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Investment securities | 12 Months Ended
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Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract] |
Investment securities: |
6. | Investment securities
Securities available-for-sale The amortized cost, related unrealized gross gain (loss) and fair value of securities available-for-sale by country risk and type of debt, are as follows:
|  | December 31, 2012 |
(In thousands of US$) |  | Amortized Cost |  |  | Unrealized Gross Gain |  |  | Unrealized Gross Loss |  |  | Fair Value |
Corporate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazil |  |  | 13,581 |  |  |  | 158 |  |  |  | - |  |  |  | 13,739 |
Colombia |  |  | 986 |  |  |  | 60 |  |  |  | - |  |  |  | 1,046 |
Chile |  |  | 1,967 |  |  |  | 87 |  |  |  | - |  |  |  | 2,054 |
Peru |  |  | 530 |  |  |  | 17 |  |  |  | - |  |  |  | 547 |
|  |  | 17,064 |  |  |  | 322 |  |  |  | - |  |  |  | 17,386 |
Sovereign debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazil |  |  | 28,783 |  |  |  | 1,965 |  |  |  | - |  |  |  | 30,748 |
Colombia |  |  | 15,489 |  |  |  | - |  |  |  | 199 |  |  |  | 15,290 |
Chile |  |  | 1,061 |  |  |  | 1 |  |  |  | - |  |  |  | 1,062 |
Honduras |  |  | 15,986 |  |  |  | 224 |  |  |  | - |  |  |  | 16,210 |
Mexico |  |  | 20,553 |  |  |  | 1,779 |  |  |  | - |  |  |  | 22,332 |
Panama |  |  | 37,845 |  |  |  | 1,828 |  |  |  | - |  |  |  | 39,673 |
Venezuela |  |  | 39,548 |  |  |  | 801 |  |  |  | 33 |  |  |  | 40,316 |
|  |  | 159,265 |  |  |  | 6,598 |  |  |  | 232 |  |  |  | 165,631 |
Total |  |  | 176,329 |  |  |  | 6,920 |  |  |  | 232 |  |  |  | 183,017 |
|  | December 31, 2011 |
(In thousands of US$) |  | Amortized Cost |  |  | Unrealized Gross Gain |  |  | Unrealized Gross Loss |  |  | Fair Value |
Corporate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazil |  |  | 45,937 |  |  |  | 152 |  |  |  | 2,094 |  |  |  | 43,995 |
Colombia |  |  | 28,169 |  |  |  | 89 |  |  |  | - |  |  |  | 28,258 |
Peru |  |  | 14,916 |  |  |  | 29 |  |  |  | - |  |  |  | 14,945 |
|  |  | 89,022 |  |  |  | 270 |  |  |  | 2,094 |  |  |  | 87,198 |
Sovereign debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazil |  |  | 44,541 |  |  |  | 2,401 |  |  |  | 376 |  |  |  | 46,566 |
Colombia |  |  | 59,204 |  |  |  | 1,682 |  |  |  | 230 |  |  |  | 60,656 |
Guatemala |  |  | 5,469 |  |  |  | - |  |  |  | 19 |  |  |  | 5,450 |
Honduras |  |  | 16,384 |  |  |  | - |  |  |  | 166 |  |  |  | 16,218 |
Mexico |  |  | 63,094 |  |  |  | 2,456 |  |  |  | 62 |  |  |  | 65,488 |
Panama |  |  | 46,796 |  |  |  | 2,227 |  |  |  | 61 |  |  |  | 48,962 |
Peru |  |  | 25,487 |  |  |  | 602 |  |  |  | - |  |  |  | 26,089 |
Venezuela |  |  | 59,291 |  |  |  | 577 |  |  |  | 195 |  |  |  | 59,673 |
|  |  | 320,266 |  |  |  | 9,945 |  |  |  | 1,109 |  |  |  | 329,102 |
Total |  |  | 409,288 |  |  |  | 10,215 |  |  |  | 3,203 |  |  |  | 416,300 |
As of December 31, 2012 and 2011, securities available-for-sale with a carrying value of $152.3 million and $375.5 million, respectively, were pledged to secure repurchase transactions accounted for as secured financings. The following table discloses those securities that have had unrealized losses for less than 12 months and for 12 months or longer:
|  | December 31, 2012 |
(In thousands of US$) |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Gross Losses |  |  | Fair Value |  |  | Unrealized Gross Losses |  |  | Fair Value |  |  | Unrealized Gross Losses |
Sovereign debt |  |  | 10,188 |  |  |  | 79 |  |  |  | 10,009 |  |  |  | 153 |  |  |  | 20,197 |  |  |  | 232 |
|  |  | 10,188 |  |  |  | 79 |  |  |  | 10,009 |  |  |  | 153 |  |  |  | 20,197 |  |  |  | 232 |
|  | December 31, 2011 |
(In thousands of US$) |  | Less than 12 months |  |  | 12 months or longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Gross Losses |  |  | Fair Value |  |  | Unrealized Gross Losses |  |  | Fair Value |  |  | Unrealized Gross Losses |
Corporate debt |  |  | 33,366 |  |  |  | 2,094 |  |  |  | - |  |  |  | - |  |  |  | 33,366 |  |  |  | 2,094 |
Sovereign debt |  |  | 110,589 |  |  |  | 1,109 |  |  |  | - |  |  |  | - |  |  |  | 110,589 |  |  |  | 1,109 |
|  |  | 143,955 |  |  |  | 3,203 |  |  |  | - |  |  |  | - |  |  |  | 143,955 |  |  |  | 3,203 |
Gross unrealized losses are related mainly to changes in market interest rates and other market factors and not due to underlying credit concerns by the Bank about the issuers. The sovereign debt that shows an unrealized gross loss for more than twelve months relates to a counterparty whose payment performance is and continues to be strong. The price of the bond in question has seen a recovery during 2012. Historically, this counterparty has not failed to perform on its obligations. As of December 31, 2012 the Bank does not intent to sell and will not be required to sell this security available-for-sale showing gross unrealized losses before the recovery of its amortized cost. As a result, the Bank does not consider this exposure to be other-than temporary impaired. The following table presents the realized gains and losses on sale of securities available-for-sale:
(In thousands of US$) |  | Year ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Gains |  |  | 6,141 |  |  |  | 3,825 |  |  |  | 2,346 |
Losses |  |  | (111 | ) |  |  | (412 | ) |  |  | - |
Net |  |  | 6,030 |  |  |  | 3,413 |  |  |  | 2,346 |
The amortized cost and fair value of securities available-for-sale by contractual maturity as of December 31, 2012, are shown in the following table:
(In thousands of US$) |  | Amortized Cost |  |  | Fair Value |
Due within 1 year |  |  | 34,574 |  |  |  | 34,815 |
After 1 year but within 5 years |  |  | 133,298 |  |  |  | 139,661 |
After 5 years but within 10 years |  |  | 8,457 |  |  |  | 8,541 |
|  |  | 176,329 |  |  |  | 183,017 |
Securities held-to-maturity The amortized cost, related unrealized gross gain (loss) and fair value of securities held-to-maturity by country risk and type of debt are as follows:
|  | December 31, 2012 |
(In thousands of US$) |  | Amortized Cost |  |  | Unrealized Gross Gain |  |  | Unrealized Gross Loss |  |  | Fair Value |
Corporate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Panama |  |  | 12,660 |  |  |  | - |  |  |  | - |  |  |  | 12,660 |
Sovereign debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  | 13,011 |  |  |  | 4 |  |  |  | 3 |  |  |  | 13,012 |
Honduras |  |  | 6,442 |  |  |  | 9 |  |  |  | 19 |  |  |  | 6,432 |
Panama |  |  | 2,000 |  |  |  | 45 |  |  |  | - |  |  |  | 2,045 |
|  |  | 21,453 |  |  |  | 58 |  |  |  | 22 |  |  |  | 21,489 |
Total |  |  | 34,113 |  |  |  | 58 |  |  |  | 22 |  |  |  | 34,149 |
|  | December 31, 2011 |
(In thousands of US$) |  | Amortized Cost |  |  | Unrealized Gross Gain |  |  | Unrealized Gross Loss |  |  | Fair Value |
Corporate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Panama |  |  | 7,050 |  |  |  | - |  |  |  | - |  |  |  | 7,050 |
Sovereign debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Colombia |  |  | 13,015 |  |  |  | 40 |  |  |  | - |  |  |  | 13,055 |
Honduras |  |  | 4,471 |  |  |  | 1 |  |  |  | - |  |  |  | 4,472 |
Panama |  |  | 2,000 |  |  |  | 60 |  |  |  | - |  |  |  | 2,060 |
|  |  | 19,486 |  |  |  | 101 |  |  |  | - |  |  |  | 19,587 |
Total |  |  | 26,536 |  |  |  | 101 |  |  |  | - |  |  |  | 26,637 |
Securities that show gross unrealized losses have had losses for less than 12 months. These losses are related mainly to changes in market interest rates and other market factors and not due to underlying credit concerns by the Bank about the issuers therefore, such losses are considered temporary. The amortized cost and fair value of securities held-to-maturity by contractual maturity as of December 31, 2012, are shown in the following table:
(In thousands of US$) |  | Amortized Cost |  |  | Fair Value |
Due within 1 year |  |  | 18,960 |  |  |  | 19,014 |
After 1 year but within 5 years |  |  | 15,153 |  |  |  | 15,135 |
|  |  | 34,113 |  |  |  | 34,149 |
As of December 31, 2012 and 2011, securities held-to-maturity with a carrying value of $19.4 million and $17.5 million, respectively, were pledged to secure repurchase transactions accounted for as secured financings.

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- Definition The entire disclosure for all debt securities such as negotiable commercial paper, bonds and floating rate notes classified at the date of purchase based on the ability and intent to sell them prior maturity (Available for Sale) or hold them as investments (Held to Maturity). + References No definition available. + Details
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- Details
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