Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | OFG Bancorp | ||
Entity Central Index Key | 0001030469 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock Shares Outstanding | 51,393,477 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 001-12647 | ||
Entity Incorporation State Country Code | PR | ||
Entity Tax Identification Number | 66-0538893 | ||
Entity Address Address Line 1 | 254 Muñoz Rivera Avenue | ||
Entity Address City Or Town | San Juan | ||
Entity Address Country | PR | ||
Entity Address Postal Zip Code | 00918 | ||
City Area Code | 787 | ||
Local Phone Number | 771-6800 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Public Float | $ 686.4 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Documents Incorporated By Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Company’s definitive proxy statement relating to the 2021 annual meeting of shareholders are incorporated herein by reference in response to Items 10 through 14 of Part III, except for certain information set forth herein under Item 12. | ||
Icfr Auditor Attestation Flag | true | ||
Common Stock [Member] | |||
Entity Listings [Line Items] | |||
Security 12b Title | Common shares, par value $1.00 per share | ||
Trading Symbol | OFG | ||
Security Exchange Name | NYSE | ||
Series A | |||
Entity Listings [Line Items] | |||
Security 12b Title | 7.125% Noncumulative Monthly Income Preferred Stock, Series A | ||
Trading Symbol | OFG.PRA | ||
Security Exchange Name | NYSE | ||
Series B | |||
Entity Listings [Line Items] | |||
Security 12b Title | 7.0% Noncumulative Monthly Income Preferred Stock, Series B | ||
Trading Symbol | OFG.PRB | ||
Security Exchange Name | NYSE | ||
Series D | |||
Entity Listings [Line Items] | |||
Security 12b Title | 7.125% Noncumulative Perpetual Preferred Stock, Series D | ||
Trading Symbol | OFG.PRD | ||
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 2,142,294 | $ 844,532 |
Money market investments | 11,908 | 6,775 |
Total cash and cash equivalents | 2,154,202 | 851,307 |
Restricted cash | 1,375 | 1,450 |
Investments: | ||
Trading securities, at fair value, with amortized cost of $432 (December 31, 2019 - $182) | 22 | 37 |
Investment securities available-for-sale, at fair value, with amortized cost of $432,176 (December 31, 2019, amortized cost $1,074,475); no allowance for credit losses | 446,438 | 1,074,169 |
Federal Home Loan Bank (FHLB) stock, at cost | 8,278 | 13,048 |
Other investments | 3,962 | 560 |
Total investments | 458,700 | 1,087,814 |
Loans: | ||
Loans held-for-sale, at lower of cost or fair value | 43,935 | 19,591 |
Loans held for investment, net of allowance for credit losses of $204,809 (December 31, 2019 - $116,539) | 6,457,324 | 6,622,256 |
Total loans | 6,501,259 | 6,641,847 |
Other assets: | ||
Foreclosed real estate | 11,596 | 29,909 |
Accrued interest receivable | 65,547 | 37,120 |
Deferred tax asset, net | 162,478 | 176,740 |
Premises and equipment, net | 83,786 | 81,105 |
Customers' liability on acceptances | 33,349 | 21,599 |
Servicing assets | 47,295 | 50,779 |
Goodwill | 86,069 | 86,069 |
Other intangible assets | 45,896 | 56,965 |
Operating lease right-of-use assets | 31,383 | 39,112 |
Other assets | 143,076 | 135,845 |
Total assets | 9,826,011 | 9,297,661 |
Deposits: | ||
Demand deposits | 4,613,309 | 3,579,115 |
Savings accounts | 1,944,415 | 1,836,480 |
Time deposits | 1,857,916 | 2,283,015 |
Total deposits | 8,415,640 | 7,698,610 |
Borrowings: | ||
Securities sold under agreements to repurchase | 0 | 190,274 |
Advances from FHLB | 65,561 | 78,009 |
Subordinated capital notes | 36,083 | 36,083 |
Other borrowings | 707 | 1,195 |
Total borrowings | 102,351 | 305,561 |
Other liabilities: | ||
Derivative liabilities | 1,712 | 913 |
Acceptances executed and outstanding | 33,349 | 21,599 |
Operating lease liabilities | 32,566 | 39,840 |
Accrued expenses and other liabilities | 154,418 | 185,660 |
Total liabilities | 8,740,036 | 8,252,183 |
Commitments and contingencies (See Note 26) | ||
Stockholders' equity: | ||
Preferred stock; 10,000,000 shares authorized; 1,340,000 shares of Series A, 1,380,000 shares of Series B, and 960,000 shares of Series D issued and outstanding (December 31, 2019 - 1,340,000 shares; 1,380,000 shares; and 960,000 shares) $25 liquidation value | 92,000 | 92,000 |
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 51,387,071 shares outstanding (December 31, 2019 - $59,885,234; 51,398,956) | 59,885 | 59,885 |
Additional paid-in capital | 622,652 | 621,515 |
Legal surplus | 103,269 | 95,779 |
Retained earnings | 300,096 | 279,646 |
Treasury stock, at cost, 8,498,163 shares (December 31, 2019 - 8,486,278 shares) | (102,949) | (102,339) |
Accumulated other comprehensive income (loss), net of tax of $-1,529 (December 31, 2019 - $206) | 11,022 | (1,008) |
Total stockholders' equity | 1,085,975 | 1,045,478 |
Total liabilities and stockholders' equity | $ 9,826,011 | $ 9,297,661 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortized cost of trading securities | $ 432,000 | $ 182,000 |
Amortized cost of investment securities available-for-sale | 432,176,000 | 1,074,475,000 |
Allowance for loan losses | $ 204,809,000 | $ 116,539,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 59,885,234 | 59,885,234 |
Common stock, shares outstanding | 51,387,071 | 51,398,956 |
Treasury stock, at cost, shares | 8,498,163 | 8,486,278 |
Tax effect on accumulated other comprehensive income (loss) | $ (1,529,000) | $ 206,000 |
Investment available-for-sale, allowance for credit loss | $ 0 | $ 0 |
Series A | ||
Preferred stock, shares issued | 1,340,000 | 1,340,000 |
Preferred stock, shares outstanding | 1,340,000 | 1,340,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series B | ||
Preferred stock, shares issued | 1,380,000 | 1,380,000 |
Preferred stock, shares outstanding | 1,380,000 | 1,380,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series D | ||
Preferred stock, shares issued | 960,000 | 960,000 |
Preferred stock, shares outstanding | 960,000 | 960,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income: | |||
Loans | $ 457,435 | $ 339,875 | $ 321,381 |
Mortgage-backed securities | 7,558 | 19,854 | 31,190 |
Investment securities and other | 8,354 | 14,066 | 7,848 |
Total interest income | 473,347 | 373,795 | 360,419 |
Interest expense: | |||
Deposits | 60,198 | 39,355 | 32,953 |
Securities sold under agreements to repurchase | 1,335 | 7,423 | 7,794 |
Advances from FHLB and other borrowings | 1,988 | 2,212 | 1,875 |
Subordinated capital notes | 1,394 | 2,012 | 1,903 |
Total interest expense | 64,915 | 51,002 | 44,525 |
Net interest income | 408,432 | 322,793 | 315,894 |
Provision for credit losses | 92,672 | 96,792 | 56,108 |
Net interest income after provision for credit losses | 315,760 | 226,001 | 259,786 |
Non-interest income: | |||
Banking service revenue | 62,579 | 42,866 | 43,638 |
Wealth management revenue | 31,789 | 26,224 | 25,934 |
Mortgage banking activities | 16,504 | 4,275 | 4,767 |
Total banking and financial service revenues | 110,872 | 73,365 | 74,339 |
Net gain on: | |||
Sale of securities | 4,728 | 8,274 | 0 |
Early extinguishment of debt | (63) | (7) | 0 |
Bargain purchase from Scotiabank PR & USVI acquisition | 7,336 | 315 | 0 |
Other non-interest income | 1,479 | 546 | 5,756 |
Total non-interest income, net | 124,352 | 82,493 | 80,095 |
Non-interest expense: | |||
Compensation and employee benefits | 132,926 | 82,533 | 76,524 |
Occupancy, equipment and infrastructure costs | 47,283 | 30,052 | 33,084 |
Electronic banking charges | 34,698 | 21,244 | 21,234 |
Information technology expenses | 20,823 | 9,865 | 8,227 |
Professional and service fees | 17,135 | 14,629 | 12,442 |
Taxes, other than payroll and income taxes | 13,831 | 8,749 | 9,017 |
Insurance | 11,424 | 3,309 | 6,249 |
Loss on sale of foreclosed real estate, other repossessed assets and credit related expenses | 7,767 | 11,498 | 13,552 |
Loan servicing and clearing expenses | 6,752 | 4,853 | 4,810 |
Advertising, business promotion, and strategic initiatives | 5,851 | 5,208 | 5,084 |
Communication | 4,067 | 3,315 | 3,447 |
Printing, postage, stationary and supplies | 3,847 | 2,468 | 2,217 |
Director and investor relations | 1,174 | 1,216 | 1,089 |
Merger and restructuring charges | 16,083 | 24,054 | 0 |
Pandemic expenses | 5,795 | 0 | 0 |
Other | 15,830 | 10,251 | 10,105 |
Total non-interest expense | 345,286 | 233,244 | 207,081 |
Income before income taxes | 94,826 | 75,250 | 132,800 |
Income tax expense | 20,499 | 21,409 | 48,390 |
Net income | 74,327 | 53,841 | 84,410 |
Less: dividends on preferred stock | (6,512) | (6,512) | (12,024) |
Income available to common shareholders | $ 67,815 | $ 47,329 | $ 72,386 |
Earnings per common share: | |||
Basic | $ 1.32 | $ 0.92 | $ 1.59 |
Diluted | $ 1.32 | $ 0.92 | $ 1.52 |
Average common shares outstanding and equivalents | 51,555 | 51,719 | 51,349 |
Cash dividends per share of common stock | $ 0.28 | $ 0.28 | $ 0.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 74,327 | $ 53,841 | $ 84,410 |
Other comprehensive income (loss) before tax: | |||
Unrealized gain (loss) on securities available-for-sale | 19,296 | 20,622 | (9,651) |
Realized gain on sale of securities available-for-sale | (4,728) | (8,274) | 0 |
Unrealized (loss) gain on cash flow hedges | (804) | (921) | 524 |
Other comprehensive income (loss) before taxes | 13,764 | 11,427 | (9,127) |
Income tax effect | (1,734) | (1,472) | 1,113 |
Other comprehensive income (loss) after taxes | 12,030 | 9,955 | (8,014) |
Comprehensive income | $ 86,357 | $ 63,796 | $ 76,396 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Legal Surplus [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period Of Adoption, Adjustment [Member] | Retained Earnings [Member]Cumulative Effect, Period Of Adoption, Adjusted Balance [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] | |
Beginning Balance at Dec. 31, 2017 | $ 176,000 | $ 52,626 | $ 541,600 | $ 81,454 | $ 200,878 | $ 200,878 | $ (104,502) | $ (2,949) | |||
Beginning Balance (Topic 842 Adoption [Member]) at Dec. 31, 2017 | $ 0 | ||||||||||
Beginning Balance (Topic 326 [Member]) at Dec. 31, 2017 | 0 | ||||||||||
Conversion of convertible preferred stock to common stock | (84,000) | 7,259 | 76,741 | ||||||||
Stock-based compensation expense | 1,401 | ||||||||||
Lapsed restricted stock units and options | (361) | 869 | |||||||||
Net income | $ 84,410 | 84,410 | |||||||||
Cash dividends declared on common stock | [1] | (11,511) | |||||||||
Cash dividends declared on preferred stock | (12,024) | ||||||||||
Transfer from retained earnings | 8,713 | ||||||||||
Transfer to legal surplus | (8,713) | ||||||||||
Stock repurchased | 0 | 0 | |||||||||
Other comprehensive income (loss), net of tax | (8,014) | (8,014) | |||||||||
Ending Balance at Dec. 31, 2018 | 999,877 | 92,000 | 59,885 | 619,381 | 90,167 | 253,040 | 252,304 | (103,633) | (10,963) | ||
Ending Balance (Topic 842 Adoption [Member]) at Dec. 31, 2018 | (736) | ||||||||||
Ending Balance (Topic 326 [Member]) at Dec. 31, 2018 | 0 | ||||||||||
Stock-based compensation expense | 2,134 | ||||||||||
Lapsed restricted stock units and options | 0 | 1,294 | |||||||||
Net income | 53,841 | 53,841 | |||||||||
Cash dividends declared on common stock | [1] | (14,375) | |||||||||
Cash dividends declared on preferred stock | (6,512) | ||||||||||
Transfer from retained earnings | 5,612 | ||||||||||
Transfer to legal surplus | (5,612) | ||||||||||
Stock repurchased | 0 | 0 | |||||||||
Other comprehensive income (loss), net of tax | 9,955 | 9,955 | |||||||||
Ending Balance at Dec. 31, 2019 | 1,045,478 | 92,000 | 59,885 | 621,515 | 95,779 | 279,646 | $ 254,152 | (102,339) | (1,008) | ||
Ending Balance (Topic 842 Adoption [Member]) at Dec. 31, 2019 | 0 | ||||||||||
Ending Balance (Topic 326 [Member]) at Dec. 31, 2019 | $ (25,494) | ||||||||||
Stock-based compensation expense | 2,170 | ||||||||||
Lapsed restricted stock units and options | (1,033) | 1,616 | |||||||||
Net income | 74,327 | 74,327 | |||||||||
Cash dividends declared on common stock | [1] | (14,381) | |||||||||
Cash dividends declared on preferred stock | (6,512) | ||||||||||
Transfer from retained earnings | 7,490 | ||||||||||
Transfer to legal surplus | (7,490) | ||||||||||
Stock repurchased | (2,226) | (2,226) | |||||||||
Other comprehensive income (loss), net of tax | 12,030 | 12,030 | |||||||||
Ending Balance at Dec. 31, 2020 | $ 1,085,975 | $ 92,000 | $ 59,885 | $ 622,652 | $ 103,269 | $ 300,096 | $ (102,949) | $ 11,022 | |||
[1] | [1] Dividends declared per common share during the year ended December 31, 2020 - $ 0.28 (2019 - $ 0.28; 2018 - $ 0.25). |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Statements of Changes in Stockholders' Equity [Abstract] | |||
Dividends declared per common share | $ 0.28 | $ 0.28 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 74,327 | $ 53,841 | $ 84,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred loan origination fees and fair value (discounts) premiums on loans | (11,061) | 4,624 | 4,605 |
Amortization of fair value premiums on acquired deposits | (2,607) | 0 | 0 |
Amortization of investment securities premiums, net of accretion of discounts | 4,971 | 4,956 | 5,753 |
Amortization of other intangible assets | 11,069 | 1,170 | 1,319 |
Net change in operating leases | 455 | (75) | 0 |
Depreciation and amortization of premises and equipment | 12,687 | 8,513 | 8,898 |
Deferred income tax expense, net | 27,846 | (4,068) | 14,772 |
Provision for credit losses | 92,672 | 96,792 | 56,108 |
Stock-based compensation | 2,170 | 2,134 | 1,401 |
Bargain purchase from Scotiabank PR & USVI acquisition | (7,336) | (315) | 0 |
(Gain) loss on: | |||
Sale of securities | (4,728) | (8,274) | 0 |
Sale of loans | (4,451) | (524) | (301) |
Early extinguishment of debt | 63 | 7 | 0 |
Foreclosed real estate and other repossessed assets | 2,250 | 3,145 | 4,662 |
Sale of other assets | (6) | (187) | (107) |
Originations and purchases of loans held-for-sale | (236,107) | (82,111) | (95,520) |
Proceeds from sale of loans held-for-sale | 4,437 | 48,991 | 27,757 |
Net (increase) decrease in: | |||
Trading securities | 15 | 323 | (169) |
Accrued interest receivable | (23,598) | 1,904 | 15,715 |
Servicing assets | 3,484 | 401 | (895) |
Other assets | (7,199) | (1,957) | 5,486 |
Net increase (decrease) in: | |||
Accrued interest on deposits and borrowings | (10,538) | 8,088 | 1,489 |
Accrued expenses and other liabilities | (17,436) | (27,761) | (2,028) |
Net cash (used in) provided by operating activities | (88,621) | 109,617 | 133,355 |
Purchases of: | |||
Investment securities available-for-sale | (34,831) | (1,734) | (271,639) |
FHLB stock | 0 | (1,167) | (113,731) |
Other investments | (3,402) | (467) | 0 |
Maturities and redemptions of: | |||
Investment securities available-for-sale | 569,658 | 165,683 | 120,709 |
Investment securities held-to-maturity | 77,583 | ||
FHLB stock | 4,770 | 3,332 | 115,082 |
Proceeds from sales of: | |||
Investment securities available-for-sale | 320,984 | 680,466 | 17,837 |
Foreclosed real estate and other repossessed assets, including write-offs | 40,622 | 51,481 | 51,057 |
Fully charged-off loans | 0 | 2,382 | 0 |
Premises and equipment | 52 | 2,225 | 1,668 |
Origination and purchase of loans, excluding loans held-for-sale | (1,493,854) | (1,217,137) | (1,315,906) |
Principal repayment of loans | 1,492,748 | 1,102,805 | 840,064 |
Additions to premises and equipment | (15,263) | (12,966) | (11,491) |
Outlays for business acquisitions | (402) | (425,242) | 0 |
Cash and cash equivalents received in Scotiabank PR & USVI Acquisition | 0 | 492,512 | 0 |
Net cash provided by (used in) investing activities | 881,082 | 842,173 | (488,767) |
Net increase (decrease) in: | |||
Deposits | 735,830 | (265,162) | 100,147 |
Securities sold under agreements to repurchase | (190,063) | (264,730) | 262,223 |
FHLB advances, federal funds purchased, and other borrowings | (12,872) | 386 | (20,816) |
Exercise of stock options with treasury shares | 583 | 1,294 | 508 |
Purchase of treasury stock | (2,226) | 0 | 0 |
Dividends paid on preferred stock | (6,512) | (6,509) | (12,024) |
Dividends paid on common stock | (14,381) | (14,375) | (12,796) |
Net cash provided by (used in) financing activities | 510,359 | (549,096) | 317,242 |
Net change in cash, cash equivalents and restricted cash | 1,302,820 | 402,694 | (38,170) |
Cash, cash equivalents and restricted cash at beginning of year | 852,757 | 450,063 | 488,233 |
Cash, cash equivalents and restricted cash at end of year | 2,155,577 | 852,757 | 450,063 |
Reconciliation of the Consolidated Statements of Cash Flows to the Consolidated Statements of Financial Condition: | |||
Total cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | 852,757 | 852,757 | 450,063 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | |||
Interest paid | 56,442 | 41,310 | 41,318 |
Income taxes paid | 6,255 | 39,375 | 17,778 |
Operating lease liabilities paid | 12,778 | 6,873 | 0 |
Mortgage loans securitized into mortgage-backed securities | 213,755 | 62,764 | 74,630 |
Transfer from held-to-maturity securities to available-for-sale securities | 0 | 424,740 | 0 |
Transfer from loans to foreclosed real estate and other repossessed assets | 23,332 | 43,915 | 47,084 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 2,542 | 27,775 | 5,795 |
Reclassification of loans held-for-sale portfolio to held-for-investment portfolio | 0 | 49 | 1,247 |
Financed sales of foreclosed real estate | 284 | 1,091 | 2,333 |
Interest on loans subject to the temporary payment moratorium | 35,593 | 0 | 0 |
Loans booked under the GNMA buy-back option | 56,193 | 75,181 | 13,325 |
Cash consideration payable | 0 | 5,195 | 0 |
Initial recognition of operating lease right-of-use assets | 0 | 21,930 | 0 |
Initial recognition of operating lease liabilities | $ 0 | $ 23,689 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of OFG Bancorp (Oriental) conform with GAAP and to banking industry practices. The following is a description of Oriental’s most significant accounting policies: Nature of Operations Oriental is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. Oriental operates through various subsidiaries including, a commercial bank, Oriental Bank (the “Bank”), a securities broker-dealer and investment adviser, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), and a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”). Oriental also has a special purpose entity, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”) and two other limited liability company subsidiaries, OFG Ventures LLC (“OFG Ventures”) and OFG USA LLC (“OFG USA”). Through these subsidiaries and their respective divisions, Oriental provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, leasing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. The main offices of Oriental and most of its subsidiaries are located in San Juan, Puerto Rico with two branches in the U.S. Virgin Islands (the “USVI”). OPC is located in Boca Raton, Florida, and OFG USA is based in Cornelius, North Carolina. Oriental is subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act. The Bank is subject to the supervision, examination and regulation of the Office of the Commissioner of Financial Institutions of Puerto Rico (“OCFI”) and the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers banking services such as commercial and consumer lending, leasing, auto loans, savings and time deposit products, financial planning, and corporate and individual trust services, and capitalizes on its commercial banking network to provide mortgage lending products to its clients. The Bank has an operating subsidiary, OFG USA, a wholly-owned subsidiary of the Bank, is a commercial lender organized in Delaware. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas and Oriental International, two divisions of the Bank, are international banking entities licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB, Oriental Overseas, and Oriental International offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. The Bank’s USVI operations are also subject to the supervision, examination and regulation of the USVI Banking Board. Oriental Financial Services is registered as a securities broker-dealer and as an investment adviser, and is subject to the supervision, examination and regulation of the Financial Industry Regulatory Authority (“FINRA”), the SEC, and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. Oriental’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administration (“VA”) guaranteed mortgages that are primarily securitized for issuance of Government National Mortgage Association (“GNMA”) mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corporation (“FHLMC”) programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA and FHLMC mortgage loans for issuance of FNMA and FHLMC mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of the GNMA, FNMA and FHLMC pools that it issues and of its mortgage loan portfolio and has a subservicing arrangement with a third party for a portion of its acquired loan portfolio. Oriental services most of its mortgage loan portfolio. On December 18, 2012, Oriental purchased from Banco Bilbao Vizcaya Argentaria, S. A. (“BBVA”), all of the outstanding common stock of each of (i) BBVAPR Holding Corporation (“BBVAPR Holding”), the sole shareholder of Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR Bank”), a Puerto Rico chartered commercial bank, and BBVA Seguros, Inc. (“BBVA Seguros”), a subsidiary offering insurance services, and (ii) BBVA Securities of Puerto Rico, Inc. (“BBVA Securities”), a registered broker-dealer. This transaction is referred to as the “BBVAPR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as the “BBVAPR Companies” or “BBVAPR.” On December 31, 2019, Oriental purchased from The Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). Immediately following the closing of the SBPR acquisition, Oriental merged SBPR with and into the Bank, with the Bank continuing as the surviving entity. As part of this transaction, the Bank also acquired the USVI banking operations of BNS through an acquisition of certain assets and an assumption of certain liabilities. In addition, Oriental acquired certain loans and assumed certain liabilities, from BNS’s Puerto Rico branch. This transaction is referred to as the “Scotiabank PR & USVI Acquisition”. Principles of Consolidation The accompanying consolidated financial statements include the accounts of OFG Bancorp and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Statutory Trust II is exempt from the consolidation requirements of GAAP. Business Combinations Oriental accounted for the Scotiabank PR & USVI Acquisition, BBVAPR Acquisition and the FDIC-assisted acquisition of Eurobank under the accounting guidance of ASC Topic No. 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets and liabilities acquired were initially recorded at fair value. No allowance for credit losses related to the acquired loans was recorded on the acquisition date. Loans acquired were recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820. These fair value estimates associated with the loans included estimates related to expected prepayments and the amount and timing of expected principal, interest and other cash flows. The valuation of these loans required management to make subjective judgments concerning estimates about how the acquired loans would perform in the future using valuation methods, including discounted cash flow analyses and other factors as market-based and industry data related to expected changes in interest rates, assumptions related to probability and severity of credit losses, estimated timing of credit losses including the timing of foreclosure and liquidation of collateral, expected prepayment rates, and specific industry and market conditions. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for credit losses, the valuation of securities, revisions to expected cash flows in acquired loans, the determination of income taxes, impairment of securities, and goodwill valuation and impairment assessment. Earnings per Common Share Basic earnings per share is calculated by dividing income available to common shareholders (net income reduced by dividends on preferred stock) by the weighted average of outstanding common shares. Diluted earnings per share is similar to the computation of basic earnings per share except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any stock splits and dividends are retroactively recognized in all periods presented in the consolidated financial statements. Cash Equivalents Oriental considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less. Investment Securities Securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them until maturity. Oriental had no securities classified as held to maturity on December 31, 2020 or 2019. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. On January 1, 2020, Oriental adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, referred to as the current expected credit loss (CECL) methodology. The CECL standard requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have an impact on our portfolio of available for sale debt securities. Securities held for resale in anticipation of short-term market movements are classified as trading and are carried at fair value, with changes in unrealized holding gains and losses included in income. Management determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock of a Federal Reserve Bank or Federal Home Loan Bank, are carried at cost. Premiums and discounts are amortized to interest income over the life of the related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the statements of operations. Purchases and sales of securities are recorded at trade date. The cost of securities sold is determined by the specific identification method. Financial Instruments Certain financial instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorded in other comprehensive income (loss) or as part of non-interest income, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments. The fair values of certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the well as time value and yield curve or volatility factors underlying the positions. Oriental determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 — Level 1 assets and liabilities include equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets, (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments and (iii) derivative contracts and financial liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation. There were no transfers in and/or out of Level 3 for financial instruments measured at fair value on a recurring basis during the years ended December 31, 2020, 2019, and 2018. Oriental’s policy is to recognize transfers at the date of the event or change in circumstances that caused the transfer. Impairment of Investment Securities and Allowance for Credit Losses on Available-for-Sale Securities On January 1, 2020, Oriental adopted CECL, which replaced the legacy US GAAP other-than-temporary impairment (OTTI) model with a credit loss model. Even though there is a new scope, the new concept retains the OTTI model’s fundamental nature – that entities recognize credit losses only once securities become impaired. Under CECL write-off are recorded when amounts are deemed uncollectible and/ or the entity intends to sell (or more likely than not will be required to sell) the debt security before recovery of the amortized cost basis. Oriental performed an assessment of the qualitative factors to determine that it expects to receive all the contractual cash flows from an impaired debt security. For example, it may be evident that a decrease in fair value below amortized cost is caused by factors such as an increase in market interest rates or liquidity factors and not associated with any credit concerns of the issuer of the debt security. Although the FASB decided not to identify specific financial assets that are eligible for the zero-loss expectation exception an entity needs to establish that it expects non-payment of an asset’s amortized cost to be zero even if the borrower default. There are at least two types of financial assets for which an entity might determine that the zero-loss expectation exception applies: Securities issued or guaranteed by a government entity. Financial assets secured by collateral provided by the borrower. In assessing whether Oriental has the intent to sell debt securities in a loss position, or whether it will more likely than not be required to sell a debt security before its anticipated recovery in market value, Oriental evaluates its investment securities for impairment at least quarterly or with more frequency if other factors indicative of potential impairment exist. As of December 31, 2020, all the securities that made up the investment portfolio are classified as AFS and as securities issued or guaranteed by a government entity. Derivative Instruments and Hedging Activities Oriental’s overall interest rate risk-management strategy incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. Oriental’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that the net interest margin is not, on a material basis, adversely affected by movements in interest rates. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities will appreciate or depreciate in market value. Also, for some fixed-rate assets or liabilities, the effect of this variability in earnings is expected to be substantially offset by Oriental’s gains and losses on the derivative instruments that are linked to the forecasted cash flows of these hedged assets and liabilities. Oriental considers its strategic use of derivatives to be a prudent method of managing interest-rate sensitivity as it reduces the exposure of earnings and the market value of its equity to undue risk posed by changes in interest rates. The effect of this unrealized appreciation or depreciation is expected to be substantially offset by Oriental’s gains or losses on the derivative instruments that are linked to these hedged assets and liabilities. Another result of interest rate fluctuation is that the contractual interest income and interest expense of hedged variable-rate assets and liabilities, respectively, will increase or decrease. Derivative instruments that are used as part of Oriental’s interest rate risk-management strategy include interest rate swaps, caps, forward-settlement swaps, and futures contracts. Interest rate swaps generally involve the exchange of fixed and variable-rate interest payments between two parties based on a common notional principal amount and maturity date. Interest rate futures generally involve exchange-traded contracts to buy or sell U.S. Treasury bonds and notes in the future at specified prices. Interest rate options represent contracts that allow the holder of the option to (i) receive cash or (ii) purchase, sell, or enter into a financial instrument at a specified price within a specified period. Some purchased option contracts give Oriental the right to enter into interest rate swaps and cap and floor agreements with the writer of the option. In addition, Oriental enters into certain transactions that contain embedded derivatives. When the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated and carried at fair value. When using derivative instruments, Oriental exposes itself to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract due to insolvency or any other event of default, Oriental’s credit risk will equal the fair value gain in a derivative plus any cash or securities that may have been delivered to the counterparty as part of the transaction terms. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes Oriental, thus creating a repayment risk for Oriental. This risk is generally mitigated by requesting cash or securities from the counterparty to cover the positive fair value. When the fair value of a derivative contract is negative, Oriental owes the counterparty and, therefore, assumes no credit risk other than to the extent that the cash or value of the collateral delivered as part of the transactions exceeds the fair value of the derivative. Oriental minimizes the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. Oriental uses forward-settlement swaps to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in LIBOR. Once the forecasted wholesale borrowing transactions occur, the interest rate swap will effectively lock-in Oriental’s interest rate payments on an amount of forecasted interest expense attributable to the one-month LIBOR corresponding to the swap notional amount. By employing this strategy, Oriental minimizes its exposure to volatility in LIBOR. As part of this hedging strategy, Oriental formally documents all relationships between hedging instruments and hedged items, as the well as its risk-management objective and strategy for undertaking various hedging transactions. This process includes linking all derivatives that are designated as cash flow hedges to (i) specific assets and liabilities on the balance sheet or (ii) specific firm commitments or forecasted transactions. Oriental also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. The changes in fair value of the forward-settlement swaps are recorded in accumulated other comprehensive income (loss) to the extent there is no significant ineffectiveness. Oriental discontinues hedge accounting prospectively when (i) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item (including hedged items such as firm commitments or forecasted transactions); (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; (iv) a hedged firm commitment no longer meets the definition of a firm commitment; or (v) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. Oriental’s derivative activities are monitored by its Asset/Liability Management Committee which is also responsible for approving hedging strategies that are developed through its analysis of data derived from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into Oriental’s overall interest rate risk-management. Mortgage Banking Activities and Loans Held-For-Sale The residential mortgage loans reported as held-for-sale are stated at the lower of cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time Oriental sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates. Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities Oriental recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. Oriental is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions. The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which Oriental surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification ("ASC") Topic 860 are met: (i) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When Oriental transfers financial assets and the transfer fails any one of these criteria, Oriental is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For transfers of financial assets that satisfy the conditions to be accounted for as sales, Oriental derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a true sale analysis of the treatment of the transfer under state law as if Oriental was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, but contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as the unsettled state of the common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. When Oriental sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require Oriental to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines. GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which Oriental provides servicing. At Oriental’s option and without GNMA prior authorization, Oriental may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining principal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, Oriental treats the transaction as a sale for accounting purposes because the conditional nature of the buy-back option means that Oriental does not maintain effective control over the loans, and therefore these are derecognized from the statement of financial condition. When individual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, Oriental is deemed to have regained effective control over these loans, and these must be brought back onto Oriental’s books as assets, regardless of whether Oriental intends to exercise the buy-back option. Quality review procedures are performed by Oriental as required under the government agency programs to ensure that asset guideline qualifications are met. Oriental has not recorded any specific contingent liability in the consolidated financial statements for these customary representation and warranties related to loans sold by Oriental, and management believes that, based on historical data, the probability of payments and expected losses under these representation and warranty arrangements is not significant. Oriental has liability for residential mortgage loans sold subject to credit recourse , principally loans associated with FNMA residential mortgage loan sales and securitization programs . In the event of any customer default, pursuant to the credit recourse provided, Oriental is required to repurchase the loan or reimburse the third party investor for the incurred loss. The maximum potential amount of future payments that Oriental would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, Oriental has rights to the underlying collateral securing the mortgage loan. Oriental suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. Oriental has established a liability to cover the estimated credit loss exposure related to loans sold with credit recourse. The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (included as mortgage banking activities in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, foreclosure rate, estimated future defaults and the probability that a loan would be delinquent. The methodology leverages the expected loss framework for mortgage loans to estimate expected future losses. The reserve for the estimated losses under the credit recourse arrangements is presented separately within other liabilities in the consolidated statements of financial condition. Servicing Assets Oriental periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, Oriental may purchase or assume the right to service mortgage loans originated by others. Whenever Oriental undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate Oriental for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate Oriental for its expected cost. All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, Oriental measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing asset in the statement of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statement of operations. The fair value of servicing rights is subject to fluctuations as a result of changes |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | NOTE 2 – BUSINESS COMBINATIONS On December 31, 2019, Oriental purchased from the BNS all outstanding common stock of SBPR for an aggregate purchase price of $ 550.0 million, subject to settlement amounts as described herein. Immediately following the closing, Oriental merged SBPR with and into the Bank, with the Bank continuing as the surviving entity. As part of this transaction, the Bank also acquired the USVI banking operations of BNS through an acquisition of certain assets (including loans, ATMs and physical branch locations) and an assumption of certain liabilities (including deposits) for their net book value plus a $ 10.0 million premium on deposits which were settled as part of the final consideration from the acquisition. In addition, Oriental acquired certain loans and assumed certain liabilities, from BNS’s Puerto Rico branch for their net book value which were settled as part of the final consideration from the acquisition. The assets acquired and liabilities assumed as of December 31, 2019 were presented at their estimated fair value. The fair values initially assigned to the assets acquired and liabilities assumed were preliminary and subject to refinement for up to one year after the closing date of the acquisition as new information relative to closing date fair values became available. During the year ended December 31, 2020, Oriental recorded remeasurement adjustments to the preliminary estimated fair values of certain accrued interest receivables, deferred tax asset, and accounts receivables to reflect new information obtained during the measurement period (as defined by ASC Topic 805), about facts and circumstances that existed as of the acquisition date that, if known, would have affected the acquisition-date fair value measurements, as detailed in the table below. The adjustments resulted from the fair value determination of certain accrued interest receivable of loans accounted for under ASC 310-30 and from the receipt of funds from BNS for certain intercompany transactions. As of December 31, 2020, the measurement period has finalized. December 31, 2019 Measurement Fair Value Fair Value Period as Book Value Adjustments, net Fair Value Adjustments Remeasured (In thousands) Cash and cash equivalents $ 492,512 $ - $ 492,512 $ - $ 492,512 Investments 576,319 ( 102) 576,217 - 576,217 Loans 2,237,337 ( 21,134) 2,216,203 - 2,216,203 Accrued interest receivable 7,722 ( 2,952) 4,770 5,540 10,310 Foreclosed real estate 8,636 ( 352) 8,284 - 8,284 Deferred tax asset, net 37,606 22,335 59,941 1,386 61,327 Premises and equipment 10,866 ( 1,068) 9,798 - 9,798 Servicing asset 40,258 206 40,464 - 40,464 Core deposit intangible - 41,507 41,507 - 41,507 Customer relationship intangible - 12,693 12,693 - 12,693 Other intangible - 567 567 - 567 Operating lease right-of-use assets 15,452 4,011 19,463 - 19,463 Other assets 86,016 ( 6,507) 79,509 410 79,919 Total identifiable assets acquired 3,512,724 49,204 3,561,928 7,336 3,569,264 Deposits 3,028,066 ( 2,607) 3,025,459 - 3,025,459 Operating lease liability 16,317 2,091 18,408 - 18,408 Accrued expenses and other liabilities 87,309 - 87,309 - 87,309 Total liabilities assumed 3,131,692 ( 516) 3,131,176 - 3,131,176 Total identifiable net assets $ 430,752 $ 7,336 $ 438,088 Bargain purchase gain 315 7,336 7,651 Total consideration $ 430,437 $ - $ 430,437 Merger and Restructuring Charges Merger and restructuring charges are recorded in the consolidated statement of operations and include incremental costs to integrate the operations of Oriental and its most recent acquisition. These charges represent costs associated with these activities and do not represent ongoing costs of the fully integrated combined organization. These costs were recorded in merger and restructuring charges within the consolidated statement of operations. The following table presents severance and employee charges, systems integrations charges, branch consolidation, and other merger and restructuring charges related to the Scotiabank PR & USVI Acquisition, for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 (In thousands) Severance and employee-related charges $ 220 $ 13,323 Professional services and system integrations 9,973 9,718 Branch consolidation 3,707 - Other 2,183 1,013 Total merger and restructuring charges $ 16,083 $ 24,054 Restructuring Reserve Restructuring reserves are established by a charge to merger and restructuring charges, and the restructuring charges are included in the merger and restructuring charges table. The following table presents the changes in restructuring reserves for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 (In thousands) Balance at the beginning of the year $ 17,491 $ - Merger and restructuring charges 16,083 24,054 Cash payments ( 18,445) ( 6,563) Balance at the end of the year $ 15,129 $ 17,491 Payments under merger and restructuring reserves associated with the Scotiabank PR & USVI Acquisition may continue into 2021 but should not be material and will be accounted under applicable accounting guidance to the cost being incurred. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash | NOTE 3 – RESTRICTED CASH The following table includes the composition of Oriental’s restricted cash: December 31, 2020 2019 (In thousands) Cash pledged as collateral to other financial institutions to secure: Regulatory requirements $ 325 $ 400 Obligations under agreement of loans sold with recourse 1,050 1,050 $ 1,375 $ 1,450 At December 31, 2020 and 2019, the Bank’s international banking entities held short-term highly liquid securities in the amount of $ 305 thousand and $ 325 thousand, respectively, as the legal reserve required for international banking entities under Puerto Rico law. In addition, as part of the Scotiabank PR & USVI acquisition on December 31, 2019, a certificate of deposit of $ 300 thousand was held for the acquired international banking entity that was retained as part of the integration. As of December 31, 2020, the entity held $ 325 thousand in cash. These instruments cannot be withdrawn or transferred without the prior written approval of the OCFI. As part of regulatory requirements for the administration of individual retirement accounts (“IRAs”), SBPR maintained $ 100 thousand on a certificate of deposit that was retained as part of the integration on December 31, 2019. This certificate matured and was not renewed. Oriental has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At both, December 31, 2020 and 2019, Oriental delivered as collateral cash amounting to approximately $ 1.1 million. 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 December 31, 2020 was $ 408.5 million (December 31, 2019 - $ 289.3 million). At December 31, 2020 and 2019, 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. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investment Securities [Abstract] | |
Investment Securities | NOTE 4 – INVESTMENT SECURITIES Money Market Investments Oriental considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less at the date of acquisition. At December 31, 2020 and 2019, money market instruments included as part of cash and cash equivalents amounted to $ 11.9 million and $ 6.8 million, respectively. Investment Securities The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by Oriental at December 31, 2020 and 2019 were as follows: December 31, 2020 Gross Gross Weighted Amortized Unrealized Unrealized Fair Average Cost Gains Losses Value Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 206,195 $ 4,786 $ 32 $ 210,949 1.78% GNMA certificates 174,472 8,478 178 182,772 2.21% CMOs issued by US government-sponsored agencies 38,309 905 - 39,214 1.96% Total mortgage-backed securities 418,976 14,169 210 432,935 1.97% Investment securities US Treasury securities 10,740 243 - 10,983 1.49% Obligations of US government-sponsored agencies 1,585 21 - 1,606 1.39% Other debt securities 875 39 - 914 2.31% Total investment securities 13,200 303 - 13,503 1.53% Total securities available for sale $ 432,176 $ 14,472 $ 210 $ 446,438 1.96% December 31, 2019 Gross Gross Weighted Amortized Unrealized Unrealized Fair Average Cost Gains Losses Value Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 403,227 $ 846 $ 1,417 $ 402,656 2.00% GNMA certificates 215,755 718 4 216,469 2.33% CMOs issued by US government-sponsored agencies 55,235 16 490 54,761 1.97% Total mortgage-backed securities 674,217 1,580 1,911 673,886 2.11% Investment securities US Treasury securities 397,183 - - 397,183 1.60% Obligations of US government-sponsored agencies 1,967 - 6 1,961 1.38% Other debt securities 1,108 31 - 1,139 3.00% Total investment securities 400,258 31 6 400,283 1.60% Total securities available-for-sale $ 1,074,475 $ 1,611 $ 1,917 $ 1,074,169 1.92% Effective January 1, 2020, Oriental adopted the new accounting standard for credit losses that requires evaluation of available-for-sale debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 1 – Significant Accounting Policies. At December 31, 2020, all securities held by Oriental are issued by U.S. government entities and agencies that have a zero-credit loss assumption. The amortized cost and fair value of Oriental’s investment securities at December 31, 2020, by contractual maturity, are shown in the next table. Securities not due on a single contractual maturity date, such as collateralized mortgage obligations, are classified in the period of final contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. December 31, 2020 Available-for-sale Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due less than one year FNMA and FHLMC certificates $ 348 $ 364 Total due in less than one year 348 364 Due from 1 to 5 years GNMA certificates 469 472 Total due from 1 to 5 years 469 472 Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 32,220 $ 33,013 FNMA and FHLMC certificates 96,902 $ 100,643 GNMA certificates 58,615 $ 60,081 Total due after 5 to 10 years 187,737 193,737 Due after 10 years FNMA and FHLMC certificates $ 108,945 $ 109,942 GNMA certificates 115,388 $ 122,219 CMOs issued by US government-sponsored agencies 6,089 $ 6,201 Total due after 10 years 230,422 238,362 Total mortgage-backed securities 418,976 432,935 Investment securities Due less than one year US Treasury securities $ 735 $ 735 Other debt securities 251 $ 251 Total due in less than one year 986 986 Due from 1 to 5 years Obligations of US government-sponsored agencies $ 1,585 $ 1,606 US Treasury securities 10,005 $ 10,248 Total due from 1 to 5 years 11,590 11,854 Due from 5 to 10 years Other debt securities 624 663 Total due after 5 to 10 years 624 663 Total investment securities 13,200 13,503 Total $ 432,176 $ 446,438 During the year ended December 31, 2020, Oriental sold $ 316.3 million available-for-sale mortgage-backed securities and recognized a $ 4.7 million gain in the sale. During the year ended December 31, 2019, Oriental sold $ 672.2 million available-for-sale mortgage-backed securities, and recognized an $ 8.3 million gain in the sale. During the year ended December 31, 2018, Oriental sold $ 17.8 million available-for-sale GNMA certificates from its recurring mortgage loan origination and securitization activities. These sales did not realize any gains or losses during such period. During the years ended December 31, 2020, 2019, and 2018, Oriental retained securitized GNMA pools totaling $ 90.1 million, $ 62.8 million, and $ 56.8 million amortized cost, respectively, at a yield of 2.48%, 3.23%, and 3.93%, from its own originations. During the year ended December 31, 2019, Oriental completed the Scotiabank PR & USVI Acquisition recognizing available-for-sale securities amounting to $ 574.6 million with an average yield of 1.79% and an average duration of 1.6 years. This portfolio was comprised of US treasury notes, agency mortgage-backed-securities and agency CMOs. Year Ended December 31, 2020 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 229,571 $ 227,213 $ 2,358 $ - GNMA certificates 91,413 89,043 2,370 - Total $ 320,984 $ 316,256 $ 4,728 $ - Year Ended December 31, 2019 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 451,081 $ 447,305 $ 3,776 $ - GNMA certificates 229,385 224,887 4,498 - Total $ 680,466 $ 672,192 $ 8,274 $ - Year Ended December 31, 2018 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities GNMA certificates 17,837 17,837 - - Total mortgage-backed securities $ 17,837 $ 17,837 $ - $ - The following table show Oriental’s gross unrealized losses and fair value of investment securities available-for-sale at December 31, 2020 and 2019, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: December 31, 2020 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ - $ - $ - FNMA and FHLMC certificates - - - Obligations of US Government and sponsored agencies - - - GNMA certificates - - - US Treasury Securities - - - $ - $ - $ - Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies - - - FNMA and FHLMC certificates 34,628 32 34,596 GNMA certificates 5,104 178 4,926 US Treasury Securities - - - $ 39,732 $ 210 $ 39,522 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ - $ - $ - FNMA and FHLMC certificates 34,628 32 34,596 Obligations of US government and sponsored agencies - - - GNMA certificates 5,104 178 4,926 US Treasury Securities - - - $ 39,732 $ 210 $ 39,522 December 31, 2019 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 35,417 $ 387 $ 35,030 FNMA and FHLMC certificates 259,099 1,415 257,684 Obligations of US Government and sponsored agencies 1,967 6 1,961 GNMA certificates 19 - 19 $ 296,502 $ 1,808 $ 294,694 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 11,503 103 11,400 FNMA and FHLMC certificates 4,919 2 4,917 GNMA certificates 3,549 4 3,545 US Treasury Securities 627 - 627 $ 20,598 $ 109 $ 20,489 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 46,920 490 46,430 FNMA and FHLMC certificates 264,018 1,417 262,601 Obligations of US government and sponsored agencies 1,967 6 1,961 GNMA certificates 3,568 4 3,564 US Treasury Securities 627 - 627 $ 317,100 $ 1,917 $ 315,183 |
Pledged Assets
Pledged Assets | 12 Months Ended |
Dec. 31, 2020 | |
Pledged Assets [Abstract] | |
Pledged Assets | NOTE 5 - PLEDGED ASSETS The following table shows a summary of pledged and not pledged assets at December 31, 2020 and 2019. Investment securities available for sale are presented at fair value, and residential mortgage loans, commercial loans and leases are presented at amortized cost: December 31, 2020 2019 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ - $ 204,068 Derivatives 2,351 1,775 Bond for the Bank's trust operations 105 323 Puerto Rico public fund deposits 146,381 191,908 Total pledged investment securities 148,837 398,074 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 699,091 803,317 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 460,149 518,473 Federal Reserve Bank Credit Facility 48,089 45,175 Puerto Rico public fund deposits 96,273 129,152 604,511 692,800 Pledged auto loans and leases to secure: Federal Reserve Bank Credit Facility 1,049,477 1,182,272 Total pledged assets $ 2,501,916 $ 3,076,463 Financial assets not pledged: Investment securities $ 297,601 $ 676,095 Residential mortgage loans 1,625,938 1,706,981 Commercial loans 1,799,780 1,529,642 Consumer loans 414,946 504,437 Auto loans and leases 512,325 329,972 Total assets not pledged $ 4,650,590 $ 4,747,127 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2020 | |
Loans [Abstract] | |
Loans | NOTE 6 - LOANS Oriental’s loan portfolio is composed of four segments, commercial, mortgage, consumer, and auto. Loans are further segregated into classes which Oriental uses when assessing and monitoring the risk and performance of the portfolio. The composition of the amortized cost basis of Oriental’s loan portfolio at December 31, 2020 and 2019 was as follows: December 31, 2020 December 31, Non-PCD PCD Total 2019 (In thousands) Commercial loans: Commercial secured by real estate $ 807,284 $ 243,229 $ 1,050,513 $ 1,129,446 Other commercial and industrial 647,444 39,931 687,375 816,310 Commercial Paycheck Protection Program (PPP Loans) 289,218 - 289,218 - US Loan Program 374,904 - 374,904 272,595 2,118,850 283,160 2,402,010 2,218,351 Mortgage 823,443 1,459,932 2,283,375 2,493,365 Consumer: Personal loans 313,257 1,043 314,300 375,505 Credit lines 43,805 351 44,156 53,113 Credit cards 56,185 - 56,185 75,272 Overdraft 305 - 305 216 Auto 1,534,269 27,533 1,561,802 1,522,973 1,947,821 28,927 1,976,748 2,027,079 4,890,114 1,772,019 6,662,133 6,738,795 Allowance for credit losses ( 161,015) ( 43,794) ( 204,809) ( 116,539) Total loans held for investment 4,729,099 1,728,225 6,457,324 6,622,256 Mortgage loans held for sale 41,654 - 41,654 19,591 Other loans held for sale 2,281 - 2,281 - Total loans held for sale 43,935 - 43,935 19,591 Total loans, net $ 4,773,034 $ 1,728,225 $ 6,501,259 $ 6,641,847 At December 31, 2020 and 2019, Oriental had carrying balances of $ 99.1 million and $ 134.0 million, respectively, in loans held for investment granted to the Puerto Rico government, including its instrumentalities, public corporations and municipalities, as part of the institutional commercial loan segment. The Bank’s loans to the Puerto Rico government amounting to $ 98.0 million and $ 129.9 million at December 31, 2020 and 2019, respectively, are general obligations of municipalities secured by ad valorem taxation, without limitation as to rate or amount, on all taxable property within the issuing municipalities in current status, and one loan amounting to $ 1.1 million and $ 24.1 million, respectively, to a public corporation acquired in the Scotiabank PR & USVI Acquisition in non-accrual status. The good faith, credit and unlimited taxing power of each issuing municipality are pledged for the payment of its general obligations. The tables below present the aging of the amortized cost of loans held for investment at December 31, 2020 and 2019, by class of loans. Mortgage loans past due include $ 56.2 million and $ 75.2 million, respectively, of delinquent loans in the GNMA buy-back option program. Servicers of loans underlying GNMA mortgage-backed securities must report as their own assets the defaulted loans that they have the option (but not the obligation) to repurchase, even when they elect not to exercise that option. December 31, 2020 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 2,781 $ 750 $ 17,862 $ 21,393 $ 785,891 $ 807,284 $ - Other commercial and industrial 1,674 234 4,695 6,603 930,059 936,662 - US Loan Program 2,604 - - 2,604 372,300 374,904 - 7,059 984 22,557 30,600 2,088,250 2,118,850 - Mortgage 7,385 14,953 101,528 123,866 699,577 823,443 3,974 Consumer Personal loans 4,784 2,515 2,062 9,361 303,896 313,257 - Credit lines 2,136 476 1,269 3,881 39,924 43,805 - Credit cards 1,357 824 1,585 3,766 52,419 56,185 - Overdraft 138 - - 138 167 305 - Auto 57,176 31,181 20,485 108,842 1,425,427 1,534,269 - 65,591 34,996 25,401 125,988 1,821,833 1,947,821 - Total loans $ 80,035 $ 50,933 $ 149,486 $ 280,454 $ 4,609,660 $ 4,890,114 $ 3,974 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above. December 31, 2019 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 994 $ 946 $ 17,495 $ 19,435 $ 847,271 $ 866,706 $ - Other commercial and industrial 7,584 371 2,716 10,671 712,855 723,526 - US Loan Program - - - - 272,595 272,595 - 8,578 1,317 20,211 30,106 1,832,721 1,862,827 - Mortgage 9,285 13,105 94,109 116,499 783,096 899,595 2,418 Consumer Personal loans 4,978 2,123 1,579 8,680 358,477 367,157 - Credit lines 533 20 221 774 51,840 52,614 - Credit cards 1,438 417 896 2,751 72,451 75,202 - Overdraft 51 - - 51 165 216 - Auto 72,336 31,412 14,270 118,018 1,350,864 1,468,882 - 79,336 33,972 16,966 130,274 1,833,797 1,964,071 - Total loans $ 97,199 $ 48,394 $ 131,286 $ 276,879 $ 4,449,614 $ 4,726,493 $ 2,418 Before the CECL implementation, certain acquired loans were accounted for by Oriental in accordance with ASC 310-30. The carrying amount corresponding to acquired loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at December 31, 2019 was as follows: December 31, 2019 Scotiabank PR & USVI BBVAPR Eurobank Total (In thousands) Contractual required payments receivable: $ 2,147,249 $ 1,086,367 $ 117,107 $ 3,350,723 Less: Non-accretable discount 294,424 340,466 4,285 639,175 Cash expected to be collected 1,852,825 745,901 112,822 2,711,548 Less: Accretable yield 458,885 214,886 34,441 708,212 Carrying amount, gross 1,393,940 531,015 78,381 2,003,336 Less: allowance for loan and lease losses - 17,036 14,458 31,494 Carrying amount, net $ 1,393,940 $ 513,979 $ 63,923 $ 1,971,842 The following table describes the accretable yield and non-accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 232,199 $ 36,508 $ 243 $ 560 $ 269,510 Accretion ( 23,871) ( 10,312) ( 430) ( 739) ( 35,352) Change in expected cash flows ( 212) 23,080 ( 19) 739 23,588 Transfer from (to) non-accretable discount ( 12,033) ( 30,653) 253 ( 427) ( 42,860) Balance at end of year $ 196,083 $ 18,623 $ 47 $ 133 $ 214,886 Non-Accretable Discount Activity: Balance at beginning of year $ 291,887 $ 10,346 $ 24,245 $ 18,945 $ 345,423 Change in actual and expected losses ( 27,741) ( 19,295) ( 169) ( 612) ( 47,817) Transfer (to) from accretable yield 12,033 30,653 ( 253) 427 42,860 Balance at end of year $ 276,179 $ 21,704 $ 23,823 $ 18,760 $ 340,466 Year Ended December 31, 2018 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 258,498 $ 46,764 $ 2,766 $ 885 $ 308,913 Accretion ( 27,248) ( 14,160) ( 2,360) ( 871) ( 44,639) Change in expected cash flows - 7,895 890 484 9,269 Transfer from (to) non-accretable discount 949 ( 3,991) ( 1,053) 62 ( 4,033) Balance at end of year $ 232,199 $ 36,508 $ 243 $ 560 $ 269,510 Non-Accretable Discount Activity: Balance at beginning of year $ 299,501 $ 10,596 $ 23,050 $ 19,284 $ 352,431 Change in actual and expected losses ( 6,665) ( 4,241) 142 ( 277) ( 11,041) Transfer (to) from accretable yield ( 949) 3,991 1,053 ( 62) 4,033 Balance at end of year $ 291,887 $ 10,346 $ 24,245 $ 18,945 $ 345,423 The following table describes the accretable yield and non-accretable discount activity of acquired Eurobank loans for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 38,389 $ 3,310 - $ - $ 41,699 Accretion ( 4,999) ( 4,611) ( 14) ( 164) ( 9,788) Change in expected cash flows 2,578 2,270 ( 145) 273 4,976 Transfer from (to) non-accretable discount ( 1,947) ( 549) 159 ( 109) ( 2,446) Balance at end of year $ 34,021 $ 420 $ - $ - $ 34,441 Non-Accretable Discount Activity: Balance at beginning of year $ 2,826 $ - $ - $ 133 $ 2,959 Change in actual and expected losses ( 3,051) 1,928 159 ( 156) ( 1,120) Transfer (to) from accretable yield 1,947 549 ( 159) 109 2,446 Balance at end of year $ 1,722 $ 2,477 $ - $ 86 $ 4,285 Year Ended December 31, 2018 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 42,921 $ 6,751 - $ - $ 49,672 Accretion ( 5,964) ( 6,430) ( 52) ( 389) ( 12,835) Change in expected cash flows ( 1,129) 5,023 ( 329) 700 4,265 Transfer from (to) non-accretable discount 2,561 ( 2,034) 381 ( 311) 597 Balance at end of year $ 38,389 $ 3,310 $ - $ - $ 41,699 Non-Accretable Discount Activity: Balance at beginning of year $ 5,334 $ 276 $ - $ 235 $ 5,845 Change in actual and expected losses 53 ( 2,310) 381 ( 413) ( 2,289) Transfer (to) from accretable yield ( 2,561) 2,034 ( 381) 311 ( 597) Balance at end of year $ 2,826 $ - $ - $ 133 $ 2,959 Non-accrual Loans The following table presents the amortized cost basis of loans on nonaccrual status as of December 31, 2020: December 31, 2020 Nonaccrual with Nonaccrual with no Allowance Allowance for Credit Loss for Credit Loss Total (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 15,225 $ 21,462 $ 36,687 Other commercial and industrial 2,138 3,174 5,312 17,363 24,636 41,999 Mortgage 24,920 17,747 42,667 Consumer Personal loans 1,752 377 2,129 Personal lines of credit 1,272 - 1,272 Credit cards 1,586 - 1,586 Auto and leasing 20,766 - 20,766 25,376 377 25,753 Total non-accrual loans $ 67,659 $ 42,760 $ 110,419 PCD: Commercial Commercial secured by real estate $ 31,338 $ 4,031 $ 35,369 Other commercial and industrial 1,102 - 1,102 32,440 4,031 36,471 Mortgage 1,003 - 1,003 Consumer Personal loans 1 - 1 1 - 1 Total non-accrual loans $ 33,444 $ 4,031 $ 37,475 $ 101,103 $ 46,791 $ 147,894 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. The following table presents the recorded investment in loans in non-accrual status by class of loans as of December 31, 2019: December 31, 2019 (In thousands) Commercial Commercial secured by real estate $ 32,720 Other commercial and industrial 9,886 42,606 Mortgage 18,735 Consumer Personal loans 4,164 Personal lines of credit 227 Credit cards 896 Auto and leasing 14,295 19,582 Total non-accrual loans $ 80,923 Delinquent residential mortgage loans insured or guaranteed under applicable FHA and VA programs are classified as non-performing loans when they become 90 days or more past due but are not placed in non-accrual status until they become 12 months or more past due, since they are insured loans. Therefore, those loans are included as non-performing loans but excluded from non-accrual loans. At December 31, 2020 and 2019, loans whose terms have been extended and which were classified as troubled-debt restructurings that were not included in non-accrual loans amounted to $ 109.2 million and $ 103.7 million, respectively, as they were performing under their new terms. Modifications The following tables present the troubled-debt restructurings in all loan portfolios during the years ended December 31, 2020, 2019 and 2018. Year Ended December 31, 2020 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 88 $ 11,081 4.70% 332 $ 10,151 4.13% 327 Commercial 8 14,896 5.45% 63 14,896 4.36% 77 Consumer 23 349 14.11% 64 391 10.57% 76 Auto 31 217 10.88% 74 219 11.02% 71 Year Ended December 31, 2019 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 148 $ 19,130 5.85% 376 $ 17,991 5.09% 345 Commercial 5 2,070 7.23% 56 2,070 6.05% 67 Consumer 370 5,357 15.69% 66 5,398 11.50% 74 Auto 22 319 7.29% 70 326 8.97% 44 Year Ended December 31, 2018 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 143 $ 19,029 5.09% 342 $ 18,237 4.41% 314 Commercial 23 26,019 5.75% 118 25,973 5.64% 136 Consumer 174 2,313 13.24% 51 2,332 9.86% 61 Auto 2 40 10.42% 37 40 10.28% 32 The following table presents troubled-debt restructurings for which there was a payment default during the years ended December 31, 2020, 2019 and 2018: Year ended December 31, 2020 2019 2018 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 9 $ 1,345 29 $ 3,597 23 $ 3,262 Commercial - $ - - $ - 4 $ 2,141 Consumer 1 $ 2 77 $ 1,118 28 $ 341 Auto - $ - 3 $ 51 - $ - Oriental offers various types of concessions when modifying a loan. Concessions made to the original contractual terms of the loan typically consists of the deferral of interest and/or principal payments due to deterioration in the borrowers' financial condition. In these cases, the principal balance on the TDR had matured and/or was in default at the time of restructure, and there were no commitments to lend additional funds to the borrower during the years ended December 31, 2020, 2019, and 2018. TDRs disclosed above were not related to Covid-19 modifications. As discussed in Note 1 to these financial statements, Section 4013 of CARES Act and the " Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised)" provided banks an option to elect to not account for certain loan modifications related to Covid-19 as TDRs as long as the borrowers were not more than 30 days past due as of December 31, 2020 and at the time of modification program implementation, respectively, and meets other applicable criteria. Oriental’s loan deferrals outstanding balances at December 31, 2020 of approximately $ 95.7 million resulting from the Covid-19 pandemic were not classified as a TDR . Collateral-dependent Loans The table below present the amortized cost of collateral-dependent loans held for investment at December 31, 2020, by class of loans. December 31, 2020 (In thousands) Commercial loans: Commercial secured by real estate $ 29,279 Total loans $ 29,279 PCD loans, except for single pooled loans, are not included in the table above as their unit of account is the loan pool. Credit Quality Indicators Oriental categorizes its loans into loan grades based on relevant information about the ability of borrowers to service their debt, such as economic conditions, portfolio risk characteristics, prior loss experience, and the results of periodic credit reviews of individual loans. Oriental uses the following definitions for loan grades: Pass: Loans classified as “pass” have a well-defined primary source of repayment very likely to be sufficient, with no apparent risk, strong financial position, minimal operating risk, profitability, liquidity and capitalization better than industry standards. Special Mention: Loans classified as “special mention” have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans classified as “substandard” are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as “doubtful” have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, questionable and improbable. Loss: Loans classified as “loss” are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this worthless loan even though partial recovery may be effected in the future. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass loans. As of December 31, 2020 and based on the most recent analysis performed, the risk category of loans subject to risk rating by class of loans is as follows. Term Loans Revolving Amortized Cost Basis by Origination Year Loans Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 113,474 $ 105,156 $ 106,283 $ 81,338 $ 44,008 $ 187,189 $ 30,686 $ 668,134 Special Mention 10,592 20,605 5,233 11,771 8,514 3,090 37,680 97,485 Substandard 183 63 758 8,923 584 23,746 7,331 41,588 Doubtful - - - - - 77 - 77 Loss - - - - - - - - Total commercial secured by real estate 124,249 125,824 112,274 102,032 53,106 214,102 75,697 807,284 Other commercial and industrial: Loan grade: Pass 384,901 84,433 75,023 14,502 8,326 7,922 300,429 875,536 Special Mention 151 8,242 19,626 - - 3,337 23,732 55,088 Substandard 207 66 486 164 2,809 119 2,122 5,973 Doubtful - - - - - - 65 65 Loss - - - - - - - - Total other commercial and industrial: 385,259 92,741 95,135 14,666 11,135 11,378 326,348 936,662 US Loan Program: Loan grade: Pass 68,688 62,264 77,762 7,124 - - 98,324 314,162 Special Mention - 1,501 33,282 - - - 1,250 36,033 Substandard 7,156 - 17,553 - - - - 24,709 Doubtful - - - - - - - - Loss - - - - - - - - Total US loan program: 75,844 63,765 128,597 7,124 - - 99,574 374,904 Total commercial loans $ 585,352 $ 282,330 $ 336,006 $ 123,822 $ 64,241 $ 225,480 $ 501,619 $ 2,118,850 At December 31, 2020, the balance of revolving loans converted to term loans was $ 21.0 million. Oriental considers the performance of the loan portfolio and its impact on the allowance for credit losses. For mortgage and consumer loan classes, Oriental also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in mortgage and consumer loans based on payment activity as of December 31, 2020: Revolving Loans Term Loans Revolving Converted to Amortized Cost Basis by Origination Year Loans Term Loans Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total (In thousands) Mortgage: Payment performance: Performing $ 14,842 $ 20,516 $ 27,359 $ 33,088 $ 38,637 $ 642,045 $ - $ - $ 776,487 Nonperforming - 347 722 894 950 44,043 - - 46,956 Total mortgage loans: 14,842 20,863 28,081 33,982 39,587 686,088 - - 823,443 Consumer: Personal loans: Payment performance: Performing 88,653 115,295 58,009 28,424 13,565 7,181 - - 311,127 Nonperforming 201 591 492 318 134 394 - - 2,130 Total personal loans 88,854 115,886 58,501 28,742 13,699 7,575 - - 313,257 Credit lines: Payment performance: Performing - - - - - - 42,531 - 42,531 Nonperforming - - - - - - 1,274 - 1,274 Total credit lines - - - - - - 43,805 - 43,805 Credit cards: Payment performance: Performing - - - - - - 54,599 - 54,599 Nonperforming - - - - - - 1,586 - 1,586 Total credit cards - - - - - - 56,185 - 56,185 Overdrafts: Payment performance: Performing - - - - - - 305 - 305 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 305 - 305 Total consumer loans 88,854 115,886 58,501 28,742 13,699 7,575 100,295 - 413,552 Total mortgage and consumer loans $ 103,696 $ 136,749 $ 86,582 $ 62,724 $ 53,286 $ 693,663 $ 100,295 $ - $ 1,236,995 Oriental evaluates credit quality for auto loans and leases based on FICO score. The following table presents the amortized cost in auto loans and leases based on their most recent FICO score as of December 31, 2020: Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (In thousands) Auto: FICO score: 1-660 121,878 112,476 97,725 56,935 30,307 22,360 441,681 661-699 84,673 68,698 44,633 23,308 13,571 9,031 243,914 700+ 173,834 214,287 164,205 85,743 45,947 32,177 716,193 No FICO 21,512 42,597 33,305 18,127 9,656 7,284 132,481 Total auto: $ 401,897 $ 438,058 $ 339,868 $ 184,113 $ 99,481 $ 70,852 $ 1,534,269 Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, PCD loans are not included in the table above. As of December 31, 2019, and based on the most recent analysis performed, the loan grading of gross loans, excluding loans accounted for under ASC 310-30 subject to loan grade by class of loans was as follows: December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Commercial Commercial secured by real estate $ 866,706 $ 762,443 $ 55,870 $ 48,357 $ 36 $ - Other commercial and industrial 723,526 706,831 6,634 9,960 101 - US Loan Program 272,595 262,745 9,850 - - - Total Commercial $ 1,862,827 $ 1,732,019 $ 72,354 $ 58,317 $ 137 $ - December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss Retail Mortgage $ 899,595 $ 805,486 $ - $ 94,109 $ - $ - Consumer: Personal loans 367,157 365,579 - 1,578 - - Personal lines of credit 52,614 52,393 - 221 - - Credit cards 75,202 74,306 - 896 - - Overdrafts 216 165 - 51 - - Auto 1,468,882 1,454,612 - 14,270 - - Total consumer loans 1,964,071 1,947,055 - 17,016 - - Total retail loans $ 2,863,666 $ 2,752,541 $ - $ 111,125 $ - $ - |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Allowance for Credit Losses [Abstract] | |
Allowance for Credit Losses | NOTE 7 – ALLOWANCE FOR CREDIT LOSSES On January 1, 2020, Oriental adopted the new accounting standard that requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in Oriental’s relevant financial assets. Upon adoption of the new accounting standard, Oriental recorded a $ 89.7 million increase in the allowance for credit losses on January 1, 2020. For Non-PCD loans, which represents 70% of the total loan portfolio, a $ 39.2 million allowance was recorded. For PCD loans, which represents 30% of the total loan portfolio, a $ 50.5 million adjustment was made through the allowance and loan balances with no impact in capital. The allowance for credit losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio as well as an economic outlook over the life of the loan. Also included in the ACL are qualitative reserves to cover losses that are expected but, in Oriental's assessment, may not be adequately represented in the quantitative methods or the economic assumptions. In its loss forecasting framework, Oriental incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. For more information on Oriental's credit loss accounting policies, including the allowance for credit losses, see Note 1 – Summary of Significant Accounting Policies. As of January 1, 2020, Oriental used a probability weighted scenario approach as it is expected that Puerto Rico’s economic forecast should be close to an average between the baseline, which represents the middle of all projections, and a moderate recession, which places itself in the downside alternative. During the first quarter of 2020, there was a significant change in the economic outlook impacting the allowance for credit losses, with key economic factors such as the unemployment rate and gross national product projected to deteriorate sharply driven by the impact of Covid-19. In response to these changes, Oriental reassessed the selection and probability weightings as well as analyzed various scenarios with immediate deterioration in economic variables followed by different recovery assumptions as part of the process for setting the allowance for credit loss reserve. Based on these analyses, until the third quarter of 2020, Oriental was fully weighted to a moderate recessionary economic environment within the forecast period. For the fourth quarter, due to the recent trajectory of the virus and the expected federal funds from the fiscal relief package, our key economic indicators show improvements in comparison with previous quarters. As a result, Oriental used the weighted approach based on the Federal Package Relief's approval, which is consistent with the baseline scenario in contrast with the management view that the inoculation process will take longer in Puerto Rico. These risks suggest that middle ground between baseline and a moderate recession will be more likely to occur in the island’s near economic future. In addition, the allowance for credit losses at December 31, 2020 continues to include qualitative reserves for certain segments that Oriental views as higher risk that may not be fully recognized through its quantitative models such as commercial loans concentrated in certain industries. As a result of these developments, Oriental increased the provision for credit losses in the year ended December 31, 2020 by $ 39.1 million. There are still many unknowns including the duration of the impact of Covid-19 on the economy and the results of the government fiscal and monetary actions along with recently implemented payment deferral programs. Loans acquired in the Scotiabank PR & USVI Acquisition were recognized at fair value as of December 31, 2019, which included the impact of expected credit losses, and therefore, no allowance for credit losses was recorded at acquisition date. The following tables present the activity in Oriental’s allowance for credit losses by segment for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of year $ 25,993 $ 8,727 $ 18,446 $ 31,878 $ 85,044 Impact of ASC 326 adoption 3,562 10,980 8,418 16,238 39,198 Provision for credit losses 18,462 258 16,579 51,233 86,532 Charge-offs ( 4,979) ( 884) ( 21,772) ( 48,547) ( 76,182) Recoveries 2,741 606 3,582 19,494 26,423 Balance at end of year $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 PCD: Balance at beginning of year $ 8,893 $ 21,655 $ - $ 947 $ 31,495 Impact of ASC 326 adoption 42,143 7,830 181 368 50,522 Provision for credit losses 480 6,392 126 187 7,185 Charge-offs ( 36,097) ( 10,342) ( 542) ( 2,023) ( 49,004) Recoveries 986 854 292 1,464 3,596 Balance at end of year $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 Total allowance for credit losses at end of year $ 62,184 $ 46,076 $ 25,310 $ 71,239 $ 204,809 Year ended December 31, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of year $ 19,783 $ 30,348 $ 17,476 $ 29,643 $ 97,250 Provision (recapture) for credit losses 5,975 6,731 19,038 30,789 62,533 Charge-offs ( 18,564) ( 12,196) ( 20,435) ( 47,498) ( 98,693) Recoveries 1,533 1,110 2,367 18,944 23,954 Balance at end of year $ 8,727 $ 25,993 $ 18,446 $ 31,878 $ 85,044 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of year $ 30,607 $ 30,226 $ 4 $ 6,144 $ 66,981 Provision (recapture) for credit losses 23,703 13,484 - ( 2,928) 34,259 Allowance de-recognition ( 32,655) ( 34,817) ( 4) ( 2,269) ( 69,745) Balance at end of year $ 21,655 $ 8,893 $ - $ 947 $ 31,495 Total allowance for loan and lease losses at end of year $ 30,382 $ 34,886 $ 18,446 $ 32,825 $ 116,539 Year Ended December 31, 2018 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of year $ 20,439 $ 30,300 $ 19,679 $ 26,162 $ 96,580 Provision (recapture) for credit losses 3,594 6,159 15,648 26,363 51,764 Charge-offs ( 5,297) ( 6,788) ( 20,088) ( 43,057) ( 75,230) Recoveries 1,047 677 2,237 20,175 24,136 Balance at end of year $ 19,783 $ 30,348 $ 17,476 $ 29,643 $ 97,250 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of year $ 29,272 $ 33,674 $ 22 $ 7,961 $ 70,929 Provision (recapture) for credit losses 3,137 2,121 ( 18) ( 887) 4,353 Allowance de-recognition ( 1,802) ( 5,569) - ( 930) ( 8,301) Balance at end of year $ 30,607 $ 30,226 $ 4 $ 6,144 $ 66,981 Total allowance for loan and lease losses at end of year $ 50,390 $ 60,574 $ 17,480 $ 35,787 $ 164,231 The following table presents the recorded investment, excluding loans accounted for under ASC 310-30, by segment for the year ended December 31, 2019: December 31, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,874 $ 8,217 $ - $ - $ 15,091 Collectively evaluated for impairment 1,853 17,776 18,446 31,878 69,953 Total ending allowance balance $ 8,727 $ 25,993 $ 18,446 $ 31,878 $ 85,044 Loans: Individually evaluated for impairment $ 71,196 $ 61,128 $ - $ - $ 132,324 Collectively evaluated for impairment 506,220 1,608,507 382,432 1,277,867 3,775,026 Total ending loan balance $ 577,416 $ 1,669,635 $ 382,432 $ 1,277,867 $ 3,907,350 |
Foreclosed Real Estate
Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate | NOTE 8 — FORECLOSED REAL ESTATE The following tables present the activity related to foreclosed real estate for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 29,909 $ 33,768 $ 44,174 Additions 3,654 22,406 20,011 Sales ( 18,521) ( 20,642) ( 24,660) Decline in value ( 2,489) ( 4,762) ( 5,757) Other adjustments ( 957) ( 861) - Balance at end of year $ 11,596 $ 29,909 $ 33,768 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | NOTE 9 — PREMISES AND EQUIPMENT Premises and equipment at December 31, 2020 and 2019 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, (Years) 2020 2019 (In thousands) Land — $ 4,363 $ 4,363 Buildings and improvements 40 75,974 74,840 Leasehold improvements 5 — 10 22,439 21,358 Furniture and fixtures 3 — 7 17,517 16,686 Information technology and other 3 — 7 40,273 29,230 160,566 146,477 Less: accumulated depreciation and amortization ( 76,780) ( 65,372) $ 83,786 $ 81,105 Depreciation and amortization of premises and equipment totaled $ 12.7 million in 2020, $ 8.5 million in 2019 and $ 8.9 million in 2018. These are included in the consolidated statements of operations as part of occupancy and equipment expenses. |
Servicing Assets
Servicing Assets | 12 Months Ended |
Dec. 31, 2020 | |
Servicing Assets [Abstract] | |
Servicing Assets | NOTE 10 - SERVICING ASSETS At December 31, 2020, the servicing asset amounted to $ 47.3 million ($ 50.8 million — December 31, 2019) related to mortgage servicing rights. On December 31, 2019, Oriental completed the Scotiabank PR & USVI Acquisition, increasing its servicing assets by $ 40.5 million. The impact of Covid-19 has been considered in the fair value for year ended December 31, 2020. The following table presents the changes in servicing rights measured using the fair value method for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) Fair value at beginning of year $ 50,779 $ 10,716 $ 9,821 Servicing from mortgage securitizations or asset transfers 2,394 1,174 1,481 Additions from servicing portfolio acquired - 40,463 - Changes due to payments on loans [1] ( 4,067) ( 906) ( 814) Changes in fair value due to changes in valuation model inputs or assumptions ( 1,811) ( 668) 228 Fair value at end of year $ 47,295 $ 50,779 $ 10,716 [1] Represents changes due to collection/realization of expected cash flows over time. The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Constant prepayment rate 5.02% - 35.22% 4.47% - 18.81% 4.3% - 9.02% Discount rate 10.00% - 15.50% 10.00% - 15.00% 10.00% - 12.00% The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows: December 31, 2020 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 47,295 Constant prepayment rate Decrease in fair value due to 10% adverse change $ ( 1,111) Decrease in fair value due to 20% adverse change $ ( 2,177) Discount rate Decrease in fair value due to 10% adverse change $ ( 1,891) Decrease in fair value due to 20% adverse change $ ( 3,653) These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the retained interest is calculated without changing any other assumption. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Servicing fee income is based on a contractual percentage of the outstanding principal balance and is recorded as income when earned. Servicing fees on mortgage loans for the years ended December 31, 2020, 2019 and 2018 totaled $ 17.2 million, $ 4.2 million and $ 4.1 million, respectively. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives [Abstract] | |
Derivatives | NOTE 11 — DERIVATIVES The following table presents Oriental’s derivative assets and liabilities at December 31, 2020 and 2019: December 31, 2020 2019 (In thousands) Derivative assets: Interest rate caps $ - $ 6 $ - $ 6 Derivative liabilities: Interest rate swaps designated as cash flow hedges $ 1,712 $ 907 Interest rate caps - 6 $ 1,712 $ 913 Interest Rate Swaps Oriental enters into interest rate swap contracts to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in a predetermined variable index rate. The interest rate swaps effectively fix Oriental’s interest payments on an amount of forecasted interest expense attributable to the variable index rate corresponding to the swap notional stated rate. These swaps are designated as cash flow hedges for the forecasted wholesale borrowing transactions and are properly documented as such; therefore, qualify for cash flow hedge accounting. Any gain or loss associated with the effective portion of the cash flow hedges is recognized in other comprehensive income and is subsequently reclassified into operations in the period during which the hedged forecasted transactions affect earnings. Changes in the fair value of these derivatives are recorded in accumulated other comprehensive income to the extent there is no significant ineffectiveness in the cash flow hedging relationships. Currently, Oriental does not expect to reclassify any amount included in other comprehensive income related to these interest rate swaps to operations in the next twelve months. The following table shows a summary of these swaps and their terms at December 31, 2020: Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 30,259 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 30,259 Accumulated unrealized losses of $ 1.7 million and $ 907 thousand were recognized in accumulated other comprehensive income related to the valuation of these swaps at December 31, 2020 and 2019, respectively, and the related liability is being reflected in the consolidated statements of financial condition. Interest Rate Caps Oriental has entered into interest rate cap transactions with various clients with floating-rate debt who wish to protect their financial results against increases in interest rates. In these cases, Oriental simultaneously enters into mirror-image interest rate cap transactions with financial counterparties. None of these cap transactions qualify for hedge accounting, and therefore, they are marked to market through earnings. As of December 31, 2020 and 2019, the outstanding total notional amount of interest rate caps was $ 40.4 million and $ 41.5 million, respectively. At December 31, 2020 and 2019, the interest rate caps sold to clients represented a liability with zero value and $ 6 thousand, respectively, and were included as part of derivative liabilities in the consolidated statements of financial condition. At December 31, 2020 and 2019, the interest rate caps purchased as mirror-images represented an asset of zero value and $ 6 thousand, respectively, and were included as part of derivative assets in the consolidated statements of financial condition. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Goodwill And Intangible Assets | NOTE 12 — GOODWILL AND OTHER INTANGIBLE ASSETS As of December 31, 2020 and 2019, Oriental had $ 86.1 million of goodwill allocated as follows: $ 84.1 million to the banking segment and $ 2.0 million to the wealth management segment (refer to Note 30 for the definition of Oriental’s reportable business segments). There were no changes in the carrying amount of goodwill for the years ended December 31, 2020, 2019 and 2018. Goodwill recorded in connection with the BBVAPR Acquisition and the FDIC-assisted Eurobank Acquisition is not amortized to expense but is tested at least annually for impairment. No goodwill was recorded in connection with the recent Scotiabank PR & USVI Acquisition. A quantitative annual impairment test is not required if, based on a qualitative analysis, Oriental determines that the existence of events and circumstances indicate that it is more likely than not that goodwill is not impaired. Oriental performs annual goodwill impairment test as of October 31 and monitors for interim triggering events on an ongoing basis. Oriental tests for impairment by first allocating its goodwill and other assets and liabilities, as necessary, to defined reporting segments. A fair value is then determined for each reporting segment. If the fair values of the reporting segments exceed their book values, no write-down of the recorded goodwill is necessary. Reporting segment valuation is inherently subjective, with a number of factors based on assumptions and management judgments or estimates. Actual values may differ significantly from such estimates. Among these are future growth rates for the reporting units, selection of comparable market transactions, discount rates and earnings capitalization rates. Changes in assumptions and results due to economic conditions, industry factors, and reporting unit performance and cash flow projections could result in different assessments of the fair values of reporting segments and could result in impairment charges. If an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting segment below its carrying amount, an interim impairment test is required. Relevant events and circumstances for evaluating whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount may include macroeconomic conditions (such as a further deterioration of the Puerto Rico economy or the liquidity for Puerto Rico securities or loans secured by assets in Puerto Rico), adverse changes in legal factors or in the business climate, adverse actions by a regulator, unanticipated competition, the loss of key employees, natural disasters, or similar events. Oriental performed its annual impairment review of goodwill during the fourth quarters of 2020 and 2019 using October 31, 2020 and 2019, respectively, as the annual evaluation dates and concluded that there was no impairment at December 31, 2020 and 2019. In connection with reviewing our financial condition in light of the pandemic, we evaluated our assets, including goodwill and other intangibles, for potential impairment. Based upon our review as of December 31, 2020, no impairments have been recorded. The following table reflects the components of other intangible assets subject to amortization at December 31, 2020 and 2019: Gross Net Carrying Accumulated Carrying Amount Amortization Value (In thousands) December 31, 2020 Core deposit intangibles $ 51,402 $ 16,419 $ 34,983 Customer relationship intangibles 17,753 7,124 10,629 Other intangibles 567 283 284 Total other intangible assets $ 69,722 $ 23,826 $ 45,896 December 31, 2019 Core deposit intangibles $ 51,402 $ 8,217 $ 43,185 Customer relationship intangibles 17,753 4,540 13,213 Other intangibles 567 - 567 Total other intangible assets $ 69,722 $ 12,757 $ 56,965 In connection with the Eurobank FDIC-assisted acquisition, the BBVAPR Acquisition and the Scotiabank PR & USVI Acquisition, Oriental recorded a core deposit intangible representing the value of checking and savings deposits acquired. At December 31, 2020, this core deposit intangible amounted to $ 35.0 million. At December 31, 2019, core deposit intangible amounted to $ 43.2 million, including $ 41.5 from the Scotiabank PR & USVI Acquisition. In addition, Oriental recorded a customer relationship intangible representing the value of customer relationships acquired with the acquisition of a securities broker-dealer and insurance agency in the BBVAPR Acquisition and an insurance agency in the Scotiabank PR & USVI Acquisitions. At December 31, 2020 this customer relationship intangible amounted to $ 10.6 million. At December 31, 2019 customer relationship intangible amounted to $ 13.2 million, including $ 12.7 million from the Scotiabank PR & USVI Acquisition. Oriental also recorded other intangibles from the Scotiabank PR & USVI Acquisition which amounted to $ 284 thousand and $ 567 thousand at December 31, 2020 and 2019, respectively. Other intangible assets have a definite useful life. Amortization of other intangible assets for the years ended December 31, 2020, 2019 and 2018 was $ 11.1 million, $ 1.2 million, and $ 1.3 million, respectively. The following table presents the estimated amortization of other intangible assets for each of the following periods. Year Ending December 31, (In thousands) 2021 $ 9,802 2022 8,501 2023 6,898 2024 5,913 2025 4,927 Thereafter 9,854 |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Interest Receivable and Other Assets [Abstract] | |
Accrued Interest Receivable and Other Assets | NOTE 13 — ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS Accrued interest receivable at December 31, 2020 and 2019 consists of the following: December 31, 2020 2019 (In thousands) Loans $ 64,465 $ 32,728 Investments 1,082 4,053 $ 65,547 $ 36,781 O riental estimates expected credit losses on accrued interest receivable for loans that participated in the Covid-19 deferral programs . An allowance has been established for loans with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. At December 31, 2020 , the allowance for credit losses for accrued interest receivable for loans that participated in the Covid-19 deferral programs amounted to $ 711 thousand, and is included in accrued interest receivable in the statement of financial condition. Other assets at December 31, 2020 and 2019 consist of the following: December 31, 2020 2019 (In thousands) Prepaid expenses $ 61,332 $ 52,558 Other repossessed assets 1,816 3,327 Tax credits - 277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 78,845 78,600 $ 143,076 $ 135,845 Prepaid expenses amounting to $ 61.3 million at December 31, 2020, include prepaid municipal, property and income taxes aggregating to $ 54.3 million. At December 31, 2019 prepaid expenses amounted to $ 52.6 million, including prepaid municipal, property and income taxes aggregating to $ 45.3 million, from which $ 31.9 million corresponded to the Scotiabank PR & USVI Acquisition. Other repossessed assets totaled $ 1.8 million and $ 3.3 million at December 31, 2020 and 2019, respectively, that consist mainly of repossessed automobiles, which are recorded at their net realizable value. |
Deposits and Related Interest
Deposits and Related Interest | 12 Months Ended |
Dec. 31, 2020 | |
Deposits and Related Interest [Abstract] | |
Deposits and Related Interest | NOTE 14 — DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31, 2020 and 2019 consist of the following: December 31, 2020 2019 (In thousands) Non-interest bearing demand deposits $ 2,259,048 $ 1,675,315 Interest-bearing savings and demand deposits 4,274,586 3,718,846 Retail certificates of deposit 1,540,406 1,781,237 Institutional certificates of deposit 292,485 279,714 Total core deposits 8,366,525 7,455,112 Brokered deposits 49,115 243,498 Total deposits $ 8,415,640 $ 7,698,610 Brokered deposits include $ 25.0 million in certificates of deposits and $ 24.1 million in money market accounts at December 31, 2020, and $ 222.1 million in certificates of deposits and $ 21.4 million in money market accounts at December 31, 2019. The weighted average interest rate of Oriental’s deposits was 0.80% and 0.86%, respectively, at December 31, 2020 and 2019. Interest expense for the years ended December 31, 2020, 2019 and 2018 was as follows: Year Ended December 31, 2020 2019 2018 Demand and savings deposits $ 25,798 $ 14,925 $ 12,478 Certificates of deposit 34,400 24,430 20,475 $ 60,198 $ 39,355 $ 32,953 At December 31, 2020 and 2019, time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 628.4 million and $ 692.1 million, respectively. At December 31, 2020 and 2019, total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $ 218.9 million and $ 278.7 million, respectively. These public funds were collateralized with commercial loans and securities amounting to $ 242.8 million and $ 320.8 million at December 31, 2020 and 2019, respectively. Excluding accrued interest of approximately $ 1.5 million and $ 11.7 million, the scheduled maturities of certificates of deposit at December 31, 2020 and 2019 are as follows: December 31, 2020 2019 (In thousands) Within one year: Three (3) months or less $ 379,563 $ 314,796 Over 3 months through 1 year 805,117 881,183 1,184,680 1,195,979 Over 1 through 2 years 328,336 732,421 Over 2 through 3 years 177,701 175,032 Over 3 through 4 years 75,094 89,148 Over 4 through 5 years 90,590 78,706 $ 1,856,401 $ 2,271,286 The table of scheduled maturities of certificates of deposits above includes brokered-deposits and individual retirement accounts. The aggregate amount of overdrafts in demand deposit accounts that were reclassified to loans amounted to $ 1.1 million and $ 1.0 million as of December 31, 2020 and 2019, respectively. |
Borrowings and Related Interest
Borrowings and Related Interest | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings and Related Interest [Abstract] | |
Borrowings and Related Interest | NOTE 15 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At December 31, 2019, securities underlying agreements to repurchase were delivered to, and held by, the counterparties with whom the repurchase agreements were transacted. The counterparties agreed to resell to Oriental the same or similar securities at the maturity of these agreements. The purpose of these transactions was to provide financing for Oriental’s securities portfolio. At December 31, 2020, Oriental did not have repurchase agreements outstanding due to the maturing of $ 140 million during the year, which were not renewed, and to $ 50 million which were terminated early. December 31, 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) 50,000 Total assets sold under agreements to repurchase $ 190,000 Repurchase agreements’ maturities were as follows: December 31, 2019 (In thousands) Less than 90 days $ 140,000 Over 90-days 50,000 Total $ 190,000 The following securities were sold under agreements to repurchase: 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 December 31, 2020 and 2019, these advances were secured by mortgage and commercial loans amounting to $ 1.159 billion and $ 1.060 billion, respectively. Also, at December 31, 2020 and 2019, Oriental had an additional borrowing capacity with the FHLB-NY of $ 814 million and $ 983 million, respectively. At December 31, 2020 and 2019, the weighted average remaining maturity of FHLB’s advances was 18.2 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 December 31, 2020. The following table shows a summary of the advances and their terms, excluding accrued interest in the amount of $ 96 thousand and $ 160 thousand at December 31, 2020 and 2019, respectively: December 31, 2020 2019 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.34% (December 31, 2019 - from 1.85% to 2.59%) $ 30,259 $ 40,472 Long-term fixed-rate advances from FHLB, with a weighted average interest rate from 2.92% to 3.24% (December 31, 2019 - from 2.92% to 3.24% ) 35,206 37,377 $ 65,465 $ 77,849 Advances from FHLB mature as follows: December 31, 2020 2019 (In thousands) Under 90 days $ 30,259 $ 31,955 Over one to three years 30,972 8,517 Over three to five years 4,234 33,018 Over five years - 4,359 $ 65,465 $ 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 December 31, 2020 and 2019, respectively. In August 2003, the Statutory Trust II, a special purpose entity of Oriental, was formed for the purpose of issuing trust redeemable preferred securities. In September 2003, $ 35.0 million of trust redeemable preferred securities were issued by the Statutory Trust II as part of a pooled underwriting transaction. The proceeds from this issuance were used by the Statutory Trust II to purchase a like amount of a floating rate junior subordinated deferrable interest debenture issued by Oriental. The subordinated deferrable interest debenture has a par value of $ 36.1 million, bears interest based on 3-month LIBOR plus 295 basis points 3.18% at December 31, 2020; 4.85.% at 2019), is payable quarterly, and matures on September 17, 2033. It may be called at par after five years and quarterly thereafter (next call date March 2021). The trust redeemable preferred securities have the same maturity and call provisions as the subordinated deferrable interest debenture. The subordinated deferrable interest debenture issued by Oriental is accounted for as a liability denominated as a subordinated capital note on the consolidated statements of financial condition. The subordinated capital note is treated as Tier 1 capital for regulatory purposes. Under the Dodd-Frank Act and the Basel III capital rules issued by the federal banking regulatory agencies in July 2013, bank holding companies are prohibited from including in their Tier 1 capital hybrid debt and equity securities, including trust preferred securities, issued on or after May 19, 2010. Any such instruments issued before May 19, 2010 by a bank holding company, such as Oriental, with total consolidated assets of less than $15 billion as of December 31, 2009, may continue to be included as Tier 1 capital. Therefore, Oriental is permitted to continue to include its existing trust preferred securities as Tier 1 capital. |
Offsetting of Financial Assets
Offsetting of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting of Financial Assets and Liabilities [Abstract] | |
Offsetting of Financial Assets and Liabilities | NOTE 16 – OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES Oriental’s derivatives are subject to agreements which allow a right of set-off with each respective counterparty. In addition, Oriental’s securities purchased under agreements to resell and securities sold under agreements to repurchase have a right of set-off with the respective counterparty under the supplemental terms of the master repurchase agreements. In an event of default, each party has a right of set-off against the other party for amounts owed in the related agreements and any other amount or obligation owed in respect of any other agreement or transaction between them. Security collateral posted to open and maintain a master netting agreement with a counterparty, in the form of cash and securities, may from time to time be segregated in an account at a third-party custodian pursuant to an account control agreement. The following table presents the potential effect of rights of set-off associated with Oriental’s recognized financial assets and liabilities at December 31, 2020 and 2019: December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts Net amount of Offset in the Assets Presented Gross Amount Statement of in Statement Cash of Recognized Financial of Financial Financial Collateral Net Assets Condition Condition Instruments Received Amount (In thousands) Derivatives $ 6 $ - $ 6 $ - $ - $ 6 December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Condition Net Amount of Gross Amounts Liabilities Offset in the Presented Gross Amount Statement of in Statement Cash of Recognized Financial of Financial Financial Collateral Net Liabilities Condition Condition Instruments Provided Amount (In thousands) Derivatives $ 1,712 $ - $ 1,712 $ - $ - $ 1,712 Total $ 1,712 $ - $ 1,712 $ - $ - $ 1,712 December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Condition Net Amount of Gross Amounts Liabilities Offset in the Presented Gross Amount Statement of in Statement Cash of Recognized Financial of Financial Financial Collateral Net Liabilities Condition Condition Instruments Provided Amount (In thousands) Derivatives $ 913 $ - $ 913 $ - - $ 913 Securities sold under agreements to repurchase 190,000 - 190,000 204,068 - ( 14,068) Total $ 190,913 $ - $ 190,913 $ 204,068 $ - $ ( 13,155) |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | NOTE 17 — EMPLOYEE BENEFIT PLAN Oriental has a profit-sharing plan containing a cash or deferred arrangement qualified under Sections 1081.01(a) and 1081.01(d) of the Puerto Rico Internal Revenue Code of 2011, as amended, (the “PR Code”), and Sections 401(a) and 401(k) of the United States Internal Revenue Code of 1986, as amended (the “US Code”). The plan is subject to the provisions of Title I of the Employee Retirement Income Security Act of 1976, as amended (“ERISA”). This plan covers all full-time employees of Oriental who are age 21 or older. Under this plan, participants may contribute each year up to $ 19,500. Oriental's matching contribution is 50 cents for each dollar contributed by an employee, up to 4% of such employee’s base salary. It is invested in accordance with the employee’s decision among the available investment alternatives provided by the plan. This plan is entitled to acquire and hold qualifying employer securities as part of its investment of the trust assets pursuant to ERISA Section 407. Oriental contributed $ 2.3 million, $ 923 thousand and $ 856 thousand in cash during 2020, 2019 and 2018, respectively. Oriental’s contribution becomes 100% vested once the employee completes three years of service. In December 2020, all the balances related to the Retirement Plan for Scotiabank de Puerto Rico employee accounts were merged into the plan. Also, Oriental offers to its senior management a non-qualified deferred compensation plan, where executives can defer taxable income. Both the employer and the employee have flexibility because non-qualified plans may not be subject to ERISA nor the PR Code and the US Code contribution limits and discrimination tests in terms of who must be included in the plan. Under this plan, the employee’s current taxable income is reduced by the amount being deferred. Generally, funds deposited in a deferred compensation plan can accumulate without current income tax to the individual. Income taxes are due when the funds are withdrawn. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 18 — RELATED PARTY TRANSACTIONS Oriental grants loans to its directors, executive officers and to certain related individuals or organizations in the ordinary course of business. These loans are offered at the same terms as loans to unrelated third parties. The activity and balance of these loans for the years December 31, 2020, 2019, and 2018 was as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Balance at the beginning of year $ 22,312 $ 28,520 $ 28,138 New loans and disbursements 17,896 203 10,388 Repayments ( 19,096) ( 6,411) ( 10,006) Balance at the end of year $ 21,112 $ 22,312 $ 28,520 Oriental also hires professional services amounting to $ 3.2 million, $ 3.7 million and $ 3.8 million for the year ended December 31, 2020, 2019, and 2018, respectively, from a related party. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 19 — INCOME TAXES Oriental is subject to the provisions of the PR Code. For 2020, the PR Code imposed a maximum statutory corporate tax rate of 37.5%. Oriental has operations in the U.S. through its wholly owned subsidiary OPC, a retirement plan administration based in Florida; also in March 2019, Oriental formed a new subsidiary, OFG Ventures, based in Missouri. In addition, in October 2017, Oriental expanded its operations in U.S. through the Bank's wholly owned subsidiary OFG USA. These subsidiaries are subject to state and federal taxes. OPC is subject to Florida state taxes, OFG Ventures is subject to Missouri state taxes and OFG USA is subject to North Carolina state taxes. OFG Ventures and OFG USA elected to be classified as a corporation for federal income tax purposes. Under the PR Code, all companies are treated as separate taxable entities and are not entitled to file consolidated tax returns. Oriental and its subsidiaries are subject to Puerto Rico regular income tax or the alternative minimum tax (“AMT”) on income earned from all sources. The AMT is payable if it exceeds regular income tax. The excess of AMT over regular income tax paid in any one year may be used to offset regular income tax in future years, subject to certain limitations. The components of income tax expense for the years ended December 31, 2020, 2019, and 2018 are as follows: Year Ended December 31, 2020 2019 2018 (In thousands) Current income tax (benefit) expense $ ( 7,347) $ 25,477 $ 33,618 Deferred income tax expense (benefit) 27,846 ( 4,068) 14,772 Total income tax expense $ 20,499 $ 21,409 $ 48,390 In relation to the exempt income level, the Bank’s investment securities portfolio and loans portfolio generated net tax-exempt interest income of $ 15.2 million at 2020, $ 11.8 million at 2019 and $ 11.0 million at 2018. OIB generated exempt income of $ 4.1 million, $ 10.3 million and $ 5.3 million for 2020, 2019, and 2018, respectively. Oriental maintained an effective tax rate lower than statutory rate for the year ended December 31, 2020, mainly by investing in tax-exempt obligations, doing business through its international banking entities and by expanding its subsidiary operations in the U.S., which are taxed at a lower rate. Oriental’s income tax expense differs from amounts computed by applying the applicable statutory rate to income before income taxes as follows: Year Ended December 31, 2020 2019 2018 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 35,567 37.51% $ 28,219 37.50% $ 51,792 39.00% Tax of exempt income, net ( 7,272) - 7.67% ( 8,728) - 11.60% ( 6,645) - 5.01% Disallowed net operating loss carryover 202 0.21% 384 0.51% 269 0.20% Change in valuation allowance 2,267 2.39% 1,217 1.62% 1,504 1.13% Unrecognized tax benefits, net ( 1,941) - 2.05% 1,794 2.38% ( 386) - 0.29% Capital gain at preferential rate ( 450) - 0.47% ( 265) - 0.35% ( 20) - 0.02% Effect of change in tax rate - 0.00% - 0.00% 4,069 3.06% Tax rate difference (ordinary vs capital) ( 4,218) - 4.45% - 0.00% - 0.00% Bargain purchase gain ( 2,751) - 2.90% ( 118) - 0.16% - 0.00% Other items, net ( 905) - 0.95% ( 1,094) - 1.44% ( 2,193) - 1.63% Income tax expense $ 20,499 21.60% $ 21,409 28.50% $ 48,390 36.40% Oriental’s effective tax rate for the year ended December 31, 2020 was 21.62%, and it was mainly affected by several items pertaining to the year 2020, and not expected to reoccur on future years, such as the bargain purchase gain and tax rate differentials. For the years ended December 31, 2019 and 2018, the effective tax rate was 28.46% and 36.44%, respectively. On December 10, 2018, the Puerto Rico government enacted No. Act 257-2018 introducing several amendments to the PR Code. Some of the most relevant income tax changes include: a reduction of the maximum corporate income tax rate to 37.5%, from 39%, and a restriction of the use of partnership gains to offset current and accumulated operating losses generated by a corporate partner. Oriental classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At December 31, 2020, the amount of unrecognized tax benefits was $ 728 thousands (December 31, 2019 - $ 2.7 million). Oriental had accrued $ 50 thousand at December 31, 2020 (December 31, 2019 - $ 51 thousand) for the payment of interest and penalties relating to unrecognized tax benefits and released $ 2.0 million due to expiration of statute of limitation. The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 2,668 $ 875 $ 1,260 Additions for tax positions of prior years 50 51 81 Additions due to new tax positions - 2,181 - Reduction for tax positions as a result of lapse of statute of limitations or new information resulting in a change in assessment ( 1,990) ( 439) ( 466) Balance at end of year $ 728 $ 2,668 $ 875 Oriental follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals of litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The amount of unrecognized tax benefits may increase or decrease in the future due to new or current tax year positions, expiration of open income tax returns, changes in management’s judgment about the level of uncertainty, status of examinations, litigations and legislative activity. For 2020 there was a net decrease in unrecognized tax benefit of $ 1.9 million. The statute of limitations under the PR Code is four years and the statute of limitations for federal tax purposes is three years, after a tax return is due or filed, whichever is later. Oriental is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2016 to 2019, until the applicable statute of limitations expires. In addition, Oriental’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2017 to 2019. Tax audits by their nature are often complex and can require several years to complete. The determination of the deferred tax expense or benefit is generally based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of Oriental’s net deferred tax assets assumes that Oriental will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, Oriental may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Significant components of Oriental’s deferred tax assets and liabilities as of December 31, 2020, and 2019 were as follows: December 31, 2020 2019 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 83,578 $ 75,747 Scotiabank PR discount 5,461 $ 15,499 Loans and other real estate valuation adjustment 5,769 6,874 Deferred loan charge-offs 140,445 144,799 Net operating loss carry forwards 7,947 7,785 Alternative minimum tax 15,513 25,123 Unrealized net loss included in other comprehensive income 642 340 Deferred loan origination income, net 5,147 11,303 Goodwill 23,927 30,408 Acquired portfolio 52,301 51,079 Other assets allowances 525 457 Other deferred tax assets 24,767 23,506 Total gross deferred tax asset 366,022 392,920 Less: valuation allowance ( 8,842) ( 6,585) Net gross deferred tax assets 357,180 386,335 Deferred tax liability: Acquired loans tax basis ( 135,816) ( 146,496) FDIC-assisted Eurobank acquisition, net ( 9,171) ( 14,004) Customer deposit and customer relationship intangibles ( 13,823) ( 17,838) Building valuation adjustment ( 7,412) ( 7,848) Unrealized net gain on available-for-sale securities ( 2,106) ( 82) Servicing asset ( 14,682) ( 15,988) Other deferred tax liabilities ( 11,692) ( 7,339) Total gross deferred tax liabilities ( 194,702) ( 209,595) Net deferred tax asset $ 162,478 $ 176,740 As of December 31, 2020 and 2019, Oriental's net deferred tax asset, net of a valuation allowance of $ 8.8 million and $ 6.6 million, respectively, amounted to $ 162.5 million and $ 176.7 million, respectively. The deferred tax assets as of December 31, 2019 include acquisition related deferred tax assets of $ 59.9 million. The acquisition of SBPR was a nontaxable transaction where the historical tax bases of the acquired business carries over to the acquirer; the historical tax bases include a tax-deductible goodwill from prior acquisitions of SBPR with a deferred tax asset of $ 30.4 million. Also, as part of the acquisition of Scotiabank, certain closing agreements were transferred to Oriental in connection with the preferential tax treatment, and other provisions, applicable to a loan portfolio formerly acquired by SBPR. The increase in valuation allowance of $ 2.3 million was mainly related to the realizability of the Holding company’s deferred tax assets. In assessing the realizability of the deferred tax asset, management considers whether it is more likely than not that some portion or the entire deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future income, and tax planning strategies in making this assessment. Based upon the assessment of positive and negative evidence, the level of historical taxable income, projections for future taxable income over the periods in which the deferred tax asset are deductible, and provisions of certain closing agreements, management believes it is more likely than not that Oriental will realize the benefits of these deductible differences, net of the existing valuation allowances, at December 31, 2020. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry-forward period are reduced. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | NOTE 20 — REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements Oriental (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and Puerto Rico banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Oriental’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Oriental and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Pursuant to the Dodd-Frank Act, federal banking regulators adopted capital rules based on the framework of the Basel Committee on Banking Supervision in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (“Basel III”), which became effective January 1, 2015 for Oriental and the Bank (subject to certain phase-in periods through January 1, 2019) and that replaced their general risk-based capital rules, advanced approaches rule, market risk rule, and leverage rules. Among other matters, the Basel III capital rules: (i) introduce a capital measure called “Common Equity Tier 1” (“CET1”) and related regulatory capital ratio of CET1 to risk-weighted assets; (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1 capital” instruments meeting certain revised requirements; (iii) mandate that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital; and (iv) expand the scope of the deductions from and adjustments to capital as compared to prior regulations. The Basel III capital rules prescribe a new standardized approach for risk weightings that expand the risk-weighting categories from the previous four Basel I-derived categories (0%, 20%, 50% and 100%) to a larger and more risk-sensitive number of categories, depending on the nature of the assets, and resulting in higher risk weights for a variety of asset classes. Pursuant to the Basel III capital rules, the minimum capital ratios requirements are as follows: 4.5% CET1 to risk-weighted assets; 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets; 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and 4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”). In July 2019, the federal banking regulatory agencies adopted a final rule, pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996 that simplifies for non-advanced approaches banking organizations simplifies the regulatory capital treatment for mortgage servicing assets (“MSAs”) and certain deferred tax assets arising from temporary differences (temporary difference DTAs). It increases CET1 capital threshold deductions from 10% to 25% and removes the aggregate 15% CET1 threshold deduction. However, it retains the 250% risk weight applicable to non-deducted amounts of MSAs and temporary difference DTAs. In November 2019, the agencies jointly issued a final rule that permits insured depository institutions and depository institution holding companies to implement the simplifications to the capital rule on January 1, 2020, rather than April 1, 2020. These banking organizations may elect to use the revised effective date of January 1, 2020 or wait until the quarter beginning April 1, 2020. Oriental elected to early implement the simplifications to the capital rule on January 1, 2020. The simplification rule increased the capital ratios. On January 1, 2020, Oriental adopted CECL with the initial implementation adjustment to Non-PCD loans and off-balance sheet instruments against retained earnings. On March 27, 2020, in response to the Covid-19 pandemic, U.S. banking regulators issued an interim final rule that Oriental adopted to delay for two years the initial adoption impact of CECL on regulatory capital, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during 2020 and 2021 (i.e., a five-year transition period). During the two-year delay, Oriental will add back to CET1 capital 100 percent of the initial adoption impact of CECL plus 25 percent of the cumulative quarterly changes in the allowance for credit losses (i.e., quarterly transitional amounts). After two years, starting on January 1, 2022, the quarterly transitional amounts along with the initial adoption impact of CECL will be phased out of CET1 capital over the three-year period. For more information, see Note 1 – Significant Accounting Policies. As of December 31, 2020 and 2019, Oriental and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2020 and 2019, Oriental and the Bank are “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” an institution must maintain minimum CET1 risk-based, Tier 1 risk-based, total risk-based, and Tier 1 leverage ratios as set forth in the tables presented below. Oriental’s and the Bank’s actual capital amounts and ratios as of December 31, 2020 and 2019 are as follows: Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of December 31, 2020 Total capital to risk-weighted assets $ 1,096,766 16.04% $ 717,974 10.50% $ 683,785 10.00% Tier 1 capital to risk-weighted assets $ 1,010,945 14.78% $ 581,217 8.50% $ 547,028 8.00% Common equity tier 1 capital to risk-weighted assets $ 894,075 13.08% $ 478,649 7.00% $ 444,460 6.50% Tier 1 capital to average total assets $ 1,010,945 10.30% $ 392,424 4.00% $ 490,530 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 937,962 13.91% $ 707,789 10.50% $ 674,085 10.00% Tier 1 capital to risk-weighted assets $ 852,311 12.64% $ 572,972 8.50% $ 539,268 8.00% Common equity tier 1 capital to risk-weighted assets $ 735,441 10.91% $ 471,859 7.00% $ 438,155 6.50% Tier 1 capital to average total assets $ 852,311 9.24% $ 369,151 4.00% $ 461,438 5.00% Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2020 Total capital to risk-weighted assets $ 1,044,275 15.32% $ 714,480 10.50% $ 680,457 10.00% Tier 1 capital to risk-weighted assets $ 786,731 14.06% $ 578,388 8.50% $ 544,366 8.00% Common equity tier 1 capital to risk-weighted assets $ 956,845 14.06% $ 476,320 7.00% $ 442,297 6.50% Tier 1 capital to average total assets $ 956,845 9.81% $ 390,304 4.00% $ 487,879 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 898,812 13.36% $ 706,800 10.50% $ 672,848 10.00% Tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 572,230 8.50% $ 538,279 8.00% Common equity tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 471,303 7.00% $ 437,351 6.50% Tier 1 capital to average total assets $ 813,444 8.85% $ 367,537 4.00% $ 459,421 5.00% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2020 | |
Equity-Based Compensation Plan [Abstract] | |
Equity-Based Compensation Plan | NOTE 21 – EQUITY-BASED COMPENSATION PLAN The Omnibus Plan provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, and dividend equivalents, as well as equity-based performance awards. The activity in outstanding options for the years ended December 31, 2020, 2019, and 2018 is set forth below: Year Ended December 31, 2020 2019 2018 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 634,294 $ 14.60 739,326 $ 14.28 845,619 $ 14.14 Options granted - - - - - - Options exercised ( 119,500) 12.36 ( 105,032) 12.32 ( 101,268) 13.41 Options forfeited ( 33,350) 15.42 - - ( 5,025) 17.08 End of year 481,444 $ 15.10 634,294 $ 14.60 739,326 $ 14.28 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31, 2020: Outstanding Exercisable Weighted Average Weighted Contract Life Weighted Number of Average Remaining Number of Average Range of Exercise Prices Options Exercise Price (Years) Options Exercise Price 11.27 to 14.08 118,894 11.83 1.0 118,894 11.83 14.09 to 16.90 224,700 15.40 2.7 224,700 15.40 16.91 to 19.71 137,850 17.44 4.2 137,850 17.44 481,444 $ 15.10 2.7 481,444 $ 15.10 Aggregate Intrinsic Value $ 1,655,880 $ 1,655,880 There were options granted during 2020, 2019 and 2018. The average fair value of each option granted would have been estimated at the date of the grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options that have no restrictions and are fully transferable and negotiable in a free trading market. Black-Scholes does not consider the employment, transfer or vesting restrictions that are inherent in Oriental’s stock options. Use of an option valuation model, as required by GAAP, includes highly subjective assumptions based on long-term predictions, including the expected stock price volatility and average life of each option grant. The following table summarizes the activity in restricted units under the Omnibus Plan for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Weighted Weighted Weighted Average Average Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Units Fair Value Units Fair Value Units Fair Value Beginning of year 379,150 $ 15.32 254,050 $ 12.50 105,800 $ 14.19 Restricted units granted 257,850 16.82 125,100 21.36 176,250 12.12 Restricted units lapsed ( 102,525) 14.74 - - ( 24,017) 17.12 Restricted units forfeited ( 4,705) 15.93 - - ( 3,983) 12.48 End of year 529,770 $ 15.58 379,150 $ 15.32 254,050 $ 12.50 The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31, 2020 was $ 3.9 million and is expected to be recognized over a weighted-average period of 1.5 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 22 – STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock At both December 31, 2020 and 2019, preferred and common stock paid-in capital amounted $ 92.0 million and $ 59.9 million, respectively. Additional Paid-in Capital Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of both December 31, 2020 and 2019, accumulated issuance costs charged against additional paid-in capital amounted to $ 13.6 million and $ 10.1 million for common and preferred stock, respectively. Legal Surplus The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid in capital on common and preferred stock. At December 31, 2020 and 2019, the Bank’s legal surplus amounted to $ 103.3 million and $ 95.8 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under Oriental’s current stock repurchase program, it is authorized to purchase in the open market up to $ 5.5 million of its outstanding shares of common stock. The shares of common stock repurchased are to be held by Oriental as treasury shares. During the year ended December 31, 2020, Oriental repurchased 175,000 shares under this program for a total of $ 2.2 million, at an average price of $ 12.69 per share. During years ended December 31, 2019 and 2018, Oriental did not repurchase any shares under the program. At December 31, 2020 the number of shares that may yet be purchased under the $ 70 million program is estimated at 297,219 and was calculated by dividing the remaining balance of $ 5.5 million by $ 18.54 (closing price of Oriental’s common stock at December 31, 2020). Oriental did t purchase any shares of its common stock during the years ended December 31, 2020, 2019 and 2018, other than through its publicly announced stock repurchase program. The activity in connection with common shares held in treasury by Oriental for the years ended December 31, 2020, 2019 and 2018 is set forth below: Year Ended December 31, 2020 2019 2018 Dollar Dollar Dollar Shares Amount Shares Amount Shares Amount (In thousands, except shares data) Beginning of year $ 8,486,278 $ 102,339 8,591,310 $ 103,633 $ 8,678,427 $ 104,502 Common shares used upon lapse of restricted stock units and options ( 163,115) ( 1,616) ( 105,032) ( 1,294) ( 87,117) ( 869) Common shares repurchased as part of the stock repurchase program 175,000 2,226 - - - - End of year $ 8,498,163 $ 102,949 8,486,278 $ 102,339 $ 8,591,310 $ 103,633 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Accumulated Other Comprehensive Income | NOTE 23 - ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income, net of income taxes, as of December 31, 2020 and 2019 consisted of: December 31, 2020 2019 (In thousands) Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired $ 14,262 $ ( 306) Income tax effect of unrealized loss on securities available-for-sale ( 2,170) ( 135) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 12,092 ( 441) Unrealized (loss) gain on cash flow hedges ( 1,711) ( 907) Income tax effect of unrealized (loss) gain on cash flow hedges 641 340 Net unrealized (loss) gain on cash flow hedges ( 1,070) ( 567) Accumulated other comprehensive (loss), net of income taxes $ 11,022 $ ( 1,008) At December 31, 2019, unrealized losses on available-for-sale securities included $ 12.0 million, net of tax effect of the adoption of ASU No. 2017-12, from reclassification of all of its mortgage backed securities with carrying value of $ 424.7 million, from the held-to-maturity portfolio into the available-for-sale portfolio. The following table presents changes in accumulated other comprehensive income by component, net of taxes, for years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Net unrealized Net unrealized Accumulated gains on loss on other Securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 441) $ ( 567) $ ( 1,008) Other comprehensive income (loss) before reclassifications 7,803 ( 2,491) 5,312 Amounts reclassified out of accumulated other comprehensive income 4,730 1,988 6,718 Other comprehensive income (loss) 12,533 ( 503) 12,030 Ending balance $ 12,092 $ ( 1,070) $ 11,022 Year Ended December 31, 2019 Net unrealized Net unrealized Accumulated gains on loss on other Securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 10,972) $ 9 $ ( 10,963) Transfer of securities held-to-maturity to available-for-sale ( 12,041) - ( 12,041) Other comprehensive income (loss) before reclassifications 14,335 ( 2,442) 11,893 Amounts reclassified out of accumulated other comprehensive income 8,237 1,866 10,103 Other comprehensive income (loss) 10,531 ( 576) 9,955 Ending balance $ ( 441) $ ( 567) $ ( 1,008) Year Ended December 31, 2018 Net unrealized Net unrealized Accumulated gains on loss on other Securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 2,638) $ ( 311) $ ( 2,949) Other comprehensive loss before reclassifications ( 8,104) ( 1,555) ( 9,659) Amounts reclassified out of accumulated other comprehensive income (loss) ( 230) 1,875 1,645 Other comprehensive income (loss) ( 8,334) 320 ( 8,014) Ending balance $ ( 10,972) $ 9 $ ( 10,963) The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31, 2020, 2019 and 2018: Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Year Ended December 31, 2020 2019 2018 (In thousands) Cash flow hedges: Interest-rate contracts $ 1,988 $ 1,866 $ 1,875 Net interest expense Available-for-sale securities: Gain on sale of investments 4,728 8,274 - Net gain on sale of securities Residual tax effect from OIB's change in applicable tax rate - - 5 Income tax expense Tax effect from changes in tax rates 2 ( 37) ( 235) Income tax expense $ 6,718 $ 10,103 $ 1,645 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Common Share | NOTE 24 – EARNINGS PER COMMON SHARE The calculation of earnings per common share for the years ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 2019 2018 (In thousands, except per share data) Net income $ 74,327 $ 53,841 $ 84,410 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) ( 6,512) ( 6,512) ( 6,511) Convertible preferred stock (Series C) - - ( 5,513) Income available to common shareholders $ 67,815 $ 47,329 $ 72,386 Effect of assumed conversion of the convertible preferred stock - - 5,513 Income available to common shareholders assuming conversion $ 67,815 $ 47,329 $ 77,899 Average common shares outstanding 51,358 51,335 45,400 Effect of dilutive securities: Average potential common shares-options 197 384 142 Average potential common shares-assuming conversion of convertible preferred stock - - 5,807 Total weighted average common shares outstanding and equivalents 51,555 51,719 51,349 Earnings per common share - basic $ 1.32 $ 0.92 $ 1.59 Earnings per common share - diluted $ 1.32 $ 0.92 $ 1.52 During the fourth quarter of 2018, Oriental converted all of its 84,000 outstanding shares of Series C Preferred Stock into common stock. Each Series C Preferred Stock share was converted into 86.4225 shares of common stock. In computing diluted earnings per common share during the first nine months of 2018, the 84,000 shares of Series C Preferred Stock that remained outstanding, with a conversion rate, subject to certain conditions, of 86.4225 shares of common stock per share, were included as average potential common shares from the date they were issued and outstanding. Moreover, in computing diluted earnings per common share, the dividends declared during the year ended December 31, 2018 on the convertible preferred stock were added back as income available to common shareholders. For the years ended December 31, 2020, 2019 and 2018, weighted-average stock options with an anti-dilutive effect on earnings per share not included in the calculation amounted to 7,841, 2,575, and 432,532, respectively. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 25 – GUARANTEES At December 31, 2020 and 2019, the notional amount of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $ 19.5 million and $ 47.3 million, respectively. Oriental has a liability for residential mortgage loans sold subject to credit recourse pursuant to GNMA’s and FNMA’s residential mortgage loan sales and securitization programs. At December 31, 2020, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 135.3 million. At December 31, 2019, the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 147.4 million, from which $ 142.5 million were related to the Scotiabank PR & USVI Acquisition. The following table shows the changes in Oriental’s liability for estimated losses from these credit recourse agreements, included in the consolidated statements of financial condition during the years ended December 31, 2020, 2019 and 2018 . Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 985 $ 346 $ 358 Additions from Scotiabank PR & USVI Acquisition - 710 - Net (charge-offs/terminations) recoveries ( 767) ( 71) ( 12) Balance at end of year $ 218 $ 985 $ 346 The estimated losses to be absorbed under the credit recourse arrangements were recorded as a liability when the credit recourse was assumed and are updated on a quarterly basis. The expected loss, which represents the amount expected to be lost on a given loan, considers the probability of default and loss severity. The probability of default represents the probability that a loan in good standing would become 120 days delinquent, in which case Oriental is obligated to repurchase the loan. If a borrower defaults, pursuant to the credit recourse provided, Oriental is required to repurchase the loan or reimburse the third-party investor for the incurred loss. The maximum potential amount of future payments that Oriental would be required to make under the recourse arrangements is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. During the year ended December 31, 2020, Oriental repurchased $ 481 thousand in mortgage loans subject to credit recourse. During the year ended December 31, 2019, Oriental did not repurchase any mortgage loans subject to the credit recourse provision. During 2018, Oriental repurchased approximately $ 705 thousand of unpaid principal balance in mortgage loans subject to the credit recourse provisions. If a borrower defaults, Oriental has rights to the underlying collateral securing the mortgage loan. Oriental suffers losses on these mortgage loans when the proceeds from a foreclosure sale of the collateral property are less than the outstanding principal balance of the loan, any uncollected interest advanced, and the costs of holding and disposing the related property. At December 31, 2020, Oriental’s liability for estimated credit losses related to loans sold with credit recourse amounted to $ 218 thousand (December 31, 2019– $ 985 thousand). When Oriental sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Oriental's mortgage operations division groups conforming mortgage loans into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or are sold directly to FNMA or other private investors for cash. As required under such mortgage backed securities programs, quality review procedures are performed by Oriental to ensure that asset guideline qualifications are met. To the extent the loans do not meet specified characteristics, Oriental may be required to repurchase such loans or indemnify for losses and bear any subsequent loss related to the loans. During the year ended December 31, 2020 , Oriental repurchased $ 27.9 million (December 31, 2019 – $ 12 million; December 31, 2018 – $ 7.7 million) of unpaid principal balance in mortgage loans , excluding mortgage loans subject to credit recourse provision referred above. At December 31, 2020 and 2019, Oriental had a $ 2.6 million and a $ 4.6 million liability, respectively, for the estimated credit losses related to these loans. During the years ended December 31, 2020, 2019 and 2018, Oriental recognized $ 658 thousand in gains, and $ 17 thousand and $ 556 thousand in losses, net of reserves, respectively, from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 2.2 million, $ 123 thousand and $ 160 thousand, respectively, in losses from the repurchase of residential mortgage loans as a result of breaches of customary representations and warranties. Servicing agreements relating to the mortgage-backed securities programs of FNMA and GNMA, and to mortgage loans sold or serviced to certain other investors, including the FHLMC, require Oriental to advance funds to make scheduled payments of principal, interest, taxes and insurance, if such payments have not been received from the borrowers. At December 31, 2020 , Oriental serviced $ 5.4 billion (December 31, 2019 - $ 5.4 billion) in mortgage loans for third parties. Oriental generally recovers funds advanced pursuant to these arrangements from the mortgage owner, from liquidation proceeds when the mortgage loan is foreclosed or, in the case of FHA/VA loans, under the applicable FHA and VA insurance and guarantees programs. However, in the meantime, Oriental must absorb the cost of the funds it advances during the time the advance is outstanding. Oriental must also bear the costs of attempting to collect on delinquent and defaulted mortgage loans. In addition, if a defaulted loan is not cured, the mortgage loan would be canceled as part of the foreclosure proceedings and Oriental would not receive any future servicing income with respect to that loan. At December 31, 2020 , the outstanding balance of funds advanced by Oriental under such mortgage loan servicing agreements was approximately $ 20.7 million (December 31, 2019 - $ 13.2 million). To the extent the mortgage loans underlying Oriental's servicing portfolio experience increased delinquencies, Oriental would be required to dedicate additional cash resources to comply with its obligation to advance funds as well as incur additional administrative costs related to increases in collection efforts. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | NOTE 26 — COMMITMENTS AND CONTINGENCIES Loan Commitments In the normal course of business, Oriental becomes a party to credit-related financial instruments with off-balance-sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby and commercial letters of credit, and financial guarantees. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The contract or notional amount of those instruments reflects the extent of Oriental’s involvement in particular types of financial instruments. Oriental’s exposure to credit losses in the event of nonperformance by the counterparty to the financial instrument for commitments to extend credit, including commitments under credit card arrangements, and commercial letters of credit is represented by the contractual notional amounts of those instruments, which do not necessarily represent the amounts potentially subject to risk. In addition, the measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are identified. Oriental uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Credit-related financial instruments at December 31, 2020 and 2019 were as follows: December 31, 2020 2019 (In thousands) Commitments to extend credit $ 1,133,503 $ 853,148 Commercial letters of credit 225 2,178 Commitments to extend credit represent agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Oriental evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by Oriental upon the extension of credit, is based on management’s credit evaluation of the counterparty. At December 31, 2020 and 2019, commitments to extend credit consisted mainly of undisbursed available amounts on commercial lines of credit, construction loans, and revolving credit card arrangements. Since many of the unused commitments are expected to expire unused or be only partially used, the total amount of these unused commitments does not necessarily represent future cash requirements. Commercial letters of credit are issued or confirmed to guarantee payment of customers’ payables or receivables in short-term international trade transactions. Generally, drafts will be drawn when the underlying transaction is consummated as intended. However, the short-term nature of this instrument serves to mitigate the risk associated with these contracts. The summary of instruments that are considered financial guarantees in accordance with the authoritative guidance related to guarantor’s accounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at December 31, 2020 and 2019, is as follows: December 31, 2020 2019 (In thousands) Standby letters of credit and financial guarantees $ 19,476 $ 47,251 Loans sold with recourse 135,252 147,399 Standby letters of credit and financial guarantees are written conditional commitments issued by Oriental to guarantee the payment and/or performance of a customer to a third party (“beneficiary”). If the customer fails to comply with the agreement, the beneficiary may draw on the standby letter of credit or financial guarantee as a remedy. The amount of credit risk involved in issuing letters of credit in the event of non-performance is the face amount of the letter of credit or financial guarantee. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. The amount of collateral obtained, if it is deemed necessary by Oriental upon extension of credit, is based on management’s credit evaluation of the customer. On January 1, 2020, Oriental adopted CECL, which requires the measurement of the allowance for credit losses to be based on management’s best estimate of expected credit losses inherent in all financial assets measured at amortized cost and off-balance-sheet credit exposures. Upon adoption, Oriental recognized an increase in the off-balance sheet allowance of $ 0.2 million with the corresponding decrease in retained earnings. At December 31, 2020 and 2019, the allowance for credit losses for off-balance sheet credit exposures corresponding to commitments to extend credit and stand by letters of credit amounted to $ 1.1 million and $ 2.7 million, respectively, and is included in other liabilities in the statement of financial condition. Contingencies Oriental and its subsidiaries are defendants in a number of legal proceedings incidental to their business. In the ordinary course of business, Oriental and its subsidiaries are also subject to governmental and regulatory examinations. Certain subsidiaries of Oriental, including the Bank (and its subsidiary, OIB), Oriental Financial Services, and Oriental Insurance, are subject to regulation by various U.S., Puerto Rico and other regulators. Oriental seeks to resolve all arbitration, litigation and regulatory matters in the manner management believes is in the best interests of Oriental and its shareholders, and contests allegations of liability or wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. In accordance with applicable accounting guidance, Oriental establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. As a matter develops, Oriental, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. Once the loss contingency is deemed to be both probable and estimable, Oriental will establish an accrued liability and record a corresponding amount of expense. At December 31, 2020 and 2019, this accrued liability amounted to $ 8.1 million and $ 6.8 million, respectively. Oriental continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Subject to the accounting and disclosure framework under the provisions of ASC 450, it is the opinion of Oriental’s management, based on current knowledge and after taking into account its current legal accruals, that the eventual outcome of all matters would not be likely to have a material adverse effect on the consolidated statements of financial condition of Oriental. Nonetheless, given the substantial or indeterminate amounts sought in certain of these matters, and the inherent unpredictability of such matters, an adverse outcome in certain of these matters could, from time to time, have a material adverse effect on Oriental’s consolidated results of operations or cash flows in particular quarterly or annual periods. Oriental has evaluated all arbitration, litigation and regulatory matters where the likelihood of a potential loss is deemed reasonably possible. Oriental has determined that the estimate of the reasonably possible loss is not significant. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2020 | |
Operating Leases [Abstract] | |
Operating Leases | NOTE 27 — OPERATING LEASES Substantially all leases in which Oriental is the lessee are comprised of real estate property for branches, ATM locations, and office space with terms extending through 2032. Oriental’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases and are included on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. Oriental leases to others certain space in its principal offices for terms extending through 2023; all are operating leases. Operating Lease Cost Year Ended December 31, 2020 2019 Statement of Operations Classification (In thousands) Lease costs $ 13,233 $ 6,571 Occupancy and equipment Variable lease costs 2,133 2,324 Occupancy and equipment Short-term lease cost 800 180 Occupancy and equipment Lease income ( 499) ( 554) Occupancy and equipment Total lease cost $ 15,667 $ 8,521 Rent expense for the year ended December 31, 2018, prior to adoption of ASU 2016-02 (Topic 842), was $ 9.0 million included in the occupancy and equipment caption in the consolidated statements of operations. Operating Lease Assets and Liabilities December 31, 2020 2019 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 31,383 $ 39,112 Operating lease right-of-use assets Lease Liabilities $ 32,566 $ 39,840 Operating leases liabilities December 31, 2020 (In thousands) Weighted-average remaining lease term 6.2 years Weighted-average discount rate 6.8% Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2020 were as follows: Minimum Rent Year Ending December 31, (In thousands) 2021 $ 8,534 2022 7,388 2023 6,578 2024 4,518 2025 3,459 Thereafter 10,161 Total lease payments $ 40,638 Less imputed interest 8,072 Present value of lease liabilities $ 32,566 In April 2020, the FASB staff issued a Q&A document on accounting for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff noted that entities may elect to not evaluate whether certain concessions provided by lessors to mitigate the effects of Covid-19 on lessees are lease modifications. This option is intended to reduce the operational challenges of individually assessing every Covid-19 related lease concession to determine whether it results in having to apply Topic 842 lease modification guidance. This election is available only for concessions related to the effects of the Covid-19 pandemic that do not result in a substantial increase in either the rights of the lessor or the obligations of the lessee. For entities that choose this election, they may account for the concession as if no changes to the lease contract were made. Under that accounting, a lessor would continue to recognize income. Oriental has elected to apply the relief provided by the FASB not to evaluate individual contracts. Oriental also elected not to apply the lease modification framework for concessions granted. Oriental, as lessor, leases and subleases real property to lessee tenants under operating leases. As of December 31, 2020, no material lease concessions have been granted to lessees. Oriental, as lessee, also leases real estate property for branch locations, ATM locations, and office space. As of December 31, 2020, Oriental has not requested any lease concessions. During the year ended December 31, 2020, Oriental decided to consolidate several branches as a result of the Scotiabank PR & USVI Acquisition and modified certain lease contracts. These contracts were evaluated under Topic 842 lease modification guidance and removed from books, as they were considered short-term at December 31, 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | NOTE 28 - FAIR VALUE OF FINANCIAL INSTRUMENTS Oriental follows the fair value measurement framework under U.S. Generally Accepted Accounting Principles (“GAAP”) . Fair Value Measurement The fair value measurement framework defines fair value as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This framework also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Money market investments The fair value of money market investments is based on the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. Investment securities The fair value of investment securities is based on valuations obtained from an independent pricing provider, ICE Data Pricing (formerly known as IDC). ICE is a well-recognized pricing company and an established leader in financial information. Such securities are classified as Level 1 or Level 2 depending on the basis for determining fair value. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument, and such securities are classified as Level 3. At December 31, 2020 and 2019, Oriental did not have investment securities classified as Level 3. Derivative instruments The fair value of the interest rate swaps is largely a function of the financial market’s expectations regarding the future direction of interest rates. Accordingly, current market values are not necessarily indicative of the future impact of derivative instruments on earnings. This will depend, for the most part, on the shape of the yield curve, the level of interest rates, as well as the expectations for rates in the future. The fair value of most of these derivative instruments is based on observable market parameters, which include discounting the instruments’ cash flows using the U.S. dollar LIBOR-based discount rates, and also applying yield curves that account for the industry sector and the credit rating of the counterparty and/or Oriental. Certain other derivative instruments with limited market activity are valued using externally developed models that consider unobservable market parameters. Based on their valuation methodology, derivative instruments are classified as Level 2 or Level 3. Servicing assets Servicing assets do not trade in an active market with readily observable prices. Servicing assets are priced using a discounted cash flow model. The valuation model considers servicing fees, portfolio characteristics, prepayment assumptions, delinquency rates, late charges, other ancillary revenues, cost to service and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3. Foreclosed real estate Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The fair value of foreclosed real estate may be determined using an external appraisal, broker price option or an internal valuation. These foreclosed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. Other repossessed assets Other repossessed assets include repossessed automobiles. The fair value of the repossessed automobiles may be determined using internal valuation and an external appraisal. These repossessed assets are classified as Level 3 given certain internal adjustments that may be made to external appraisals. Assets and liabilities measured at fair value on a recurring and non-recurring basis are summarized below: December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,983 $ 435,455 $ - $ 446,438 Trading securities - 22 - 22 Money market investments 11,908 - - 11,908 Servicing assets - - 47,295 47,295 Derivative liabilities - ( 1,712) - ( 1,712) $ 22,891 $ 433,765 $ 47,295 $ 503,951 Non-recurring fair value measurements: Collateral dependent loans - - 29,279 29,279 Foreclosed real estate - - 11,596 11,596 Other repossessed assets - - 1,816 1,816 $ - $ - $ 42,691 $ 42,691 December 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 397,183 $ 676,986 $ - $ 1,074,169 Trading securities - 37 - 37 Money market investments 6,775 - - 6,775 Derivative assets - 6 - 6 Servicing assets - - 50,779 50,779 Derivative liabilities - ( 913) - ( 913) $ 403,958 $ 676,116 $ 50,779 $ 1,130,853 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 61,128 $ 61,128 Foreclosed real estate - - 29,909 29,909 Other repossessed assets - - 3,327 3,327 $ - $ - $ 94,364 $ 94,364 The table below presents a reconciliation of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2020, 2019 and 2018: Level 3 Instruments Only Servicing Assets Year Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning year $ 50,779 $ 10,716 $ 9,821 New instruments acquired 2,394 41,637 1,481 Principal repayments ( 4,067) ( 906) ( 814) Changes in fair value of servicing assets ( 1,811) ( 668) 228 Balance at end of year $ 47,295 $ 50,779 $ 10,716 There were no transfers into or out of level 3 and no changes in unrealized gains and losses from recurring level 3 fair value measurements held at December 31, 2020, 2019 and 2018 during the years then ended included in other comprehensive income. For more information on the qualitative information about level 3 fair value measurements, see Note 10 – Servicing Assets. During the years ended December 31, 2020, 2019 and 2018, there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. The table below presents quantitative information for all assets and liabilities measured at fair value on a recurring and non-recurring basis using significant unobservable inputs (Level 3) at December 31, 2020: December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 47,295 Cash flow valuation Constant prepayment rate 5.02% - 35.22% 6.87% Discount rate 10.00% - 15.50% 11.52% Collateral dependent loans $ 29,279 Fair value of property or collateral Appraised value less disposition costs 15.20% - 29.20% 19.88% Foreclosed real estate $ 11,596 Fair value of property or collateral Appraised value less disposition costs 14.20% - 29.20% 18.68% Other repossessed assets $ 1,816 Fair value of property or collateral Estimated net realizable value less disposition costs 30.00% - 62.00% 52.06% Information about Sensitivity to Changes in Significant Unobservable Inputs Servicing assets – The significant unobservable inputs used in the fair value measurement of Oriental’s servicing assets are constant prepayment rates and discount rates. Changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which may magnify or offset the sensitivities. Mortgage banking activities, a component of total banking and financial service revenue in the consolidated statements of operations, include the changes from period to period in the fair value of the mortgage loan servicing rights, which may result from changes in the valuation model inputs or assumptions (principally reflecting changes in discount rates and prepayment speed assumptions) and other changes, including changes due to collection/realization of expected cash flows. Fair Value of Financial Instruments The information about the estimated fair value of financial instruments required by GAAP is presented hereunder. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of Oriental. The estimated fair value is subjective in nature, involves uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could affect these fair value estimates. The fair value estimates do not take into consideration the value of future business and the value of assets and liabilities that are not financial instruments. Other significant tangible and intangible assets that are not considered financial instruments are the value of long-term customer relationships of retail deposits, and premises and equipment. The estimated fair value and carrying value of Oriental’s financial instruments at December 31, 2020 and 2019 is as follows: December 31, 2020 2019 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 2,154,202 $ 2,154,202 $ 851,307 $ 851,307 Restricted cash $ 1,375 $ 1,375 $ 1,450 $ 1,450 Investment securities available-for-sale $ 10,983 $ 10,983 $ 397,183 $ 397,183 Level 2 Financial Assets: Trading securities $ 22 $ 22 $ 37 $ 37 Investment securities available-for-sale $ 435,455 $ 435,455 $ 676,986 $ 676,986 Federal Home Loan Bank (FHLB) stock $ 8,278 $ 8,278 $ 13,048 $ 13,048 Other investments $ 3,962 $ 3,962 $ 560 $ 560 Derivative assets $ - $ - $ 6 $ 6 Financial Liabilities: Derivative liabilities $ 1,712 $ 1,712 $ 913 $ 913 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 6,323,689 $ 6,501,259 $ 5,894,745 $ 6,641,847 Accrued interest receivable $ 65,547 $ 65,547 $ 36,781 $ 36,781 Servicing assets $ 47,295 $ 47,295 $ 50,779 $ 50,779 Accounts receivable and other assets $ 78,845 $ 78,845 $ 78,595 $ 78,595 Financial Liabilities: Deposits $ 8,422,599 $ 8,415,640 $ 7,679,685 $ 7,698,610 Securities sold under agreements to repurchase $ - $ - $ 190,345 $ 190,274 Advances from FHLB $ 68,147 $ 65,561 $ 79,620 $ 78,009 Other borrowings $ 707 $ 707 $ 1,195 $ 1,195 Subordinated capital notes $ 33,325 $ 36,083 $ 35,886 $ 36,083 Accrued expenses and other liabilities $ 154,418 $ 154,418 $ 185,660 $ 185,660 The following methods and assumptions were used to estimate the fair values of significant financial instruments at December 31, 2020 and 2019: • Cash and cash equivalents (including money market investments and time deposits with other banks), restricted cash, accrued interest receivable, accounts receivable and other assets, accrued expenses and other liabilities, and other borrowings have been valued at the carrying amounts reflected in the consolidated statements of financial condition as these are reasonable estimates of fair value given the short-term nature of the instruments. • Investments in FHLB-NY stock are valued at their redemption value. • The fair value of investment securities, including trading securities and other investments, is based on quoted market prices, when available or prices provided from contracted pricing providers, or market prices provided by recognized broker-dealers. If listed prices or quotes are not available, fair value is based upon externally developed models that use both observable and unobservable inputs depending on the market activity of the instrument. • The fair value of servicing asset is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. • The fair values of the derivative instruments, which include interest rate swaps and forward-settlement swaps, are based on the net discounted value of the contractual projected cash flows of both the pay-fixed receive-variable legs of the contracts. The projected cash flows are based on the forward yield curve and discounted using current estimated market rates. • The fair value of the loan portfolio (including loans held-for-sale and non-performing loans) is based on the exit market price, which is estimated by segregating by type, such as mortgage, commercial, consumer, auto and leasing. Each loan segment is further segmented into fixed and adjustable interest rates. The fair value is calculated by discounting contractual cash flows, adjusted for prepayment estimates (voluntary and involuntary), if any, using estimated current market discount rates that reflect the credit and interest rate risk inherent in the loan. • The fair value of demand deposits and savings accounts is the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit is based on the discounted value of the contractual cash flows, using estimated current market discount rates for deposits of similar remaining maturities. • The fair value of long-term borrowings, which include securities sold under agreements to repurchase, advances from FHLB, and subordinated capital notes is based on the discounted value of the contractual cash flows using current estimated market discount rates for borrowings with similar terms, remaining maturities and put dates. |
Banking and Financial Service R
Banking and Financial Service Revenues | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Financial Service Revenues [Abstract] | |
Banking and Financial Service Revenues | NOTE 29 – BANKING AND FINANCIAL SERVICE REVENUES The following table presents the major categories of banking and financial service revenues for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) Banking service revenues: Checking accounts fees $ 8,577 $ 6,003 $ 5,878 Savings accounts fees 1,451 658 635 Electronic banking fees 47,542 32,282 32,431 Credit life commissions 254 531 541 Branch service commissions 1,462 1,491 1,581 Servicing and other loan fees 2,485 1,367 1,844 International fees 623 521 718 Miscellaneous income 185 13 10 Total banking service revenues 62,579 42,866 43,638 Wealth management revenue: Insurance income 13,618 6,826 6,956 Broker fees 6,828 7,544 6,996 Trust fees 10,446 10,922 10,878 Retirement plan and administration fees 897 932 1,095 Investment banking fees - - 9 Total wealth management revenue 31,789 26,224 25,934 Mortgage banking activities: Net servicing fees 12,120 3,854 5,024 Net gains on sale of mortgage loans and valuation 4,437 527 305 Other ( 53) ( 106) ( 562) Total mortgage banking activities 16,504 4,275 4,767 Total banking and financial service revenues $ 110,872 $ 73,365 $ 74,339 Oriental recognizes the revenue from banking services, wealth management and mortgage banking based on the nature and timing of revenue streams from contracts with customer: Banking Service Revenues Electronic banking fees are credit and debit card processing services, use of the Bank’s ATMs by non-customers, debit card interchange income and service charges on deposit accounts. Revenue is recorded once the contracted service has been provided. Service charges on checking and saving accounts as consumer periodic maintenance revenue is recognized once the service is rendered, while overdraft and late charges revenue are recorded after the contracted service has been provided. Other income as credit life commissions, servicing and other loan fees, international fees, and miscellaneous fees recognized as banking services revenue are out of the scope of ASC 606 – Revenue from Contracts with Customers . Wealth Management Revenue Insurance income from commissions and sale of annuities are recorded once the sale has been completed. Brokers fees consist of two categories: Sales commissions generated by advisors for their clients’ purchases and sales of securities and other investment products, which are collected once the stand-alone transactions are completed at trade date or as earned, and managed account fees which are fees charged to advisors’ clients’ accounts on the Company corporate advisory platform. These revenues do not cover future services, as a result there is no need to allocate the amount received to any other service. Fees for providing distribution services related to mutual funds, net of compensation paid to a service provider who provides such services, as well as trailer fees (also known as 12b-1 fees). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as the net asset value of the mutual fund is determined and investor activity occurs. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Retirement plan and administration fees are revenues related to the payment received from the clients of OPC for assistance with the planning, design and administration of retirement plans, acting as third-party administrator for such plans, and daily record keeping services of retirement plans. Fees are collected once the stand-alone transaction was completed at trade date. Fees do not cover future services, as a result there is no need to allocate the amount received to any other service. Trust fees are revenues related to fiduciary services provided to 401K retirement plans, a unit investment trust, and retirement plans, which include investment management, payment of distributions, if any, safekeeping, custodial services of plan assets, servicing of Trust officers, on-going due diligence of the Trust, and recordkeeping of transactions. Fees are billed based on services contracted. Negotiated fees are detailed in the contract. Fees collected in advance, are amortized over the term of the contract. Fees are collected on a monthly basis once the administrative service has been completed. Monthly fee does not include future services. Investment banking fees as compensation fees are out of the scope of ASC 606. Mortgage Banking Activities Mortgage banking activities as servicing fees, gain on sale of mortgage loans valuation and other are out of the scope of ASC 606. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Business Segments [Abstract] | |
Business Segments | NOTE 30 – BUSINESS SEGMENTS Oriental segregates its businesses into the following major reportable segments of business: Banking, Wealth Management, and Treasury. Management established the reportable segments based on the internal reporting used to evaluate performance and to assess where to allocate resources. Other factors such as Oriental’s organization, nature of its products, distribution channels and economic characteristics of the products were also considered in the determination of the reportable segments. Oriental measures the performance of these reportable segments based on pre-established goals of different financial parameters such as net income, net interest income, loan production, and fees generated. Oriental’s methodology for allocating non-interest expenses among segments is based on several factors such as revenue, employee headcount, occupied space, dedicated services or time, among others. These factors are reviewed on a periodical basis and may change if the conditions warrant. Banking includes the Bank’s branches and traditional banking products such as deposits and commercial, consumer and mortgage loans. Mortgage banking activities are carried out by the Bank’s mortgage banking division, whose principal activity is to originate mortgage loans for Oriental’s own portfolio. As part of its mortgage banking activities, Oriental may sell loans directly into the secondary market or securitize conforming loans into mortgage-backed securities. Wealth Management is comprised of the Bank’s trust division, Oriental Financial Services, Oriental Insurance, and OPC. The core operations of this segment are financial planning, money management and investment banking, brokerage services, insurance sales activity, corporate and individual trust and retirement services, as well as retirement plan administration services. The Treasury segment encompasses all of Oriental’s asset/liability management activities, such as purchases and sales of investment securities, interest rate risk management, derivatives, and borrowings. Intersegment sales and transfers, if any, are accounted for as if the sales or transfers were to third parties, that is, at current market prices. Following are the results of operations and the selected financial information by operating segment for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 462,493 $ 59 $ 10,795 $ 473,347 $ - $ 473,347 Interest expense ( 57,811) - ( 7,104) ( 64,915) - ( 64,915) Net interest income 404,682 59 3,691 408,432 - 408,432 Provision for loan and lease losses, net ( 92,237) - ( 435) ( 92,672) - ( 92,672) Non-interest income 87,810 32,043 4,499 124,352 - 124,352 Non-interest expenses ( 320,997) ( 20,240) ( 4,049) ( 345,286) - ( 345,286) Intersegment revenue 2,443 - - 2,443 ( 2,443) - Intersegment expenses - ( 1,164) ( 1,279) ( 2,443) 2,443 - Income before income taxes $ 81,701 $ 10,698 $ 2,427 $ 94,826 $ - $ 94,826 Income tax expense 15,939 4,506 54 20,499 - 20,499 Net income $ 65,762 $ 6,192 $ 2,373 $ 74,327 $ - $ 74,327 Total assets $ 8,478,326 $ 32,893 $ 2,436,029 $ 10,947,248 $ ( 1,121,237) $ 9,826,011 Year Ended December 31, 2019 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 337,448 $ 69 $ 36,278 $ 373,795 $ - $ 373,795 Interest expense ( 36,023) - ( 14,979) ( 51,002) - ( 51,002) Net interest income 301,425 69 21,299 322,793 - 322,793 Provision for loan and lease losses, net ( 96,504) - ( 288) ( 96,792) - ( 96,792) Non-interest income 47,517 26,649 8,327 82,493 - 82,493 Non-interest expenses ( 211,755) ( 17,163) ( 4,326) ( 233,244) - ( 233,244) Intersegment revenue 2,207 - - 2,207 ( 2,207) - Intersegment expenses - ( 652) ( 1,555) ( 2,207) 2,207 - Income before income taxes $ 42,890 $ 8,903 $ 23,457 $ 75,250 $ - $ 75,250 Income tax expense 16,084 3,339 1,986 21,409 - 21,409 Net income $ 26,806 $ 5,564 $ 21,471 $ 53,841 $ - $ 53,841 Total assets $ 7,486,314 $ 33,369 $ 2,865,186 $ 10,384,869 $ ( 1,087,208) $ 9,297,661 Year Ended December 31, 2018 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 320,084 $ 46 $ 40,289 $ 360,419 $ - $ 360,419 Interest expense ( 29,746) - ( 14,779) ( 44,525) - ( 44,525) Net interest income 290,338 46 25,510 315,894 - 315,894 Provision for non-covered loan and lease losses ( 55,885) - ( 223) ( 56,108) - ( 56,108) Non-interest income 53,592 26,457 46 80,095 - 80,095 Non-interest expenses ( 186,460) ( 16,440) ( 4,181) ( 207,081) - ( 207,081) Intersegment revenue 2,126 - - 2,126 ( 2,126) - Intersegment expenses - ( 788) ( 1,338) ( 2,126) 2,126 - Income before income taxes $ 103,711 $ 9,275 $ 19,814 $ 132,800 $ - $ 132,800 Income tax expense (benefit) 40,447 3,617 4,326 48,390 - 48,390 Net income $ 63,264 $ 5,658 $ 15,488 $ 84,410 $ - $ 84,410 Total assets $ 5,863,067 $ 25,757 $ 1,708,455 $ 7,597,279 $ ( 1,013,927) $ 6,583,352 |
OFG Bancorp (Holding Company On
OFG Bancorp (Holding Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
OFG Bancorp (Holding Company Only) Financial Information [Abstract] | |
OFG Bancorp (Holding Company Only) Financial Information | NOTE 31 – OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, OFG Bancorp generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios. The payment of dividends by the Bank to OFG Bancorp may also be affected by other regulatory requirements and policies, such as the maintenance of certain regulatory capital levels. During 2020, 2019, and 2018, the Bank paid $ 26.1 million, $ 20.0 million and $ 37.7 million, respectively, in dividends to OFG Bancorp. During 2020, 2019, and 2018, Oriental Insurance paid $ 4.0 million, $ 6.0 million, and $ 4.0 million, respectively, in dividends to OFG Bancorp. The following condensed financial information presents the financial position of the holding company only as of December 31, 2020 and 2019, and the results of its operations and its cash flows for the years ended December 31, 2020, 2019 and 2018: OFG BANCORP CONDENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only) December 31, 2020 2019 (In thousands) ASSETS Cash and cash equivalents $ 26,529 $ 27,932 Investment in bank subsidiary, equity method 1,064,671 1,027,633 Investment in nonbank subsidiaries, equity method 32,293 32,803 Due from bank subsidiary, net 2,024 40 Deferred tax asset, net 2,637 - Other assets 942 676 Total assets $ 1,129,096 $ 1,089,084 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 5,223 5,222 Accrued expenses and other liabilities 1,816 2,301 Subordinated capital notes 36,083 36,083 Total liabilities 43,122 43,606 Stockholders’ equity 1,085,974 1,045,478 Total liabilities and stockholders’ equity $ 1,129,096 $ 1,089,084 OFG BANCORP CONDENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only) Year Ended December 31, 2020 2019 2018 (In thousands) Income: Interest income $ 86 $ 828 $ 477 Investment trading activities, net and other 6,583 5,308 6,003 Total income 6,669 6,136 6,480 Expenses: Interest expense 1,394 2,012 1,905 Operating expenses 7,483 7,516 7,980 Total expenses 8,877 9,528 9,885 Loss before income taxes ( 2,208) ( 3,392) ( 3,405) Income tax expense ( 1,363) 1,705 2,400 Loss before changes in undistributed earnings of subsidiaries ( 845) ( 5,097) ( 5,805) Equity in undistributed earnings from: Bank subsidiary 74,899 56,114 87,128 Nonbank subsidiaries 273 2,824 3,087 Net income $ 74,327 $ 53,841 $ 84,410 OFG BANCORP CONDENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only) Year Ended December 31, 2020 2019 2018 (In thousands) Net income $ 74,327 $ 53,841 $ 84,410 Other comprehensive loss before tax: Other comprehensive income from bank subsidiary 12,030 9,955 ( 8,014) Other comprehensive loss before taxes 12,030 9,955 ( 8,014) Income tax effect - - - Other comprehensive loss after taxes 12,030 9,955 ( 8,014) Comprehensive income $ 86,357 $ 63,796 $ 76,396 OFG BANCORP CONDENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only) Year Ended December 31, 2020 2019 2018 (In thousands) Cash flows from operating activities: Net income $ 74,327 $ 53,841 $ 84,410 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary ( 74,899) ( 56,114) ( 87,128) Equity in undistributed earnings from nonbanking subsidiaries ( 273) ( 2,824) ( 3,087) Stock-based compensation 2,170 2,134 1,401 Deferred income tax, net ( 2,637) - 2,230 Net (increase) decrease in other assets 12 458 372 Net (decrease) increase in accrued expenses and other liabilities ( 486) 64 203 Dividends from banking subsidiary 26,100 20,000 37,700 Dividends from non-banking subsidiary 9,531 6,017 4,000 Net cash provided by operating activities 33,845 23,576 40,101 Cash flows from investing activities: Net increase in due from bank subsidiary, net ( 1,984) - - Net decrease (increase) in due to non-bank subsidiary, net - ( 14) 14 Proceeds from sales of premises and equipment 282 310 200 Capital contribution to banking subsidiary ( 1,703) ( 1,720) ( 1,105) Capital contribution to non-banking subsidiary ( 9,013) ( 13,518) ( 24) Additions to premises and equipment ( 295) ( 319) ( 97) Net cash (used in) investing activities ( 12,713) ( 15,261) ( 1,012) Cash flows from financing activities: Proceeds from exercise of stock options and lapsed restricted units, net 583 1,294 508 Purchase of treasury stock ( 2,226) - - Dividends paid ( 20,892) ( 20,884) ( 24,820) Net cash used in financing activities ( 22,535) ( 19,590) ( 24,312) Net change in cash and cash equivalents ( 1,403) ( 11,275) 14,777 Cash and cash equivalents at beginning of year 27,932 39,207 24,430 Cash and cash equivalents at end of year $ 26,529 $ 27,932 $ 39,207 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Oriental is a publicly-owned financial holding company incorporated under the laws of the Commonwealth of Puerto Rico. Oriental operates through various subsidiaries including, a commercial bank, Oriental Bank (the “Bank”), a securities broker-dealer and investment adviser, Oriental Financial Services LLC (“Oriental Financial Services”), an insurance agency, Oriental Insurance, LLC (“Oriental Insurance”), and a retirement plan administrator, Oriental Pension Consultants, Inc. (“OPC”). Oriental also has a special purpose entity, Oriental Financial (PR) Statutory Trust II (the “Statutory Trust II”) and two other limited liability company subsidiaries, OFG Ventures LLC (“OFG Ventures”) and OFG USA LLC (“OFG USA”). Through these subsidiaries and their respective divisions, Oriental provides a wide range of banking and financial services such as commercial, consumer and mortgage lending, leasing, auto loans, financial planning, insurance sales, money management and investment banking and brokerage services, as well as corporate and individual trust services. The main offices of Oriental and most of its subsidiaries are located in San Juan, Puerto Rico with two branches in the U.S. Virgin Islands (the “USVI”). OPC is located in Boca Raton, Florida, and OFG USA is based in Cornelius, North Carolina. Oriental is subject to supervision and regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) under the U.S. Bank Holding Company Act of 1956, as amended, and the Dodd-Frank Act. The Bank is subject to the supervision, examination and regulation of the Office of the Commissioner of Financial Institutions of Puerto Rico (“OCFI”) and the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers banking services such as commercial and consumer lending, leasing, auto loans, savings and time deposit products, financial planning, and corporate and individual trust services, and capitalizes on its commercial banking network to provide mortgage lending products to its clients. The Bank has an operating subsidiary, OFG USA, a wholly-owned subsidiary of the Bank, is a commercial lender organized in Delaware. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas and Oriental International, two divisions of the Bank, are international banking entities licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB, Oriental Overseas, and Oriental International offer the Bank certain Puerto Rico tax advantages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. The Bank’s USVI operations are also subject to the supervision, examination and regulation of the USVI Banking Board. Oriental Financial Services is registered as a securities broker-dealer and as an investment adviser, and is subject to the supervision, examination and regulation of the Financial Industry Regulatory Authority (“FINRA”), the SEC, and the OCFI. Oriental Financial Services is also a member of the Securities Investor Protection Corporation. Oriental Insurance is an insurance agency and is subject to the supervision, examination and regulation of the Office of the Commissioner of Insurance of Puerto Rico. Oriental’s mortgage banking activities are conducted through a division of the Bank. The mortgage banking activities include the origination of mortgage loans for the Bank’s own portfolio, the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities, and the purchase or assumption of the right to service loans originated by others. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administration (“VA”) guaranteed mortgages that are primarily securitized for issuance of Government National Mortgage Association (“GNMA”) mortgage-backed securities which can be resold to individual or institutional investors in the secondary market. Conventional loans that meet the underwriting requirements for sale or exchange under certain Federal National Mortgage Association (“FNMA”) or Federal Home Loan Mortgage Corporation (“FHLMC”) programs are referred to as conforming mortgage loans and are also securitized for issuance of FNMA or FHLMC mortgage-backed securities. The Bank is an approved seller of FNMA and FHLMC mortgage loans for issuance of FNMA and FHLMC mortgage-backed securities. The Bank is also an approved issuer of GNMA mortgage-backed securities. The Bank is the master servicer of the GNMA, FNMA and FHLMC pools that it issues and of its mortgage loan portfolio and has a subservicing arrangement with a third party for a portion of its acquired loan portfolio. Oriental services most of its mortgage loan portfolio. On December 18, 2012, Oriental purchased from Banco Bilbao Vizcaya Argentaria, S. A. (“BBVA”), all of the outstanding common stock of each of (i) BBVAPR Holding Corporation (“BBVAPR Holding”), the sole shareholder of Banco Bilbao Vizcaya Argentaria Puerto Rico (“BBVAPR Bank”), a Puerto Rico chartered commercial bank, and BBVA Seguros, Inc. (“BBVA Seguros”), a subsidiary offering insurance services, and (ii) BBVA Securities of Puerto Rico, Inc. (“BBVA Securities”), a registered broker-dealer. This transaction is referred to as the “BBVAPR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as the “BBVAPR Companies” or “BBVAPR.” On December 31, 2019, Oriental purchased from The Bank of Nova Scotia (“BNS”) all outstanding common stock of Scotiabank de Puerto Rico (“SBPR”). Immediately following the closing of the SBPR acquisition, Oriental merged SBPR with and into the Bank, with the Bank continuing as the surviving entity. As part of this transaction, the Bank also acquired the USVI banking operations of BNS through an acquisition of certain assets and an assumption of certain liabilities. In addition, Oriental acquired certain loans and assumed certain liabilities, from BNS’s Puerto Rico branch. This transaction is referred to as the “Scotiabank PR & USVI Acquisition”. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of OFG Bancorp and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Statutory Trust II is exempt from the consolidation requirements of GAAP. |
Business Combinations | Business Combinations Oriental accounted for the Scotiabank PR & USVI Acquisition, BBVAPR Acquisition and the FDIC-assisted acquisition of Eurobank under the accounting guidance of ASC Topic No. 805, Business Combinations, which requires the use of the acquisition method of accounting. All identifiable assets and liabilities acquired were initially recorded at fair value. No allowance for credit losses related to the acquired loans was recorded on the acquisition date. Loans acquired were recorded at fair value in accordance with the fair value methodology prescribed in ASC Topic 820. These fair value estimates associated with the loans included estimates related to expected prepayments and the amount and timing of expected principal, interest and other cash flows. The valuation of these loans required management to make subjective judgments concerning estimates about how the acquired loans would perform in the future using valuation methods, including discounted cash flow analyses and other factors as market-based and industry data related to expected changes in interest rates, assumptions related to probability and severity of credit losses, estimated timing of credit losses including the timing of foreclosure and liquidation of collateral, expected prepayment rates, and specific industry and market conditions. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate mainly to the determination of the allowance for credit losses, the valuation of securities, revisions to expected cash flows in acquired loans, the determination of income taxes, impairment of securities, and goodwill valuation and impairment assessment. |
Earnings per Common Share | Earnings per Common Share Basic earnings per share is calculated by dividing income available to common shareholders (net income reduced by dividends on preferred stock) by the weighted average of outstanding common shares. Diluted earnings per share is similar to the computation of basic earnings per share except that the weighted average of common shares is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares underlying stock options and restricted units had been issued, assuming that proceeds from exercise are used to repurchase shares in the market (treasury stock method). Any stock splits and dividends are retroactively recognized in all periods presented in the consolidated financial statements. |
Cash Equivalents | Cash Equivalents Oriental considers as cash equivalents all money market instruments that are not pledged and that have maturities of three months or less. |
Investment Securities | Investment Securities Securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them until maturity. Oriental had no securities classified as held to maturity on December 31, 2020 or 2019. Securities to be held for indefinite periods of time are classified as available for sale and carried at fair value, with the unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. On January 1, 2020, Oriental adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, referred to as the current expected credit loss (CECL) methodology. The CECL standard requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have an impact on our portfolio of available for sale debt securities. Securities held for resale in anticipation of short-term market movements are classified as trading and are carried at fair value, with changes in unrealized holding gains and losses included in income. Management determines the appropriate classification of securities at the time of purchase. Securities with limited marketability, such as stock of a Federal Reserve Bank or Federal Home Loan Bank, are carried at cost. Premiums and discounts are amortized to interest income over the life of the related securities using the interest method. Net realized gains or losses on sales of investment securities and unrealized gains and losses valuation adjustments considered other than temporary, if any, on securities classified as either available-for-sale or held-to-maturity are reported separately in the statements of operations. Purchases and sales of securities are recorded at trade date. The cost of securities sold is determined by the specific identification method. |
Financial Instruments | Financial Instruments Certain financial instruments, including derivatives, trading securities and investment securities available-for-sale, are recorded at fair value and unrealized gains and losses are recorded in other comprehensive income (loss) or as part of non-interest income, as appropriate. Fair values are based on listed market prices, if available. If listed market prices are not available, fair value is determined based on other relevant factors, including price quotations for similar instruments. The fair values of certain derivative contracts are derived from pricing models that consider current market and contractual prices for the underlying financial instruments as the well as time value and yield curve or volatility factors underlying the positions. Oriental determines the fair value of its financial instruments based on the fair value measurement framework, which establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 — Level 1 assets and liabilities include equity securities that are traded in an active exchange market. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include (i) mortgage-backed securities for which the fair value is estimated based on valuations obtained from third-party pricing services for identical or comparable assets, (ii) debt securities with quoted prices that are traded less frequently than exchange-traded instruments and (iii) derivative contracts and financial liabilities whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models for which the determination of fair value requires significant management judgment or estimation. There were no transfers in and/or out of Level 3 for financial instruments measured at fair value on a recurring basis during the years ended December 31, 2020, 2019, and 2018. Oriental’s policy is to recognize transfers at the date of the event or change in circumstances that caused the transfer. |
Impairment of Investment Securities and Allowance for Credit Losses on Available-for-Sale Securities | Impairment of Investment Securities and Allowance for Credit Losses on Available-for-Sale Securities On January 1, 2020, Oriental adopted CECL, which replaced the legacy US GAAP other-than-temporary impairment (OTTI) model with a credit loss model. Even though there is a new scope, the new concept retains the OTTI model’s fundamental nature – that entities recognize credit losses only once securities become impaired. Under CECL write-off are recorded when amounts are deemed uncollectible and/ or the entity intends to sell (or more likely than not will be required to sell) the debt security before recovery of the amortized cost basis. Oriental performed an assessment of the qualitative factors to determine that it expects to receive all the contractual cash flows from an impaired debt security. For example, it may be evident that a decrease in fair value below amortized cost is caused by factors such as an increase in market interest rates or liquidity factors and not associated with any credit concerns of the issuer of the debt security. Although the FASB decided not to identify specific financial assets that are eligible for the zero-loss expectation exception an entity needs to establish that it expects non-payment of an asset’s amortized cost to be zero even if the borrower default. There are at least two types of financial assets for which an entity might determine that the zero-loss expectation exception applies: Securities issued or guaranteed by a government entity. Financial assets secured by collateral provided by the borrower. In assessing whether Oriental has the intent to sell debt securities in a loss position, or whether it will more likely than not be required to sell a debt security before its anticipated recovery in market value, Oriental evaluates its investment securities for impairment at least quarterly or with more frequency if other factors indicative of potential impairment exist. As of December 31, 2020, all the securities that made up the investment portfolio are classified as AFS and as securities issued or guaranteed by a government entity. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Oriental’s overall interest rate risk-management strategy incorporates the use of derivative instruments to minimize significant unplanned fluctuations in earnings that are caused by interest rate volatility. Oriental’s goal is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that the net interest margin is not, on a material basis, adversely affected by movements in interest rates. As a result of interest rate fluctuations, hedged fixed-rate assets and liabilities will appreciate or depreciate in market value. Also, for some fixed-rate assets or liabilities, the effect of this variability in earnings is expected to be substantially offset by Oriental’s gains and losses on the derivative instruments that are linked to the forecasted cash flows of these hedged assets and liabilities. Oriental considers its strategic use of derivatives to be a prudent method of managing interest-rate sensitivity as it reduces the exposure of earnings and the market value of its equity to undue risk posed by changes in interest rates. The effect of this unrealized appreciation or depreciation is expected to be substantially offset by Oriental’s gains or losses on the derivative instruments that are linked to these hedged assets and liabilities. Another result of interest rate fluctuation is that the contractual interest income and interest expense of hedged variable-rate assets and liabilities, respectively, will increase or decrease. Derivative instruments that are used as part of Oriental’s interest rate risk-management strategy include interest rate swaps, caps, forward-settlement swaps, and futures contracts. Interest rate swaps generally involve the exchange of fixed and variable-rate interest payments between two parties based on a common notional principal amount and maturity date. Interest rate futures generally involve exchange-traded contracts to buy or sell U.S. Treasury bonds and notes in the future at specified prices. Interest rate options represent contracts that allow the holder of the option to (i) receive cash or (ii) purchase, sell, or enter into a financial instrument at a specified price within a specified period. Some purchased option contracts give Oriental the right to enter into interest rate swaps and cap and floor agreements with the writer of the option. In addition, Oriental enters into certain transactions that contain embedded derivatives. When the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract, it is bifurcated and carried at fair value. When using derivative instruments, Oriental exposes itself to credit and market risk. If a counterparty fails to fulfill its performance obligations under a derivative contract due to insolvency or any other event of default, Oriental’s credit risk will equal the fair value gain in a derivative plus any cash or securities that may have been delivered to the counterparty as part of the transaction terms. Generally, when the fair value of a derivative contract is positive, this indicates that the counterparty owes Oriental, thus creating a repayment risk for Oriental. This risk is generally mitigated by requesting cash or securities from the counterparty to cover the positive fair value. When the fair value of a derivative contract is negative, Oriental owes the counterparty and, therefore, assumes no credit risk other than to the extent that the cash or value of the collateral delivered as part of the transactions exceeds the fair value of the derivative. Oriental minimizes the credit (or repayment) risk in derivative instruments by entering into transactions with high-quality counterparties. Oriental uses forward-settlement swaps to hedge the variability of future interest cash flows of forecasted wholesale borrowings attributable to changes in LIBOR. Once the forecasted wholesale borrowing transactions occur, the interest rate swap will effectively lock-in Oriental’s interest rate payments on an amount of forecasted interest expense attributable to the one-month LIBOR corresponding to the swap notional amount. By employing this strategy, Oriental minimizes its exposure to volatility in LIBOR. As part of this hedging strategy, Oriental formally documents all relationships between hedging instruments and hedged items, as the well as its risk-management objective and strategy for undertaking various hedging transactions. This process includes linking all derivatives that are designated as cash flow hedges to (i) specific assets and liabilities on the balance sheet or (ii) specific firm commitments or forecasted transactions. Oriental also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. The changes in fair value of the forward-settlement swaps are recorded in accumulated other comprehensive income (loss) to the extent there is no significant ineffectiveness. Oriental discontinues hedge accounting prospectively when (i) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item (including hedged items such as firm commitments or forecasted transactions); (ii) the derivative expires or is sold, terminated, or exercised; (iii) it is no longer probable that the forecasted transaction will occur; (iv) a hedged firm commitment no longer meets the definition of a firm commitment; or (v) management determines that designating the derivative as a hedging instrument is no longer appropriate or desired. Oriental’s derivative activities are monitored by its Asset/Liability Management Committee which is also responsible for approving hedging strategies that are developed through its analysis of data derived from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into Oriental’s overall interest rate risk-management. |
Mortgage Banking Activities and Loans Held-For-Sale | Mortgage Banking Activities and Loans Held-For-Sale The residential mortgage loans reported as held-for-sale are stated at the lower of cost or fair value, cost being determined on the outstanding loan balance less unearned income, and fair value determined in the aggregate. Net unrealized losses are recognized through a valuation allowance by charges to income. Realized gains or losses on these loans are determined using the specific identification method. Loans held-for-sale include all conforming mortgage loans originated and purchased, which from time to time Oriental sells to other financial institutions or securitizes conforming mortgage loans into GNMA, FNMA and FHLMC pass-through certificates. |
Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities | Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities Oriental recognizes the financial and servicing assets it controls and the liabilities it has incurred, derecognizes financial assets when control has been surrendered, and derecognizes liabilities when extinguished. Oriental is not engaged in sales of mortgage loans and mortgage-backed securities subject to recourse provisions except for those provisions that allow for the repurchase of loans as a result of a breach of certain representations and warranties other than those related to the credit quality of the loans included in the sale transactions. The transfer of an entire financial asset, a group of entire financial assets, or a participating interest in an entire financial asset in which Oriental surrenders control over the assets is accounted for as a sale if all of the following conditions set forth in Accounting Standards Codification ("ASC") Topic 860 are met: (i) the assets must be isolated from creditors of the transferor, (ii) the transferee must obtain the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) the transferor cannot maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. When Oriental transfers financial assets and the transfer fails any one of these criteria, Oriental is prevented from derecognizing the transferred financial assets and the transaction is accounted for as a secured borrowing. For transfers of financial assets that satisfy the conditions to be accounted for as sales, Oriental derecognizes all assets sold; recognizes all assets obtained and liabilities incurred in consideration as proceeds of the sale, including servicing assets and servicing liabilities, if applicable; initially measures at fair value assets obtained and liabilities incurred in a sale; and recognizes in earnings any gain or loss on the sale. The guidance on transfer of financial assets requires a true sale analysis of the treatment of the transfer under state law as if Oriental was a debtor under the bankruptcy code. A true sale legal analysis includes several legally relevant factors, such as the intent of the parties, the nature and level of recourse to the transferor, and the nature of retained interests in the loans sold. The analytical conclusion as to a true sale is never absolute and unconditional, but contains qualifications based on the inherent equitable powers of a bankruptcy court, as well as the unsettled state of the common law. Once the legal isolation test has been met, other factors concerning the nature and extent of the transferor’s control over the transferred assets are taken into account in order to determine whether derecognition of assets is warranted. When Oriental sells or securitizes mortgage loans, it generally makes customary representations and warranties regarding the characteristics of the loans sold. Conforming conventional mortgage loans are combined into pools which are exchanged for FNMA and GNMA mortgage-backed securities, which are generally sold to private investors, or sold directly to FNMA or other private investors for cash. To the extent the loans do not meet the specified characteristics, investors are generally entitled to require Oriental to repurchase such loans or indemnify the investor against losses if the assets do not meet certain guidelines. GNMA programs allow financial institutions to buy back individual delinquent mortgage loans that meet certain criteria from the securitized loan pool for which Oriental provides servicing. At Oriental’s option and without GNMA prior authorization, Oriental may repurchase such delinquent loans for an amount equal to 100% of the loan’s remaining principal balance. This buy-back option is considered a conditional option until the delinquency criteria is met, at which time the option becomes unconditional. When the loans backing a GNMA security are initially securitized, Oriental treats the transaction as a sale for accounting purposes because the conditional nature of the buy-back option means that Oriental does not maintain effective control over the loans, and therefore these are derecognized from the statement of financial condition. When individual loans later meet GNMA’s specified delinquency criteria and are eligible for repurchase, Oriental is deemed to have regained effective control over these loans, and these must be brought back onto Oriental’s books as assets, regardless of whether Oriental intends to exercise the buy-back option. Quality review procedures are performed by Oriental as required under the government agency programs to ensure that asset guideline qualifications are met. Oriental has not recorded any specific contingent liability in the consolidated financial statements for these customary representation and warranties related to loans sold by Oriental, and management believes that, based on historical data, the probability of payments and expected losses under these representation and warranty arrangements is not significant. Oriental has liability for residential mortgage loans sold subject to credit recourse , principally loans associated with FNMA residential mortgage loan sales and securitization programs . In the event of any customer default, pursuant to the credit recourse provided, Oriental is required to repurchase the loan or reimburse the third party investor for the incurred loss. The maximum potential amount of future payments that Oriental would be required to make under the recourse arrangements in the event of nonperformance by the borrowers is equivalent to the total outstanding balance of the residential mortgage loans serviced with recourse and interest, if applicable. In the event of nonperformance by the borrower, Oriental has rights to the underlying collateral securing the mortgage loan. Oriental suffers ultimate losses on these loans when the proceeds from a foreclosure sale of the property underlying a defaulted mortgage loan are less than the outstanding principal balance of the loan plus any uncollected interest advanced and the costs of holding and disposing the related property. Oriental has established a liability to cover the estimated credit loss exposure related to loans sold with credit recourse. The estimated losses to be absorbed under the credit recourse arrangements are recorded as a liability when the loans are sold or credit recourse is assumed as part of acquired servicing rights, and are updated by accruing or reversing expense (included as mortgage banking activities in the consolidated statements of operations) throughout the life of the loan, as necessary, when additional relevant information becomes available. The methodology used to estimate the recourse liability is a function of the recourse arrangements given and considers a variety of factors, which include actual defaults and historical loss experience, foreclosure rate, estimated future defaults and the probability that a loan would be delinquent. The methodology leverages the expected loss framework for mortgage loans to estimate expected future losses. The reserve for the estimated losses under the credit recourse arrangements is presented separately within other liabilities in the consolidated statements of financial condition. |
Servicing Assets | Servicing Assets Oriental periodically sells or securitizes mortgage loans while retaining the obligation to perform the servicing of such loans. In addition, Oriental may purchase or assume the right to service mortgage loans originated by others. Whenever Oriental undertakes an obligation to service a loan, management assesses whether a servicing asset and/or liability should be recognized. A servicing asset is recognized whenever the compensation for servicing is expected to more than adequately compensate Oriental for servicing the loans. Likewise, a servicing liability would be recognized in the event that servicing fees to be received are not expected to adequately compensate Oriental for its expected cost. All separately recognized servicing assets are recognized at fair value using the fair value measurement method. Under the fair value measurement method, Oriental measures servicing rights at fair value at each reporting date and reports changes in fair value of servicing asset in the statement of operations in the period in which the changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statement of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment speeds and default rates and losses. The fair value of servicing rights is estimated by using a cash flow valuation model which calculates the present value of estimated future net servicing cash flows, taking into consideration actual and expected loan prepayment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred loan fees and costs. Loans held for investment that were not purchased with credit deterioration are referred to as Non-PCD loans and loans that were purchased with credit deterioration are referred to as PCD loans. Oriental discontinues accrual of interest after payments become more than 90 days past due or earlier if Oriental does not expect the full collection of principal or interest, except for residential mortgage loans insured or guaranteed under applicable FHA and VA programs that are not placed in non-accrual status until they become 12 months or more past due, as they are insured loans. At that time, any accrued income is reversed. The delinquency status is based upon the contractual terms of the loans. Loans for which the recognition of interest income has been discontinued are designated as non-accruing. Collections are accounted for on the cash method thereafter, until qualifying to return to accrual status. Such loans are not reinstated to accrual status until interest is received on a current basis and other factors indicative of doubtful collection cease to exist. The determination as to the ultimate collectability of the loan’s balance may involve management’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Interest income is based on effective yield on the Non-PCD loans. Purchased Credit Deteriorated (PCD) Loans: Oriental has purchased loans, some of which have experienced more than insignificant credit deterioration since origination. Oriental considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality: loans that were 90 days or more past due; loans that had an internal loan grade of substandard or worse - substandard loans have a well-defined weakness that jeopardizes collection of the loan; loans that were classified as nonaccrual by the acquired bank at the time of acquisition; and loans that had been previously modified in a troubled debt restructuring. As such, our PCD loans are recorded at the purchase price plus the allowance for credit losses expected at the time of acquisition or implementation of the standard. An allowance for credit losses is determined using an undiscounted cashflow methodology. Upon adoption of CECL, Oriental elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. As such, for these loans the determination of nonaccrual or accrual status is made at the pool level, not the individual loan level. Upon adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool’s carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the non-credit premium or discount which will be amortized interest income over the remaining life of the pool. On a quarterly basis, management will monitor the composition and behavior of the pools to assess the ability for cash flow estimation and timing. If based on the analysis performed, the pool is classified as non-accrual the accretion/amortization of the non-credit (discount) premium will cease. Changes to the allowance for credit losses after adoption are recorded through the provision expense. Allowance for Credit Losses (“ACL”) – Loans: On January 1, 2020, Oriental adopted CECL, which utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses for loans at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected credit losses. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Determining the amount of the ACL is complex and requires extensive judgment by management about matters that are inherently uncertain. Re-evaluation of the ACL estimate in future periods in light of changes in composition and characteristics of the loan portfolio, changes in the reasonable and supportable forecast and other factors then prevailing may result in material changes in the amount of the ACL and credit loss expense in those future periods. Loans are charged off against the allowance when management believes the uncollectability of a loan balance is confirmed. Oriental continues to monitor and modify the level of the ACL to ensure it is adequate. Our methodology for estimating expected credit losses for our loan portfolios include the following key components: Expected credit losses are estimated on a collective basis for groups of loans that share similar risk characteristics. Factors that may be considered in aggregating loans for this purpose include but are not necessarily limited to, product or collateral type, internal risk rating, credit characteristics such as credit scores or collateral values, and historical or expected credit loss patterns. Credit losses for loans that do not share similar risk characteristics are estimated on an individual basis. Individual evaluations are typically performed for nonaccrual loans and modified loans classified as troubled debt restructurings. The lifetime losses for individually measured loans are estimated based on one of several methods, including the estimated fair value of the underlying collateral, observable market value of similar debt or the present value of expected cash flows. ACL reserves are estimated over the contractual term of the financial asset adjusted for expected prepayments. As part of the calculation of the contractual term, expected extension are generally not considered unless the option to extend the loan cannot be canceled unilaterally by Oriental, and loan modifications are also not considered, unless Oriental has a reasonable expectation that it will execute a troubled debt restructuring (“TDR”). In the case of unconditionally cancelable accounts, such as credit cards, reserves are based on the expected life of the balance as of the evaluation date (assuming no further charges) and do not include any undrawn commitments that are unconditionally cancelable. The quantitative model utilizes a discounted cash flow (“DCF”) or undiscounted cash flow (“UDCF”) approach to estimate expected credit losses using probability of default (“PD”), loss given default (“LGD”), and exposure at default ("EAD”). DCF method is used for most of the Non-PCD portfolio using the amortized cost, and UDCF method for the PCD portfolio using the unpaid principal balance. For the EAD, the Company uses a prepayment model which projects prepayments over the life of the loans. An economic forecast period based on the relation of losses with key economic variables for each portfolio segment; Oriental has elected a 2-year reasonable and supportable forecast period, with an additional 1-year to mean straight-line reversion occurring within the credit loss models based on the economic inputs. The length of the reasonable and supportable forecast is evaluated at each reporting period and adjusted if deemed necessary. Inclusion of qualitative adjustment to consider factors for asset-specific risk characteristics to the extent they do not exist in the historical information that have not been accounted and could impact the amount of future losses. For example, factors that Oriental considers include changes in lending policies and procedures, business conditions, the nature and size of the portfolio, portfolio concentrations, the volume and severity of past due loans and nonaccrual loans, the effect of external factors such as competition, and legal and regulatory requirements, among others. The estimate of credit losses includes expected recoveries of amounts previously charged off as well as consideration of expected amounts to be written off. If a loan has been charged off, the expected cash flows on the loan are not limited by the current amortized cost balance. Instead, expected cash flows can be assumed up to the unpaid principal balance immediately prior to the charge-off. The ACL excludes accrued interest since all our products are subject to a non-accrual and timely write-off policy, except for accrued interest receivable on loans that participated in the Covid-19 deferral programs with delinquency status in 30 to 89 days past due and is calculated by applying the corresponding loan projected loss factors to the accrued interest receivable balance. In our loss forecasting framework, Oriental incorporates forward-looking information through the use of macroeconomic scenarios applied over the forecasted life of the assets. These macroeconomic scenarios include variables that have historically been key drivers of increases and decreases in credit losses. These variables include, but are not limited to, unemployment rates, real estate prices, gross domestic product levels, business and personal bankruptcies. As any one economic outlook is inherently uncertain, Oriental leverages multiple scenarios. The scenarios that are chosen each quarter and the amount of weighting given to each scenario depend on a variety of factors including recent economic events, leading economic indicators, views of internal as well as third-party economists and industry trends. The ACL for troubled debt restructurings (“TDRs”) is measured based on the present value of projected future lifetime principal and interest cash flows discounted at the loan’s effective interest rate, or in cases where foreclosure is probable or the loan is collateral dependent, at the loan’s collateral value or its observable market price, if available. For purposes of computing the specific loss component of the allowance, larger impaired loans are evaluated individually, and smaller impaired loans are evaluated in pools. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses, except for accrued interest receivable on loans that participated in the Covid-19 deferral programs. Oriental has elected to estimate expected credit losses on accrued interest receivable for loans that participated in the Covid-19 deferral programs separately from other components of the amortized costs basis. Accrued interest receivable totaled $ 64.5 million and $ 32.7 million on December 31, 2020 and 2019, respectively, reported in accrued interest receivable on the consolidated statement of financial condition. Accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $ 35.4 million at December 31, 2020, of which $ 30.5 million corresponds to loans in current status. Allowance for credit losses for accrued interest receivable on loans that participated in the Covid-19 deferral programs amounted to $ 711 thousand at December 31, 2020. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income through the life of the loan. Oriental has identified the following portfolio segments, commercial loans, mortgage loans, consumer loans, and auto loans and leases, and measures the allowance for credit losses using the methods described below for each. Commercial Loans – The segmentation of commercial loans was established by business line, collateral type, and size, delinquency or risk rating/classification to assess the loans based on common risk characteristics. The segmentation aligns with Oriental’s current credit policies, and procedures for these portfolios. The estimate of expected credit losses on commercial loans is forecasted using models that estimate credit losses over the loan’s contractual life at an individual loan level. The models use the contractual terms to forecast future principal cash flows while also considering expected prepayments, considering that all our lines of credit are unconditionally cancellable. The loss forecasting model determines the probabilities of transition to different credit risk ratings or default at each point over the life of the asset based on the borrower’s current credit risk rating and business segment. Assumptions of expected loss are conditioned to the economic outlook and the model considers key economic variables such as unemployment rate, gross national product (“GNP”) (P.R. projections), gross domestic product (U.S. projections) and retail sales (U.S. projections). Loans that do not share risk characteristics are evaluated on an individual basis. Individual evaluations are typically performed for nonaccrual loans and modified loans classified as troubled debt restructurings. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate, as Oriental elected the collateral-dependent practical expedient. For loans evaluated individually that are not collateral dependent, a discounted cash flow method is used to determine the allowance for credit losses. Commercial loans are placed on non-accrual status when they become 90 days or more past due and are written down, if necessary, based on the specific evaluation of the underlying collateral, if any. Oriental’s lending activities in the continental United States – referred to as the U.S. Loan Program – are conducted through OIB and OFG USA. These activities include the purchase of middle market senior secured cash flow loan participations and the purchase of participations of loans to small and medium sized businesses. Mortgage Loans – This segment includes traditional mortgages, non-traditional mortgages, mortgages in the loss mitigation program, residential performing TDRs and residential non-performing TDRs. To estimate the expected credit losses for mortgage loans, Oriental estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The most significant attribute in estimating Oriental’s lifetime expected credit losses is the vintage. The estimates are based on Oriental’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the housing price index and unemployment are key factors that impact the frequency and severity of loss estimates. Oriental expects to collect the amortized cost basis of government insured residential loans due to the nature of the government guarantee, so the ACL is zero for these loans. Mortgage loans are placed on non-accrual status when they become 90 days or more past due and are written-down, if necessary, based on the specific evaluation of the collateral underlying the loan, except for FHA and VA insured mortgage loans which are placed in non-accrual when they become 12 months or more past due. For loans that are more than 180 days past due, with the exception of Oriental’s fully insured portfolio, the outstanding balance of loans that is in excess of the estimated property value after adjusting for costs to sell is charged off. If the estimated property value decreases in periods subsequent to the initial charge-off, Oriental will record additional charge-offs. Consumer Loans – This portfolio consists of smaller retail loans such as unsecured personal loans, unsecured personal lines of credit, retail credit cards and overdrafts. To estimate the expected credit losses for consumer loans, Oriental estimates the number of loans that will default over the life of the existing portfolio, using quantitative modeling methodologies. The estimates are based on the Oriental’s historical experience with the loan portfolios, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment rate are key factors that impact the frequency and severity of loss estimates. Credit cards are revolving lines of credit without a defined maturity date. Oriental elected to apply the remaining life methodology for the credit cards and revolving line segments. The remaining life methodology takes projected losses based on economic forecast and applies it to a pool of loans on a periodic basis, based on the remaining life expectation of that pool. Economic variables for the forecast are GNP and personal bankruptcy. Future draws on the credit card lines are excluded from the estimated expected credit losses as they are unconditionally cancellable. Consumer loans are placed on non-accrual status when they become 90 days past due and written-off when payments are delinquent 120 days in personal loans and 180 days in credit cards and personal lines of credit. Auto Loans and Leases - This portfolio consists of auto loans and leases. To estimate the expected credit losses for auto loans and leases, Oriental estimates the number of loans that will default over the life of the existing portfolio, after factoring in estimated prepayments, using quantitative modeling methodologies. The most significant attribute in estimating Oriental’s expected credit losses is the FICO score. The estimates are based on Oriental’s historical experience with the loan portfolio, adjusted to reflect the economic outlook. The outlook on the GNP and unemployment are key factors that impact the frequency and severity of loss estimates. Auto loans and leases are placed on non-accrual status when they become 90 days past due, partially written-off to collateral value when payments are delinquent 120 days, and fully written-off when payments are delinquent 180 days. For the principal enhancements that management made to its methodology, refer to Note 7. Allowance for Loan and Lease Losses Under the Incurred Losses Model for the Years Ended December 31, 2019 and 2018 Oriental followed a systematic methodology to establish and evaluate the adequacy of the allowance for loan and lease losses to provide for inherent losses in loan portfolio. This methodology included the consideration of factors such as economic conditions, portfolio risk characteristics, prior loss experience, and results of periodic credit reviews of individual loans. Oriental’s assessment of the allowance for loan losses was determined in accordance with the guidance of loss contingencies in ASC Subtopic 450-20 and loan impairment guidance in ASC Section 310-10-35. Also, Oriental determined the allowance for loan losses on purchased impaired loans and purchased loans accounted for under ASC Subtopic 310-30 by analogy, by evaluating decreases in expected cash flows after the acquisition date. The quantitative component used a loss factor for the general reserve of these loans established by considering Oriental’s historical loss experience adjusted for an estimated loss emergence period and the consideration of qualitative factors. Qualitative factors considered were: change in non-performing loans; migration in classification; trends in charge offs; trends in volume of loans; changes in collateral values; changes in risk selections and underwriting standards, and other changes in lending policies, procedures and practices; experience, ability and depth of lending management and other relevant staff, including Oriental’s loan review system; national and local economic trends and industry conditions; and effect of external factors such as competition and regulatory requirements on the level of estimated credit losses. The sum of the adjusted loss experience factors and the qualitative factors were the general valuation reserve (“GVA”) factor used for the determination of the allowance for loan and lease losses in each category. Loans and Leases Held for Investment, Excluding Loans Accounted for under ASC 310-30 Oriental determined the allowance for loan and lease losses by portfolio segment, which consisted of mortgage loans, commercial loans, consumer loans, and auto and leasing, as follows: Mortgage loans: These loans were divided into four classes: traditional mortgages, non-traditional mortgages, loans in loan modification programs and mortgage secured personal loans. Traditional mortgage loans included loans secured by a dwelling, fixed coupons and regular amortization schedules. Non-traditional mortgages included loans with interest-first amortization schedules and loans with balloon considerations as part of their terms. Mortgages in loan modification programs were loans that were being serviced under such programs. Mortgage loans were mainly equity lines of credit. The allowance factor on mortgage loans was impacted by the adjusted historical loss factors on the sub-segments and the qualitative factors described above and by delinquency buckets. The traditional mortgage loan portfolio was further segregated by vintages and then by delinquency buckets. The calculation of the loss factor used probability of default (“PD”) and loss given default (“LGD”) methodology. The PD resulted from a delinquency migration analysis and the LGD was based on the Bank’s historical loss experience. Commercial loans: The commercial portfolio was segmented by business line (corporate, institutional, middle market, corporate retail, floor plan, and real estate), by collateral type (secured by real estate and other commercial and industrial assets), and loan grades. Quantitative components used a loss factor for the GVA of these loans established by considering Oriental's historical loss experience of each segment adjusted for the loss realization period and the consideration of qualitative factors. The sum of the adjusted loss experience and the qualitative factors was the GVA factor used for the determination of the allowance for loan and lease losses on each segment. Consumer loans: The consumer portfolio consisted of smaller retail loans such as retail credit cards, overdrafts, unsecured personal lines of credit, and personal unsecured loans. The allowance factor, which consisted of the adjusted historical loss factor and the qualitative factors, was calculated for each sub-class of loans by delinquency bucket. Auto and Leasing: The auto and leasing portfolio consisted of financing for the purchase of new or used motor vehicles for private or public use. The allowance factor was impacted by the adjusted historical loss factor and the qualitative factors. For the determination of the allowance factor, the portfolio was segmented by FICO score, which was updated on a quarterly basis and then by delinquency bucket. Oriental established its allowance for loan losses through a provision for credit losses based on our evaluation of the credit quality of the loan portfolio. This evaluation, which included a review of loans on which full collectability may not have been reasonably assured, considered, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan loss experience, and other factors that warranted recognition in determining our allowance for loan losses. Oriental continuously monitored and modified, if applicable, the level of the allowance for loan losses to ensure it was adequate to cover losses inherent in our loan portfolio. Our allowance for loan losses consisted of the following elements: (i) specific valuation allowances based on probable losses on specifically identified impaired loans; and (ii) valuation allowances based on net historical loan loss experience for similar loans with similar inherent risk characteristics and performance trends, adjusted, as appropriate, for qualitative risk factors specific to respective loan types. When current information and events indicated that it was probable that we would be unable to collect all amounts of principal and interest due under the original terms of a business or commercial real estate loan greater than $500 thousand, such loan was classified as impaired. Additionally, all loans modified in a TDR were considered impaired. The need for specific valuation allowances were determined for impaired loans and recorded as necessary. For impaired loans, we considered the fair value of the underlying collateral, less estimated costs to sell, if the loan was collateral dependent, or we used the present value of estimated future cash flows in determining the estimates of impairment and any related allowance for loan losses for these loans. Confirmed losses were charged off immediately. Loan loss ratios and loan grades, for commercial loans, were updated at least quarterly and were applied in the context of GAAP. Management used current available information in estimating possible loan and lease losses, factors beyond Oriental’s control, such as those affecting general economic conditions, may have required future changes to the allowance. Acquired Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) For our acquired loans accounted for under ASC 310-30, our allowance for loan losses was estimated based upon our expected cash flows for these loans. To the extent that we experienced a deterioration in borrower credit quality resulting in a decrease in the net present value of our expected cash flows (which were used as a proxy to identify probable incurred losses) subsequent to the acquisition of the loans, an allowance for loan losses was established based on our estimate of future credit losses over the remaining life of the loans. Acquired loans accounted for under ASC Subtopic 310-30 were not considered non-performing and continued to have an accretable yield as long as there was a reasonable expectation about the timing and amount of cash flows expected to be collected. Also, loans charged-off against the non-accretable difference established in purchase accounting were not reported as charge-offs. Charge-offs on loans accounted under ASC Subtopic 310-30 were recorded only to the extent that losses exceeded the non-accretable difference established with purchase accounting. |
Troubled Debt Restructuring | Troubled Debt Restructuring A TDR is the restructuring of a receivable in which Oriental, as creditor, grants a concession for legal or economic reasons due to the debtor’s financial difficulties. A concession is granted when, as a result of the restructuring, Oriental does not expect to collect all amounts due, according to original contractual terms of the loan agreement. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. To assess whether the debtor is having financial difficulties, Oriental evaluates whether it is probable that the debtor will default on any of its debt in the foreseeable future. Receivables that are restructured in a TDR are presumed to be impaired and are subject to a specific impairment-measurement method. If the repayment of the loan is expected to be provided solely by the underlying collateral and there are no other available sources of repayment, Oriental considers the current value of that collateral in determining whether the principal will be paid. For non-collateral dependent loans, the specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s effective interest rate. An accruing loan that is modified in a TDR can remain in accrual status if, based on a current, well-documented credit analysis, collection of principal and interest in accordance with the modified terms is reasonably assured, and the borrower has demonstrated sustained historical repayment performance for a reasonable period before the modification. Oriental has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of Covid-19. The majority of Oriental’s Covid-19 related loan modifications have not been considered TDRs as they represent short-term delay of payments or other insignificant modifications, whether under Oriental’s regular loan modification assessments or the Interagency Statement guidance; or Oriental has elected to apply the option to suspend the application of accounting guidance for TDRs as provided under Section 4013 of the CARES Act. To the extent that certain modifications do not meet any of the above criteria, Oriental accounts for them as TDRs. For loan modifications that include a payment deferral and are not TDRs, the borrower’s past due and nonaccrual status will not be impacted during the deferral period. These loans are not considered past due until after the deferral period is over and scheduled payments resume. Accrued interest on these Covid-19 modified loans is due when the deferral period ends. The credit quality of these loans is re-evaluated after the deferral period ends. Loans are generally placed on a nonaccrual basis when they become 90 days past due or when there are otherwise serious doubts about the collectability of principal or interest within the existing terms of the loan. Oriental's policy is to write-off all accrued interest on loans when they are placed on nonaccrual status. |
Foreclosed Real Estate and Other Repossessed Property | Foreclosed Real Estate and Other Repossessed Property Foreclosed real estate and other repossessed property are initially recorded at the fair value of the real estate or repossessed property less the cost of selling it at the date of foreclosure or repossession. At the time properties are acquired in full or partial satisfaction of loans, any excess of the loan balance over the estimated fair value of the property is charged against the allowance for loan and lease losses. After foreclosure or repossession, these properties are carried at the lower of cost or fair value less estimated cost to sell based on recent appraised values or options to purchase the foreclosed or repossessed property. Any excess of the carrying value over the estimated fair value, less estimated costs to sell, is charged to non-interest expense. The costs and expenses associated to holding these properties in portfolio are expensed as incurred. |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Goodwill is recognized when the purchase price is higher than the fair value of net assets acquired in business combinations under the purchase method of accounting. Oriental’s goodwill is tested for impairment at least annually, and on a more frequent basis, if events or circumstances indicate impairment could have taken place. Such events could include, among others, a significant adverse change in the business climate, an adverse action by a regulator, an unanticipated change in the competitive environment and a decision to change the operations or dispose of a reporting unit. Oriental performs its goodwill impairment test in accordance with ASU 2017-04 by comparing the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized limited to the total amount of goodwill allocated to that reporting unit. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting units. Other identifiable intangible assets with a finite useful life, mainly core deposits and customer relationships, are amortized using various methods over the periods benefited, which range from 3 to 10 years. These intangibles are evaluated periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments on intangible assets with a finite useful life are evaluated under the guidance for impairment or disposal of long-lived assets. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation. Depreciation is provided using the straight-line method over the estimated useful life of each type of asset. Amortization of leasehold improvements is computed using the straight-line method over the terms of the leases or estimated useful lives of the improvements, whichever is shorter. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Oriental periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In performing the review for recoverability, an estimate of the future cash flows expected to result from the use of the asset and its eventual disposition is made. If the sum of the future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets, an impairment loss is recognized. The amount of the impairment is the excess of the carrying amount over the fair value of the asset. As of December 31, 2020 and 2019, there was no indication of impairment as a result of such review. |
Off-Balance Sheet Instruments | Off-Balance Sheet Instruments In the ordinary course of business, Oriental enters into off-balance sheet instruments consisting of commitments to extend credit, further discussed in Note 26 hereto. Such financial instruments are recorded in the financial statements when these are funded or related fees are incurred or received. Oriental periodically evaluates the credit risks inherent in these commitments and establishes reserves for such risks if and when these are deemed necessary. |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Oriental estimates the expected credit losses related to unfunded lending commitments such as letters of credit, financial guarantees, unfunded banker’s acceptances and binding loan commitments. Reserves are estimated for the unfunded exposure using the same factors as the funded exposure and are reported as reserves for unfunded lending commitments. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the consolidated statements of operations. |
Income Taxes | Income Taxes In preparing the consolidated financial statements, Oriental is required to estimate income taxes. This involves an estimate of current income tax expense together with an assessment of deferred taxes resulting from differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The determination of current income tax expense involves estimates and assumptions that require Oriental to assume certain positions based on its interpretation of current tax laws and regulations. Changes in assumptions affecting estimates may be required in the future, and estimated tax assets or liabilities may need to be increased or decreased accordingly. The accrual for tax contingencies is adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law and emerging legislation. When particular matters arise, a number of years may elapse before such matters are audited and finally resolved. Favorable resolution of such matters could be recognized as a reduction to Oriental’s effective tax rate in the year of resolution. Unfavorable settlement of any particular issue could increase the effective tax rate and may require the use of cash in such year. On December 30, 2019, Oriental Financial Services was converted into a limited liability company (“LLC”), and on June 30, 2020, made the election to be treated as a partnership for income tax purposes which was effective on January 1, 2019. As such, Oriental Financial Services is currently a pass-through entity not subject to income taxes at the company level, and the parent (Oriental) will be subject to Puerto Rico income taxes on its distributable share of OFS taxable income under the partnership provisions of the PR Code. At the date of the election all tax attributes of Oriental Financial Services were also transferred to the parent. The same tax treatment applies to Oriental Insurance since its conversion to an LLC in December 2015, and tax election to be treated as a partnership effective on January 1, 2016. Pursuant to these elections Oriental is required to pay income taxes on its distributable share of both entities; in the case of losses reported by any of the entities, the same may be offset with the taxable income of the other entity. However, Oriental is not permitted to use its operating losses to offset the taxable income of its partnerships. The determination of deferred tax expense or benefit is based on changes in the carrying amounts of assets and liabilities that generate temporary differences. The carrying value of Oriental’s net deferred tax assets assumes that Oriental will be able to generate sufficient future taxable income based on estimates and assumptions. If these estimates and related assumptions change in the future, Oriental may be required to record valuation allowances against its deferred tax assets resulting in additional income tax expense in the consolidated statements of operations. Management evaluates on a regular basis whether the deferred tax assets can be realized and assesses the need for a valuation allowance. A valuation allowance is established when management believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowance from period to period are included in Oriental’s tax provision in the period of change. In addition to valuation allowances, Oriental establishes accruals for uncertain tax positions when, despite the belief that Oriental’s tax return positions are fully supported, Oriental believes that certain positions are likely to be challenged. The accruals for uncertain tax positions are adjusted in light of changing facts and circumstances, such as the progress of tax audits, case law, and emerging legislation. The accruals for Oriental’s uncertain tax positions are reflected as income tax payable as a component of accrued expenses and other liabilities. These accruals are reduced upon expiration of the applicable statute of limitations. Oriental follows a two-step approach for recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. Oriental’s policy is to include interest and penalties related to unrecognized income tax benefits within the provision for income taxes on the consolidated statements of operations. Oriental is potentially subject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2016 to 2019, until the applicable statute of limitations expires. In addition, Oriental’s US subsidiaries are potentially subject to income tax audits by the IRS for taxable years 2017 to 2019. Tax audits by their nature are often complex and can require several years to complete. |
Revenue Recognition | Revenue Recognition ASU No. 2014-09 - Revenue from Contracts with Customers (ASC 606) establishes the principles for recognizing revenue and to develop a common revenue standard that would remove inconsistencies in revenue requirements, provide a more robust framework for addressing the revenue issues, improve comparability in revenue recognition and to simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The standard defines revenue (ASC-606-10-20) as inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. Revenue is recognized when (or as) the performance obligation is satisfied by transferring control of a promised good or service to a customer, either at a point in time or over time. Where a performance obligation is satisfied over time, the related revenue is also recognized over time. |
Equity-Based Compensation Plan | Equity-Based Compensation Plan Oriental’s 2007 Omnibus Performance Incentive Plan, as amended and restated (the “Omnibus Plan”), provides for equity-based compensation incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted units and dividend equivalents, as well as equity-based performance awards. The Omnibus Plan was adopted in 2007, amended and restated in 2008, and further amended in 2010 and 2013. The purpose of the Omnibus Plan is to provide flexibility to Oriental to attract, retain and motivate directors, officers, and key employees through the grant of awards based on performance and to adjust its compensation practices to the best compensation practice and corporate governance trends as they develop from time to time. The Omnibus Plan is further intended to motivate high levels of individual performance coupled with increased shareholder returns. Therefore, awards under the Omnibus Plan (each, an “Award”) are intended to be based upon the recipient’s individual performance, corporate performance, level of responsibility and potential to make significant contributions to Oriental. Generally, the Omnibus Plan will terminate as of (a) the date when no more of Oriental’s shares of common stock are available for issuance under the Omnibus Plan or, (b) if earlier, the date the Omnibus Plan is terminated by Oriental’s Board of Directors. The Board’s Compensation Committee (the “Committee”), or such other committee as the Board may designate, has full authority to interpret and administer the Omnibus Plan in order to carry out its provisions and purposes. The Committee has the authority to determine those persons eligible to receive an Award and to establish the terms and conditions of any Award. The Committee may delegate, subject to such terms or conditions or guidelines as it shall determine, to any employee or group of employees any portion of its authority and powers under the Omnibus Plan with respect to participants who are not directors or executive officers subject to the reporting requirements under Section 16(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Only the Committee may exercise authority in respect to Awards granted to such participants. The expected term of stock options granted represents the period of time that such options are expected to be outstanding. Expected volatilities are based on historical volatility of Oriental’s shares of common stock over the most recent period equal to the expected term of the stock options. For stock options issued during 2015, the expected volatilities are based on both historical and implied volatility of Oriental’s shares of common stock. Oriental follows the fair value method of recording stock-based compensation. Oriental used the modified prospective transition method, which requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award with the cost to be recognized over the service period. It applies to all awards unvested and granted after the effective date and awards modified, repurchased, or cancelled after that date. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, except for those resulting from investments by owners and distributions to owners. GAAP requires that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available-for-sale securities and on derivative activities that qualify and are designated for cash flows hedge accounting, net of taxes, are reported as a separate component of the stockholders’ equity section of the consolidated statements of financial condition, such items, along with net income, are components of comprehensive income (loss). |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. |
Lease Accounting | Lease Accounting Right of use assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using our incremental borrowing rate. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The right-of-use asset is measured at the amount of the lease liability adjusted for the remaining balance of any lease incentives received, any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, any unamortized initial direct costs, and any impairment of the right-of-use-asset. Operating lease expense consists of a single lease cost calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis, and any impairment of the right-of-use asset. Variable lease payments are generally expensed as incurred and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases and for operating leases is recognized on a straight-line basis over the lease term. Oriental’s leases do not contain residual value guarantees or material variable lease payments. All leases are classified as operating leases . |
Subsequent Events | Subsequent Events Oriental has evaluated other events subsequent to the balance sheet date and prior to the filing of this annual report on Form 10-K for the year ended December 31, 2020, and has adjusted and disclosed those events that have occurred that would require adjustment or disclosure in the consolidated financial statements. |
New Accounting Updates Net Yet Adopted & New Accounting Updates Adopted in 2020 | New Accounting Updates Not Yet Adopted Reference Rate Reform. In March 2020, the FASB issued guidance within ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, in response to the scheduled discontinuation of LIBOR on December 31, 2021. The amendments in this Update provide optional guidance designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, borrowings) necessitated by reference rate reform. In January 2021, the FASB issued guidance within ASU 2021-01, Reference Rate Reform (Topic 848) to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Oriental’s LIBOR exposure is mainly concentrated within the commercial loan portfolio. Oriental has identified its LIBOR-based contracts that will be impacted by the cessation of LIBOR and is incorporating fallback language in negotiated contracts and incorporating non-LIBOR reference rate and/or fallback language in new contracts to prepare for these changes. Furthermore, management has established a LIBOR transition team to lead the Company in the execution of its project plan. As of December 31, 2020, we have not yet elected any optional expedients related to contract modifications or hedging relationships as outlined in this ASU. However, we will continue to evaluate if we will elect these optional expedients in the future. Simplifying the Accounting for Income Taxes. In December 2019, the FASB issued guidance intended to simplify the accounting for income taxes. The guidance removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance simplifies the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. The guidance will be effective for fiscal years and interim periods beginning after December 15, 2020. Different components of the guidance require retrospective, modified retrospective or prospective adoption, and early adoption is permitted. We will adopt this guidance when it becomes effective, in the first quarter of 2021, and the impact on our financial statements is not expected to be material. New Accounting Updates Adopted in 2020 Accounting for Financial Instruments -- Credit Losses On January 1, 2020, Oriental adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The CECL methodology represents a significant change from prior U.S. GAAP and replaced the prior multiple existing impairment methods. The CECL standard also requires credit losses related to AFS debt securities to be recorded through an allowance for credit losses. Our adoption of this standard on January 1, 2020 did not have an impact on our portfolio of AFS debt securities. We adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Upon adoption, we recognized an after-tax cumulative effect reduction to retained earnings totaling $ 25.5 million, as detailed in the table below. Operating results for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described before in this note. The following table details the impact of the adoption of CECL on the assets, liabilities and retained earnings as of January 1, 2020. January 1, 2020 Pre-Adoption Impact of adoption Post-Adoption Cumulative Effect on Retained Earnings (In thousands) Assets: Investment securities available for sale $ 1,074,169 $ - $ 1,074,169 $ - Deferred tax asset 176,740 13,874 190,614 13,874 Loans Commercial 2,222,085 42,143 2,264,228 - Mortgage 2,508,821 7,830 2,516,651 - Consumer 504,507 181 504,688 - Auto 1,522,973 368 1,523,341 - 6,758,386 50,522 6,808,908 - Allowance for credit losses on loans Commercial ( 34,886) ( 45,705) ( 80,591) ( 3,562) Mortgage ( 30,382) ( 18,810) ( 49,192) ( 10,980) Consumer ( 18,446) ( 8,599) ( 27,045) ( 8,418) Auto ( 32,825) ( 16,606) ( 49,431) ( 16,238) ( 116,539) ( 89,720) ( 206,259) ( 39,198) Net loans 6,641,847 ( 39,198) 6,602,649 ( 39,198) Liabilities: Allowance for credit losses on off-balance sheet credit exposures 3,688 170 3,858 170 $ 7,889,068 $ ( 25,494) $ 7,863,574 $ ( 25,494) |
Cloud Computing Arrangements | Cloud computing arrangements In August 2018, the Financial Accounting Standards Board (“FASB”) issued updated guidance that is intended to reduce potential diversity in practice in accounting for the costs of implementing cloud computing arrangements (i.e., hosting arrangements) that are service contracts. The updated guidance aligns the requirements for capitalizing implementation costs for these arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption of this guidance, effective January 1, 2020, did not have a material impact on Oriental’s consolidated financial statements. |
Fair Value Measurements | Fair value measurements In August 2018, the FASB issued updated guidance as part of its disclosure framework project intended to improve the effectiveness of disclosures in the notes to the financial statements. The updated guidance eliminates, adds and modifies certain disclosure requirements related to fair value measurements. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption of this guidance, effective January 1, 2020, did not have a material impact on the Oriental’s consolidated financial statements. |
Goodwill | Goodwill In January 2017, the FASB issued updated guidance intended to simplify how an entity tests goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under the updated guidance, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and will recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, with the loss recognized limited to the total amount of goodwill allocated to that reporting unit. The updated guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The adoption of this guidance, effective January 1, 2020, did not have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Impact Of Adoption Of CECL On Assets, Liabilities And Retained Earnings | January 1, 2020 Pre-Adoption Impact of adoption Post-Adoption Cumulative Effect on Retained Earnings (In thousands) Assets: Investment securities available for sale $ 1,074,169 $ - $ 1,074,169 $ - Deferred tax asset 176,740 13,874 190,614 13,874 Loans Commercial 2,222,085 42,143 2,264,228 - Mortgage 2,508,821 7,830 2,516,651 - Consumer 504,507 181 504,688 - Auto 1,522,973 368 1,523,341 - 6,758,386 50,522 6,808,908 - Allowance for credit losses on loans Commercial ( 34,886) ( 45,705) ( 80,591) ( 3,562) Mortgage ( 30,382) ( 18,810) ( 49,192) ( 10,980) Consumer ( 18,446) ( 8,599) ( 27,045) ( 8,418) Auto ( 32,825) ( 16,606) ( 49,431) ( 16,238) ( 116,539) ( 89,720) ( 206,259) ( 39,198) Net loans 6,641,847 ( 39,198) 6,602,649 ( 39,198) Liabilities: Allowance for credit losses on off-balance sheet credit exposures 3,688 170 3,858 170 $ 7,889,068 $ ( 25,494) $ 7,863,574 $ ( 25,494) |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Fair Value Adjustments From Acquisition | December 31, 2019 Measurement Fair Value Fair Value Period as Book Value Adjustments, net Fair Value Adjustments Remeasured (In thousands) Cash and cash equivalents $ 492,512 $ - $ 492,512 $ - $ 492,512 Investments 576,319 ( 102) 576,217 - 576,217 Loans 2,237,337 ( 21,134) 2,216,203 - 2,216,203 Accrued interest receivable 7,722 ( 2,952) 4,770 5,540 10,310 Foreclosed real estate 8,636 ( 352) 8,284 - 8,284 Deferred tax asset, net 37,606 22,335 59,941 1,386 61,327 Premises and equipment 10,866 ( 1,068) 9,798 - 9,798 Servicing asset 40,258 206 40,464 - 40,464 Core deposit intangible - 41,507 41,507 - 41,507 Customer relationship intangible - 12,693 12,693 - 12,693 Other intangible - 567 567 - 567 Operating lease right-of-use assets 15,452 4,011 19,463 - 19,463 Other assets 86,016 ( 6,507) 79,509 410 79,919 Total identifiable assets acquired 3,512,724 49,204 3,561,928 7,336 3,569,264 Deposits 3,028,066 ( 2,607) 3,025,459 - 3,025,459 Operating lease liability 16,317 2,091 18,408 - 18,408 Accrued expenses and other liabilities 87,309 - 87,309 - 87,309 Total liabilities assumed 3,131,692 ( 516) 3,131,176 - 3,131,176 Total identifiable net assets $ 430,752 $ 7,336 $ 438,088 Bargain purchase gain 315 7,336 7,651 Total consideration $ 430,437 $ - $ 430,437 |
Summary of Merger and Restructuring Charges | Year Ended December 31, 2020 2019 (In thousands) Severance and employee-related charges $ 220 $ 13,323 Professional services and system integrations 9,973 9,718 Branch consolidation 3,707 - Other 2,183 1,013 Total merger and restructuring charges $ 16,083 $ 24,054 |
Summary of Restructuring Reserves | Year Ended December 31, 2020 2019 (In thousands) Balance at the beginning of the year $ 17,491 $ - Merger and restructuring charges 16,083 24,054 Cash payments ( 18,445) ( 6,563) Balance at the end of the year $ 15,129 $ 17,491 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash Components | December 31, 2020 2019 (In thousands) Cash pledged as collateral to other financial institutions to secure: Regulatory requirements $ 325 $ 400 Obligations under agreement of loans sold with recourse 1,050 1,050 $ 1,375 $ 1,450 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment Securities [Abstract] | |
Investment Securities | December 31, 2020 Gross Gross Weighted Amortized Unrealized Unrealized Fair Average Cost Gains Losses Value Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 206,195 $ 4,786 $ 32 $ 210,949 1.78% GNMA certificates 174,472 8,478 178 182,772 2.21% CMOs issued by US government-sponsored agencies 38,309 905 - 39,214 1.96% Total mortgage-backed securities 418,976 14,169 210 432,935 1.97% Investment securities US Treasury securities 10,740 243 - 10,983 1.49% Obligations of US government-sponsored agencies 1,585 21 - 1,606 1.39% Other debt securities 875 39 - 914 2.31% Total investment securities 13,200 303 - 13,503 1.53% Total securities available for sale $ 432,176 $ 14,472 $ 210 $ 446,438 1.96% December 31, 2019 Gross Gross Weighted Amortized Unrealized Unrealized Fair Average Cost Gains Losses Value Yield (In thousands) Available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 403,227 $ 846 $ 1,417 $ 402,656 2.00% GNMA certificates 215,755 718 4 216,469 2.33% CMOs issued by US government-sponsored agencies 55,235 16 490 54,761 1.97% Total mortgage-backed securities 674,217 1,580 1,911 673,886 2.11% Investment securities US Treasury securities 397,183 - - 397,183 1.60% Obligations of US government-sponsored agencies 1,967 - 6 1,961 1.38% Other debt securities 1,108 31 - 1,139 3.00% Total investment securities 400,258 31 6 400,283 1.60% Total securities available-for-sale $ 1,074,475 $ 1,611 $ 1,917 $ 1,074,169 1.92% |
Investment Securities by Contractual Maturity | December 31, 2020 Available-for-sale Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due less than one year FNMA and FHLMC certificates $ 348 $ 364 Total due in less than one year 348 364 Due from 1 to 5 years GNMA certificates 469 472 Total due from 1 to 5 years 469 472 Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 32,220 $ 33,013 FNMA and FHLMC certificates 96,902 $ 100,643 GNMA certificates 58,615 $ 60,081 Total due after 5 to 10 years 187,737 193,737 Due after 10 years FNMA and FHLMC certificates $ 108,945 $ 109,942 GNMA certificates 115,388 $ 122,219 CMOs issued by US government-sponsored agencies 6,089 $ 6,201 Total due after 10 years 230,422 238,362 Total mortgage-backed securities 418,976 432,935 Investment securities Due less than one year US Treasury securities $ 735 $ 735 Other debt securities 251 $ 251 Total due in less than one year 986 986 Due from 1 to 5 years Obligations of US government-sponsored agencies $ 1,585 $ 1,606 US Treasury securities 10,005 $ 10,248 Total due from 1 to 5 years 11,590 11,854 Due from 5 to 10 years Other debt securities 624 663 Total due after 5 to 10 years 624 663 Total investment securities 13,200 13,503 Total $ 432,176 $ 446,438 |
Gross Realized Gains and Losses by Category | Year Ended December 31, 2020 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 229,571 $ 227,213 $ 2,358 $ - GNMA certificates 91,413 89,043 2,370 - Total $ 320,984 $ 316,256 $ 4,728 $ - Year Ended December 31, 2019 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities FNMA and FHLMC certificates $ 451,081 $ 447,305 $ 3,776 $ - GNMA certificates 229,385 224,887 4,498 - Total $ 680,466 $ 672,192 $ 8,274 $ - Year Ended December 31, 2018 Book Value Description Sale Price at Sale Gross Gains Gross Losses (In thousands) Sale of securities available-for-sale Mortgage-backed securities GNMA certificates 17,837 17,837 - - Total mortgage-backed securities $ 17,837 $ 17,837 $ - $ - |
Unrealized Gains and Losses by Category | December 31, 2020 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ - $ - $ - FNMA and FHLMC certificates - - - Obligations of US Government and sponsored agencies - - - GNMA certificates - - - US Treasury Securities - - - $ - $ - $ - Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies - - - FNMA and FHLMC certificates 34,628 32 34,596 GNMA certificates 5,104 178 4,926 US Treasury Securities - - - $ 39,732 $ 210 $ 39,522 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ - $ - $ - FNMA and FHLMC certificates 34,628 32 34,596 Obligations of US government and sponsored agencies - - - GNMA certificates 5,104 178 4,926 US Treasury Securities - - - $ 39,732 $ 210 $ 39,522 December 31, 2019 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 35,417 $ 387 $ 35,030 FNMA and FHLMC certificates 259,099 1,415 257,684 Obligations of US Government and sponsored agencies 1,967 6 1,961 GNMA certificates 19 - 19 $ 296,502 $ 1,808 $ 294,694 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 11,503 103 11,400 FNMA and FHLMC certificates 4,919 2 4,917 GNMA certificates 3,549 4 3,545 US Treasury Securities 627 - 627 $ 20,598 $ 109 $ 20,489 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 46,920 490 46,430 FNMA and FHLMC certificates 264,018 1,417 262,601 Obligations of US government and sponsored agencies 1,967 6 1,961 GNMA certificates 3,568 4 3,564 US Treasury Securities 627 - 627 $ 317,100 $ 1,917 $ 315,183 |
Pledged Assets (Tables)
Pledged Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Pledged Assets [Abstract] | |
Summary of Pledged and not Pledged Assets | December 31, 2020 2019 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ - $ 204,068 Derivatives 2,351 1,775 Bond for the Bank's trust operations 105 323 Puerto Rico public fund deposits 146,381 191,908 Total pledged investment securities 148,837 398,074 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 699,091 803,317 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 460,149 518,473 Federal Reserve Bank Credit Facility 48,089 45,175 Puerto Rico public fund deposits 96,273 129,152 604,511 692,800 Pledged auto loans and leases to secure: Federal Reserve Bank Credit Facility 1,049,477 1,182,272 Total pledged assets $ 2,501,916 $ 3,076,463 Financial assets not pledged: Investment securities $ 297,601 $ 676,095 Residential mortgage loans 1,625,938 1,706,981 Commercial loans 1,799,780 1,529,642 Consumer loans 414,946 504,437 Auto loans and leases 512,325 329,972 Total assets not pledged $ 4,650,590 $ 4,747,127 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loans [Abstract] | |
Composition of Loan Portfolio | December 31, 2020 December 31, Non-PCD PCD Total 2019 (In thousands) Commercial loans: Commercial secured by real estate $ 807,284 $ 243,229 $ 1,050,513 $ 1,129,446 Other commercial and industrial 647,444 39,931 687,375 816,310 Commercial Paycheck Protection Program (PPP Loans) 289,218 - 289,218 - US Loan Program 374,904 - 374,904 272,595 2,118,850 283,160 2,402,010 2,218,351 Mortgage 823,443 1,459,932 2,283,375 2,493,365 Consumer: Personal loans 313,257 1,043 314,300 375,505 Credit lines 43,805 351 44,156 53,113 Credit cards 56,185 - 56,185 75,272 Overdraft 305 - 305 216 Auto 1,534,269 27,533 1,561,802 1,522,973 1,947,821 28,927 1,976,748 2,027,079 4,890,114 1,772,019 6,662,133 6,738,795 Allowance for credit losses ( 161,015) ( 43,794) ( 204,809) ( 116,539) Total loans held for investment 4,729,099 1,728,225 6,457,324 6,622,256 Mortgage loans held for sale 41,654 - 41,654 19,591 Other loans held for sale 2,281 - 2,281 - Total loans held for sale 43,935 - 43,935 19,591 Total loans, net $ 4,773,034 $ 1,728,225 $ 6,501,259 $ 6,641,847 |
Aging of Recorded Investment in Gross Loans | December 31, 2020 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 2,781 $ 750 $ 17,862 $ 21,393 $ 785,891 $ 807,284 $ - Other commercial and industrial 1,674 234 4,695 6,603 930,059 936,662 - US Loan Program 2,604 - - 2,604 372,300 374,904 - 7,059 984 22,557 30,600 2,088,250 2,118,850 - Mortgage 7,385 14,953 101,528 123,866 699,577 823,443 3,974 Consumer Personal loans 4,784 2,515 2,062 9,361 303,896 313,257 - Credit lines 2,136 476 1,269 3,881 39,924 43,805 - Credit cards 1,357 824 1,585 3,766 52,419 56,185 - Overdraft 138 - - 138 167 305 - Auto 57,176 31,181 20,485 108,842 1,425,427 1,534,269 - 65,591 34,996 25,401 125,988 1,821,833 1,947,821 - Total loans $ 80,035 $ 50,933 $ 149,486 $ 280,454 $ 4,609,660 $ 4,890,114 $ 3,974 December 31, 2019 Loans 90+ Days Past Due and 30-59 Days 60-89 Days 90+ Days Total Past Still Past Due Past Due Past Due Due Current Total Loans Accruing (In thousands) Commercial Commercial secured by real estate $ 994 $ 946 $ 17,495 $ 19,435 $ 847,271 $ 866,706 $ - Other commercial and industrial 7,584 371 2,716 10,671 712,855 723,526 - US Loan Program - - - - 272,595 272,595 - 8,578 1,317 20,211 30,106 1,832,721 1,862,827 - Mortgage 9,285 13,105 94,109 116,499 783,096 899,595 2,418 Consumer Personal loans 4,978 2,123 1,579 8,680 358,477 367,157 - Credit lines 533 20 221 774 51,840 52,614 - Credit cards 1,438 417 896 2,751 72,451 75,202 - Overdraft 51 - - 51 165 216 - Auto 72,336 31,412 14,270 118,018 1,350,864 1,468,882 - 79,336 33,972 16,966 130,274 1,833,797 1,964,071 - Total loans $ 97,199 $ 48,394 $ 131,286 $ 276,879 $ 4,449,614 $ 4,726,493 $ 2,418 |
Acquired Loans With Deteriorated Credit Quality | December 31, 2019 Scotiabank PR & USVI BBVAPR Eurobank Total (In thousands) Contractual required payments receivable: $ 2,147,249 $ 1,086,367 $ 117,107 $ 3,350,723 Less: Non-accretable discount 294,424 340,466 4,285 639,175 Cash expected to be collected 1,852,825 745,901 112,822 2,711,548 Less: Accretable yield 458,885 214,886 34,441 708,212 Carrying amount, gross 1,393,940 531,015 78,381 2,003,336 Less: allowance for loan and lease losses - 17,036 14,458 31,494 Carrying amount, net $ 1,393,940 $ 513,979 $ 63,923 $ 1,971,842 |
Accretable Yield and Non-Accretable Discount Activity | Year Ended December 31, 2019 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 232,199 $ 36,508 $ 243 $ 560 $ 269,510 Accretion ( 23,871) ( 10,312) ( 430) ( 739) ( 35,352) Change in expected cash flows ( 212) 23,080 ( 19) 739 23,588 Transfer from (to) non-accretable discount ( 12,033) ( 30,653) 253 ( 427) ( 42,860) Balance at end of year $ 196,083 $ 18,623 $ 47 $ 133 $ 214,886 Non-Accretable Discount Activity: Balance at beginning of year $ 291,887 $ 10,346 $ 24,245 $ 18,945 $ 345,423 Change in actual and expected losses ( 27,741) ( 19,295) ( 169) ( 612) ( 47,817) Transfer (to) from accretable yield 12,033 30,653 ( 253) 427 42,860 Balance at end of year $ 276,179 $ 21,704 $ 23,823 $ 18,760 $ 340,466 Year Ended December 31, 2018 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 258,498 $ 46,764 $ 2,766 $ 885 $ 308,913 Accretion ( 27,248) ( 14,160) ( 2,360) ( 871) ( 44,639) Change in expected cash flows - 7,895 890 484 9,269 Transfer from (to) non-accretable discount 949 ( 3,991) ( 1,053) 62 ( 4,033) Balance at end of year $ 232,199 $ 36,508 $ 243 $ 560 $ 269,510 Non-Accretable Discount Activity: Balance at beginning of year $ 299,501 $ 10,596 $ 23,050 $ 19,284 $ 352,431 Change in actual and expected losses ( 6,665) ( 4,241) 142 ( 277) ( 11,041) Transfer (to) from accretable yield ( 949) 3,991 1,053 ( 62) 4,033 Balance at end of year $ 291,887 $ 10,346 $ 24,245 $ 18,945 $ 345,423 |
Accretable Yield and Non-Accretable Discount Activity of Acquired Eurobank Loans | Year Ended December 31, 2019 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 38,389 $ 3,310 - $ - $ 41,699 Accretion ( 4,999) ( 4,611) ( 14) ( 164) ( 9,788) Change in expected cash flows 2,578 2,270 ( 145) 273 4,976 Transfer from (to) non-accretable discount ( 1,947) ( 549) 159 ( 109) ( 2,446) Balance at end of year $ 34,021 $ 420 $ - $ - $ 34,441 Non-Accretable Discount Activity: Balance at beginning of year $ 2,826 $ - $ - $ 133 $ 2,959 Change in actual and expected losses ( 3,051) 1,928 159 ( 156) ( 1,120) Transfer (to) from accretable yield 1,947 549 ( 159) 109 2,446 Balance at end of year $ 1,722 $ 2,477 $ - $ 86 $ 4,285 Year Ended December 31, 2018 Mortgage Commercial Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 42,921 $ 6,751 - $ - $ 49,672 Accretion ( 5,964) ( 6,430) ( 52) ( 389) ( 12,835) Change in expected cash flows ( 1,129) 5,023 ( 329) 700 4,265 Transfer from (to) non-accretable discount 2,561 ( 2,034) 381 ( 311) 597 Balance at end of year $ 38,389 $ 3,310 $ - $ - $ 41,699 Non-Accretable Discount Activity: Balance at beginning of year $ 5,334 $ 276 $ - $ 235 $ 5,845 Change in actual and expected losses 53 ( 2,310) 381 ( 413) ( 2,289) Transfer (to) from accretable yield ( 2,561) 2,034 ( 381) 311 ( 597) Balance at end of year $ 2,826 $ - $ - $ 133 $ 2,959 |
Investment in Loans on Non-Accrual Status | December 31, 2020 Nonaccrual with Nonaccrual with no Allowance Allowance for Credit Loss for Credit Loss Total (In thousands) Non-PCD: Commercial Commercial secured by real estate $ 15,225 $ 21,462 $ 36,687 Other commercial and industrial 2,138 3,174 5,312 17,363 24,636 41,999 Mortgage 24,920 17,747 42,667 Consumer Personal loans 1,752 377 2,129 Personal lines of credit 1,272 - 1,272 Credit cards 1,586 - 1,586 Auto and leasing 20,766 - 20,766 25,376 377 25,753 Total non-accrual loans $ 67,659 $ 42,760 $ 110,419 PCD: Commercial Commercial secured by real estate $ 31,338 $ 4,031 $ 35,369 Other commercial and industrial 1,102 - 1,102 32,440 4,031 36,471 Mortgage 1,003 - 1,003 Consumer Personal loans 1 - 1 1 - 1 Total non-accrual loans $ 33,444 $ 4,031 $ 37,475 $ 101,103 $ 46,791 $ 147,894 December 31, 2019 (In thousands) Commercial Commercial secured by real estate $ 32,720 Other commercial and industrial 9,886 42,606 Mortgage 18,735 Consumer Personal loans 4,164 Personal lines of credit 227 Credit cards 896 Auto and leasing 14,295 19,582 Total non-accrual loans $ 80,923 |
TDR Pre/Post Modifications And Rolling Twelve Months | Year Ended December 31, 2020 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 88 $ 11,081 4.70% 332 $ 10,151 4.13% 327 Commercial 8 14,896 5.45% 63 14,896 4.36% 77 Consumer 23 349 14.11% 64 391 10.57% 76 Auto 31 217 10.88% 74 219 11.02% 71 Year Ended December 31, 2019 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 148 $ 19,130 5.85% 376 $ 17,991 5.09% 345 Commercial 5 2,070 7.23% 56 2,070 6.05% 67 Consumer 370 5,357 15.69% 66 5,398 11.50% 74 Auto 22 319 7.29% 70 326 8.97% 44 Year Ended December 31, 2018 Number of contracts Pre-Modification Outstanding Recorded Investment Pre-Modification Weighted Average Rate Pre-Modification Weighted Average Term (in Months) Post-Modification Outstanding Recorded Investment Post-Modification Weighted Average Rate Post-Modification Weighted Average Term (in Months) (Dollars in thousands) Mortgage 143 $ 19,029 5.09% 342 $ 18,237 4.41% 314 Commercial 23 26,019 5.75% 118 25,973 5.64% 136 Consumer 174 2,313 13.24% 51 2,332 9.86% 61 Auto 2 40 10.42% 37 40 10.28% 32 Year ended December 31, 2020 2019 2018 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 9 $ 1,345 29 $ 3,597 23 $ 3,262 Commercial - $ - - $ - 4 $ 2,141 Consumer 1 $ 2 77 $ 1,118 28 $ 341 Auto - $ - 3 $ 51 - $ - |
Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment | December 31, 2020 (In thousands) Commercial loans: Commercial secured by real estate $ 29,279 Total loans $ 29,279 |
Credit Quality Indicators of Loans | Term Loans Revolving Amortized Cost Basis by Origination Year Loans Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total (In thousands) Commercial: Commercial secured by real estate: Loan grade: Pass $ 113,474 $ 105,156 $ 106,283 $ 81,338 $ 44,008 $ 187,189 $ 30,686 $ 668,134 Special Mention 10,592 20,605 5,233 11,771 8,514 3,090 37,680 97,485 Substandard 183 63 758 8,923 584 23,746 7,331 41,588 Doubtful - - - - - 77 - 77 Loss - - - - - - - - Total commercial secured by real estate 124,249 125,824 112,274 102,032 53,106 214,102 75,697 807,284 Other commercial and industrial: Loan grade: Pass 384,901 84,433 75,023 14,502 8,326 7,922 300,429 875,536 Special Mention 151 8,242 19,626 - - 3,337 23,732 55,088 Substandard 207 66 486 164 2,809 119 2,122 5,973 Doubtful - - - - - - 65 65 Loss - - - - - - - - Total other commercial and industrial: 385,259 92,741 95,135 14,666 11,135 11,378 326,348 936,662 US Loan Program: Loan grade: Pass 68,688 62,264 77,762 7,124 - - 98,324 314,162 Special Mention - 1,501 33,282 - - - 1,250 36,033 Substandard 7,156 - 17,553 - - - - 24,709 Doubtful - - - - - - - - Loss - - - - - - - - Total US loan program: 75,844 63,765 128,597 7,124 - - 99,574 374,904 Total commercial loans $ 585,352 $ 282,330 $ 336,006 $ 123,822 $ 64,241 $ 225,480 $ 501,619 $ 2,118,850 Revolving Loans Term Loans Revolving Converted to Amortized Cost Basis by Origination Year Loans Term Loans Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total (In thousands) Mortgage: Payment performance: Performing $ 14,842 $ 20,516 $ 27,359 $ 33,088 $ 38,637 $ 642,045 $ - $ - $ 776,487 Nonperforming - 347 722 894 950 44,043 - - 46,956 Total mortgage loans: 14,842 20,863 28,081 33,982 39,587 686,088 - - 823,443 Consumer: Personal loans: Payment performance: Performing 88,653 115,295 58,009 28,424 13,565 7,181 - - 311,127 Nonperforming 201 591 492 318 134 394 - - 2,130 Total personal loans 88,854 115,886 58,501 28,742 13,699 7,575 - - 313,257 Credit lines: Payment performance: Performing - - - - - - 42,531 - 42,531 Nonperforming - - - - - - 1,274 - 1,274 Total credit lines - - - - - - 43,805 - 43,805 Credit cards: Payment performance: Performing - - - - - - 54,599 - 54,599 Nonperforming - - - - - - 1,586 - 1,586 Total credit cards - - - - - - 56,185 - 56,185 Overdrafts: Payment performance: Performing - - - - - - 305 - 305 Nonperforming - - - - - - - - - Total overdrafts - - - - - - 305 - 305 Total consumer loans 88,854 115,886 58,501 28,742 13,699 7,575 100,295 - 413,552 Total mortgage and consumer loans $ 103,696 $ 136,749 $ 86,582 $ 62,724 $ 53,286 $ 693,663 $ 100,295 $ - $ 1,236,995 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Total (In thousands) Auto: FICO score: 1-660 121,878 112,476 97,725 56,935 30,307 22,360 441,681 661-699 84,673 68,698 44,633 23,308 13,571 9,031 243,914 700+ 173,834 214,287 164,205 85,743 45,947 32,177 716,193 No FICO 21,512 42,597 33,305 18,127 9,656 7,284 132,481 Total auto: $ 401,897 $ 438,058 $ 339,868 $ 184,113 $ 99,481 $ 70,852 $ 1,534,269 December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Commercial Commercial secured by real estate $ 866,706 $ 762,443 $ 55,870 $ 48,357 $ 36 $ - Other commercial and industrial 723,526 706,831 6,634 9,960 101 - US Loan Program 272,595 262,745 9,850 - - - Total Commercial $ 1,862,827 $ 1,732,019 $ 72,354 $ 58,317 $ 137 $ - December 31, 2019 Loan Grades Balance Special Outstanding Pass Mention Substandard Doubtful Loss Retail Mortgage $ 899,595 $ 805,486 $ - $ 94,109 $ - $ - Consumer: Personal loans 367,157 365,579 - 1,578 - - Personal lines of credit 52,614 52,393 - 221 - - Credit cards 75,202 74,306 - 896 - - Overdrafts 216 165 - 51 - - Auto 1,468,882 1,454,612 - 14,270 - - Total consumer loans 1,964,071 1,947,055 - 17,016 - - Total retail loans $ 2,863,666 $ 2,752,541 $ - $ 111,125 $ - $ - |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Allowance for Credit Losses [Abstract] | |
Gross Loan and Allowance for Credit Losses | Year Ended December 31, 2020 Commercial Mortgage Consumer Auto Total (In thousands) Non-PCD: Balance at beginning of year $ 25,993 $ 8,727 $ 18,446 $ 31,878 $ 85,044 Impact of ASC 326 adoption 3,562 10,980 8,418 16,238 39,198 Provision for credit losses 18,462 258 16,579 51,233 86,532 Charge-offs ( 4,979) ( 884) ( 21,772) ( 48,547) ( 76,182) Recoveries 2,741 606 3,582 19,494 26,423 Balance at end of year $ 45,779 $ 19,687 $ 25,253 $ 70,296 $ 161,015 PCD: Balance at beginning of year $ 8,893 $ 21,655 $ - $ 947 $ 31,495 Impact of ASC 326 adoption 42,143 7,830 181 368 50,522 Provision for credit losses 480 6,392 126 187 7,185 Charge-offs ( 36,097) ( 10,342) ( 542) ( 2,023) ( 49,004) Recoveries 986 854 292 1,464 3,596 Balance at end of year $ 16,405 $ 26,389 $ 57 $ 943 $ 43,794 Total allowance for credit losses at end of year $ 62,184 $ 46,076 $ 25,310 $ 71,239 $ 204,809 Year ended December 31, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of year $ 19,783 $ 30,348 $ 17,476 $ 29,643 $ 97,250 Provision (recapture) for credit losses 5,975 6,731 19,038 30,789 62,533 Charge-offs ( 18,564) ( 12,196) ( 20,435) ( 47,498) ( 98,693) Recoveries 1,533 1,110 2,367 18,944 23,954 Balance at end of year $ 8,727 $ 25,993 $ 18,446 $ 31,878 $ 85,044 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of year $ 30,607 $ 30,226 $ 4 $ 6,144 $ 66,981 Provision (recapture) for credit losses 23,703 13,484 - ( 2,928) 34,259 Allowance de-recognition ( 32,655) ( 34,817) ( 4) ( 2,269) ( 69,745) Balance at end of year $ 21,655 $ 8,893 $ - $ 947 $ 31,495 Total allowance for loan and lease losses at end of year $ 30,382 $ 34,886 $ 18,446 $ 32,825 $ 116,539 Year Ended December 31, 2018 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Balance at beginning of year $ 20,439 $ 30,300 $ 19,679 $ 26,162 $ 96,580 Provision (recapture) for credit losses 3,594 6,159 15,648 26,363 51,764 Charge-offs ( 5,297) ( 6,788) ( 20,088) ( 43,057) ( 75,230) Recoveries 1,047 677 2,237 20,175 24,136 Balance at end of year $ 19,783 $ 30,348 $ 17,476 $ 29,643 $ 97,250 Allowance for loan and lease losses for acquired loans accounted for under ASC 310-30: Balance at beginning of year $ 29,272 $ 33,674 $ 22 $ 7,961 $ 70,929 Provision (recapture) for credit losses 3,137 2,121 ( 18) ( 887) 4,353 Allowance de-recognition ( 1,802) ( 5,569) - ( 930) ( 8,301) Balance at end of year $ 30,607 $ 30,226 $ 4 $ 6,144 $ 66,981 Total allowance for loan and lease losses at end of year $ 50,390 $ 60,574 $ 17,480 $ 35,787 $ 164,231 December 31, 2019 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses, excluding loans accounted for under ASC 310-30: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 6,874 $ 8,217 $ - $ - $ 15,091 Collectively evaluated for impairment 1,853 17,776 18,446 31,878 69,953 Total ending allowance balance $ 8,727 $ 25,993 $ 18,446 $ 31,878 $ 85,044 Loans: Individually evaluated for impairment $ 71,196 $ 61,128 $ - $ - $ 132,324 Collectively evaluated for impairment 506,220 1,608,507 382,432 1,277,867 3,775,026 Total ending loan balance $ 577,416 $ 1,669,635 $ 382,432 $ 1,277,867 $ 3,907,350 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate Rollforward | Year Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 29,909 $ 33,768 $ 44,174 Additions 3,654 22,406 20,011 Sales ( 18,521) ( 20,642) ( 24,660) Decline in value ( 2,489) ( 4,762) ( 5,757) Other adjustments ( 957) ( 861) - Balance at end of year $ 11,596 $ 29,909 $ 33,768 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Premises and Equipment [Abstract] | |
Property Plant And Equipment [Text Block] | Useful Life December 31, (Years) 2020 2019 (In thousands) Land — $ 4,363 $ 4,363 Buildings and improvements 40 75,974 74,840 Leasehold improvements 5 — 10 22,439 21,358 Furniture and fixtures 3 — 7 17,517 16,686 Information technology and other 3 — 7 40,273 29,230 160,566 146,477 Less: accumulated depreciation and amortization ( 76,780) ( 65,372) $ 83,786 $ 81,105 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Servicing Assets [Abstract] | |
Changes in Serving Rights at Fair Value | The following table presents the changes in servicing rights measured using the fair value method for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 (In thousands) Fair value at beginning of year $ 50,779 $ 10,716 $ 9,821 Servicing from mortgage securitizations or asset transfers 2,394 1,174 1,481 Additions from servicing portfolio acquired - 40,463 - Changes due to payments on loans [1] ( 4,067) ( 906) ( 814) Changes in fair value due to changes in valuation model inputs or assumptions ( 1,811) ( 668) 228 Fair value at end of year $ 47,295 $ 50,779 $ 10,716 [1] Represents changes due to collection/realization of expected cash flows over time. |
Key Economic Assumptions | The following table presents key economic assumption ranges used in measuring the mortgage-related servicing asset fair value for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Constant prepayment rate 5.02% - 35.22% 4.47% - 18.81% 4.3% - 9.02% Discount rate 10.00% - 15.50% 10.00% - 15.00% 10.00% - 12.00% |
Sensitivity of Current Fair Value of Servicing Assets | The sensitivity of the current fair value of servicing assets to immediate 10 percent and 20 percent adverse changes in the above key assumptions were as follows: December 31, 2020 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 47,295 Constant prepayment rate Decrease in fair value due to 10% adverse change $ ( 1,111) Decrease in fair value due to 20% adverse change $ ( 2,177) Discount rate Decrease in fair value due to 10% adverse change $ ( 1,891) Decrease in fair value due to 20% adverse change $ ( 3,653) |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivatives [Abstract] | |
Derivative Assets and Liabilities | December 31, 2020 2019 (In thousands) Derivative assets: Interest rate caps $ - $ 6 $ - $ 6 Derivative liabilities: Interest rate swaps designated as cash flow hedges $ 1,712 $ 907 Interest rate caps - 6 $ 1,712 $ 913 |
Interest Rate Swaps and Terms | Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 30,259 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 30,259 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets [Abstract] | |
Summary of Core Deposit, Customer Relationship and Other Intangibles | Gross Net Carrying Accumulated Carrying Amount Amortization Value (In thousands) December 31, 2020 Core deposit intangibles $ 51,402 $ 16,419 $ 34,983 Customer relationship intangibles 17,753 7,124 10,629 Other intangibles 567 283 284 Total other intangible assets $ 69,722 $ 23,826 $ 45,896 December 31, 2019 Core deposit intangibles $ 51,402 $ 8,217 $ 43,185 Customer relationship intangibles 17,753 4,540 13,213 Other intangibles 567 - 567 Total other intangible assets $ 69,722 $ 12,757 $ 56,965 |
Estimated Amortization Of Other Intangible Assets | Year Ending December 31, (In thousands) 2021 $ 9,802 2022 8,501 2023 6,898 2024 5,913 2025 4,927 Thereafter 9,854 |
Accrued Interest Receivable a_2
Accrued Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accrued Interest Receivable and Other Assets [Abstract] | |
Schedule of Accrued interest receivable | December 31, 2020 2019 (In thousands) Loans $ 64,465 $ 32,728 Investments 1,082 4,053 $ 65,547 $ 36,781 |
Other Assets | December 31, 2020 2019 (In thousands) Prepaid expenses $ 61,332 $ 52,558 Other repossessed assets 1,816 3,327 Tax credits - 277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 78,845 78,600 $ 143,076 $ 135,845 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits and Related Interest [Abstract] | |
Deposits by Component | December 31, 2020 2019 (In thousands) Non-interest bearing demand deposits $ 2,259,048 $ 1,675,315 Interest-bearing savings and demand deposits 4,274,586 3,718,846 Retail certificates of deposit 1,540,406 1,781,237 Institutional certificates of deposit 292,485 279,714 Total core deposits 8,366,525 7,455,112 Brokered deposits 49,115 243,498 Total deposits $ 8,415,640 $ 7,698,610 |
Interest Expense | Year Ended December 31, 2020 2019 2018 Demand and savings deposits $ 25,798 $ 14,925 $ 12,478 Certificates of deposit 34,400 24,430 20,475 $ 60,198 $ 39,355 $ 32,953 |
Maturities Of Time Deposits | December 31, 2020 2019 (In thousands) Within one year: Three (3) months or less $ 379,563 $ 314,796 Over 3 months through 1 year 805,117 881,183 1,184,680 1,195,979 Over 1 through 2 years 328,336 732,421 Over 2 through 3 years 177,701 175,032 Over 3 through 4 years 75,094 89,148 Over 4 through 5 years 90,590 78,706 $ 1,856,401 $ 2,271,286 |
Borrowings and Related Intere_2
Borrowings and Related Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Borrowings and Related Interest [Abstract] | |
Schedule of Repurchase Agreements | December 31, 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) 50,000 Total assets sold under agreements to repurchase $ 190,000 |
Schedule of Repurchase Agreement by Maturity | December 31, 2019 (In thousands) Less than 90 days $ 140,000 Over 90-days 50,000 Total $ 190,000 |
Schedule Of Underlying Assets Of Repurchase Agreements | 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% |
Summary of Federal Home Loan Bank Advances | December 31, 2020 2019 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 0.34% (December 31, 2019 - from 1.85% to 2.59%) $ 30,259 $ 40,472 Long-term fixed-rate advances from FHLB, with a weighted average interest rate from 2.92% to 3.24% (December 31, 2019 - from 2.92% to 3.24% ) 35,206 37,377 $ 65,465 $ 77,849 |
Federal Home Loan Bank Advances, Maturities Summary | December 31, 2020 2019 (In thousands) Under 90 days $ 30,259 $ 31,955 Over one to three years 30,972 8,517 Over three to five years 4,234 33,018 Over five years - 4,359 $ 65,465 $ 77,849 |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Offsetting of Financial Assets and Liabilities [Abstract] | |
Offsetting Assets | December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts Net amount of Offset in the Assets Presented Gross Amount Statement of in Statement Cash of Recognized Financial of Financial Financial Collateral Net Assets Condition Condition Instruments Received Amount (In thousands) Derivatives $ 6 $ - $ 6 $ - $ - $ 6 |
Offsetting Liabilities | December 31, 2020 Gross Amounts Not Offset in the Statement of Financial Condition Net Amount of Gross Amounts Liabilities Offset in the Presented Gross Amount Statement of in Statement Cash of Recognized Financial of Financial Financial Collateral Net Liabilities Condition Condition Instruments Provided Amount (In thousands) Derivatives $ 1,712 $ - $ 1,712 $ - $ - $ 1,712 Total $ 1,712 $ - $ 1,712 $ - $ - $ 1,712 December 31, 2019 Gross Amounts Not Offset in the Statement of Financial Condition Net Amount of Gross Amounts Liabilities Offset in the Presented Gross Amount Statement of in Statement Cash of Recognized Financial of Financial Financial Collateral Net Liabilities Condition Condition Instruments Provided Amount (In thousands) Derivatives $ 913 $ - $ 913 $ - - $ 913 Securities sold under agreements to repurchase 190,000 - 190,000 204,068 - ( 14,068) Total $ 190,913 $ - $ 190,913 $ 204,068 $ - $ ( 13,155) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Activity and Balance of Related Party Loans | Year Ended December 31, 2020 2019 2018 (In thousands) Balance at the beginning of year $ 22,312 $ 28,520 $ 28,138 New loans and disbursements 17,896 203 10,388 Repayments ( 19,096) ( 6,411) ( 10,006) Balance at the end of year $ 21,112 $ 22,312 $ 28,520 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income Tax Expense Benefit [Table Text Block] | Year Ended December 31, 2020 2019 2018 (In thousands) Current income tax (benefit) expense $ ( 7,347) $ 25,477 $ 33,618 Deferred income tax expense (benefit) 27,846 ( 4,068) 14,772 Total income tax expense $ 20,499 $ 21,409 $ 48,390 |
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 35,567 37.51% $ 28,219 37.50% $ 51,792 39.00% Tax of exempt income, net ( 7,272) - 7.67% ( 8,728) - 11.60% ( 6,645) - 5.01% Disallowed net operating loss carryover 202 0.21% 384 0.51% 269 0.20% Change in valuation allowance 2,267 2.39% 1,217 1.62% 1,504 1.13% Unrecognized tax benefits, net ( 1,941) - 2.05% 1,794 2.38% ( 386) - 0.29% Capital gain at preferential rate ( 450) - 0.47% ( 265) - 0.35% ( 20) - 0.02% Effect of change in tax rate - 0.00% - 0.00% 4,069 3.06% Tax rate difference (ordinary vs capital) ( 4,218) - 4.45% - 0.00% - 0.00% Bargain purchase gain ( 2,751) - 2.90% ( 118) - 0.16% - 0.00% Other items, net ( 905) - 0.95% ( 1,094) - 1.44% ( 2,193) - 1.63% Income tax expense $ 20,499 21.60% $ 21,409 28.50% $ 48,390 36.40% |
Summary Of Income Tax Contingencies [Text Block] | Year Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning of year $ 2,668 $ 875 $ 1,260 Additions for tax positions of prior years 50 51 81 Additions due to new tax positions - 2,181 - Reduction for tax positions as a result of lapse of statute of limitations or new information resulting in a change in assessment ( 1,990) ( 439) ( 466) Balance at end of year $ 728 $ 2,668 $ 875 |
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] | December 31, 2020 2019 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 83,578 $ 75,747 Scotiabank PR discount 5,461 $ 15,499 Loans and other real estate valuation adjustment 5,769 6,874 Deferred loan charge-offs 140,445 144,799 Net operating loss carry forwards 7,947 7,785 Alternative minimum tax 15,513 25,123 Unrealized net loss included in other comprehensive income 642 340 Deferred loan origination income, net 5,147 11,303 Goodwill 23,927 30,408 Acquired portfolio 52,301 51,079 Other assets allowances 525 457 Other deferred tax assets 24,767 23,506 Total gross deferred tax asset 366,022 392,920 Less: valuation allowance ( 8,842) ( 6,585) Net gross deferred tax assets 357,180 386,335 Deferred tax liability: Acquired loans tax basis ( 135,816) ( 146,496) FDIC-assisted Eurobank acquisition, net ( 9,171) ( 14,004) Customer deposit and customer relationship intangibles ( 13,823) ( 17,838) Building valuation adjustment ( 7,412) ( 7,848) Unrealized net gain on available-for-sale securities ( 2,106) ( 82) Servicing asset ( 14,682) ( 15,988) Other deferred tax liabilities ( 11,692) ( 7,339) Total gross deferred tax liabilities ( 194,702) ( 209,595) Net deferred tax asset $ 162,478 $ 176,740 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations | Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of December 31, 2020 Total capital to risk-weighted assets $ 1,096,766 16.04% $ 717,974 10.50% $ 683,785 10.00% Tier 1 capital to risk-weighted assets $ 1,010,945 14.78% $ 581,217 8.50% $ 547,028 8.00% Common equity tier 1 capital to risk-weighted assets $ 894,075 13.08% $ 478,649 7.00% $ 444,460 6.50% Tier 1 capital to average total assets $ 1,010,945 10.30% $ 392,424 4.00% $ 490,530 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 937,962 13.91% $ 707,789 10.50% $ 674,085 10.00% Tier 1 capital to risk-weighted assets $ 852,311 12.64% $ 572,972 8.50% $ 539,268 8.00% Common equity tier 1 capital to risk-weighted assets $ 735,441 10.91% $ 471,859 7.00% $ 438,155 6.50% Tier 1 capital to average total assets $ 852,311 9.24% $ 369,151 4.00% $ 461,438 5.00% Minimum Capital Requirement (including Minimum to be Well Actual capital conservation buffer) Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2020 Total capital to risk-weighted assets $ 1,044,275 15.32% $ 714,480 10.50% $ 680,457 10.00% Tier 1 capital to risk-weighted assets $ 786,731 14.06% $ 578,388 8.50% $ 544,366 8.00% Common equity tier 1 capital to risk-weighted assets $ 956,845 14.06% $ 476,320 7.00% $ 442,297 6.50% Tier 1 capital to average total assets $ 956,845 9.81% $ 390,304 4.00% $ 487,879 5.00% As of December 31, 2019 Total capital to risk-weighted assets $ 898,812 13.36% $ 706,800 10.50% $ 672,848 10.00% Tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 572,230 8.50% $ 538,279 8.00% Common equity tier 1 capital to risk-weighted assets $ 813,444 12.09% $ 471,303 7.00% $ 437,351 6.50% Tier 1 capital to average total assets $ 813,444 8.85% $ 367,537 4.00% $ 459,421 5.00% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity-Based Compensation Plan [Abstract] | |
Summary of the range of exercise prices and the weighted average remaining contractual life of the options | Year Ended December 31, 2020 2019 2018 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 634,294 $ 14.60 739,326 $ 14.28 845,619 $ 14.14 Options granted - - - - - - Options exercised ( 119,500) 12.36 ( 105,032) 12.32 ( 101,268) 13.41 Options forfeited ( 33,350) 15.42 - - ( 5,025) 17.08 End of year 481,444 $ 15.10 634,294 $ 14.60 739,326 $ 14.28 Outstanding Exercisable Weighted Average Weighted Contract Life Weighted Number of Average Remaining Number of Average Range of Exercise Prices Options Exercise Price (Years) Options Exercise Price 11.27 to 14.08 118,894 11.83 1.0 118,894 11.83 14.09 to 16.90 224,700 15.40 2.7 224,700 15.40 16.91 to 19.71 137,850 17.44 4.2 137,850 17.44 481,444 $ 15.10 2.7 481,444 $ 15.10 Aggregate Intrinsic Value $ 1,655,880 $ 1,655,880 |
Summary of the restricted units' activity under the Omnibus Plan | Year Ended December 31, 2020 2019 2018 Weighted Weighted Weighted Average Average Average Restricted Grant Date Restricted Grant Date Restricted Grant Date Units Fair Value Units Fair Value Units Fair Value Beginning of year 379,150 $ 15.32 254,050 $ 12.50 105,800 $ 14.19 Restricted units granted 257,850 16.82 125,100 21.36 176,250 12.12 Restricted units lapsed ( 102,525) 14.74 - - ( 24,017) 17.12 Restricted units forfeited ( 4,705) 15.93 - - ( 3,983) 12.48 End of year 529,770 $ 15.58 379,150 $ 15.32 254,050 $ 12.50 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Activity of Common Shares Held in Treasury | Year Ended December 31, 2020 2019 2018 Dollar Dollar Dollar Shares Amount Shares Amount Shares Amount (In thousands, except shares data) Beginning of year $ 8,486,278 $ 102,339 8,591,310 $ 103,633 $ 8,678,427 $ 104,502 Common shares used upon lapse of restricted stock units and options ( 163,115) ( 1,616) ( 105,032) ( 1,294) ( 87,117) ( 869) Common shares repurchased as part of the stock repurchase program 175,000 2,226 - - - - End of year $ 8,498,163 $ 102,949 8,486,278 $ 102,339 $ 8,591,310 $ 103,633 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | December 31, 2020 2019 (In thousands) Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired $ 14,262 $ ( 306) Income tax effect of unrealized loss on securities available-for-sale ( 2,170) ( 135) Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired 12,092 ( 441) Unrealized (loss) gain on cash flow hedges ( 1,711) ( 907) Income tax effect of unrealized (loss) gain on cash flow hedges 641 340 Net unrealized (loss) gain on cash flow hedges ( 1,070) ( 567) Accumulated other comprehensive (loss), net of income taxes $ 11,022 $ ( 1,008) Year Ended December 31, 2020 Net unrealized Net unrealized Accumulated gains on loss on other Securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 441) $ ( 567) $ ( 1,008) Other comprehensive income (loss) before reclassifications 7,803 ( 2,491) 5,312 Amounts reclassified out of accumulated other comprehensive income 4,730 1,988 6,718 Other comprehensive income (loss) 12,533 ( 503) 12,030 Ending balance $ 12,092 $ ( 1,070) $ 11,022 Year Ended December 31, 2019 Net unrealized Net unrealized Accumulated gains on loss on other Securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 10,972) $ 9 $ ( 10,963) Transfer of securities held-to-maturity to available-for-sale ( 12,041) - ( 12,041) Other comprehensive income (loss) before reclassifications 14,335 ( 2,442) 11,893 Amounts reclassified out of accumulated other comprehensive income 8,237 1,866 10,103 Other comprehensive income (loss) 10,531 ( 576) 9,955 Ending balance $ ( 441) $ ( 567) $ ( 1,008) Year Ended December 31, 2018 Net unrealized Net unrealized Accumulated gains on loss on other Securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ ( 2,638) $ ( 311) $ ( 2,949) Other comprehensive loss before reclassifications ( 8,104) ( 1,555) ( 9,659) Amounts reclassified out of accumulated other comprehensive income (loss) ( 230) 1,875 1,645 Other comprehensive income (loss) ( 8,334) 320 ( 8,014) Ending balance $ ( 10,972) $ 9 $ ( 10,963) |
Reclassifications Out of Other Comprehensive Income | Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Year Ended December 31, 2020 2019 2018 (In thousands) Cash flow hedges: Interest-rate contracts $ 1,988 $ 1,866 $ 1,875 Net interest expense Available-for-sale securities: Gain on sale of investments 4,728 8,274 - Net gain on sale of securities Residual tax effect from OIB's change in applicable tax rate - - 5 Income tax expense Tax effect from changes in tax rates 2 ( 37) ( 235) Income tax expense $ 6,718 $ 10,103 $ 1,645 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted | Year Ended December 31, 2020 2019 2018 (In thousands, except per share data) Net income $ 74,327 $ 53,841 $ 84,410 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) ( 6,512) ( 6,512) ( 6,511) Convertible preferred stock (Series C) - - ( 5,513) Income available to common shareholders $ 67,815 $ 47,329 $ 72,386 Effect of assumed conversion of the convertible preferred stock - - 5,513 Income available to common shareholders assuming conversion $ 67,815 $ 47,329 $ 77,899 Average common shares outstanding 51,358 51,335 45,400 Effect of dilutive securities: Average potential common shares-options 197 384 142 Average potential common shares-assuming conversion of convertible preferred stock - - 5,807 Total weighted average common shares outstanding and equivalents 51,555 51,719 51,349 Earnings per common share - basic $ 1.32 $ 0.92 $ 1.59 Earnings per common share - diluted $ 1.32 $ 0.92 $ 1.52 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Guarantees [Abstract] | |
Changes in Liability of Estimated Loss from Credit Recourse Agreement | Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 985 $ 346 $ 358 Additions from Scotiabank PR & USVI Acquisition - 710 - Net (charge-offs/terminations) recoveries ( 767) ( 71) ( 12) Balance at end of year $ 218 $ 985 $ 346 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies [Abstract] | |
Summarized Credit-Related Financial Instruments | December 31, 2020 2019 (In thousands) Commitments to extend credit $ 1,133,503 $ 853,148 Commercial letters of credit 225 2,178 December 31, 2020 2019 (In thousands) Standby letters of credit and financial guarantees $ 19,476 $ 47,251 Loans sold with recourse 135,252 147,399 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Operating Leases [Abstract] | |
Operating Lease Cost | Year Ended December 31, 2020 2019 Statement of Operations Classification (In thousands) Lease costs $ 13,233 $ 6,571 Occupancy and equipment Variable lease costs 2,133 2,324 Occupancy and equipment Short-term lease cost 800 180 Occupancy and equipment Lease income ( 499) ( 554) Occupancy and equipment Total lease cost $ 15,667 $ 8,521 |
Operating Lease Assets and Liabilities | December 31, 2020 2019 Statement of Financial Condition Classification (In thousands) Right-of-use assets $ 31,383 $ 39,112 Operating lease right-of-use assets Lease Liabilities $ 32,566 $ 39,840 Operating leases liabilities |
Operating Lease Terms | December 31, 2020 (In thousands) Weighted-average remaining lease term 6.2 years Weighted-average discount rate 6.8% |
Future Minimum Payments for Operating Leases and Present Value | Minimum Rent Year Ending December 31, (In thousands) 2021 $ 8,534 2022 7,388 2023 6,578 2024 4,518 2025 3,459 Thereafter 10,161 Total lease payments $ 40,638 Less imputed interest 8,072 Present value of lease liabilities $ 32,566 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities on Recurring and Non-Recurring Basis | December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 10,983 $ 435,455 $ - $ 446,438 Trading securities - 22 - 22 Money market investments 11,908 - - 11,908 Servicing assets - - 47,295 47,295 Derivative liabilities - ( 1,712) - ( 1,712) $ 22,891 $ 433,765 $ 47,295 $ 503,951 Non-recurring fair value measurements: Collateral dependent loans - - 29,279 29,279 Foreclosed real estate - - 11,596 11,596 Other repossessed assets - - 1,816 1,816 $ - $ - $ 42,691 $ 42,691 December 31, 2019 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ 397,183 $ 676,986 $ - $ 1,074,169 Trading securities - 37 - 37 Money market investments 6,775 - - 6,775 Derivative assets - 6 - 6 Servicing assets - - 50,779 50,779 Derivative liabilities - ( 913) - ( 913) $ 403,958 $ 676,116 $ 50,779 $ 1,130,853 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 61,128 $ 61,128 Foreclosed real estate - - 29,909 29,909 Other repossessed assets - - 3,327 3,327 $ - $ - $ 94,364 $ 94,364 |
Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3) | Level 3 Instruments Only Servicing Assets Year Ended December 31, 2020 2019 2018 (In thousands) Balance at beginning year $ 50,779 $ 10,716 $ 9,821 New instruments acquired 2,394 41,637 1,481 Principal repayments ( 4,067) ( 906) ( 814) Changes in fair value of servicing assets ( 1,811) ( 668) 228 Balance at end of year $ 47,295 $ 50,779 $ 10,716 |
Qualitative Information for Assets and Liabilities | December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (In thousands) Servicing assets $ 47,295 Cash flow valuation Constant prepayment rate 5.02% - 35.22% 6.87% Discount rate 10.00% - 15.50% 11.52% Collateral dependent loans $ 29,279 Fair value of property or collateral Appraised value less disposition costs 15.20% - 29.20% 19.88% Foreclosed real estate $ 11,596 Fair value of property or collateral Appraised value less disposition costs 14.20% - 29.20% 18.68% Other repossessed assets $ 1,816 Fair value of property or collateral Estimated net realizable value less disposition costs 30.00% - 62.00% 52.06% |
Estimated Fair Value and Carrying Value | December 31, 2020 2019 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 2,154,202 $ 2,154,202 $ 851,307 $ 851,307 Restricted cash $ 1,375 $ 1,375 $ 1,450 $ 1,450 Investment securities available-for-sale $ 10,983 $ 10,983 $ 397,183 $ 397,183 Level 2 Financial Assets: Trading securities $ 22 $ 22 $ 37 $ 37 Investment securities available-for-sale $ 435,455 $ 435,455 $ 676,986 $ 676,986 Federal Home Loan Bank (FHLB) stock $ 8,278 $ 8,278 $ 13,048 $ 13,048 Other investments $ 3,962 $ 3,962 $ 560 $ 560 Derivative assets $ - $ - $ 6 $ 6 Financial Liabilities: Derivative liabilities $ 1,712 $ 1,712 $ 913 $ 913 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 6,323,689 $ 6,501,259 $ 5,894,745 $ 6,641,847 Accrued interest receivable $ 65,547 $ 65,547 $ 36,781 $ 36,781 Servicing assets $ 47,295 $ 47,295 $ 50,779 $ 50,779 Accounts receivable and other assets $ 78,845 $ 78,845 $ 78,595 $ 78,595 Financial Liabilities: Deposits $ 8,422,599 $ 8,415,640 $ 7,679,685 $ 7,698,610 Securities sold under agreements to repurchase $ - $ - $ 190,345 $ 190,274 Advances from FHLB $ 68,147 $ 65,561 $ 79,620 $ 78,009 Other borrowings $ 707 $ 707 $ 1,195 $ 1,195 Subordinated capital notes $ 33,325 $ 36,083 $ 35,886 $ 36,083 Accrued expenses and other liabilities $ 154,418 $ 154,418 $ 185,660 $ 185,660 |
Banking and Financial Service_2
Banking and Financial Service Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Financial Service Revenues [Abstract] | |
Commissions and Fees Revenues | Year Ended December 31, 2020 2019 2018 (In thousands) Banking service revenues: Checking accounts fees $ 8,577 $ 6,003 $ 5,878 Savings accounts fees 1,451 658 635 Electronic banking fees 47,542 32,282 32,431 Credit life commissions 254 531 541 Branch service commissions 1,462 1,491 1,581 Servicing and other loan fees 2,485 1,367 1,844 International fees 623 521 718 Miscellaneous income 185 13 10 Total banking service revenues 62,579 42,866 43,638 Wealth management revenue: Insurance income 13,618 6,826 6,956 Broker fees 6,828 7,544 6,996 Trust fees 10,446 10,922 10,878 Retirement plan and administration fees 897 932 1,095 Investment banking fees - - 9 Total wealth management revenue 31,789 26,224 25,934 Mortgage banking activities: Net servicing fees 12,120 3,854 5,024 Net gains on sale of mortgage loans and valuation 4,437 527 305 Other ( 53) ( 106) ( 562) Total mortgage banking activities 16,504 4,275 4,767 Total banking and financial service revenues $ 110,872 $ 73,365 $ 74,339 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Segments [Abstract] | |
Schedule of Segment Reporting Information | Year Ended December 31, 2020 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 462,493 $ 59 $ 10,795 $ 473,347 $ - $ 473,347 Interest expense ( 57,811) - ( 7,104) ( 64,915) - ( 64,915) Net interest income 404,682 59 3,691 408,432 - 408,432 Provision for loan and lease losses, net ( 92,237) - ( 435) ( 92,672) - ( 92,672) Non-interest income 87,810 32,043 4,499 124,352 - 124,352 Non-interest expenses ( 320,997) ( 20,240) ( 4,049) ( 345,286) - ( 345,286) Intersegment revenue 2,443 - - 2,443 ( 2,443) - Intersegment expenses - ( 1,164) ( 1,279) ( 2,443) 2,443 - Income before income taxes $ 81,701 $ 10,698 $ 2,427 $ 94,826 $ - $ 94,826 Income tax expense 15,939 4,506 54 20,499 - 20,499 Net income $ 65,762 $ 6,192 $ 2,373 $ 74,327 $ - $ 74,327 Total assets $ 8,478,326 $ 32,893 $ 2,436,029 $ 10,947,248 $ ( 1,121,237) $ 9,826,011 Year Ended December 31, 2019 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 337,448 $ 69 $ 36,278 $ 373,795 $ - $ 373,795 Interest expense ( 36,023) - ( 14,979) ( 51,002) - ( 51,002) Net interest income 301,425 69 21,299 322,793 - 322,793 Provision for loan and lease losses, net ( 96,504) - ( 288) ( 96,792) - ( 96,792) Non-interest income 47,517 26,649 8,327 82,493 - 82,493 Non-interest expenses ( 211,755) ( 17,163) ( 4,326) ( 233,244) - ( 233,244) Intersegment revenue 2,207 - - 2,207 ( 2,207) - Intersegment expenses - ( 652) ( 1,555) ( 2,207) 2,207 - Income before income taxes $ 42,890 $ 8,903 $ 23,457 $ 75,250 $ - $ 75,250 Income tax expense 16,084 3,339 1,986 21,409 - 21,409 Net income $ 26,806 $ 5,564 $ 21,471 $ 53,841 $ - $ 53,841 Total assets $ 7,486,314 $ 33,369 $ 2,865,186 $ 10,384,869 $ ( 1,087,208) $ 9,297,661 Year Ended December 31, 2018 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 320,084 $ 46 $ 40,289 $ 360,419 $ - $ 360,419 Interest expense ( 29,746) - ( 14,779) ( 44,525) - ( 44,525) Net interest income 290,338 46 25,510 315,894 - 315,894 Provision for non-covered loan and lease losses ( 55,885) - ( 223) ( 56,108) - ( 56,108) Non-interest income 53,592 26,457 46 80,095 - 80,095 Non-interest expenses ( 186,460) ( 16,440) ( 4,181) ( 207,081) - ( 207,081) Intersegment revenue 2,126 - - 2,126 ( 2,126) - Intersegment expenses - ( 788) ( 1,338) ( 2,126) 2,126 - Income before income taxes $ 103,711 $ 9,275 $ 19,814 $ 132,800 $ - $ 132,800 Income tax expense (benefit) 40,447 3,617 4,326 48,390 - 48,390 Net income $ 63,264 $ 5,658 $ 15,488 $ 84,410 $ - $ 84,410 Total assets $ 5,863,067 $ 25,757 $ 1,708,455 $ 7,597,279 $ ( 1,013,927) $ 6,583,352 |
OFG Bancorp (Holding Company _2
OFG Bancorp (Holding Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
OFG Bancorp (Holding Company Only) Financial Information [Abstract] | |
Condensed Statements Of Financial Information | December 31, 2020 2019 (In thousands) ASSETS Cash and cash equivalents $ 26,529 $ 27,932 Investment in bank subsidiary, equity method 1,064,671 1,027,633 Investment in nonbank subsidiaries, equity method 32,293 32,803 Due from bank subsidiary, net 2,024 40 Deferred tax asset, net 2,637 - Other assets 942 676 Total assets $ 1,129,096 $ 1,089,084 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 5,223 5,222 Accrued expenses and other liabilities 1,816 2,301 Subordinated capital notes 36,083 36,083 Total liabilities 43,122 43,606 Stockholders’ equity 1,085,974 1,045,478 Total liabilities and stockholders’ equity $ 1,129,096 $ 1,089,084 |
Condensed Statement Of Operations Information | Year Ended December 31, 2020 2019 2018 (In thousands) Income: Interest income $ 86 $ 828 $ 477 Investment trading activities, net and other 6,583 5,308 6,003 Total income 6,669 6,136 6,480 Expenses: Interest expense 1,394 2,012 1,905 Operating expenses 7,483 7,516 7,980 Total expenses 8,877 9,528 9,885 Loss before income taxes ( 2,208) ( 3,392) ( 3,405) Income tax expense ( 1,363) 1,705 2,400 Loss before changes in undistributed earnings of subsidiaries ( 845) ( 5,097) ( 5,805) Equity in undistributed earnings from: Bank subsidiary 74,899 56,114 87,128 Nonbank subsidiaries 273 2,824 3,087 Net income $ 74,327 $ 53,841 $ 84,410 |
Condensed Statement Of Comprehensive Income Information | Year Ended December 31, 2020 2019 2018 (In thousands) Net income $ 74,327 $ 53,841 $ 84,410 Other comprehensive loss before tax: Other comprehensive income from bank subsidiary 12,030 9,955 ( 8,014) Other comprehensive loss before taxes 12,030 9,955 ( 8,014) Income tax effect - - - Other comprehensive loss after taxes 12,030 9,955 ( 8,014) Comprehensive income $ 86,357 $ 63,796 $ 76,396 |
Condensed Statement Of Cash Flows Information | Year Ended December 31, 2020 2019 2018 (In thousands) Cash flows from operating activities: Net income $ 74,327 $ 53,841 $ 84,410 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary ( 74,899) ( 56,114) ( 87,128) Equity in undistributed earnings from nonbanking subsidiaries ( 273) ( 2,824) ( 3,087) Stock-based compensation 2,170 2,134 1,401 Deferred income tax, net ( 2,637) - 2,230 Net (increase) decrease in other assets 12 458 372 Net (decrease) increase in accrued expenses and other liabilities ( 486) 64 203 Dividends from banking subsidiary 26,100 20,000 37,700 Dividends from non-banking subsidiary 9,531 6,017 4,000 Net cash provided by operating activities 33,845 23,576 40,101 Cash flows from investing activities: Net increase in due from bank subsidiary, net ( 1,984) - - Net decrease (increase) in due to non-bank subsidiary, net - ( 14) 14 Proceeds from sales of premises and equipment 282 310 200 Capital contribution to banking subsidiary ( 1,703) ( 1,720) ( 1,105) Capital contribution to non-banking subsidiary ( 9,013) ( 13,518) ( 24) Additions to premises and equipment ( 295) ( 319) ( 97) Net cash (used in) investing activities ( 12,713) ( 15,261) ( 1,012) Cash flows from financing activities: Proceeds from exercise of stock options and lapsed restricted units, net 583 1,294 508 Purchase of treasury stock ( 2,226) - - Dividends paid ( 20,892) ( 20,884) ( 24,820) Net cash used in financing activities ( 22,535) ( 19,590) ( 24,312) Net change in cash and cash equivalents ( 1,403) ( 11,275) 14,777 Cash and cash equivalents at beginning of year 27,932 39,207 24,430 Cash and cash equivalents at end of year $ 26,529 $ 27,932 $ 39,207 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cumulative effect on retained earnings | $ (1,085,975,000) | $ (1,045,478,000) | $ (999,877,000) | |
Accrued interest receivable | 65,547,000 | 36,781,000 | ||
Allowance for loan and lease losses | 204,809,000 | 116,539,000 | 164,231,000 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net | $ 0 | 0 | 0 | |
Other Intangible Assets [Member] | Minimum [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Finite lived intangible asset, useful life | 3 years | |||
Other Intangible Assets [Member] | Maximum [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Finite lived intangible asset, useful life | 10 years | |||
COVID-19 Deferral Program Loans [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accrued interest receivable | $ 35,400,000 | |||
Allowance for loan and lease losses | 711,000 | |||
Interest receivable, current status | 30,500,000 | |||
Retained Earnings [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cumulative effect on retained earnings | (300,096,000) | (279,646,000) | (253,040,000) | $ (200,878,000) |
Accounting Standards Update 2016-13 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Accrued interest receivable on loans | $ 64,500,000 | 32,700,000 | ||
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | Cumulative Effect, Period Of Adoption, Adjustment [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Cumulative effect on retained earnings | $ 25,494,000 | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Impact Of Adoption Of CECL On Assets, Liabilities And Retained Earnings) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | $ 446,438 | $ 1,074,169 | |
Deferred tax asset, net | 162,478 | 176,740 | |
Loans | 6,662,133 | 6,738,795 | |
Allowance for credit losses | (204,809) | (116,539) | |
Total loans | 6,501,259 | 6,641,847 | |
Liabilities | 8,740,036 | 8,252,183 | |
Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,402,010 | 2,218,351 | |
Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,283,375 | 2,493,365 | |
Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | $ 1,976,748 | $ 2,027,079 | |
Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | $ 1,074,169 | ||
Deferred tax asset, net | 190,614 | ||
Loans | 6,808,908 | ||
Allowance for credit losses | (206,259) | ||
Total loans | 6,602,649 | ||
Allowance for credit losses on off-balance sheet credit exposures | 3,858 | ||
Liabilities | 7,863,574 | ||
Accounting Standards Update 2016-13 [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,264,228 | ||
Allowance for credit losses | (80,591) | ||
Accounting Standards Update 2016-13 [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,516,651 | ||
Allowance for credit losses | (49,192) | ||
Accounting Standards Update 2016-13 [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 504,688 | ||
Allowance for credit losses | (27,045) | ||
Accounting Standards Update 2016-13 [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 1,523,341 | ||
Allowance for credit losses | (49,431) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | 1,074,169 | ||
Deferred tax asset, net | 176,740 | ||
Loans | 6,758,386 | ||
Allowance for credit losses | (116,539) | ||
Total loans | 6,641,847 | ||
Allowance for credit losses on off-balance sheet credit exposures | 3,688 | ||
Liabilities | 7,889,068 | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,222,085 | ||
Allowance for credit losses | (34,886) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 2,508,821 | ||
Allowance for credit losses | (30,382) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 504,507 | ||
Allowance for credit losses | (18,446) | ||
Accounting Standards Update 2016-13 [Member] | Scenario Previously Reported [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 1,522,973 | ||
Allowance for credit losses | (32,825) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | 0 | ||
Deferred tax asset, net | 13,874 | ||
Loans | 50,522 | ||
Allowance for credit losses | (89,720) | ||
Total loans | (39,198) | ||
Allowance for credit losses on off-balance sheet credit exposures | 170 | ||
Liabilities | (25,494) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 42,143 | ||
Allowance for credit losses | (45,705) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 7,830 | ||
Allowance for credit losses | (18,810) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 181 | ||
Allowance for credit losses | (8,599) | ||
Accounting Standards Update 2016-13 [Member] | Restatement Adjustment [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 368 | ||
Allowance for credit losses | (16,606) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Available-for-sale Securities | 0 | ||
Deferred tax asset, net | 13,874 | ||
Loans | 0 | ||
Allowance for credit losses | (39,198) | ||
Total loans | (39,198) | ||
Allowance for credit losses on off-balance sheet credit exposures | 170 | ||
Liabilities | (25,494) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Commercial Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | (3,562) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Mortgage Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | (10,980) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Consumer Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | (8,418) | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect On Retained Earnings [Member] | Auto Portfolio Segment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Loans | 0 | ||
Allowance for credit losses | $ (16,238) |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
US Virgin Island [Member] | |
Business Acquisition [Line Items] | |
Premium on deposits | $ 10 |
Scotiabank Of Puerto Rico [Member] | |
Business Acquisition [Line Items] | |
Aggregate purchase price | $ 550 |
Business Combinations (Summary
Business Combinations (Summary of Fair Value Adjustments From Acquisition) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Bargain purchase gain | $ 7,336 | $ 315 | $ 0 | |
Scotiabank [Member] | Measurement Period Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 0 | 0 | ||
Investments | 0 | 0 | ||
Loans | 0 | 0 | ||
Accrued interest receivable | 5,540 | 5,540 | ||
Foreclosed real estate | 0 | 0 | ||
Deferred tax asset, net | 1,386 | 1,386 | ||
Premises and equipment | 0 | 0 | ||
Servicing asset | 0 | 0 | ||
Operating lease right-of-use assets | 0 | 0 | ||
Other assets | 410 | 410 | ||
Total identifiable assets acquired | 7,336 | 7,336 | ||
Deposits | 0 | 0 | ||
Operating lease liability | 0 | 0 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Total liabilities assumed | 0 | 0 | ||
Total identifiable net assets | 7,336 | 7,336 | ||
Bargain purchase gain | 7,336 | |||
Total consideration | 0 | |||
Scotiabank [Member] | Fair Value As Remeasured [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 492,512 | 492,512 | ||
Investments | 576,217 | 576,217 | ||
Loans | 2,216,203 | 2,216,203 | ||
Accrued interest receivable | 10,310 | 10,310 | ||
Foreclosed real estate | 8,284 | 8,284 | ||
Deferred tax asset, net | 61,327 | 61,327 | ||
Premises and equipment | 9,798 | 9,798 | ||
Servicing asset | 40,464 | 40,464 | ||
Operating lease right-of-use assets | 19,463 | 19,463 | ||
Other assets | 79,919 | 79,919 | ||
Total identifiable assets acquired | 3,569,264 | 3,569,264 | ||
Deposits | 3,025,459 | 3,025,459 | ||
Operating lease liability | 18,408 | 18,408 | ||
Accrued expenses and other liabilities | 87,309 | 87,309 | ||
Total liabilities assumed | 3,131,176 | 3,131,176 | ||
Total identifiable net assets | 438,088 | 438,088 | ||
Bargain purchase gain | 7,651 | |||
Total consideration | 430,437 | |||
Scotiabank [Member] | Core Deposits [Member] | Measurement Period Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 0 | 0 | ||
Scotiabank [Member] | Core Deposits [Member] | Fair Value As Remeasured [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 41,507 | 41,507 | ||
Scotiabank [Member] | Customer Relationships Intangible [Member] | Measurement Period Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 0 | 0 | ||
Scotiabank [Member] | Customer Relationships Intangible [Member] | Fair Value As Remeasured [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 12,693 | 12,693 | ||
Scotiabank [Member] | Other Intangible Assets [Member] | Measurement Period Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 0 | 0 | ||
Scotiabank [Member] | Other Intangible Assets [Member] | Fair Value As Remeasured [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 567 | 567 | ||
Scotiabank [Member] | Book Value [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 492,512 | 492,512 | ||
Investments | 576,319 | 576,319 | ||
Loans | 2,237,337 | 2,237,337 | ||
Accrued interest receivable | 7,722 | 7,722 | ||
Foreclosed real estate | 8,636 | 8,636 | ||
Deferred tax asset, net | 37,606 | 37,606 | ||
Premises and equipment | 10,866 | 10,866 | ||
Servicing asset | 40,258 | 40,258 | ||
Operating lease right-of-use assets | 15,452 | 15,452 | ||
Other assets | 86,016 | 86,016 | ||
Total identifiable assets acquired | 3,512,724 | 3,512,724 | ||
Deposits | 3,028,066 | 3,028,066 | ||
Operating lease liability | 16,317 | 16,317 | ||
Accrued expenses and other liabilities | 87,309 | 87,309 | ||
Total liabilities assumed | 3,131,692 | 3,131,692 | ||
Scotiabank [Member] | Book Value [Member] | Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 0 | 0 | ||
Scotiabank [Member] | Book Value [Member] | Customer Relationships Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 0 | 0 | ||
Scotiabank [Member] | Book Value [Member] | Other Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 0 | 0 | ||
Scotiabank [Member] | Fair Value Adjustment [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Investments | (102) | (102) | ||
Loans | (21,134) | (21,134) | ||
Accrued interest receivable | (2,952) | (2,952) | ||
Foreclosed real estate | (352) | (352) | ||
Deferred tax asset, net | 22,335 | 22,335 | ||
Premises and equipment | (1,068) | (1,068) | ||
Servicing asset | 206 | 206 | ||
Operating lease right-of-use assets | 4,011 | 4,011 | ||
Other assets | (6,507) | (6,507) | ||
Total identifiable assets acquired | 49,204 | 49,204 | ||
Deposits | (2,607) | (2,607) | ||
Operating lease liability | 2,091 | 2,091 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Total liabilities assumed | (516) | (516) | ||
Scotiabank [Member] | Fair Value Adjustment [Member] | Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 41,507 | 41,507 | ||
Scotiabank [Member] | Fair Value Adjustment [Member] | Customer Relationships Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 12,693 | 12,693 | ||
Scotiabank [Member] | Fair Value Adjustment [Member] | Other Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 567 | 567 | ||
Scotiabank [Member] | Fair Value [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | 492,512 | 492,512 | ||
Investments | 576,217 | 576,217 | ||
Loans | 2,216,203 | 2,216,203 | ||
Accrued interest receivable | 4,770 | 4,770 | ||
Foreclosed real estate | 8,284 | 8,284 | ||
Deferred tax asset, net | 59,941 | 59,941 | ||
Premises and equipment | 9,798 | 9,798 | ||
Servicing asset | 40,464 | 40,464 | ||
Operating lease right-of-use assets | 19,463 | 19,463 | ||
Other assets | 79,509 | 79,509 | ||
Total identifiable assets acquired | 3,561,928 | 3,561,928 | ||
Deposits | 3,025,459 | 3,025,459 | ||
Operating lease liability | 18,408 | 18,408 | ||
Accrued expenses and other liabilities | 87,309 | 87,309 | ||
Total liabilities assumed | 3,131,176 | 3,131,176 | ||
Total identifiable net assets | 430,752 | 430,752 | ||
Bargain purchase gain | 315 | |||
Total consideration | 430,437 | |||
Scotiabank [Member] | Fair Value [Member] | Core Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 41,507 | 41,507 | ||
Scotiabank [Member] | Fair Value [Member] | Customer Relationships Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | 12,693 | 12,693 | ||
Scotiabank [Member] | Fair Value [Member] | Other Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Intangible | $ 567 | $ 567 |
Business Combinations (Summar_2
Business Combinations (Summary of Merger and Restructuring Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Total merger and restructuring charges | $ 16,083 | $ 24,054 | $ 0 |
Scotiabank PR & USVI Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Severance and employee-related charges | 220 | 13,323 | |
Professional services and system integrations | 9,973 | 9,718 | |
Branch consolidation | 3,707 | 0 | |
Other | 2,183 | 1,013 | |
Total merger and restructuring charges | $ 16,083 | $ 24,054 |
Business Combinations (Summar_3
Business Combinations (Summary of Restructuring Reserves) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Merger and restructuring charges | $ 16,083 | $ 24,054 | $ 0 |
Scotiabank PR & USVI Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Balance at the beginning of the period | 17,491 | 0 | |
Merger and restructuring charges | 16,083 | 24,054 | |
Cash payments | (18,445) | (6,563) | |
Balance at the end of the period | $ 15,129 | $ 17,491 | $ 0 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,375 | $ 1,450 | $ 3,030 |
Reserve required by local Government | 408,500 | 289,300 | |
Scotiabank Of Puerto Rico [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Certificates of deposits held, acquired | 300 | ||
Certificates of deposits, amount registered as part of integration | 100 | ||
OIB [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 305 | 305 | |
Oriental Overseas [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 325 | 325 | |
Obligations Under Agreement of Loans Sold with Recourse [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 1,050 | $ 1,050 | |
Short Term High Liquidity Securities [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 325 |
Restricted Cash (Restricted Cas
Restricted Cash (Restricted Cash Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,375 | $ 1,450 | $ 3,030 |
Regulatory Requirements [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | 325 | 400 | |
Obligations Under Agreement of Loans Sold with Recourse [Member] | |||
Restricted Cash And Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 1,050 | $ 1,050 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Money market investments | $ 11,908 | $ 6,775 | $ 4,930 |
Securitized GNMA pools retained, amortized cost | $ 90,100 | $ 62,800 | $ 56,800 |
Securitized GNMA pool retained, yield | 2.48% | 3.23% | 3.93% |
Gain on sales of mortgaged-backed securities | $ 4,700 | $ 8,300 | |
Proceeds from sale of available for sale securities | 316,300 | 672,200 | $ 17,800 |
Sale of securities | $ 4,728 | 8,274 | $ 0 |
Available-for-sale securities, acquired | $ 574,600 | ||
Available for sale securities average yield percent | 1.79% | ||
Available-for-sale term | 1 year 7 months 6 days |
Investment Securities (Investme
Investment Securities (Investment Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 432,176 | $ 1,074,475 |
Available-for-sale Securities, Gross Unrealized Gains | 14,472 | 1,611 |
Available-for-sale Securities, Gross Unrealized Losses | 210 | 1,917 |
Available-for-sale Securities | $ 446,438 | $ 1,074,169 |
Available for sale - Weighted Average Yield | 1.96% | 1.92% |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 418,976 | $ 674,217 |
Available-for-sale Securities, Gross Unrealized Gains | 14,169 | 1,580 |
Available-for-sale Securities, Gross Unrealized Losses | 210 | 1,911 |
Available-for-sale Securities | $ 432,935 | $ 673,886 |
Available for sale - Weighted Average Yield | 1.97% | 2.11% |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 206,195 | $ 403,227 |
Available-for-sale Securities, Gross Unrealized Gains | 4,786 | 846 |
Available-for-sale Securities, Gross Unrealized Losses | 32 | 1,417 |
Available-for-sale Securities | $ 210,949 | $ 402,656 |
Available for sale - Weighted Average Yield | 1.78% | 2.00% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 174,472 | $ 215,755 |
Available-for-sale Securities, Gross Unrealized Gains | 8,478 | 718 |
Available-for-sale Securities, Gross Unrealized Losses | 178 | 4 |
Available-for-sale Securities | $ 182,772 | $ 216,469 |
Available for sale - Weighted Average Yield | 2.21% | 2.33% |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 38,309 | $ 55,235 |
Available-for-sale Securities, Gross Unrealized Gains | 905 | 16 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 490 |
Available-for-sale Securities | $ 39,214 | $ 54,761 |
Available for sale - Weighted Average Yield | 1.96% | 1.97% |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 13,200 | $ 400,258 |
Available-for-sale Securities, Gross Unrealized Gains | 303 | 31 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 6 |
Available-for-sale Securities | $ 13,503 | $ 400,283 |
Available for sale - Weighted Average Yield | 1.53% | 1.60% |
Securities Investment [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 10,740 | $ 397,183 |
Available-for-sale Securities, Gross Unrealized Gains | 243 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 10,983 | $ 397,183 |
Available for sale - Weighted Average Yield | 1.49% | 1.60% |
Securities Investment [Member] | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 1,585 | $ 1,967 |
Available-for-sale Securities, Gross Unrealized Gains | 21 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 6 |
Available-for-sale Securities | $ 1,606 | $ 1,961 |
Available for sale - Weighted Average Yield | 1.39% | 1.38% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 875 | $ 1,108 |
Available-for-sale Securities, Gross Unrealized Gains | 39 | 31 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 914 | $ 1,139 |
Available for sale - Weighted Average Yield | 2.31% | 3.00% |
Investment Securities (Invest_2
Investment Securities (Investment Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 432,176 | $ 1,074,475 |
Available-for-sale Securities | 446,438 | 1,074,169 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 418,976 | 674,217 |
Available-for-sale Securities | 432,935 | 673,886 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 206,195 | 403,227 |
Available-for-sale Securities | 210,949 | 402,656 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 174,472 | 215,755 |
Available-for-sale Securities | 182,772 | 216,469 |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 38,309 | 55,235 |
Available-for-sale Securities | 39,214 | 54,761 |
Collateralized Mortgage Backed Securities [Member] | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 348 | |
Available-for-sale Securities | 364 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due In Less Than One Year [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 348 | |
Available-for-sale Securities | 364 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 469 | |
Available-for-sale Securities | 472 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 469 | |
Available-for-sale Securities | 472 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 187,737 | |
Available-for-sale Securities | 193,737 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 96,902 | |
Available-for-sale Securities | 100,643 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 58,615 | |
Available-for-sale Securities | 60,081 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 32,220 | |
Available-for-sale Securities | 33,013 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 230,422 | |
Available-for-sale Securities | 238,362 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 108,945 | |
Available-for-sale Securities | 109,942 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 115,388 | |
Available-for-sale Securities | 122,219 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 6,089 | |
Available-for-sale Securities | 6,201 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 13,200 | 400,258 |
Available-for-sale Securities | 13,503 | 400,283 |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,740 | 397,183 |
Available-for-sale Securities | 10,983 | 397,183 |
Investment Securities | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,585 | 1,967 |
Available-for-sale Securities | 1,606 | 1,961 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 875 | 1,108 |
Available-for-sale Securities | 914 | $ 1,139 |
Investment Securities | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 986 | |
Available-for-sale Securities | 986 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 735 | |
Available-for-sale Securities | 735 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 251 | |
Available-for-sale Securities | 251 | |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 11,590 | |
Available-for-sale Securities | 11,854 | |
Investment Securities | Maturities Due From One To Five Years [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,005 | |
Available-for-sale Securities | 10,248 | |
Investment Securities | Maturities Due From One To Five Years [Member] | Obligation of US Government Sponsored Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,585 | |
Available-for-sale Securities | 1,606 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 624 | |
Available-for-sale Securities | 663 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 624 | |
Available-for-sale Securities | $ 663 |
Investment Securities (Gross Re
Investment Securities (Gross Realized Gains and Losses by Category) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Sale Price | $ 320,984 | $ 680,466 | $ 17,837 |
Book Value at Sale | 316,256 | 672,192 | 17,837 |
Gross Gains | 4,728 | 8,274 | 0 |
Gross Losses | 0 | 0 | 0 |
FNMA and FHLMC [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Investments, Debt and Equity Securities [Abstract] | |||
Sale Price | 229,571 | 451,081 | |
Book Value at Sale | 227,213 | 447,305 | |
Gross Gains | 2,358 | 3,776 | |
Gross Losses | 0 | 0 | |
GNMA [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Investments, Debt and Equity Securities [Abstract] | |||
Sale Price | 91,413 | 229,385 | 17,837 |
Book Value at Sale | 89,043 | 224,887 | 17,837 |
Gross Gains | 2,370 | 4,498 | 0 |
Gross Losses | $ 0 | $ 0 | $ 0 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gains and Losses by Category) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | $ 39,732 | $ 20,598 |
Available for sale - Amortized cost - more than 12 month | 0 | 296,502 |
Total Available for Sale Amortization cost | 39,732 | 317,100 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 210 | 109 |
Available for sale - Unrealized Loss - more than 12 month | 0 | 1,808 |
Total Available for Sale Unrealized Loss | 210 | 1,917 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 39,522 | 20,489 |
Available-for-sale, Fair Value - more than 12 month | 0 | 294,694 |
Total Available for Sale Fair Value | 39,522 | 315,183 |
CMO's issued by us government sponsored agencies at loss | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 0 | 11,503 |
Available for sale - Amortized cost - more than 12 month | 0 | 35,417 |
Total Available for Sale Amortization cost | 0 | 46,920 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 0 | 103 |
Available for sale - Unrealized Loss - more than 12 month | 0 | 387 |
Total Available for Sale Unrealized Loss | 0 | 490 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 0 | 11,400 |
Available-for-sale, Fair Value - more than 12 month | 0 | 35,030 |
Total Available for Sale Fair Value | 0 | 46,430 |
Obligation of Puerto Rico Government and public instrumentalities at loss | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - more than 12 month | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - more than 12 month | 0 | |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available-for-sale, Fair Value - more than 12 month | 0 | |
FNMA and FHLMC [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 34,628 | 4,919 |
Available for sale - Amortized cost - more than 12 month | 0 | 259,099 |
Total Available for Sale Amortization cost | 34,628 | 264,018 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 32 | 2 |
Available for sale - Unrealized Loss - more than 12 month | 0 | 1,415 |
Total Available for Sale Unrealized Loss | 32 | 1,417 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 34,596 | 4,917 |
Available-for-sale, Fair Value - more than 12 month | 0 | 257,684 |
Total Available for Sale Fair Value | 34,596 | 262,601 |
Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 5,104 | 3,549 |
Available for sale - Amortized cost - more than 12 month | 0 | 19 |
Total Available for Sale Amortization cost | 5,104 | 3,568 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 178 | 4 |
Available for sale - Unrealized Loss - more than 12 month | 0 | 0 |
Total Available for Sale Unrealized Loss | 178 | 4 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 4,926 | 3,545 |
Available-for-sale, Fair Value - more than 12 month | 0 | 19 |
Total Available for Sale Fair Value | 4,926 | 3,564 |
Obligation of US Government Sponsored Agencies [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - more than 12 month | 1,967 | |
Total Available for Sale Amortization cost | 0 | 1,967 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - more than 12 month | 6 | |
Total Available for Sale Unrealized Loss | 0 | 6 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available-for-sale, Fair Value - more than 12 month | 1,961 | |
Total Available for Sale Fair Value | 0 | 1,961 |
US Treasury Securities at loss | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 0 | 627 |
Available for sale - Amortized cost - more than 12 month | 0 | |
Total Available for Sale Amortization cost | 0 | 627 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 0 | 0 |
Available for sale - Unrealized Loss - more than 12 month | 0 | |
Total Available for Sale Unrealized Loss | 0 | 0 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 0 | 627 |
Available-for-sale, Fair Value - more than 12 month | 0 | |
Total Available for Sale Fair Value | $ 0 | $ 627 |
Pledged Assets (Details)
Pledged Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets not pledged | $ 4,650,590 | $ 4,747,127 |
Securities Investment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets not pledged | 297,601 | 676,095 |
Residential Mortgage [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets not pledged | 1,625,938 | 1,706,981 |
Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets not pledged | 1,799,780 | 1,529,642 |
Consumer Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets not pledged | 414,946 | 504,437 |
Auto And Leases Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets not pledged | 512,325 | 329,972 |
Investments [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 148,837 | 398,074 |
Investments [Member] | Puerto Rico public fund deposits [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 146,381 | 191,908 |
Investments [Member] | Derivative [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 2,351 | 1,775 |
Investments [Member] | Securities Sold under Agreements to Repurchase, Short-Term [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 0 | 204,068 |
Mortgage Loan [Member] | Federal Home Loan Bank Advances [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 699,091 | 803,317 |
Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 604,511 | 692,800 |
Commercial Loan [Member] | Puerto Rico public fund deposits [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 96,273 | 129,152 |
Commercial Loan [Member] | Federal Reserve Bank Advances [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 48,089 | 45,175 |
Commercial Loan [Member] | Federal Home Loan Bank Advances [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 460,149 | 518,473 |
Auto Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 2,501,916 | 3,076,463 |
Auto Loan [Member] | Federal Reserve Bank Advances [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | 1,049,477 | 1,182,272 |
Bond For Trust Operation [Member] | Investments [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged assets | $ 105 | $ 323 |
Loans (Narratives) (Details)
Loans (Narratives) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans And Leases Receivable Disclosure [Line Items] | |||
Originated loans granted to Puerto Rico government | $ 99,100,000 | $ 134,000,000 | |
Financing receivable modifications. recorded investment not included in non-accrual | 109,200,000 | 103,700,000 | |
Balance of revolving loans converted to term loans, amount | 21,000,000 | ||
Commitment to lend additional funds | 0 | 0 | $ 0 |
Loan deferral amount, pandemic related | 95,700,000 | ||
Loans | 6,662,133,000 | 6,738,795,000 | |
Mortgage Loans - GNMA Buy-Back Option Program [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Delinquent loans | 56,200,000 | 75,200,000 | |
Granted To Puerto Rico Government [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans | 98,000,000 | 129,900,000 | |
One Loan, Public Corporation Acquired [Member] | |||
Loans And Leases Receivable Disclosure [Line Items] | |||
Loans | $ 1,100,000 | $ 24,100,000 |
Loans (Composition of Loan Port
Loans (Composition of Loan Portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 6,662,133 | $ 6,738,795 |
Allowance for credit losses | (204,809) | (116,539) |
Total loans held for investment | 6,457,324 | 6,622,256 |
Mortgage loans held for sale | 41,654 | 19,591 |
Other loans held for sale | 2,281 | 0 |
Total loans held for sale | 43,935 | 19,591 |
Total loans | 6,501,259 | 6,641,847 |
Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,402,010 | 2,218,351 |
Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,283,375 | 2,493,365 |
Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,976,748 | 2,027,079 |
Acquired Non-PCD [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,890,114 | 4,726,493 |
Allowance for credit losses | (161,015) | |
Total loans held for investment | 4,729,099 | |
Mortgage loans held for sale | 41,654 | |
Other loans held for sale | 2,281 | |
Total loans held for sale | 43,935 | |
Total loans | 4,773,034 | |
Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,118,850 | 1,862,827 |
Acquired Non-PCD [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 823,443 | 899,595 |
Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,947,821 | 1,964,071 |
Acquired PCD [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,772,019 | |
Allowance for credit losses | (43,794) | |
Total loans held for investment | 1,728,225 | |
Mortgage loans held for sale | 0 | |
Other loans held for sale | 0 | |
Total loans held for sale | 0 | |
Total loans | 1,728,225 | |
Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 283,160 | |
Acquired PCD [Member] | Mortgage Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,459,932 | |
Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 28,927 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,050,513 | 1,129,446 |
Commercial Secured By Real Estate [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 807,284 | 866,706 |
Commercial Secured By Real Estate [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 243,229 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 687,375 | 816,310 |
Other Commercial And Industrial [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 647,444 | 723,526 |
Other Commercial And Industrial [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 39,931 | |
Commercial Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 289,218 | 0 |
Commercial Paycheck Protection Program [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 289,218 | |
Commercial Paycheck Protection Program [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 374,904 | 272,595 |
US Loan Program [Member] | Acquired Non-PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 374,904 | 272,595 |
US Loan Program [Member] | Acquired PCD [Member] | Commercial Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 314,300 | 375,505 |
Personal Loan [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 313,257 | 367,157 |
Personal Loan [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,043 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 44,156 | 53,113 |
Credit Lines [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 43,805 | 52,614 |
Credit Lines [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 351 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 56,185 | 75,272 |
Credit Cards [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 56,185 | 75,202 |
Credit Cards [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
Overdraft [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 305 | 216 |
Overdraft [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 305 | |
Overdraft [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,561,802 | 1,522,973 |
Auto Loan [Member] | Acquired Non-PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,534,269 | 1,468,882 |
Auto Loan [Member] | Acquired PCD [Member] | Consumer Portfolio Segment [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 27,533 | |
Originated Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,907,350 | |
Originated Loan [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,277,867 | |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 577,416 | |
Originated Loan [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,669,635 | |
Originated Loan [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 382,432 |
Loans (Aging of Recorded Invest
Loans (Aging of Recorded Investment in Gross Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 6,662,133 | $ 6,738,795 |
PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,772,019 | |
Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 280,454 | 276,879 |
Current | 4,609,660 | 4,449,614 |
Total Loans | 4,890,114 | 4,726,493 |
Loans 90+ Days Past Due and Still Accruing | 3,974 | 2,418 |
30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 80,035 | 97,199 |
60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 50,933 | 48,394 |
90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 149,486 | 131,286 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,402,010 | 2,218,351 |
Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 283,160 | |
Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,600 | 30,106 |
Current | 2,088,250 | 1,832,721 |
Total Loans | 2,118,850 | 1,862,827 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,059 | 8,578 |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 984 | 1,317 |
Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 22,557 | 20,211 |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 2,283,375 | 2,493,365 |
Mortgage Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,459,932 | |
Mortgage Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 123,866 | 116,499 |
Current | 699,577 | 783,096 |
Total Loans | 823,443 | 899,595 |
Loans 90+ Days Past Due and Still Accruing | 3,974 | 2,418 |
Mortgage Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,385 | 9,285 |
Mortgage Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,953 | 13,105 |
Mortgage Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 101,528 | 94,109 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,976,748 | 2,027,079 |
Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 28,927 | |
Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 125,988 | 130,274 |
Current | 1,821,833 | 1,833,797 |
Total Loans | 1,947,821 | 1,964,071 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65,591 | 79,336 |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,996 | 33,972 |
Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25,401 | 16,966 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,050,513 | 1,129,446 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 243,229 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 21,393 | 19,435 |
Current | 785,891 | 847,271 |
Total Loans | 807,284 | 866,706 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,781 | 994 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 750 | 946 |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 17,862 | 17,495 |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,603 | |
Current | 930,059 | |
Total Loans | 936,662 | |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,674 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 234 | |
Other Commercial And Industrial (Including PPP Loans) [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,695 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 687,375 | 816,310 |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 39,931 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,671 | |
Current | 712,855 | |
Total Loans | 647,444 | 723,526 |
Loans 90+ Days Past Due and Still Accruing | 0 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,584 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 371 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,716 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 374,904 | 272,595 |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,604 | 0 |
Current | 372,300 | 272,595 |
Total Loans | 374,904 | 272,595 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,604 | 0 |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
US Loan Program [Member] | Commercial Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 314,300 | 375,505 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,043 | |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 9,361 | 8,680 |
Current | 303,896 | 358,477 |
Total Loans | 313,257 | 367,157 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,784 | 4,978 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,515 | 2,123 |
Personal Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,062 | 1,579 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 44,156 | 53,113 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 351 | |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,881 | 774 |
Current | 39,924 | 51,840 |
Total Loans | 43,805 | 52,614 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,136 | 533 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 476 | 20 |
Credit Lines [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,269 | 221 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 56,185 | 75,272 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 0 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,766 | 2,751 |
Current | 52,419 | 72,451 |
Total Loans | 56,185 | 75,202 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,357 | 1,438 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 824 | 417 |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,585 | 896 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 138 | 51 |
Current | 167 | 165 |
Total Loans | 305 | 216 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 138 | 51 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Overdrafts [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,561,802 | 1,522,973 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 27,533 | |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 108,842 | 118,018 |
Current | 1,425,427 | 1,350,864 |
Total Loans | 1,534,269 | 1,468,882 |
Loans 90+ Days Past Due and Still Accruing | 0 | 0 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 30-59 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 57,176 | 72,336 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 60-89 Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31,181 | 31,412 |
Auto Loan [Member] | Consumer Portfolio Segment [Member] | 90+ Days Past Due [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 20,485 | 14,270 |
Originated Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 3,907,350 | |
Originated Loan [Member] | Auto Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,277,867 | |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 577,416 | |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | 1,669,635 | |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 382,432 |
Loans (Acquired Loans With Dete
Loans (Acquired Loans With Deteriorated Credit Quality) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | $ 3,350,723 |
Less: Non-accretable discount | 639,175 |
Cash expected to be collected | 2,711,548 |
Less: Accretable yield | 708,212 |
Carrying amount, gross | 2,003,336 |
Less: allowance for loan and lease losses | 31,494 |
Carrying amount, net | 1,971,842 |
Scotiabank PR & USVI Loans [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | 2,147,249 |
Less: Non-accretable discount | 294,424 |
Cash expected to be collected | 1,852,825 |
Less: Accretable yield | 458,885 |
Carrying amount, gross | 1,393,940 |
Less: allowance for loan and lease losses | 0 |
Carrying amount, net | 1,393,940 |
BBVAPR [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | 1,086,367 |
Less: Non-accretable discount | 340,466 |
Cash expected to be collected | 745,901 |
Less: Accretable yield | 214,886 |
Carrying amount, gross | 531,015 |
Less: allowance for loan and lease losses | 17,036 |
Carrying amount, net | 513,979 |
Eurobank [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Contractual required payments receivable: | 117,107 |
Less: Non-accretable discount | 4,285 |
Cash expected to be collected | 112,822 |
Less: Accretable yield | 34,441 |
Carrying amount, gross | 78,381 |
Less: allowance for loan and lease losses | 14,458 |
Carrying amount, net | $ 63,923 |
Loans (Accretable Yield and Non
Loans (Accretable Yield and Non-Accretable Discount Activity) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-Accretable Discount Activity: | ||
Balance at end of year | $ 639,175,000 | |
Acquired under ASC 310-30 Non-Covered Loans [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of year | 269,510,000 | $ 308,913,000 |
Accretion | (35,352,000) | (44,639,000) |
Change in expected cash flow | 23,588,000 | 9,269,000 |
Transfer from (to) non-accretable discount | (42,860,000) | (4,033,000) |
Balance at end of year | 214,886,000 | 269,510,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of year | 345,423,000 | 352,431,000 |
Change in actual and expected losses | (47,817,000) | (11,041,000) |
Transfer (to) from accretable yield | 42,860,000 | 4,033,000 |
Balance at end of year | 340,466,000 | 345,423,000 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | Mortgage Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of year | 232,199,000 | 258,498,000 |
Accretion | (23,871,000) | (27,248,000) |
Change in expected cash flow | (212,000) | 0 |
Transfer from (to) non-accretable discount | (12,033,000) | 949,000 |
Balance at end of year | 196,083,000 | 232,199,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of year | 291,887,000 | 299,501,000 |
Change in actual and expected losses | (27,741,000) | (6,665,000) |
Transfer (to) from accretable yield | 12,033,000 | (949,000) |
Balance at end of year | 276,179,000 | 291,887,000 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | Commercial Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of year | 36,508,000 | 46,764,000 |
Accretion | (10,312,000) | (14,160,000) |
Change in expected cash flow | 23,080,000 | 7,895,000 |
Transfer from (to) non-accretable discount | (30,653,000) | (3,991,000) |
Balance at end of year | 18,623,000 | 36,508,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of year | 10,346,000 | 10,596,000 |
Change in actual and expected losses | (19,295,000) | (4,241,000) |
Transfer (to) from accretable yield | 30,653,000 | 3,991,000 |
Balance at end of year | 21,704,000 | 10,346,000 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | Auto Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of year | 243,000 | 2,766,000 |
Accretion | (430,000) | (2,360,000) |
Change in expected cash flow | (19,000) | 890,000 |
Transfer from (to) non-accretable discount | 253,000 | (1,053,000) |
Balance at end of year | 47,000 | 243,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of year | 24,245,000 | 23,050,000 |
Change in actual and expected losses | (169,000) | 142,000 |
Transfer (to) from accretable yield | (253,000) | 1,053,000 |
Balance at end of year | 23,823,000 | 24,245,000 |
Acquired under ASC 310-30 Non-Covered Loans [Member] | Consumer Loan [Member] | ||
Accretable Yield Activity: | ||
Balance at beginning of year | 560,000 | 885,000 |
Accretion | (739,000) | (871,000) |
Change in expected cash flow | 739,000 | 484,000 |
Transfer from (to) non-accretable discount | (427,000) | 62,000 |
Balance at end of year | 133,000 | 560,000 |
Non-Accretable Discount Activity: | ||
Balance at beginning of year | 18,945,000 | 19,284,000 |
Change in actual and expected losses | (612,000) | (277,000) |
Transfer (to) from accretable yield | 427,000 | (62,000) |
Balance at end of year | $ 18,760,000 | $ 18,945,000 |
Loans (Accretable Yield and N_2
Loans (Accretable Yield and Non-Accretable Discount Activity of Acquired Eurobank Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at end of year | $ 639,175 | |
Acquired Loans In An F D I C Assisted Transaction [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 41,699 | $ 49,672 |
Accretion | (9,788) | (12,835) |
Change in expected cash flow | 4,976 | 4,265 |
Transfer from (to) non-accretable discount | (2,446) | 597 |
Balance at end of year | 34,441 | 41,699 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 2,959 | 5,845 |
Change in actual and expected losses | (1,120) | (2,289) |
Transfer (to) from accretable yield | 2,446 | (597) |
Balance at end of year | 4,285 | 2,959 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Mortgage [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 38,389 | 42,921 |
Accretion | (4,999) | (5,964) |
Change in expected cash flow | 2,578 | (1,129) |
Transfer from (to) non-accretable discount | (1,947) | 2,561 |
Balance at end of year | 34,021 | 38,389 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 2,826 | 5,334 |
Change in actual and expected losses | (3,051) | 53 |
Transfer (to) from accretable yield | 1,947 | (2,561) |
Balance at end of year | 1,722 | 2,826 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Commercial [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 3,310 | 6,751 |
Accretion | (4,611) | (6,430) |
Change in expected cash flow | 2,270 | 5,023 |
Transfer from (to) non-accretable discount | (549) | (2,034) |
Balance at end of year | 420 | 3,310 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 0 | 276 |
Change in actual and expected losses | 1,928 | (2,310) |
Transfer (to) from accretable yield | 549 | 2,034 |
Balance at end of year | 2,477 | 0 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Leasing [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 0 | 0 |
Accretion | (14) | (52) |
Change in expected cash flow | (145) | (329) |
Transfer from (to) non-accretable discount | 159 | 381 |
Balance at end of year | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 0 | 0 |
Change in actual and expected losses | 159 | 381 |
Transfer (to) from accretable yield | (159) | (381) |
Balance at end of year | 0 | 0 |
Acquired Loans In An F D I C Assisted Transaction [Member] | Consumer Loan [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 0 | 0 |
Accretion | (164) | (389) |
Change in expected cash flow | 273 | 700 |
Transfer from (to) non-accretable discount | (109) | (311) |
Balance at end of year | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | ||
Balance at beginning of year | 133 | 235 |
Change in actual and expected losses | (156) | (413) |
Transfer (to) from accretable yield | 109 | 311 |
Balance at end of year | $ 86 | $ 133 |
Loans (Investment in Loans on N
Loans (Investment in Loans on Non-Accrual Status) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | $ 101,103 | $ 80,923 |
Nonaccrual with no Allowance for Credit Loss | 46,791 | |
Total | 147,894 | |
PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 33,444 | |
Nonaccrual with no Allowance for Credit Loss | 4,031 | |
Total | 37,475 | |
Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 67,659 | |
Nonaccrual with no Allowance for Credit Loss | 42,760 | |
Total | 110,419 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 42,606 | |
Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 32,440 | |
Nonaccrual with no Allowance for Credit Loss | 4,031 | |
Total | 36,471 | |
Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 17,363 | |
Nonaccrual with no Allowance for Credit Loss | 24,636 | |
Total | 41,999 | |
Mortgage Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 18,735 | |
Mortgage Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,003 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | 1,003 | |
Mortgage Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 24,920 | |
Nonaccrual with no Allowance for Credit Loss | 17,747 | |
Total | 42,667 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 19,582 | |
Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | 1 | |
Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 25,376 | |
Nonaccrual with no Allowance for Credit Loss | 377 | |
Total | 25,753 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 32,720 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 31,338 | |
Nonaccrual with no Allowance for Credit Loss | 4,031 | |
Total | 35,369 | |
Commercial Secured By Real Estate [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 15,225 | |
Nonaccrual with no Allowance for Credit Loss | 21,462 | |
Total | 36,687 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 9,886 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,102 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | 1,102 | |
Other Commercial And Industrial [Member] | Commercial Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 2,138 | |
Nonaccrual with no Allowance for Credit Loss | 3,174 | |
Total | 5,312 | |
Personal loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 4,164 | |
Personal loans [Member] | Consumer Portfolio Segment [Member] | PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | 1 | |
Personal loans [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,752 | |
Nonaccrual with no Allowance for Credit Loss | 377 | |
Total | 2,129 | |
Personal Lines Of Credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 227 | |
Personal Lines Of Credit [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,272 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | 1,272 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 896 | |
Credit Cards [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 1,586 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | 1,586 | |
Auto and Leasing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | $ 14,295 | |
Auto and Leasing [Member] | Consumer Portfolio Segment [Member] | Non-PCD [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccrual with Allowance for Credit Loss | 20,766 | |
Nonaccrual with no Allowance for Credit Loss | 0 | |
Total | $ 20,766 |
Loans (TDR Pre_Post Modificatio
Loans (TDR Pre/Post Modifications) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)number | Dec. 31, 2019USD ($)number | Dec. 31, 2018USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 88 | 148 | 143 |
Pre-Modification Outstanding Recorded Investment | $ 11,081 | $ 19,130 | $ 19,029 |
Pre-Modification Weighted Average Rate | 4.70% | 5.85% | 5.09% |
Pre-Modification Weighted Average Term (in Months) | 332 months | 376 months | 342 months |
Post-Modification Outstanding Recorded Investment | $ 10,151 | $ 17,991 | $ 18,237 |
Post-Modification Weighted Average Rate | 4.13% | 5.09% | 4.41% |
Post-Modification Weighted Average Term (in Months) | 327 months | 345 months | 314 months |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 8 | 5 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 14,896 | $ 2,070 | $ 26,019 |
Pre-Modification Weighted Average Rate | 5.45% | 7.23% | 5.75% |
Pre-Modification Weighted Average Term (in Months) | 63 months | 56 months | 118 months |
Post-Modification Outstanding Recorded Investment | $ 14,896 | $ 2,070 | $ 25,973 |
Post-Modification Weighted Average Rate | 4.36% | 6.05% | 5.64% |
Post-Modification Weighted Average Term (in Months) | 77 months | 67 months | 136 months |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 23 | 370 | 174 |
Pre-Modification Outstanding Recorded Investment | $ 349 | $ 5,357 | $ 2,313 |
Pre-Modification Weighted Average Rate | 14.11% | 15.69% | 13.24% |
Pre-Modification Weighted Average Term (in Months) | 64 months | 66 months | 51 months |
Post-Modification Outstanding Recorded Investment | $ 391 | $ 5,398 | $ 2,332 |
Post-Modification Weighted Average Rate | 10.57% | 11.50% | 9.86% |
Post-Modification Weighted Average Term (in Months) | 76 months | 74 months | 61 months |
Auto [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 31 | 22 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 217 | $ 319 | $ 40 |
Pre-Modification Weighted Average Rate | 10.88% | 7.29% | 10.42% |
Pre-Modification Weighted Average Term (in Months) | 74 months | 70 months | 37 months |
Post-Modification Outstanding Recorded Investment | $ 219 | $ 326 | $ 40 |
Post-Modification Weighted Average Rate | 11.02% | 8.97% | 10.28% |
Post-Modification Weighted Average Term (in Months) | 71 months | 44 months | 32 months |
Loans (Troubled debt restructur
Loans (Troubled debt restructurings, Rolling Twelve Months) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)number | Dec. 31, 2019USD ($)number | Dec. 31, 2018USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 9 | 29 | 23 |
Recorded Investment | $ | $ 1,345 | $ 3,597 | $ 3,262 |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 0 | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 0 | $ 2,141 |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 1 | 77 | 28 |
Recorded Investment | $ | $ 2 | $ 1,118 | $ 341 |
Auto [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 0 | 3 | 0 |
Recorded Investment | $ | $ 0 | $ 51 | $ 0 |
Loans (Aging of the Amortized C
Loans (Aging of the Amortized Cost of Collateral-Dependent Loans Held For Investment) (Details) - Real Estate [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Accounts Notes And Loans Receivable [Line Items] | |
Amortized cost of collateral-dependent loans held for investment | $ 29,279 |
Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Amortized cost of collateral-dependent loans held for investment | $ 29,279 |
Loans (Credit Quality Indicator
Loans (Credit Quality Indicators of Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | $ 401,897 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 438,058 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 339,868 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 184,113 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 99,481 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 70,852 | |
Total Loans | 1,534,269 | |
Auto Loan [Member] | FICO Score, 1 to 660 [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 121,878 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 112,476 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 97,725 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 56,935 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 30,307 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 22,360 | |
Total Loans | 441,681 | |
Auto Loan [Member] | FICO Score, 661 to 699 [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 84,673 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 68,698 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 44,633 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 23,308 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,571 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 9,031 | |
Total Loans | 243,914 | |
Auto Loan [Member] | 700+ [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 173,834 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 214,287 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 164,205 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 85,743 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 45,947 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 32,177 | |
Total Loans | 716,193 | |
Auto Loan [Member] | No FICO [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 21,512 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 42,597 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 33,305 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 18,127 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 9,656 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,284 | |
Total Loans | 132,481 | |
Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 585,352 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 282,330 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 336,006 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 123,822 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 64,241 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 225,480 | |
Revolving Loans Amortized Cost Basis | 501,619 | |
Total Loans | 2,118,850 | $ 1,862,827 |
Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 124,249 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 125,824 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 112,274 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 102,032 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 53,106 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 214,102 | |
Revolving Loans Amortized Cost Basis | 75,697 | |
Total Loans | 807,284 | 866,706 |
Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 385,259 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 92,741 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 95,135 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 14,666 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 11,135 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 11,378 | |
Revolving Loans Amortized Cost Basis | 326,348 | |
Total Loans | 936,662 | 723,526 |
Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 75,844 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 63,765 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 128,597 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 7,124 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 99,574 | |
Total Loans | 374,904 | 272,595 |
Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 14,842 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 20,863 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 28,081 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 33,982 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 39,587 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 686,088 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 823,443 | 899,595 |
Mortgage Portfolio Segment [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 14,842 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 20,516 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 27,359 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 33,088 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 38,637 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 642,045 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 776,487 | |
Mortgage Portfolio Segment [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 347 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 722 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 894 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 950 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 44,043 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 46,956 | |
Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 88,854 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 115,886 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 58,501 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 28,742 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,699 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,575 | |
Revolving Loans Amortized Cost Basis | 100,295 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 413,552 | 1,964,071 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 88,854 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 115,886 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 58,501 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 28,742 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,699 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,575 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 313,257 | 367,157 |
Consumer Portfolio Segment [Member] | Personal loans [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 88,653 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 115,295 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 58,009 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 28,424 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 13,565 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,181 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 311,127 | |
Consumer Portfolio Segment [Member] | Personal loans [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 201 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 591 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 492 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 318 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 134 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 394 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 2,130 | |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 43,805 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 43,805 | 52,614 |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 42,531 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 42,531 | |
Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,274 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 1,274 | |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 56,185 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 56,185 | 75,202 |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 54,599 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 54,599 | |
Consumer Portfolio Segment [Member] | Credit Cards [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,586 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 1,586 | |
Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 305 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 305 | 216 |
Consumer Portfolio Segment [Member] | Overdraft [Member] | Performing [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 305 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 305 | |
Consumer Portfolio Segment [Member] | Overdraft [Member] | Nonperforming [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | |
Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,468,882 | |
Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 103,696 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 136,749 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 86,582 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 62,724 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 53,286 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 693,663 | |
Revolving Loans Amortized Cost Basis | 100,295 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Total Loans | 1,236,995 | 2,863,666 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,732,019 | |
Pass [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 113,474 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 105,156 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 106,283 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 81,338 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 44,008 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 187,189 | |
Revolving Loans Amortized Cost Basis | 30,686 | |
Total Loans | 668,134 | 762,443 |
Pass [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 384,901 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 84,433 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 75,023 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 14,502 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 8,326 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 7,922 | |
Revolving Loans Amortized Cost Basis | 300,429 | |
Total Loans | 875,536 | 706,831 |
Pass [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 68,688 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 62,264 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 77,762 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 7,124 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 98,324 | |
Total Loans | 314,162 | 262,745 |
Pass [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 805,486 | |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,947,055 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 365,579 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 52,393 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 74,306 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 165 | |
Pass [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,454,612 | |
Pass [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 2,752,541 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 72,354 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 10,592 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 20,605 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 5,233 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 11,771 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 8,514 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,090 | |
Revolving Loans Amortized Cost Basis | 37,680 | |
Total Loans | 97,485 | 55,870 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 151 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 8,242 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 19,626 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 3,337 | |
Revolving Loans Amortized Cost Basis | 23,732 | |
Total Loans | 55,088 | 6,634 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 1,501 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 33,282 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,250 | |
Total Loans | 36,033 | 9,850 |
Special Mention [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Special Mention [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 58,317 | |
Substandard [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 183 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 63 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 758 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 8,923 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 584 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 23,746 | |
Revolving Loans Amortized Cost Basis | 7,331 | |
Total Loans | 41,588 | 48,357 |
Substandard [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 207 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 66 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 486 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 164 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 2,809 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 119 | |
Revolving Loans Amortized Cost Basis | 2,122 | |
Total Loans | 5,973 | 9,960 |
Substandard [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 7,156 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 17,553 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 24,709 | 0 |
Substandard [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 94,109 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 17,016 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 1,578 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 221 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 896 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 51 | |
Substandard [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 14,270 | |
Substandard [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 111,125 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 137 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 77 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 77 | 36 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 65 | |
Total Loans | 65 | 101 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | 0 |
Doubtful [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Doubtful [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Commercial Portfolio Segment [Member] | Commercial Secured By Real Estate [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | 0 |
Loss [Member] | Commercial Portfolio Segment [Member] | Other Commercial And Industrial [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | 0 | 0 |
Loss [Member] | Commercial Portfolio Segment [Member] | US Loan Program [Member] | ||
Credit Quality Indicators [Line Items] | ||
Term Loans Amortized Cost Basis by Origination Year, 2020 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2019 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2018 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2017 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, 2016 | 0 | |
Term Loans Amortized Cost Basis by Origination Year, Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Total Loans | $ 0 | 0 |
Loss [Member] | Mortgage Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Personal loans [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Personal Lines Of Credit [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Credit Cards [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Overdraft [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Consumer Portfolio Segment [Member] | Auto Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | 0 | |
Loss [Member] | Mortgage And Consumer [Member] | ||
Credit Quality Indicators [Line Items] | ||
Total Loans | $ 0 |
Allowance for Credit Losses (Na
Allowance for Credit Losses (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Increase in loan provision | $ 39.1 |
Accounting Standards Update 2019-04 [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Allowance For Credit Losses Period Increase Decrease | 89.7 |
Accounting Standards Update 2019-04 [Member] | PCD [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Allowance For Credit Losses Period Increase Decrease | $ 50.5 |
Percent of total loan portfolio | 30.00% |
Accounting Standards Update 2019-04 [Member] | Non-PCD [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Financing Receivable Allowance For Credit Losses Period Increase Decrease | $ 39.2 |
Percent of total loan portfolio | 70.00% |
Allowance for Credit Losses (Al
Allowance for Credit Losses (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 116,539 | $ 164,231 | |
Provision for credit losses | $ 56,108 | ||
Balance at end of period | 204,809 | 116,539 | 164,231 |
Non-PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 85,044 | ||
Impact of ASC 326 adoption | 39,198 | ||
Provision for credit losses | 86,532 | ||
Charge-offs | (76,182) | ||
Recoveries | 26,423 | ||
Balance at end of period | 161,015 | 85,044 | |
PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 31,495 | ||
Impact of ASC 326 adoption | 50,522 | ||
Provision for credit losses | 7,185 | ||
Charge-offs | (49,004) | ||
Recoveries | 3,596 | ||
Balance at end of period | 43,794 | 31,495 | |
Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 34,886 | 60,574 | |
Balance at end of period | 62,184 | 34,886 | 60,574 |
Commercial Loan [Member] | Non-PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 25,993 | ||
Impact of ASC 326 adoption | 3,562 | ||
Provision for credit losses | 18,462 | ||
Charge-offs | (4,979) | ||
Recoveries | 2,741 | ||
Balance at end of period | 45,779 | 25,993 | |
Commercial Loan [Member] | PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 8,893 | ||
Impact of ASC 326 adoption | 42,143 | ||
Provision for credit losses | 480 | ||
Charge-offs | (36,097) | ||
Recoveries | 986 | ||
Balance at end of period | 16,405 | 8,893 | |
Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 30,382 | 50,390 | |
Balance at end of period | 46,076 | 30,382 | 50,390 |
Mortgage Loan [Member] | Non-PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 8,727 | ||
Impact of ASC 326 adoption | 10,980 | ||
Provision for credit losses | 258 | ||
Charge-offs | (884) | ||
Recoveries | 606 | ||
Balance at end of period | 19,687 | 8,727 | |
Mortgage Loan [Member] | PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 21,655 | ||
Impact of ASC 326 adoption | 7,830 | ||
Provision for credit losses | 6,392 | ||
Charge-offs | (10,342) | ||
Recoveries | 854 | ||
Balance at end of period | 26,389 | 21,655 | |
Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18,446 | 17,480 | |
Balance at end of period | 25,310 | 18,446 | 17,480 |
Consumer Loan [Member] | Non-PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18,446 | ||
Impact of ASC 326 adoption | 8,418 | ||
Provision for credit losses | 16,579 | ||
Charge-offs | (21,772) | ||
Recoveries | 3,582 | ||
Balance at end of period | 25,253 | 18,446 | |
Consumer Loan [Member] | PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | ||
Impact of ASC 326 adoption | 181 | ||
Provision for credit losses | 126 | ||
Charge-offs | (542) | ||
Recoveries | 292 | ||
Balance at end of period | 57 | 0 | |
Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 32,825 | 35,787 | |
Balance at end of period | 71,239 | 32,825 | 35,787 |
Auto Loan [Member] | Non-PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 31,878 | ||
Impact of ASC 326 adoption | 16,238 | ||
Provision for credit losses | 51,233 | ||
Charge-offs | (48,547) | ||
Recoveries | 19,494 | ||
Balance at end of period | 70,296 | 31,878 | |
Auto Loan [Member] | PCD [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 947 | ||
Impact of ASC 326 adoption | 368 | ||
Provision for credit losses | 187 | ||
Charge-offs | (2,023) | ||
Recoveries | 1,464 | ||
Balance at end of period | 943 | 947 | |
Loans Accounted For Under ASC 310-30 Excluded [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 85,044 | 97,250 | 96,580 |
Provision for credit losses | 62,533 | 51,764 | |
Charge-offs | (98,693) | (75,230) | |
Recoveries | 23,954 | 24,136 | |
Balance at end of period | 85,044 | 97,250 | |
Loans Accounted For Under ASC 310-30 Excluded [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 25,993 | 30,348 | 30,300 |
Provision for credit losses | 6,731 | 6,159 | |
Charge-offs | (12,196) | (6,788) | |
Recoveries | 1,110 | 677 | |
Balance at end of period | 25,993 | 30,348 | |
Loans Accounted For Under ASC 310-30 Excluded [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 8,727 | 19,783 | 20,439 |
Provision for credit losses | 5,975 | 3,594 | |
Charge-offs | (18,564) | (5,297) | |
Recoveries | 1,533 | 1,047 | |
Balance at end of period | 8,727 | 19,783 | |
Loans Accounted For Under ASC 310-30 Excluded [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18,446 | 17,476 | 19,679 |
Provision for credit losses | 19,038 | 15,648 | |
Charge-offs | (20,435) | (20,088) | |
Recoveries | 2,367 | 2,237 | |
Balance at end of period | 18,446 | 17,476 | |
Loans Accounted For Under ASC 310-30 Excluded [Member] | Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 31,878 | 29,643 | 26,162 |
Provision for credit losses | 30,789 | 26,363 | |
Charge-offs | (47,498) | (43,057) | |
Recoveries | 18,944 | 20,175 | |
Balance at end of period | 31,878 | 29,643 | |
Loans Accounted Under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 31,495 | 66,981 | 70,929 |
Provision for credit losses | 34,259 | (4,353) | |
Allowance de-recognition | (69,745) | (8,301) | |
Balance at end of period | 31,495 | 66,981 | |
Loans Accounted Under ASC 310-30 [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 8,893 | 30,226 | 33,674 |
Provision for credit losses | 13,484 | (2,121) | |
Allowance de-recognition | (34,817) | (5,569) | |
Balance at end of period | 8,893 | 30,226 | |
Loans Accounted Under ASC 310-30 [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 21,655 | 30,607 | 29,272 |
Provision for credit losses | 23,703 | (3,137) | |
Allowance de-recognition | (32,655) | (1,802) | |
Balance at end of period | 21,655 | 30,607 | |
Loans Accounted Under ASC 310-30 [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 4 | 22 |
Provision for credit losses | 0 | 18 | |
Allowance de-recognition | (4) | 0 | |
Balance at end of period | 0 | 4 | |
Loans Accounted Under ASC 310-30 [Member] | Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | $ 947 | 6,144 | 7,961 |
Provision for credit losses | (2,928) | 887 | |
Allowance de-recognition | (2,269) | (930) | |
Balance at end of period | $ 947 | $ 6,144 |
Allowance for Credit Losses (Gr
Allowance for Credit Losses (Gross Loan and Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | $ 204,809 | $ 116,539 | $ 164,231 | |
Total Loans | 6,662,133 | 6,738,795 | ||
Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 15,091 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 69,953 | |||
Total Ending allowance balance | 85,044 | |||
Financing Receivable, Individually Evaluated for Impairment | 132,324 | |||
Financing Receivable, Collectively Evaluated for Impairment | 3,775,026 | |||
Total Loans | 3,907,350 | |||
Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 46,076 | 30,382 | 50,390 | |
Mortgage Loan [Member] | Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 6,874 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,853 | |||
Total Ending allowance balance | 8,727 | |||
Financing Receivable, Individually Evaluated for Impairment | 71,196 | |||
Financing Receivable, Collectively Evaluated for Impairment | 506,220 | |||
Total Loans | 577,416 | |||
Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 62,184 | 34,886 | 60,574 | |
Commercial Loan [Member] | Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 8,217 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 17,776 | |||
Total Ending allowance balance | 25,993 | |||
Financing Receivable, Individually Evaluated for Impairment | 61,128 | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,608,507 | |||
Total Loans | 1,669,635 | |||
Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 25,310 | 18,446 | 17,480 | |
Consumer Loan [Member] | Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 18,446 | |||
Total Ending allowance balance | 18,446 | |||
Financing Receivable, Individually Evaluated for Impairment | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 382,432 | |||
Total Loans | 382,432 | |||
Auto Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | $ 71,239 | 32,825 | 35,787 | |
Auto Loan [Member] | Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | |||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 31,878 | |||
Total Ending allowance balance | 31,878 | |||
Financing Receivable, Individually Evaluated for Impairment | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 1,277,867 | |||
Total Loans | 1,277,867 | |||
Loans Accounted Under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 31,495 | 66,981 | $ 70,929 | |
Loans Accounted Under ASC 310-30 [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 21,655 | 30,607 | 29,272 | |
Loans Accounted Under ASC 310-30 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 8,893 | 30,226 | 33,674 | |
Loans Accounted Under ASC 310-30 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | 0 | 4 | 22 | |
Loans Accounted Under ASC 310-30 [Member] | Auto Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Ending allowance balance | $ 947 | $ 6,144 | $ 7,961 |
Foreclosed Real Estate (Foreclo
Foreclosed Real Estate (Foreclosed Real Estate Rollforward) (Details) - Originated Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Real Estate Owned Rollforward [Line Items] | |||
Foreclosed real estate beginning balance | $ 29,909 | $ 33,768 | $ 44,174 |
Additions | 3,654 | 22,406 | 20,011 |
Sales | (18,521) | (20,642) | (24,660) |
Decline in value | (2,489) | (4,762) | (5,757) |
Other adjustments | (957) | (861) | 0 |
Foreclosed real estate ending balance | $ 11,596 | $ 29,909 | $ 33,768 |
Premises and Equipment (Narrati
Premises and Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Premises and Equipment [Abstract] | |||
Depreciation | $ 12.7 | $ 8.5 | $ 8.9 |
Premises and Equipment (Schedul
Premises and Equipment (Schedule of Premises and Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 160,566 | $ 146,477 |
Less: accumulated depreciation and amortization | (76,780) | (65,372) |
Total Premises and Equipment, net | 83,786 | 81,105 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | 4,363 | 4,363 |
Building And Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 75,974 | 74,840 |
Property Plant And Equipment Useful Life | 40 years | |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 22,439 | 21,358 |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 10 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 5 years | |
Furniture And Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 17,517 | 16,686 |
Furniture And Fixtures [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 7 years | |
Furniture And Fixtures [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 3 years | |
Information Technology And Other [Member] | ||
Property Plant And Equipment [Line Items] | ||
Premises and equipment, gross | $ 40,273 | $ 29,230 |
Information Technology And Other [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 7 years | |
Information Technology And Other [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 3 years |
Servicing Assets (Narratives) (
Servicing Assets (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Servicing Assets At Fair Value [Line Items] | |||||
Servicing Asset at Fair Value, Amount | $ 50,779 | $ 47,295 | $ 50,779 | $ 10,716 | $ 9,821 |
Contractually Specified Servicing Fees Amount | 2,485 | 1,367 | 1,844 | ||
Scotiabank PR & USVI Acquisition [Member] | |||||
Servicing Assets At Fair Value [Line Items] | |||||
Servicing Asset At Fair Value Period Increase Decrease | $ 40,500 | ||||
Conventional Loan [Member] | |||||
Servicing Assets At Fair Value [Line Items] | |||||
Contractually Specified Servicing Fees Amount | $ 17,200 | $ 4,200 | $ 4,100 |
Servicing Assets (Changes in Se
Servicing Assets (Changes in Serving Rights at Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Asset At Fair Value Amount [Roll Forward] | |||
Fair value | $ 50,779 | $ 10,716 | $ 9,821 |
Servicing from mortgage securitizations or asset transfers | 2,394 | 1,174 | 1,481 |
Additions from servicing portfolio acquired | 0 | 40,463 | 0 |
Changes due to payments on loans | (4,067) | (906) | (814) |
Changes in fair value due to changes in valuation model inputs or assumptions | (1,811) | (668) | 228 |
Fair value | $ 47,295 | $ 50,779 | $ 10,716 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Maximum [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Constant prepayment rate | 35.22% | 18.81% | 9.02% |
Discount rate | 15.50% | 15.00% | 12.00% |
Minimum [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Constant prepayment rate | 5.02% | 4.47% | 4.30% |
Discount rate | 10.00% | 10.00% | 10.00% |
Servicing Assets (Sensitivity o
Servicing Assets (Sensitivity of Current Fair Value of Servicing Assets) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Servicing Assets At Fair Value [Line Items] | |
Servicing Asset | $ 47,295 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (1,111) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (2,177) |
Discount Rate - Decrease in fair value due to 10% adverse change | (1,891) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (3,653) |
Derivatives (Narratives) (Detai
Derivatives (Narratives) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Unrealized Gain Loss On Derivatives | $ (1,700,000) | $ (907,000) |
Derivative Assets | 0 | 6,000 |
Derivative Liabilities | 1,712,000 | 913,000 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 0 | 6,000 |
Derivative Liabilities | 0 | 6,000 |
Notional Amount | $ 40,400,000 | $ 41,500,000 |
Derivatives (Derivative Assets
Derivatives (Derivative Assets and Liabilities) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | $ 0 | $ 6,000 |
Derivative Liabilities | 1,712,000 | 913,000 |
Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Liabilities | 1,712,000 | 907,000 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 0 | 6,000 |
Derivative Liabilities | $ 0 | $ 6,000 |
Derivatives (Interest Rate Swap
Derivatives (Interest Rate Swaps and Terms) (Details) - Interest rate swap designated as cash flow hedges - 1 Month LIBOR $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |
Notional Amount | $ 30,259 |
Rate 2.4210% [Member] | |
Derivative [Line Items] | |
Notional Amount | $ 30,259 |
Fixed rate | 2.421% |
Trade Date | Jul. 3, 2013 |
Settlement Date | Jul. 3, 2013 |
Maturity Date | Aug. 1, 2023 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | |||
Core deposit, customer relationship and other intangibles | $ 45,896,000 | $ 56,965,000 | |
Goodwill | 86,069,000 | 86,069,000 | |
Goodwill change | 0 | 0 | $ 0 |
Amortization of Intangible Assets | 11,069,000 | 1,170,000 | $ 1,319,000 |
Goodwill Impairment Loss | 0 | 0 | |
Banking Segment [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Goodwill | 84,100,000 | 84,100,000 | |
Wealth Management [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Goodwill | 2,000,000 | 2,000,000 | |
Scotiabank PR & USVI Acquisition [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Core deposit, customer relationship and other intangibles | 41,500,000 | ||
Core Deposits [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Core deposit, customer relationship and other intangibles | 35,000,000 | 43,200,000 | |
Customer Relationships Intangible [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Core deposit, customer relationship and other intangibles | 10,600,000 | 13,200,000 | |
Customer Relationships Intangible [Member] | Scotiabank PR & USVI Acquisition [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Core deposit, customer relationship and other intangibles | 12,700,000 | ||
Other Intangible Assets [Member] | Scotiabank PR & USVI Acquisition [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Core deposit, customer relationship and other intangibles | $ 284,000 | $ 567,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Summary of Core Deposit, Customer Relationship and Other Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 69,722 | $ 69,722 |
Accumulated Amortization | 23,826 | 12,757 |
Net Carrying Value | 45,896 | 56,965 |
Core Deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 51,402 | 51,402 |
Accumulated Amortization | 16,419 | 8,217 |
Net Carrying Value | 34,983 | 43,185 |
Net Carrying Value | 35,000 | 43,200 |
Customer Relationships Intangible [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,753 | 17,753 |
Accumulated Amortization | 7,124 | 4,540 |
Net Carrying Value | 10,629 | 13,213 |
Net Carrying Value | 10,600 | 13,200 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 567 | 567 |
Accumulated Amortization | 283 | 0 |
Net Carrying Value | $ 284 | $ 567 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Estimated Amortization Of Other Intangible Assets) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill And Intangible Assets [Abstract] | |
2021 | $ 9,802 |
2022 | 8,501 |
2023 | 6,898 |
2024 | 5,913 |
2025 | 4,927 |
Thereafter | $ 9,854 |
Accrued Interest Receivable a_3
Accrued Interest Receivable and Other Assets (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Other assets [Line Items] | |||
Prepaid expenses | $ 61,332 | $ 52,558 | |
Prepaid Taxes | 54,300 | 45,300 | |
Other repossessed assets | 1,816 | 3,327 | |
Allowance for loan and lease losses | 204,809 | 116,539 | $ 164,231 |
COVID-19 Deferral Program Loans [Member] | |||
Other assets [Line Items] | |||
Allowance for loan and lease losses | $ 711 | ||
Scotiabank PR & USVI Acquisition [Member] | |||
Other assets [Line Items] | |||
Prepaid expenses | $ 31,900 |
Accrued Interest Receivable a_4
Accrued Interest Receivable and Other Assets (Schedule of Accrued Interest Receivable) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other asset [Abstract] | ||
Loans | $ 64,465 | $ 32,728 |
Investments | 1,082 | 4,053 |
Accrued interest receivable | $ 65,547 | $ 36,781 |
Accrued Interest Receivable a_5
Accrued Interest Receivable and Other Assets (Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other asset [Abstract] | ||
Prepaid expenses | $ 61,332 | $ 52,558 |
Other repossessed assets | 1,816 | 3,327 |
Tax credits | 0 | 277 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 78,845 | 78,600 |
Other assets | $ 143,076 | $ 135,845 |
Deposits and Related Interest_2
Deposits and Related Interest (Narratives) (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits and Related Interest [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.80% | 0.86% |
Time Deposits, $250,000 or More | $ 628.4 | $ 692.1 |
Public funds deposit | 218.9 | 278.7 |
Public Fund Collateral Investments | 242.8 | 320.8 |
Accrued Interest, Time Deposits | 1.5 | 11.7 |
Bank Overdrafts | 1.1 | 1 |
Brokered Certificates of Deposits | 25 | 222.1 |
Brokered Money Market Deposit | $ 24.1 | $ 21.4 |
Deposits and Related Interest_3
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits and Related Interest [Abstract] | ||
Non-interest bearing demand deposits | $ 2,259,048 | $ 1,675,315 |
Interest-bearing saving and demand deposits | 4,274,586 | 3,718,846 |
Retail certificates of deposits | 1,540,406 | 1,781,237 |
Institutional certificates of deposit | 292,485 | 279,714 |
Total core deposits | 8,366,525 | 7,455,112 |
Brokered deposits | 49,115 | 243,498 |
Total deposits | $ 8,415,640 | $ 7,698,610 |
Deposits and Related Interest_4
Deposits and Related Interest (Interest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits and Related Interest [Abstract] | |||
Demand and savings deposits | $ 25,798 | $ 14,925 | $ 12,478 |
Certificates of deposits | 34,400 | 24,430 | 20,475 |
Total | $ 60,198 | $ 39,355 | $ 32,953 |
Deposits and Related Interest_5
Deposits and Related Interest (Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits and Related Interest [Abstract] | ||
Three (3) months or less | $ 379,563 | $ 314,796 |
Over 3 months through 1 year | 805,117 | 881,183 |
Within one year | 1,184,680 | 1,195,979 |
Over 1 through 2 years | 328,336 | 732,421 |
Over 2 through 3 years | 177,701 | 175,032 |
Over 3 through 4 years | 75,094 | 89,148 |
Over 4 through 5 years | 90,590 | 78,706 |
Certificates of deposit | $ 1,856,401 | $ 2,271,286 |
Borrowings and Related Intere_3
Borrowings and Related Interest (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2003 | |
Debt Instrument [Line Items] | |||
Repurchase agreements matured and not renewed | $ 140,000,000 | ||
Subordinated Debt | 36,083,000 | $ 36,083,000 | |
Trust redeemable preferred securities issued | $ 35,000,000 | ||
Extinguishment of debt amount | 50,000,000 | ||
Repurchase Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Debt outstanding | 0 | ||
Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Loans pledged as collateral to secure FHLB advances | 1,159,000,000 | 1,060,000,000 | |
Additional Borrowing Capacity | $ 814,000,000 | $ 983,000,000 | |
Weighted average period remaining maturity of FHLB advances | 18 months 6 days | 22 months 21 days | |
Interest payable | $ 96,000 | $ 160,000 | |
Minimum amount of qualifying collateral | 110.00% | ||
Junior Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate | 3.18% | 4.85% | |
Face amount | $ 36,100,000 | ||
Debt Instrument Interest Rate Terms | 3-month LIBOR plus 295 basis points | ||
Debt Instrument Basis Spread On Variable Rate | 2.95% | ||
Minimum [Member] | Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 1 day | ||
Maximum [Member] | Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument term | 7 years |
Borrowings and Related Intere_4
Borrowings and Related Interest (Schedule of Repurchase Agreements) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 190,000 |
Short-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | 140,000 |
Long-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 50,000 |
Minimum [Member] | Short-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 1.85% |
Minimum [Member] | Long-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 1.85% |
Maximum [Member] | Short-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 2.70% |
Maximum [Member] | Long-term [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase, interest rate | 2.86% |
Borrowings and Related Intere_5
Borrowings and Related Interest (Schedule of Repurchase Agreement by Maturity) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 190,000 |
Less Than 90 Days [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | 140,000 |
Over 90-days [Member] | |
Debt Instrument [Line Items] | |
Assets sold under agreements to repurchase | $ 50,000 |
Borrowings and Related Intere_6
Borrowings and Related Interest (Schedule Of Underlying Assets Of Repurchase Agreements) (Details) - Financial Instruments Owned And Pledged As Collateral Type [Domain] $ in Thousands | Dec. 31, 2019USD ($) |
Assets Sold Under Agreements To Repurchase [Line Items] | |
Amortized Cost of Underlying Securities | $ 204,225 |
Balance of Borrowing | 190,000 |
Approximate Fair Value of Underlying Securities | $ 204,068 |
Weighted Average Interest Rate of Security | 2.98% |
FNMA and FHLMC Certificates [Member] | |
Assets Sold Under Agreements To Repurchase [Line Items] | |
Amortized Cost of Underlying Securities | $ 204,225 |
Balance of Borrowing | 190,000 |
Approximate Fair Value of Underlying Securities | $ 204,068 |
Weighted Average Interest Rate of Security | 2.98% |
Borrowings and Related Intere_7
Borrowings and Related Interest (Summary of Federal Home Loan Bank Advances And Maturity) (Details) - Federal Home Loan Bank Advances [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 65,465 | $ 77,849 |
Under 90 Days [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 30,259 | 31,955 |
Over One to Three Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 30,972 | 8,517 |
Over Three to Five Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 4,234 | 33,018 |
Over Five Years [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 0 | 4,359 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 30,259 | $ 40,472 |
FHLB, Weighted Average Interest Rate | 0.34% | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | Minimum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 1.85% | |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | Maximum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 2.59% | |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 35,206 | $ 37,377 |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | Minimum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 2.92% | 2.92% |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | Maximum [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 3.24% | 3.24% |
Offsetting of Financial Asset_3
Offsetting of Financial Assets and Liabilities (Offsetting Assets) (Details) - Derivatives [Member] | Dec. 31, 2019USD ($) |
Offsetting Assets [Line Items] | |
Gross Amount of Recognized Assets | $ 6,000 |
Gross amounts Offset in the Statement of Financial Condition | 0 |
Net Amount of Assets Presented in Statement of Financial Condition | 6,000 |
Financial Instruments | 0 |
Cash Collateral Received | 0 |
Net Amount | $ 6,000 |
Offsetting of Financial Asset_4
Offsetting of Financial Assets and Liabilities (Offsetting Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 1,712 | $ 190,913 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,712 | 190,913 |
Financial Instruments | 0 | 204,068 |
Cash Collateral Provided | 0 | 0 |
Net Amount | 1,712 | (13,155) |
Derivatives [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 1,712 | 913 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 1,712 | 913 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ 1,712 | 913 |
Securities Sold Under Agreements To Repurchase [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 190,000 | |
Gross amount Offset in the Statement of Financial Condition | 0 | |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 190,000 | |
Financial Instruments | 204,068 | |
Cash Collateral Provided | 0 | |
Net Amount | $ (14,068) |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefit Plan [Abstract] | |||
Defined Contribution Plan Maximum Annual Contributions Per Employee Amount | $ 19,500 | ||
Defined Contribution Plan Cost Recognized | $ 2,300,000 | $ 923,000 | $ 856,000 |
Defined Contribution Plan Employer Matching Contribution Percent Of Match | 4.00% | ||
Defined Contribution Plan, Years Of Service For Vesting | 3 years |
Related Party Transactions (Act
Related Party Transactions (Activity and Balance of Related Party Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |||
Balance at the beginning of year | $ 22,312 | $ 28,520 | $ 28,138 |
New loans and disbursements | 17,896 | 203 | 10,388 |
Repayments | (19,096) | (6,411) | (10,006) |
Balance at the end of the year | 21,112 | 22,312 | 28,520 |
Professional services purchased from related party | $ 3,200 | $ 3,700 | $ 3,800 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||||
Statutory tax rate | 37.50% | 39.00% | ||
Deferred tax asset, net | $ 162,478 | $ 176,740 | ||
Effective tax rate | 21.62% | 28.46% | 36.44% | |
Unrecognized tax benefits | $ 728 | $ 2,668 | $ 875 | $ 1,260 |
Unrecognized tax benefits, income tax penalties and interest accrued | 50 | 51 | ||
Deferred Tax Assets Valuation Allowance | 8,842 | 6,585 | ||
Net increase in unrecognized tax benefit | (1,900) | |||
Exempt Income | 15,200 | 11,800 | 11,000 | |
Deferred Tax Assets Gross | 366,022 | 392,920 | ||
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance | 2,267 | 1,217 | 1,504 | |
Increase in valuation allowance | 2,300 | |||
Unrecognized Tax Benefits Interest On Income Taxes Accrued | 728 | 2,700 | ||
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | 1,990 | 439 | 466 | |
Scotiabank Of Puerto Rico [Member] | ||||
Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount | 30,400 | |||
Deferred Tax Assets Gross | 59,900 | |||
International Banking Entity [Member] | ||||
Exempt Income | $ 4,100 | $ 10,300 | $ 5,300 |
Income Taxes (Components of inc
Income Taxes (Components of income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Current income tax (benefit) expense | $ (7,347) | $ 25,477 | $ 33,618 |
Deferred income tax expense (benefit) | 27,846 | (4,068) | 14,772 |
Total income tax expense | $ 20,499 | $ 21,409 | $ 48,390 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Income tax expense at statutory rates | $ 35,567 | $ 28,219 | $ 51,792 |
Tax of exempt income, net | (7,272) | (8,728) | (6,645) |
Disallowed net operating loss carryover | 202 | 384 | 269 |
Change in valuation allowance | 2,267 | 1,217 | 1,504 |
Unrecognized tax benefits, net | (1,941) | 1,794 | (386) |
Capital gain at preferential rate | (450) | (265) | (20) |
Effect of change in tax rate | 0 | 0 | 4,069 |
Tax rate difference (ordinary vs capital) | (4,218) | 0 | 0 |
Bargain purchase gain | (2,751) | (118) | 0 |
Other items, net | (905) | (1,094) | (2,193) |
Total income tax expense | $ 20,499 | $ 21,409 | $ 48,390 |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Income tax expense at statutory rates | 37.51% | 37.50% | 39.00% |
Tax of exempt income, net | (7.67%) | (11.60%) | (5.01%) |
Disallowed net operating loss carryover | 0.21% | 0.51% | 0.20% |
Change in valuation allowance | 2.39% | 1.62% | 1.13% |
Unrecognized tax benefits, net | (2.05%) | 2.38% | (0.29%) |
Capital gain at preferential rate | (0.47%) | (0.35%) | (0.02%) |
Effect of change in tax rate | 0.00% | 0.00% | 3.06% |
Tax rate difference (ordinary vs capital) | (4.45%) | 0.00% | 0.00% |
Bargain purchase gain | (2.90%) | (0.16%) | 0.00% |
Other items, net | (0.95%) | (1.44%) | (1.63%) |
Income tax expense | 21.62% | 28.46% | 36.44% |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of unrecognized tax benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Balance at beginning of year | $ 2,668 | $ 875 | $ 1,260 |
Additions for tax positions of prior year | 50 | 51 | 81 |
Additions due to new tax positions | 0 | 2,181 | 0 |
Reduction for tax positions as a result of lapse of statute of limitation or new information resulting in a change in assessment | (1,990) | (439) | (466) |
Balance at end of year | $ 728 | $ 2,668 | $ 875 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Components Of Deferred Tax Assets [Abstract] | ||
Deferred Tax Assets, Allowance For loan and lease losses and other reserves | $ 83,578 | $ 75,747 |
Deferred Tax Asset, Business Combinations Discount | 5,461 | 15,499 |
Deferred Tax Assets Acquired Loans And Other Real Estate Valuation Adjustments | 5,769 | 6,874 |
Deferred Tax Assets, Deferred Loan Charge Offs | 140,445 | 144,799 |
Deferred Tax Assets Operating Loss And Capital Net Carryforwards | 7,947 | 7,785 |
Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax | 15,513 | 25,123 |
Deferred Tax Assets Unrealized net loss included in other comprehensive income | 642 | 340 |
Deferred Tax Assets Deferred loan origination income, net | 5,147 | 11,303 |
Deferred Tax Assets Goodwill | 23,927 | 30,408 |
Deferred Tax Asset Acquired Portfolio | 52,301 | 51,079 |
Other Deferred Allowance Tax Assets | 525 | 457 |
Deferred Tax Assets Other | 24,767 | 23,506 |
Deferred Tax Assets Gross | 366,022 | 392,920 |
Deferred Tax Assets Valuation Allowance | (8,842) | (6,585) |
Deferred Tax Assets Net | 357,180 | 386,335 |
Components Of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liabilities, Acquired loans tax basis | (135,816) | (146,496) |
Deferred Tax Liability FDIC Assisted Eurobank Acquisition, Net | (9,171) | (14,004) |
Deferred tax liabilities customer deposit and customer relationship | (13,823) | (17,838) |
Deferred tax liabilities building valuation adjustment | (7,412) | (7,848) |
Deferred Tax Liabilities Unrealized net gain on available-for-sale securities | (2,106) | (82) |
Deferred Tax Liabilities Mortgage Servicing Rights | (14,682) | (15,988) |
Deferred Tax Liabilities Other | (11,692) | (7,339) |
Deferred Tax Liability Gross | 194,702 | 209,595 |
Deferred Tax Assets, Net, Total | $ 162,478 | $ 176,740 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 1,096,766 | $ 937,962 |
Actual - Tier 1 capital | 1,010,945 | 852,311 |
Actual -Common equity tier 1 capital | 894,075 | 735,441 |
Actual - Tier 1 leverage capital | 1,010,945 | 852,311 |
Minimum Capital - Total Capital | 717,974 | 707,789 |
Minimum capital - Tier 1 capital | 581,217 | 572,972 |
Minimum capital - Common equity tier 1 capital | 478,649 | 471,859 |
Minimum capital - Tier 1 leverage capital | 392,424 | 369,151 |
Minimum to be well capitalized - Total Capital | 683,785 | 674,085 |
Minimum to be well capitalized - Tier 1 capital | 547,028 | 539,268 |
Minimum to be well capitalized - Common equity tier 1 capital | 444,460 | 438,155 |
Minimum to be well capitalized - Tier 1 leverage | $ 490,530 | $ 461,438 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 0.1604 | 0.1391 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1478 | 0.1264 |
Common Equity Tier One To Risk Weighted Assets | 13.08% | 10.91% |
Tier One Leverage Capital to Average Assets | 0.1030 | 0.0924 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0850 | 0.0850 |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 7.00% | 7.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.0800 | 0.0800 |
Tier One Risk Common Equity Tier One Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | 0.0500 |
Bank [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 1,044,275 | $ 898,812 |
Actual - Tier 1 capital | 786,731 | 813,444 |
Actual -Common equity tier 1 capital | 956,845 | 813,444 |
Actual - Tier 1 leverage capital | 956,845 | 813,444 |
Minimum Capital - Total Capital | 714,480 | 706,800 |
Minimum capital - Tier 1 capital | 578,388 | 572,230 |
Minimum capital - Common equity tier 1 capital | 476,320 | 471,303 |
Minimum capital - Tier 1 leverage capital | 390,304 | 367,537 |
Minimum to be well capitalized - Total Capital | 680,457 | 672,848 |
Minimum to be well capitalized - Tier 1 capital | 544,366 | 538,279 |
Minimum to be well capitalized - Common equity tier 1 capital | 442,297 | 437,351 |
Minimum to be well capitalized - Tier 1 leverage | $ 487,879 | $ 459,421 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 0.1532 | 0.1336 |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1406 | 0.1209 |
Common Equity Tier One To Risk Weighted Assets | 14.06% | 12.09% |
Tier One Leverage Capital to Average Assets | 0.0981 | 0.0885 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.1050 | 0.1050 |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0850 | 0.0850 |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 7.00% | 7.00% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | 0.0400 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | 0.1000 |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 0.0800 | 0.0800 |
Tier One Risk Common Equity Tier One Required To Be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | 0.0500 |
Equity-based Compensation Pla_2
Equity-based Compensation Plan (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity-Based Compensation Plan [Abstract] | |||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition 1 | 1 year 6 months | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 3.9 | ||
Number of options - Options granted | 0 | 0 | 0 |
Equity-based compensation Pla_3
Equity-based compensation Plan (Equity-Based Compensation Plan) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | |||
Number of options - Beginning of period | 634,294 | 739,326 | 845,619 |
Number of options - Options granted | 0 | 0 | 0 |
Number of options - Options exercises | (119,500) | (105,032) | (101,268) |
Number of options - Options forfeited | (33,350) | 0 | (5,025) |
Number of options - End of period | 481,444 | 634,294 | 739,326 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price Rollforward | |||
Weighted Average Exercise Price - Beginning of period | $ 14.60 | $ 14.28 | $ 14.14 |
Weighted Average Exercise Price - Options granted | 0 | 0 | 0 |
Weighted Average Exercise Price - Options exercises | 12.36 | 12.32 | 13.41 |
Weighted Average Exercise Price - Options forfeited | 15.42 | 0 | 17.08 |
Weighted Average Exercise Price - End of period | $ 15.10 | $ 14.60 | $ 14.28 |
Equity-Based Compensation Pla_4
Equity-Based Compensation Plan (Summary of the range of exercise prices and the weighted average remaining contractual life of the options) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Number of Options Outstanding | 481,444 | 634,294 | 739,326 | 845,619 |
Weighted Average Exercise Price outstanding | $ 15.10 | $ 14.60 | $ 14.28 | $ 14.14 |
Weighted Average Contractual Life Remaining | 2 years 8 months 12 days | |||
Number of Options Exercisable | 481,444 | |||
Weighted Average Exercise Price | $ 15.10 | |||
Aggregate Intrinsic Value Outstanding | $ 1,655,880 | |||
Aggregate Intrinsic Value Exercisable | $ 1,655,880 | |||
Price Range One [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Price - Lower Range | $ 11.27 | |||
Range of Exercise Price - Upper Range | $ 14.08 | |||
Number of Options Outstanding | 118,894 | |||
Weighted Average Exercise Price outstanding | $ 11.83 | |||
Weighted Average Contractual Life Remaining | 1 year | |||
Number of Options Exercisable | 118,894 | |||
Weighted Average Exercise Price | $ 11.83 | |||
Price Range Two [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Price - Lower Range | 14.09 | |||
Range of Exercise Price - Upper Range | $ 16.90 | |||
Number of Options Outstanding | 224,700 | |||
Weighted Average Exercise Price outstanding | $ 15.40 | |||
Weighted Average Contractual Life Remaining | 2 years 8 months 12 days | |||
Number of Options Exercisable | 224,700 | |||
Weighted Average Exercise Price | $ 15.40 | |||
Price Range Three [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Price - Lower Range | 16.91 | |||
Range of Exercise Price - Upper Range | $ 19.71 | |||
Number of Options Outstanding | 137,850 | |||
Weighted Average Exercise Price outstanding | $ 17.44 | |||
Weighted Average Contractual Life Remaining | 4 years 2 months 12 days | |||
Number of Options Exercisable | 137,850 | |||
Weighted Average Exercise Price | $ 17.44 |
Equity-based Compensation Pla_5
Equity-based Compensation Plan (Summary of the restricted units' activity under the Omnibus Plan) (Details) - Omnibus Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |||
Restricted units - Beginning of period | 379,150 | 254,050 | 105,800 |
Restricted units granted | 257,850 | 125,100 | 176,250 |
Restricted units lapsed | (102,525) | 0 | (24,017) |
Restricted stock forfeited | (4,705) | 0 | (3,983) |
Restricted units - End of period | 529,770 | 379,150 | 254,050 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted average grant date - Beginning Of Period | $ 15.32 | $ 12.50 | $ 14.19 |
Weighted average grant date - Granted | 16.82 | 21.36 | 12.12 |
Weighted average grant date - Lapsed | 14.74 | 0 | 17.12 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value | 15.93 | 0 | 12.48 |
Weighted average grant date - End Of Period | $ 15.58 | $ 15.32 | $ 12.50 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Preferred stock | $ 92,000,000 | $ 92,000,000 | |
Common stock | 59,885,000 | 59,885,000 | |
Legal surplus | 103,300,000 | $ 95,800,000 | |
Stock Repurchase Program Remaining Authorized Repurchase Amount | $ 5,500,000 | ||
Stock repurchase program remaining number of shares authorized to be repurchased | 297,219 | ||
Stock Repurchase Program Authorized Amount | $ 70,000,000 | ||
Share price | $ 18.54 | ||
Shares repurchased during period, shares | 175,000 | 0 | 0 |
Common shares repurchased as part of the stock repurchase program (Value) | $ 2,226,000 | $ 0 | $ 0 |
Share repurchased, average price per share | $ 12.69 | ||
Preferred Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Preferred Stock Issue Costs | $ 10,100,000 | 10,100,000 | |
Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock Issuance Cost | $ 13,600,000 | $ 13,600,000 | |
Shares repurchased during period, shares | 0 | 0 | 0 |
Stockholders' Equity (Activity
Stockholders' Equity (Activity of Common Shares Held in Treasury) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||
Beginning of period | 8,486,278 | 8,591,310 | 8,678,427 |
Common shares used upon lapse of restricted stock units and options (Shares) | (163,115) | (105,032) | (87,117) |
Common shares repurchased as part of the stock repurchase program (Shares) | 175,000 | 0 | 0 |
End of period | 8,498,163 | 8,486,278 | 8,591,310 |
Beginning of period | $ 102,339 | $ 103,633 | $ 104,502 |
Common shares used upon lapse of restricted stock units and options (Value) | (1,616) | (1,294) | (869) |
Common shares repurchased as part of the stock repurchase program (Value) | 2,226 | 0 | 0 |
End of period | $ 102,949 | $ 102,339 | $ 103,633 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, net of tax | $ 11,022 | $ (1,008) |
Held-to-maturity, Amortized cost | 424,700 | |
Accounting Standards Update 2017-12 [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income, net of tax | $ 12,000 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Accumulated Comprehensive Income, Net of Income Tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss), net of income taxes | $ 11,022 | $ (1,008) |
Accumulated Other Comprehensive Income (Loss), Net Of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (loss), net of income taxes | 11,022 | (1,008) |
Accumulated Other Than Temporary Impairment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired | 14,262 | (306) |
Income tax effect of unrealized loss on securities available-for-sale | (2,170) | (135) |
Net unrealized gain on securities available for sale which are not other than temporarily impaired | 12,092 | (441) |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized (loss) gain on cash flow hedges | (1,711) | (907) |
Income tax effect of unrealized (loss) gain on cash flow hedges | 641 | 340 |
Net unrealized (loss) gain on cash flow hedges | $ (1,070) | $ (567) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 1,045,478 | $ 999,877 | |
Ending Balance | 1,085,975 | 1,045,478 | $ 999,877 |
Accumulated Other Comprehensive (Loss) Income | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,008) | (10,963) | (2,949) |
Transfer of securities held-to-maturity to available-for-sale | (12,041) | ||
Other comprehensive income (loss) before reclassifications | 5,312 | 11,893 | (9,659) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 6,718 | 10,103 | 1,645 |
Other comprehensive income (loss) | 12,030 | 9,955 | (8,014) |
Ending Balance | 11,022 | (1,008) | (10,963) |
Net Unrealized Gains On Securities Available-For-Sale [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (441) | (10,972) | (2,638) |
Transfer of securities held-to-maturity to available-for-sale | (12,041) | ||
Other comprehensive income (loss) before reclassifications | 7,803 | 14,335 | (8,104) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 4,730 | 8,237 | (230) |
Other comprehensive income (loss) | 12,533 | 10,531 | (8,334) |
Ending Balance | 12,092 | (441) | (10,972) |
Net Unrealized Loss On Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (567) | 9 | (311) |
Transfer of securities held-to-maturity to available-for-sale | 0 | ||
Other comprehensive income (loss) before reclassifications | (2,491) | (2,442) | (1,555) |
Amounts reclassified out of accumulated other comprehensive (loss) income | 1,988 | 1,866 | 1,875 |
Other comprehensive income (loss) | (503) | (576) | 320 |
Ending Balance | $ (1,070) | $ (567) | $ 9 |
Accumulated Other Comprehensi_6
Accumulated Other Comprehensive Income (Reclassifications Out of Other Comprehensive Income) (Details) - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest-rate contract | $ 1,988 | $ 1,866 | $ 1,875 |
Gain On Sale Of Investments | 4,728 | 8,274 | 0 |
Residual tax effect from OIB's change in applicable tax rate AFS | 0 | 0 | 5 |
Tax effect from changes in tax rates | 2 | (37) | (235) |
Total | $ 6,718 | $ 10,103 | $ 1,645 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 7,841 | 2,575 | 432,532 | |
Series C Convertible Preferred Stock | ||||
Conversion of Convertible Securities, Conversion rate, Ratio | 8642.25% | |||
Preferred stock, shares outstanding | 84,000 | 84,000 |
Earnings Per Common Share (Sche
Earnings Per Common Share (Schedule of Earnings Per Share Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Common Share [Abstract] | |||
Net income | $ 74,327 | $ 53,841 | $ 84,410 |
Non-convertible preferred stock (Series A,B and D) | (6,512) | (6,512) | (6,511) |
Convertible Preferred Stock Dividend (Series C) | 0 | 0 | (5,513) |
Income available to common shareholders | 67,815 | 47,329 | 72,386 |
Effect of assumed conversion of convertible preferred stock | 0 | 0 | 5,513 |
Income available to common shareholders assuming conversion | $ 67,815 | $ 47,329 | $ 77,899 |
Average common shares outstanding | 51,358 | 51,335 | 45,400 |
Average potential common shares-options | 197 | 384 | 142 |
Average potential common shares convertible preferred stock | 0 | 0 | 5,807 |
Total weighted average common shares outstanding and equivalents | 51,555 | 51,719 | 51,349 |
Earnings per common share - basic | $ 1.32 | $ 0.92 | $ 1.59 |
Earnings per common share - diluted | $ 1.32 | $ 0.92 | $ 1.52 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Guarantee Obligations [Line Items] | |||
Acquired standby letters of credit and financial guarantees | $ 19,500,000 | $ 47,300,000 | |
Unpaid principal balance of residential subject loans subject to credit recourse | 135,300,000 | 147,400,000 | |
Repurchased GNMA | 481,000 | 0 | $ 705,000 |
Repurchased loans not subject to credit recourse provision | 27,900,000 | 12,000,000 | 7,700,000 |
Losses from repurchased loans subject to credit recourse | 658,000 | (17,000) | (556,000) |
Gains (loss) on repurchased loan not subject to credit recourse | (2,200,000) | (123,000) | $ (160,000) |
Serviced mortgage loans for third parties | 5,400,000,000 | 5,400,000 | |
Funds Advanced To Investors Under Servicing Agreements | 20,700,000 | 13,200,000 | |
Scotiabank PR & USVI Acquisition [Member] | |||
Guarantee Obligations [Line Items] | |||
Unpaid principal balance of residential subject loans subject to credit recourse | 142,500,000 | ||
Loan with recourse [Member] | |||
Guarantee Obligations [Line Items] | |||
Liability for estimated credit losses to loans sold with credit recourse | 218,000 | 985,000 | |
Loan serviced under representation warranties [Member] | |||
Guarantee Obligations [Line Items] | |||
Liability for estimated credit losses to loans sold with credit recourse | $ 2,600,000 | $ 4,600,000 |
Guarantees (Changes in Liabilit
Guarantees (Changes in Liability of Estimated Loss from Credit Recourse Agreement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement In Guaranteed Benefit Liability Gross [Roll Forward] | |||
Balance at beginning of period | $ 985 | $ 346 | $ 358 |
Additions from Scotiabank PR & USBI Acquisition | 0 | 710 | 0 |
Net (charge-off/terminations) recoveries | (767) | (71) | (12) |
Balance at the end of period | $ 218 | $ 985 | $ 346 |
Commitments and Contingencies_2
Commitments and Contingencies (Narratives) (Details) - USD ($) $ in Millions | Jan. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies [Abstract] | |||
Increase (Decrease) In Off-Balance Sheet Allowance | $ 0.2 | ||
Allowance For Credit Losses For Off-Balance Sheet | $ 1.1 | $ 2.7 | |
Contingency loss accrued liability | $ 8.1 | $ 6.8 |
Commitments and Contingencies_3
Commitments and Contingencies (Summarized Credit-Related Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies [Abstract] | ||
Commitments to extend credit | $ 1,133,503 | $ 853,148 |
Commercial letters of credit | 225 | 2,178 |
Standby letters of credit and financial guarantees | 19,476 | 47,251 |
Loans sold with recourse | $ 135,252 | $ 147,399 |
Operating Leases (Narrative) (D
Operating Leases (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Operating Leases [Line Items] | |
Rent expenses | $ 9 |
Operating Leases (Operating Lea
Operating Leases (Operating Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leases [Abstract] | ||
Lease costs | $ 13,233 | $ 6,571 |
Variable lease costs | 2,133 | 2,324 |
Short-term lease cost | 800 | 180 |
Lease income | (499) | (554) |
Total lease cost | $ 15,667 | $ 8,521 |
Operating Leases (Operating L_2
Operating Leases (Operating Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases [Abstract] | ||
Right-of-use assets | $ 31,383 | $ 39,112 |
Leases Liabilities | $ 32,566 | $ 39,840 |
Operating Leases (Operating L_3
Operating Leases (Operating Lease Terms) (Details) | Dec. 31, 2020 |
Operating Leases [Abstract] | |
Weighted-average remaining lease term | 6 years 2 months 12 days |
Weighted-average discount rate | 6.80% |
Operating Leases (Future Minimu
Operating Leases (Future Minimum Payments for Operating Leases and Present Value) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Leases [Abstract] | |
2021 | $ 8,534 |
2022 | 7,388 |
2023 | 6,578 |
2024 | 4,518 |
2025 | 3,459 |
Thereafter | 10,161 |
Total lease payments | $ 40,638 |
Operating Leases (Present Value
Operating Leases (Present Value of Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases [Abstract] | ||
Total lease payments | $ 40,638 | |
Less imputed interest | 8,072 | |
Present value of lease liabilities | $ 32,566 | $ 39,840 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Non-Recurring Basis [Abstract] | |||
Transfers in or out of level 3 | $ 0 | $ 0 | $ 0 |
Changes in unrealized gains and losses | 0 | 0 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 446,438,000 | 1,074,169,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | 446,438,000 | 1,074,169,000 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale Securities | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets and Liabilities on Recurring and Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $ 446,438 | $ 1,074,169 | ||
Trading securities | 22 | 37 | ||
Money market investments | 11,908 | 6,775 | $ 4,930 | |
Derivative assets | 0 | 6 | ||
Servicing assets | 47,295 | 50,779 | $ 10,716 | $ 9,821 |
Other repossessed assets | 1,816 | 3,327 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 10,983 | 397,183 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 435,455 | 676,986 | ||
Trading securities | 22 | 37 | ||
Derivative assets | 0 | 6 | ||
Derivative liabilities | (1,712) | (913) | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Servicing assets | 47,295 | 50,779 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 446,438 | 1,074,169 | ||
Trading securities | 22 | 37 | ||
Money market investments | 11,908 | 6,775 | ||
Derivative assets | 6 | |||
Servicing assets | 47,295 | 50,779 | ||
Derivative liabilities | (1,712) | (913) | ||
Total | 503,951 | 1,130,853 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 10,983 | 397,183 | ||
Trading securities | 0 | 0 | ||
Money market investments | 11,908 | 6,775 | ||
Derivative assets | 0 | |||
Servicing assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Total | 22,891 | 403,958 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 435,455 | 676,986 | ||
Trading securities | 22 | 37 | ||
Money market investments | 0 | 0 | ||
Derivative assets | 6 | |||
Servicing assets | 0 | 0 | ||
Derivative liabilities | (1,712) | (913) | ||
Total | 433,765 | 676,116 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Trading securities | 0 | 0 | ||
Money market investments | 0 | 0 | ||
Derivative assets | 0 | |||
Servicing assets | 47,295 | 50,779 | ||
Derivative liabilities | 0 | 0 | ||
Total | 47,295 | 50,779 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired commercial loan | 61,128 | |||
Collateral dependent loans | 29,279 | |||
Foreclosed real estate | 11,596 | 29,909 | ||
Other repossessed assets | 1,816 | 3,327 | ||
Total | 42,691 | 94,364 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired commercial loan | 0 | |||
Collateral dependent loans | 0 | |||
Foreclosed real estate | 0 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired commercial loan | 0 | |||
Collateral dependent loans | 0 | |||
Foreclosed real estate | 0 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired commercial loan | 61,128 | |||
Collateral dependent loans | 29,279 | |||
Foreclosed real estate | 11,596 | 29,909 | ||
Other repossessed assets | 1,816 | 3,327 | ||
Total | $ 42,691 | $ 94,364 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Reconciliation of Assets and Liabilities Using Significant Unobservable Inputs (Level 3)) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Changes in fair value of servicing assets | $ 0 | $ 0 | |
Fair Value, Measurements, Recurring [Member] | Servicing Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance at beginning period | 50,779,000 | 10,716,000 | $ 9,821,000 |
New instruments acquired | 2,394,000 | 41,637,000 | 1,481,000 |
Principal repayments | (4,067,000) | (906,000) | (814,000) |
Changes in fair value of servicing assets | (1,811,000) | (668,000) | 228,000 |
Balance at end of period | $ 47,295,000 | $ 50,779,000 | $ 10,716,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Qualitative Information for Assets and Liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Constant prepayment rate | 5.02% | 4.47% | 4.30% |
Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Constant prepayment rate | 35.22% | 18.81% | 9.02% |
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Constant prepayment rate | 5.02% | ||
Discount rate | 10.00% | ||
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Constant prepayment rate | 35.22% | ||
Discount rate | 15.50% | ||
Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | Weighted Average [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Constant prepayment rate | 6.87% | ||
Discount rate | 11.52% | ||
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Appraised Value | 15.20% | ||
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Appraised Value | 29.20% | ||
Collateral dependant impaired loan | Fair value of property or collateral [Member] | Weighted Average [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Appraised Value | 19.88% | ||
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Appraised Value | 14.20% | ||
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Appraised Value | 29.20% | ||
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | Weighted Average [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Appraised Value | 18.68% | ||
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Minimum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Estimated net realizable value | 30.00% | ||
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Maximum [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Estimated net realizable value | 62.00% | ||
Other repossessed assets [Member] | Fair value of property or collateral [Member] | Weighted Average [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Estimated net realizable value | 52.06% | ||
Fair Value, Inputs, Level 3 [Member] | Servicing Assets [Member] | Cash Flow Valuation Technique [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value assets and liabilities measured on recurring basis | $ 47,295 | ||
Fair Value, Inputs, Level 3 [Member] | Collateral dependant impaired loan | Cash Flow Valuation Technique [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value assets and liabilities measured on recurring basis | 29,279 | ||
Fair Value, Inputs, Level 3 [Member] | Foreclosed real estate [Member] | Cash Flow Valuation Technique [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value assets and liabilities measured on recurring basis | 11,596 | ||
Fair Value, Inputs, Level 3 [Member] | Other repossessed assets [Member] | Cash Flow Valuation Technique [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value assets and liabilities measured on recurring basis | $ 1,816 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments (Estimated Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | $ 446,438 | $ 1,074,169 | ||
Federal Home Loan Bank (FHLB) stock | 8,278 | 13,048 | ||
Other investments | 3,962 | 560 | ||
Derivative assets | 0 | 6 | ||
Servicing assets | 47,295 | 50,779 | $ 10,716 | $ 9,821 |
Assets, Carrying Value [Abstract] | ||||
Restricted cash | 1,375 | 1,450 | $ 3,030 | |
Trading Securities | 22 | 37 | ||
Loans held for investment, net of allowance for credit losses of $204,809 (December 31, 2019 - $116,539) | 6,457,324 | 6,622,256 | ||
Carrying amount, net | 1,971,842 | |||
Accrued interest receivable | 65,547 | 37,120 | ||
Liabilities, Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 8,415,640 | 7,698,610 | ||
Securities Sold under Agreements to Repurchase | 0 | 190,274 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Accrued expenses and other liabilities | 154,418 | 185,660 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and cash equivalents | 2,154,202 | 851,307 | ||
Restricted cash | 1,375 | 1,450 | ||
Available-for-sale Securities | 10,983 | 397,183 | ||
Assets, Carrying Value [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 2,154,202 | 851,307 | ||
Restricted cash | 1,375 | 1,450 | ||
Investment securities AFS , carrying value | 10,983 | 397,183 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading Securities | 22 | 37 | ||
Available-for-sale Securities | 435,455 | 676,986 | ||
Federal Home Loan Bank (FHLB) stock | 8,278 | 13,048 | ||
Other investments | 3,962 | 560 | ||
Derivative assets | 0 | 6 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 1,712 | 913 | ||
Assets, Carrying Value [Abstract] | ||||
Trading Securities | 22 | 37 | ||
Investment securities AFS , carrying value | 435,455 | 676,986 | ||
Federal Home Loan Bank Stock at carrying value | 8,278 | 13,048 | ||
Other Investment, Carrying Value | 3,962 | 560 | ||
Derivative Assets, carrying value | 0 | 6 | ||
Liabilities, Carrying Value Disclosure [Abstract] | ||||
Derivative liabilities, carrying value | 1,712 | 913 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Total loans (including loans held-for-sale) | 6,323,689 | 5,894,745 | ||
Receivables, Fair Value Disclosure | 65,547 | 36,781 | ||
Servicing assets | 47,295 | 50,779 | ||
Accounts receivable and other assets | 78,845 | 78,595 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits | 8,422,599 | 7,679,685 | ||
Securities sold under agreements to repurchase | 0 | 190,345 | ||
Advances from FHLB | 68,147 | 79,620 | ||
Other borrowings | 707 | 1,195 | ||
Subordinated capital notes | 33,325 | 35,886 | ||
Accrued expenses and other liabilities | 154,418 | 185,660 | ||
Assets, Carrying Value [Abstract] | ||||
Loans held for investment, net of allowance for credit losses of $204,809 (December 31, 2019 - $116,539) | 6,501,259 | 6,641,847 | ||
Accrued interest receivable | 65,547 | 36,781 | ||
Servicing assets, carrying value | 47,295 | 50,779 | ||
Account receivable and other assets, carrying value | 78,845 | 78,595 | ||
Liabilities, Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 8,415,640 | 7,698,610 | ||
Securities Sold under Agreements to Repurchase | 0 | 190,274 | ||
Advances from FHLB | 65,561 | 78,009 | ||
Other Borrowings | 707 | 1,195 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Accrued expenses and other liabilities | $ 154,418 | $ 185,660 |
Banking and Financial Service_3
Banking and Financial Service Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Banking service revenues: | |||
Checking accounts fees | $ 8,577 | $ 6,003 | $ 5,878 |
Savings accounts fees | 1,451 | 658 | 635 |
Electronic Banking Fees | 47,542 | 32,282 | 32,431 |
Credit Life Commissions | 254 | 531 | 541 |
Branch service commissions | 1,462 | 1,491 | 1,581 |
Servicing and other loan fees | 2,485 | 1,367 | 1,844 |
International fees | 623 | 521 | 718 |
Miscellaneous income | 185 | 13 | 10 |
Total Banking Service Revenues | 62,579 | 42,866 | 43,638 |
Wealth management revenues: | |||
Insurance income | 13,618 | 6,826 | 6,956 |
Broker fees | 6,828 | 7,544 | 6,996 |
Trust fees | 10,446 | 10,922 | 10,878 |
Retirement plan and administration fees | 897 | 932 | 1,095 |
Investment Banking Fees | 0 | 0 | 9 |
Total Wealth Management Revenue | 31,789 | 26,224 | 25,934 |
Mortgage banking activities: | |||
Net servicing fees | 12,120 | 3,854 | 5,024 |
Net gains on sale of mortgage loans and valuation | 4,437 | 527 | 305 |
Other | (53) | (106) | (562) |
Total mortgage banking activities | 16,504 | 4,275 | 4,767 |
Total banking and financial service revenues | $ 110,872 | $ 73,365 | $ 74,339 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 473,347 | $ 373,795 | $ 360,419 |
Interest expense | (64,915) | (51,002) | (44,525) |
Net interest income | 408,432 | 322,793 | 315,894 |
Provision for loan and lease losses, net | (92,672) | (96,792) | (56,108) |
Non-interest income | 124,352 | 82,493 | 80,095 |
Non-interest expenses | (345,286) | (233,244) | (207,081) |
Income (loss) before income taxes | 94,826 | 75,250 | 132,800 |
Income tax expense (benefit) | 20,499 | 21,409 | 48,390 |
Net income | 74,327 | 53,841 | 84,410 |
Total assets | 9,826,011 | 9,297,661 | 6,583,352 |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 473,347 | 373,795 | 360,419 |
Interest expense | (64,915) | (51,002) | (44,525) |
Net interest income | 408,432 | 322,793 | 315,894 |
Provision for loan and lease losses, net | (92,672) | (96,792) | (56,108) |
Non-interest income | 124,352 | 82,493 | 80,095 |
Non-interest expenses | (345,286) | (233,244) | (207,081) |
Income (loss) before income taxes | 94,826 | 75,250 | 132,800 |
Income tax expense (benefit) | 20,499 | 21,409 | 48,390 |
Net income | 74,327 | 53,841 | 84,410 |
Total assets | 10,947,248 | 10,384,869 | 7,597,279 |
Operating Segments [Member] | Intersegment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,443 | 2,207 | 2,126 |
Expenses | (2,443) | 2,207 | (2,126) |
Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 0 | ||
Interest expense | 0 | ||
Net interest income | 0 | ||
Provision for loan and lease losses, net | 0 | ||
Non-interest income | 0 | ||
Non-interest expenses | 0 | ||
Revenues | (2,443) | (2,207) | (2,126) |
Expenses | 2,443 | 2,207 | 2,126 |
Income (loss) before income taxes | 0 | ||
Income tax expense (benefit) | 0 | ||
Net income | 0 | ||
Total assets | (1,121,237) | (1,087,208) | (1,013,927) |
Banking [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 462,493 | 337,448 | 320,084 |
Interest expense | (57,811) | (36,023) | (29,746) |
Net interest income | 404,682 | 301,425 | 290,338 |
Provision for loan and lease losses, net | (92,237) | (96,504) | (55,885) |
Non-interest income | 87,810 | 47,517 | 53,592 |
Non-interest expenses | (320,997) | (211,755) | (186,460) |
Income (loss) before income taxes | 81,701 | 42,890 | 103,711 |
Income tax expense (benefit) | 15,939 | 16,084 | 40,447 |
Net income | 65,762 | 26,806 | 63,264 |
Total assets | 8,478,326 | 7,486,314 | 5,863,067 |
Banking [Member] | Operating Segments [Member] | Intersegment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,443 | 2,207 | 2,126 |
Expenses | 0 | 0 | 0 |
Wealth Management [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 59 | 69 | 46 |
Interest expense | 0 | 0 | 0 |
Net interest income | 59 | 69 | 46 |
Provision for loan and lease losses, net | 0 | 0 | 0 |
Non-interest income | 32,043 | 26,649 | 26,457 |
Non-interest expenses | (20,240) | (17,163) | (16,440) |
Income (loss) before income taxes | 10,698 | 8,903 | 9,275 |
Income tax expense (benefit) | 4,506 | 3,339 | 3,617 |
Net income | 6,192 | 5,564 | 5,658 |
Total assets | 32,893 | 33,369 | 25,757 |
Wealth Management [Member] | Operating Segments [Member] | Intersegment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Expenses | (1,164) | (652) | (788) |
Treasury [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income | 10,795 | 36,278 | 40,289 |
Interest expense | (7,104) | (14,979) | (14,779) |
Net interest income | 3,691 | 21,299 | 25,510 |
Provision for loan and lease losses, net | (435) | (288) | (223) |
Non-interest income | 4,499 | 8,327 | 46 |
Non-interest expenses | (4,049) | (4,326) | (4,181) |
Income (loss) before income taxes | 2,427 | 23,457 | 19,814 |
Income tax expense (benefit) | 54 | 1,986 | 4,326 |
Net income | 2,373 | 21,471 | 15,488 |
Total assets | 2,436,029 | 2,865,186 | 1,708,455 |
Treasury [Member] | Operating Segments [Member] | Intersegment [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | 0 |
Expenses | $ (1,279) | $ (1,555) | $ (1,338) |
OFG Bancorp (Holding Company _3
OFG Bancorp (Holding Company Only) Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsidiary Or Equity Method Investee [Line Items] | |||
Dividends And Interest Paid | $ 26.1 | $ 20 | $ 37.7 |
Oriental Insurance [Member] | |||
Subsidiary Or Equity Method Investee [Line Items] | |||
Dividends And Interest Paid | $ 4 | $ 6 | $ 4 |
OFG Bancorp (Holding Company _4
OFG Bancorp (Holding Company Only) Financial Information (Condensed Statements Of Financial Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | ||||
Cash and due from banks | $ 2,142,294 | $ 844,532 | $ 442,103 | |
Deferred tax asset, net | 162,478 | 176,740 | ||
Other assets | 143,076 | 135,845 | ||
Total assets | 9,826,011 | 9,297,661 | 6,583,352 | |
Liabilities and Stockholders' Equity [Abstract] | ||||
Accrued expenses and other liabilities | 154,418 | 185,660 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Total liabilities | 8,740,036 | 8,252,183 | ||
Stockholders' Equity | 1,085,975 | 1,045,478 | 999,877 | |
Total liabilities and stockholders' equity | 9,826,011 | 9,297,661 | ||
Parent Company [Member] | ||||
Assets [Abstract] | ||||
Cash and due from banks | 26,529 | 27,932 | $ 39,207 | $ 24,430 |
Investment in bank subsidiary, equity method | 1,064,671 | 1,027,633 | ||
Investment in nonbank subsidiaries, equity method | 32,293 | 32,803 | ||
Due From Bank Subsidiary | 2,024 | 40 | ||
Deferred tax asset, net | 2,637 | 0 | ||
Other assets | 942 | 676 | ||
Total assets | 1,129,096 | 1,089,084 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Dividends Payable | 5,223 | 5,222 | ||
Accrued expenses and other liabilities | 1,816 | 2,301 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Total liabilities | 43,122 | 43,606 | ||
Stockholders' Equity | 1,085,974 | 1,045,478 | ||
Total liabilities and stockholders' equity | $ 1,129,096 | $ 1,089,084 |
OFG Bancorp (Holding Company _5
OFG Bancorp (Holding Company Only) Financial Information (Condensed Statement Of Operations Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income: | |||
Investment trading activities, net and other | $ 8,354 | $ 14,066 | $ 7,848 |
Expenses: | |||
Interest expense | 64,915 | 51,002 | 44,525 |
Income before income taxes | 94,826 | 75,250 | 132,800 |
Income tax expense | 20,499 | 21,409 | 48,390 |
Net income | 74,327 | 53,841 | 84,410 |
Parent Company [Member] | |||
Income: | |||
Interest income | 86 | 828 | 477 |
Investment trading activities, net and other | 6,583 | 5,308 | 6,003 |
Total income | 6,669 | 6,136 | 6,480 |
Expenses: | |||
Interest expense | 1,394 | 2,012 | 1,905 |
Operating expenses | 7,483 | 7,516 | 7,980 |
Total expenses | 8,877 | 9,528 | 9,885 |
Income before income taxes | (2,208) | (3,392) | (3,405) |
Income tax expense | (1,363) | 1,705 | 2,400 |
Loss before changes in undistributed earnings of subsidiaries | (845) | (5,097) | (5,805) |
Net income | 74,327 | 53,841 | 84,410 |
Bank Subsidiary [Member] | |||
Expenses: | |||
Loss before changes in undistributed earnings of subsidiaries | 74,899 | 56,114 | 87,128 |
Net income | 74,899 | 56,114 | 87,128 |
Nonbank Subsidiaries [Member] | |||
Expenses: | |||
Loss before changes in undistributed earnings of subsidiaries | 273 | 2,824 | 3,087 |
Net income | $ 273 | $ 2,824 | $ 3,087 |
OFG Bancorp (Holding Company _6
OFG Bancorp (Holding Company Only) Financial Information (Condensed Statement Of Comprehensive Income Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Statement Of Income Captions [Line Items] | |||
Net income | $ 74,327 | $ 53,841 | $ 84,410 |
Other comprehensive income (loss) before tax: | |||
Other comprehensive income (loss) before taxes | 13,764 | 11,427 | (9,127) |
Income tax effect | (1,734) | (1,472) | 1,113 |
Other comprehensive income (loss) after taxes | 12,030 | 9,955 | (8,014) |
Comprehensive income | 86,357 | 63,796 | 76,396 |
Parent Company [Member] | |||
Condensed Statement Of Income Captions [Line Items] | |||
Net income | 74,327 | 53,841 | 84,410 |
Other comprehensive income (loss) before tax: | |||
Other comprehensive income (loss) from bank subsidiary | 12,030 | 9,955 | (8,014) |
Other comprehensive income (loss) before taxes | 12,030 | 9,955 | (8,014) |
Income tax effect | 0 | 0 | 0 |
Other comprehensive income (loss) after taxes | 12,030 | 9,955 | (8,014) |
Comprehensive income | $ 86,357 | $ 63,796 | $ 76,396 |
OFG Bancorp (Holding Company _7
OFG Bancorp (Holding Company Only) Financial Information (Condensed Statement Of Cash Flows Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 74,327 | $ 53,841 | $ 84,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 2,170 | 2,134 | 1,401 |
Deferred income tax expense, net | 27,846 | (4,068) | 14,772 |
Net (increase) decrease in other assets | (7,199) | (1,957) | 5,486 |
Net (decrease) increase in accrued expenses and other liabilities | (17,436) | (27,761) | (2,028) |
Net cash (used in) provided by operating activities | (88,621) | 109,617 | 133,355 |
Cash flows from investing activities: | |||
Proceeds from sales of premises and equipment | 52 | 2,225 | 1,668 |
Additions to premises and equipment | (15,263) | (12,966) | (11,491) |
Net cash provided by (used in) investing activities | 881,082 | 842,173 | (488,767) |
Cash flows from financing activities: | |||
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net | 583 | 1,294 | 508 |
Net cash provided by (used in) financing activities | 510,359 | (549,096) | 317,242 |
Cash and cash equivalents at beginning of year | 844,532 | 442,103 | |
Cash and cash equivalents at end of year | 2,142,294 | 844,532 | 442,103 |
Parent Company [Member] | |||
Cash flows from operating activities: | |||
Net income | 74,327 | 53,841 | 84,410 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings from subsidiary | (845) | (5,097) | (5,805) |
Stock-based compensation | 2,170 | 2,134 | 1,401 |
Deferred income tax expense, net | (2,637) | 0 | 2,230 |
Net (increase) decrease in other assets | 12 | 458 | 372 |
Net (decrease) increase in accrued expenses and other liabilities | (486) | 64 | 203 |
Net cash (used in) provided by operating activities | 33,845 | 23,576 | 40,101 |
Cash flows from investing activities: | |||
Net increase in due from bank subsidiary, net | (1,984) | 0 | 0 |
Net decrease (increase) in due to non-bank subsidiary, net | 0 | (14) | 14 |
Proceeds from sales of premises and equipment | 282 | 310 | 200 |
Additions to premises and equipment | (295) | (319) | (97) |
Net cash provided by (used in) investing activities | (12,713) | (15,261) | (1,012) |
Cash flows from financing activities: | |||
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net | 583 | 1,294 | 508 |
Purchase of treasury stock | (2,226) | 0 | 0 |
Dividends paid | (20,892) | (20,884) | (24,820) |
Net cash provided by (used in) financing activities | (22,535) | (19,590) | (24,312) |
Net change in cash and cash equivalents | (1,403) | (11,275) | 14,777 |
Cash and cash equivalents at beginning of year | 27,932 | 39,207 | 24,430 |
Cash and cash equivalents at end of year | 26,529 | 27,932 | 39,207 |
Bank Subsidiary [Member] | |||
Cash flows from operating activities: | |||
Net income | 74,899 | 56,114 | 87,128 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings from subsidiary | 74,899 | 56,114 | 87,128 |
Dividends from subsidiary | 26,100 | 20,000 | 37,700 |
Cash flows from investing activities: | |||
Capital contribution to banking subsidiary | (1,703) | (1,720) | (1,105) |
Nonbank Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net income | 273 | 2,824 | 3,087 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings from subsidiary | 273 | 2,824 | 3,087 |
Dividends from subsidiary | 9,531 | 6,017 | 4,000 |
Cash flows from investing activities: | |||
Capital contribution to banking subsidiary | $ (9,013) | $ (13,518) | $ (24) |