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Loans | 12 Months Ended
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Dec. 31, 2011
Loans |
| 7. | Loans
The following table set forth details of the Bank’s loan portfolio:
(In thousands of US$) |  | December 31, |
|  | 2011 |  |  | 2010 |
Corporations: |  |  |  |  |  |  |  |
Private |  |  | 2,089,520 |  |  |  | 1,772,232 |
State-owned |  |  | 232,893 |  |  |  | 312,154 |
Banking and financial institutions: |  |  |  |  |  |  |  |
Private |  |  | 1,716,406 |  |  |  | 1,381,266 |
State-owned |  |  | 447,757 |  |  |  | 319,796 |
Middle-market companies: |  |  |  |  |  |  |  |
Private |  |  | 445,731 |  |  |  | 224,758 |
Sovereign |  |  | 27,266 |  |  |  | 54,126 |
Total |  |  | 4,959,573 |  |  |  | 4,064,332 |
The composition of the loan portfolio by industry is as follows:
(In thousands of US$) |  | December 31, |
|  | 2011 |  |  | 2010 |
Banking and financial institutions |  |  | 2,164,163 |  |  |  | 1,701,062 |
Industrial |  |  | 967,929 |  |  |  | 894,355 |
Oil and petroleum derived products |  |  | 645,875 |  |  |  | 616,708 |
Agricultural |  |  | 730,119 |  |  |  | 548,894 |
Mining |  |  | 37,723 |  |  |  | 111,639 |
Services |  |  | 264,895 |  |  |  | 61,587 |
Sovereign |  |  | 27,266 |  |  |  | 54,126 |
Others |  |  | 121,603 |  |  |  | 75,961 |
Total |  |  | 4,959,573 |  |  |  | 4,064,332 |
Loans classified by debtor’s credit quality indicators are as follows:
(In thousands of US$) |  | December 31, 2011 |
Rating (1) |  | Corporations |  |  | Banking and financial institutions |  |  | Middle-market companies |  |  | Sovereign |  |  | Total |
|  | Private |  |  | State-owned |  |  | Private |  |  | State-owned |  |  | Private |  |  |  |  |  |  |
1-6 |  |  | 2,057,520 |  |  |  | 232,893 |  |  |  | 1,716,406 |  |  |  | 447,757 |  |  |  | 445,731 |  |  |  | 27,266 |  |  |  | 4,927,573 |
7 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
8 |  |  | 24,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 24,000 |
9 |  |  | 8,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 8,000 |
10 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 2,089,520 |  |  |  | 232,893 |  |  |  | 1,716,406 |  |  |  | 447,757 |  |  |  | 445,731 |  |  |  | 27,266 |  |  |  | 4,959,573 |
(In thousands of US$) |  | December 31, 2010 |
Rating (1) |  | Corporations |  |  | Banking and financial institutions |  |  | Middle-market companies |  |  | Sovereign |  |  | Total |
|  | Private |  |  | State-owned |  |  | Private |  |  | State-owned |  |  | Private |  |  |  |  |  |  |
1-6 |  |  | 1,744,232 |  |  |  | 312,154 |  |  |  | 1,381,266 |  |  |  | 319,796 |  |  |  | 223,756 |  |  |  | 54,126 |  |  |  | 4,035,330 |
7 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
8 |  |  | 28,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,002 |  |  |  | - |  |  |  | 29,002 |
9 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
10 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 1,772,232 |  |  |  | 312,154 |  |  |  | 1,381,266 |  |  |  | 319,796 |  |  |  | 224,758 |  |  |  | 54,126 |  |  |  | 4,064,332 |
| (1) | Current ratings as of December 31, 2011 and 2010, respectively.
The remaining loan maturities are summarized as follows:
(In thousands of US$) |  | December 31, |
|  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |
Up to 1 month |  |  | 395,091 |  |  |  | 473,836 |
From 1 month to 3 months |  |  | 1,110,307 |  |  |  | 705,147 |
From 3 months to 6 months |  |  | 1,095,632 |  |  |  | 942,989 |
From 6 months to 1 year |  |  | 767,526 |  |  |  | 718,649 |
From 1 year to 2 years |  |  | 539,077 |  |  |  | 463,969 |
From 2 years to 5 years |  |  | 1,000,486 |  |  |  | 703,397 |
More than 5 years |  |  | 18,654 |  |  |  | 27,343 |
|  |  | 4,926,773 |  |  |  | 4,035,330 |
Delinquent |  |  | 800 |  |  |  | - |
Restructured and impaired: |  |  |  |  |  |  |  |
Current balances with impairment |  |  | 32,000 |  |  |  | 28,000 |
Past due balances with impairment |  |  | - |  |  |  | 1,002 |
|  |  | 32,000 |  |  |  | 29,002 |
Total |  |  | 4,959,573 |  |  |  | 4,064,332 |
The following table provides a breakdown of loans by country risk:
(In thousands of US$) |  | December 31, |
|  | 2011 |  |  | 2010 |
Country: |  |  |  |  |  |  |  |
Argentina |  |  | 389,591 |  |  |  | 237,062 |
Brazil |  |  | 1,852,152 |  |  |  | 1,582,761 |
Chile |  |  | 376,297 |  |  |  | 328,447 |
Colombia |  |  | 734,213 |  |  |  | 584,549 |
Costa Rica |  |  | 109,263 |  |  |  | 87,537 |
Dominican Republic |  |  | 118,275 |  |  |  | 135,291 |
Ecuador |  |  | 21,676 |  |  |  | 18,121 |
El Salvador |  |  | 21,098 |  |  |  | 39,036 |
Germany |  |  | 5,000 |  |  |  | - |
Guatemala |  |  | 161,107 |  |  |  | 92,104 |
Honduras |  |  | 45,509 |  |  |  | 37,518 |
Jamaica |  |  | 1,768 |  |  |  | 64,457 |
Mexico |  |  | 416,353 |  |  |  | 403,829 |
Netherlands |  |  | 20,000 |  |  |  | - |
Nicaragua |  |  | 9,995 |  |  |  | - |
Panama |  |  | 118,526 |  |  |  | 47,485 |
Paraguay |  |  | 30,286 |  |  |  | - |
Peru |  |  | 341,784 |  |  |  | 343,135 |
Spain |  |  | 340 |  |  |  | - |
Trinidad and Tobago |  |  | 76,340 |  |  |  | 63,000 |
Uruguay |  |  | 110,000 |  |  |  | - |
|  |  | 4,959,573 |  |  |  | 4,064,332 |
The fixed and floating interest rate distribution of the loan portfolio is as follows:
|  | December 31, |
(In thousands of US$) |  | 2011 |  |  | 2010 |
Fixed interest rates |  |  | 2,360,115 |  |  |  | 2,003,631 |
Floating interest rates |  |  | 2,599,458 |  |  |  | 2,060,701 |
|  |  | 4,959,573 |  |  |  | 4,064,332 |
As of December 31, 2011 and 2010, 84% and 88%, respectively, of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. The following is a summary of information in non-accruing loans, and interest amounts on non-accruing loans:
(In thousands of US$) |  | December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Loans in non-accrual status |  |  |  |  |  |  |  |  |  |  |  |
Private corporations |  |  | 32,000 |  |  |  | 28,000 |  |  |  | 39,000 |
Private middle-market companies |  |  | - |  |  |  | 1,002 |  |  |  | 11,534 |
Total loans in non-accrual status |  |  | 32,000 |  |  |  | 29,002 |  |  |  | 50,534 |
Foregone interest revenue at beginning of the year |  |  | 996 |  |  |  | 928 |  |  |  | - |
Interest which would have been recorded if the loans had not been in a non-accrual status |  |  | 2,325 |  |  |  | 3,403 |  |  |  | 1,775 |
Interest income collected on non-accruing loans |  |  | (2,375 | ) |  |  | (3,335 | ) |  |  | (847 | )
Foregone interest revenue at end of the year |  |  | 946 |  |  |  | 996 |  |  |  | 928 |
An analysis of non-accruing loans with impaired balances as of December 31, 2011 and 2010 is detailed as follows:
(In thousands of US$) |  | December 31, 2011 |  |  | 2011 |
|  | Recorded investment |  |  | Unpaid principal balance |  |  | Related allowance |  |  | Average principal loan balance |  |  | Interest income recognized |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private corporations |  |  | 32,000 |  |  |  | 32,000 |  |  |  | 14,800 |  |  |  | 26,860 |  |  |  | 2,375 |
Total |  |  | 32,000 |  |  |  | 32,000 |  |  |  | 14,800 |  |  |  | 26,860 |  |  |  | 2,375 |
(In thousands of US$) |  | December 31, 2010 |  |  | 2010 |
|  | Recorded investment |  |  | Unpaid principal balance |  |  | Related allowance |  |  | Average principal loan balance |  |  | Interest income recognized |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private corporations |  |  | 28,000 |  |  |  | 28,000 |  |  |  | 11,200 |  |  |  | 29,151 |  |  |  | 2,492 |
Private middle-market companies |  |  | 1,002 |  |  |  | 1,002 |  |  |  | 300 |  |  |  | 887 |  |  |  | - |
Total |  |  | 29,002 |  |  |  | 29,002 |  |  |  | 11,500 |  |  |  | 30,038 |  |  |  | 2,492 |
As of December 31, 2011 and 2010, there were no impaired loans without related allowance. As of December 31, 2011 and 2010, the Bank did not have any troubled debt restructurings. The following table presents an aging analysis of the loan portfolio:
(In thousands of US$) |  | December 31, 2011 |
|  | 91-120 days |  |  | 121-150 days |  |  | 151-180 days |  |  | Greater than 180 days |  |  | Total Past Due |  |  | Delinquent |  |  | Current |  |  | Total Loans |
Corporations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,322,413 |  |  |  | 2,322,413 |
Banking and financial institutions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,164,163 |  |  |  | 2,164,163 |
Middle-market companies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 800 |  |  |  | 444,931 |  |  |  | 445,731 |
Sovereign |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 27,266 |  |  |  | 27,266 |
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 800 |  |  |  | 4,958,773 |  |  |  | 4,959,573 |
(In thousands of US$) |  | December 31, 2010 |
|  | 91-120 days |  |  | 121-150 days |  |  | 151-180 days |  |  | Greater than 180 days |  |  | Total Past Due |  |  | Delinquent |  |  | Current |  |  | Total Loans |
Corporations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,084,386 |  |  |  | 2,084,386 |
Banking and financial institutions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,701,062 |  |  |  | 1,701,062 |
Middle-market companies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,002 |  |  |  | 1,002 |  |  |  | - |  |  |  | 223,756 |  |  |  | 224,758 |
Sovereign |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 54,126 |  |  |  | 54,126 |
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,002 |  |  |  | 1,002 |  |  |  | - |  |  |  | 4,063,330 |  |  |  | 4,064,332 |
As of December 31, 2011 and 2010, the Bank has credit transactions in the normal course of business with 29% and 25%, respectively, of its Class “A” and “B” stockholders (see Note 15). All transactions are made based on arm’s-length terms and subject to prevailing commercial criteria and market rates and are subject to all of the Bank’s corporate governance and control procedures. As of December 31, 2011 and 2010, approximately 19% and 15%, respectively, of the outstanding loan portfolio is placed with the Bank’s Class “A” and “B” stockholders and their related parties. As of December 31, 2011, the Bank was not directly or indirectly owned or controlled by another corporation or any foreign government, and no Class “A” or “B” shareholder was the registered owner of more than 3.5% of the total outstanding shares of the voting capital stock of the Bank. During the years 2011 and 2010, the Bank sold loans with a book value of $9.3 million and $20 million, respectively, with a net gain of $64 thousand and $201 thousand, respectively.

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- Definition The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph k Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524 + Details
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