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Loans | 12 Months Ended
--- | ---
Dec. 31, 2012
Receivables [Abstract] |
Loans |
| 8. | Loans
The following table set forth details of the Bank’s loan portfolio:
(In thousands of US$) |  | December 31, |
|  | 2012 |  |  | 2011 |
Corporations: |  |  |  |  |  |  |  |
Private |  |  | 2,202,613 |  |  |  | 2,089,520 |
State-owned |  |  | 538,638 |  |  |  | 232,893 |
Banking and financial institutions: |  |  |  |  |  |  |  |
Private |  |  | 1,775,938 |  |  |  | 1,716,406 |
State-owned |  |  | 416,085 |  |  |  | 447,757 |
Middle-market companies: |  |  |  |  |  |  |  |
Private |  |  | 681,912 |  |  |  | 445,731 |
Sovereign |  |  | 100,370 |  |  |  | 27,266 |
Total |  |  | 5,715,556 |  |  |  | 4,959,573 |
The composition of the loan portfolio by industry is as follows:
(In thousands of US$) |  | December 31, |
|  | 2012 |  |  | 2011 |
Banking and financial institutions |  |  | 2,192,023 |  |  |  | 2,164,163 |
Industrial |  |  | 1,108,223 |  |  |  | 967,929 |
Oil and petroleum derived products |  |  | 894,368 |  |  |  | 645,875 |
Agricultural |  |  | 853,377 |  |  |  | 730,119 |
Services |  |  | 210,925 |  |  |  | 264,895 |
Mining |  |  | 22,122 |  |  |  | 37,723 |
Sovereign |  |  | 100,370 |  |  |  | 27,266 |
Others |  |  | 334,148 |  |  |  | 121,603 |
Total |  |  | 5,715,556 |  |  |  | 4,959,573 |
Loans classified by debtor’s credit quality indicators are as follows:
(In thousands of US$) |  | December 31, 2012 |
Rating (1) |  | Corporations |  |  | Banking and financial institutions |  |  | Middle-market companies |  |  | Sovereign |  |  | Total |
|  | Private |  |  | State-owned |  |  | Private |  |  | State-owned |  |  | Private |  |  |  |  |  |  |
1-6 |  |  | 2,202,613 |  |  |  | 538,638 |  |  |  | 1,775,938 |  |  |  | 416,085 |  |  |  | 681,912 |  |  |  | 100,370 |  |  |  | 5,715,556 |
7 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
8 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
9 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
10 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  |  | 2,202,613 |  |  |  | 538,638 |  |  |  | 1,775,938 |  |  |  | 416,085 |  |  |  | 681,912 |  |  |  | 100,370 |  |  |  | 5,715,556 |
(In thousands of US$) |  | 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 |
| (1) | Current ratings as of December 31, 2012 and 2011, respectively.
The remaining loan maturities are summarized as follows:
(In thousands of US$) |  | December 31, |
|  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |  |  |
Up to 1 month |  |  | 1,155,222 |  |  |  | 395,091 |
From 1 month to 3 months |  |  | 1,475,201 |  |  |  | 1,110,307 |
From 3 months to 6 months |  |  | 962,377 |  |  |  | 1,095,632 |
From 6 months to 1 year |  |  | 752,822 |  |  |  | 767,526 |
From 1 year to 2 years |  |  | 662,511 |  |  |  | 539,077 |
From 2 years to 5 years |  |  | 692,884 |  |  |  | 1,000,486 |
More than 5 years |  |  | 14,539 |  |  |  | 18,654 |
|  |  | 5,715,556 |  |  |  | 4,926,773 |
Delinquent |  |  | - |  |  |  | 800 |
Restructured and impaired: |  |  |  |  |  |  |  |
Current balances with impairment |  |  | - |  |  |  | 32,000 |
Past due balances with impairment |  |  | - |  |  |  | - |
|  |  | - |  |  |  | 32,000 |
Total |  |  | 5,715,556 |  |  |  | 4,959,573 |
The following table provides a breakdown of loans by country risk:
(In thousands of US$) |  | December 31, |
|  | 2012 |  |  | 2011 |
Country: |  |  |  |  |  |  |  |
Argentina |  |  | 222,159 |  |  |  | 389,591 |
Belgium |  |  | 30,692 |  |  |  | - |
Brazil |  |  | 1,773,401 |  |  |  | 1,852,152 |
Chile |  |  | 309,712 |  |  |  | 376,297 |
Colombia |  |  | 450,037 |  |  |  | 734,213 |
Costa Rica |  |  | 196,857 |  |  |  | 109,263 |
Dominican Republic |  |  | 110,688 |  |  |  | 118,275 |
Ecuador |  |  | 173,782 |  |  |  | 21,676 |
El Salvador |  |  | 66,013 |  |  |  | 21,098 |
France |  |  | 59,501 |  |  |  | - |
Germany |  |  | - |  |  |  | 5,000 |
Guatemala |  |  | 273,051 |  |  |  | 161,107 |
Honduras |  |  | 70,701 |  |  |  | 45,509 |
Jamaica |  |  | 9,772 |  |  |  | 1,768 |
Mexico |  |  | 495,954 |  |  |  | 416,353 |
Netherlands |  |  | 77,336 |  |  |  | 20,000 |
Nicaragua |  |  | 10,169 |  |  |  | 9,995 |
Panama |  |  | 277,144 |  |  |  | 118,526 |
Paraguay |  |  | 27,060 |  |  |  | 30,286 |
Peru |  |  | 841,032 |  |  |  | 341,784 |
Spain |  |  | 9,695 |  |  |  | 340 |
Trinidad and Tobago |  |  | 119,347 |  |  |  | 76,340 |
United States |  |  | 2,925 |  |  |  | - |
Uruguay |  |  | 108,528 |  |  |  | 110,000 |
|  |  | 5,715,556 |  |  |  | 4,959,573 |
The fixed and floating interest rate distribution of the loan portfolio is as follows:
(In thousands of US$) |  | December 31, |
|  | 2012 |  |  | 2011 |
Fixed interest rates |  |  | 3,282,876 |  |  |  | 2,360,115 |
Floating interest rates |  |  | 2,432,680 |  |  |  | 2,599,458 |
|  |  | 5,715,556 |  |  |  | 4,959,573 |
As of December 31, 2012 and 2011, 92% and 84%, respectively, of the loan portfolio at fixed interest rates has remaining maturities of less than 180 days. The following is a summary of information in non-accruing loans, and interest amounts on non-accruing loans:
(In thousands of US$) |  | December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Loans in non-accrual status |  |  |  |  |  |  |  |  |  |  |  |
Private corporations |  |  | - |  |  |  | 32,000 |  |  |  | 28,000 |
Private middle-market companies |  |  | - |  |  |  | - |  |  |  | 1,002 |
Total loans in non-accrual status |  |  | - |  |  |  | 32,000 |  |  |  | 29,002 |
Interest which would have been recorded if the loans had not been in a non-accrual status |  |  | - |  |  |  | 2,325 |  |  |  | 3,403 |
Interest income collected on non-accruing loans |  |  | 2,288 |  |  |  | 2,375 |  |  |  | 3,335 |
An analysis of non-accruing loans with impaired balances as of December 31, 2012 and 2011 is detailed as follows:
(In thousands of US$) |  | December 31, 2012 |  |  | 2012 |
|  | Recorded investment |  |  | Unpaid principal balance |  |  | Related allowance |  |  | Average principal loan balance |  |  | Interest income recognized |
With an allowance recorded |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Private corporations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,288 |
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,288 |
(In thousands of US$) |  | 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 |
As of December 31, 2012 and 2011, there were no impaired loans without related allowance. As of December 31, 2012 and 2011, the Bank did not have any troubled debt restructurings. The following table presents an aging analysis of the loan portfolio:
(In thousands of US$) |  | December 31, 2012 |
|  | 91-120 days |  |  | 121-150 days |  |  | 151-180 days |  |  | Greater than 180 days |  |  | Total Past Due |  |  | Delinquent |  |  | Current |  |  | Total Loans |
Corporations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,741,251 |  |  |  | 2,741,251 |
Banking and financial institutions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,192,023 |  |  |  | 2,192,023 |
Middle-market companies |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 681,912 |  |  |  | 681,912 |
Sovereign |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,370 |  |  |  | 100,370 |
Total |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,715,556 |  |  |  | 5,715,556 |
(In thousands of US$) |  | 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 |
As of December 31, 2012 and 2011, the Bank has credit transactions in the normal course of business with 29% of its Class “A” and “B” stockholders (see Note 16). 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, 2012 and 2011, approximately 18% and 19%, 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, 2012, 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 2012, 2011 and 2010, the Bank sold loans with a book value of $146.2 million, $9.3 million and $20 million, respectively, with a net gain of $1,147 thousand, $64 thousand and $201 thousand in 2012, 2011 and 2010, respectively.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=7880640&loc=SL6953791-111525 + Details
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