31, 2019, respectively:
|  | March 31, |  | December 31
|  |  | 2020 |  |  | 2019
|  |  | (In thousands)
Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 1.71% to 2.59% (December 31, 2019 - 1.85% to 2.59%) |  | $ | 39,967 |  | $ | 40,472
Long-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.92% to 3.24% (December 31, 2019 - 2.92% to 3.24% ) |  |  | 36,840 |  |  | 37,377
|  | $ | 76,807 |  | $ | 77,849
Advances from FHLB mature as follows:
|  | March 31, |  | December 31,
|  |  | 2020 |  |  | 2019
|  | (In thousands)
Under 90 days |  | $ | 39,967 |  | $ | 31,955
Over one to three years |  |  | - |  |  | 8,517
Over three to five years |  |  | 32,512 |  |  | 33,018
Over five years |  |  | 4,328 |  |  | 4,359
|  | $ | 76,807 |  | $ | 77,849
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 March 31, 2020 and December 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration