Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | OFG BANCORP | ||
Entity Central Index Key | 1,030,469 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 51,318,899 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 618 | ||
Trading Symbol | OFG |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | ||
Cash and Due from Banks | $ 442,103 | $ 478,182 |
Money market investments | 4,930 | 7,021 |
Total cash and cash equivalents | 447,033 | 485,203 |
Restricted Cash | 3,030 | 3,030 |
Investments: | ||
Trading Securities, at fair value | 360 | 191 |
Investment securities available-for-sale, at fair value | 841,857 | 645,797 |
Investment securities held-to-maturity, at amortized cost | 424,740 | 506,064 |
Federal Home Loan Bank (FHLB) stock, at cost | 12,644 | 13,995 |
Other investments | 3 | 3 |
Total investments | 1,279,604 | 1,166,050 |
Loans: | ||
Loans held-for-sale, at lower of cost or fair value | 10,368 | 12,272 |
Loans held for investment, net of allowance | 4,421,226 | 4,044,057 |
Total loans, net | 4,431,594 | 4,056,329 |
Other asset [Abstract] | ||
Foreclosed real estate | 33,768 | 44,174 |
Accrued interest receivable | 34,254 | 49,969 |
Deferred tax asset, net | 113,763 | 127,421 |
Premises and equipment, net | 68,892 | 67,860 |
Customers' liability on acceptances | 16,937 | 27,663 |
Servicing Assets | 10,716 | 9,821 |
Derivative assets | 347 | 771 |
Goodwill | 86,069 | 86,069 |
Other assets | 57,345 | 64,693 |
Total assets | 6,583,352 | 6,189,053 |
Deposits: | ||
Demand deposits | 2,191,802 | 2,039,126 |
Savings accounts | 1,212,259 | 1,251,398 |
Tme Deposits | 1,504,054 | 1,508,958 |
Total deposits | 4,908,115 | 4,799,482 |
Borrowings: | ||
Securities Sold under Agreements to Repurchase | 455,508 | 192,869 |
Advances from FHLB | 77,620 | 99,643 |
Subordinated capital notes | 36,083 | 36,083 |
Other borrowings | 1,214 | 153 |
Total borrowings | 570,425 | 328,748 |
Derivative liabilities | 333 | 1,281 |
Acceptances executed and outstanding | 16,937 | 27,644 |
Accrued expenses and other liabilities | 87,665 | 86,791 |
Total liabilities | 5,583,475 | 5,243,946 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred Stock | 92,000 | 176,000 |
84,000 shares of Series C issued and outstanding at December 31, 2017 $1,000 liquidation value | 0 | 84,000 |
Common stock, $1 par value; 100,000,000 shares authorized; 59,885,234 shares issued: 51,293,924 shares outstanding (December 31, 2017 - 52,625,869; 43,947,442) | 59,885 | 52,626 |
Additional paid-in capital | 619,381 | 541,600 |
Legal surplus | 90,167 | 81,454 |
Retained earnings | 253,040 | 200,878 |
Treasury stock, at cost, 8,591,310 shares (December 31, 2017 - 8,678,427 shares) | (103,633) | (104,502) |
Accumulated other comprehensive (loss), net of tax of $1,677 (December 31, 2017 - $564) | (10,963) | (2,949) |
Total stockholders' equity | 999,877 | 945,107 |
Total liabilities and stockholders' equity | 6,583,352 | 6,189,053 |
Preferred Stock Series A and B [Member] | ||
Stockholders' equity: | ||
Preferred Stock | 92,000 | 92,000 |
Series C Preferred Stock [Member] | ||
Stockholders' equity: | ||
84,000 shares of Series C issued and outstanding at December 31, 2017 $1,000 liquidation value | $ 0 | $ 84,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Amortized cost of trading securities | $ 647,000 | $ 647,000 |
Amortized cost of investment securities available-for-sale | 854,511,000 | 648,800,000 |
Fair value of held to maturity securities | 410,353,000 | 497,681,000 |
Allowance for loan and lease losses | $ 164,231,000 | $ 167,509,000 |
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 | 52,625,869 |
Common stock, shares outstanding | 51,293,924 | 43,947,442 |
Treasury stock, at cost, shares | 8,591,310 | 8,678,427 |
Tax effect on accumulated other comprehensive income (loss) | $ (1,677,000) | $ (564,000) |
Series A Preferred Stock | ||
Preferred stock, shares issued | 1,340,000 | 1,340,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series B Preferred Stock | ||
Preferred stock, shares issued | 1,380,000 | 1,380,000 |
Preferred stock, liquidation value | $ 25 | $ 25 |
Series C Convertible Preferred Stock | ||
Preferred stock, shares issued | 0 | 84,000 |
Preferred stock, liquidation value | $ 0 | $ 1,000 |
Series D Preferred Stock Member | ||
Preferred stock, shares issued | 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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest income: | |||
Loans | $ 321,381 | $ 312,421 | $ 321,945 |
Mortgage-backed securities | 31,190 | 26,994 | 30,522 |
Investment securities | 7,848 | 6,232 | 4,125 |
Total interest income | 360,419 | 345,647 | 356,592 |
Interest expense: | |||
Deposits | 32,953 | 30,298 | 29,253 |
Securities sold under agreements to repurchase | 7,794 | 7,223 | 18,805 |
Advances from FHLB and other borrowings | 1,875 | 2,398 | 6,186 |
Subordinated capital notes | 1,903 | 1,556 | 2,921 |
Total interest expense | 44,525 | 41,475 | 57,165 |
Net interest income | 315,894 | 304,172 | 299,427 |
Provision for Loan, Lease, and Other Losses | 56,108 | 113,139 | 65,076 |
Net interest income after provision for loan and lease losses | 259,786 | 191,033 | 234,351 |
Non-interest income: | |||
Banking service revenues | 43,638 | 39,468 | 41,647 |
Wealth management revenue | 25,934 | 25,790 | 27,433 |
Mortgage banking activities | 4,767 | 4,050 | 5,021 |
Total Banking and Financial Service Revenues | 74,339 | 69,308 | 74,101 |
FDIC shared-loss benefit (expense), net [Abstract] | |||
FDIC shared-loss benefit (expense), net | 0 | 1,403 | (13,581) |
Net gain (loss) on: | |||
Sale of securities | 0 | 6,896 | 12,207 |
Derivatives | 0 | 132 | (71) |
Early extinguishment of debt | 0 | (80) | (12,000) |
Other non-interest income | 5,756 | 1,028 | 6,163 |
Total non-interest income, net | 80,095 | 78,687 | 66,819 |
Non-interest expense: | |||
Compensation and employee benefits | 76,524 | 79,751 | 76,761 |
Occupancy and equipment | 33,084 | 32,557 | 30,300 |
Electronic banking charges | 21,234 | 19,322 | 20,707 |
Professional and service fees | 12,442 | 12,406 | 12,235 |
Taxes, other than payroll and income taxes | 9,017 | 9,187 | 9,782 |
Credit related expenses | 8,890 | 7,992 | 10,267 |
Information technology related expenses | 8,227 | 8,010 | 7,116 |
Insurance | 6,249 | 5,223 | 9,109 |
Advertising, business promotion, and strategic initiatives | 5,084 | 5,616 | 5,485 |
Loan servicing and clearing expenses | 4,810 | 4,693 | 8,247 |
Loss on sale of foreclosed real estate and other reossessed assets | 4,662 | 4,634 | 10,282 |
Communication | 3,447 | 3,415 | 3,379 |
Printing, postage, stationary and supplies | 2,217 | 2,437 | 2,558 |
Other | 10,105 | 5,316 | 8,675 |
Director and investors relations | 1,089 | 1,072 | 1,087 |
Total non-interest expense | 207,081 | 201,631 | 215,990 |
Income before income taxes | 132,800 | 68,089 | 85,180 |
Income tax expense | 48,390 | 15,443 | 25,994 |
Net income | 84,410 | 52,646 | 59,186 |
Dividends on preferred stock | (12,024) | (13,862) | (13,862) |
Income (loss) available to common shareholders | $ 72,386 | $ 38,784 | $ 45,324 |
Earnings per common share: | |||
Basic | $ 1.59 | $ 0.88 | $ 1.03 |
Diluted | $ 1.52 | $ 0.88 | $ 1.03 |
Average common shares outstanding and equivalents | 51,349 | 51,096 | 51,088 |
Cash dividends per share of common stock | $ 0.25 | $ 0.24 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | |||
Net income | $ 84,410 | $ 52,646 | $ 59,186 |
Other comprehensive income (loss) before tax: | |||
Unrealized (loss) gain on securities available-for-sale | (9,651) | 2,276 | (5,023) |
Realized gain on investment securities included in net income | 0 | (6,896) | (12,207) |
Unrealized gain on cash flow hedges | 524 | 494 | 3,303 |
Other comprehensive (loss) income before taxes | (9,127) | (4,126) | (13,927) |
Income tax effect | 1,113 | (419) | 1,526 |
Other Comprehensive (Loss) Income After taxes | (8,014) | (4,545) | (12,401) |
Comprehensive income | $ 76,396 | $ 48,101 | $ 46,785 |
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] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning Balance at Dec. 31, 2015 | $ 176,000 | $ 52,626 | $ 540,512 | $ 70,435 | $ 148,886 | $ (105,379) | $ 13,997 | |
Conversion of convertible preferred stocks to common stocks | 0 | 0 | ||||||
Preferred stocks converted to common stocks | 0 | |||||||
Stock-based compensation expense | 1,270 | |||||||
Stock-based compensation excess tax benefit recognized in income | 0 | |||||||
Lapsed restricted stock units | (834) | 519 | ||||||
Transfer from retained earnings/transfer to legal surplus | 5,858 | (5,858) | ||||||
Net income | $ 59,186 | 59,186 | ||||||
Cash dividends declared on common stock | (10,544) | |||||||
Cash dividends declared on preferred stock | (13,862) | |||||||
Other comprehensive (loss) income, net of tax | (12,401) | (12,401) | ||||||
Ending Balance at Dec. 31, 2016 | 920,411 | 176,000 | 52,626 | 540,948 | 76,293 | 177,808 | (104,860) | 1,596 |
Conversion of convertible preferred stocks to common stocks | 0 | 0 | ||||||
Preferred stocks converted to common stocks | 0 | |||||||
Stock-based compensation expense | 1,109 | |||||||
Stock-based compensation excess tax benefit recognized in income | (99) | (99) | ||||||
Lapsed restricted stock units | (358) | 358 | ||||||
Transfer from retained earnings/transfer to legal surplus | 5,161 | (5,161) | ||||||
Net income | 52,646 | 52,646 | ||||||
Cash dividends declared on common stock | (10,553) | |||||||
Cash dividends declared on preferred stock | (13,862) | |||||||
Other comprehensive (loss) income, net of tax | (4,545) | (4,545) | ||||||
Ending Balance at Dec. 31, 2017 | 945,107 | 176,000 | 52,626 | 541,600 | 81,454 | 200,878 | (104,502) | (2,949) |
Conversion of convertible preferred stocks to common stocks | (84,000) | 76,741 | ||||||
Preferred stocks converted to common stocks | 7,259 | |||||||
Stock-based compensation expense | 1,401 | |||||||
Stock-based compensation excess tax benefit recognized in income | 0 | 0 | ||||||
Lapsed restricted stock units | (361) | 869 | ||||||
Transfer from retained earnings/transfer to legal surplus | 8,713 | (8,713) | ||||||
Net income | 84,410 | 84,410 | ||||||
Cash dividends declared on common stock | (11,511) | |||||||
Cash dividends declared on preferred stock | (12,024) | |||||||
Other comprehensive (loss) income, 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 | $ (103,633) | $ (10,963) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 84,410 | $ 52,646 | $ 59,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred loan origination fees and fair value premiums on acquired loans | 4,605 | 3,537 | 3,548 |
Amortization of investment securities premiums, net of accretion of discounts | 5,753 | 7,865 | 8,540 |
Amortization of core deposit and customer relationship intangibles | 1,319 | 1,473 | 1,677 |
Amortization of fair value premiums on acquired deposits | 0 | 0 | 340 |
FDIC shared-loss (benefit) expense | 0 | (1,403) | 13,581 |
Depreciation and amortization of premises and equipment | 8,898 | 8,986 | 9,420 |
Deferred income tax expense, net | 14,772 | (3,658) | 23,226 |
Provision for loan and lease losses | 56,108 | 113,139 | 65,076 |
Stock-based compensation | 1,401 | 1,109 | 1,270 |
Stock-based compensation excess tax benefit recognized in income | 0 | (99) | |
(Gain) loss on: | |||
Sale of loans | (301) | (955) | (1,570) |
Derivatives | 0 | (103) | 181 |
Sale of securities | 0 | (6,896) | (12,207) |
Early extinguishment of debt | 0 | 80 | 12,000 |
Foreclosed real estate and other repossessed assets | 3,405 | 4,964 | 11,934 |
Sale Of Other Assets | (107) | (539) | 12 |
Sale of other repossesed assets | 1,257 | 57 | (1,623) |
Originations of loans held-for-sale | (95,520) | (116,020) | (179,430) |
Proceeds from sale of loans held-for-sale | 27,757 | 75,637 | 69,862 |
Net (increase) decrease in: | |||
Trading securities | (169) | 156 | (59) |
Accrued interest receivable | 15,715 | (29,742) | 410 |
Servicing assets | (895) | 37 | (2,403) |
Other assets | 5,486 | 13,675 | (7,941) |
Net increase (decrease) in: | |||
Accrued interest on deposits and borrowings | 1,489 | (937) | (862) |
Accrued expenses and other liabilities | (2,028) | 28,431 | 4,344 |
Net cash provided by operating activities | 133,355 | 151,440 | 78,512 |
Purchases of: | |||
Investment securities available-for-sale | (271,639) | (182,054) | (119,544) |
Investment securities held-to-maturity | 0 | 0 | (86,478) |
FHLB stock | (113,731) | (31,950) | (20,421) |
Maturities and redemptions of: | |||
Investment securities available-for-sale | 120,709 | 105,169 | 145,512 |
Investments securities held-to-maturity | 77,583 | 88,726 | 101,965 |
FHLB Stock | 115,082 | 28,748 | 30,411 |
Proceeds from sale of: | |||
Investment securities available for sale | 17,837 | 256,996 | 300,483 |
Foreclosed real estate and other repossessed assets, including write-offs | 51,057 | 40,051 | 47,507 |
Proceeds From Sale And Collection of Loans Held for Sale | 0 | 0 | 123,137 |
Premises and equipment | 1,668 | 569 | 48 |
Origination and purchase of loans, excluding loans held-for-sale | (1,315,906) | (801,766) | (768,353) |
Principal repayment of loans | 840,064 | 699,409 | 817,199 |
(Repayment to) reimbursement to the FDIC for the termination of shared-loss agreements | 0 | (10,125) | 1,573 |
Additions to premises and equipment | (11,491) | (6,469) | (5,297) |
Net change in restricted cash | 0 | 0 | 319 |
Net cash (used in) provided by investing activities | (488,767) | 187,304 | 568,061 |
Net increase (decrease) in: | |||
Deposits | 100,147 | 125,991 | (61,078) |
Securities sold under agreements to repurchase | 262,223 | (459,815) | (292,264) |
FHLB advances, federal funds purchased, and other borrowings | (20,816) | (5,741) | (228,633) |
Subordinated capital notes | 0 | 0 | (66,550) |
Restricted units lapsed | 508 | 0 | (315) |
Dividends paid on preferred stock | (12,024) | (13,862) | (13,862) |
Dividends paid on common stock | (12,796) | (10,553) | (10,141) |
Net cash provided by (used in) financing activities | 317,242 | (363,980) | (672,843) |
Net change in cash, cash equivalents and restricted cash | (38,170) | (25,236) | (26,270) |
Cash, cash equivalents and restricted cash at beginning of year | 488,233 | 513,469 | 539,739 |
Cash, cash equivalents and restricted cash at end of year | 450,063 | 488,233 | 513,469 |
Supplemental Cash Flow Disclosure and Schedule of Non-cash Activities: | |||
Interest paid net | 41,318 | 40,570 | 56,302 |
Income Taxes Paid | 17,778 | 30 | 10,051 |
Mortgage loans securitized into mortgage-backed securities | 74,630 | 74,919 | 112,071 |
Transfer from loans to foreclosed real estate and other repossessed assets | 47,084 | 43,163 | 45,538 |
Reclassification of loans held-for-investment portfolio to held-for-sale portfolio | 5,795 | 33,647 | 123,137 |
Reclassification of loans held-for-sale portfolio to investment portfolio | 1,247 | 293 | 182 |
Conversion of convertible preferred stock into common stock | 84,000 | 0 | 0 |
Financed sales of foreclosed real estate | 2,333 | 1,113 | 2,212 |
Loans booked under the GNMA buy-back option | 13,325 | 8,268 | 9,681 |
Interest capitalized on loans subject to the temporary payment moratorium | $ 0 | $ 39,701 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
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 securit ies broker-dealer, Oriental Financial Services Corp. (“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”). Through these subsidiaries and their respective divisions, Oriental provides a wide range of banking and financial services such as commercial, consumer and mort gage 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 its subsidiaries are located in San Juan, Puerto Rico, except for OPC, which is located in Boca Raton, Florida. 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, which is a commercial lender organized in Delaware and based in Cornelius, North Carolina. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are international banking entities licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advant ages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. Oriental Financial Services is a securities broker-dealer and is subject to the supervision, examination an d 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 s upervision, 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, and the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administr ation (“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 securiti zed 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 se curities. 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. During 2016, Oriental began s ervicing most of its mortgage loan portfolio. On December 18, 2012, Orien t al 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 Puer to 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 “BBV APR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as the “BBVAPR Companies” or “BBVAPR.” 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. 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 o f 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 te rm relate mainly to the determination of the allowance for loan and lease losses, the valuation of securities and derivative instruments, revisions to expected cash flows in acquired loans, the determination of income taxes, other-than-temporary impairment of securities, and goodwill valuation and impairment assessment. Cash Equivalents 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. E arnings 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 s imilar 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 sto ck 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 consolida ted financial statements. Securities Purchased/Sold Under Agreements to Resell/Repurchase Oriental purchases securities under agreements to resell the same or similar securities. Amounts advanced under these agreements represent short-term loans and ar e reflected as assets in the consolidated statements of financial condition. It is Oriental’s policy to take possession of securities purchased under resale agreements while the counterparty retains effective control over the securities. Oriental monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requests additional collateral when deemed appropriate. Oriental also sells securities under agreements to repurchase the same or similar securities. Oriental retains effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the ob ligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral. Investment Securities Securities are classified as held-to-maturity, available-for-sale or trading. Securities for which Oriental has the intent and ability to hold until maturity are classified as held-to-maturity and are carri ed at amortized cost. Securities that might be sold prior to maturity because of interest rate changes to meet liquidity needs or to better match the repricing characteristics of funding sources are classified as available-for-sale. These securities are re ported at fair value, with unrealized gains and losses excluded from earnings and reported net of tax in other comprehensive income (loss). Oriental classifies as trading those securities that are acquired and held principally for the purpose of selling them in the near future . These securities are carried at fair value with realized and unrealized changes in fair value included in earnings in the period in which the changes occur. Oriental’s investment in the Federal Home Loan Bank of New York (“FHLB-NY ”) stock, a restricted security, has no readily determinable fair value and can only be sold back to the FHLB-NY at cost. Therefore, these stock shares are deemed to be nonmarketable equity securities and are carried at cost. Premiums and discounts are a mortized 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. The cost of securities sold is determined by the specific identification method. Financial Instruments Certain financial inst ruments, 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 con tracts 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 val ue 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 q uoted 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 an d 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 th e 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) de bt 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 liabilitie s 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 1, Level 2, or Level 3 for finan cial instruments measured at fair value on a recurring basis during the years ended December 31 , 2018 , 2017 , and 2016 . 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 Oriental conducts periodic reviews to identify and evaluate each investment in an unrealized loss position for other-than-temporary impairment. Oriental separates the amount of total impairment into credit and noncredi t-related amounts. The term “other-than-temporary impairment” is not intended to indicate that the decline is permanent but indicates that the prospects for a near-term recovery of value is not favorable, or that there is a lack of evidence to support a re alizable value equal to or greater than the carrying value of the investment. Any portion of a decline in value associated with a credit loss is recognized in income, while the remaining noncredit-related component is recognized in other comprehensive inco me (loss). A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered by comparing it to the present value of cash flows expected to be collected from the security discounted at the rate equal to the yield u sed to accrete current and prospective beneficial interest for the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is considered to be the “credit loss.” Oriental’s review fo r impairment generally entails, but is not limited to: • the identification and evaluation of investments that have indications of possible other-than-temporary impairment; • the analysis of individual investments that have fair values less than amort ized cost, including consideration of the length of time the investment has been in an unrealized loss position, and the expected recovery period; • the financial condition of the issuer or issuers; • the creditworthiness of the obligor of the security ; • actual collateral attributes; • any rating changes by a rating agency; • current analysts’ evaluations; • the payment structure of the debt security and the likelihood of the issuer being able to make payments; • current market conditions; • adverse conditions specifically related to the security, industry, or a geographic area; • Oriental’s intent to sell the debt security; • whether it is more-likely-than-not that Oriental will be required to sell the debt security before its anticipated recovery; and • other qualitative factors that could support or not an other -than-temporary impairment. Deri vative 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. Ori ental’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 inter est 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 subs tantially 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 intere st-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, r espectively, 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 in volve 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 note s 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 purchas ed 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 ha ve 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 gener ally 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 counterpar ties. 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 wi ll 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 inc ludes 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 a nd 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); (i i) 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 develop ed 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. 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 accruals for such risks if and when these are deemed necessary. Mortgage Banking Ac tivities 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 aggregat e. 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 originate d 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 Extinguis hment 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 t o 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 ass ets 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 mat urity. 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 federal and Puerto Rico income tax purposes, Oriental treats the transfers of loans which do not qualify as “true sales” under the applicable accounting guidance, as sales, recognizing a deferred tax asset or liability on the transaction. For transfers of financial assets th at 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 applic able; 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 i nterests 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 th e 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 se curities, 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 suc h 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 O riental 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 opt ion 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 elig ible 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 a re 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 repres entation 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 liabil ity 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 b orrowers 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 mort gage 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 (categorized in the line item "mortgage banking activities" in the consoli dated 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. Statistical methods are used to estimate the recourse liability. 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 within the f ollowing twelve-month period. 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 expect ed 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 sepa rately 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 s ervicing 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 fluct uations 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 servici ng cash flows, taking into consideration actual and expected loan prepayment rates, dis |
Significant Events
Significant Events | 12 Months Ended |
Dec. 31, 2018 | |
Significant Events [Abstract] | |
Significant Events | NOTE 2 – SIGNIFICANT EVENTS Hurricanes Irma and Maria During 2017, Oriental was impacted by hurricanes Irma and Maria, which struck the Island on September 7, 2017 and September 20, 2017, respectively. Hurricane Maria caused catastrophic damages throughout Puerto Rico, including homes, businesses, roads, bridges, power lines, commercial establishments, and public facilities. It caused an unprecedented crisis when it ravaged the Island’s electric power grid less than two weeks after hurricane Irma left over a million Puerto Rico residents without power. For several months after the hurricanes, a large part of Puerto Rico was without electricity, many businesses were unable to operate, and government authorities struggled to deliver emergency supplie s and clean drinking water to many communities outside the San Juan metropolitan area. Further, payment and delivery systems, including the U.S. Post Office, were unable to operate for weeks after hurricane Maria. Almost all of Oriental’s operation s and clients are located in Puerto Rico. Although Oriental’s business operations were disrupted by major damages to Puerto Rico’s critical infrastructure, including its electric power grid and telecommunications network, Oriental’s digital channels, core banking and electronic funds transfer systems continued to function uninterrupted during and after the hurricanes. Within days after hurricane Maria, and upon securing a continuing supply of diesel fuel for its electric power generators, Oriental was able to open its main offices and many of its branches and ATMs in addition to its digital and phone trade channels. As a result of this event and, based on current assessments of information available for the impact of the hurricanes on our credit portfolio, 2017 results included an additional loan loss provision of $ 32.4 million. Oriental implemented its disaster response plan as these storms approached its service areas. To operate in disaster response mode, Oriental incurred expenses for, among other things, buying diesel and generators for electric power, debris removal, security m easures , property damage mitigation , and emergency communication with customers regarding the status of its banking operations. The estimated total non-credit operating cost s as of December 31 , 2017 amounted to $ 6.6 million . No additional losses have been incurred at December 31 , 2018 . Oriental maintains insurance for casualty losses as well as for disaster response costs and certain revenue lost through business interrupt ion. Oriental received a $ 1.0 million partial payment from its insurance c arrier during the year ended December 2017 and a $ 6.25 million payment during the year ended December 31 , 2018 . At December 31 , 2017 , a receivable of $ 1.2 million was included in other assets , the remaining $ 5 million was recognized as other non-interest income in the statement of operations during 2018 . |
Resticted Cash
Resticted Cash | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash And Investments [Abstract] | |
Resticted Cash Disclosure | NOTE 3 – RESTRICTED CASH The following table includes the composition of Oriental ’s restricted cash : December 31, 2018 2017 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 1,980 $ 1,980 Obligations under agreement of loans sold with recourse 1,050 1,050 $ 3,030 $ 3,030 At December 31 , 2018 , the Bank’s international banking entities, OIB and Oriental Overseas, a division of the Bank, held an unencumbered certificate of deposit and other 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. At December 31 , 2017 , the Bank’s international banking entities, OIB and Oriental Overseas, a division of the Bank, held an unencumbered certificate of deposit and other short-term highly liquid securities in the amount of $ 300 tho usand and $ 325 thousand, respectively, as the legal reserve required for international banking entities under Puerto Rico law. These instruments cannot be withdrawn or transferred by OIB or Oriental Overseas without prior written approval of the Office of the Commissioner of Financial Institutions of Puerto Rico (the " OCFI"). As part of its derivative activities, Oriental has entered into collateral agreements with certain financial counterparties. At both December 31 , 2018 and 2017 , Oriental had deli vered approximately $2.0 million of cash as collateral for such derivatives activities. Oriental has a contract with FNMA which requires collateral to guarantee the repurchase, if necessary, of loans sold with recourse. At both December 31 , 2018 and 2017 , 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 , 2018 was $ 211.6 million ( December 31 , 2017 - $ 189.2 million). At December 31 , 2018 and 2017 , 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, 2018 | |
Investments [Abstract] | |
Investments 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 , 2018 and 2017 , money market instruments included as part of cash and cash equi valents amounted to $4.9 mill ion and $7.0 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 , 2018 and 2017 were as follows: December 31, 2018 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 $ 561,878 $ 404 $ 8,951 $ 553,331 2.59% GNMA certificates 211,947 1,050 2,827 210,170 3.10% CMOs issued by US government-sponsored agencies 66,230 - 2,166 64,064 1.90% Total mortgage-backed securities 840,055 1,454 13,944 827,565 2.66% Investment securities US Treasury securities 10,924 - 119 10,805 1.36% Obligations of US government-sponsored agencies 2,325 - 60 2,265 1.38% Other debt securities 1,207 15 - 1,222 2.99% Total investment securities 14,456 15 179 14,292 1.50% Total securities available for sale $ 854,511 $ 1,469 $ 14,123 $ 841,857 2.64% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 424,740 $ - $ 14,387 $ 410,353 2.07% December 31, 2017 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 $ 383,194 $ 1,402 $ 2,881 $ 381,715 2.39% GNMA certificates 166,436 1,486 584 167,338 2.94% CMOs issued by US government-sponsored agencies 82,026 - 1,955 80,071 1.90% Total mortgage-backed securities 631,656 2,888 5,420 629,124 2.47% Investment securities US Treasury securities 10,276 - 113 10,163 1.25% Obligations of US government-sponsored agencies 2,927 - 48 2,879 1.38% Obligations of Puerto Rico government and public instrumentalities 2,455 - 362 2,093 5.55% Other debt securities 1,486 52 - 1,538 2.97% Total investment securities 17,144 52 523 16,673 2.04% Total securities available-for-sale $ 648,800 $ 2,940 $ 5,943 $ 645,797 2.46% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 506,064 $ - $ 8,383 $ 497,681 2.07% The amortized cost and fair value of Oriental ’s investment securities at December 31 , 2018 , 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, 2018 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due from 1 to 5 years FNMA and FHLMC certificates $ 3,617 $ 3,570 $ - $ - Total due from 1 to 5 years 3,617 3,570 - - Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 58,221 $ 56,202 $ - $ - FNMA and FHLMC certificates 253,447 249,808 - - Total due after 5 to 10 years 311,668 306,010 - - Due after 10 years FNMA and FHLMC certificates $ 304,814 $ 299,953 $ 424,740 $ 410,353 GNMA certificates 211,947 210,170 - - CMOs issued by US government-sponsored agencies 8,009 7,862 - - Total due after 10 years 524,770 517,985 424,740 410,353 Total mortgage-backed securities 840,055 827,565 424,740 410,353 Investment securities Due less than one year US Treasury securities $ 10,924 $ 10,805 $ - $ - Total due in less than one year 10,924 10,805 - - Due from 1 to 5 years Obligations of US government-sponsored agencies $ 2,325 $ 2,265 $ - $ - Other debt securities 100 100 - - Total due from 1 to 5 years 2,425 2,365 - - Due from 5 to 10 years Other debt securities 1,107 1,122 - - Total due after 5 to 10 years 1,107 1,122 - - Total investment securities 14,456 14,292 - - Total $ 854,511 $ 841,857 $ 424,740 $ 410,353 During the year ended December 31 , 2018 , Oriental retained securitized GNMA pools totaling $ 56.8 million amortized cost, at a yield of 3.93 % from its own originations while during the year ended December 31 , 2017 that amount totaled $ 74.9 million amortized cost, at a yield of 3.14 %. During the year ended December 31 , 2016 , that amount totaled $ 112.2 million, amortized cost, at a yield of 2.89 %. During the year ended December 31 , 2018 , Oriental sold $17.8 million of available-for-sale G overnment National Mortgage Association (“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 year ended December 31 , 2017 , Oriental sold $166.0 million of mortgage-backed securities and $ 84.1 million of US Treasury securities, and recorded a net gain on sale of securities of $6.9 million. During the year ended December 31 , 2016 , Oriental sold $ 277.2 million of mortgage-backed securi ties and $ 11.1 million of Puerto Rico government bonds, and recor ded a net gain on sale of securities of $ 12.2 million. 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 $ 17,837 $ 17,837 $ - $ - Year Ended December 31, 2017 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 $ 107,510 $ 102,311 $ 5,199 $ - GNMA certificates 65,284 63,704 1,580 - Investment securities US Treasury securities 84,202 84,085 117 - Total mortgage-backed securities $ 256,996 $ 250,100 $ 6,896 $ - Year Ended December 31, 2016 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 $ 293,505 $ 277,181 $ 16,324 $ - Investment securities Obligations of PR government and public instrumentalities 6,978 11,095 - 4,117 Total mortgage-backed securities $ 300,483 $ 288,276 $ 16,324 $ 4,117 The following tables show Oriental ’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position at December 31 , 2018 and 2017 : December 31, 2018 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 66,230 $ 2,166 $ 64,064 FNMA and FHLMC certificates 357,955 8,603 349,352 Obligations of US Government and sponsored agencies 2,325 60 2,265 GNMA certificates 131,044 2,739 128,305 US Treasury Securities 9,977 119 9,858 $ 567,531 $ 13,687 $ 553,844 Securities held to maturity FNMA and FHLMC certificates $ 424,740 $ 14,387 $ 410,353 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale FNMA and FHLMC certificates 109,772 348 109,424 GNMA certificates 17,126 88 17,038 US Treasury Securities 323 - 323 $ 127,221 $ 436 $ 126,785 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 66,230 $ 2,166 $ 64,064 FNMA and FHLMC certificates 467,727 8,951 458,776 Obligations of US government and sponsored agencies 2,325 60 2,265 GNMA certificates 148,170 2,827 145,343 US Treausury Securities 10,300 119 10,181 $ 694,752 $ 14,123 $ 680,629 Securities held-to-maturity FNMA and FHLMC certificates $ 424,740 $ 14,387 $ 410,353 December 31, 2017 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 72,562 $ 1,857 $ 70,705 FNMA and FHLMC certificates 111,635 2,122 109,513 Obligations of US Government and sponsored agencies 2,927 48 2,879 Obligations of Puerto Rico government and public instrumentalities 2,455 362 2,093 GNMA certificates 20,803 499 20,304 US Treasury Securities 9,952 113 9,839 $ 220,334 $ 5,001 $ 215,333 Securities held to maturity FNMA and FHLMC certificates $ 352,399 7,264 345,135 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 9,464 98 9,366 FNMA and FHLMC certificates 125,107 759 124,348 GNMA certificates 14,001 85 13,916 US Treasury Securities 324 - 324 $ 148,896 $ 942 $ 147,954 Securities held to maturity FNMA and FHLMC certificates $ 153,665 $ 1,119 $ 152,546 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 82,026 1,955 80,071 FNMA and FHLMC certificates 236,742 2,881 233,861 Obligations of Puerto Rico government and public instrumentalities 2,455 362 2,093 Obligations of US government and sponsored agencies 2,927 48 2,879 GNMA certificates 34,804 584 34,220 US Treausury Securities 10,276 113 10,163 $ 369,230 $ 5,943 $ 363,287 Securities held to maturity FNMA and FHLMC certificates $ 506,064 $ 8,383 $ 497,681 Oriental performs valuations of the investment securities on a monthly basis. Moreover, Oriental conducts quarterly reviews to identify and evaluate each investment in an unrealized loss position for other-than-temporary impairment. Any portion of a decline in value associated with credit loss is recognized in the statements of operations with the re maining noncredit-related component recognized in other comprehensive income (loss). A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered by comparing the present value of cash flows expected to be col lected from the security, discounted at the rate equal to the yield used to accrete current and prospective beneficial interest for the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cos t basis is considered to be the “credit loss.” Other-than-temporary impairment analysis is based on estimates that depend on market conditions and are subject to further change over time. In addition, while Oriental believes that the methodology used to va lue these exposures is reasonable, the methodology is subject to continuing improve ment, including those made as a result of market developments. Consequently, it is reasonably possible that changes in estimates or conditions could result in the need to re cognize additional other-than-temporary impairment charges in the future. All of the investments ($ 1. 1 billion , amortized cost ) with an unrealized loss position at December 31 , 2018 consist of securities issued or guaranteed by the U.S. Treasury or U.S. government-sponsored agencies, all of which are highly liquid securities that have a large and efficient secondary market. Their aggregate losses and their variability from period to period are the result of changes in market conditions, and not due to th e repayment capacity or creditworthiness of the issuers or guarantors of such securitie s. The following table presents a rollforward of credit-related impairment losses recognized in earnings for the years ended December 31 , 2018 , 2017 and 2016 on available-for-sale securities: Year Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ - $ - $ 1,490 Reductions for securities sold during the period (realized) - - (1,490) Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses - - - Balance at end of year $ - $ - $ - |
Pledged Assets
Pledged Assets | 12 Months Ended |
Dec. 31, 2018 | |
Pledged and Servicing Assets [Abstract] | |
Pledge Assets | NOTE 5 - PLEDGED ASSETS The following table shows a summary of pledged and not pledged assets at December 31 , 2018 and 2017 . Investment securities available for sale are presented at fair value, and investment securities held-to-maturity, residential mortgage loans, commercial loans and leases are presented at amortized cost: December 31, 2018 2017 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ 487,181 $ 205,484 Derivatives 423 1,478 Bond for the Bank's trust operations 322 341 Puerto Rico public fund deposits 141,162 22,948 Total pledged investment securities 629,088 230,251 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 880,591 971,772 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 275,451 305,346 Federal Reserve Bank Credit Facility 651 993 Puerto Rico public fund deposits 140,123 150,036 416,225 456,375 Total pledged assets $ 1,925,904 $ 1,658,398 Financial assets not pledged: Investment securities $ 637,509 $ 921,610 Residential mortgage loans 354,868 325,698 Commercial loans 1,414,054 1,152,151 Consumer loans 373,814 361,497 Auto loans and leases 1,148,535 949,650 Total assets not pledged $ 3,928,780 $ 3,710,606 |
Loans
Loans | 12 Months Ended |
Dec. 31, 2018 | |
Loans [Abstract] | |
Loans | NOTE 6 - LOANS Oriental’s loan portfolio is composed of two segments, loans initially accounted for under the amortized cost method (referred to as "originated and other" loans) and loans acquired (referred to as "acquired" loans). Acquired loans are further segregated between acquired BBVAPR loans and acquired Eurobank loans . The composition of Oriental’s loan portfolio at December 31 , 2018 and 2017 was as follows : December 31, 2018 2017 (In thousands) Originated and other loans and leases held for investment: Mortgage $ 668,809 $ 683,607 Commercial 1,597,588 1,307,261 Consumer 348,980 330,039 Auto and leasing 1,129,695 883,985 3,745,072 3,204,892 Allowance for loan and lease losses on originated and other loans and leases (95,188) (92,718) 3,649,884 3,112,174 Deferred loan costs, net 7,740 6,695 Total originated and other loans held for investment, net 3,657,624 3,118,869 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 2,546 4,380 Consumer 23,988 28,915 Auto 4,435 21,969 30,969 55,264 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20 (2,062) (3,862) 28,907 51,402 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 492,890 532,053 Commercial 182,319 243,092 Consumer - 1,431 Auto 14,403 43,696 689,612 820,272 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30 (42,010) (45,755) 647,602 774,517 Total acquired BBVAPR loans, net 676,509 825,919 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 63,392 69,538 Commercial 47,826 53,793 Consumer 846 1,112 Total acquired Eurobank loans 112,064 124,443 Allowance for loan and lease losses on Eurobank loans (24,971) (25,174) Total acquired Eurobank loans, net 87,093 99,269 Total acquired loans, net 763,602 925,188 Total held for investment, net 4,421,226 4,044,057 Mortgage loans held-for-sale 10,368 12,272 Total loans, net $ 4,431,594 $ 4,056,329 As a result of the devastation caused by hurricanes Irma and Maria, Oriental offered an automatic three-month moratorium for the payment due on certain loans. The level of delinquencies for mortgage and auto loans as of December 31 , 2017 was impacted by the loan moratorium. Aging of current and early delinquent loans in moratorium were frozen at September 30, 2017, throughout the moratorium period. In addition, a lthough the repayment schedule was modified as part of the moratorium, certai n borrowers continued to make payments shortly after the moratorium , having an impact on the respective delinquency status at December 31 , 2017 . At December 31 , 2018 , all of the loan moratoriums ha ve expired, and total delinquency levels have return ed to pre-hurricane levels with some improvements. Originated and Other Loans and Leases Held for Investment Oriental’s originated and other loans held for investment are encompassed within four portfolio segments: mortgage, commercial, consumer, and auto and leasing. The t ables below present the aging of the recorded investment in gross originated and other loans held for investment a t December 31 , 2018 and 2017 , by class of loans. Mortgage loans past due include 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 re purchase, even when they elect not to exercise that option. December 31, 2018 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) Mortgage Traditional (by origination year): Up to the year 2002 $ 77 $ 1,516 $ 2,707 $ 4,300 $ 36,344 $ 40,644 $ 168 Years 2003 and 2004 91 2,412 5,632 8,135 67,707 75,842 - Year 2005 - 552 3,531 4,083 35,004 39,087 - Year 2006 255 1,693 5,074 7,022 49,213 56,235 - Years 2007, 2008 and 2009 255 1,059 6,677 7,991 52,781 60,772 56 Years 2010, 2011, 2012, 2013 253 328 8,697 9,278 104,429 113,707 270 Years 2014, 2015, 2016, 2017 and 2018 - 483 1,462 1,945 139,500 141,445 - 931 8,043 33,780 42,754 484,978 527,732 494 Non-traditional - 116 3,085 3,201 11,072 14,273 - Loss mitigation program 10,793 6,258 19,389 36,440 70,393 106,833 2,223 11,724 14,417 56,254 82,395 566,443 648,838 2,717 Home equity secured personal loans 9 - - 9 241 250 - GNMA's buy-back option program - - 19,721 19,721 - 19,721 - 11,733 14,417 75,975 102,125 566,684 668,809 2,717 Commercial Commercial secured by real estate: Corporate - - - - 289,052 289,052 - Institutional - - 1,200 1,200 68,413 69,613 - Middle market - 1,430 5,202 6,632 200,831 207,463 - Retail 1,641 463 8,570 10,674 213,440 224,114 - Floor plan - - - - 4,184 4,184 - Real estate - - - - 19,009 19,009 - 1,641 1,893 14,972 18,506 794,929 813,435 - Other commercial and industrial: Corporate - - - - 179,885 179,885 - Institutional - - - - 156,410 156,410 - Middle market 917 - 6,020 6,937 81,030 87,967 - Retail 571 546 817 1,934 308,278 310,212 - Floor plan - - 46 46 49,633 49,679 - 1,488 546 6,883 8,917 775,236 784,153 - 3,129 2,439 21,855 27,423 1,570,165 1,597,588 - December 31, 2018 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) Consumer Credit cards $ 725 $ 363 $ 411 $ 1,499 $ 26,535 $ 28,034 $ - Overdrafts 10 - - 10 204 214 - Personal lines of credit 57 11 22 90 1,827 1,917 - Personal loans 3,966 1,740 1,262 6,968 296,151 303,119 - Cash collateral personal loans 74 339 3 416 15,280 15,696 - 4,832 2,453 1,698 8,983 339,997 348,980 - Auto and leasing 58,094 27,945 13,494 99,533 1,030,162 1,129,695 - Total $ 77,788 $ 47,254 $ 113,022 $ 238,064 $ 3,507,008 $ 3,745,072 $ 2,717 December 31, 2017 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) Mortgage Traditional (by origination year): Up to the year 2002 $ 86 $ 938 $ 3,537 $ 4,561 $ 41,579 $ 46,140 $ 467 Years 2003 and 2004 92 1,077 6,304 7,473 75,758 83,231 - Year 2005 101 383 3,348 3,832 40,669 44,501 68 Year 2006 242 604 5,971 6,817 55,966 62,783 66 Years 2007, 2008 and 2009 358 1,258 8,561 10,177 58,505 68,682 577 Years 2010, 2011, 2012, 2013 233 978 7,393 8,604 116,674 125,278 1,202 Years 2014, 2015, 2016 and 2017 - 75 1,649 1,724 121,194 122,918 - 1,112 5,313 36,763 43,188 510,345 553,533 2,380 Non-traditional - 326 3,543 3,869 14,401 18,270 - Loss mitigation program 7,233 3,331 18,923 29,487 73,793 103,280 4,981 8,345 8,970 59,229 76,544 598,539 675,083 7,361 Home equity secured personal loans - - - - 256 256 - GNMA's buy-back option program - - 8,268 8,268 - 8,268 - 8,345 8,970 67,497 84,812 598,795 683,607 7,361 Commercial Commercial secured by real estate: Corporate - - - - 235,426 235,426 - Institutional - - 118 118 44,648 44,766 - Middle market 765 - 3,527 4,292 225,649 229,941 - Retail 352 936 9,695 10,983 235,084 246,067 - Floor plan - - - - 3,998 3,998 - Real estate - - - - 17,556 17,556 - 1,117 936 13,340 15,393 762,361 777,754 - Other commercial and industrial: Corporate - - - - 170,015 170,015 - Institutional - - - - 125,591 125,591 - Middle market - - 881 881 84,482 85,363 - Retail 455 103 1,616 2,174 111,078 113,252 - Floor plan 9 - 51 60 35,226 35,286 - 464 103 2,548 3,115 526,392 529,507 - 1,581 1,039 15,888 18,508 1,288,753 1,307,261 - December 31, 2017 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) Consumer Credit cards $ 246 $ 130 $ 1,227 $ 1,603 $ 26,827 $ 28,430 $ - Overdrafts 20 6 31 57 157 214 - Personal lines of credit 259 54 87 400 1,820 2,220 - Personal loans 3,778 1,494 223 5,495 278,982 284,477 - Cash collateral personal loans 103 59 312 474 14,224 14,698 - 4,406 1,743 1,880 8,029 322,010 330,039 - Auto and leasing 21,760 10,399 4,232 36,391 847,594 883,985 - Total $ 36,092 $ 22,151 $ 89,497 $ 147,740 $ 3,057,152 $ 3,204,892 $ 7,361 At December 31 , 2018 and 2017 , Oriental had a carrying balance of $ 91.4 million and $ 94.9 million , respectively, in originated and other 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. All originated and other loans granted to the Puerto Rico government 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. The good faith, credit and unlimited taxing power of e ach issuing municipality are pledged for the payment of its general obligations. Acquired Loans Acquired loans were initially measured at fair value and subsequently accounted for under either ASC 310-30 or ASC 310-20 (Non-refundable fees and Other Costs). We have acquired loans in t he acquisitions of BBVAPR and Eurobank. Acquired BBVAPR Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium are accounted for under the guidance of ASC 310-20, which requires that any contractually required loan payment receivable in excess of Oriental’s initial investment in the loans be accreted into interest income on a level-yield basis over the life of the loan. Loans accounted for under ASC 310-20 are placed on non-accrual status when past due in accordance with Oriental’s non-accrual policy, and any accreti on of discount or amortization of premium is discontinued. Acquired BBVAPR loans that were accounted for under the provisions of ASC 310-20 are removed from the acquired loan category at the end of the reporting period upon refinancing, renewal or normal r e-underwriting. The following tables present the aging of the recorded investment in gross acquired BBVAPR loans accounted for under ASC 310-20 as of December 31 , 2018 and 2017 , by class of loans: December 31, 2018 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 Retail $ - $ - $ 54 $ 54 $ - $ 54 $ - Floor plan - - 888 888 94 982 - - - 942 942 94 1,036 - Other commercial and industrial Retail 30 11 8 49 1,461 1,510 - 30 11 8 49 1,461 1,510 - 30 11 950 991 1,555 2,546 - Consumer Credit cards 499 147 380 1,026 20,796 21,822 - Personal loans 64 32 18 114 2,052 2,166 - 563 179 398 1,140 22,848 23,988 - Auto 405 241 200 846 3,589 4,435 - Total $ 998 $ 431 $ 1,548 $ 2,977 $ 27,992 $ 30,969 $ - December 31, 2017 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 Retail $ - $ - $ 119 $ 119 $ - $ 119 $ - Floor plan - - 928 928 393 1,321 - - - 1,047 1,047 393 1,440 - Other commercial and industrial Retail 36 - 221 257 2,681 2,938 - Floor plan - - 2 2 - 2 - 36 - 223 259 2,681 2,940 - 36 - 1,270 1,306 3,074 4,380 - Consumer Credit cards 208 127 1,310 1,645 24,822 26,467 - Personal loans 139 61 45 245 2,203 2,448 - 347 188 1,355 1,890 27,025 28,915 - Auto 602 248 179 1,029 20,940 21,969 - Total $ 985 $ 436 $ 2,804 $ 4,225 $ 51,039 $ 55,264 $ - Acquired BBVAPR Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) Acquired BBVAPR loans, except for credit cards, retail and commercial revolving lines of credits, floor plans and performing auto loans with FICO scores over 660 acquired at a premium, are accounted for by Oriental in accordance with ASC 310-30. The carrying amount corresponding to acquired BBVAPR loans with deteriorated credit quality, including those accounted under ASC 310-30 by analogy, in the statements of financial condition at December 31 , 2018 and 2017 is as follows: December 31, 2018 2017 (In thousands) Contractual required payments receivable: $ 1,304,545 $ 1,481,616 Less: Non-accretable discount 345,423 352,431 Cash expected to be collected 959,122 1,129,185 Less: Accretable yield 269,510 308,913 Carrying amount, gross 689,612 820,272 Less: allowance for loan and lease losses 42,010 45,755 Carrying amount, net $ 647,602 $ 774,517 At December 31 , 2018 and 2017 , Oriental had $ 44.5 million an d $ 50.3 million, respectively, in loans granted to Puerto Rico municipalities as part of its acquired BBVAPR loans accounted for under ASC 310-30. These loans are primarily secure d mun icipal general obligations. T he following tables describe the accretable yield and non-accretable discount activity of acquired BBVAPR loans accounted for under ASC 310-30 for the years ended December 31 , 2018 , 2017 and 2016 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 (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 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 Year Ended December 31, 2017 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 292,115 $ 50,366 $ 8,538 $ 3,682 $ 354,701 Accretion (30,205) (20,572) (6,339) (1,841) (58,957) Change in actual and expected losses 2 22,250 170 143 22,565 Transfer (to) from non-accretable discount (3,414) (5,280) 397 (1,099) (9,396) Balance at end of year $ 258,498 $ 46,764 $ 2,766 $ 885 $ 308,913 Non-Accretable Discount Activity: Balance at beginning of year $ 305,615 $ 16,965 $ 22,407 $ 18,120 $ 363,107 Change in actual and expected losses (9,528) (11,649) 1,040 65 (20,072) Transfer from (to) accretable yield 3,414 5,280 (397) 1,099 9,396 Balance at end of year $ 299,501 $ 10,596 $ 23,050 $ 19,284 $ 352,431 Year Ended December 31, 2016 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 268,794 $ 65,026 $ 21,578 $ 6,290 $ 361,688 Accretion (32,834) (26,254) (13,567) (2,982) (75,637) Change in actual and expected losses (1) 14,259 1,251 (242) 15,267 Transfer (to) from non-accretable discount 56,156 (2,665) (724) 616 53,383 Balance at end of year $ 292,115 $ 50,366 $ 8,538 $ 3,682 $ 354,701 Non-Accretable Discount Activity: Balance at beginning of year $ 374,772 $ 18,545 $ 22,039 $ 18,834 $ 434,190 Change in actual and expected losses (13,001) (4,245) (356) (98) (17,700) Transfer from (to) accretable yield (56,156) 2,665 724 (616) (53,383) Balance at end of year $ 305,615 $ 16,965 $ 22,407 $ 18,120 $ 363,107 Acquired Eurobank Loans The carrying amount of acquired Eurobank loans at December 31 , 2018 and 2017 is as follows: December 31 2018 2017 (In thousands) Contractual required payments receivable: $ 156,722 $ 179,960 Less: Non-accretable discount 2,959 5,845 Cash expected to be collected 153,763 174,115 Less: Accretable yield 41,699 49,672 Carrying amount, gross 112,064 124,443 Less: Allowance for loan and lease losses 24,971 25,174 Carrying amount, net $ 87,093 $ 99,269 The following tables describe the accretable yield and non-accretable discount activity of acquired Eurobank loans for the years en ded December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 Loans Secured by 1-4 Family Residential Properties Commercial Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 41,474 $ 6,751 $ 1,447 $ - $ - $ 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 3,353 (2,034) (792) 381 (311) 597 Balance at end of year $ 37,734 $ 3,310 $ 655 $ - $ - $ 41,699 Non-Accretable Discount Activity: Balance at beginning of year $ 4,576 $ 276 $ 758 $ - $ 235 $ 5,845 Change in actual and expected losses 53 (2,310) - 381 (413) (2,289) Transfer from (to) accretable yield (3,353) 2,034 792 (381) 311 (597) Balance at end of year $ 1,276 $ - $ 1,550 $ - $ 133 $ 2,959 Year Ended December 31, 2017 Loans Secured by 1-4 Family Residential Properties Commercial Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 45,839 $ 16,475 $ 2,194 - $ - $ 64,508 Accretion (7,180) (12,985) (82) (30) (283) (20,560) Change in actual and expected losses 121 1,881 121 (217) 759 2,665 Transfer from (to) non-accretable discount 2,694 1,380 (786) 247 (476) 3,059 Balance at end of year $ 41,474 $ 6,751 $ 1,447 $ - $ - $ 49,672 Non-Accretable Discount Activity: Balance at beginning of year $ 8,441 $ 3,880 $ 11 $ - $ 8 $ 12,340 Change in actual and expected losses (1,171) (2,224) (39) 247 (249) (3,436) Transfer (to) from accretable yield (2,694) (1,380) 786 (247) 476 (3,059) Balance at end of year $ 4,576 $ 276 $ 758 $ - $ 235 $ 5,845 Year Ended December 31, 2016 Loans Secured by 1-4 Family Residential Properties Commercial Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Accretion (8,942) (19,593) (90) (60) (1,813) (30,498) Change in expected cash flows 2,134 13,722 1 (15) (1,386) 14,456 Transfer from (to) non-accretable discount 693 (4,624) 28 75 (13) (3,841) Balance at end of period $ 45,839 $ 16,475 $ 2,194 $ - $ - $ 64,508 Non-Accretable Discount Activity: Balance at beginning of period $ 12,869 $ - $ - $ - $ 8,287 $ 21,156 Change in actual and expected cash flows (3,735) (744) 39 75 (8,292) (12,657) Transfer (to) from accretable yield (693) 4,624 (28) (75) 13 3,841 Balance at end of period $ 8,441 $ 3,880 $ 11 $ - $ 8 $ 12,340 Non-accrual Loans The following table presents the recorded investment in loans in non-accrual status by class of loans as of December 31 , 2018 and 2017 : December 31, 2018 2017 (In thousands) Originated and other loans and leases held for investment Mortgage Traditional (by origination year): Up to the year 2002 $ 2,538 $ 3,070 Years 2003 and 2004 5,818 6,380 Year 2005 3,600 3,280 Year 2006 5,140 5,905 Years 2007, 2008 and 2009 6,697 7,984 Years 2010, 2011, 2012, 2013 8,427 6,259 Years 2014, 2015, 2016, 2017 and 2018 1,462 1,649 33,682 34,527 Non-traditional 3,085 3,543 Loss mitigation program 22,107 16,783 58,874 54,853 Commercial Commercial secured by real estate Institutional 9,911 118 Middle market 7,266 11,394 Retail 16,123 14,438 33,300 25,950 Other commercial and industrial Middle market 6,481 6,323 Retail 2,629 2,929 Floor plan 46 51 9,156 9,303 42,456 35,253 Consumer Credit cards 411 1,227 Overdrafts - 31 Personal lines of credit 31 102 Personal loans 2,909 900 Cash collateral personal loans 3 312 3,354 2,572 Auto and leasing 13,494 4,232 Total non-accrual originated loans $ 118,178 $ 96,910 December 31, 2018 2017 (In thousands) Acquired BBVAPR loans accounted for under ASC 310-20 Commercial Commercial secured by real estate Retail $ 54 $ 119 Floor plan 888 928 942 1,047 Other commercial and industrial Retail 8 221 Floor plan - 2 8 223 950 1,270 Consumer Credit cards 380 1,310 Personal loans 18 45 398 1,355 Auto 200 179 Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20 1,548 2,804 Total non-accrual loans $ 119,726 $ 99,714 Loans accounted for under ASC 310-30 are excluded from the above table as they are considered to be performing due to the application of the accretion method, in which these loans will accrete interest income over the remaining life of the loans using estimated cash flow analyses or are accounted under the cost recovery method. 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, these loans are included as non-performing loans but excluded from non-accrual loans. In addition, these loans are excluded fr om the impairment analysis. At December 31 , 2018 and 2017 , loans whose terms have been extended and which are classified as troubled-debt restructurings that are not included in non-accrual loans amounted to $ 112.9 million and $ 109.2 million, respecti vely, as they are performing under their new terms. At December 31 , 2018 and 2017 , loans that are current in their monthly payments, but placed in non-accrual due to credit deterioration amounted to $ 21.2 million and $ 20.1 millio n, respectively. Impaired Loans Oriental evaluates all loans, some individually and others as homogeneous groups, for purposes of determining impairment. The total investment in impaired commercial loans that were individually evaluated for impairment was $ 82.0 million and $ 72 .3 million at December 31 , 2018 and 2017 , respectively. The impairments on these commercial loans were measured based on the fair value of collateral or the present value of cash flows, including those identified as troubled-debt restructurings . The allowance for loan and lease losses for these impaired commercial loans amounted to $ 8.4 million and $ 10.6 million at December 31 , 2018 and 2017 , respectively. The total investment in impaired mortgage loans that were individually evaluated for i mpairment was $ 84.2 million and $ 85.4 million at December 31 , 2018 and 2017 , respectively. Impairment on mortgage loans assessed as troubled-debt restructurings was measured using the present value of cash flows. The allowance for loan losses for these impaired mortgage loans amounted to $ 10.2 million and $ 9.1 million at December 31 , 2018 and 2017 , respectively. Originated and Other Loans and Leases Held for Investment Oriental ’s recorded investment in commercial and mortgage loans categorized as originated and other loans and leases held for investment that were individually evaluated for impairment and the related allowance for loan and lease losses at December 31 , 2018 and 2017 are as follows: December 31, 2018 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 54,636 $ 49,092 $ 8,434 17% Residential impaired and troubled-debt restructuring 95,659 84,174 10,186 12% Impaired loans with no specific allowance: Commercial 38,241 32,137 N/A 0% Total investment in impaired loans $ 188,536 $ 165,403 $ 18,620 11% December 31, 2017 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 57,922 $ 52,585 $ 10,573 20% Residential impaired and troubled-debt restructuring 94,971 85,403 9,121 11% Impaired loans with no specific allowance Commercial 22,022 18,953 N/A 0% Total investment in impaired loans $ 174,915 $ 156,941 $ 19,694 13% Acquired BBVAPR Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Oriental ’s recorded investment in acquired BBVAPR commercial loans accounted for under ASC 310-20 that were individually evaluated for impairment and the related allowance for loan and lease losses at December 31 , 2018 and 2017 are as follows: December 31, 2018 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 926 $ 747 $ 14 2% Impaired loans with no specific allowance Commercial $ - $ - N/A 0% Total investment in impaired loans $ 926 $ 747 $ 14 2% December 31, 2017 Unpaid Recorded Specific Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 926 $ 747 $ 20 3% Impaired loans with no specific allowance Commercial $ - $ - N/A 0% Total investment in impaired loans $ 926 $ 747 $ 20 3% Acquired BBVAPR Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) Oriental ’s recorded investment in acquired BBVAPR loan pools accounted for under ASC 310-30 that have recorded impairments and their related allowance for loan and lease losses at December 31 , 2018 and 2017 are as follows: December 31, 2018 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 498,537 $ 492,890 $ 15,225 3% Commercial 188,413 180,790 20,641 11% Auto 14,551 14,403 6,144 43% Total investment in impaired loan pools $ 701,501 $ 688,083 $ 42,010 6% December 31 , 2017 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 547,064 $ 532,052 $ 14,085 3% Commercial 250,451 241,124 23,691 10% Consumer 2,468 1,431 18 1% Auto 43,440 43,696 7,961 18% Total investment in impaired loan pools $ 843,423 $ 818,303 $ 45,755 6% The tables above only present information with respect to acquired BBVAPR loan pools accounted for under ASC 310-30 if there is a recorded impairment to such loan pools and a specific allowance for loan losses. Acquired Eurobank Loans Oriental ’s recorded investment in acquired Eurobank loan pools that have recorded impairments and their related allowance for loan and lease losses as of December 31 , 2018 and 2017 are as follows : December 31, 2018 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Loans secured by 1-4 family residential properties $ 70,153 $ 63,406 $ 15,382 24% Commercial 47,342 47,820 9,585 20% Consumer 15 4 4 100% Total investment in impaired loan pools $ 117,510 $ 111,230 $ 24,971 22% December 31, 2017 Coverage Unpaid Recorded Specific to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance Loans secured by 1-4 family residential properties $ 81,132 $ 69,538 $ 15,187 22% Commercial 58,099 53,793 9,983 19% Consumer 15 4 4 100% Total investment in impaired loan pools $ 139,246 $ 123,335 $ 25,174 20% The tables above only present information with respect to acquired Eurobank loan pools accounted for under ASC 310-30 if there is a recorded impairment to such loan pools and a specific allowance for loan losses. The following table presents the interest recognized in commercial and mortgage loans that were individually evaluated for impairment, which excludes loans accounted for under ASC 310-30, for the years ended December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment (In thousands) Originated and other loans held for investment: Impaired loans with specific allowance Commercial $ 1,624 $ 44,727 $ 1,538 $ 25,797 $ 452 $ 118,980 Residential troubled-debt restructuring 2,556 84,494 3,301 87,414 3,190 91,139 Impaired loans with no specific allowance Commercial 1,091 26,199 875 36,666 1,941 40,443 Total interest income from impaired loans $ 5,271 $ 155,420 $ 5,714 $ 149,877 $ 5,583 $ 250,562 Acquired loans accounted for under ASC 310-20: Impaired loans with specific allowance Commercial $ - $ 747 $ - $ 794 $ - $ 319 Impaired loans with no specific allowance Commercial - - - - - 608 Total interest income from impaired loans $ 5,271 $ 156,167 $ 5,714 $ 150,671 $ 5,583 $ 251,489 Modifications The following tables present the troubled-debt restructurings in all loan portfolios during the years ended December 31 , 2018 , 2017 and 2016 . 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, 2017 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 85 $ 10,441 6.23% 390 $ 10,343 4.40% 384 Commercial 24 13,828 6.05% 57 13,829 5.73% 62 Consumer 107 1,391 11.68% 62 1,430 10.85% 69 Auto 9 134 7.24% 66 135 11.75% 37 Year Ended December 31, 2016 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 90 $ 11,684 6.05% 351 $ 11,625 4.77% 439 Commercial 20 9,833 5.73% 64 10,151 5.93% 116 Consumer 75 817 13.60% 73 902 11.23% 66 The following table presents troubled-debt restructurings for which there was a payment default during the years ended December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 23 $ 3,262 34 $ 3,129 19 $ 2,241 Commercial 4 $ 2,141 5 $ 452 2 $ 157 Consumer 28 $ 341 20 $ 249 11 $ 126 Credit Quality Indicators Oriental categorizes originated and other loans and acquired loans accounted for under ASC 310-20 into risk categories 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 risk ratings: Pass: Loans classified as “pass” have a well-defined primary s ource 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” h ave 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 . Substanda rd: 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 liquidatio n 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 substanda rd, 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 worthl ess 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 rated loans. As of December 31 , 2018 and 2017 , and based on the most recent analysis performed, the risk c |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2018 | |
Allowance for loan and lease losses [Abstract] | |
Allowance For Credit Losses Text Block | NOTE 7 – ALLOWANCE FOR LOAN AND LEASE LOSSES The composition of Oriental ’s allowance for loan and lease losses at December 31 , 2018 and 2017 was as follows : December 31, 2018 2017 (In thousands) Allowance for loans and lease losses: Originated and other loans and leases held for investment: Mortgage $ 19,783 $ 20,439 Commercial 30,326 30,258 Consumer 15,571 16,454 Auto and leasing 29,508 25,567 Total allowance for originated and other loans and lease losses 95,188 92,718 Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 22 42 Consumer 1,905 3,225 Auto 135 595 2,062 3,862 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 15,225 14,085 Commercial 20,641 23,691 Consumer - 18 Auto 6,144 7,961 42,010 45,755 Total allowance for acquired BBVAPR loans and lease losses 44,072 49,617 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 15,382 15,187 Commercial 9,585 9,983 Consumer 4 4 Total allowance for acquired Eurobank loan and lease losses 24,971 25,174 Total allowance for loan and lease losses $ 164,231 $ 167,509 O riental maintains an allowance for loan and lease losses at a level that management considers adequate to provide for probable losses based upon an evaluation of known and inherent risks. Oriental’s allowance for loan and lease losses policy provides for a detailed quarterly analysis of probable losses. The analysis includes a review of historical loan loss experience, value of underlying collateral, current economic conditions, financial condition of borrowers and other pertinent factors. While management uses available information in estimating probable loan losses, future additions to the allowance may be required based on factors beyond Oriental’s control. We also maintain an allowance for loan losses on acquired loans when: (i) for loans accounted for u nder ASC 310-30, there is deterioration in credit quality subsequent to acquisition, and (ii) for loans accounted for under ASC 310-20, the inherent losses in the loans exceed the remaining credit discount recorded at the time of acquisition. As discussed in Note 2, during 2017, hurricanes Irma and Maria caused catastrophic damages throughout Puerto Rico. Management performed an evaluation of the loan portfolios to assess the impact on repayment sources and underlying collateral that could result in additi onal losses. For the commercial portfolio, the framework for the analysis was based on our current ALLL methodology with additional considerations according to the estimated impact categorized as low, medium or high. From this impact assessment, additiona l reserve levels were estimated by increasing default probabilities (“PD”) and loss given default expectations (“LGD”) of each allowance segment. As part of the process, Oriental contacted its clients to evaluate the impact of the hurricanes on their busi ness operations and collateral. The impact was then categorized as follows: (i) low risk, for clients that had no business impact or relatively insignificant impact; (ii) medium risk, for clients that had a business impact on their primary or secondary sou rces of repayment, but still had adequate cash flow to cover operations and to satisfy their obligations; or (iii) high risk, for clients that had potentially significant problems that affected primary, secondary and tertiary (collateral) sources of repaym ent. This criterion was used to model adjusted PDs and LGDs considering internal and external sources of information available to support our estimation process and output. During the fourth quarter of 2017 , Oriental performed an update of the initial e stimate, taking into consideration the most recent available information gathered through additional visits and interviews with clients and the economic environment in Puerto Rico. For the retail portfolios, mortgage, consumer and auto, the assumptions es tablished in the initial estimate were based on the historical losses of each ALLL segment and then further adjusted based on parameters used as key risk indicators, such as the industry of employment for all portfolios and the location of the collateral f or mortgage loans. During the fourth quarter of 2017, Oriental performed additional procedures to evaluate the reasonability of the initial estimate based on the payment experience percentage of borrowers for which the deferral period expired. The analysis took into consideration historical payment behavior and loss experience of borrowers (PDs and LGDs) of each portfolio segment to develop a range of estimated potential losses. Management understands that this approach is reasonable given the lack of histo rical information related to the behavior of local borrowers in such an unprecedented event. The amount used in the analysis represents the average of potential outcomes of expected losses. During 2018, Oriental continued its monitoring process of the performance of those affected borrowers. As information became available, it was inc orporated into the allowance framework. At December 31 , 2018 and 2017 , Oriental's allowance for loan and lease losses incorporated all risks associated to our loan portfolio, including the impact of hurricanes Irma and Maria . Allowance for Origina ted and Other Loan and Lease Losses Held for Investment The following tables present the activity in our allowance for loan and lease losses and the related recorded investment of the originated and other loans held for investment portfolio by segment for the periods indicated: Year Ended December 31, 2018 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 20,439 $ 30,258 $ 16,454 $ 25,567 $ 92,718 Charge-offs (5,297) (6,782) (17,629) (42,685) (72,393) Recoveries 1,047 654 1,757 19,344 22,802 Provision for loan and lease losses 3,594 6,196 14,989 27,282 52,061 Balance at end of year $ 19,783 $ 30,326 $ 15,571 $ 29,508 $ 95,188 Year Ended December 31, 2017 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 Charge-offs (6,623) (7,684) (13,641) (33,908) - (61,856) Recoveries 585 1,281 1,209 12,314 - 15,389 Provision (recapture) for originated and other loan and lease losses 9,133 27,666 15,819 27,698 (431) 79,885 Balance at end of year $ 20,439 $ 30,258 $ 16,454 $ 25,567 $ - $ 92,718 Year Ended December 31, 2016 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Charge-offs (6,767) (62,445) (11,554) (31,731) - (112,497) Recoveries 330 460 452 12,871 - 14,113 Provision for originated and other loan and lease losses 5,429 6,189 12,972 20,062 406 45,058 Balance at end of year $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 December 31, 2018 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses on originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 10,186 $ 8,434 $ - $ - $ 18,620 Collectively evaluated for impairment 9,597 21,892 15,571 29,508 76,568 Total ending allowance balance $ 19,783 $ 30,326 $ 15,571 $ 29,508 $ 95,188 Loans: Individually evaluated for impairment $ 84,174 $ 81,229 $ - $ - $ 165,403 Collectively evaluated for impairment 584,635 1,516,359 348,980 1,129,695 3,579,669 Total ending loan balance $ 668,809 $ 1,597,588 $ 348,980 $ 1,129,695 $ 3,745,072 December 31, 2017 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 9,121 $ 10,573 $ - $ - $ - $ 19,694 Collectively evaluated for impairment 11,318 19,685 16,454 25,567 - 73,024 Total ending allowance balance $ 20,439 $ 30,258 $ 16,454 $ 25,567 $ - $ 92,718 Loans: Individually evaluated for impairment $ 85,403 $ 71,538 $ - $ - $ - $ 156,941 Collectively evaluated for impairment 598,204 1,235,723 330,039 883,985 - 3,047,951 Total ending loan balance $ 683,607 $ 1,307,261 $ 330,039 $ 883,985 $ - $ 3,204,892 Allowance for BBVAPR Acquired Loan Losses Loans accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) The following tables present the activity in our allowance for loan losses and related recorded investment of the associated loans in our BBVAPR acquired loan portfolio accounted for under ASC 310-20, for the periods indicated : Year Ended December 31, 2018 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 42 $ 3,225 $ 595 $ 3,862 Charge-offs (6) (2,459) (372) (2,837) Recoveries 23 480 831 1,334 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 (37) 659 (919) (297) Balance at end of year $ 22 $ 1,905 $ 135 $ 2,062 Year Ended December 31, 2017 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 169 $ 3,028 $ 1,103 $ 4,300 Charge-offs (132) (3,048) (976) (4,156) Recoveries 5 446 1,420 1,871 Provision (recapture) for acquired loan and lease losses accounted for under ASC 310-20 - 2,799 (952) 1,847 Balance at end of year $ 42 $ 3,225 $ 595 $ 3,862 Year Ended December 31, 2016 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 26 $ 3,429 $ 2,087 $ 5,542 Charge-offs (42) (3,619) (2,155) (5,816) Recoveries 73 301 1,945 2,319 Provision (recapture) for acquired loan and lease losses accounted for under ASC 310-20 112 2,917 (774) 2,255 Balance at end of year $ 169 $ 3,028 $ 1,103 $ 4,300 December 31, 2018 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 14 $ - $ - $ 14 Collectively evaluated for impairment 8 1,905 135 2,048 Total ending allowance balance $ 22 $ 1,905 $ 135 $ 2,062 Loans: Individually evaluated for impairment $ 747 $ - $ - $ 747 Collectively evaluated for impairment 1,799 23,988 4,435 30,222 Total ending loan balance $ 2,546 $ 23,988 $ 4,435 $ 30,969 December 31, 2017 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 20 $ - $ - $ 20 Collectively evaluated for impairment 22 3,225 595 3,842 Total ending allowance balance $ 42 $ 3,225 $ 595 $ 3,862 Loans: Individually evaluated for impairment $ 747 $ - $ - $ 747 Collectively evaluated for impairment 3,633 28,915 21,969 54,517 Total ending loan balance $ 4,380 $ 28,915 $ 21,969 $ 55,264 Loans Accounted for under ASC 310-30 (including those accounted for under ASC 310-30 by analogy) For loans accounted for under ASC 310- 30, as part of the evaluation of actual versus expected cash flows, Oriental assesses on a quarterly basis the credit quality of these loans based on delinquency, severity factors and risk ratings, among other assumptions. Migration and credit quality trends are assessed at the pool level, by comparing information from the latest evaluation period through the end of the reporting period. The following tables present the activity in our allowance for loan losses and related recorded investment of the acquired BBVAPR loan portfolio accounted for under ASC 310-30 for the periods indicated : Year Ended December 31, 2018 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ 14,085 $ 23,691 $ 18 $ 7,961 45,755 Provision (recapture) for acquired BBVAPR loans and lease losses accounted for under ASC 310-30 1,331 1,360 (18) (887) 1,786 Allowance de-recognition (191) (4,410) - (930) (5,531) Balance at end of year $ 15,225 $ 20,641 $ - $ 6,144 42,010 Year Ended December 31, 2017 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ 2,682 $ 23,452 $ - $ 4,922 $ 31,056 Provision for acquired BBVAPR loans and lease losses accounted for under ASC 310-30 11,497 9,758 18 3,408 24,681 Allowance de-recognition (94) (9,519) - (369) (9,982) Balance at end of year $ 14,085 $ 23,691 $ 18 $ 7,961 $ 45,755 Year Ended December 31, 2016 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ 1,762 $ 21,161 $ - $ 2,862 $ 25,785 Provision for acquired BBVAPR loans and ease losses accounted for under ASC 310-30 1,105 11,710 - 2,693 15,508 Loan pools fully charged-off (14) (66) - (202) (282) Allowance de-recognition (171) (9,353) - (431) (9,955) Balance at end of year $ 2,682 $ 23,452 $ - $ 4,922 $ 31,056 Allowance for Acquired Eurobank Loan Losses The changes in the allowance for loan and lease losses on acquired Eurobank loans for the years ended December 31 , 2018 , 2017 and 2016 were as follows: Year Ended December 31, 2018 Loans Secured by 1-4 Family Residential Properties Commercial Consumer Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 15,187 $ 9,983 $ 4 $ 25,174 Provision for loan and lease losses, net 1,806 761 - 2,567 Allowance de-recognition (1,611) (1,159) - (2,770) Balance at end of year $ 15,382 $ 9,585 $ 4 $ 24,971 Year Ended December 31, 2017 Loans secured by 1-4 Family Residential Properties Commercial Consumer Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 11,947 $ 9,328 $ 6 $ 21,281 Provision for acquired Eurobank loan and lease losses, net 5,045 1,680 - 6,725 Allowance de-recognition (1,805) (1,025) (2) (2,832) Balance at end of year $ 15,187 $ 9,983 $ 4 $ 25,174 Year Ended December 31, 2016 Loans secured by 1-4 Family Residential Properties Commercial Consumer Total (In thousands) Allowance for loan and lease losses for Eurobank loans: Balance at beginning of year $ 22,570 $ 67,365 $ 243 $ 90,178 Provision (recapture) for acquired Eurobank loan and lease losses, net 1,080 1,183 (8) 2,255 FDIC shared-loss portion of provision for covered loan and lease losses, net 3,391 - - 3,391 Loan pools fully charged-off - (134) - (134) Allowance de-recognition (15,094) (59,086) (229) (74,409) Balance at end of year $ 11,947 $ 9,328 $ 6 $ 21,281 |
FDIC Shared-Loss Agreements
FDIC Shared-Loss Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Banking [Abstract] | |
FDIC Shared-Loss Agreements | NOTE 8 - FDIC SHARED-LOSS AGREEMENTS On February 6, 2017, the Bank and the FDIC agreed to terminate the single family and commercial shared-loss agreements related to the FDIC assisted acquisition of Eurobank on April 30, 2010. As part of the loss share termination transaction, the Bank made a payment of $10.1 million to the FDIC and recorded a net benefit of $1.4 million. Such termination payment took into account the anticipated reimbursements over the life of the shared-loss agreements and the true-up payment liability of the Bank anticipat ed at the end of the ten - year term of the single family shared-loss agreement. All rights and obligations of the parties under the shared-loss agreements terminated as of the closing date of the agreemen t. The following table presents the activity in the F DIC indemnification asset and true-up payment obligation for the years ended December 31 , 2018 , 2017 , and 2016 : Year Ended December 31, 2018 2017 2016 (In thousands) FDIC indemnification asset: Balance at beginning of year $ - $ 14,411 $ 22,599 Shared-loss agreements reimbursements from the FDIC - - (1,573) Increase in expected credit losses to be covered under shared-loss agreements, net - - 3,391 FDIC indemnification asset benefit (expense) - 1,403 (8,040) Net expenses incurred under shared-loss agreements - - (1,966) Shared-loss termination settlement - (15,814) - Balance at end of year $ - $ - $ 14,411 True-up payment obligation: Balance at beginning of year $ - $ 26,786 $ 24,658 Change in true-up payment obligation - - 2,128 Shared-loss termination settlement - (26,786) - Balance at end of year $ - $ - $ 26,786 Oriental recognized an FDIC shared-loss (benefit) expense, net in the consolidated statements of operations, which consists of the following, for the years ended December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (In thousands) FDIC indemnification asset (benefit) expense $ - $ (1,403) $ 8,040 Change in true-up payment obligation - - 2,128 Reimbursement to FDIC for recoveries - - 3,413 Total FDIC shared-loss (benefit) expense, net $ - $ (1,403) $ 13,581 |
Foreclosed Real Estate
Foreclosed Real Estate | 12 Months Ended |
Dec. 31, 2018 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate | NOTE 9 — FORECLOSED REAL ESTATE The following tables present the activity related to foreclosed real estate for the years ended December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 Originated and other loans and leases held for investment Acquired BBVAPR loans Acquired Eurobank loans Total (In thousands) Balance at beginning of year $ 14,283 $ 18,347 $ 11,544 $ 44,174 Decline in value (1,535) (2,899) (1,323) (5,757) Additions 6,674 9,832 3,505 20,011 Sales (9,851) (10,663) (4,146) (24,660) Balance at end of year $ 9,571 $ 14,617 $ 9,580 $ 33,768 Year Ended December 31, 2017 Originated and other loans and leases held for investment Acquired BBVAPR loans Acquired Eurobank loans Total (In thousands) Balance at beginning of year $ 12,390 $ 21,379 $ 13,751 $ 47,520 Decline in value (1,913) (2,850) (1,797) (6,560) Additions 10,565 9,416 3,120 23,101 Sales (6,615) (9,453) (3,530) (19,598) Other adjustments (144) (145) - (289) Balance at end of year $ 14,283 $ 18,347 $ 11,544 $ 44,174 Year Ended December 31, 2016 Originated and other loans and leases held for investment Acquired BBVAPR loans Acquired Eurobank loans Total (In thousands) Balance at beginning of year $ 10,324 $ 26,757 $ 21,095 $ 58,176 Decline in value (1,966) (6,124) (4,913) (13,003) Additions 10,170 7,872 3,591 21,633 Sales (6,138) (7,126) (6,022) (19,286) Balance at end of year $ 12,390 $ 21,379 $ 13,751 $ 47,520 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Premises and Equipment [Abstract] | |
Premises and Equipment | NOTE 10 — PREMISES AND EQUIPMENT Premises and equipment at December 31 , 2018 and 2017 are stated at cost less accumulated depreciation and amortization as follows: Useful Life December 31, (Years) 2018 2017 (In thousands) Land — $ 5,028 $ 5,638 Buildings and improvements 40 67,856 64,277 Leasehold improvements 5 — 10 18,274 20,647 Furniture and fixtures 3 — 7 17,137 16,242 Information technology and other 3 — 7 24,855 28,783 133,150 135,587 Less: accumulated depreciation and amortization (64,258) (67,727) $ 68,892 $ 67,860 Depreciation and amortization of premises and equipment totaled $ 8.9 million in 2018 , $ 9.0 million in 2017 and $ 9.4 million in 2016 . 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, 2018 | |
Pledged and Servicing Assets [Abstract] | |
Transfers And Servicing Of Financial Assets [Text Block] | NOTE 11 - 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 and leases. 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, reports changes in fair value of servicing assets in earnings in the period in which th e changes occur, and includes these changes, if any, with mortgage banking activities in the consolidated statements of operations. The fair value of servicing rights is subject to fluctuations as a result of changes in estimated and actual prepayment spee ds 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 prepa yment rates, discount rates, servicing costs, and other economic factors, which are determined based on current market conditions. At December 31 , 2018 , the servicing asset amounted to $10.7 million ($ 9.8 million — December 31 , 2017 ) related to mortgage s ervicing rights. The following table presents the changes in servicing rights measured using the fair value method for years ended December 31 , 2018 , 2017 , and 2016 : Year Ended December 31, 2018 2017 2016 (In thousands) Fair value at beginning of year $ 9,821 $ 9,858 $ 7,455 Servicing from mortgage securitizations or asset transfers 1,481 1,658 2,616 Changes due to payments on loans (814) (590) (489) Changes in fair value due to changes in valuation model inputs or assumptions 228 (1,105) 276 Fair value at end of year $ 10,716 $ 9,821 $ 9,858 The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the years ended 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Constant prepayment rate 4.30% - 9.02% 3.94% - 8.49% 4.24% - 9.14% Discount rate 10.00% - 12.00% 10.00% - 12.00% 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 follow s : December 31, 2018 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 10,716 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (207) Decrease in fair value due to 20% adverse change $ (406) Discount rate Decrease in fair value due to 10% adverse change $ (489) Decrease in fair value due to 20% adverse change $ (939) These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10 percent 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 chang es 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 stat ements 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 prepay ment 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. Servic ing fees on mortgage loans for the years ended 2018 , 2017 and 2016 totaled $ 4.1 million , $ 3. 9 million and $ 3.7 million, respectively . |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivatives [Abstract] | |
Derivatives | NOTE 12 — DERIVATIVES The following table presents Oriental ’s derivative assets and liabilities at December 31 , 2018 and 2017 : December 31, 2018 2017 (In thousands) Derivative assets: Interest rate swaps designated as cash flow hedges $ 14 $ - Interest rate swaps not designated as hedges 126 618 Interest rate caps 207 153 $ 347 $ 771 Derivative liabilities: Interest rate swaps designated as cash flow hedges $ - $ 510 Interest rate swaps not designated as hedges 126 618 Interest rate caps 207 153 $ 333 $ 1,281 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 bor rowing 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 (loss) and is subsequently recl assified 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 ineffectiven ess in the cash flow hedging relationships. Currently, Oriental does not expect to reclassify any amount included in other comprehensive (loss) 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 , 2018 : Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 33,964 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 33,964 An accumulated unrealized gain of $ 1 4 thousand and a loss of $ 510 thousand were recognized in accumulated other comprehensive income related to the valuation of these swaps at December 31 , 2018 and 2017 , respectively, and the related asset or liability is being reflected in the consolidated statements of financial condition. At December 31 , 2018 and 2017 , i nterest rate swaps not designated as hedging instruments that were offered to clients represented an asset of $126 thousand and $618 thousand, respectively, and were included as part of derivative assets in the consolidated statements of financial position . The credit risk to these clients stemming from these derivatives, if any, is not material. At December 31 , 2018 and 2017 , interest rate swaps not designated as hedging instruments that are the mirror-images of the derivatives offered to clients repre sented a liability of $126 thousand and $618 thousand, respectively, and were included as part of derivative liabilities in the consolidated statements of financial condition. The following table shows a summary of these interest rate swaps not designa ted as hedging instruments and their terms at December 31 , 2018 : Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 Interest Rate Swaps - Mirror Image Derivatives $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 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 , 2018 and 2017 , t he outstanding total notional amount of in terest rate caps was $ 150.9 million and $ 152.6 million, respectively. At December 31 , 2018 and 2017 , the interest rate caps sold to clients represented a liability of $207 thousand and $153 thousand, respectively, and were included as part of derivativ e liabilities in the consolidated statements of financial condition. At December 31 , 2018 and 2017 , the interest rate caps purchased as mirror-images represented an asset of $207 thousand and $153 thousand, respectively, and were included as part of de rivative assets in the consolidated statements of financial condition. |
Accrued Interest Receivable and
Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 and 2017 consists of the following: December 31, 2018 2017 (In thousands) Loans, excluding acquired loans $ 30,409 $ 46,936 Investments 3,845 3,033 $ 34,254 $ 49,969 Accrued interest receivable at December 31 , 2017 , included $ 39.7 million, resulting from the loan payment moratorium. Accrued interest receivable resulting from the loan payment moratorium has been decreasing, as most moratoriums have expired. Some of these accrued interests are payable at the end of the loan term. O ther assets at December 31 , 2018 and 2017 consist of the following: December 31, 2018 2017 (In thousands) Prepaid expenses $ 9,788 $ 9,200 Other repossessed assets 2,986 3,548 Core deposit and customer relationship intangibles 3,369 4,687 Tax credits 2,277 4,277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 37,842 41,898 $ 57,345 $ 64,693 Prepaid expenses amounting to $9.8 million and $9.2 million at December 31 , 2018 and 2017 , respectively, include prepaid municipal, property and income taxes aggregating to $ 5.5 million and $ 5.7 million, respectively. In connection with the FDIC-assisted acquisition and the BBVAPR Acquisition, Oriental recorded a core deposit intangibl e representing the value of checking and savings deposits acquired. At December 31 , 2018 and 2017 this core deposit intangible amounted to $ 2.5 million and $ 3.3 million, respectively. In addition, Oriental recorded a customer relationship intangible re presenting the value of customer relationships acquired with the acquisition of the securities broker-dealer and insurance agency in the BBVAPR Acquisition. At December 31 , 2018 and 2017 , this customer relationship intangible amounted to $ 888 thousand a nd $ 1.4 million, respectively. Other repossessed assets totaled $3.0 million and $3.5 million at December 31 , 2018 and 2017 , respectively, that consist mainly of repossessed automobiles , which are recorded at their net realizable value. At December 31 , 2018 and 2017 , tax credits for Oriental totaled $2.3 million and $4.3 million, respectively. These tax credits do not have an expiration date. |
Deposits and Related Interest
Deposits and Related Interest | 12 Months Ended |
Dec. 31, 2018 | |
Deposits and Related Interest [Abstract] | |
Deposit and Related Interest | NOTE 14 — DEPOSITS AND RELATED INTEREST Total deposits, including related accrued interest payable, as of December 31 , 2018 and 2017 consist of the following: December 31, 2018 2017 (In thousands) Non-interest bearing demand deposits $ 1,105,324 $ 969,525 Interest-bearing savings and demand deposits 2,274,423 2,274,116 Retail certificates of deposit 805,712 827,359 Institutional certificates of deposit 197,559 209,951 Total core deposits 4,383,018 4,280,951 Brokered deposits 525,097 518,531 Total deposits $ 4,908,115 $ 4,799,482 Brokered deposits include $ 500.8 million in certificates of deposits and $ 24.3 million in money market accounts at December 31 , 2018 , and $ 471.6 million in certificates of deposits and $ 46.9 million in money market accounts at December 31 , 2017 . The weighted average interest rate of Oriental’s deposits was 0.67 % and 0.65 %, respectively, at December 31 , 2018 and 2017 . Interest expense for the years ended December 31 , 2018 , 2017 , and 2016 was as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Demand and savings deposits $ 12,478 $ 11,426 $ 12,004 Certificates of deposit 20,475 18,872 17,249 $ 32,953 $ 30,298 $ 29,253 At December 31 , 2018 and 2017 , time deposits in denominations of $250 thousand or higher, excluding accrued interest and unamortized discounts, amounted to $ 346.0 million and $ 359.6 million, respectively. Such amounts include public funds time deposits from various Puerto Rico governm ent municipalities, agencies and corporations of $ 19.6 million and $ 3.5 million at a weighted average rate of 11 6.4 % and 0.28 % at December 31 , 2018 and 2017 , respectively. At December 31 , 2018 and 2017 , total public fund deposits from various Puerto Rico government municipalities, agencies and corporations amounted to $ 207.4 million and $ 153.1 million, respectively. These public funds were collateralized with commercial loans amounting to $ 281.2 million and $ 173.0 million at December 31 , 2018 and 2017 , respectively. Excluding accrued interest of approximately $ 3.1 million, the scheduled maturities of certificates of deposit at December 31 , 2018 and 2017 are as follows : December 31, 2018 2017 (In thousands) Within one year: Three (3) months or less $ 305,088 $ 316,382 Over 3 months through 1 year 545,363 508,285 850,451 824,667 Over 1 through 2 years 484,197 470,670 Over 2 through 3 years 89,340 137,016 Over 3 through 4 years 34,018 36,125 Over 4 through 5 years 42,998 38,623 $ 1,501,004 $ 1,507,101 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 $ 2.2 million as of December 31 , 2018 and 2017 , respectively. |
Borrowings and Related Interest
Borrowings and Related Interest | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings and Related Interest [Abstract] | |
Borrowings and Related Interest | NOTE 15 — BORROWINGS AND RELATED INTEREST Securities Sold under Agreements to Repurchase At December 31 , 2018 , securities underlying agreements to repurchase were delivered to, and are being held by, the counterparties with whom the repurchase agreements were transacted. The counterparties have agreed to resell to Oriental the same or similar securities at the ma turity of these agreements. The purpose of these transactions is to provide financing for Oriental’s securities portfolio. The following table shows Oriental ’s repurchase agreements, excluding accrued interest in the amount of $ 785 thousand and $ 369 thousand , respectively, at December 31 , 2018 and 2017 : December 31, 2018 2017 (In thousands) Short-term fixed-rate repurchase agreements, interest ranging from 2.45% to 2.95% $ 214,723 $ - Long-term fixed-rate repurchase agreements, interest ranging from 1.42% to 2.86% (December 31, 2017: 1.42% to 1.85%) 240,000 192,500 Total assets sold under agreements to repurchase $ 454,723 $ 192,500 Repurchase agreements mature as follows: December 31, 2018 2017 (In thousands) Less than 90 days $ 214,723 $ - Over 90-days 240,000 192,500 Total $ 454,723 $ 192,500 The following securities were sold under agreements to repurchase : December 31, 2018 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 $ 496,814 $ 454,723 $ 487,181 3.01% Total $ 496,814 $ 454,723 $ 487,181 3.01% December 31, 2017 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 $ 207,506 $ 192,500 $ 205,483 3.03% Total $ 207,506 $ 192,500 $ 205,483 3.03% The following summarizes significant data on securities sold under agreements to repurchase as of December 31 , 2018 , 2017 and 2016 , excluding accrued interest: December 31, 2018 2017 2016 (In thousands) Average daily aggregate balance outstanding $ 357,086 $ 393,133 $ 663,845 Maximum outstanding balance at any month-end $ 457,053 $ 606,210 $ 902,500 Weighted average interest rate during the year 2.17% 1.80% 2.83% Weighted average interest rate at year end 2.49% 1.63% 2.47% 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 , 2018 and 2017 , these advances were secured by mortgage and commercial loans amounting to $ 847.3 million and $ 1.3 billion, respectively. Also, at December 31 , 2018 and 2017 , Oriental had an additional b orrowing capacity with the FHLB-NY of $ 762.0 million and $ 920.0 million, respectively. At December 31 , 2018 and 2017 , the weighted average remaining maturity of FHLB’s advances was 26.6 months and 3.2 months , respectively. The original terms of these a dvances 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 , 2018 . The following table shows a summary of the advances and their terms, excluding acc rued interest in the amount of $ 176 thousand and $ 322 thousand , at December 31 , 2018 and 2017 , respectively: December 31 2018 2017 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.61% (December 31, 2017 - 1.49%) 33,572 35,113 Long-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.89% (December 31, 2017 - 2.24%) 43,872 64,208 $ 77,444 99,321 Advances from FHLB mature as follows: December 31, 2018 (In thousands) Under 90 days 33,572 Over one to three years 8,867 Over three to five years 35,005 $ 77,444 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, 201 8 and 201 7 , respectively. In August 2003, the Statutory Trust II, a special purpose entity of the Company, 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 Sta tutory 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 subor dinated deferrable interest debenture has a par value of $ 36.1 million, bears interest based on 3-month LIBOR plus 295 basis points ( 5.74 % at December 31 , 2018 ; 4.55 .% at December 31 , 2017 ), is payable quarterly, and matures on September 17, 2033. I t may be called at par after five years and quarterly thereafter (next call date March 2019). The trust redeemable preferred securities have the same maturity and call provisions as the subordinated deferrable interest debenture. The subordinated deferrabl e 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. U nder 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 secu rities, 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 cap ital. Therefore, Oriental is permitted to continue to include its existing trust pre |
Offsetting Financial Assets and
Offsetting Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Offsetting Financial Assets and Liabilities [Abstract] | |
Offsetting Financial Assets and Liabilities | NOTE 1 6 – 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 wi th 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 , 2018 and 2017 : December 31, 2018 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 $ 347 $ - $ 347 $ 2,037 $ - $ (1,690) December 31, 2017 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 $ 771 $ - $ 771 $ 2,010 $ - $ (1,239) December 31, 2018 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 $ 333 $ - $ 333 $ - $ 1,980 $ (1,647) Securities sold under agreements to repurchase 454,723 - 454,723 487,181 - (32,458) Total $ 455,056 $ - $ 455,056 $ 487,181 $ 1,980 $ (34,105) December 31, 2017 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 $ 1,281 $ - $ 1,281 $ - $ 1,980 $ (699) Securities sold under agreements to repurchase 192,500 - 192,500 205,483 - (12,983) Total $ 193,781 $ - $ 193,781 $ 205,483 $ 1,980 $ (13,682) |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Plan [Abstract] | |
Employee Benefit Plan | NOTE 1 7 — 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. This 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 $ 18,500 . 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 inv ested in accordance with the employee’s decision among the available investment alternatives provided by the plan. This plan is entitled to acquire and hold qualified employer securities as part of its investment of the trust assets pursuant to ERISA Secti on 407. Oriental contributed $ 853 thousand , $ 835 thousand and $ 792 thousand in cash during 201 8 , 201 7 and 201 6 , respectively. Oriental ’s contribution becomes 100% vested once the employee completes three years of service. Also, Oriental offers to its sen ior 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 are not subject to ERISA contribution limits nor are they subject to discr imination 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. Funds deposited in a deferred compensation plan can accumulate without current income tax to the i ndividual. Income taxes are due when the funds are withdrawn. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 , 2017 , and 2016 was as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Balance at the beginning of year $ 28,138 $ 29,020 $ 31,475 New loans and disbursements 10,388 2,875 2,329 Repayments (10,006) (3,757) (4,784) Balance at the end of year $ 28,520 $ 28,138 $ 29,020 Oriental also hires professional ser vices amounting to $ 1.5 million from a related party. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 1 9 — INCOME TAXES Oriental is subject to the dispositions of the 2011 Puerto Rico Internal Revenue Code, as amended (the “Puerto Rico Code”). For 2018, the Puerto Rico Code imposed a maximum statutory cor porate tax rate of 39% . Oriental has operations in U.S. through its wholly owned subsidiary OPC, a retirement plan administration based in Florida. Also, i n October 2017 , Oriental expanded its operations in U.S. through the Bank's wholly owned s ubsidiary OFG USA . Both subsidiaries are subject to state and federal taxes. OPC is subject to Florida state taxes and OFG USA is subject to North Carolina state taxes. OFG USA elected to be classified as a corporation . Under the Puerto Rico Code , all companies are treated as separate taxable entities and are not entitled to file consolidated tax returns. OFG Bancorp 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 , 2018 , 2017 , and 2016 are as follows: Year Ended December 31, 2018 2017 2016 (In thousands) Current income tax expense $ 33,618 $ 19,101 $ 2,768 Deferred income tax expense (benefit) 14,772 (3,658) 23,226 Total income tax expense (benefit) $ 48,390 $ 15,443 $ 25,994 In relation to the exempt income level, the Bank’s investment securities portfolio and loans portfolio generated net tax-exempt interest income of $ 11.0 million at 2018 and $ 10.0 million at both, 2017 and 2016. OIB generated exempt income of $ 5.3 million, $ 9.6 million and $ 10.3 million for 201 8 , 201 7 and 201 6 , respectivel y. Oriental maintained an effective tax rate lower than statutory rate for the year ended December 31 , 2018 , mainly by investing in tax-exempt obligations, doing business throug h its international banking entity Oriental International Bank 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 follow: Year Ended December 31, 2018 2017 2016 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 51,792 39.00% $ 26,555 39.00% $ 33,220 39.00% Tax effect of exempt and excluded income, net (6,645) -5.01% (9,506) -13.96% (11,178) -13.12% Disallowed net operating loss carryover 269 0.20% 281 0.41% 1,406 1.65% Change in valuation allowance 1,504 1.13% (305) -0.45% (9) -0.01% Release of unrecognized tax benefits, net (386) -0.29% (775) -1.14% (135) -0.16% Capital (gain) loss at preferential rate (20) -0.02% (279) -0.41% 2,394 2.81% Effect of change in tax rate 4,069 3.06% - 0.00% - 0.00% Other items, net (2,193) -1.63% (528) -0.79% 296 0.34% Income tax expense $ 48,390 36.44% $ 15,443 22.66% $ 25,994 30.51% Oriental ’s effective tax rate for the years ended December 31 , 2018 was 36.44 % , and it was mainly affected by the discrete tax adjustments related to recent changes in the tax legislation and changes to the proportion of exempt income to total income. For the years ended December 31 , 2017 and 2016 , effective tax rate was 22.7% and 30.5 %, respectively . On December 10, 2018, the Puerto Rico government enacted Act 257-2018 introducing several amendments to the Puerto Rico Code. Some of the most rel evant 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. The change in tax rate resulted in the reduction of Oriental’s deferred tax assets by $4.1 million, generating a discrete tax expense for the period. In addition, the restriction on the use of partnership gains to offset the partner’s current and accumulated operating losses, resulted in a change in outlook as to the realizability of the Holding company’s deferred tax assets resulting in an increase in valuation allowance of $1.5 million. The 2018 effective tax rate included d iscrete items and the impact of recent tax l egislation changes, that increased the effective tax rate by 2.8 % . Act 257-2018 also contains other provisions, effective January 1, 2019, however Oriental’s does not expect that the recent tax legislation will result in significant changes on its 2019 eff ective tax rate. Oriental classifies unrecognized tax benefits in other liabilities. These gross unrecognized tax benefits would affect the effective tax rate if realized. At December 31 , 2018 , the amount of unrecognized tax benefits was $ 87 5 thousand ( December 31 , 2017 - $ 1.3 million). Oriental had accrued $ 81 thousand at December 31 , 2018 ( December 31 , 2017 - $ 97 thousand) for the payment of interest and penalties relating to unrecognized tax benefits and released $ 4 66 thousand due to expiration of statute of limitation . The following table presents a reconciliation of unrecognized tax benefits: Year Ended December 31, 2018 2017 2016 In thousands) Balance at beginning of year $ 1,260 $ 2,040 $ 2,175 Additions for tax positions of prior years 81 97 229 Additions due to new tax positions - - 999 Reduction for tax positions as a result of lapse of statute of limitations (466) (877) (1,363) Balance at end of year $ 875 $ 1,260 $ 2,040 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, litig ations and legislative activity. The statute of limitations under the Puerto Rico 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 su bject to income tax audits in the Commonwealth of Puerto Rico for taxable years 2014 to 2017, 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 y ears 2015 to 2017. 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 genera te 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 liabilitie s as of December 31 , 2018 , and 2017 were as follows: December 31, 2018 2017 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 85,227 $ 97,682 Loans and other real estate valuation adjustment 7,842 10,457 Net operating loss carry forwards 5,466 5,169 Alternative minimum tax 14,631 15,672 Acquired portfolio 35,753 35,293 Other assets allowances 966 858 Other deferred tax assets 5,298 5,304 Total gross deferred tax asset 155,183 170,435 Less: valuation allowance (4,629) (3,135) Net gross deferred tax assets 150,554 167,300 Deferred tax liability: FDIC-assisted acquisition, net (22,825) (24,564) Customer deposit and customer relationship intangibles (1,263) (1,828) Building valuation ajustment (8,284) (9,069) Servicing asset (4,018) (3,830) Other deferred tax liabilities (401) (588) Total gross deferred tax liabilities (36,791) $ (39,879) Net deferred tax asset $ 113,763 $ 127,421 As of December 31 , 2018 and 2017 , Oriental's net deferred tax asset, net of a valuation allowance of $4.6 million and $3.1 million, respectively, amounted to $113.8 million and $127.4 million, respectively. As discussed above, the deferred tax assets as of December 31 , 2018 are affected by a change in tax legislation which resulted in a reduction of $4.1 million in deferred tax assets and an increase in valuation allowance of $1.5 million. The increase in valuation allowance was related to a change in outlook as to the realizability of t he 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 p lanning strategies in making this assessment. Based upon the assessment of positive and negative evidence, the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax asset are deductible, man agement 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 , 2018 . 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, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements Under Banking Regulations Text Block | NOTE 20 — REGULATORY CAPITAL REQUIREMENTS Regulatory Capital Requirements OFG Bancorp (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 dis cretionary 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 speci fic 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 new 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/adjustme nts 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 standardi zed 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 result ing 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”). As of December 31 , 2018 and 2017 , OFG Bancorp and the Bank met all capital adequacy requirements to which they are subject. As of December 31 , 2018 and 2017 , the Bank is “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. OFG Bancorp ’s and the Bank’s actual capital amounts and ratios as of December 31 , 2018 and 2017 are as follows: Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of December 31, 2018 Total capital to risk-weighted assets $ 990,499 20.48% $ 386,977 8.00% $ 483,721 10.00% Tier 1 capital to risk-weighted assets $ 928,577 19.20% $ 290,233 6.00% $ 386,977 8.00% Common equity tier 1 capital to risk-weighted assets $ 811,707 16.78% $ 217,675 4.50% $ 314,419 6.50% Tier 1 capital to average total assets $ 928,577 14.22% $ 261,125 4.00% $ 326,406 5.00% As of December 31, 2017 Total capital to risk-weighted assets $ 899,258 20.34% $ 353,653 8.00% $ 442,067 10.00% Tier 1 capital to risk-weighted assets $ 842,133 19.05% $ 265,240 6.00% $ 353,653 8.00% Common equity tier 1 capital to risk-weighted assets $ 644,804 14.59% $ 198,930 4.50% $ 287,343 6.50% Tier 1 capital to average total assets $ 842,133 13.92% $ 242,057 4.00% $ 302,571 5.00% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2018 Total capital to risk-weighted assets $ 949,596 19.68% $ 385,992 8.00% $ 482,490 10.00% Tier 1 capital to risk-weighted assets $ 887,918 18.40% $ 289,494 6.00% $ 385,992 8.00% Common equity tier 1 capital to risk-weighted assets $ 887,918 18.40% $ 217,120 4.50% $ 313,618 6.50% Tier 1 capital to average total assets $ 887,918 13.68% $ 259,547 4.00% $ 324,434 5.00% As of December 31, 2017 Total capital to risk-weighted assets $ 879,648 19.92% $ 353,265 8.00% $ 441,581 10.00% Tier 1 capital to risk-weighted assets $ 822,776 18.63% $ 264,949 6.00% $ 353,265 8.00% Common equity tier 1 capital to risk-weighted assets $ 822,776 18.63% $ 198,712 4.50% $ 287,028 6.50% Tier 1 capital to average total assets $ 822,776 13.63% $ 241,417 4.00% $ 301,771 5.00% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 , 2017 , and 2016 is set forth below: Year Ended December 31, 2018 2017 2016 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 845,619 $ 14.14 917,269 $ 14.08 951,523 $ 12.45 Options exercised (101,268) 13.41 (71,150) 12.96 (24,752) 12.43 Options forfeited (5,025) 17.05 (500) 15.26 (9,502) 16.65 End of year 739,326 $ 14.28 845,619 $ 14.14 917,269 $ 14.08 The following table summarizes the range of exercise prices and the weighted average remaining contractual life of the options outstanding at December 31 , 2018 : 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 $5.63 to $8.45 3,532 8.28 0.3 3,532 8.28 11.27 to 14.08 313,394 11.81 2.2 313,394 11.81 14.09 to 16.90 265,675 15.40 4.7 228,625 15.29 16.91 to 19.71 156,725 17.00 6.2 78,362 17.44 739,326 $ 14.28 3.9 623,913 $ 13.77 Aggregate Intrinsic Value $ 1,767,596 $ 1,754,258 There were no options granted during 2018, 2017 and 2016. 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 pric e 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 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 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 105,800 $ 14.19 59,800 $ 16.64 138,400 $ 16.17 Restricted units granted 176,250 12.12 83,000 13.31 - - Restricted units lapsed (24,017) 17.12 (33,100) 16.10 (76,903) 16.04 Restricted units forfeited (3,983) 12.48 (3,900) 16.79 (1,697) 17.02 End of year 254,050 $ 12.50 105,800 $ 14.19 59,800 $ 16.64 The total unrecognized compensation cost related to non-vested restricted units to members of management at December 31 , 2018 was $ 2.3 million and is expected to be rec ognized over a weighted-average period of 1.8 years. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | NOTE 22 – STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock On October 22, 2018, Oriental announced the mandatory conversion of its Series C preferred stock into common stock. Each share of Series C preferred stock was converted into 86.422 5 s h ares of common stock. There were 84,000 shares of Series C preferred sto ck outstanding, all of which were converted to common stock. Upon conversion, the Series C preferred stock is no longer outstanding and all rights with respect to the Series C preferred stock have ceased and terminated, except the right to receive the numb er of whole shares of common stock issuable upon conversion of the Series C preferred stock and any required cash-in-lieu of fractional shares. A t December 31 , 2018 preferred and common stock paid-in capital amounted $ 92.0 million and $59.9 million, respectively. At December 31 , 2017 , preferred and common stock paid-in capital amounted $ 176.0 and $52.6 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 , 2018 and 2017 , accumulated issuance costs charged against additional paid-in capital amounted to $ 13.6 million and $ 10.1 million for preferred and common 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 , 2018 and 2017 , the Bank’s legal surplus amounted to $ 90. 2 million a nd $ 81.5 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 $ 7.7 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 years ended December 31 , 2018 , 2017 and 2016 , Oriental did not re purchase any shares under the program . At December 31 , 2018 the number of shares that may yet be purchased under the $ 70 million program is estimated at 469,675 and was calculated by dividing the remaining balance of $ 7.7 million by $ 16.46 ( closing price of Oriental's common stock at December 31 , 2018 ). The activity in connection with common shares held in treasury by Oriental for the years ended December 31 , 2018 , 2017 and 2016 is set forth below: Year Ended December 31, 2018 2017 2016 Dollar Dollar Dollar Shares Amount Shares Amount Shares Amount (In thousands, except shares data) Beginning of period 8,678,427 $ 104,502 8,711,025 $ 104,860 8,757,960 $ 105,379 Common shares used upon lapse of restricted stock units (87,117) (869) (32,598) (358) (46,935) (519) End of period 8,591,310 $ 103,633 8,678,427 $ 104,502 8,711,025 $ 104,860 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 and 2017 consisted of: December 31, 2018 2017 (In thousands) Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired $ (12,654) $ (3,003) Income tax effect of unrealized loss on securities available-for-sale 1,682 365 Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired (10,972) (2,638) Unrealized gain (loss) on cash flow hedges 14 (510) Income tax effect of unrealized (gain) loss on cash flow hedges (5) 199 Net unrealized gain (loss) on cash flow hedges 9 (311) Accumulated other comprehensive (loss), net of income taxes $ (10,963) $ (2,949) The following table presents changes in accumulated other comprehensive income by component, net of taxes, for the years ended December 31 , 2018 , 2017 and 2016 : 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) Year Ended December 31, 2017 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ 2,209 $ (613) $ 1,596 Other comprehensive loss before reclassifications (11,563) (186) (11,749) Amounts reclassified out of accumulated other comprehensive income (loss) 6,716 488 7,204 Other comprehensive income (loss) (4,847) 302 (4,545) Ending balance $ (2,638) $ (311) $ (2,949) Year Ended December 31, 2016 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ 16,924 (2,927) 13,997 Other comprehensive loss before reclassifications (26,661) (1,628) (28,289) Amounts reclassified out of accumulated other comprehensive income (loss) 11,946 3,942 15,888 Other comprehensive income (loss) (14,715) 2,314 (12,401) Ending balance $ 2,209 $ (613) $ 1,596 The following table presents reclassifications out of accumulated other comprehensive income for the years ended December 31 , 2018 , 2017 and 2016 : Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Year Ended December 31, 2018 2017 2016 (In thousands) Cash flow hedges: Interest-rate contracts $ 1,875 $ 488 $ 3,642 Tax effect from changes in tax rates - - 300 Income tax expense Available-for-sale securities: Net interest expense Gain on sale of investments - 6,896 12,207 Residual tax effect from OIB's change in applicable tax rate 5 104 32 Net impairment losses recognized in earnings Tax effect from changes in tax rates (235) (284) (293) Income tax expense $ 1,645 $ 7,204 $ 15,888 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 , 2017 and 2016 is as follows: Year Ended December 31, 2018 2017 2016 (In thousands, except per share data) Net income $ 84,410 $ 52,646 $ 59,186 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) (6,511) (6,512) (6,512) Convertible preferred stock (Series C) (5,513) (7,350) (7,350) Income available to common shareholders $ 72,386 $ 38,784 $ 45,324 Effect of assumed conversion of the convertible preferred stock 5,513 7,350 7,350 Income available to common shareholders assuming conversion $ 77,899 $ 46,134 $ 52,674 Weighted average common shares and share equivalents: Average common shares outstanding 45,400 43,939 43,913 Effect of dilutive securities: Average potential common shares-options 142 19 37 Average potential common shares-assuming conversion of convertible preferred stock 5,807 7,138 7,138 Total weighted average common shares outstanding and equivalents 51,349 51,096 51,088 Earnings per common share - basic $ 1.59 $ 0.88 $ 1.03 Earnings per common share - diluted $ 1.52 $ 0.88 $ 1.03 During the last quarter of 2018, Oriental converted all of its outstanding Series C P referred S tock into O riental common stock. Each of the 84,000 S eries C P referred S tock share s w ere converted into 8 6 .4225 shares of common stock. I n computing diluted earnings per common share d uring 2016, 2017 and the first nine months of 2018, the 84,000 shares of Series C P referred S tock 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 years ended December 31 , 2018 , 2017 and 2016 on the convertible preferred stock were added back as income available to common shareholders. For the years ended December 31 , 2018 , 2017 and 2016 , weighted-average stock o ptions with an anti-dilutive effect on earnings per share not included in the calculation amounted to 432,522 , 9 32 , 306 , and 949,134 , respectively. |
Guarantees
Guarantees | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Guarantees [Text Block] | NOTE 25 – GUARANTEES At December 31 , 2018 and 2017 , the unamortized balance of the obligations undertaken in issuing the guarantees under standby letters of credit represented a liability of $ 23.9 million and $ 21.1 million, respectively. Oriental has a liability for residential mortgage loans sold subject to credit recourse pursuant to FNMA’s residential mortgage loan sales and securitization programs. At December 31 , 2018 and 2017 , the unpaid principal balance of residential mortgage loans sold subject to credit recourse was $ 5.4 million and $ 6.4 mill ion, respectively. 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 , 2018 , 2017 and 2016 . Year Ended December 31, 2018 2017 2016 Balance at beginning of period $ 358 $ 710 $ 439 Net (charge-offs/terminations) recoveries (12) (352) 271 Balance at end of period $ 346 $ 358 $ 710 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 o bligated to repurchase the loan . If a borr ower 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 2018 , Oriental repurchased approximately $ 705 thousand of unpaid principal balance in m ortgage loans subject to the credit recourse provisions. During 2017 , Oriental repurchased $ 107 thousand of unpaid principal balance in mortgage loans subject to the credit recourse provisions. If a borrower defaults, Oriental has rights to the underl ying 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 , 2018 , Oriental’s liability for estimated credit losses related to loans sold with credit recourse amounted to $ 346 thousand (December 31, 2017– $ 358 thousand). When Oriental s ells 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 FNM A 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 O riental 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. Durin g the year ended December 31 , 2018 , Oriental repurchased $ 7.7 million ( December 31 , 2017 – $ 3.1 million) of unpaid principal balance in mortgage loans , excluding mortgage loans subject to credit recourse provision referred above . During 2018 , 2017 , and 2016 , Oriental recognized $ 556 thousand , $ 260 thousand and $ 380 thousand, respectively, in losses from the repurchase of residential mortgage loans sold subject to credit recourse, and $ 160 thousand , $ 477 thousand and $ 1.3 million, 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 loan s 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 , 2018 , Oriental serviced $ 895.6 million ( December 31 , 2017 - $ 864.9 million) 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 als o 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 servic ing income with respect to that loan. At December 31 , 2018 , the outstanding balance of funds advanced by Oriental under such mortgage loan servicing agreements was approximately $ 706 thousand ( December 31 , 2017 - $ 440 thousand). 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, 2018 | |
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 gua rantees. 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 e xtent 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 associ ated 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-relat ed financial instruments at December 31 , 2018 and 2017 were as follows: December 31, 2018 2017 (In thousands) Commitments to extend credit $ 541,423 $ 485,019 Commercial letters of credit 340 494 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. A t December 31 , 2018 and 2017 , 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. These lines of credit had a r eserve of $ 627 thousand and $ 567 thousand , a t December 31 , 2018 and 2017 , respe ctively . 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 inte nded. 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 a ccounting and disclosure requirements for guarantees, including indirect guarantees of indebtedness of others, at December 31 , 2018 and 2017 , is as follows: December 31, 2018 2017 (In thousands) Standby letters of credit and financial guarantees $ 23,889 $ 21,107 Loans sold with recourse 5,414 6,420 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 cred it risk involved in issuing letters of credit in the event of nonperformance 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. Lease Commitments Oriental has entered into various operating lease agreements for branch facilities and administrative offices. Rent expense for the years ended December 31 , 2018 , 2017 , and 2016 , amounted to $ 9.0 million, $ 9.9 million and $ 8.5 million, respectively, and is included in the "occupancy and equipment" caption in the unaudited consolidated statements of opera tions. Future rental commitments under leases in effect at December 31 , 2018 , exclusive of taxes, insurance, and maintenance e xpenses payable by Oriental , are summarized as follows: Minimum Rent Year Ending December 31, (In thousands) 2019 $ 5,618 2020 4,293 2021 3,360 2022 2,494 2023 1,968 Thereafter 6,679 $ 24,412 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 a rbitration, 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 pena lties or other relief sought as appropriate in each pending matter. 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 it s 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 i n 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 particu lar 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | NOTE 27 - 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 es tablishes 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 qu oted market prices, when available, or market prices provided by Interactive Data Corporation ("IDC"), an independent, well-recognized pricing company. Suc h securities are classified as Level 1 or L evel 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 suc h securities are classified as L evel 3. At December 31 , 2018 and 2017 , Oriental did not have investment securities classified as Level 3. Securities purchased under agreements to resell The fair value of securities purchased under agreements to resell 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 instruments . Derivative instruments The fair value of the interest rate swaps is largely a function of the fina ncial 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 e xternally 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 s ervice and other economic factors. Due to the unobservable nature of certain valuation inputs, the servicing rights are classified as Level 3. Impaired Loans Impaired loans are carried at the present value of expected future cash flows using the loan’s existing rate in a discounted cash flow calculation, or the fair value of the collateral if the loan is collateral-dependent. Expected cash flows are based on internal inputs reflecting expected default rates on contractual cash flows. This method of estim ating fair value does not incorporate the exit-price concept of fair value described in ASC 820-10 and would generally result in a higher value than the exit-price approach. For loans measured using the estimated fair value of collateral less costs to sell , fair value is generally determined based on the fair value of the collateral, which is derived from appraisals that take into consideration prices in observed transactions involving similar assets in similar locations, in accordance with the provisions o f ASC 310-10-35 less disposition costs. Currently, the associated loans considered impaired are classified as Level 3. Foreclosed real estate Foreclosed real estate includes real estate properties securing residential mortgage and commercial loans. The f air 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, 2018 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 841,857 $ - $ 841,857 Trading securities - 360 - 360 Money market investments 4,930 - - 4,930 Derivative assets - 347 - 347 Servicing assets - - 10,716 10,716 Derivative liabilities - (333) - (333) $ 4,930 $ 842,231 $ 10,716 $ 857,877 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 81,976 $ 81,976 Foreclosed real estate - - 33,768 33,768 Other repossessed assets - - 2,986 2,986 $ - $ - $ 118,730 $ 118,730 December 31, 2017 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 645,797 $ - $ 645,797 Trading securities - 191 - 191 Money market investments 7,021 - - 7,021 Derivative assets - 771 - 771 Servicing assets - - 9,821 9,821 Derivative liabilities - (1,281) - (1,281) $ 7,021 $ 645,478 $ 9,821 $ 662,320 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 72,285 $ 72,285 Foreclosed real estate - - 44,174 44,174 Other repossessed assets - - 3,548 3,548 $ - $ - $ 120,007 $ 120,007 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 , 2018 , 2017 and 2016 : Level 3 Instruments Only Servicing Assets (In thousands) Year Ended December 31, 2018 2017 Balance at beginning of period $ 9,821 $ 9,858 New instruments acquired 1,481 1,658 Principal repayments (814) (590) Changes in fair value of servicing assets 228 (1,105) Balance at end of period $ 10,716 $ 9,821 Year Ended December 31, 2016 Level 3 Instruments Only Derivative asset (S&P Purchased Options) Servicing Assets Derivative liability (S&P Embeded Options) Total (In thousands) Balance at beginning of period $ 1,171 $ 7,455 $ (1,095) $ 7,531 Gains (losses) included in earnings (1,171) - 1,067 (104) New instruments acquired - 2,616 - 2,616 Principal repayments - (489) - (489) Amortization - - 28 28 Changes in fair value of servicing assets - 276 - 276 Balance at end of period $ - $ 9,858 $ - $ 9,858 During the years ended December 31 , 2018 , 2017 and 2016 , there were purchases and sales of assets and liabilities measured at fair value on a recurring basis. There were no transfers into and out of Level 1 and Level 2 fair value measurements during such periods. 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 , 2018 : December 31, 2018 Fair Value Valuation Technique Unobservable Input Range (In thousands) Servicing assets $ 10,716 Cash flow valuation Constant prepayment rate 4.30% -9.02% Discount rate 10.00% - 12.00% Collateral dependent impaired loans $ 36,618 Fair value of property or collateral Appraised value less disposition costs 17.20% - 36.20% Other non-collateral dependent impaired loans $ 45,358 Cash flow valuation Discount rate 4.25% - 12.25% Foreclosed real estate $ 33,768 Fair value of property or collateral Appraised value less disposition costs 17.20% - 36.20% Other repossessed assets $ 2,986 Fair value of property or collateral Estimated net realizable value less disposition costs 38.00% - 62.00% 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 reflec ting 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 estimat es. 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 instrume nts are the value of long-term customer relations hips of retail deposits, and premises and equipment . The estimated fair value and carrying value of Oriental ’s financial instruments at December 31 , 2018 and 2017 is as follows: December 31, 2018 2017 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 447,033 $ 447,033 $ 485,203 $ 485,203 Restricted cash $ 3,030 $ 3,030 $ 3,030 $ 3,030 Level 2 Financial Assets: Trading securities $ 360 $ 360 $ 191 $ 191 Investment securities available-for-sale $ 841,857 $ 841,857 $ 645,797 $ 645,797 Investment securities held-to-maturity $ 410,353 $ 424,740 $ 497,681 $ 506,064 Federal Home Loan Bank (FHLB) stock $ 12,644 $ 12,644 $ 13,995 $ 13,995 Other investments $ 3 $ 3 $ 3 $ 3 Derivative assets $ 347 $ 347 $ 771 $ 771 Financial Liabilities: Derivative liabilities $ 333 $ 333 $ 1,281 $ 1,281 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 4,106,628 $ 4,431,594 $ 3,842,907 $ 4,056,329 Accrued interest receivable $ 34,254 $ 34,254 $ 49,969 $ 49,969 Servicing assets $ 10,716 $ 10,716 $ 9,821 $ 9,821 Accounts receivable and other assets $ 37,842 $ 37,842 $ 41,898 $ 41,898 Financial Liabilities: Deposits $ 4,881,903 $ 4,908,115 $ 4,782,197 $ 4,799,482 Securities sold under agreements to repurchase $ 453,135 $ 455,508 $ 191,104 $ 192,869 Advances from FHLB $ 78,503 $ 77,620 $ 99,509 $ 99,643 Other borrowings $ 1,214 $ 1,214 $ 153 $ 153 Subordinated capital notes $ 36,184 $ 36,083 $ 33,080 $ 36,083 Accrued expenses and other liabilities $ 87,665 $ 87,665 $ 86,791 $ 86,791 The following methods and assumptions were used to estimate the fair values of significant financial instruments at December 31 , 2018 and 2017 : • Cash and cash equivalents (including money market investments and time deposits with other b anks), restricted cash, accrued interest receivable, accounts receivable and other assets and accrued expenses and other liabilities have been valued at the carrying amounts reflected in the consolidated statements of financial condition as these are reaso nable 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 ba sed 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 tha t 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 are provided by valuation experts and counterparties. Certain derivatives with limited market activity are valued using externally developed models that consider unobservable market parameters. • Fair value of derivative liabilities, which include interes t 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 discou nted 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 a ny, 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 fix ed-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 date s . |
Banking and Finanial Service Re
Banking and Finanial Service Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Banking [Abstract] | |
Banking and Financial Service Revenues | NOTE 28 – BANKING AND FINANCIAL SERVICE REVENUES The following table presents the major categories of banking and financial service revenues for the years ended December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (In thousands) Banking service revenues: Checking accounts fees $ 5,878 $ 6,903 $ 7,511 Savings accounts fees 635 601 548 Electronic banking fees 32,431 28,174 30,081 Credit life commissions 541 492 636 Branch service commissions 1,581 811 620 Servicing and other loan fees 1,844 1,758 1,689 International fees 718 712 528 Miscellaneous income 10 17 34 Total banking service revenues 43,638 39,468 41,647 Wealth management revenue: Insurance income 6,956 6,652 7,287 Broker fees 6,996 7,131 8,385 Trust fees 10,878 10,930 10,789 Retirement plan and administration fees 1,095 1,048 971 Investment banking fees 9 29 1 Total wealth management revenue 25,934 25,790 27,433 Mortgage banking activities: Net servicing fees 5,024 3,865 6,058 Net gains on sale of mortgage loans and valuation 305 923 693 Other (562) (738) (1,730) Total mortgage banking activities 4,767 4,050 5,021 Total banking and financial service revenues $ 74,339 $ 69,308 $ 74,101 In May 2014 issued ASU No. 2014-09 - Revenue from Contracts with Customers (ASC 606) to clarify 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 t 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 centra l 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, th e related revenue is also recognized over time. Following is a description of the nature and timing of revenue streams from contracts with customers: Banking Revenue Services 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 deposits accounts. Revenue is recorded once the contracted service has been provided. Service charges on checking and saving accounts as consumer periodic maintenance rev enue 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 miscellan eous fees recognized as banking revenue services are out of the scope of the 606 guideline. Wealth Management Revenue Insurance income from commissions and sale of annuities are recorded once the sale has been completed. Brokers fees consist of two categ ories: Wealth management service revenue subject to commission represents sales commissions generated by advisors for their clients’ purchases and sales of securities on exchanges and over-the-counter, as well as purchases of other investment products like mutual funds, and are collected once the stand alone transactions are completed at trade date or as earned. Also, managed account fees which are fees charged to advisors’ clients’ accounts on the Company corporate advisory platform. Fees do not cover futu re services, as a result there is no need to allocate the amount received to any other service. Wealth management service revenue not subject to commission are primarily revenues from transactions related to mutual funds for providing distribution services and, in turn, compensates service provider who entered into agreements with the Company to provide such services netted against revenues, as well as trailer fees (also known as 12-b1 fess). These fees are considered variable and are recognized over time, as the uncertainty of the fees to be received is resolved as NAV 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 administ ration fees are revenues related to the payment received from the clients of OPC for provide assistance with the planning, design, administration, act as third party administrator, 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 the full fiduciary services of 401k, the divi dend growth IRA, 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 the 606 guideline. Mortgage Banking Activities Mortgage banking activities as servicing fees, gain on sale of mortgage loans valuation and other are out of the scope of the 606 guideline. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2018 | |
Business Segments [Abstract] | |
Business Segments | NOTE 2 9 – 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 t o 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 perf ormance 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 i s 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 port folio. 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 S ervices, 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 reti rement 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 s ales 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 , 2018 , 2017 and 2016 : 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 loan and lease losses, net (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 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 Year Ended December 31, 2017 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 311,503 $ 53 $ 34,091 $ 345,647 $ - $ 345,647 Interest expense (26,308) - (15,167) (41,475) - (41,475) Net interest income 285,195 53 18,924 304,172 - 304,172 Provision for loan and lease losses, net (113,108) - (31) (113,139) - (113,139) Non-interest income 45,102 26,069 7,516 78,687 - 78,687 Non-interest expenses (184,567) (13,486) (3,578) (201,631) - (201,631) Intersegment revenue 1,604 - 748 2,352 (2,352) - Intersegment expenses (748) (1,137) (467) (2,352) 2,352 - Income before income taxes $ 33,478 $ 11,499 $ 23,112 $ 68,089 $ - $ 68,089 Income tax expense (benefit) 13,057 4,485 (2,099) 15,443 - 15,443 Net income $ 20,421 $ 7,014 $ 25,211 $ 52,646 $ - $ 52,646 Total assets $ 5,597,077 $ 25,980 $ 1,536,417 $ 7,159,474 $ (970,421) $ 6,189,053 Year Ended December 31, 2016 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 321,868 $ 65 $ 34,659 $ 356,592 $ - $ 356,592 Interest expense (27,838) - (29,327) (57,165) - (57,165) Net interest income 294,030 65 5,332 299,427 - 299,427 Provision for non-covered loan and lease losses (65,076) - - (65,076) - (65,076) Non-interest income 35,587 26,788 4,444 66,819 - 66,819 Non-interest expenses (193,156) (17,443) (5,391) (215,990) - (215,990) Intersegment revenue 1,521 - 883 2,404 (2,404) - Intersegment expenses (883) (1,108) (413) (2,404) 2,404 - Income before income taxes $ 72,023 $ 8,302 $ 4,855 $ 85,180 $ - $ 85,180 Income tax expense (benefit) 28,089 3,238 (5,333) 25,994 - 25,994 Net income $ 43,934 $ 5,064 $ 10,188 $ 59,186 $ - $ 59,186 Total assets $ 5,584,866 $ 23,315 $ 1,837,514 $ 7,445,695 $ (943,871) $ 6,501,824 |
OFG Bancorp (Holding Company On
OFG Bancorp (Holding Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
OFG Bancorp (Holding Company Only) Financial Information [Abstract] | |
OFG Bancorp (Holding Company Only) Financial Information | NOTE 30 – OFG BANCORP (HOLDING COMPANY ONLY) FINANCIAL INFORMATION As a bank holding company subject to the regulations and supervisory guidance of the Federal Reserve Board, Oriental generally should inform the Federal Reserve Board and eliminate, defer or significantly reduce its dividends if: (i) its net income availab le 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 Oriental may also be affected by other regulatory requirements and poli cies, such as the maintenance of certain regulatory capital levels. Du ring 201 8, 2017 and 2016 , Oriental Insurance paid $ 4.0 million , $ 4.0 million and $ 5.0 million , respectively, in dividends to Oriental . Oriental Financial Services paid $ 1.0 million in dividends to Oriental during 2016 but did not pay any dividends during 2017 and 2018 . The following condensed financial information presents the financial position of the holding company only as of December 31 , 2018 and 2017 , and the results of i ts operations and its cash flows for the years ended December 31 , 2018 , 2017 and 2016 : OFG BANCORP CON DENSED STATEMENTS OF FINANCIAL POSITION INFORMATION (Holding Company Only) December 31, 2018 2017 (In thousands) ASSETS Cash and cash equivalents $ 39,207 $ 24,430 Investment in bank subsidiary, equity method 983,718 941,198 Investment in nonbank subsidiaries, equity method 19,341 20,231 Due from bank subsidiary,net 40 22 Deferred tax asset, net - 2,230 Other assets 1,122 1,616 Total assets $ 1,043,428 $ 989,727 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 5,219 6,504 Due to affiliates 14 - Accrued expenses and other liabilities 2,235 2,033 Subordinated capital notes 36,083 36,083 Total liabilities 43,551 44,620 Stockholders’ equity 999,877 945,107 Total liabilities and stockholders’ equity $ 1,043,428 $ 989,727 O FG BANCORP CON DENSED STATEMENTS OF OPERATIONS INFORMATION (Holding Company Only) Year Ended December 31, 2018 2017 2016 (In thousands) Income: Interest income $ 477 $ 188 $ 174 Gain on sale of securities - - 211 Investment trading activities, net and other 6,003 4,511 4,066 Total income 6,480 4,699 4,451 Expenses: Interest expense 1,905 1,556 1,370 Operating expenses 7,980 6,700 7,179 Total expenses 9,885 8,256 8,549 Loss before income taxes (3,405) (3,557) (4,098) Income tax expense 2,400 403 518 Loss before changes in undistributed earnings of subsidiaries (5,805) (3,960) (4,616) Equity in undistributed earnings from: Bank subsidiary 87,128 51,612 58,580 Nonbank subsidiaries 3,087 4,994 5,222 Net income $ 84,410 $ 52,646 $ 59,186 O FG BANCORP CON DENSED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION (Holding Company Only) Year ended December 31, 2018 2017 2016 (In thousands) Net income $ 84,410 $ 52,646 $ 59,186 Other comprehensive loss before tax: Unrealized loss on securities available-for-sale - - (204) Other comprehensive income from bank subsidiary (8,014) (4,545) (12,238) Other comprehensive loss before taxes (8,014) (4,545) (12,442) Income tax effect - - 41 Other comprehensive loss after taxes (8,014) (4,545) (12,401) Comprehensive income $ 76,396 $ 48,101 $ 46,785 OFG BANCORP CON DENSED STATEMENTS OF CASH FLOWS INFORMATION (Holding Company Only) Year Ended December 31, 2018 2017 2016 (In thousands) Cash flows from operating activities: Net income $ 84,410 $ 52,646 $ 59,186 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary (87,128) (51,612) (58,580) Equity in undistributed earnings from nonbanking subsidiaries (3,087) (4,994) (5,222) Amortization of investment securities premiums, net of accretion of discounts - - 12 Realized gain on sale of securities - - 211 Stock-based compensation 1,401 1,109 1,270 Employee benefit adjustment - (99) - Deferred income tax, net 2,230 414 444 Net decrease (increase) in other assets 372 (205) 42 Net (decrease) increase in accrued expenses and other liabilities 203 (1,185) 800 Dividends from banking subsidiary 37,700 26,743 17,600 Dividends from non-banking subsidiary 4,000 4,002 6,000 Net cash provided by operating activities 40,101 26,819 21,763 Cash flows from investing activities: Maturities and redemptions of investment securities available-for-sale - - 702 Proceeds from sales of investment securities available-for-sale - - 4,888 Net decrease in due from bank subsidiary, net - 307 317 Net decrease in due to non-bank subsidiary, net 14 - - Proceeds from sales of premises and equipment 200 - 324 Capital contribution to banking subsidiary (1,105) (788) (894) Capital contribution to non-banking subsidiary (24) (50) (68) Additions to premises and equipment (97) (19) (381) Net cash (used in) provided by investing activities (1,012) (550) 4,888 Cash flows from financing activities: Proceeds from (payments to) exercise of stock options and lapsed restricted units, net 508 - (315) Dividends paid (24,820) (24,412) (24,003) Net cash used in financing activities (24,312) (24,412) (24,318) Net change in cash and cash equivalents 14,777 1,857 2,333 Cash and cash equivalents at beginning of year 24,430 22,573 20,240 Cash and cash equivalents at end of year $ 39,207 $ 24,430 $ 22,573 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 securit ies broker-dealer, Oriental Financial Services Corp. (“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”). Through these subsidiaries and their respective divisions, Oriental provides a wide range of banking and financial services such as commercial, consumer and mort gage 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 its subsidiaries are located in San Juan, Puerto Rico, except for OPC, which is located in Boca Raton, Florida. 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, which is a commercial lender organized in Delaware and based in Cornelius, North Carolina. Oriental International Bank Inc. (“OIB”), a wholly-owned subsidiary of the Bank, and Oriental Overseas, a division of the Bank, are international banking entities licensed pursuant to the International Banking Center Regulatory Act of Puerto Rico, as amended. OIB and Oriental Overseas offer the Bank certain Puerto Rico tax advant ages. Their activities are limited under Puerto Rico law to persons located in Puerto Rico with assets/liabilities located outside of Puerto Rico. Oriental Financial Services is a securities broker-dealer and is subject to the supervision, examination an d 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 s upervision, 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, and the sale of loans directly in the secondary market or the securitization of conforming loans into mortgage-backed securities. The Bank originates Federal Housing Administration (“FHA”) insured and Veterans Administr ation (“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 securiti zed 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 se curities. 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. During 2016, Oriental began s ervicing most of its mortgage loan portfolio. On December 18, 2012, Orien t al 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 Puer to 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 “BBV APR Acquisition” and BBVAPR Holding, BBVAPR Bank, BBVA Seguros and BBVA Securities are collectively referred to as the “BBVAPR Companies” or “BBVAPR.” |
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. |
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 o f 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 te rm relate mainly to the determination of the allowance for loan and lease losses, the valuation of securities and derivative instruments, revisions to expected cash flows in acquired loans, the determination of income taxes, other-than-temporary impairment of securities, and goodwill valuation and impairment assessment. |
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 at the date of acquisition. |
Earning per Common Share | E arnings 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 s imilar 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 sto ck 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 consolida ted financial statements. |
Securities Purchased/Sold Under Agreements to Resell/Repurchase | Securities Purchased/Sold Under Agreements to Resell/Repurchase Oriental purchases securities under agreements to resell the same or similar securities. Amounts advanced under these agreements represent short-term loans and ar e reflected as assets in the consolidated statements of financial condition. It is Oriental’s policy to take possession of securities purchased under resale agreements while the counterparty retains effective control over the securities. Oriental monitors the fair value of the underlying securities as compared to the related receivable, including accrued interest, and requests additional collateral when deemed appropriate. Oriental also sells securities under agreements to repurchase the same or similar securities. Oriental retains effective control over the securities sold under these agreements. Accordingly, such agreements are treated as financing arrangements, and the ob ligations to repurchase the securities sold are reflected as liabilities. The securities underlying the financing agreements remain included in the asset accounts. The counterparty to repurchase agreements generally has the right to repledge the securities received as collateral. |
Investment Securities | Investment Securities Securities are classified as held-to-maturity, available-for-sale or trading. Securities for which Oriental has the intent and ability to hold until maturity are classified as held-to-maturity and are carri ed at amortized cost. Securities that might be sold prior to maturity because of interest rate changes to meet liquidity needs or to better match the repricing characteristics of funding sources are classified as available-for-sale. These securities are re ported at fair value, with unrealized gains and losses excluded from earnings and reported net of tax in other comprehensive income (loss). Oriental classifies as trading those securities that are acquired and held principally for the purpose of selling them in the near future . These securities are carried at fair value with realized and unrealized changes in fair value included in earnings in the period in which the changes occur. Oriental’s investment in the Federal Home Loan Bank of New York (“FHLB-NY ”) stock, a restricted security, has no readily determinable fair value and can only be sold back to the FHLB-NY at cost. Therefore, these stock shares are deemed to be nonmarketable equity securities and are carried at cost. Premiums and discounts are a mortized 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. The cost of securities sold is determined by the specific identification method. |
Financial Instruments | Financial Instruments Certain financial inst ruments, 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 con tracts 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 val ue 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 q uoted 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 an d 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 th e 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) de bt 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 liabilitie s 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 1, Level 2, or Level 3 for finan cial instruments measured at fair value on a recurring basis during the years ended December 31 , 2018 , 2017 , and 2016 . 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 | Impairment of Investment Securities Oriental conducts periodic reviews to identify and evaluate each investment in an unrealized loss position for other-than-temporary impairment. Oriental separates the amount of total impairment into credit and noncredi t-related amounts. The term “other-than-temporary impairment” is not intended to indicate that the decline is permanent but indicates that the prospects for a near-term recovery of value is not favorable, or that there is a lack of evidence to support a re alizable value equal to or greater than the carrying value of the investment. Any portion of a decline in value associated with a credit loss is recognized in income, while the remaining noncredit-related component is recognized in other comprehensive inco me (loss). A credit loss is determined by assessing whether the amortized cost basis of the security will be recovered by comparing it to the present value of cash flows expected to be collected from the security discounted at the rate equal to the yield u sed to accrete current and prospective beneficial interest for the security. The shortfall of the present value of the cash flows expected to be collected in relation to the amortized cost basis is considered to be the “credit loss.” Oriental’s review fo r impairment generally entails, but is not limited to: • the identification and evaluation of investments that have indications of possible other-than-temporary impairment; • the analysis of individual investments that have fair values less than amort ized cost, including consideration of the length of time the investment has been in an unrealized loss position, and the expected recovery period; • the financial condition of the issuer or issuers; • the creditworthiness of the obligor of the security ; • actual collateral attributes; • any rating changes by a rating agency; • current analysts’ evaluations; • the payment structure of the debt security and the likelihood of the issuer being able to make payments; • current market conditions; • adverse conditions specifically related to the security, industry, or a geographic area; • Oriental’s intent to sell the debt security; • whether it is more-likely-than-not that Oriental will be required to sell the debt security before its anticipated recovery; and • other qualitative factors that could support or not an other -than-temporary impairment. |
Derivative Instruments and Hedging Activities | Deri vative 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. Ori ental’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 inter est 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 subs tantially 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 intere st-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, r espectively, 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 in volve 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 note s 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 purchas ed 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 ha ve 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 gener ally 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 counterpar ties. 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 wi ll 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 inc ludes 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 a nd 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); (i i) 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 develop ed 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. |
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 accruals for such risks if and when these are deemed necessary. |
Mortgage Banking Activities and Loans Held-For Sale | Mortgage Banking Ac tivities 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 aggregat e. 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 originate d 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 Extinguis hment 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 t o 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 ass ets 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 mat urity. 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 federal and Puerto Rico income tax purposes, Oriental treats the transfers of loans which do not qualify as “true sales” under the applicable accounting guidance, as sales, recognizing a deferred tax asset or liability on the transaction. For transfers of financial assets th at 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 applic able; 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 i nterests 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 th e 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 se curities, 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 suc h 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 O riental 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 opt ion 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 elig ible 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 a re 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 repres entation 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 liabil ity 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 b orrowers 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 mort gage 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 (categorized in the line item "mortgage banking activities" in the consoli dated 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. Statistical methods are used to estimate the recourse liability. 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 within the f ollowing twelve-month period. |
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 expect ed 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 sepa rately 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 s ervicing 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 fluct uations 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 servici ng 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 Leases | Loans and Leases Originated and Other Loans and Leases Held in Portfolio Loans that Oriental originates and intends to hold in portfolio are stated at the principal amount outstanding, adjusted for unamortized deferred fees and costs which are amortized to interest income over the expected life of the loan using the interest method. Oriental discontinues accrual of interest on originated loans after payments become more than 90 days past due or earlier if Oriental does not expect the full collection of principal or interest. The delinquency status is ba sed 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 statu s. 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 mana gement’s judgment in the evaluation of the borrower’s financial condition and prospects for repayment. Oriental follows a systematic methodology to establish and evaluate the adequacy of the allowance for loan and lease losses to provide for inherent loss es in the loan portfolio. This methodology includes the consideration of factors such as economic conditions, portfolio risk characteristics, prior loss experience, and results of periodic credit reviews of individual loans. The provision for loan and leas e losses charged to current operations is based on such methodology. Loan and lease losses are charged, and recoveries are credited to the allowance for loan and lease losses on originated and other loans. Larger commercial loans that exhibit potential or observed credit weaknesses are subject to individual review and grading. Where appropriate, allowances are allocated to individual loans based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flow, and legal options available to Oriental. Included in the review of individual loans are those that are impaired. A loan is considered impaired when, based on current information an d events, it is probable that Oriental will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Impaired loans are measured based on the present value of expected future ca sh flows discounted at the loan’s effective interest rate, or as a practical expedient, at the observable market price of the loan or the fair value of the collateral, if the loan is collateral dependent. Loans are individually evaluated for impairment, ex cept large groups of small balance homogeneous loans that are collectively evaluated for impairment and loans that are recorded at fair value or at the lower of cost or fair value. Oriental measures for impairment all commercial loans over $250 thousand (i ) that are either over 90 days past due or adversely classified, (ii) that are troubled-debt restructurings (each, a "TDR”), or (iii) when deemed necessary by management. The portfolios of mortgage loans, auto and leasing, and consumer loans are considered homogeneous and are evaluated collectively for impairment. Oriental uses a rating system to apply an overall allowance percentage to each o riginated and other loan portfolio segment based on historical credit losses adjusted for current conditions and trends. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by Oriental over a determined look back period for each segment. The actual loss factor is adjusted by the appropriate loss emergence period as calculated for each portfolio. Then, the adjusted loss experience is supplemented with other qualitative factors based on the ris ks present for each portfolio segment. These qualitative factors include consideration of the following: the credit grading assigned to commercial loans; levels of and trends in delinquencies and impaired loans; levels of and trends in charge-offs and reco veries; trends in volume and terms of loans; effects of any changes in risk selection and underwriting standards; other changes in lending policies, procedures, and practices; experience, ability, and depth of lending management and other relevant staff, i ncluding the bank’s loan review system as graded by regulatory agencies in their last examination; local economic trends and conditions; industry conditions; effects of external factors such as competition and regulatory requirements on the level of estima ted credit losses in the current portfolio; and effects of changes in credit concentrations and collateral value. An additional impact from the historical loss experience is applied based on levels of delinquency, loan classification, FICO score and/or or igination date, depending on the portfolio. At origination, a determination is made whether a loan will be held in our portfolio or is intended for sale in the secondary market. Loans that will be held in Oriental’s portfolio are carried at amortized cos t. Residential mortgage loans held for sale are recorded at the lower of the aggregate cost or market value (“LOCOM”). Acquired Loans and Leases Loans that Oriental acquires in acquisitions are recorded at fair value with no carryover of the related allo wance for loan losses. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Oriental has acquired loans in two separate acquisitions, the BBVAPR Acquisition in December 2012 and the FDIC-assisted Eurobank acquisition in April 2010. For each acquisition, Oriental considered the following factors as indicators that an acquired loan had evidence of deterioration in credit quality and was therefore in the scope of ASC 310-30: Loans that were 90 days or more past due; Loans that had an internal risk rating of substandard or worse (substandard is consistent with regulatory definitions and is defin ed as having a well-defined weakness that jeopardizes liquidation 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 TDR. Any acquired loans that were not individually in the scope of ASC 310-30 because they did not meet the criteria above were either (i) pooled into groups of similar loans based on the borrower type, loan purpose, and collateral type and accounted for under ASC 310-30 by analogy or (ii) accounted for under ASC 310-20 (non-refundable fees and other costs). Acquired Loans Accounted for under ASC 310-20 (loans with revolving feature and/or acquired at a premium) Revolving credit facilities such as credit cards, retail and commercial lines of credit and floor plans which are specifically scoped out of ASC 310-30 are accounted for under the provisions of ASC 310-20. Also, performing auto loans with FICO scores over 660 acquired at a premium in the BBVAPR Acquisition are accounted for under this guidance. Auto loans with FICO scores below 660 were acquired at a discount and are accounted for under the provisions of ASC 310-30. The provisions of ASC 310-20 require t hat any differences between the contractually required loan payments in excess of Oriental’s initial investment in the loans be accreted into interest income on a level-yield basis over the life of the loan. Loans acquired in the BBVAPR Acquisition that we re accounted for under the provisions of ASC 310-20 which had fully amortized their premium or discount, recorded at the date of acquisition, are removed from the acquired loan category. Loans accounted for under ASC 310-20 are placed on non-accrual status when past due in accordance with Oriental’s non-accruing policy and any accretion of discount is discontinued. These assets were recorded at estimated fair value on their acquisition date, incorporating an estimate of future expected cash flows. Such fair value includes a credit discount which accounts for expected loan losses over the estimated life of these loans. Management takes into consideration this credit discount when determining the necessary allowance for acquired loans that are accounted for un der the provisions of ASC 310-20. The allowance for loan and lease losses model for acquired loans accounted for under ASC 310-20 is the same as for the originated and other loan portfolio. Acquired Loans Accounted under ASC 310-30 (including those acc ounted for under ASC 310-30 by analogy) Oriental performed a fair market valuation of each of the loan pools, and each pool was recorded at a discount. Oriental determined that at least part of the discount on the acquired individual or pools of loans was attributable to credit quality by refere nce to the valuation model used to estimate the fair value of these pools of loans. The valuation model incorporated lifetime expected credit losses into the loans’ fair valuation in consideration of factors such as evidence of credit deterioration since o rigination and the amounts of contractually required principal and interest that Oriental did not expect to collect as of the acquisition date. Based on the guidance included in the December 18, 2009 letter from the AICPA Depository Institutions Panel to t he Office of the Chief Accountant of the SEC, Oriental has made an accounting policy election to apply ASC 310-30 by analogy to all of these acquired pools of loans as they all (i) were acquired in a business combination or asset purchase, (ii) resulted in recognition of a discount attributable, at least in part, to credit quality; and (iii) were not subsequently accounted for at fair value. The excess of expected cash flows from acquired loans over the estimated fair value of acquired loans at acquisition is referred to as the accretable discount and is recognized into interest income over the remaining life of the acquired loans using the interest method. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition is referred to as the nonaccretable discount. The nonaccretable discount represents estimated future credit losses expected to be incurred over the life of the acquired loans. Subsequent decreases to the expected cash flows requ ire Oriental to evaluate the need for an addition to the allowance for loan losses. Subsequent improvements in expected cash flows result in the reversal of the associated allowance for loan losses, if any and the reversal of a corresponding amount of the nonaccretable discount which Oriental then reclassifies as accretable discount that is recognized into interest income over the remaining life of the loan using the interest method. Oriental’s evaluation of the amount of future cash flows that it expects t o collect takes into account actual credit performance of the acquired loans to date and Oriental’s best estimates for the expected lifetime credit performance of the loans using currently available information. Charge-offs of the principal amount on acqui red loans would be first applied to the nonaccretable discount portion of the fair value adjustment. In accordance with ASC 310-30, recognition of income is dependent on having a reasonable expectation about the timing and amount of cash flows expected t o be collected. Oriental performs such an evaluation on a quarterly basis on both its acquired loans individually accounted for under ASC 310-30 and those in pools accounted for under ASC 310-30 by analogy. Cash flows for acquired loans individually acco unted for under ASC 310-30 are estimated on a quarterly basis. Based on this evaluation, a determination is made as to whether or not Oriental has a reasonable expectation about the timing and amount of cash flows. Such an expectation includes cash flows f rom normal customer repayment, collateral value, foreclosure or other collection efforts. Cash flows for acquired loans accounted for on a pooled basis under ASC 310-30 by analogy are also estimated on a quarterly basis. For residential real estate, home e quity and other consumer loans, cash flow loss estimates are calculated based on a model that incorporates a projected probability of default and loss. For commercial loans, lifetime loss rates are assigned to each pool with consideration given for pool ma ke-up, including risk rating profile. Lifetime loss rates are developed from internally generated historical loss data and are applied to each pool. To the extent that Oriental cannot reasonably estimate cash flows, interest income recognition is discont inued. The unit of account for loans in pools accounted for under ASC 310-30 by analogy is the pool of loans. Accordingly, as long as Oriental can reasonably estimate cash flows for the pool as a whole, accretable yield on the pool is recognized and all in dividual loans within the pool - even those more than 90 days past due - would be considered to be accruing interest in Oriental’s financial statement disclosures, regardless of whether or not Oriental expects any principal or interest cash flows on an ind ividual loan 90 days or more past due. Oriental writes-off the loan’s recorded investment and derecognizes the associated allowance for loan and lease losses for loans that exit the acquired pools. Effective February 6, 2017, Oriental and the FDIC agree d to terminate the loss and recovery sharing agreements in connection with a portfolio of loans acquired in the Eurobank FDIC assisted transaction. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses Oriental follows 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 includes 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 is 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 determines 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 c ash flows after the acquisition date. The loss factor used for the general reserve of these loans is established considering Oriental’s historical loss experience adjusted for an estimated loss emergence period and the consideration of environmental facto rs. Environmental factors considered are: 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 environmental factors will be the general valuation reserve (“GVA”) factor to be used for the determination of the allowance for loan and lease losses in each category. Originated and Other Loans and Leases Held for Investment and Acquired Loans Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Oriental determines the al lowance for loan and lease losses by portfolio segment, which consist of mortgage loans, commercial loans, consumer loans, and auto and leasing, as follows: Mortgage loans: These loans are divided into four classes: traditional mortgages, non-traditional mortgages, loans in loan modification programs and home equity secured personal loans. Traditional mortgage loans include loans secured by a dwelling, fixed coupons and regular amortization schedules. Non-traditional mortgages include loans with interest-f irst amortization schedules and loans with balloon considerations as part of their terms. Mortgages in loan modification programs are loans that are being serviced under such programs. Home equity loans are mainly equity lines of credit. The allowance fact or on mortgage loans is impacted by the adjusted historical loss factors on the sub-segments and the environmental risk factors described above and by delinquency buckets. The traditional mortgage loan portfolio is further segregated by vintages and then by delinquency buckets. Effective on the fourth quarter of 2018, the calculation of the loss factor was changed from historical loss experience to a probability of default (“PD”) and loss given default (“LGD”) methodology. The PD results from a delinquency migration analysis and the LGD is based on the Bank’s historical loss experience. The segments and sub-segments remained unchanged as well as the environmental risk factors adjustments. These changes are considered a change in accounting estimate as per ASC 250-10 provisions, where adjustments should be made prospectively. Commercial loans: The commercial portfolio is segmented by business line (corporate, institutional, middle market, corporate retail, floor plan, and real estate) and by collateral type (secured by real estate and other commercial and industrial assets). The loss factor used for the GVA of these loans is established consid ering Oriental's past 36-month historical loss experience of each segment adjusted for the loss realization period and the consideration of environmental factors. The sum of the adjusted loss experience and the environmental factors is the GVA factor used for the determination of the allowance for loan and lease losses on each segment. Consumer loans: The consumer portfolio consists of smaller retail loans such as retail credit cards, overdrafts, unsecured personal lines of credit, and personal unsecured loans. The allowance factor, consisting of the adjusted historical loss factor and the environmental risk factors, will be calculated for each sub-class of loans by delinquency bucket. Auto and Leasing: The auto and leasing portfolio consists of financing for the purchase of new or used motor vehicles for private or public use. The allowance factor is impacted by the adjusted historical loss factor and the environmental risk factors. For the determination of the allowance factor, the portfolio is segmente d by FICO score, which is updated on a quarterly basis and then by delinquency bucket. Oriental establishes 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 includes a review of loans on which full collectability may not be reasonab ly assured, considers, among other matters, the estimated fair value of the underlying collateral, economic conditions, historical net loan loss experience, and other factors that warrant recognition in determining our allowance for loan losses. Oriental c ontinues to monitor and modify the level of the allowance for loan losses to ensure it is adequate to cover losses inherent in our loan portfolio. Our allowance for loan losses consists of the following elements: (i) specific valuation allowances based o n 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 quali tative risk factors specific to respective loan types. When current information and events indicate that it is probable that we will be unable to collect all amounts of principal and interest due under the original terms of a business or commercial real e state loan greater than $500 thousand, such loan will be classified as impaired. Additionally, all loans modified in a TDR are considered impaired. The need for specific valuation allowances are determined for impaired loans and recorded as necessary. For impaired loans, we consider the fair value of the underlying collateral, less estimated costs to sell, if the loan is collateral dependent, or we use the present value of estimated future cash flows in determining the estimates of impairment and any relate d allowance for loan losses for these loans. Confirmed losses are charged off immediately. Loan loss ratios and credit risk categories, for commercial loans, are updated at least quarterly and are applied in the context of GAAP. Management uses current av ailable information in estimating possible loan and lease losses, factors beyond Oriental’s control, such as those affecting general economic conditions, may require future changes to the allowance. Acquired Loans Accounted for under ASC 310-30 (i ncluding those accounted for under ASC 310-30 by analogy) For our acquired loans accounted for under ASC 310-30, our allowance for loan losses is estimated based upon our expected cash flows for these loans. To the extent that we experience a deteriorati on in borrower credit quality resulting in a decrease in the net present value of our expected cash flows (which are used as a proxy to identify probable incurred losses) subsequent to the acquisition of the loans, an allowance for loan losses is establish ed based on our estimate of future credit losses over the remaining life of the loans. Acquired loans accounted for under ASC Subtopic 310-30 are not considered non-performing and continue to have an accretable yield as long as there is a reasonable expec tation 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 are not reported as charge-offs. Charge-offs on loans accounted under ASC Subtopic 3 10-30 are recorded only to the extent that losses exceed the non-accretable difference established with purchase accounting. For the principal enhancements management made to its methodology, refer to Note 7. |
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, including interest accrued at the original contract rate. 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 payment of principal at original maturity is primarily dependent on the value of collateral, 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 befo re the modification. |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to unfunded credit facilities and is included in oth er liabilities in the consolidated statements of financial condition. The determination of the adequacy of the reserve is based upon an evaluation of the unfunded credit facilities. Net adjustments to the reserve for unfunded commitments are included in ot her operating expenses in the consolidated statements of operations. |
FDIC Indemnification Asset and True-up Payment Obligation | FDIC Indemnification Asset and True-up Payment Obligation The FDIC indemnification asset was accounted for and measured separately from the covered loans acquired in the FDIC-assisted acquisition as it was not contractually embedded in any of the covered loans. The indemnification asset was recorded at fair value at the acquisition date and represented the present value of the estimated cash payments expected to be received from the FDI C for future losses on covered assets based on the credit adjustment estimated for each covered asset and the shared-loss percentages. This balance also included incurred expenses under the shared-loss agreements. These cash flows were then discounted at a market-based rate to reflect the uncertainty of the timing and receipt of the shared-loss reimbursements from the FDIC. The time value of money incorporated into the present value computation was accreted into earnings over the shorter of the life of the shared-loss agreements or the holding period of the covered assets. The FDIC indemnification asset was reduced as shared-loss payments were received from the FDIC. Realized credit losses in excess of acquisition-date estimates resulted in an increase in the FDIC indemnification asset. Conversely, if realized credit losses were less than acquisition-date estimates, the FDIC indemnification asset was amortized through the term of the shared-loss agreements. The true-up payment obligation associated with the loss share agreements was accounted for at fair value in accordance with ASC Section 805-30-25-6 as it was considered contingent consideration. The true-up payment obligation was included as part of other liabilities in the consolidated statements of financial condition. Any changes in the carrying value of the obligation were included in the category of FDIC loss share income (expense) in the consolidated statements of operations. On February 6, 2017, the Bank and the FDIC agreed to terminate th e single family and commercial shared-loss agreements related to the FDIC assisted acquisition of Eurobank on April 30, 2010. As part of the loss share termination transaction, the Bank made a payment of $ 10.1 million to the FDIC and recorded a net benefit of $ 1.4 million. Such termination payment took into account the anticipated reimbursements over the life of the shared-loss agreements and the true-up payment liability of the Bank anticipated at the end of the ten-year term of the single family shared-lo ss agreement. All rights and obligations of the parties under the shared-loss agreements terminated as of the closing date of the agreement. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Oriental’s goodwill and other identifiable intangible assets having an indefinite useful life are tested for impairment. Intangibles with indefinite lives are evaluated for impairment at least annually, and on a more frequent basis, if events or circumstances indicate impairment could have taken place. Such events could inclu de, 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. Under applicable acco unting standards, goodwill impairment analysis is a two-step test. Oriental has the option to first assess qualitative factors to determine whether there are events or circumstances that exist that make it more likely than not that the fair value of the re porting unit is less than its carrying amount. If it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if Oriental chooses to bypass the qualitative assessment, Oriental compares each reporting unit's f air value to its carrying value to identify potential impairment. If the estimated fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired. However, if the carrying amount of the reporting unit were to exceed its estimated fair value, a second step would be performed that would compare the implied fair value of the reporting unit's goodwill with the carrying amount. The implied fair value of goodwill is determined in the same manner as goodwill t hat is recognized in a business combination. Significant judgment and estimates are involved in estimating the fair value of the assets and liabilities of the reporting units. Oriental performs annual goodwill impairment test as of October 31 and monitors for interim triggering events on an ongoing basis. Oriental performed its annual impairment review of goodwill during the fourth quarter of 2018 and 2017 using October 31, 2018 and 2017 as the annual evaluation dates and concluded that there wa s no impairment at December 31 , 2018 and 2017 . |
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 c ost 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 lo an and lease losses on non-covered loans. 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 p roperty. 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. |
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 compu ted 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 chang es 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. I f 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 as set. As of December 31 , 2018 and 2017 , there was no indication of impairment as a result of such review. |
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 determ ination 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 fu ture, 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 legislati on. 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. Unfavo rable settlement of any particular issue could increase the effective tax rate and may require the use of cash in such year. The determination of deferred tax expense or benefit is based on changes in the carrying amounts of assets and liabilities that g enerate 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 a llowance 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 legisl ation. 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 b e 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 2014 to 2017, 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 2015 to 2017. Tax audits by their nature are often complex an d can require several years to complete. |
Revenue Recognition | Revenue Recognition Refer to Note 28 for a detailed description of the Corporation’s policies on the recognition and presentation of revenues from contract with customers. |
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 s tock, 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 flexibili ty 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 develo p 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 availa ble 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 autho rity 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 Committ ee 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 o fficers 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 s tock 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. Orienta l 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 s ervice 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 busine ss 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 inco me. 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 separ ate 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. |
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 , 2018 , and has adjusted and disclosed those events that have occurred that would require adjustment or disclosure in the consolidated financial statements. |
New Accounting Updates | New Accounting Updates Not Yet Adopted Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes: The amendments in this Update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate, and the SIFMA Municipal Swap Rate. The adoption of this will not have a material impact on our consolidated financial statements and related disclosures as we continue to use LIBOR. Intangibles—Goodwill and Other—Internal-Use Softwa re (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). In August 2018, the FASB issued Accounting Standards Update (“AS U”) 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (a nd hosting arrangements that include an internal-use software license). Accordingly, ASU 2018-15 requires an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation c osts to capitalize as an asset related to the service contract and which costs to expense. The ASU also requires the entity (customer) to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement, which includes reasonably certain renewals. This ASU is the final version of Proposed Accounting Standards Update 2018–230—Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, which has been deleted. This ASU will be applied prospectively for annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. The a doption of this ASU will not have a material impact on our consolidated financial statements and related disclosures. Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. In August 201 8, the FASB issued ASU 2018-13, which improves the effectiveness of fair value measurement disclosures. ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. T his ASU is the final version of Proposed Accounting Standards Update 2015-350—Fair Value Measurement (Top ic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurements, which has been deleted. This ASU will be applied prospectively for annual and interim periods in fiscal years beginning after December 15, 2019. We assessed th e impact that the adoption of ASU 2018-13 and it will not have a material impact on our consolidated financial statements and related disclosures. Simplifying the Test for Goodwill Impairment. In January 2017, the FASB issued ASU No. 2017-04, which simplifies the measurement of goodwill impairment. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. This ASU will be applied prospectively for annual and interim periods in fiscal years beginning after December 15, 2019. The adoption of this ASU will not have a material impact on our consolidated financial statements and related disclosures as the carrying amount of any of the reporting units do not exceeds its fair value, if exceeds Oriental would be required to record an impairment charge for the difference up to the am ount of the goodwill. Measurement of Credit Losses on Financial Instruments. In December 18, 2018, a joint final rule was issued by the FRB, OCC and FDIC, on the implementation and transition of the Current Expected Credit Loss methodology (CECL). The rul e differentiates implementation for Standardized and Advanced Approaches banks and has implications for business combinations and stress testing. The rule is largely in line with the proposal from April 2018. In June 2016, the FASB issued ASU No. 2016-13, which includes an impairment model (known as the current expected credit loss (CECL) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. A SU No. 2016-13 is effective for fiscal years, and interim periods, beginning after December 15, 2019. Oriental will implement ASU No. 2016-13 on January 1, 2020 using a modified retrospective approach. Although early adoption is permitted beginning in the first quarter of 2019, Oriental does not expect to make that election. While we continue to assess the impact of ASU No. 2016-13, we have developed a roadmap with time schedules in place from 2016 to implementation date. Oriental's cross-functional impleme ntation team has developed a project plan to ensure we comply with all updates from this ASU at the time of adoption. We recently have selected the software and are in the process of assessing the methodology to be used in order to develop an acceptable mo del to estimate the expected credit losses. After the model has been developed, reviewed and validated in accordance with our governance policies, Oriental will keep disclosing relevant information of concerning implementation process and impact of ASU No. 2016-13, as well as the updating of policies, procedures and internal controls. Although Oriental expects the allowance for credit losses to increase upon adoption with a corresponding adjustment to retained earnings, the ultimate amount of the increase w ill depend on the portfolio composition, credit quality, economic conditions and reasonable and supportable forecasts at that time. Codification Improvements to Topic 326, Financial Instruments—Credit Losses: The amendments in this Update include items br ought to the Board’s attention by stakeholders. The amendments align the implementation date for non-public entities’ annual financial statements with the implementation date for their interim financial statements and clarify the scope of the guidance in t he amendments in Update 2016-13. The amendment clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Impairment of receivables arising from operating leases will be accounted for in accordance with Topic 842, Leases. Oriental does not estimate to have such impairment in the near future . The adoption of this will not have a material impact on our consolidated financial statements and related disclosures. Leases. In February 2016, the FASB issued ASU No. 2016-0 2, the FASB issued ASU No. 2016-02, which requires lessees to recognize a right-of-use (ROU) asset and related lease liability for leases classified as operating leases at the commencement date that have lease terms of more than 12 months. The standard, ef fective January 1, 2019, with early adoption permitted, would have caused us to recognize virtually all leases on the Consolidated Balance Sheets upon adoption and in the comparative period. However, in July 2018, the FASB issued an update to its guidance providing companies with the option to adopt the provisions of the standard prospectively without adjusting comparative periods; we will elect this option and adopt the standard on January 1, 2019. The new standard provides a number of optional practical e xpedients in transition. We have elected the ‘package of practical expedients’, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also have elected th e short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-ter m leases of those assets in transition. Oriental’s leases primarily consist of leased office space. Oriental expects to recognized ROU assets and lease liabilities for operating leases in a range of $ 20 million to $ 25 million, with the most significant imp act from recognition of leased office space. No impact on equity, results of operations and cash flows. Premium Amortization on Purchased Callable Debt Securities Receivables . In March 2017, the FASB issued ASU No. 2017-08, which requires the amortization of the premium on callable debt securities to the earliest call date. The amortization period for callable debt securities purchased at a discount would not be impacted by the ASU. This ASU will be applied prospectively for annual and interim periods in f iscal years beginning after December 15, 2018. The ASU is not expected to have a material impact on Oriental's consolidated financial position or results of operations. At December 31, 2018, Oriental does not have callable debt securities. New Ac counting Updates Adopted During the Current Year Codification Improvements. In July 2018, the FASB issued ASU 2018-9, which represents changes to clarify the FASB Accounting Standards Codification (the “Codification”), correct unintended application of gu idance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Some of the amendments make the Codification easier to un derstand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification. The transition and effective date guidance is based on the facts and circumstances of each amendme nt. Some of the amendments in this ASU do not require transition guidance and will be effective upon issuance of this ASU. However, many of the amendments in this ASU do have transition guidance with effective dates for annual periods beginning after Decem ber 15, 2018, for public business entities. The Corporation does not expect to be materially impacted by these Codification improvements. Restricted Cash. In November 2016, the FASB issued ASU No. 2016-18, which amends Topic 230 (Statement of Cash Flows) and requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. ASU No. 2016-18 is intended to reduce diversity in practice in how restricted cash or restricted cash equivalents are presented and classified in the statement of cash flows. ASU No. 2016-18 is effective for fiscal years, and interim periods, beginning after December 15, 2017. The standard requires application using a retrospective transition method. The adoption of ASU No. 2016-18 on January 1, 2018, changed the presentation and classification of restricted cash and restricted cash equivalents in our consolidated statements of cash flows. Revenue from Contracts with Customers. In May 2014, the FASB issued ASU No. 2014-09, which supersedes the revenue recognition requirements Topic 605 (Revenue Recognition), and most industry-specific guidance . ASU No. 2014-09 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in ex change for those goods or services. ASU No. 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU No. 2014-09 permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). In August 2015, the FASB issued ASU No. 2015-14 to defer the effective date of ASU No. 2014-09 by one year to fiscal years beginning after Decemb er 15, 2017. Oriental has adopted this ASU on January 1, 2018 using the modified retrospective method. The adoption of Topic 606 did not have material impact to the Company’s statement of operations or financial condition for the year ended December 31, 20 18. No cumulative effect adjustment to accumulated deficit was recorded as a result of the adoption of Topic 606. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Cash And Investments [Abstract] | |
Restricted Cash Components and Its Secured Investments | December 31, 2018 2017 (In thousands) Cash pledged as collateral to other financial institutions to secure: Derivatives $ 1,980 $ 1,980 Obligations under agreement of loans sold with recourse 1,050 1,050 $ 3,030 $ 3,030 |
Investments Securities (Tables)
Investments Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Investment [Table Text Block] | December 31, 2018 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 $ 561,878 $ 404 $ 8,951 $ 553,331 2.59% GNMA certificates 211,947 1,050 2,827 210,170 3.10% CMOs issued by US government-sponsored agencies 66,230 - 2,166 64,064 1.90% Total mortgage-backed securities 840,055 1,454 13,944 827,565 2.66% Investment securities US Treasury securities 10,924 - 119 10,805 1.36% Obligations of US government-sponsored agencies 2,325 - 60 2,265 1.38% Other debt securities 1,207 15 - 1,222 2.99% Total investment securities 14,456 15 179 14,292 1.50% Total securities available for sale $ 854,511 $ 1,469 $ 14,123 $ 841,857 2.64% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 424,740 $ - $ 14,387 $ 410,353 2.07% December 31, 2017 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 $ 383,194 $ 1,402 $ 2,881 $ 381,715 2.39% GNMA certificates 166,436 1,486 584 167,338 2.94% CMOs issued by US government-sponsored agencies 82,026 - 1,955 80,071 1.90% Total mortgage-backed securities 631,656 2,888 5,420 629,124 2.47% Investment securities US Treasury securities 10,276 - 113 10,163 1.25% Obligations of US government-sponsored agencies 2,927 - 48 2,879 1.38% Obligations of Puerto Rico government and public instrumentalities 2,455 - 362 2,093 5.55% Other debt securities 1,486 52 - 1,538 2.97% Total investment securities 17,144 52 523 16,673 2.04% Total securities available-for-sale $ 648,800 $ 2,940 $ 5,943 $ 645,797 2.46% Held-to-maturity Mortgage-backed securities FNMA and FHLMC certificates $ 506,064 $ - $ 8,383 $ 497,681 2.07% December 31, 2018 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (In thousands) Mortgage-backed securities Due from 1 to 5 years FNMA and FHLMC certificates $ 3,617 $ 3,570 $ - $ - Total due from 1 to 5 years 3,617 3,570 - - Due after 5 to 10 years CMOs issued by US government-sponsored agencies $ 58,221 $ 56,202 $ - $ - FNMA and FHLMC certificates 253,447 249,808 - - Total due after 5 to 10 years 311,668 306,010 - - Due after 10 years FNMA and FHLMC certificates $ 304,814 $ 299,953 $ 424,740 $ 410,353 GNMA certificates 211,947 210,170 - - CMOs issued by US government-sponsored agencies 8,009 7,862 - - Total due after 10 years 524,770 517,985 424,740 410,353 Total mortgage-backed securities 840,055 827,565 424,740 410,353 Investment securities Due less than one year US Treasury securities $ 10,924 $ 10,805 $ - $ - Total due in less than one year 10,924 10,805 - - Due from 1 to 5 years Obligations of US government-sponsored agencies $ 2,325 $ 2,265 $ - $ - Other debt securities 100 100 - - Total due from 1 to 5 years 2,425 2,365 - - Due from 5 to 10 years Other debt securities 1,107 1,122 - - Total due after 5 to 10 years 1,107 1,122 - - Total investment securities 14,456 14,292 - - Total $ 854,511 $ 841,857 $ 424,740 $ 410,353 |
Realized Gain Loss On Investments [Table Text Block] | 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 $ 17,837 $ 17,837 $ - $ - Year Ended December 31, 2017 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 $ 107,510 $ 102,311 $ 5,199 $ - GNMA certificates 65,284 63,704 1,580 - Investment securities US Treasury securities 84,202 84,085 117 - Total mortgage-backed securities $ 256,996 $ 250,100 $ 6,896 $ - Year Ended December 31, 2016 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 $ 293,505 $ 277,181 $ 16,324 $ - Investment securities Obligations of PR government and public instrumentalities 6,978 11,095 - 4,117 Total mortgage-backed securities $ 300,483 $ 288,276 $ 16,324 $ 4,117 |
Unrealized Gain Loss On Investments [Table Text Block] | December 31, 2018 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 66,230 $ 2,166 $ 64,064 FNMA and FHLMC certificates 357,955 8,603 349,352 Obligations of US Government and sponsored agencies 2,325 60 2,265 GNMA certificates 131,044 2,739 128,305 US Treasury Securities 9,977 119 9,858 $ 567,531 $ 13,687 $ 553,844 Securities held to maturity FNMA and FHLMC certificates $ 424,740 $ 14,387 $ 410,353 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale FNMA and FHLMC certificates 109,772 348 109,424 GNMA certificates 17,126 88 17,038 US Treasury Securities 323 - 323 $ 127,221 $ 436 $ 126,785 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US government-sponsored agencies $ 66,230 $ 2,166 $ 64,064 FNMA and FHLMC certificates 467,727 8,951 458,776 Obligations of US government and sponsored agencies 2,325 60 2,265 GNMA certificates 148,170 2,827 145,343 US Treausury Securities 10,300 119 10,181 $ 694,752 $ 14,123 $ 680,629 Securities held-to-maturity FNMA and FHLMC certificates $ 424,740 $ 14,387 $ 410,353 December 31, 2017 12 months or more Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies $ 72,562 $ 1,857 $ 70,705 FNMA and FHLMC certificates 111,635 2,122 109,513 Obligations of US Government and sponsored agencies 2,927 48 2,879 Obligations of Puerto Rico government and public instrumentalities 2,455 362 2,093 GNMA certificates 20,803 499 20,304 US Treasury Securities 9,952 113 9,839 $ 220,334 $ 5,001 $ 215,333 Securities held to maturity FNMA and FHLMC certificates $ 352,399 7,264 345,135 Less than 12 months Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 9,464 98 9,366 FNMA and FHLMC certificates 125,107 759 124,348 GNMA certificates 14,001 85 13,916 US Treasury Securities 324 - 324 $ 148,896 $ 942 $ 147,954 Securities held to maturity FNMA and FHLMC certificates $ 153,665 $ 1,119 $ 152,546 Total Amortized Unrealized Fair Cost Loss Value (In thousands) Securities available-for-sale CMOs issued by US Government-sponsored agencies 82,026 1,955 80,071 FNMA and FHLMC certificates 236,742 2,881 233,861 Obligations of Puerto Rico government and public instrumentalities 2,455 362 2,093 Obligations of US government and sponsored agencies 2,927 48 2,879 GNMA certificates 34,804 584 34,220 US Treausury Securities 10,276 113 10,163 $ 369,230 $ 5,943 $ 363,287 Securities held to maturity FNMA and FHLMC certificates $ 506,064 $ 8,383 $ 497,681 |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Balance at beginning of year $ - $ - $ 1,490 Reductions for securities sold during the period (realized) - - (1,490) Additions from credit losses recognized on available-for-sale securities that had no previous impairment losses - - - Balance at end of year $ - $ - $ - |
Pledged Assets (Tables)
Pledged Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Pledged and Servicing Assets [Abstract] | |
Schedule Of Financial Instruments Owned And Pledged As Collateral [Table Text Block] | December 31, 2018 2017 (In thousands) Pledged investment securities to secure: Securities sold under agreements to repurchase $ 487,181 $ 205,484 Derivatives 423 1,478 Bond for the Bank's trust operations 322 341 Puerto Rico public fund deposits 141,162 22,948 Total pledged investment securities 629,088 230,251 Pledged residential mortgage loans to secure: Advances from the Federal Home Loan Bank 880,591 971,772 Pledged commercial loans to secure: Advances from the Federal Home Loan Bank 275,451 305,346 Federal Reserve Bank Credit Facility 651 993 Puerto Rico public fund deposits 140,123 150,036 416,225 456,375 Total pledged assets $ 1,925,904 $ 1,658,398 Financial assets not pledged: Investment securities $ 637,509 $ 921,610 Residential mortgage loans 354,868 325,698 Commercial loans 1,414,054 1,152,151 Consumer loans 373,814 361,497 Auto loans and leases 1,148,535 949,650 Total assets not pledged $ 3,928,780 $ 3,710,606 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loans And Leases Receivable Net Reported Amount Covered And Not Covered [Abstract] | |
Schedule Of Accounts Notes Loans And Financing Receivable Text Block | December 31, 2018 2017 (In thousands) Originated and other loans and leases held for investment: Mortgage $ 668,809 $ 683,607 Commercial 1,597,588 1,307,261 Consumer 348,980 330,039 Auto and leasing 1,129,695 883,985 3,745,072 3,204,892 Allowance for loan and lease losses on originated and other loans and leases (95,188) (92,718) 3,649,884 3,112,174 Deferred loan costs, net 7,740 6,695 Total originated and other loans held for investment, net 3,657,624 3,118,869 Acquired loans: Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 2,546 4,380 Consumer 23,988 28,915 Auto 4,435 21,969 30,969 55,264 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-20 (2,062) (3,862) 28,907 51,402 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 492,890 532,053 Commercial 182,319 243,092 Consumer - 1,431 Auto 14,403 43,696 689,612 820,272 Allowance for loan and lease losses on acquired BBVAPR loans accounted for under ASC 310-30 (42,010) (45,755) 647,602 774,517 Total acquired BBVAPR loans, net 676,509 825,919 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 63,392 69,538 Commercial 47,826 53,793 Consumer 846 1,112 Total acquired Eurobank loans 112,064 124,443 Allowance for loan and lease losses on Eurobank loans (24,971) (25,174) Total acquired Eurobank loans, net 87,093 99,269 Total acquired loans, net 763,602 925,188 Total held for investment, net 4,421,226 4,044,057 Mortgage loans held-for-sale 10,368 12,272 Total loans, net $ 4,431,594 $ 4,056,329 |
Past Due Financing Receivables [Table Text Block] | December 31, 2018 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) Mortgage Traditional (by origination year): Up to the year 2002 $ 77 $ 1,516 $ 2,707 $ 4,300 $ 36,344 $ 40,644 $ 168 Years 2003 and 2004 91 2,412 5,632 8,135 67,707 75,842 - Year 2005 - 552 3,531 4,083 35,004 39,087 - Year 2006 255 1,693 5,074 7,022 49,213 56,235 - Years 2007, 2008 and 2009 255 1,059 6,677 7,991 52,781 60,772 56 Years 2010, 2011, 2012, 2013 253 328 8,697 9,278 104,429 113,707 270 Years 2014, 2015, 2016, 2017 and 2018 - 483 1,462 1,945 139,500 141,445 - 931 8,043 33,780 42,754 484,978 527,732 494 Non-traditional - 116 3,085 3,201 11,072 14,273 - Loss mitigation program 10,793 6,258 19,389 36,440 70,393 106,833 2,223 11,724 14,417 56,254 82,395 566,443 648,838 2,717 Home equity secured personal loans 9 - - 9 241 250 - GNMA's buy-back option program - - 19,721 19,721 - 19,721 - 11,733 14,417 75,975 102,125 566,684 668,809 2,717 Commercial Commercial secured by real estate: Corporate - - - - 289,052 289,052 - Institutional - - 1,200 1,200 68,413 69,613 - Middle market - 1,430 5,202 6,632 200,831 207,463 - Retail 1,641 463 8,570 10,674 213,440 224,114 - Floor plan - - - - 4,184 4,184 - Real estate - - - - 19,009 19,009 - 1,641 1,893 14,972 18,506 794,929 813,435 - Other commercial and industrial: Corporate - - - - 179,885 179,885 - Institutional - - - - 156,410 156,410 - Middle market 917 - 6,020 6,937 81,030 87,967 - Retail 571 546 817 1,934 308,278 310,212 - Floor plan - - 46 46 49,633 49,679 - 1,488 546 6,883 8,917 775,236 784,153 - 3,129 2,439 21,855 27,423 1,570,165 1,597,588 - December 31, 2018 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) Consumer Credit cards $ 725 $ 363 $ 411 $ 1,499 $ 26,535 $ 28,034 $ - Overdrafts 10 - - 10 204 214 - Personal lines of credit 57 11 22 90 1,827 1,917 - Personal loans 3,966 1,740 1,262 6,968 296,151 303,119 - Cash collateral personal loans 74 339 3 416 15,280 15,696 - 4,832 2,453 1,698 8,983 339,997 348,980 - Auto and leasing 58,094 27,945 13,494 99,533 1,030,162 1,129,695 - Total $ 77,788 $ 47,254 $ 113,022 $ 238,064 $ 3,507,008 $ 3,745,072 $ 2,717 December 31, 2017 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) Mortgage Traditional (by origination year): Up to the year 2002 $ 86 $ 938 $ 3,537 $ 4,561 $ 41,579 $ 46,140 $ 467 Years 2003 and 2004 92 1,077 6,304 7,473 75,758 83,231 - Year 2005 101 383 3,348 3,832 40,669 44,501 68 Year 2006 242 604 5,971 6,817 55,966 62,783 66 Years 2007, 2008 and 2009 358 1,258 8,561 10,177 58,505 68,682 577 Years 2010, 2011, 2012, 2013 233 978 7,393 8,604 116,674 125,278 1,202 Years 2014, 2015, 2016 and 2017 - 75 1,649 1,724 121,194 122,918 - 1,112 5,313 36,763 43,188 510,345 553,533 2,380 Non-traditional - 326 3,543 3,869 14,401 18,270 - Loss mitigation program 7,233 3,331 18,923 29,487 73,793 103,280 4,981 8,345 8,970 59,229 76,544 598,539 675,083 7,361 Home equity secured personal loans - - - - 256 256 - GNMA's buy-back option program - - 8,268 8,268 - 8,268 - 8,345 8,970 67,497 84,812 598,795 683,607 7,361 Commercial Commercial secured by real estate: Corporate - - - - 235,426 235,426 - Institutional - - 118 118 44,648 44,766 - Middle market 765 - 3,527 4,292 225,649 229,941 - Retail 352 936 9,695 10,983 235,084 246,067 - Floor plan - - - - 3,998 3,998 - Real estate - - - - 17,556 17,556 - 1,117 936 13,340 15,393 762,361 777,754 - Other commercial and industrial: Corporate - - - - 170,015 170,015 - Institutional - - - - 125,591 125,591 - Middle market - - 881 881 84,482 85,363 - Retail 455 103 1,616 2,174 111,078 113,252 - Floor plan 9 - 51 60 35,226 35,286 - 464 103 2,548 3,115 526,392 529,507 - 1,581 1,039 15,888 18,508 1,288,753 1,307,261 - December 31, 2017 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) Consumer Credit cards $ 246 $ 130 $ 1,227 $ 1,603 $ 26,827 $ 28,430 $ - Overdrafts 20 6 31 57 157 214 - Personal lines of credit 259 54 87 400 1,820 2,220 - Personal loans 3,778 1,494 223 5,495 278,982 284,477 - Cash collateral personal loans 103 59 312 474 14,224 14,698 - 4,406 1,743 1,880 8,029 322,010 330,039 - Auto and leasing 21,760 10,399 4,232 36,391 847,594 883,985 - Total $ 36,092 $ 22,151 $ 89,497 $ 147,740 $ 3,057,152 $ 3,204,892 $ 7,361 December 31, 2018 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 Retail $ - $ - $ 54 $ 54 $ - $ 54 $ - Floor plan - - 888 888 94 982 - - - 942 942 94 1,036 - Other commercial and industrial Retail 30 11 8 49 1,461 1,510 - 30 11 8 49 1,461 1,510 - 30 11 950 991 1,555 2,546 - Consumer Credit cards 499 147 380 1,026 20,796 21,822 - Personal loans 64 32 18 114 2,052 2,166 - 563 179 398 1,140 22,848 23,988 - Auto 405 241 200 846 3,589 4,435 - Total $ 998 $ 431 $ 1,548 $ 2,977 $ 27,992 $ 30,969 $ - December 31, 2017 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 Retail $ - $ - $ 119 $ 119 $ - $ 119 $ - Floor plan - - 928 928 393 1,321 - - - 1,047 1,047 393 1,440 - Other commercial and industrial Retail 36 - 221 257 2,681 2,938 - Floor plan - - 2 2 - 2 - 36 - 223 259 2,681 2,940 - 36 - 1,270 1,306 3,074 4,380 - Consumer Credit cards 208 127 1,310 1,645 24,822 26,467 - Personal loans 139 61 45 245 2,203 2,448 - 347 188 1,355 1,890 27,025 28,915 - Auto 602 248 179 1,029 20,940 21,969 - Total $ 985 $ 436 $ 2,804 $ 4,225 $ 51,039 $ 55,264 $ - |
Carrying Amounts Of Acquired Loans Tabular Disclosure [Table Text Block] | December 31, 2018 2017 (In thousands) Contractual required payments receivable: $ 1,304,545 $ 1,481,616 Less: Non-accretable discount 345,423 352,431 Cash expected to be collected 959,122 1,129,185 Less: Accretable yield 269,510 308,913 Carrying amount, gross 689,612 820,272 Less: allowance for loan and lease losses 42,010 45,755 Carrying amount, net $ 647,602 $ 774,517 |
Accretable Yield for Acquired Loans [Table Text Block] | 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 (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 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 Year Ended December 31, 2017 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 292,115 $ 50,366 $ 8,538 $ 3,682 $ 354,701 Accretion (30,205) (20,572) (6,339) (1,841) (58,957) Change in actual and expected losses 2 22,250 170 143 22,565 Transfer (to) from non-accretable discount (3,414) (5,280) 397 (1,099) (9,396) Balance at end of year $ 258,498 $ 46,764 $ 2,766 $ 885 $ 308,913 Non-Accretable Discount Activity: Balance at beginning of year $ 305,615 $ 16,965 $ 22,407 $ 18,120 $ 363,107 Change in actual and expected losses (9,528) (11,649) 1,040 65 (20,072) Transfer from (to) accretable yield 3,414 5,280 (397) 1,099 9,396 Balance at end of year $ 299,501 $ 10,596 $ 23,050 $ 19,284 $ 352,431 Year Ended December 31, 2016 Mortgage Commercial Auto Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 268,794 $ 65,026 $ 21,578 $ 6,290 $ 361,688 Accretion (32,834) (26,254) (13,567) (2,982) (75,637) Change in actual and expected losses (1) 14,259 1,251 (242) 15,267 Transfer (to) from non-accretable discount 56,156 (2,665) (724) 616 53,383 Balance at end of year $ 292,115 $ 50,366 $ 8,538 $ 3,682 $ 354,701 Non-Accretable Discount Activity: Balance at beginning of year $ 374,772 $ 18,545 $ 22,039 $ 18,834 $ 434,190 Change in actual and expected losses (13,001) (4,245) (356) (98) (17,700) Transfer from (to) accretable yield (56,156) 2,665 724 (616) (53,383) Balance at end of year $ 305,615 $ 16,965 $ 22,407 $ 18,120 $ 363,107 |
Eurobank loans carrying amount [Table Text Block] | December 31 2018 2017 (In thousands) Contractual required payments receivable: $ 156,722 $ 179,960 Less: Non-accretable discount 2,959 5,845 Cash expected to be collected 153,763 174,115 Less: Accretable yield 41,699 49,672 Carrying amount, gross 112,064 124,443 Less: Allowance for loan and lease losses 24,971 25,174 Carrying amount, net $ 87,093 $ 99,269 |
Accretable Yield for Acquired Eurobank Loans [Table Text Block] | Year Ended December 31, 2018 Loans Secured by 1-4 Family Residential Properties Commercial Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 41,474 $ 6,751 $ 1,447 $ - $ - $ 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 3,353 (2,034) (792) 381 (311) 597 Balance at end of year $ 37,734 $ 3,310 $ 655 $ - $ - $ 41,699 Non-Accretable Discount Activity: Balance at beginning of year $ 4,576 $ 276 $ 758 $ - $ 235 $ 5,845 Change in actual and expected losses 53 (2,310) - 381 (413) (2,289) Transfer from (to) accretable yield (3,353) 2,034 792 (381) 311 (597) Balance at end of year $ 1,276 $ - $ 1,550 $ - $ 133 $ 2,959 Year Ended December 31, 2017 Loans Secured by 1-4 Family Residential Properties Commercial Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of year $ 45,839 $ 16,475 $ 2,194 - $ - $ 64,508 Accretion (7,180) (12,985) (82) (30) (283) (20,560) Change in actual and expected losses 121 1,881 121 (217) 759 2,665 Transfer from (to) non-accretable discount 2,694 1,380 (786) 247 (476) 3,059 Balance at end of year $ 41,474 $ 6,751 $ 1,447 $ - $ - $ 49,672 Non-Accretable Discount Activity: Balance at beginning of year $ 8,441 $ 3,880 $ 11 $ - $ 8 $ 12,340 Change in actual and expected losses (1,171) (2,224) (39) 247 (249) (3,436) Transfer (to) from accretable yield (2,694) (1,380) 786 (247) 476 (3,059) Balance at end of year $ 4,576 $ 276 $ 758 $ - $ 235 $ 5,845 Year Ended December 31, 2016 Loans Secured by 1-4 Family Residential Properties Commercial Construction & Development Secured by 1-4 Family Residential Properties Leasing Consumer Total (In thousands) Accretable Yield Activity: Balance at beginning of period $ 51,954 $ 26,970 $ 2,255 $ - $ 3,212 $ 84,391 Accretion (8,942) (19,593) (90) (60) (1,813) (30,498) Change in expected cash flows 2,134 13,722 1 (15) (1,386) 14,456 Transfer from (to) non-accretable discount 693 (4,624) 28 75 (13) (3,841) Balance at end of period $ 45,839 $ 16,475 $ 2,194 $ - $ - $ 64,508 Non-Accretable Discount Activity: Balance at beginning of period $ 12,869 $ - $ - $ - $ 8,287 $ 21,156 Change in actual and expected cash flows (3,735) (744) 39 75 (8,292) (12,657) Transfer (to) from accretable yield (693) 4,624 (28) (75) 13 3,841 Balance at end of period $ 8,441 $ 3,880 $ 11 $ - $ 8 $ 12,340 |
Financing Receivable Recorded Investment Nonaccrual Status By Class Of Loans [Table Text Block] | December 31, 2018 2017 (In thousands) Originated and other loans and leases held for investment Mortgage Traditional (by origination year): Up to the year 2002 $ 2,538 $ 3,070 Years 2003 and 2004 5,818 6,380 Year 2005 3,600 3,280 Year 2006 5,140 5,905 Years 2007, 2008 and 2009 6,697 7,984 Years 2010, 2011, 2012, 2013 8,427 6,259 Years 2014, 2015, 2016, 2017 and 2018 1,462 1,649 33,682 34,527 Non-traditional 3,085 3,543 Loss mitigation program 22,107 16,783 58,874 54,853 Commercial Commercial secured by real estate Institutional 9,911 118 Middle market 7,266 11,394 Retail 16,123 14,438 33,300 25,950 Other commercial and industrial Middle market 6,481 6,323 Retail 2,629 2,929 Floor plan 46 51 9,156 9,303 42,456 35,253 Consumer Credit cards 411 1,227 Overdrafts - 31 Personal lines of credit 31 102 Personal loans 2,909 900 Cash collateral personal loans 3 312 3,354 2,572 Auto and leasing 13,494 4,232 Total non-accrual originated loans $ 118,178 $ 96,910 December 31, 2018 2017 (In thousands) Acquired BBVAPR loans accounted for under ASC 310-20 Commercial Commercial secured by real estate Retail $ 54 $ 119 Floor plan 888 928 942 1,047 Other commercial and industrial Retail 8 221 Floor plan - 2 8 223 950 1,270 Consumer Credit cards 380 1,310 Personal loans 18 45 398 1,355 Auto 200 179 Total non-accrual acquired BBVAPR loans accounted for under ASC 310-20 1,548 2,804 Total non-accrual loans $ 119,726 $ 99,714 |
Impaired Financing Receivables [Table Text Block] | December 31, 2018 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 54,636 $ 49,092 $ 8,434 17% Residential impaired and troubled-debt restructuring 95,659 84,174 10,186 12% Impaired loans with no specific allowance: Commercial 38,241 32,137 N/A 0% Total investment in impaired loans $ 188,536 $ 165,403 $ 18,620 11% December 31, 2017 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance: Commercial $ 57,922 $ 52,585 $ 10,573 20% Residential impaired and troubled-debt restructuring 94,971 85,403 9,121 11% Impaired loans with no specific allowance Commercial 22,022 18,953 N/A 0% Total investment in impaired loans $ 174,915 $ 156,941 $ 19,694 13% December 31, 2018 Unpaid Recorded Related Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 926 $ 747 $ 14 2% Impaired loans with no specific allowance Commercial $ - $ - N/A 0% Total investment in impaired loans $ 926 $ 747 $ 14 2% December 31, 2017 Unpaid Recorded Specific Principal Investment Allowance Coverage (In thousands) Impaired loans with specific allowance Commercial $ 926 $ 747 $ 20 3% Impaired loans with no specific allowance Commercial $ - $ - N/A 0% Total investment in impaired loans $ 926 $ 747 $ 20 3% December 31, 2018 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 498,537 $ 492,890 $ 15,225 3% Commercial 188,413 180,790 20,641 11% Auto 14,551 14,403 6,144 43% Total investment in impaired loan pools $ 701,501 $ 688,083 $ 42,010 6% December 31 , 2017 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Mortgage $ 547,064 $ 532,052 $ 14,085 3% Commercial 250,451 241,124 23,691 10% Consumer 2,468 1,431 18 1% Auto 43,440 43,696 7,961 18% Total investment in impaired loan pools $ 843,423 $ 818,303 $ 45,755 6% December 31, 2018 Coverage Unpaid Recorded to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance: Loans secured by 1-4 family residential properties $ 70,153 $ 63,406 $ 15,382 24% Commercial 47,342 47,820 9,585 20% Consumer 15 4 4 100% Total investment in impaired loan pools $ 117,510 $ 111,230 $ 24,971 22% December 31, 2017 Coverage Unpaid Recorded Specific to Recorded Principal Investment Allowance Investment (In thousands) Impaired loan pools with specific allowance Loans secured by 1-4 family residential properties $ 81,132 $ 69,538 $ 15,187 22% Commercial 58,099 53,793 9,983 19% Consumer 15 4 4 100% Total investment in impaired loan pools $ 139,246 $ 123,335 $ 25,174 20% |
Impaired Financing Receivables Loans, excluding ASC 310-30 [Table Text Block] | Year Ended December 31, 2018 2017 2016 Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment (In thousands) Originated and other loans held for investment: Impaired loans with specific allowance Commercial $ 1,624 $ 44,727 $ 1,538 $ 25,797 $ 452 $ 118,980 Residential troubled-debt restructuring 2,556 84,494 3,301 87,414 3,190 91,139 Impaired loans with no specific allowance Commercial 1,091 26,199 875 36,666 1,941 40,443 Total interest income from impaired loans $ 5,271 $ 155,420 $ 5,714 $ 149,877 $ 5,583 $ 250,562 Acquired loans accounted for under ASC 310-20: Impaired loans with specific allowance Commercial $ - $ 747 $ - $ 794 $ - $ 319 Impaired loans with no specific allowance Commercial - - - - - 608 Total interest income from impaired loans $ 5,271 $ 156,167 $ 5,714 $ 150,671 $ 5,583 $ 251,489 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | 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, 2017 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 85 $ 10,441 6.23% 390 $ 10,343 4.40% 384 Commercial 24 13,828 6.05% 57 13,829 5.73% 62 Consumer 107 1,391 11.68% 62 1,430 10.85% 69 Auto 9 134 7.24% 66 135 11.75% 37 Year Ended December 31, 2016 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 90 $ 11,684 6.05% 351 $ 11,625 4.77% 439 Commercial 20 9,833 5.73% 64 10,151 5.93% 116 Consumer 75 817 13.60% 73 902 11.23% 66 Year Ended December 31, 2018 2017 2016 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Number of Contracts Recorded Investment (Dollars in thousands) Mortgage 23 $ 3,262 34 $ 3,129 19 $ 2,241 Commercial 4 $ 2,141 5 $ 452 2 $ 157 Consumer 28 $ 341 20 $ 249 11 $ 126 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2018 Risk Ratings Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Commercial - originated and other loans held for investment Commercial secured by real estate: Corporate $ 289,052 $ 246,711 $ 26,544 $ 15,797 $ - $ - Institutional 69,613 59,509 - 10,104 - - Middle market 207,463 151,638 32,638 23,187 - - Retail 224,114 198,402 3,996 21,716 - - Floor plan 4,184 2,890 - 1,294 - - Real estate 19,009 19,009 - - - - 813,435 678,159 63,178 72,098 - - Other commercial and industrial: Corporate 179,885 154,629 25,256 - - - Institutional 156,410 156,410 - - - - Middle market 87,967 63,876 13,737 10,354 - - Retail 310,212 307,160 318 2,734 - - Floor plan 49,679 47,092 2,541 46 - - 784,153 729,167 41,852 13,134 - - Total 1,597,588 1,407,326 105,030 85,232 - - Commercial - acquired loans (under ASC 310-20) Commercial secured by real estate: Retail 54 - - 54 - - Floor plan 982 94 - 888 - - 1,036 94 - 942 - - Other commercial and industrial: Retail 1,510 1,510 - - - - 1,510 1,510 - - - - Total 2,546 1,604 - 942 - - December 31, 2018 Risk Ratings Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Retail - originated and other loans held for investment Mortgage: Traditional 527,732 493,952 - 33,780 - - Non-traditional 14,273 11,188 - 3,085 - - Loss mitigation program 106,833 87,444 - 19,389 - - Home equity secured personal loans 250 250 - - - - GNMA's buy-back option program 19,721 - - 19,721 - - 668,809 592,834 - 75,975 - - Consumer: Credit cards 28,034 27,623 - 411 - - Overdrafts 214 204 - 10 - - Unsecured personal lines of credit 1,917 1,895 - 22 - - Unsecured personal loans 303,119 301,857 - 1,262 - - Cash collateral personal loans 15,696 15,693 - 3 - - 348,980 347,272 - 1,708 - - Auto and Leasing 1,129,695 1,116,201 - 13,494 - - Total 2,147,484 2,056,307 - 91,177 - - Retail - acquired loans (accounted for under ASC 310-20) Consumer: Credit cards 21,822 21,442 - 380 - - Personal loans 2,166 2,148 - 18 - - 23,988 23,590 - 398 - - Auto 4,435 4,235 - 200 - - 28,423 27,825 - 598 - - $ 3,776,041 $ 3,493,062 $ 105,030 $ 177,949 $ - $ - December 31, 2017 Risk Ratings Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Commercial - originated and other loans held for investment Commercial secured by real estate: Corporate $ 235,426 $ 200,395 $ 33,094 $ 1,937 $ - $ - Institutional 44,766 33,856 - 10,910 - - Middle market 229,941 196,058 4,749 29,134 - - Retail 246,067 215,121 8,058 22,888 - - Floor plan 3,998 2,678 1,320 - - - Real estate 17,556 17,556 - - - - 777,754 665,664 47,221 64,869 - - Other commercial and industrial: Corporate 170,015 157,683 12,332 - - - Institutional 125,591 125,591 - - - - Middle market 85,363 71,222 6,386 7,755 - - Retail 113,252 109,477 562 3,213 - - Floor plan 35,286 32,165 3,070 51 - - 529,507 496,138 22,350 11,019 - - Total 1,307,261 1,161,802 69,571 75,888 - - Commercial - acquired loans (under ASC 310-20) Commercial secured by real estate: Retail 119 - - 119 - - Floor plan 1,321 393 - 928 - - 1,440 393 - 1,047 - - Other commercial and industrial: Retail 2,938 2,933 - 5 - - Floor plan 2 - - 2 - - 2,940 2,933 - 7 - - Total 4,380 3,326 - 1,054 - - December 31, 2017 Risk Ratings Balance Special Outstanding Pass Mention Substandard Doubtful Loss (In thousands) Retail - originated and other loans held for investment Mortgage: Traditional 553,533 516,770 - 36,763 - - Non-traditional 18,270 14,727 - 3,543 - - Loss mitigation program 103,280 84,357 - 18,923 - - Home equity secured personal loans 256 256 - - - - GNMA's buy-back option program 8,268 - - 8,268 - - 683,607 616,110 - 67,497 - - Consumer: Credit cards 28,430 27,203 - 1,227 - - Overdrafts 214 158 - 56 - - Unsecured personal lines of credit 2,220 2,133 - 87 - - Unsecured personal loans 284,477 284,255 - 222 - - Cash collateral personal loans 14,698 14,386 - 312 - - 330,039 328,135 - 1,904 - - Auto and Leasing 883,985 879,753 - 4,232 - - Total 1,897,631 1,823,998 - 73,633 - - Retail - acquired loans (under ASC 310-20) Consumer: Credit cards 26,467 25,156 - 1,311 - - Personal loans 2,448 2,402 - 46 - - 28,915 27,558 - 1,357 - - Auto 21,969 21,790 - 179 - - Total 50,884 49,348 - 1,536 - - $ 3,260,156 $ 3,038,474 $ 69,571 $ 152,111 $ - $ - |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Allowance for loan and lease losses [Abstract] | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | December 31, 2018 2017 (In thousands) Allowance for loans and lease losses: Originated and other loans and leases held for investment: Mortgage $ 19,783 $ 20,439 Commercial 30,326 30,258 Consumer 15,571 16,454 Auto and leasing 29,508 25,567 Total allowance for originated and other loans and lease losses 95,188 92,718 Acquired BBVAPR loans: Accounted for under ASC 310-20 (Loans with revolving feature and/or acquired at a premium) Commercial 22 42 Consumer 1,905 3,225 Auto 135 595 2,062 3,862 Accounted for under ASC 310-30 (Loans acquired with deteriorated credit quality, including those by analogy) Mortgage 15,225 14,085 Commercial 20,641 23,691 Consumer - 18 Auto 6,144 7,961 42,010 45,755 Total allowance for acquired BBVAPR loans and lease losses 44,072 49,617 Acquired Eurobank loans: Loans secured by 1-4 family residential properties 15,382 15,187 Commercial 9,585 9,983 Consumer 4 4 Total allowance for acquired Eurobank loan and lease losses 24,971 25,174 Total allowance for loan and lease losses $ 164,231 $ 167,509 Year Ended December 31, 2018 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 20,439 $ 30,258 $ 16,454 $ 25,567 $ 92,718 Charge-offs (5,297) (6,782) (17,629) (42,685) (72,393) Recoveries 1,047 654 1,757 19,344 22,802 Provision for loan and lease losses 3,594 6,196 14,989 27,282 52,061 Balance at end of year $ 19,783 $ 30,326 $ 15,571 $ 29,508 $ 95,188 Year Ended December 31, 2017 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 Charge-offs (6,623) (7,684) (13,641) (33,908) - (61,856) Recoveries 585 1,281 1,209 12,314 - 15,389 Provision (recapture) for originated and other loan and lease losses 9,133 27,666 15,819 27,698 (431) 79,885 Balance at end of year $ 20,439 $ 30,258 $ 16,454 $ 25,567 $ - $ 92,718 Year Ended December 31, 2016 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses for originated and other loans: Balance at beginning of year $ 18,352 $ 64,791 $ 11,197 $ 18,261 $ 25 $ 112,626 Charge-offs (6,767) (62,445) (11,554) (31,731) - (112,497) Recoveries 330 460 452 12,871 - 14,113 Provision for originated and other loan and lease losses 5,429 6,189 12,972 20,062 406 45,058 Balance at end of year $ 17,344 $ 8,995 $ 13,067 $ 19,463 $ 431 $ 59,300 December 31, 2018 Mortgage Commercial Consumer Auto and Leasing Total (In thousands) Allowance for loan and lease losses on originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 10,186 $ 8,434 $ - $ - $ 18,620 Collectively evaluated for impairment 9,597 21,892 15,571 29,508 76,568 Total ending allowance balance $ 19,783 $ 30,326 $ 15,571 $ 29,508 $ 95,188 Loans: Individually evaluated for impairment $ 84,174 $ 81,229 $ - $ - $ 165,403 Collectively evaluated for impairment 584,635 1,516,359 348,980 1,129,695 3,579,669 Total ending loan balance $ 668,809 $ 1,597,588 $ 348,980 $ 1,129,695 $ 3,745,072 December 31, 2017 Mortgage Commercial Consumer Auto and Leasing Unallocated Total (In thousands) Allowance for loan and lease losses on originated and other loans: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 9,121 $ 10,573 $ - $ - $ - $ 19,694 Collectively evaluated for impairment 11,318 19,685 16,454 25,567 - 73,024 Total ending allowance balance $ 20,439 $ 30,258 $ 16,454 $ 25,567 $ - $ 92,718 Loans: Individually evaluated for impairment $ 85,403 $ 71,538 $ - $ - $ - $ 156,941 Collectively evaluated for impairment 598,204 1,235,723 330,039 883,985 - 3,047,951 Total ending loan balance $ 683,607 $ 1,307,261 $ 330,039 $ 883,985 $ - $ 3,204,892 Year Ended December 31, 2018 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 42 $ 3,225 $ 595 $ 3,862 Charge-offs (6) (2,459) (372) (2,837) Recoveries 23 480 831 1,334 Provision (recapture) for acquired BBVAPR loan and lease losses accounted for under ASC 310-20 (37) 659 (919) (297) Balance at end of year $ 22 $ 1,905 $ 135 $ 2,062 Year Ended December 31, 2017 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 169 $ 3,028 $ 1,103 $ 4,300 Charge-offs (132) (3,048) (976) (4,156) Recoveries 5 446 1,420 1,871 Provision (recapture) for acquired loan and lease losses accounted for under ASC 310-20 - 2,799 (952) 1,847 Balance at end of year $ 42 $ 3,225 $ 595 $ 3,862 Year Ended December 31, 2016 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Balance at beginning of year $ 26 $ 3,429 $ 2,087 $ 5,542 Charge-offs (42) (3,619) (2,155) (5,816) Recoveries 73 301 1,945 2,319 Provision (recapture) for acquired loan and lease losses accounted for under ASC 310-20 112 2,917 (774) 2,255 Balance at end of year $ 169 $ 3,028 $ 1,103 $ 4,300 December 31, 2018 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 14 $ - $ - $ 14 Collectively evaluated for impairment 8 1,905 135 2,048 Total ending allowance balance $ 22 $ 1,905 $ 135 $ 2,062 Loans: Individually evaluated for impairment $ 747 $ - $ - $ 747 Collectively evaluated for impairment 1,799 23,988 4,435 30,222 Total ending loan balance $ 2,546 $ 23,988 $ 4,435 $ 30,969 December 31, 2017 Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-20: Ending allowance balance attributable to loans: Individually evaluated for impairment $ 20 $ - $ - $ 20 Collectively evaluated for impairment 22 3,225 595 3,842 Total ending allowance balance $ 42 $ 3,225 $ 595 $ 3,862 Loans: Individually evaluated for impairment $ 747 $ - $ - $ 747 Collectively evaluated for impairment 3,633 28,915 21,969 54,517 Total ending loan balance $ 4,380 $ 28,915 $ 21,969 $ 55,264 Year Ended December 31, 2018 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ 14,085 $ 23,691 $ 18 $ 7,961 45,755 Provision (recapture) for acquired BBVAPR loans and lease losses accounted for under ASC 310-30 1,331 1,360 (18) (887) 1,786 Allowance de-recognition (191) (4,410) - (930) (5,531) Balance at end of year $ 15,225 $ 20,641 $ - $ 6,144 42,010 Year Ended December 31, 2017 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ 2,682 $ 23,452 $ - $ 4,922 $ 31,056 Provision for acquired BBVAPR loans and lease losses accounted for under ASC 310-30 11,497 9,758 18 3,408 24,681 Allowance de-recognition (94) (9,519) - (369) (9,982) Balance at end of year $ 14,085 $ 23,691 $ 18 $ 7,961 $ 45,755 Year Ended December 31, 2016 Mortgage Commercial Consumer Auto Total (In thousands) Allowance for loan and lease losses for acquired BBVAPR loans accounted for under ASC 310-30: Balance at beginning of year $ 1,762 $ 21,161 $ - $ 2,862 $ 25,785 Provision for acquired BBVAPR loans and ease losses accounted for under ASC 310-30 1,105 11,710 - 2,693 15,508 Loan pools fully charged-off (14) (66) - (202) (282) Allowance de-recognition (171) (9,353) - (431) (9,955) Balance at end of year $ 2,682 $ 23,452 $ - $ 4,922 $ 31,056 Year Ended December 31, 2018 Loans Secured by 1-4 Family Residential Properties Commercial Consumer Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 15,187 $ 9,983 $ 4 $ 25,174 Provision for loan and lease losses, net 1,806 761 - 2,567 Allowance de-recognition (1,611) (1,159) - (2,770) Balance at end of year $ 15,382 $ 9,585 $ 4 $ 24,971 Year Ended December 31, 2017 Loans secured by 1-4 Family Residential Properties Commercial Consumer Total (In thousands) Allowance for loan and lease losses for acquired Eurobank loans: Balance at beginning of year $ 11,947 $ 9,328 $ 6 $ 21,281 Provision for acquired Eurobank loan and lease losses, net 5,045 1,680 - 6,725 Allowance de-recognition (1,805) (1,025) (2) (2,832) Balance at end of year $ 15,187 $ 9,983 $ 4 $ 25,174 Year Ended December 31, 2016 Loans secured by 1-4 Family Residential Properties Commercial Consumer Total (In thousands) Allowance for loan and lease losses for Eurobank loans: Balance at beginning of year $ 22,570 $ 67,365 $ 243 $ 90,178 Provision (recapture) for acquired Eurobank loan and lease losses, net 1,080 1,183 (8) 2,255 FDIC shared-loss portion of provision for covered loan and lease losses, net 3,391 - - 3,391 Loan pools fully charged-off - (134) - (134) Allowance de-recognition (15,094) (59,086) (229) (74,409) Balance at end of year $ 11,947 $ 9,328 $ 6 $ 21,281 |
FDIC Shared-Loss Agreements (Ta
FDIC Shared-Loss Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking [Abstract] | |
FDIC Indemnification Asset and True-Up Payment Obligation Roll Forward | Year Ended December 31, 2018 2017 2016 (In thousands) FDIC indemnification asset: Balance at beginning of year $ - $ 14,411 $ 22,599 Shared-loss agreements reimbursements from the FDIC - - (1,573) Increase in expected credit losses to be covered under shared-loss agreements, net - - 3,391 FDIC indemnification asset benefit (expense) - 1,403 (8,040) Net expenses incurred under shared-loss agreements - - (1,966) Shared-loss termination settlement - (15,814) - Balance at end of year $ - $ - $ 14,411 True-up payment obligation: Balance at beginning of year $ - $ 26,786 $ 24,658 Change in true-up payment obligation - - 2,128 Shared-loss termination settlement - (26,786) - Balance at end of year $ - $ - $ 26,786 |
FDIC Indemnification Asset Expense [Table Text block] | Year Ended December 31, 2018 2017 2016 (In thousands) FDIC indemnification asset (benefit) expense $ - $ (1,403) $ 8,040 Change in true-up payment obligation - - 2,128 Reimbursement to FDIC for recoveries - - 3,413 Total FDIC shared-loss (benefit) expense, net $ - $ (1,403) $ 13,581 |
Foreclosed Real Estate (Tables)
Foreclosed Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Foreclosed Real Estate [Abstract] | |
Foreclosed Real Estate Roll Forward [Table Text Block] | Year Ended December 31, 2018 Originated and other loans and leases held for investment Acquired BBVAPR loans Acquired Eurobank loans Total (In thousands) Balance at beginning of year $ 14,283 $ 18,347 $ 11,544 $ 44,174 Decline in value (1,535) (2,899) (1,323) (5,757) Additions 6,674 9,832 3,505 20,011 Sales (9,851) (10,663) (4,146) (24,660) Balance at end of year $ 9,571 $ 14,617 $ 9,580 $ 33,768 Year Ended December 31, 2017 Originated and other loans and leases held for investment Acquired BBVAPR loans Acquired Eurobank loans Total (In thousands) Balance at beginning of year $ 12,390 $ 21,379 $ 13,751 $ 47,520 Decline in value (1,913) (2,850) (1,797) (6,560) Additions 10,565 9,416 3,120 23,101 Sales (6,615) (9,453) (3,530) (19,598) Other adjustments (144) (145) - (289) Balance at end of year $ 14,283 $ 18,347 $ 11,544 $ 44,174 Year Ended December 31, 2016 Originated and other loans and leases held for investment Acquired BBVAPR loans Acquired Eurobank loans Total (In thousands) Balance at beginning of year $ 10,324 $ 26,757 $ 21,095 $ 58,176 Decline in value (1,966) (6,124) (4,913) (13,003) Additions 10,170 7,872 3,591 21,633 Sales (6,138) (7,126) (6,022) (19,286) Balance at end of year $ 12,390 $ 21,379 $ 13,751 $ 47,520 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Premises and Equipment [Abstract] | |
Property Plant And Equipment [Table Text Block] | Useful Life December 31, (Years) 2018 2017 (In thousands) Land — $ 5,028 $ 5,638 Buildings and improvements 40 67,856 64,277 Leasehold improvements 5 — 10 18,274 20,647 Furniture and fixtures 3 — 7 17,137 16,242 Information technology and other 3 — 7 24,855 28,783 133,150 135,587 Less: accumulated depreciation and amortization (64,258) (67,727) $ 68,892 $ 67,860 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers And Servicing Of Financial Assets [Abstract] | |
Schedule Of Servicing Assets At FairV alue [Table Text Block] | The following table presents the changes in servicing rights measured using the fair value method for years ended December 31 , 2018 , 2017 , and 2016 : Year Ended December 31, 2018 2017 2016 (In thousands) Fair value at beginning of year $ 9,821 $ 9,858 $ 7,455 Servicing from mortgage securitizations or asset transfers 1,481 1,658 2,616 Changes due to payments on loans (814) (590) (489) Changes in fair value due to changes in valuation model inputs or assumptions 228 (1,105) 276 Fair value at end of year $ 10,716 $ 9,821 $ 9,858 |
Schedule Of Assumptions For Fair Value On Securitization Date Of Interests Continued To Be Held By Transferor Servicing Assets Or Servicing Liabilities [Table Text Block] | The following table presents key economic assumption ranges used in measuring the mortgage- related servicing asset fair value for the years ended 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Constant prepayment rate 4.30% - 9.02% 3.94% - 8.49% 4.24% - 9.14% Discount rate 10.00% - 12.00% 10.00% - 12.00% 10.00% - 12.00% |
Schedule Of Sensitivity Analysis Of Fair Value Of Interests Continued To Be Held By Transferor Servicing Assets Or Servicing Liabilities [Table Text Block] | 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 follow s : December 31, 2018 (In thousands) Mortgage-related servicing asset Carrying value of mortgage servicing asset $ 10,716 Constant prepayment rate Decrease in fair value due to 10% adverse change $ (207) Decrease in fair value due to 20% adverse change $ (406) Discount rate Decrease in fair value due to 10% adverse change $ (489) Decrease in fair value due to 20% adverse change $ (939) |
Derivative Activities (Tables)
Derivative Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instrument Detail [Abstract] | |
Schedule Of Derivative Instruments [Table Text Block] | December 31, 2018 2017 (In thousands) Derivative assets: Interest rate swaps designated as cash flow hedges $ 14 $ - Interest rate swaps not designated as hedges 126 618 Interest rate caps 207 153 $ 347 $ 771 Derivative liabilities: Interest rate swaps designated as cash flow hedges $ - $ 510 Interest rate swaps not designated as hedges 126 618 Interest rate caps 207 153 $ 333 $ 1,281 Notional Fixed Variable Trade Settlement Maturity Type Amount Rate Rate Index Date Date Date (In thousands) Interest Rate Swaps $ 33,964 2.4210% 1-Month LIBOR 07/03/13 07/03/13 08/01/23 $ 33,964 Notional Fixed Variable Settlement Maturity Type Amount Rate Rate Index Date Date (In thousands) Interest Rate Swaps - Derivatives Offered to Clients $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 Interest Rate Swaps - Mirror Image Derivatives $ 12,500 5.5050% 1-Month LIBOR 04/11/09 04/11/19 $ 12,500 |
Accrued Interest Receivable a_2
Accrued Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other asset [Abstract] | |
Schedule of Accrued interest receivable [Table Text Block] | December 31, 2018 2017 (In thousands) Loans, excluding acquired loans $ 30,409 $ 46,936 Investments 3,845 3,033 $ 34,254 $ 49,969 |
Schedule of Other Assets [Table Text Block] | December 31, 2018 2017 (In thousands) Prepaid expenses $ 9,788 $ 9,200 Other repossessed assets 2,986 3,548 Core deposit and customer relationship intangibles 3,369 4,687 Tax credits 2,277 4,277 Investment in Statutory Trust 1,083 1,083 Accounts receivable and other assets 37,842 41,898 $ 57,345 $ 64,693 |
Deposits and Related Interest (
Deposits and Related Interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits, by Component, Alternative [Abstract] | |
Deposits By Component [Table Text Block] | December 31, 2018 2017 (In thousands) Non-interest bearing demand deposits $ 1,105,324 $ 969,525 Interest-bearing savings and demand deposits 2,274,423 2,274,116 Retail certificates of deposit 805,712 827,359 Institutional certificates of deposit 197,559 209,951 Total core deposits 4,383,018 4,280,951 Brokered deposits 525,097 518,531 Total deposits $ 4,908,115 $ 4,799,482 |
Interest Expense Domestic Deposit Liabilities [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Demand and savings deposits $ 12,478 $ 11,426 $ 12,004 Certificates of deposit 20,475 18,872 17,249 $ 32,953 $ 30,298 $ 29,253 |
Maturities Of Time Deposits [Table Text Block] | December 31, 2018 2017 (In thousands) Within one year: Three (3) months or less $ 305,088 $ 316,382 Over 3 months through 1 year 545,363 508,285 850,451 824,667 Over 1 through 2 years 484,197 470,670 Over 2 through 3 years 89,340 137,016 Over 3 through 4 years 34,018 36,125 Over 4 through 5 years 42,998 38,623 $ 1,501,004 $ 1,507,101 |
Borrowings and Related Intere_2
Borrowings and Related Interest (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Instruments [Abstract] | |
Schedule of Repurchase Agreements | The following table shows Oriental ’s repurchase agreements, excluding accrued interest in the amount of $ 785 thousand and $ 369 thousand , respectively, at December 31 , 2018 and 2017 : December 31, 2018 2017 (In thousands) Short-term fixed-rate repurchase agreements, interest ranging from 2.45% to 2.95% $ 214,723 $ - Long-term fixed-rate repurchase agreements, interest ranging from 1.42% to 2.86% (December 31, 2017: 1.42% to 1.85%) 240,000 192,500 Total assets sold under agreements to repurchase $ 454,723 $ 192,500 |
Schedule of Repurchase Agreement by Maturity | Repurchase agreements mature as follows: December 31, 2018 2017 (In thousands) Less than 90 days $ 214,723 $ - Over 90-days 240,000 192,500 Total $ 454,723 $ 192,500 |
Schedule Of Underlying Assets Of Repurchase Agreements | The following securities were sold under agreements to repurchase : December 31, 2018 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 $ 496,814 $ 454,723 $ 487,181 3.01% Total $ 496,814 $ 454,723 $ 487,181 3.01% December 31, 2017 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 $ 207,506 $ 192,500 $ 205,483 3.03% Total $ 207,506 $ 192,500 $ 205,483 3.03% |
Repurchased Agreements Other Significant Data | The following summarizes significant data on securities sold under agreements to repurchase as of December 31 , 2018 , 2017 and 2016 , excluding accrued interest: December 31, 2018 2017 2016 (In thousands) Average daily aggregate balance outstanding $ 357,086 $ 393,133 $ 663,845 Maximum outstanding balance at any month-end $ 457,053 $ 606,210 $ 902,500 Weighted average interest rate during the year 2.17% 1.80% 2.83% Weighted average interest rate at year end 2.49% 1.63% 2.47% |
Summary of Federal Home Loan Bank Advances | The following table shows a summary of the advances and their terms, excluding acc rued interest in the amount of $ 176 thousand and $ 322 thousand , at December 31 , 2018 and 2017 , respectively: December 31 2018 2017 (In thousands) Short-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.61% (December 31, 2017 - 1.49%) 33,572 35,113 Long-term fixed-rate advances from FHLB, with a weighted average interest rate of 2.89% (December 31, 2017 - 2.24%) 43,872 64,208 $ 77,444 99,321 |
Federal Home Loan Bank Advances, Maturities Summary | Advances from FHLB mature as follows: December 31, 2018 (In thousands) Under 90 days 33,572 Over one to three years 8,867 Over three to five years 35,005 $ 77,444 |
Offsetting Financial Assets a_2
Offsetting Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Offsetting Financial Assets and Liabilities [Abstract] | |
Offsetting Assets [Table Text Block] | December 31, 2018 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 $ 347 $ - $ 347 $ 2,037 $ - $ (1,690) December 31, 2017 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 $ 771 $ - $ 771 $ 2,010 $ - $ (1,239) |
Offsetting Liabilities [Table Text Block] | December 31, 2018 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 $ 333 $ - $ 333 $ - $ 1,980 $ (1,647) Securities sold under agreements to repurchase 454,723 - 454,723 487,181 - (32,458) Total $ 455,056 $ - $ 455,056 $ 487,181 $ 1,980 $ (34,105) December 31, 2017 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 $ 1,281 $ - $ 1,281 $ - $ 1,980 $ (699) Securities sold under agreements to repurchase 192,500 - 192,500 205,483 - (12,983) Total $ 193,781 $ - $ 193,781 $ 205,483 $ 1,980 $ (13,682) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Balance at the beginning of year $ 28,138 $ 29,020 $ 31,475 New loans and disbursements 10,388 2,875 2,329 Repayments (10,006) (3,757) (4,784) Balance at the end of year $ 28,520 $ 28,138 $ 29,020 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Components Of Income Tax Expense Benefit [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Current income tax expense $ 33,618 $ 19,101 $ 2,768 Deferred income tax expense (benefit) 14,772 (3,658) 23,226 Total income tax expense (benefit) $ 48,390 $ 15,443 $ 25,994 |
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2018 2017 2016 Amount Rate Amount Rate Amount Rate (Dollars in thousands) Income tax expense at statutory rates $ 51,792 39.00% $ 26,555 39.00% $ 33,220 39.00% Tax effect of exempt and excluded income, net (6,645) -5.01% (9,506) -13.96% (11,178) -13.12% Disallowed net operating loss carryover 269 0.20% 281 0.41% 1,406 1.65% Change in valuation allowance 1,504 1.13% (305) -0.45% (9) -0.01% Release of unrecognized tax benefits, net (386) -0.29% (775) -1.14% (135) -0.16% Capital (gain) loss at preferential rate (20) -0.02% (279) -0.41% 2,394 2.81% Effect of change in tax rate 4,069 3.06% - 0.00% - 0.00% Other items, net (2,193) -1.63% (528) -0.79% 296 0.34% Income tax expense $ 48,390 36.44% $ 15,443 22.66% $ 25,994 30.51% |
Summary Of Income Tax Contingencies [Table Text Block] | Year Ended December 31, 2018 2017 2016 In thousands) Balance at beginning of year $ 1,260 $ 2,040 $ 2,175 Additions for tax positions of prior years 81 97 229 Additions due to new tax positions - - 999 Reduction for tax positions as a result of lapse of statute of limitations (466) (877) (1,363) Balance at end of year $ 875 $ 1,260 $ 2,040 |
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] | December 31, 2018 2017 (In thousands) Deferred tax asset: Allowance for loan and lease losses and other reserves $ 85,227 $ 97,682 Loans and other real estate valuation adjustment 7,842 10,457 Net operating loss carry forwards 5,466 5,169 Alternative minimum tax 14,631 15,672 Acquired portfolio 35,753 35,293 Other assets allowances 966 858 Other deferred tax assets 5,298 5,304 Total gross deferred tax asset 155,183 170,435 Less: valuation allowance (4,629) (3,135) Net gross deferred tax assets 150,554 167,300 Deferred tax liability: FDIC-assisted acquisition, net (22,825) (24,564) Customer deposit and customer relationship intangibles (1,263) (1,828) Building valuation ajustment (8,284) (9,069) Servicing asset (4,018) (3,830) Other deferred tax liabilities (401) (588) Total gross deferred tax liabilities (36,791) $ (39,879) Net deferred tax asset $ 113,763 $ 127,421 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) OFG Bancorp Ratios As of December 31, 2018 Total capital to risk-weighted assets $ 990,499 20.48% $ 386,977 8.00% $ 483,721 10.00% Tier 1 capital to risk-weighted assets $ 928,577 19.20% $ 290,233 6.00% $ 386,977 8.00% Common equity tier 1 capital to risk-weighted assets $ 811,707 16.78% $ 217,675 4.50% $ 314,419 6.50% Tier 1 capital to average total assets $ 928,577 14.22% $ 261,125 4.00% $ 326,406 5.00% As of December 31, 2017 Total capital to risk-weighted assets $ 899,258 20.34% $ 353,653 8.00% $ 442,067 10.00% Tier 1 capital to risk-weighted assets $ 842,133 19.05% $ 265,240 6.00% $ 353,653 8.00% Common equity tier 1 capital to risk-weighted assets $ 644,804 14.59% $ 198,930 4.50% $ 287,343 6.50% Tier 1 capital to average total assets $ 842,133 13.92% $ 242,057 4.00% $ 302,571 5.00% Minimum Capital Minimum to be Well Actual Requirement Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Bank Ratios As of December 31, 2018 Total capital to risk-weighted assets $ 949,596 19.68% $ 385,992 8.00% $ 482,490 10.00% Tier 1 capital to risk-weighted assets $ 887,918 18.40% $ 289,494 6.00% $ 385,992 8.00% Common equity tier 1 capital to risk-weighted assets $ 887,918 18.40% $ 217,120 4.50% $ 313,618 6.50% Tier 1 capital to average total assets $ 887,918 13.68% $ 259,547 4.00% $ 324,434 5.00% As of December 31, 2017 Total capital to risk-weighted assets $ 879,648 19.92% $ 353,265 8.00% $ 441,581 10.00% Tier 1 capital to risk-weighted assets $ 822,776 18.63% $ 264,949 6.00% $ 353,265 8.00% Common equity tier 1 capital to risk-weighted assets $ 822,776 18.63% $ 198,712 4.50% $ 287,028 6.50% Tier 1 capital to average total assets $ 822,776 13.63% $ 241,417 4.00% $ 301,771 5.00% |
Equity-Based Compensation Plan
Equity-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity-Based Compensation Plan [Abstract] | |
Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range [Table Text Block] | Year Ended December 31, 2018 2017 2016 Weighted Weighted Weighted Number Average Number Average Number Average Of Exercise Of Exercise Of Exercise Options Price Options Price Options Price Beginning of year 845,619 $ 14.14 917,269 $ 14.08 951,523 $ 12.45 Options exercised (101,268) 13.41 (71,150) 12.96 (24,752) 12.43 Options forfeited (5,025) 17.05 (500) 15.26 (9,502) 16.65 End of year 739,326 $ 14.28 845,619 $ 14.14 917,269 $ 14.08 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 $5.63 to $8.45 3,532 8.28 0.3 3,532 8.28 11.27 to 14.08 313,394 11.81 2.2 313,394 11.81 14.09 to 16.90 265,675 15.40 4.7 228,625 15.29 16.91 to 19.71 156,725 17.00 6.2 78,362 17.44 739,326 $ 14.28 3.9 623,913 $ 13.77 Aggregate Intrinsic Value $ 1,767,596 $ 1,754,258 |
Schedule Of Share based Compensation Restricted Stock And Restricted Stock Units Activity [Table Text Block] | Year Ended December 31, 2018 2017 2016 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 105,800 $ 14.19 59,800 $ 16.64 138,400 $ 16.17 Restricted units granted 176,250 12.12 83,000 13.31 - - Restricted units lapsed (24,017) 17.12 (33,100) 16.10 (76,903) 16.04 Restricted units forfeited (3,983) 12.48 (3,900) 16.79 (1,697) 17.02 End of year 254,050 $ 12.50 105,800 $ 14.19 59,800 $ 16.64 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity [Abstract] | |
Schedule of Treasury Stock by Class [Table Text Block] | Year Ended December 31, 2018 2017 2016 Dollar Dollar Dollar Shares Amount Shares Amount Shares Amount (In thousands, except shares data) Beginning of period 8,678,427 $ 104,502 8,711,025 $ 104,860 8,757,960 $ 105,379 Common shares used upon lapse of restricted stock units (87,117) (869) (32,598) (358) (46,935) (519) End of period 8,591,310 $ 103,633 8,678,427 $ 104,502 8,711,025 $ 104,860 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2018 2017 (In thousands) Unrealized loss on securities available-for-sale which are not other-than-temporarily impaired $ (12,654) $ (3,003) Income tax effect of unrealized loss on securities available-for-sale 1,682 365 Net unrealized gain on securities available-for-sale which are not other-than-temporarily impaired (10,972) (2,638) Unrealized gain (loss) on cash flow hedges 14 (510) Income tax effect of unrealized (gain) loss on cash flow hedges (5) 199 Net unrealized gain (loss) on cash flow hedges 9 (311) Accumulated other comprehensive (loss), net of income taxes $ (10,963) $ (2,949) 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) Year Ended December 31, 2017 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ 2,209 $ (613) $ 1,596 Other comprehensive loss before reclassifications (11,563) (186) (11,749) Amounts reclassified out of accumulated other comprehensive income (loss) 6,716 488 7,204 Other comprehensive income (loss) (4,847) 302 (4,545) Ending balance $ (2,638) $ (311) $ (2,949) Year Ended December 31, 2016 Net unrealized Net unrealized Accumulated gains on loss on other securities cash flow comprehensive available-for-sale hedges (loss) income (In thousands) Beginning balance $ 16,924 (2,927) 13,997 Other comprehensive loss before reclassifications (26,661) (1,628) (28,289) Amounts reclassified out of accumulated other comprehensive income (loss) 11,946 3,942 15,888 Other comprehensive income (loss) (14,715) 2,314 (12,401) Ending balance $ 2,209 $ (613) $ 1,596 |
Reclassification out of Accumulated Other Comprehensive Income [Table text block] | Amount reclassified out of accumulated other comprehensive income Affected Line Item in Consolidated Statement of Operations Year Ended December 31, 2018 2017 2016 (In thousands) Cash flow hedges: Interest-rate contracts $ 1,875 $ 488 $ 3,642 Tax effect from changes in tax rates - - 300 Income tax expense Available-for-sale securities: Net interest expense Gain on sale of investments - 6,896 12,207 Residual tax effect from OIB's change in applicable tax rate 5 104 32 Net impairment losses recognized in earnings Tax effect from changes in tax rates (235) (284) (293) Income tax expense $ 1,645 $ 7,204 $ 15,888 |
Earning Per Common Share (Table
Earning Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Common Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands, except per share data) Net income $ 84,410 $ 52,646 $ 59,186 Less: Dividends on preferred stock Non-convertible preferred stock (Series A, B, and D) (6,511) (6,512) (6,512) Convertible preferred stock (Series C) (5,513) (7,350) (7,350) Income available to common shareholders $ 72,386 $ 38,784 $ 45,324 Effect of assumed conversion of the convertible preferred stock 5,513 7,350 7,350 Income available to common shareholders assuming conversion $ 77,899 $ 46,134 $ 52,674 Weighted average common shares and share equivalents: Average common shares outstanding 45,400 43,939 43,913 Effect of dilutive securities: Average potential common shares-options 142 19 37 Average potential common shares-assuming conversion of convertible preferred stock 5,807 7,138 7,138 Total weighted average common shares outstanding and equivalents 51,349 51,096 51,088 Earnings per common share - basic $ 1.59 $ 0.88 $ 1.03 Earnings per common share - diluted $ 1.52 $ 0.88 $ 1.03 |
Guarantees (Tables)
Guarantees (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Schedule Of Guarantee Obligations [Table Text Block] | Year Ended December 31, 2018 2017 2016 Balance at beginning of period $ 358 $ 710 $ 439 Net (charge-offs/terminations) recoveries (12) (352) 271 Balance at end of period $ 346 $ 358 $ 710 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies [Abstract] | |
Schedule Of Line Of Credit Facilities [Table Text Block} | December 31, 2018 2017 (In thousands) Commitments to extend credit $ 541,423 $ 485,019 Commercial letters of credit 340 494 December 31, 2018 2017 (In thousands) Standby letters of credit and financial guarantees $ 23,889 $ 21,107 Loans sold with recourse 5,414 6,420 |
Contractual Obligation Fiscal Year Maturity Schedule [Table Text Block] | Minimum Rent Year Ending December 31, (In thousands) 2019 $ 5,618 2020 4,293 2021 3,360 2022 2,494 2023 1,968 Thereafter 6,679 $ 24,412 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis 1 [Table Text Block] | December 31, 2018 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 841,857 $ - $ 841,857 Trading securities - 360 - 360 Money market investments 4,930 - - 4,930 Derivative assets - 347 - 347 Servicing assets - - 10,716 10,716 Derivative liabilities - (333) - (333) $ 4,930 $ 842,231 $ 10,716 $ 857,877 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 81,976 $ 81,976 Foreclosed real estate - - 33,768 33,768 Other repossessed assets - - 2,986 2,986 $ - $ - $ 118,730 $ 118,730 December 31, 2017 Fair Value Measurements Level 1 Level 2 Level 3 Total (In thousands) Recurring fair value measurements: Investment securities available-for-sale $ - $ 645,797 $ - $ 645,797 Trading securities - 191 - 191 Money market investments 7,021 - - 7,021 Derivative assets - 771 - 771 Servicing assets - - 9,821 9,821 Derivative liabilities - (1,281) - (1,281) $ 7,021 $ 645,478 $ 9,821 $ 662,320 Non-recurring fair value measurements: Impaired commercial loans $ - $ - $ 72,285 $ 72,285 Foreclosed real estate - - 44,174 44,174 Other repossessed assets - - 3,548 3,548 $ - $ - $ 120,007 $ 120,007 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Level 3 Instruments Only Servicing Assets (In thousands) Year Ended December 31, 2018 2017 Balance at beginning of period $ 9,821 $ 9,858 New instruments acquired 1,481 1,658 Principal repayments (814) (590) Changes in fair value of servicing assets 228 (1,105) Balance at end of period $ 10,716 $ 9,821 Year Ended December 31, 2016 Level 3 Instruments Only Derivative asset (S&P Purchased Options) Servicing Assets Derivative liability (S&P Embeded Options) Total (In thousands) Balance at beginning of period $ 1,171 $ 7,455 $ (1,095) $ 7,531 Gains (losses) included in earnings (1,171) - 1,067 (104) New instruments acquired - 2,616 - 2,616 Principal repayments - (489) - (489) Amortization - - 28 28 Changes in fair value of servicing assets - 276 - 276 Balance at end of period $ - $ 9,858 $ - $ 9,858 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Table Text Block] | December 31, 2018 Fair Value Valuation Technique Unobservable Input Range (In thousands) Servicing assets $ 10,716 Cash flow valuation Constant prepayment rate 4.30% -9.02% Discount rate 10.00% - 12.00% Collateral dependent impaired loans $ 36,618 Fair value of property or collateral Appraised value less disposition costs 17.20% - 36.20% Other non-collateral dependent impaired loans $ 45,358 Cash flow valuation Discount rate 4.25% - 12.25% Foreclosed real estate $ 33,768 Fair value of property or collateral Appraised value less disposition costs 17.20% - 36.20% Other repossessed assets $ 2,986 Fair value of property or collateral Estimated net realizable value less disposition costs 38.00% - 62.00% |
Fair Value By Balance Sheet Grouping [Text Block] | December 31, 2018 2017 Fair Carrying Fair Carrying Value Value Value Value (In thousands) Level 1 Financial Assets: Cash and cash equivalents $ 447,033 $ 447,033 $ 485,203 $ 485,203 Restricted cash $ 3,030 $ 3,030 $ 3,030 $ 3,030 Level 2 Financial Assets: Trading securities $ 360 $ 360 $ 191 $ 191 Investment securities available-for-sale $ 841,857 $ 841,857 $ 645,797 $ 645,797 Investment securities held-to-maturity $ 410,353 $ 424,740 $ 497,681 $ 506,064 Federal Home Loan Bank (FHLB) stock $ 12,644 $ 12,644 $ 13,995 $ 13,995 Other investments $ 3 $ 3 $ 3 $ 3 Derivative assets $ 347 $ 347 $ 771 $ 771 Financial Liabilities: Derivative liabilities $ 333 $ 333 $ 1,281 $ 1,281 Level 3 Financial Assets: Total loans (including loans held-for-sale) $ 4,106,628 $ 4,431,594 $ 3,842,907 $ 4,056,329 Accrued interest receivable $ 34,254 $ 34,254 $ 49,969 $ 49,969 Servicing assets $ 10,716 $ 10,716 $ 9,821 $ 9,821 Accounts receivable and other assets $ 37,842 $ 37,842 $ 41,898 $ 41,898 Financial Liabilities: Deposits $ 4,881,903 $ 4,908,115 $ 4,782,197 $ 4,799,482 Securities sold under agreements to repurchase $ 453,135 $ 455,508 $ 191,104 $ 192,869 Advances from FHLB $ 78,503 $ 77,620 $ 99,509 $ 99,643 Other borrowings $ 1,214 $ 1,214 $ 153 $ 153 Subordinated capital notes $ 36,184 $ 36,083 $ 33,080 $ 36,083 Accrued expenses and other liabilities $ 87,665 $ 87,665 $ 86,791 $ 86,791 |
Banking and Finanial Service _2
Banking and Finanial Service Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Banking [Abstract] | |
Commissions and fees revenues | The following table presents the major categories of banking and financial service revenues for the years ended December 31 , 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 (In thousands) Banking service revenues: Checking accounts fees $ 5,878 $ 6,903 $ 7,511 Savings accounts fees 635 601 548 Electronic banking fees 32,431 28,174 30,081 Credit life commissions 541 492 636 Branch service commissions 1,581 811 620 Servicing and other loan fees 1,844 1,758 1,689 International fees 718 712 528 Miscellaneous income 10 17 34 Total banking service revenues 43,638 39,468 41,647 Wealth management revenue: Insurance income 6,956 6,652 7,287 Broker fees 6,996 7,131 8,385 Trust fees 10,878 10,930 10,789 Retirement plan and administration fees 1,095 1,048 971 Investment banking fees 9 29 1 Total wealth management revenue 25,934 25,790 27,433 Mortgage banking activities: Net servicing fees 5,024 3,865 6,058 Net gains on sale of mortgage loans and valuation 305 923 693 Other (562) (738) (1,730) Total mortgage banking activities 4,767 4,050 5,021 Total banking and financial service revenues $ 74,339 $ 69,308 $ 74,101 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 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 loan and lease losses, net (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 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 Year Ended December 31, 2017 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 311,503 $ 53 $ 34,091 $ 345,647 $ - $ 345,647 Interest expense (26,308) - (15,167) (41,475) - (41,475) Net interest income 285,195 53 18,924 304,172 - 304,172 Provision for loan and lease losses, net (113,108) - (31) (113,139) - (113,139) Non-interest income 45,102 26,069 7,516 78,687 - 78,687 Non-interest expenses (184,567) (13,486) (3,578) (201,631) - (201,631) Intersegment revenue 1,604 - 748 2,352 (2,352) - Intersegment expenses (748) (1,137) (467) (2,352) 2,352 - Income before income taxes $ 33,478 $ 11,499 $ 23,112 $ 68,089 $ - $ 68,089 Income tax expense (benefit) 13,057 4,485 (2,099) 15,443 - 15,443 Net income $ 20,421 $ 7,014 $ 25,211 $ 52,646 $ - $ 52,646 Total assets $ 5,597,077 $ 25,980 $ 1,536,417 $ 7,159,474 $ (970,421) $ 6,189,053 Year Ended December 31, 2016 Wealth Total Major Consolidated Banking Management Treasury Segments Eliminations Total (In thousands) Interest income $ 321,868 $ 65 $ 34,659 $ 356,592 $ - $ 356,592 Interest expense (27,838) - (29,327) (57,165) - (57,165) Net interest income 294,030 65 5,332 299,427 - 299,427 Provision for non-covered loan and lease losses (65,076) - - (65,076) - (65,076) Non-interest income 35,587 26,788 4,444 66,819 - 66,819 Non-interest expenses (193,156) (17,443) (5,391) (215,990) - (215,990) Intersegment revenue 1,521 - 883 2,404 (2,404) - Intersegment expenses (883) (1,108) (413) (2,404) 2,404 - Income before income taxes $ 72,023 $ 8,302 $ 4,855 $ 85,180 $ - $ 85,180 Income tax expense (benefit) 28,089 3,238 (5,333) 25,994 - 25,994 Net income $ 43,934 $ 5,064 $ 10,188 $ 59,186 $ - $ 59,186 Total assets $ 5,584,866 $ 23,315 $ 1,837,514 $ 7,445,695 $ (943,871) $ 6,501,824 |
OFG Bancorp (Holding Company _2
OFG Bancorp (Holding Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
OFG Bancorp (Holding Company Only) Financial Information [Abstract] | |
Condensed Consolidating Balance Sheet [Table Text Block] | December 31, 2018 2017 (In thousands) ASSETS Cash and cash equivalents $ 39,207 $ 24,430 Investment in bank subsidiary, equity method 983,718 941,198 Investment in nonbank subsidiaries, equity method 19,341 20,231 Due from bank subsidiary,net 40 22 Deferred tax asset, net - 2,230 Other assets 1,122 1,616 Total assets $ 1,043,428 $ 989,727 LIABILITIES AND STOCKHOLDERS’ EQUITY Dividend payable 5,219 6,504 Due to affiliates 14 - Accrued expenses and other liabilities 2,235 2,033 Subordinated capital notes 36,083 36,083 Total liabilities 43,551 44,620 Stockholders’ equity 999,877 945,107 Total liabilities and stockholders’ equity $ 1,043,428 $ 989,727 |
Condensed Consolidating Statement Of Operations [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Income: Interest income $ 477 $ 188 $ 174 Gain on sale of securities - - 211 Investment trading activities, net and other 6,003 4,511 4,066 Total income 6,480 4,699 4,451 Expenses: Interest expense 1,905 1,556 1,370 Operating expenses 7,980 6,700 7,179 Total expenses 9,885 8,256 8,549 Loss before income taxes (3,405) (3,557) (4,098) Income tax expense 2,400 403 518 Loss before changes in undistributed earnings of subsidiaries (5,805) (3,960) (4,616) Equity in undistributed earnings from: Bank subsidiary 87,128 51,612 58,580 Nonbank subsidiaries 3,087 4,994 5,222 Net income $ 84,410 $ 52,646 $ 59,186 |
Condensed Consolidating Other Comprenhensive Income [Table Text Block] | Year ended December 31, 2018 2017 2016 (In thousands) Net income $ 84,410 $ 52,646 $ 59,186 Other comprehensive loss before tax: Unrealized loss on securities available-for-sale - - (204) Other comprehensive income from bank subsidiary (8,014) (4,545) (12,238) Other comprehensive loss before taxes (8,014) (4,545) (12,442) Income tax effect - - 41 Other comprehensive loss after taxes (8,014) (4,545) (12,401) Comprehensive income $ 76,396 $ 48,101 $ 46,785 |
Condensed Consolidating Statement Of Cash Flows [Table Text Block] | Year Ended December 31, 2018 2017 2016 (In thousands) Cash flows from operating activities: Net income $ 84,410 $ 52,646 $ 59,186 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings from banking subsidiary (87,128) (51,612) (58,580) Equity in undistributed earnings from nonbanking subsidiaries (3,087) (4,994) (5,222) Amortization of investment securities premiums, net of accretion of discounts - - 12 Realized gain on sale of securities - - 211 Stock-based compensation 1,401 1,109 1,270 Employee benefit adjustment - (99) - Deferred income tax, net 2,230 414 444 Net decrease (increase) in other assets 372 (205) 42 Net (decrease) increase in accrued expenses and other liabilities 203 (1,185) 800 Dividends from banking subsidiary 37,700 26,743 17,600 Dividends from non-banking subsidiary 4,000 4,002 6,000 Net cash provided by operating activities 40,101 26,819 21,763 Cash flows from investing activities: Maturities and redemptions of investment securities available-for-sale - - 702 Proceeds from sales of investment securities available-for-sale - - 4,888 Net decrease in due from bank subsidiary, net - 307 317 Net decrease in due to non-bank subsidiary, net 14 - - Proceeds from sales of premises and equipment 200 - 324 Capital contribution to banking subsidiary (1,105) (788) (894) Capital contribution to non-banking subsidiary (24) (50) (68) Additions to premises and equipment (97) (19) (381) Net cash (used in) provided by investing activities (1,012) (550) 4,888 Cash flows from financing activities: Proceeds from (payments to) exercise of stock options and lapsed restricted units, net 508 - (315) Dividends paid (24,820) (24,412) (24,003) Net cash used in financing activities (24,312) (24,412) (24,318) Net change in cash and cash equivalents 14,777 1,857 2,333 Cash and cash equivalents at beginning of year 24,430 22,573 20,240 Cash and cash equivalents at end of year $ 39,207 $ 24,430 $ 22,573 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | Feb. 06, 2017 | Dec. 31, 2018 |
Accounting Policies [Line Items] | ||
FDIC indemnification asset termination, cash paid | $ 10.1 | |
FDIC indemnification asset, termination benefit | $ 1.4 | |
Minimum [Member] | Accounting Standards Update 201602 [Member] | ||
Accounting Policies [Line Items] | ||
Effect of adoption of new accounting pronouncements | $ 20 | |
Maximum [Member] | Accounting Standards Update 201602 [Member] | ||
Accounting Policies [Line Items] | ||
Effect of adoption of new accounting pronouncements | $ 25 |
Significant Events (Details)
Significant Events (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unusual Or Infrequent Item [Line Items] | |||
Provision for (loan and lease losses, net | $ 56,108,000 | $ 113,139,000 | $ 65,076,000 |
Insurance reimbursement | 6,250,000 | ||
Natural Disasters And Other Casualty Events [Member] | |||
Unusual Or Infrequent Item [Line Items] | |||
Provision for (loan and lease losses, net | 0 | 32,400,000 | |
Estimated total losses | 6,600,000 | ||
Insurance reimbursement | $ 1,000,000 | ||
Natural Disasters And Other Casualty Events [Member] | Other Nonoperating Income Expense [Member] | |||
Unusual Or Infrequent Item [Line Items] | |||
Insurance Settlements Receivable | 5,000,000 | ||
Natural Disasters And Other Casualty Events [Member] | Other Assets [Member] | |||
Unusual Or Infrequent Item [Line Items] | |||
Insurance Settlements Receivable | $ 1,200,000 |
Restricted Cash (Narrative) (De
Restricted Cash (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Certificates Of Deposits Oriental International Banking | $ 305 | $ 300 |
Treasury Bill, Oriental Overseas Unit | 325 | 325 |
Reserve required by local Goverment | 211,600 | 189,200 |
Deposit pledged as collateral | 3,030 | 3,030 |
Derivative [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Deposit pledged as collateral | 1,980 | 1,980 |
Residential Loans Sold with Recourse [Member] | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Deposit pledged as collateral | $ 1,050 | $ 1,050 |
Restricted Cash (Composition) (
Restricted Cash (Composition) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Deposit pledged as collateral | $ 3,030 | $ 3,030 |
Derivatives | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Deposit pledged as collateral | 1,980 | 1,980 |
Obligations under agreements of loans sold with recourse | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Deposit pledged as collateral | $ 1,050 | $ 1,050 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Investments Guaranteed by US Treasury and Sponsored Agencies in Unrealized Loss on Position | $ 1,100 | |||
Money market investments | 4,930 | $ 7,021 | ||
Securitized GNMA pools retained, amortized cost | $ 56,800 | $ 74,900 | $ 112,200 | |
Securitized GNMA pool retained, yield | 3.93% | 3.14% | 2.89% | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities sold , Book Value | $ 17,837 | $ 250,100 | $ 288,276 | |
Gain (Loss) on Sale of Securities, Net | 0 | 6,896 | 12,207 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held | 0 | 0 | 0 | $ 1,490 |
Collateralized Mortgage Backed Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities sold , Book Value | 17,837 | 166,015 | 277,181 | |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities sold , Book Value | 0 | 102,311 | 277,181 | |
Collateralized Mortgage Backed Securities [Member] | Government National Mortgage Association Certificates and Obligations (GNMA) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities sold , Book Value | 17,837 | 63,704 | ||
US Treasury Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities sold , Book Value | $ 0 | $ 84,085 | 11,095 | |
US Treasury Securities | Obligations of Puerto Rico Government and Public Instrumentalities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale securities sold , Book Value | $ 11,095 |
Investment Securities (Investme
Investment Securities (Investment securities) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 854,511,000 | $ 648,800,000 |
Available-for-sale Securities, Gross Unrealized Gains | 1,469,000 | 2,940,000 |
Available-for-sale Securities, Gross Unrealized Losses | 14,123,000 | 5,943,000 |
Available-for-sale Securities | $ 841,857,000 | $ 645,797,000 |
Available for sale - Weighted Average Yield | 2.64% | 2.46% |
Held-to-maturity, Amortized cost | $ 424,740,000 | $ 506,064,000 |
Held to maturity Securities Unrecognized Gains | 0 | 0 |
Held-to-maturity Securities, Unrecognized Loss | 14,387,000 | 8,383,000 |
Held to maturity Fair Value | $ 410,353,000 | $ 497,681,000 |
Held to maturity - Weighted Average Yield | 2.07% | 2.07% |
Total Securities - Amortized Cost | $ 1,279,251,000 | $ 1,154,864,000 |
Total Securities Gross Unrealized Gains | 1,469,000 | 2,940,000 |
Total Securities Gross Unrealized Losses | 28,510,000 | 14,326,000 |
Total Securities Fair Value | $ 1,252,210,000 | $ 1,143,478,000 |
Marketable Securities Weighted Average Yield | 2.45% | 2.29% |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 840,055,000 | $ 631,656,000 |
Available-for-sale Securities, Gross Unrealized Gains | 1,454,000 | 2,888,000 |
Available-for-sale Securities, Gross Unrealized Losses | 13,944,000 | 5,420,000 |
Available-for-sale Securities | $ 827,565,000 | $ 629,124,000 |
Available for sale - Weighted Average Yield | 2.66% | 2.47% |
Held-to-maturity, Amortized cost | $ 424,740,000 | $ 506,064,000 |
Held to maturity Securities Unrecognized Gains | 0 | 0 |
Held-to-maturity Securities, Unrecognized Loss | 14,387,000 | 8,383,000 |
Held to maturity Fair Value | $ 410,353,000 | $ 497,681,000 |
Held to maturity - Weighted Average Yield | 2.07% | 2.07% |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 561,878,000 | $ 383,194,000 |
Available-for-sale Securities, Gross Unrealized Gains | 404,000 | 1,402,000 |
Available-for-sale Securities, Gross Unrealized Losses | 8,951,000 | 2,881,000 |
Available-for-sale Securities | $ 553,331,000 | $ 381,715,000 |
Available for sale - Weighted Average Yield | 2.59% | 2.39% |
Held-to-maturity, Amortized cost | $ 424,740,000 | $ 506,064,000 |
Held to maturity Securities Unrecognized Gains | 0 | 0 |
Held-to-maturity Securities, Unrecognized Loss | 14,387,000 | 8,383,000 |
Held to maturity Fair Value | $ 410,353,000 | $ 497,681,000 |
Held to maturity - Weighted Average Yield | 2.07% | 2.07% |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 211,947,000 | $ 166,436,000 |
Available-for-sale Securities, Gross Unrealized Gains | 1,050,000 | 1,486,000 |
Available-for-sale Securities, Gross Unrealized Losses | 2,827,000 | 584,000 |
Available-for-sale Securities | $ 210,170,000 | $ 167,338,000 |
Available for sale - Weighted Average Yield | 3.10% | 2.94% |
Held-to-maturity, Amortized cost | $ 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 66,230,000 | $ 82,026,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 2,166,000 | 1,955,000 |
Available-for-sale Securities | $ 64,064,000 | $ 80,071,000 |
Available for sale - Weighted Average Yield | 1.90% | 1.90% |
Held-to-maturity, Amortized cost | $ 0 | |
Held to maturity Fair Value | 0 | |
Securities Investment [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 14,456,000 | $ 17,144,000 |
Available-for-sale Securities, Gross Unrealized Gains | 15,000 | 52,000 |
Available-for-sale Securities, Gross Unrealized Losses | 179,000 | 523,000 |
Available-for-sale Securities | $ 14,292,000 | $ 16,673,000 |
Available for sale - Weighted Average Yield | 1.50% | 2.04% |
Held-to-maturity, Amortized cost | $ 0 | |
Held to maturity Fair Value | 0 | |
Securities Investment [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,924,000 | $ 10,276,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 119,000 | 113,000 |
Available-for-sale Securities | $ 10,805,000 | $ 10,163,000 |
Available for sale - Weighted Average Yield | 1.36% | 1.25% |
Held-to-maturity, Amortized cost | $ 0 | |
Held to maturity Fair Value | 0 | |
Securities Investment [Member] | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,325,000 | $ 2,927,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 60,000 | 48,000 |
Available-for-sale Securities | $ 2,265,000 | $ 2,879,000 |
Available for sale - Weighted Average Yield | 1.38% | 1.38% |
Held-to-maturity, Amortized cost | $ 0 | |
Held to maturity Fair Value | 0 | |
Securities Investment [Member] | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 0 | $ 2,455,000 |
Available-for-sale Securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 362,000 |
Available-for-sale Securities | $ 0 | $ 2,093,000 |
Available for sale - Weighted Average Yield | 0.00% | 5.55% |
Securities Investment [Member] | Other Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 1,207,000 | $ 1,486,000 |
Available-for-sale Securities, Gross Unrealized Gains | 15,000 | 52,000 |
Available-for-sale Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities | $ 1,222,000 | $ 1,538,000 |
Available for sale - Weighted Average Yield | 2.99% | 2.97% |
Held-to-maturity, Amortized cost | $ 0 | |
Held to maturity Fair Value | $ 0 |
Investment Securities (Invest_2
Investment Securities (Investment securities by contractual maturity) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | $ 854,511,000 | $ 648,800,000 |
Available-for-sale Securities | 841,857,000 | 645,797,000 |
Held-to-maturity, Amortized cost | 424,740,000 | 506,064,000 |
Held to maturity Fair Value | 410,353,000 | 497,681,000 |
Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 6,042,000 | |
Available-for-sale Securities | 5,935,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 312,775,000 | |
Available-for-sale Securities | 307,132,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 524,770,000 | |
Available-for-sale Securities | 517,985,000 | |
Held-to-maturity, Amortized cost | 424,740,000 | |
Held to maturity Fair Value | 410,353,000 | |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 840,055,000 | 631,656,000 |
Available-for-sale Securities | 827,565,000 | 629,124,000 |
Held-to-maturity, Amortized cost | 424,740,000 | 506,064,000 |
Held to maturity Fair Value | 410,353,000 | 497,681,000 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 561,878,000 | 383,194,000 |
Available-for-sale Securities | 553,331,000 | 381,715,000 |
Held-to-maturity, Amortized cost | 424,740,000 | 506,064,000 |
Held to maturity Fair Value | 410,353,000 | 497,681,000 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 211,947,000 | 166,436,000 |
Available-for-sale Securities | 210,170,000 | 167,338,000 |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 66,230,000 | 82,026,000 |
Available-for-sale Securities | 64,064,000 | 80,071,000 |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 3,617,000 | |
Available-for-sale Securities | 3,570,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From One To Five Years [Member] | FNMA and FHLMC [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 3,617,000 | |
Available-for-sale Securities | 3,570,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 311,668,000 | |
Available-for-sale Securities | 306,010,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
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 | 253,447,000 | |
Available-for-sale Securities | 249,808,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
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 | 58,221,000 | |
Available-for-sale Securities | 56,202,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 524,770,000 | |
Available-for-sale Securities | 517,985,000 | |
Held-to-maturity, Amortized cost | 424,740,000 | |
Held to maturity Fair Value | 410,353,000 | |
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 | 304,814,000 | |
Available-for-sale Securities | 299,953,000 | |
Held-to-maturity, Amortized cost | 424,740,000 | |
Held to maturity Fair Value | 410,353,000 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | GNMA [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 211,947,000 | |
Available-for-sale Securities | 210,170,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Collateralized Mortgage Backed Securities [Member] | Maturities Due After Ten Years [Member] | CMO's [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 8,009,000 | |
Available-for-sale Securities | 7,862,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 14,456,000 | 17,144,000 |
Available-for-sale Securities | 14,292,000 | 16,673,000 |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,924,000 | 10,276,000 |
Available-for-sale Securities | 10,805,000 | 10,163,000 |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,325,000 | 2,927,000 |
Available-for-sale Securities | 2,265,000 | 2,879,000 |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Obligation of Puerto Rico Government and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 0 | 2,455,000 |
Available-for-sale Securities | 0 | 2,093,000 |
Investment Securities | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,207,000 | 1,486,000 |
Available-for-sale Securities | 1,222,000 | $ 1,538,000 |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,924,000 | |
Available-for-sale Securities | 10,805,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due In Less Than One Year [Member] | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 10,924,000 | |
Available-for-sale Securities | 10,805,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,425,000 | |
Available-for-sale Securities | 2,365,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | Obligation of US Government sponsored agencies at loss [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 2,325,000 | |
Available-for-sale Securities | 2,265,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From One To Five Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 100,000 | |
Available-for-sale Securities | 100,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,107,000 | |
Available-for-sale Securities | 1,122,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | 0 | |
Investment Securities | Maturities Due From Five To Ten Years [Member] | Other Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Available for sale Amortized Cost | 1,107,000 | |
Available-for-sale Securities | 1,122,000 | |
Held-to-maturity, Amortized cost | 0 | |
Held to maturity Fair Value | $ 0 |
Investment Securities (Gross re
Investment Securities (Gross realize gains and losses by category) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | $ 17,837 | $ 256,996 | $ 300,483 |
Book Value | 17,837 | 250,100 | 288,276 |
Available-for-sale Securities, Gross Realized Gains | 0 | 6,896 | 16,324 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 4,117 |
Collateralized Mortgage Backed Securities [Member] | |||
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | 17,837 | 172,794 | 293,505 |
Book Value | 17,837 | 166,015 | 277,181 |
Available-for-sale Securities, Gross Realized Gains | 0 | 6,779 | 16,324 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | FNMA and FHLMC [Member] | |||
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | 0 | 107,510 | 293,505 |
Book Value | 0 | 102,311 | 277,181 |
Available-for-sale Securities, Gross Realized Gains | 0 | 5,199 | 16,324 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 0 |
Collateralized Mortgage Backed Securities [Member] | GNMA [Member] | |||
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | 17,837 | 65,284 | |
Book Value | 17,837 | 63,704 | |
Available-for-sale Securities, Gross Realized Gains | 0 | 1,580 | |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | |
Securities Investment [Member] | |||
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | 0 | 84,202 | 6,978 |
Book Value | 0 | 84,085 | 11,095 |
Available-for-sale Securities, Gross Realized Gains | 0 | 117 | 0 |
Available-for-sale Securities, Gross Realized Losses | 0 | 0 | 4,117 |
Securities Investment [Member] | US Treasury Securities [Member] | |||
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | 0 | 84,202 | |
Book Value | 0 | 84,085 | |
Available-for-sale Securities, Gross Realized Gains | 0 | 117 | |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ 0 | |
Securities Investment [Member] | Obligations of Puerto Rico Government and Public Instrumentalities | |||
Schedule of Sale of Available-for-sale Securities [Line Items] | |||
Sale Price | 6,978 | ||
Book Value | 11,095 | ||
Available-for-sale Securities, Gross Realized Gains | 0 | ||
Available-for-sale Securities, Gross Realized Losses | $ 4,117 |
Investment Securities (Gains an
Investment Securities (Gains and losses by category) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | $ 127,221 | $ 148,896 |
Available for sale - Amortized cost - more than 12 month | 567,531 | 220,334 |
Total Available for Sale Amortization cost | 694,752 | 369,230 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 436 | 942 |
Available for sale - Unrealized Loss - more than 12 month | 13,687 | 5,001 |
Total Available for Sale Unrealized Loss | 14,123 | 5,943 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 126,785 | 147,954 |
Available-for-sale, Fair Value - more than 12 month | 553,844 | 215,333 |
Total Available for Sale Fair Value | 680,629 | 363,287 |
Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Held to Maturity - Amortized cost - less than 12 month | 0 | 153,665 |
Held to Maturity - Amortized cost - more than 12 month | 424,740 | 352,399 |
Held to Maturity - Amortized Cost | 424,740 | 506,064 |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity- Unrealized Loss - less than 12 month | 0 | 1,119 |
Held to Maturity- Unrealized Loss - more than 12 month | 14,387 | 7,264 |
Held to Maturity- Unrealized Loss | 14,387 | 8,383 |
Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Held-to-Maturity - Fair Value - less than 12 Month | 0 | 152,546 |
Held-to-Maturity - Fair Value - more than 12 Month | 410,353 | 345,135 |
Held to Maturity - Fair Value | 410,353 | 497,681 |
Investment Securities Continuous Unrealized Loss Position [Abstract] | ||
Investment Securities - Amortized Cost | 1,119,492 | 875,294 |
Investment Securities - Fair Value | 1,090,982 | 860,968 |
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 | 9,464 |
Available for sale - Amortized cost - more than 12 month | 66,230 | 72,562 |
Total Available for Sale Amortization cost | 66,230 | 82,026 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 0 | 98 |
Available for sale - Unrealized Loss - more than 12 month | 2,166 | 1,857 |
Total Available for Sale Unrealized Loss | 2,166 | 1,955 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 0 | 9,366 |
Available-for-sale, Fair Value - more than 12 month | 64,064 | 70,705 |
Total Available for Sale Fair Value | 64,064 | 80,071 |
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 | 2,455 |
Total Available for Sale Amortization cost | 0 | 2,455 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - more than 12 month | 362 | |
Total Available for Sale Unrealized Loss | 362 | |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available-for-sale, Fair Value - more than 12 month | 0 | 2,093 |
Total Available for Sale Fair Value | 0 | 2,093 |
FNMA and FHLMC [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - less than 12 month | 109,772 | 125,107 |
Available for sale - Amortized cost - more than 12 month | 357,955 | 111,635 |
Total Available for Sale Amortization cost | 467,727 | 236,742 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 348 | 759 |
Available for sale - Unrealized Loss - more than 12 month | 8,603 | 2,122 |
Total Available for Sale Unrealized Loss | 8,951 | 2,881 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 109,424 | 124,348 |
Available-for-sale, Fair Value - more than 12 month | 349,352 | 109,513 |
Total Available for Sale Fair Value | 458,776 | 233,861 |
Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Held to Maturity - Amortized cost - less than 12 month | 0 | 153,665 |
Held to Maturity - Amortized cost - more than 12 month | 424,740 | 352,399 |
Held to Maturity - Amortized Cost | 424,740 | 506,064 |
Held To Maturity Securities, Continuous Unrealized Loss Position Aggregate Losses [Abstract] | ||
Held to Maturity- Unrealized Loss - less than 12 month | 0 | 1,119 |
Held to Maturity- Unrealized Loss - more than 12 month | 14,387 | 7,264 |
Held to Maturity- Unrealized Loss | 14,387 | 8,383 |
Held To Maturity Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Held-to-Maturity - Fair Value - less than 12 Month | 0 | 152,546 |
Held-to-Maturity - Fair Value - more than 12 Month | 410,353 | 345,135 |
Held to Maturity - Fair Value | 410,353 | 497,681 |
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 | 17,126 | 14,001 |
Available for sale - Amortized cost - more than 12 month | 131,044 | 20,803 |
Total Available for Sale Amortization cost | 148,170 | 34,804 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - less than 12 month | 88 | 85 |
Available for sale - Unrealized Loss - more than 12 month | 2,739 | 499 |
Total Available for Sale Unrealized Loss | 2,827 | 584 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 17,038 | 13,916 |
Available-for-sale, Fair Value - more than 12 month | 128,305 | 20,304 |
Total Available for Sale Fair Value | 145,343 | 34,220 |
Obligation of US Government sponsored agencies at loss [Member] | ||
Available For Sale Securities Continuous Unrealized Loss Position Amortized Cost [Abstract] | ||
Available for sale - Amortized cost - more than 12 month | 2,325 | 2,927 |
Total Available for Sale Amortization cost | 2,325 | 2,927 |
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | ||
Available for sale - Unrealized Loss - more than 12 month | 60 | 48 |
Total Available for Sale Unrealized Loss | 60 | 48 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available-for-sale, Fair Value - more than 12 month | 2,265 | 2,879 |
Total Available for Sale Fair Value | 2,265 | 2,879 |
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 | 323 | 324 |
Available for sale - Amortized cost - more than 12 month | 9,977 | 9,952 |
Total Available for Sale Amortization cost | 10,300 | 10,276 |
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 | 119 | 113 |
Total Available for Sale Unrealized Loss | 119 | 113 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value [Abstract] | ||
Available for sale - Fair Value - less than 12 month | 323 | 324 |
Available-for-sale, Fair Value - more than 12 month | 9,858 | 9,839 |
Total Available for Sale Fair Value | $ 10,181 | $ 10,163 |
Investment Securities (Other-th
Investment Securities (Other-than-temporarily Impaired Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Than Temporary Impairment Credit Losses Recognized In Earnings [Roll Forward] | |||
Begging Balance | $ 0 | $ 0 | $ 1,490 |
Realized from Securities Sold during the period | 0 | 0 | 1,490 |
Ending Balance | $ 0 | $ 0 | $ 0 |
Pledged Assets (Details)
Pledged Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | $ 1,925,904 | $ 1,658,398 |
Assets Not Pledged | 3,928,780 | 3,710,606 |
Investment Securities | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets Not Pledged | 637,509 | 921,610 |
Residential Mortgage Member | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets Not Pledged | 354,868 | 325,698 |
Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets Not Pledged | 1,414,054 | 1,152,151 |
Consumer Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets Not Pledged | 373,814 | 361,497 |
Auto and Leases Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets Not Pledged | 1,148,535 | 949,650 |
Investment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 629,088 | 230,251 |
Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 416,225 | 456,375 |
Securities Sold under Agreements to Repurchase, Long-Term [Member] | Investment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 487,181 | 205,484 |
Derivative [Member] | Investment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 423 | 1,478 |
Puerto Rico public fund deposits [Member] | Investment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 141,162 | 22,948 |
Puerto Rico public fund deposits [Member] | Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 140,123 | 150,036 |
Federal Reserve Bank Credit Facilities | Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 651 | 993 |
Bond For Trust Operation [Member] | Investment [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 322 | 341 |
Federal Home Loan Bank Advances [Member] | Mortgage Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | 880,591 | 971,772 |
Federal Home Loan Bank Advances [Member] | Commercial Loan [Member] | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Pledged Financial Instruments Not Separately Reported Securities Pledged | $ 275,451 | $ 305,346 |
Loans (Narratives) (Details)
Loans (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts Notes And Loans Receivables [Abstract] | ||
Loans and Leases Receivable, Description | Oriental’s loan portfolio is composed of two segments, loans initially accounted for under the amortized cost method (referred to as "originated and other" loans) and loans acquired (referred to as "acquired" loans). Acquired loans are further segregated between acquired BBVAPR loans and acquired Eurobank loans. | |
Financing Receivable Modifications Recorded Investment Not Included In Non Accrual | $ 112.9 | $ 109.2 |
Originated Loans Granted To Puerto Rico Government | 91.4 | 94.9 |
Acquired Credit Facilities Granted to the Puerto Rico Public Corporation | 44.5 | 50.3 |
Impaired Commercial Loans | 82 | 72.3 |
Allowance for impaired commercial loans | 8.4 | 10.6 |
Impaired Mortgage Loans | 84.2 | 85.4 |
Allowance For Impaired Mortgage Loans | 10.2 | 9.1 |
Current but placed in non-accrual due to credit deterioration | $ 21.2 | $ 20.1 |
Loans (Composition of loan port
Loans (Composition of loan portfolio) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,577,717 | $ 4,204,871 |
Allowance for loan and lease losses | (164,231) | (167,509) |
Loans, net of allowance for loan and lease losse, net. | 4,413,486 | 4,037,362 |
Deferred loan cost (fees), net | 7,740 | 6,695 |
Loans receivable net of deferred loan cost (fees) | 4,421,226 | 4,044,057 |
Mortgage loans held-for-sale | 10,368 | 12,272 |
Total loans, net | 4,431,594 | 4,056,329 |
Acquired BBVAPR loans [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 720,581 | 875,536 |
Allowance for loan and lease losses | (44,072) | (49,617) |
Loans, net of allowance for loan and lease losse, net. | 676,509 | 825,919 |
Deferred loan cost (fees), net | 0 | 0 |
Loans receivable net of deferred loan cost (fees) | 676,509 | 825,919 |
Total loans, net | 676,509 | 825,919 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 30,969 | 55,264 |
Allowance for loan and lease losses | (2,062) | (3,862) |
Loans, net of allowance for loan and lease losse, net. | 28,907 | 51,402 |
Loans receivable net of deferred loan cost (fees) | 28,907 | 51,402 |
Total loans, net | 28,907 | 51,402 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,546 | 4,380 |
Allowance for loan and lease losses | (22) | (42) |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 23,988 | 28,915 |
Allowance for loan and lease losses | (1,905) | (3,225) |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,435 | 21,969 |
Allowance for loan and lease losses | (135) | (595) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 689,612 | 820,272 |
Allowance for loan and lease losses | (42,010) | (45,755) |
Loans, net of allowance for loan and lease losse, net. | 647,602 | 774,517 |
Deferred loan cost (fees), net | 0 | 0 |
Loans receivable net of deferred loan cost (fees) | 647,602 | 774,517 |
Total loans, net | 647,602 | 774,517 |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 492,890 | 532,053 |
Allowance for loan and lease losses | (15,225) | (14,085) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 182,319 | 243,092 |
Allowance for loan and lease losses | (20,641) | (23,691) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1,431 |
Allowance for loan and lease losses | 0 | (18) |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | Auto Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 14,403 | 43,696 |
Allowance for loan and lease losses | (6,144) | (7,961) |
Eurobank Acquired Loans | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 112,064 | 124,443 |
Allowance for loan and lease losses | (24,971) | (25,174) |
Loans, net of allowance for loan and lease losse, net. | 87,093 | 99,269 |
Deferred loan cost (fees), net | 0 | 0 |
Loans receivable net of deferred loan cost (fees) | 87,093 | 99,269 |
Total loans, net | 87,093 | 99,269 |
Eurobank Acquired Loans | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 47,826 | 53,793 |
Eurobank Acquired Loans | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 846 | 1,112 |
Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 63,392 | 69,538 |
Originated Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,745,072 | 3,204,892 |
Allowance for loan and lease losses | (95,188) | (92,718) |
Loans, net of allowance for loan and lease losse, net. | 3,649,884 | 3,112,174 |
Deferred loan cost (fees), net | 7,740 | 6,695 |
Loans receivable net of deferred loan cost (fees) | 3,657,624 | 3,118,869 |
Total loans, net | 3,657,624 | 3,118,869 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 668,809 | 683,607 |
Allowance for loan and lease losses | (19,783) | (20,439) |
Originated Loan [Member] | Commercial Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,597,588 | 1,307,261 |
Allowance for loan and lease losses | (30,326) | (30,258) |
Originated Loan [Member] | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 348,980 | 330,039 |
Allowance for loan and lease losses | (15,571) | (16,454) |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,129,695 | 883,985 |
Allowance for loan and lease losses | (29,508) | (25,567) |
Acquired loans [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Loans, net of allowance for loan and lease losse, net. | 763,602 | 925,188 |
Loans receivable net of deferred loan cost (fees) | 763,602 | 925,188 |
Acquired loans [Member] | Eurobank Acquired Loans | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | (24,971) | (25,174) |
Acquired loans [Member] | Eurobank Acquired Loans | Consumer Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | (4) | (4) |
Acquired loans [Member] | Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | (15,382) | (15,187) |
Acquired loans [Member] | Eurobank Acquired Loans | Commercial and Other Construction Loan [Member] | ||
Loans And Leases Receivable Net Reported Amount | ||
Allowance for loan and lease losses | $ (9,585) | $ (9,983) |
Loans (Aging of recorded invest
Loans (Aging of recorded investment in gross loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Loans | $ 4,577,717 | $ 4,204,871 |
Originated Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 77,788 | 36,092 |
60 - 89 Days Past Due | 47,254 | 22,151 |
Greater than 90 Days Past Due | 113,022 | 89,497 |
Total Past Due | 238,064 | 147,740 |
Current | 3,507,008 | 3,057,152 |
Total Loans | 3,745,072 | 3,204,892 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,717 | 7,361 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 11,733 | 8,345 |
60 - 89 Days Past Due | 14,417 | 8,970 |
Greater than 90 Days Past Due | 75,975 | 67,497 |
Total Past Due | 102,125 | 84,812 |
Current | 566,684 | 598,795 |
Total Loans | 668,809 | 683,607 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,717 | 7,361 |
Originated Loan [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 931 | 1,112 |
60 - 89 Days Past Due | 8,043 | 5,313 |
Greater than 90 Days Past Due | 33,780 | 36,763 |
Total Past Due | 42,754 | 43,188 |
Current | 484,978 | 510,345 |
Total Loans | 527,732 | 553,533 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 494 | 2,380 |
Originated Loan [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 77 | 86 |
60 - 89 Days Past Due | 1,516 | 938 |
Greater than 90 Days Past Due | 2,707 | 3,537 |
Total Past Due | 4,300 | 4,561 |
Current | 36,344 | 41,579 |
Total Loans | 40,644 | 46,140 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 168 | 467 |
Originated Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 91 | 92 |
60 - 89 Days Past Due | 2,412 | 1,077 |
Greater than 90 Days Past Due | 5,632 | 6,304 |
Total Past Due | 8,135 | 7,473 |
Current | 67,707 | 75,758 |
Total Loans | 75,842 | 83,231 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 101 |
60 - 89 Days Past Due | 552 | 383 |
Greater than 90 Days Past Due | 3,531 | 3,348 |
Total Past Due | 4,083 | 3,832 |
Current | 35,004 | 40,669 |
Total Loans | 39,087 | 44,501 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 68 |
Originated Loan [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 255 | 242 |
60 - 89 Days Past Due | 1,693 | 604 |
Greater than 90 Days Past Due | 5,074 | 5,971 |
Total Past Due | 7,022 | 6,817 |
Current | 49,213 | 55,966 |
Total Loans | 56,235 | 62,783 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 66 |
Originated Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 255 | 358 |
60 - 89 Days Past Due | 1,059 | 1,258 |
Greater than 90 Days Past Due | 6,677 | 8,561 |
Total Past Due | 7,991 | 10,177 |
Current | 52,781 | 58,505 |
Total Loans | 60,772 | 68,682 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 56 | 577 |
Originated Loan [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 253 | 233 |
60 - 89 Days Past Due | 328 | 978 |
Greater than 90 Days Past Due | 8,697 | 7,393 |
Total Past Due | 9,278 | 8,604 |
Current | 104,429 | 116,674 |
Total Loans | 113,707 | 125,278 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 270 | 1,202 |
Originated Loan [Member] | Originated In Years 2014, 2015, 2016, 2017 and 2018 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 483 | 75 |
Greater than 90 Days Past Due | 1,462 | 1,649 |
Total Past Due | 1,945 | 1,724 |
Current | 139,500 | 121,194 |
Total Loans | 141,445 | 122,918 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Home equity secured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 9 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 9 | 0 |
Current | 241 | 256 |
Total Loans | 250 | 256 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 116 | 326 |
Greater than 90 Days Past Due | 3,085 | 3,543 |
Total Past Due | 3,201 | 3,869 |
Current | 11,072 | 14,401 |
Total Loans | 14,273 | 18,270 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 10,793 | 7,233 |
60 - 89 Days Past Due | 6,258 | 3,331 |
Greater than 90 Days Past Due | 19,389 | 18,923 |
Total Past Due | 36,440 | 29,487 |
Current | 70,393 | 73,793 |
Total Loans | 106,833 | 103,280 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,223 | 4,981 |
Originated Loan [Member] | Total Traditional, non-traditional and loss mitigation program [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 11,724 | 8,345 |
60 - 89 Days Past Due | 14,417 | 8,970 |
Greater than 90 Days Past Due | 56,254 | 59,229 |
Total Past Due | 82,395 | 76,544 |
Current | 566,443 | 598,539 |
Total Loans | 648,838 | 675,083 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 2,717 | 7,361 |
Originated Loan [Member] | GNMA's Buy Back Option related | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 19,721 | 8,268 |
Total Past Due | 19,721 | 8,268 |
Current | 0 | 0 |
Total Loans | 19,721 | 8,268 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 3,129 | 1,581 |
60 - 89 Days Past Due | 2,439 | 1,039 |
Greater than 90 Days Past Due | 21,855 | 15,888 |
Total Past Due | 27,423 | 18,508 |
Current | 1,570,165 | 1,288,753 |
Total Loans | 1,597,588 | 1,307,261 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,641 | 1,117 |
60 - 89 Days Past Due | 1,893 | 936 |
Greater than 90 Days Past Due | 14,972 | 13,340 |
Total Past Due | 18,506 | 15,393 |
Current | 794,929 | 762,361 |
Total Loans | 813,435 | 777,754 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Corporate Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 289,052 | 235,426 |
Total Loans | 289,052 | 235,426 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Institutional Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 1,200 | 118 |
Total Past Due | 1,200 | 118 |
Current | 68,413 | 44,648 |
Total Loans | 69,613 | 44,766 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 765 |
60 - 89 Days Past Due | 1,430 | 0 |
Greater than 90 Days Past Due | 5,202 | 3,527 |
Total Past Due | 6,632 | 4,292 |
Current | 200,831 | 225,649 |
Total Loans | 207,463 | 229,941 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,641 | 352 |
60 - 89 Days Past Due | 463 | 936 |
Greater than 90 Days Past Due | 8,570 | 9,695 |
Total Past Due | 10,674 | 10,983 |
Current | 213,440 | 235,084 |
Total Loans | 224,114 | 246,067 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Floor Plan Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 4,184 | 3,998 |
Total Loans | 4,184 | 3,998 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Real Estate Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 19,009 | 17,556 |
Total Loans | 19,009 | 17,556 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 1,488 | 464 |
60 - 89 Days Past Due | 546 | 103 |
Greater than 90 Days Past Due | 6,883 | 2,548 |
Total Past Due | 8,917 | 3,115 |
Current | 775,236 | 526,392 |
Total Loans | 784,153 | 529,507 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Corporate Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 179,885 | 170,015 |
Total Loans | 179,885 | 170,015 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Institutional Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 156,410 | 125,591 |
Total Loans | 156,410 | 125,591 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Middle Market Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 917 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 6,020 | 881 |
Total Past Due | 6,937 | 881 |
Current | 81,030 | 84,482 |
Total Loans | 87,967 | 85,363 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 571 | 455 |
60 - 89 Days Past Due | 546 | 103 |
Greater than 90 Days Past Due | 817 | 1,616 |
Total Past Due | 1,934 | 2,174 |
Current | 308,278 | 111,078 |
Total Loans | 310,212 | 113,252 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 9 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 46 | 51 |
Total Past Due | 46 | 60 |
Current | 49,633 | 35,226 |
Total Loans | 49,679 | 35,286 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 4,832 | 4,406 |
60 - 89 Days Past Due | 2,453 | 1,743 |
Greater than 90 Days Past Due | 1,698 | 1,880 |
Total Past Due | 8,983 | 8,029 |
Current | 339,997 | 322,010 |
Total Loans | 348,980 | 330,039 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 725 | 246 |
60 - 89 Days Past Due | 363 | 130 |
Greater than 90 Days Past Due | 411 | 1,227 |
Total Past Due | 1,499 | 1,603 |
Current | 26,535 | 26,827 |
Total Loans | 28,034 | 28,430 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Overdrafts [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 10 | 20 |
60 - 89 Days Past Due | 0 | 6 |
Greater than 90 Days Past Due | 0 | 31 |
Total Past Due | 10 | 57 |
Current | 204 | 157 |
Total Loans | 214 | 214 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 57 | 259 |
60 - 89 Days Past Due | 11 | 54 |
Greater than 90 Days Past Due | 22 | 87 |
Total Past Due | 90 | 400 |
Current | 1,827 | 1,820 |
Total Loans | 1,917 | 2,220 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 3,966 | 3,778 |
60 - 89 Days Past Due | 1,740 | 1,494 |
Greater than 90 Days Past Due | 1,262 | 223 |
Total Past Due | 6,968 | 5,495 |
Current | 296,151 | 278,982 |
Total Loans | 303,119 | 284,477 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 74 | 103 |
60 - 89 Days Past Due | 339 | 59 |
Greater than 90 Days Past Due | 3 | 312 |
Total Past Due | 416 | 474 |
Current | 15,280 | 14,224 |
Total Loans | 15,696 | 14,698 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 58,094 | 21,760 |
60 - 89 Days Past Due | 27,945 | 10,399 |
Greater than 90 Days Past Due | 13,494 | 4,232 |
Total Past Due | 99,533 | 36,391 |
Current | 1,030,162 | 847,594 |
Total Loans | 1,129,695 | 883,985 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 998 | 985 |
60 - 89 Days Past Due | 431 | 436 |
Greater than 90 Days Past Due | 1,548 | 2,804 |
Total Past Due | 2,977 | 4,225 |
Current | 27,992 | 51,039 |
Total Loans | 30,969 | 55,264 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 30 | 36 |
60 - 89 Days Past Due | 11 | 0 |
Greater than 90 Days Past Due | 950 | 1,270 |
Total Past Due | 991 | 1,306 |
Current | 1,555 | 3,074 |
Total Loans | 2,546 | 4,380 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 942 | 1,047 |
Total Past Due | 942 | 1,047 |
Current | 94 | 393 |
Total Loans | 1,036 | 1,440 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 54 | 119 |
Total Past Due | 54 | 119 |
Current | 0 | 0 |
Total Loans | 54 | 119 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Floor Plan Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 888 | 928 |
Total Past Due | 888 | 928 |
Current | 94 | 393 |
Total Loans | 982 | 1,321 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 30 | 36 |
60 - 89 Days Past Due | 11 | 0 |
Greater than 90 Days Past Due | 8 | 223 |
Total Past Due | 49 | 259 |
Current | 1,461 | 2,681 |
Total Loans | 1,510 | 2,940 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 30 | 36 |
60 - 89 Days Past Due | 11 | 0 |
Greater than 90 Days Past Due | 8 | 221 |
Total Past Due | 49 | 257 |
Current | 1,461 | 2,681 |
Total Loans | 1,510 | 2,938 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 0 | 0 |
60 - 89 Days Past Due | 0 | 0 |
Greater than 90 Days Past Due | 0 | 2 |
Total Past Due | 0 | 2 |
Current | 0 | 0 |
Total Loans | 0 | 2 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 563 | 347 |
60 - 89 Days Past Due | 179 | 188 |
Greater than 90 Days Past Due | 398 | 1,355 |
Total Past Due | 1,140 | 1,890 |
Current | 22,848 | 27,025 |
Total Loans | 23,988 | 28,915 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 499 | 208 |
60 - 89 Days Past Due | 147 | 127 |
Greater than 90 Days Past Due | 380 | 1,310 |
Total Past Due | 1,026 | 1,645 |
Current | 20,796 | 24,822 |
Total Loans | 21,822 | 26,467 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 64 | 139 |
60 - 89 Days Past Due | 32 | 61 |
Greater than 90 Days Past Due | 18 | 45 |
Total Past Due | 114 | 245 |
Current | 2,052 | 2,203 |
Total Loans | 2,166 | 2,448 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | 0 | 0 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30 - 59 Days Past Due | 405 | 602 |
60 - 89 Days Past Due | 241 | 248 |
Greater than 90 Days Past Due | 200 | 179 |
Total Past Due | 846 | 1,029 |
Current | 3,589 | 20,940 |
Total Loans | 4,435 | 21,969 |
Financing Receivable Recorded Investment 90 Days Past Due And Stil lAccruing | $ 0 | $ 0 |
Loans (BBVAPR Acquired Loan 310
Loans (BBVAPR Acquired Loan 310-30 carrying amounts) (Details) - Acquired under ASC 310-30 Non-Covered Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 1,304,545 | $ 1,481,616 | ||
Non-acretable discount | 345,423 | 352,431 | $ 363,107 | $ 434,190 |
Cash expected to be collected | 959,122 | 1,129,185 | ||
Accretable yield | 269,510 | 308,913 | ||
Carrying amount, gross | 689,612 | 820,272 | ||
Allowance for loan and lease losses | 42,010 | 45,755 | ||
Carrying amount, net | $ 647,602 | $ 774,517 |
Loans (Accretable yield and non
Loans (Accretable yield and non-accretable discount activity) (Details) - Acquired under ASC 310-30 Non-Covered Loans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 308,913 | $ 354,701 | $ 361,688 |
Accretion Accretable | 44,639 | 58,957 | 75,637 |
Change in expected cash flow | 9,269 | 22,565 | 15,267 |
Transfer from (to) non-accretable discount | (4,033) | (9,396) | 53,383 |
Balance at end of period | 269,510 | 308,913 | 354,701 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 352,431 | 363,107 | 434,190 |
Change in actual and expected losses | (11,041) | (20,072) | (17,700) |
Transfer (to) from accretable yield | 4,033 | 9,396 | (53,383) |
Balance at end of period | 345,423 | 352,431 | 363,107 |
Mortgage Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 258,498 | 292,115 | 268,794 |
Accretion Accretable | 27,248 | 30,205 | 32,834 |
Change in expected cash flow | 0 | 2 | (1) |
Transfer from (to) non-accretable discount | 949 | (3,414) | 56,156 |
Balance at end of period | 232,199 | 258,498 | 292,115 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 299,501 | 305,615 | 374,772 |
Change in actual and expected losses | (6,665) | (9,528) | (13,001) |
Transfer (to) from accretable yield | (949) | 3,414 | (56,156) |
Balance at end of period | 291,887 | 299,501 | 305,615 |
Commercial Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 46,764 | 50,366 | 65,026 |
Accretion Accretable | 14,160 | 20,572 | 26,254 |
Change in expected cash flow | 7,895 | 22,250 | 14,259 |
Transfer from (to) non-accretable discount | (3,991) | (5,280) | (2,665) |
Balance at end of period | 36,508 | 46,764 | 50,366 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 10,596 | 16,965 | 18,545 |
Change in actual and expected losses | (4,241) | (11,649) | (4,245) |
Transfer (to) from accretable yield | 3,991 | 5,280 | 2,665 |
Balance at end of period | 10,346 | 10,596 | 16,965 |
Auto Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 2,766 | 8,538 | 21,578 |
Accretion Accretable | 2,360 | 6,339 | 13,567 |
Change in expected cash flow | 890 | 170 | 1,251 |
Transfer from (to) non-accretable discount | (1,053) | 397 | (724) |
Balance at end of period | 243 | 2,766 | 8,538 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 23,050 | 22,407 | 22,039 |
Change in actual and expected losses | 142 | 1,040 | (356) |
Transfer (to) from accretable yield | 1,053 | (397) | 724 |
Balance at end of period | 24,245 | 23,050 | 22,407 |
Consumer Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 885 | 3,682 | 6,290 |
Accretion Accretable | 871 | 1,841 | 2,982 |
Change in expected cash flow | 484 | 143 | (242) |
Transfer from (to) non-accretable discount | 62 | (1,099) | 616 |
Balance at end of period | 560 | 885 | 3,682 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 19,284 | 18,120 | 18,834 |
Change in actual and expected losses | (277) | 65 | (98) |
Transfer (to) from accretable yield | (62) | 1,099 | (616) |
Balance at end of period | $ 18,945 | $ 19,284 | $ 18,120 |
Loans (Eurobank Acquired Loan c
Loans (Eurobank Acquired Loan carrying amounts) (Details) - Eurobank Acquired Loans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Financing Receivable Acquired With Deteriorated Credit Quality | $ 156,722 | $ 179,960 | ||
Non-acretable discount | 2,959 | 5,845 | $ 12,340 | $ 21,156 |
Cash expected to be collected | 153,763 | 174,115 | ||
Accretable yield | 41,699 | 49,672 | ||
Carrying amount, gross | 112,064 | 124,443 | ||
Allowance for loan and lease losses | 24,971 | 25,174 | ||
Carrying amount, net | $ 87,093 | $ 99,269 |
Loans (Accretable yield and n_2
Loans (Accretable yield and non-accretable discount activity of acquired Eurobank loans) (Details) - Acquired Loans In An F D I C Assisted Transaction [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | $ 49,672 | $ 64,508 | $ 84,391 |
Accretion Accretable | 12,835 | 20,560 | 30,498 |
Change in expected cash flow | 4,265 | 2,665 | 14,456 |
Transfer from (to) non-accretable discount | 597 | 3,059 | (3,841) |
Balance at end of period | 41,699 | 49,672 | 64,508 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 5,845 | 12,340 | 21,156 |
Change in actual and expected losses | (2,289) | (3,436) | (12,657) |
Transfer (to) from accretable yield | (597) | (3,059) | 3,841 |
Balance at end of period | 2,959 | 5,845 | 12,340 |
Mortgage | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 41,474 | 45,839 | 51,954 |
Accretion Accretable | 5,964 | 7,180 | 8,942 |
Change in expected cash flow | (1,129) | 121 | 2,134 |
Transfer from (to) non-accretable discount | 3,353 | 2,694 | 693 |
Balance at end of period | 37,734 | 41,474 | 45,839 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 4,576 | 8,441 | 12,869 |
Change in actual and expected losses | 53 | (1,171) | (3,735) |
Transfer (to) from accretable yield | (3,353) | (2,694) | (693) |
Balance at end of period | 1,276 | 4,576 | 8,441 |
Commercial and Other Construction Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 6,751 | 16,475 | 26,970 |
Accretion Accretable | 6,430 | 12,985 | 19,593 |
Change in expected cash flow | 5,023 | 1,881 | 13,722 |
Transfer from (to) non-accretable discount | (2,034) | 1,380 | (4,624) |
Balance at end of period | 3,310 | 6,751 | 16,475 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 276 | 3,880 | 0 |
Change in actual and expected losses | (2,310) | (2,224) | (744) |
Transfer (to) from accretable yield | 2,034 | (1,380) | 4,624 |
Balance at end of period | 0 | 276 | 3,880 |
Construction and development secured by family properties [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 1,447 | 2,194 | 2,255 |
Accretion Accretable | 0 | 82 | 90 |
Change in expected cash flow | 0 | 121 | 1 |
Transfer from (to) non-accretable discount | (792) | (786) | 28 |
Balance at end of period | 655 | 1,447 | 2,194 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 758 | 11 | 0 |
Change in actual and expected losses | 0 | (39) | 39 |
Transfer (to) from accretable yield | 792 | 786 | (28) |
Balance at end of period | 1,550 | 758 | 11 |
Auto and Leasing [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Accretion Accretable | 52 | 30 | 60 |
Change in expected cash flow | (329) | (217) | (15) |
Transfer from (to) non-accretable discount | 381 | 247 | 75 |
Balance at end of period | 0 | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 0 |
Change in actual and expected losses | 381 | 247 | 75 |
Transfer (to) from accretable yield | (381) | (247) | (75) |
Balance at end of period | 0 | 0 | 0 |
Consumer Loan [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 0 | 0 | 3,212 |
Accretion Accretable | 389 | 283 | 1,813 |
Change in expected cash flow | 700 | 759 | (1,386) |
Transfer from (to) non-accretable discount | (311) | (476) | (13) |
Balance at end of period | 0 | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Non Accretable Discount Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 235 | 8 | 8,287 |
Change in actual and expected losses | (413) | (249) | (8,292) |
Transfer (to) from accretable yield | 311 | 476 | 13 |
Balance at end of period | $ 133 | $ 235 | $ 8 |
Loans (Investment in loans on n
Loans (Investment in loans on non-accrual status) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 119,726 | $ 99,714 |
Originated Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 118,178 | 96,910 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 58,874 | 54,853 |
Originated Loan [Member] | Traditional loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 33,682 | 34,527 |
Originated Loan [Member] | Originated Up To The Year 2002 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,538 | 3,070 |
Originated Loan [Member] | Originated In The Years 2003 And 2004 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,818 | 6,380 |
Originated Loan [Member] | Originated In The Year 2005 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,600 | 3,280 |
Originated Loan [Member] | Originated In The Year 2006 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,140 | 5,905 |
Originated Loan [Member] | Originated In The Years 2007 2008 And 2009 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,697 | 7,984 |
Originated Loan [Member] | Originated In The Years 2010 2011 2012 2013 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,427 | 6,259 |
Originated Loan [Member] | Originated In Years 2014, 2015, 2016, 2017 and 2018 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,462 | 1,649 |
Originated Loan [Member] | NonTraditional Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,085 | 3,543 |
Originated Loan [Member] | Loss Mitigation Program [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 22,107 | 16,783 |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 42,456 | 35,253 |
Originated Loan [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 33,300 | 25,950 |
Originated Loan [Member] | Institutional Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,911 | 118 |
Originated Loan [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 16,123 | 14,438 |
Originated Loan [Member] | Middle Market Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,266 | 11,394 |
Originated Loan [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 9,156 | 9,303 |
Originated Loan [Member] | Middle Market Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,481 | 6,323 |
Originated Loan [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,629 | 2,929 |
Originated Loan [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 46 | 51 |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3,354 | 2,572 |
Originated Loan [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 411 | 1,227 |
Originated Loan [Member] | Overdrafts [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 31 |
Originated Loan [Member] | Unsecured personal lines of credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 31 | 102 |
Originated Loan [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,909 | 900 |
Originated Loan [Member] | Cash collateral personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 3 | 312 |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 13,494 | 4,232 |
Acquired loans accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,548 | 2,804 |
Acquired loans accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 950 | 1,270 |
Acquired loans accounted for under ASC 310-20 [Member] | Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 942 | 1,047 |
Acquired loans accounted for under ASC 310-20 [Member] | Floor Plan Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 888 | 928 |
Acquired loans accounted for under ASC 310-20 [Member] | Retail Commercial Secured [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 54 | 119 |
Acquired loans accounted for under ASC 310-20 [Member] | Other Commercial and Industrial[Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8 | 223 |
Acquired loans accounted for under ASC 310-20 [Member] | Retail Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8 | 221 |
Acquired loans accounted for under ASC 310-20 [Member] | Floor Plan Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 2 |
Acquired loans accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 398 | 1,355 |
Acquired loans accounted for under ASC 310-20 [Member] | Credit Cards [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 380 | 1,310 |
Acquired loans accounted for under ASC 310-20 [Member] | Unsecured personal loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 18 | 45 |
Acquired loans accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 200 | $ 179 |
Loans (Recorded Investment in l
Loans (Recorded Investment in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | ||
Allowance for loan and lease losses | $ 164,231 | $ 167,509 |
Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | 188,536 | 174,915 |
Recorded Investment | 165,403 | 156,941 |
Allowance for loan and lease losses | $ 18,620 | $ 19,694 |
Coverage | 0.11% | 0.13% |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 926 | $ 926 |
Recorded Investment | 747 | 747 |
Allowance for loan and lease losses | $ 14 | $ 20 |
Coverage | 0.02% | 0.03% |
Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 701,501 | $ 843,423 |
Recorded Investment | 688,083 | 818,303 |
Allowance for loan and lease losses | $ 42,010 | $ 45,755 |
Coverage | 0.06% | 0.06% |
Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 117,510 | $ 139,246 |
Recorded Investment | 111,230 | 123,335 |
Allowance for loan and lease losses | $ 24,971 | $ 25,174 |
Coverage | 0.22% | 0.20% |
Commercial impaired loans with specific allowance [Member] | Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 54,636 | $ 57,922 |
Recorded Investment | 49,092 | 52,585 |
Allowance for loan and lease losses | $ 8,434 | $ 10,573 |
Coverage | 0.17% | 0.20% |
Commercial impaired loans with specific allowance [Member] | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 926 | $ 926 |
Recorded Investment | 747 | 747 |
Allowance for loan and lease losses | $ 14 | $ 20 |
Coverage | 0.02% | 0.03% |
Residential troubled-debt restructuring impaired loans with specific allowance [Member] | Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 95,659 | $ 94,971 |
Recorded Investment | 84,174 | 85,403 |
Allowance for loan and lease losses | $ 10,186 | $ 9,121 |
Coverage | 0.12% | 0.11% |
Commercial impaired loans with no specific allowance financing receivable | Originated Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 38,241 | $ 22,022 |
Recorded Investment | $ 32,137 | $ 18,953 |
Coverage | 0.00% | 0.00% |
Commercial impaired loans with no specific allowance financing receivable | Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 0 | $ 0 |
Recorded Investment | $ 0 | $ 0 |
Coverage | 0.00% | 0.00% |
Mortgage impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 498,537 | $ 547,064 |
Recorded Investment | 492,890 | 532,052 |
Allowance for loan and lease losses | $ 15,225 | $ 14,085 |
Coverage | 0.03% | 0.03% |
Commercial impaired loan pool [Member] | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 188,413 | $ 250,451 |
Recorded Investment | 180,790 | 241,124 |
Allowance for loan and lease losses | $ 20,641 | $ 23,691 |
Coverage | 0.11% | 0.10% |
Auto impaired loan pool. | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 14,551 | $ 43,440 |
Recorded Investment | 14,403 | 43,696 |
Allowance for loan and lease losses | $ 6,144 | $ 7,961 |
Coverage | 0.43% | 0.18% |
Consumer impaired loan pool. | Acquired BBVAPR Accounted under ASC 310-30 [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 2,468 | |
Recorded Investment | 1,431 | |
Allowance for loan and lease losses | $ 18 | |
Coverage | 0.01% | |
Consumer impaired loan pool. | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 15 | $ 15 |
Recorded Investment | 4 | 4 |
Allowance for loan and lease losses | $ 4 | $ 4 |
Coverage | 1.00% | 1.00% |
Loans secured by 1-4 family residential properties, covered [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 70,153 | $ 81,132 |
Recorded Investment | 63,406 | 69,538 |
Allowance for loan and lease losses | $ 15,382 | $ 15,187 |
Coverage | 0.24% | 0.22% |
Commercial and Other Construction Loan [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Impaired [Line Items] | ||
Unpaid Principal | $ 47,342 | $ 58,099 |
Recorded Investment | 47,820 | 53,793 |
Allowance for loan and lease losses | $ 9,585 | $ 9,983 |
Coverage | 0.20% | 0.19% |
Loans (Interest Income Recogniz
Loans (Interest Income Recognized in loans individually evaluated for impairment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loan [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | $ 5,271 | $ 5,714 | $ 5,583 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 156,167 | 150,671 | 251,489 |
Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | 5,271 | 5,714 | 5,583 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 155,420 | 149,877 | 250,562 |
Acquired loans accounted for under ASC 310-20 [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Total Interest Income | 0 | 0 | |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Total Average Recorded Investment | 0 | 0 | |
Commercial Loan [Member] | Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 1,624 | 1,538 | 452 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 1,091 | 875 | 1,941 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 44,727 | 25,797 | 118,980 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 26,199 | 36,666 | 40,443 |
Commercial Loan [Member] | Acquired loans accounted for under ASC 310-20 [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 0 | 0 | 0 |
Impaired Financing Receivable With No Related Allowance Interest Income Accrual Method | 0 | 0 | 0 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | 747 | 794 | 319 |
Impaired Financing Receivable With No Related Allowance Average Recorded Investment | 0 | 0 | 608 |
Troubled Debt Restructuring [Member] | Originated Loans [Member] | |||
Impaired Financing Receivable Interest Income Accrual Method [Abstract] | |||
Impaired Financing Receivable With Related Allowance Interest Income Accrual Method | 2,556 | 3,301 | 3,190 |
Impaired Financing Receivable Average Recorded Investment [Abstract] | |||
Impaired Financing Receivable With Related Allowance Average Recorded Investment | $ 84,494 | $ 87,414 | $ 91,139 |
Loans (TDR Pre_Post Modificatio
Loans (TDR Pre/Post Modifications) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)number | Dec. 31, 2017USD ($)number | Dec. 31, 2016USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 143 | 85 | 90 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 19,029 | $ 10,441 | $ 11,684 |
Pre Modification Weighted Average Rate | 5.09% | 6.23% | 6.05% |
Pre Modification Weighted Average Term | 342 months | 390 months | 351 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 18,237 | $ 10,343 | $ 11,625 |
Post Modification Weighted Average Rate | 4.41% | 4.40% | 4.77% |
Post Modification Weighted Average Term | 314 months | 384 months | 439 months |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 23 | 24 | 20 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 26,019 | $ 13,828 | $ 9,833 |
Pre Modification Weighted Average Rate | 5.75% | 6.05% | 5.73% |
Pre Modification Weighted Average Term | 118 months | 57 months | 64 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 25,973 | $ 13,829 | $ 10,151 |
Post Modification Weighted Average Rate | 5.64% | 5.73% | 5.93% |
Post Modification Weighted Average Term | 136 months | 62 months | 116 months |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 174 | 107 | 75 |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 2,313 | $ 1,391 | $ 817 |
Pre Modification Weighted Average Rate | 13.24% | 11.68% | 13.60% |
Pre Modification Weighted Average Term | 51 months | 62 months | 73 months |
Financing Receivable Modifications Post Modification Recorded Investment | $ 2,332 | $ 1,430 | $ 902 |
Post Modification Weighted Average Rate | 9.86% | 10.85% | 11.23% |
Post Modification Weighted Average Term | 61 months | 69 months | 66 months |
Auto Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of contracts | number | 2 | 9 | |
Financing Receivable Modifications Pre Modification Recorded Investment | $ 40 | $ 134 | |
Pre Modification Weighted Average Rate | 10.42% | 7.24% | |
Pre Modification Weighted Average Term | 37 months | 66 months | |
Financing Receivable Modifications Post Modification Recorded Investment | $ 40 | $ 135 | |
Post Modification Weighted Average Rate | 10.28% | 11.75% | |
Post Modification Weighted Average Term | 32 months | 37 months |
Loans (Troubled debt restructur
Loans (Troubled debt restructurings, Rolling Twelve Months) (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)number | Dec. 31, 2017USD ($)number | Dec. 31, 2016USD ($)number | |
Mortgage Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 23 | 34 | 19 |
Recored Investment | $ | $ 3,262,000 | $ 3,129,000 | $ 2,241,000 |
Commercial Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 4 | 5 | 2 |
Recored Investment | $ | $ 2,141,000 | $ 452,000 | $ 157,000 |
Consumer Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | number | 28 | 20 | 11 |
Recored Investment | $ | $ 341,000 | $ 249,000 | $ 126,000 |
Loans (Credit Quality Indicator
Loans (Credit Quality Indicator of loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,577,717 | $ 4,204,871 |
Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,745,072 | 3,204,892 |
Commercial Secured [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 813,435 | 777,754 |
Pass | 678,159 | 665,664 |
Special Mention | 63,178 | 47,221 |
Substandard | 72,098 | 64,869 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Commercial Secured [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,036 | 1,440 |
Pass | 94 | 393 |
Special Mention | 0 | 0 |
Substandard | 942 | 1,047 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Corporate | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 289,052 | 235,426 |
Pass | 246,711 | 200,395 |
Special Mention | 26,544 | 33,094 |
Substandard | 15,797 | 1,937 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Institutional | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 69,613 | 44,766 |
Pass | 59,509 | 33,856 |
Special Mention | 0 | 0 |
Substandard | 10,104 | 10,910 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Middle Market | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 207,463 | 229,941 |
Pass | 151,638 | 196,058 |
Special Mention | 32,638 | 4,749 |
Substandard | 23,187 | 29,134 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Retail | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 224,114 | 246,067 |
Pass | 198,402 | 215,121 |
Special Mention | 3,996 | 8,058 |
Substandard | 21,716 | 22,888 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Retail | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 54 | 119 |
Pass | 0 | 0 |
Special Mention | 0 | 0 |
Substandard | 54 | 119 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Floor Plan | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,184 | 3,998 |
Pass | 2,890 | 2,678 |
Special Mention | 0 | 1,320 |
Substandard | 1,294 | 0 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Floor Plan | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 982 | 1,321 |
Pass | 94 | 393 |
Special Mention | 0 | 0 |
Substandard | 888 | 928 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Real Estate | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 19,009 | 17,556 |
Pass | 19,009 | 17,556 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Other commercial and industrial [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 784,153 | 529,507 |
Pass | 729,167 | 496,138 |
Special Mention | 41,852 | 22,350 |
Substandard | 13,134 | 11,019 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Other commercial and industrial [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,510 | 2,940 |
Pass | 1,510 | 2,933 |
Special Mention | 0 | 0 |
Substandard | 0 | 7 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Corporate | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 179,885 | 170,015 |
Pass | 154,629 | 157,683 |
Special Mention | 25,256 | 12,332 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Institutional | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 156,410 | 125,591 |
Pass | 156,410 | 125,591 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Middle Market | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 87,967 | 85,363 |
Pass | 63,876 | 71,222 |
Special Mention | 13,737 | 6,386 |
Substandard | 10,354 | 7,755 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Retail | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 310,212 | 113,252 |
Pass | 307,160 | 109,477 |
Special Mention | 318 | 562 |
Substandard | 2,734 | 3,213 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Retail | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,510 | 2,938 |
Pass | 1,510 | 2,933 |
Special Mention | 0 | 0 |
Substandard | 0 | 5 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Floor Plan | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 49,679 | 35,286 |
Pass | 47,092 | 32,165 |
Special Mention | 2,541 | 3,070 |
Substandard | 46 | 51 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Floor Plan | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2 | |
Pass | 0 | |
Special Mention | 0 | |
Substandard | 2 | |
Doubtful | 0 | |
Loss | 0 | |
Total Commercial subject to risk rating [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,597,588 | 1,307,261 |
Pass | 1,407,326 | 1,161,802 |
Special Mention | 105,030 | 69,571 |
Substandard | 85,232 | 75,888 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Total Commercial subject to risk rating [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,546 | 4,380 |
Pass | 1,604 | 3,326 |
Special Mention | 0 | 0 |
Substandard | 942 | 1,054 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Retail [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,147,484 | 1,897,631 |
Pass | 2,056,307 | 1,823,998 |
Special Mention | 0 | 0 |
Substandard | 91,177 | 73,633 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Retail [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 28,423 | 50,884 |
Pass | 27,825 | 49,348 |
Special Mention | 0 | 0 |
Substandard | 598 | 1,536 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Mortgage Loan [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 668,809 | 683,607 |
Pass | 592,834 | 616,110 |
Special Mention | 0 | 0 |
Substandard | 75,975 | 67,497 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Conventional Loan [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 527,732 | 553,533 |
Pass | 493,952 | 516,770 |
Special Mention | 0 | 0 |
Substandard | 33,780 | 36,763 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
NonTraditional Mortgage [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 14,273 | 18,270 |
Pass | 11,188 | 14,727 |
Special Mention | 0 | 0 |
Substandard | 3,085 | 3,543 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Loss Mitigation Program [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 106,833 | 103,280 |
Pass | 87,444 | 84,357 |
Special Mention | 0 | 0 |
Substandard | 19,389 | 18,923 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Home equity secured personal loans [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 250 | 256 |
Pass | 250 | 256 |
Special Mention | 0 | 0 |
Substandard | 0 | 0 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Option on Loans | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 19,721 | 8,268 |
Pass | 0 | 0 |
Special Mention | 0 | 0 |
Substandard | 19,721 | 8,268 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Consumer Loan [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 348,980 | 330,039 |
Pass | 347,272 | 328,135 |
Special Mention | 0 | 0 |
Substandard | 1,708 | 1,904 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Consumer Loan [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 23,988 | 28,915 |
Pass | 23,590 | 27,558 |
Special Mention | 0 | 0 |
Substandard | 398 | 1,357 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Credit Cards [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 28,034 | 28,430 |
Pass | 27,623 | 27,203 |
Special Mention | 0 | 0 |
Substandard | 411 | 1,227 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Credit Cards [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 21,822 | 26,467 |
Pass | 21,442 | 25,156 |
Special Mention | 0 | 0 |
Substandard | 380 | 1,311 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Overdrafts [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 214 | 214 |
Pass | 204 | 158 |
Special Mention | 0 | 0 |
Substandard | 10 | 56 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Unsecured personal lines of credit [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,917 | 2,220 |
Pass | 1,895 | 2,133 |
Special Mention | 0 | 0 |
Substandard | 22 | 87 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Unsecured personal loans [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 303,119 | 284,477 |
Pass | 301,857 | 284,255 |
Special Mention | 0 | 0 |
Substandard | 1,262 | 222 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Cash collateral personal loans [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 15,696 | 14,698 |
Pass | 15,693 | 14,386 |
Special Mention | 0 | 0 |
Substandard | 3 | 312 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Personal loans [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,166 | 2,448 |
Pass | 2,148 | 2,402 |
Special Mention | 0 | 0 |
Substandard | 18 | 46 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Auto and Leasing [Member] | Originated Loan [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,129,695 | 883,985 |
Pass | 1,116,201 | 879,753 |
Special Mention | 0 | 0 |
Substandard | 13,494 | 4,232 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Auto Loan [Member] | Acquired loans (under ASC 310-20) [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,435 | 21,969 |
Pass | 4,235 | 21,790 |
Special Mention | 0 | 0 |
Substandard | 200 | 179 |
Doubtful | 0 | 0 |
Loss | 0 | 0 |
Total Commercial and Retail Loans Subject To Risk Rating Member [Member] | ||
Credit Quality Indicators [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,776,041 | 3,260,156 |
Pass | 3,493,062 | 3,038,474 |
Special Mention | 105,030 | 69,571 |
Substandard | 177,949 | 152,111 |
Doubtful | 0 | 0 |
Loss | $ 0 | $ 0 |
Loans (Risk category of gross l
Loans (Risk category of gross loans not subject to risk rating ) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Not Subject To Risk Rating [Line Items] | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 4,577,717 | $ 4,204,871 |
Financing Receivable, Individually Evaluated for Impairment | $ 81,976 | $ 72,285 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses (Composition of the Company's allowance for loan and lease losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | $ 164,231 | $ 167,509 |
Acquired BBVAPR loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 44,072 | 49,617 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 2,062 | 3,862 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 22 | 42 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 1,905 | 3,225 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 135 | 595 |
Acquired BBVAPR accounted under ASC 310-30 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 42,010 | 45,755 |
Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 15,225 | 14,085 |
Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 20,641 | 23,691 |
Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 0 | 18 |
Acquired BBVAPR accounted under ASC 310-30 [Member] | Auto Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 6,144 | 7,961 |
Eurobank Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 24,971 | 25,174 |
Originated Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 95,188 | 92,718 |
Originated Loan [Member] | Mortgage Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 19,783 | 20,439 |
Originated Loan [Member] | Commercial Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 30,326 | 30,258 |
Originated Loan [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 15,571 | 16,454 |
Originated Loan [Member] | Auto and Leasing [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 29,508 | 25,567 |
Originated Loan [Member] | Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 0 | 0 |
Acquired loans [Member] | Eurobank Acquired Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 24,971 | 25,174 |
Acquired loans [Member] | Eurobank Acquired Loans | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 4 | 4 |
Acquired loans [Member] | Eurobank Acquired Loans | Loans secured by 1-4 family residential properties, covered [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | 15,382 | 15,187 |
Acquired loans [Member] | Eurobank Acquired Loans | Commercial and Other Construction Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan and lease losses | $ 9,585 | $ 9,983 |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses (Allowance for loan and lease losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Provision For Loan And Lease Losses | $ 56,108 | $ 113,139 | $ 65,076 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 3,862 | 4,300 | 5,542 |
Charge-offs | 2,837 | 4,156 | 5,816 |
Recoveries | 1,334 | 1,871 | 2,319 |
Provision For Loan And Lease Losses | (297) | 1,847 | 2,255 |
Balance at end of period | 2,062 | 3,862 | 4,300 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 42 | 169 | 26 |
Charge-offs | 6 | 132 | 42 |
Recoveries | 23 | 5 | 73 |
Provision For Loan And Lease Losses | (37) | 0 | 112 |
Balance at end of period | 22 | 42 | 169 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 3,225 | 3,028 | 3,429 |
Charge-offs | 2,459 | 3,048 | 3,619 |
Recoveries | 480 | 446 | 301 |
Provision For Loan And Lease Losses | 659 | 2,799 | 2,917 |
Balance at end of period | 1,905 | 3,225 | 3,028 |
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 595 | 1,103 | 2,087 |
Charge-offs | 372 | 976 | 2,155 |
Recoveries | 831 | 1,420 | 1,945 |
Provision For Loan And Lease Losses | (919) | (952) | (774) |
Balance at end of period | 135 | 595 | 1,103 |
Originated Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 92,718 | 59,300 | 112,626 |
Charge-offs | 72,393 | 61,856 | 112,497 |
Recoveries | 22,802 | 15,389 | 14,113 |
Provision For Loan And Lease Losses | 52,061 | 79,885 | 45,058 |
Balance at end of period | 95,188 | 92,718 | 59,300 |
Originated Loan [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 20,439 | 17,344 | 18,352 |
Charge-offs | 5,297 | 6,623 | 6,767 |
Recoveries | 1,047 | 585 | 330 |
Provision For Loan And Lease Losses | 3,594 | 9,133 | 5,429 |
Balance at end of period | 19,783 | 20,439 | 17,344 |
Originated Loan [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 30,258 | 8,995 | 64,791 |
Charge-offs | 6,782 | 7,684 | 62,445 |
Recoveries | 654 | 1,281 | 460 |
Provision For Loan And Lease Losses | 6,196 | 27,666 | 6,189 |
Balance at end of period | 30,326 | 30,258 | 8,995 |
Originated Loan [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 16,454 | 13,067 | 11,197 |
Charge-offs | 17,629 | 13,641 | 11,554 |
Recoveries | 1,757 | 1,209 | 452 |
Provision For Loan And Lease Losses | 14,989 | 15,819 | 12,972 |
Balance at end of period | 15,571 | 16,454 | 13,067 |
Originated Loan [Member] | Auto and Leasing | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 25,567 | 19,463 | 18,261 |
Charge-offs | 42,685 | 33,908 | 31,731 |
Recoveries | 19,344 | 12,314 | 12,871 |
Provision For Loan And Lease Losses | 27,282 | 27,698 | 20,062 |
Balance at end of period | 29,508 | 25,567 | 19,463 |
Originated Loan [Member] | Unallocated Financing Receivables | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 0 | 431 | 25 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision For Loan And Lease Losses | (431) | 406 | |
Balance at end of period | 0 | 431 | |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 45,755 | 31,056 | 25,785 |
Charge-offs | 282 | ||
Provision For Loan And Lease Losses | 1,786 | 24,681 | 15,508 |
Allowance de-recognition from new policy | (5,531) | (9,982) | (9,955) |
Balance at end of period | 42,010 | 45,755 | 31,056 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 14,085 | 2,682 | 1,762 |
Charge-offs | 14 | ||
Provision For Loan And Lease Losses | 1,331 | 11,497 | 1,105 |
Allowance de-recognition from new policy | (191) | (94) | (171) |
Balance at end of period | 15,225 | 14,085 | 2,682 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 23,691 | 23,452 | 21,161 |
Charge-offs | 66 | ||
Provision For Loan And Lease Losses | 1,360 | 9,758 | 11,710 |
Allowance de-recognition from new policy | (4,410) | (9,519) | (9,353) |
Balance at end of period | 20,641 | 23,691 | 23,452 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 18 | 0 | 0 |
Charge-offs | 0 | ||
Provision For Loan And Lease Losses | (18) | 18 | 0 |
Allowance de-recognition from new policy | 0 | 0 | 0 |
Balance at end of period | 0 | 18 | 0 |
Acquired loans [Member] | Acquired BBVAPR accounted under ASC 310-30 [Member] | Auto Loan [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Balance at beginning of period | 7,961 | 4,922 | 2,862 |
Charge-offs | 202 | ||
Provision For Loan And Lease Losses | (887) | 3,408 | 2,693 |
Allowance de-recognition from new policy | (930) | (369) | (431) |
Balance at end of period | $ 6,144 | $ 7,961 | $ 4,922 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses (Gross Loan and Allowance for loan and lease losses) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable, Individually Evaluated for Impairment | $ 81,976,000 | $ 72,285,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,577,717,000 | 4,204,871,000 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 14,000 | 20,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,048,000 | 3,842,000 | ||
Financing Receivable, Allowance for Credit Losses | 2,062,000 | 3,862,000 | $ 4,300,000 | $ 5,542,000 |
Financing Receivable, Individually Evaluated for Impairment | 747,000 | 747,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 30,222,000 | 54,517,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 30,969,000 | 55,264,000 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 14,000 | 20,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 8,000 | 22,000 | ||
Financing Receivable, Allowance for Credit Losses | 22,000 | 42,000 | 169,000 | 26,000 |
Financing Receivable, Individually Evaluated for Impairment | 747,000 | 747,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,799,000 | 3,633,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 2,546,000 | 4,380,000 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,905,000 | 3,225,000 | ||
Financing Receivable, Allowance for Credit Losses | 1,905,000 | 3,225,000 | 3,028,000 | 3,429,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 23,988,000 | 28,915,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 23,988,000 | 28,915,000 | ||
Acquired BBVAPR Accounted for under ASC 310-20 [Member] | Auotomobile Loans Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 135,000 | 595,000 | ||
Financing Receivable, Allowance for Credit Losses | 135,000 | 595,000 | 1,103,000 | 2,087,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 4,435,000 | 21,969,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 4,435,000 | 21,969,000 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 689,612,000 | 820,272,000 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 492,890,000 | 532,053,000 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 182,319,000 | 243,092,000 | ||
Acquired BBVAPR accounted under ASC 310-30 [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1,431,000 | ||
Originated Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 18,620,000 | 19,694,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 76,568,000 | 73,024,000 | ||
Financing Receivable, Allowance for Credit Losses | 95,188,000 | 92,718,000 | 59,300,000 | 112,626,000 |
Financing Receivable, Individually Evaluated for Impairment | 165,403,000 | 156,941,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 3,579,669,000 | 3,047,951,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 3,745,072,000 | 3,204,892,000 | ||
Originated Loan [Member] | Mortgage Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 10,186,000 | 9,121,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 9,597,000 | 11,318,000 | ||
Financing Receivable, Allowance for Credit Losses | 19,783,000 | 20,439,000 | 17,344,000 | 18,352,000 |
Financing Receivable, Individually Evaluated for Impairment | 84,174,000 | 85,403,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 584,635,000 | 598,204,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 668,809,000 | 683,607,000 | ||
Originated Loan [Member] | Commercial Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 8,434,000 | 10,573,000 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 21,892,000 | 19,685,000 | ||
Financing Receivable, Allowance for Credit Losses | 30,326,000 | 30,258,000 | 8,995,000 | 64,791,000 |
Financing Receivable, Individually Evaluated for Impairment | 81,229,000 | 71,538,000 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,516,359,000 | 1,235,723,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 1,597,588,000 | 1,307,261,000 | ||
Originated Loan [Member] | Consumer Loan [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 15,571,000 | 16,454,000 | ||
Financing Receivable, Allowance for Credit Losses | 15,571,000 | 16,454,000 | 13,067,000 | 11,197,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 348,980,000 | 330,039,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | 348,980,000 | 330,039,000 | ||
Originated Loan [Member] | Auto and Leasing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1 | 0 | 0 | ||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 29,508,000 | 25,567,000 | ||
Financing Receivable, Allowance for Credit Losses | 29,508,000 | 25,567,000 | 19,463,000 | 18,261,000 |
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 1,129,695,000 | 883,985,000 | ||
Loans and Leases Receivable, Gross, Carrying Amount | $ 1,129,695,000 | 883,985,000 | ||
Originated Loan [Member] | Unallocated Financing Receivables | ||||
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 | 0 | |||
Financing Receivable, Allowance for Credit Losses | 0 | $ 431,000 | $ 25,000 | |
Financing Receivable, Individually Evaluated for Impairment | 0 | |||
Financing Receivable, Collectively Evaluated for Impairment | 0 | |||
Loans and Leases Receivable, Gross, Carrying Amount | $ 0 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses (Allowance for Acquired Eurobank Loan and Lease Losses) (Details) - Eurobank Acquired Loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loan Receivable Type [Domain] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | $ 25,174 | $ 21,281 | $ 90,178 |
Provision for loan and lease losses, net | 2,567 | 6,725 | 2,255 |
Charge-offs | 134 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 3,391 | ||
Allowance de-recognition from new policy | (2,770) | (2,832) | (74,409) |
Balance at end of period | 24,971 | 25,174 | 21,281 |
Loans secured by 1-4 family residential properties, covered [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 15,187 | 11,947 | 22,570 |
Provision for loan and lease losses, net | 1,806 | 5,045 | 1,080 |
Charge-offs | 0 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 3,391 | ||
Allowance de-recognition from new policy | (1,611) | (1,805) | (15,094) |
Balance at end of period | 15,382 | 15,187 | 11,947 |
Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 9,983 | 9,328 | 67,365 |
Provision for loan and lease losses, net | 761 | 1,680 | 1,183 |
Charge-offs | 134 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 0 | ||
Allowance de-recognition from new policy | (1,159) | (1,025) | (59,086) |
Balance at end of period | 9,585 | 9,983 | 9,328 |
Consumer Loan [Member] | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at beginning of period | 4 | 6 | 243 |
Provision for loan and lease losses, net | 0 | 0 | (8) |
Charge-offs | 0 | ||
FDIC Indemnification Asset Additional Estimated Losses Recoveries | 0 | ||
Allowance de-recognition from new policy | 0 | (2) | (229) |
Balance at end of period | $ 4 | $ 4 | $ 6 |
FDIC Shared-Loss Agreements (Na
FDIC Shared-Loss Agreements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
FDIC-Assisted Acquisition [Abstract] | |||
FDIC indemnification asset, expense | $ 0 | $ (1,403) | $ 8,040 |
(Repayment to) reimbursement to the FDIC for the termination of shared-loss agreements | $ 0 | $ (10,125) | $ 1,573 |
FDIC Shared-Loss Agreements (FD
FDIC Shared-Loss Agreements (FDIC Indemnification Asset Roll Forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
FDIC Indemnification Asset [Roll Forward] | |||
Balance | $ 0 | $ 14,411 | $ 22,599 |
Shared-loss agreements reimbursements expected from the FDIC | 0 | 0 | (1,573) |
Increase (decrease) in expected credit losses to be covered under shared-loss agreements, net | 0 | 0 | 3,391 |
FDIC indemnification asset, expense | 0 | 1,403 | (8,040) |
Final settlement with the FDIC on commercial loans | 0 | 0 | 0 |
Net (reimbursements) expenses incurred under shared-loss agreements | 0 | 0 | (1,966) |
Shared-loss termination benefit | 0 | (15,814) | 0 |
Balance | 0 | 0 | 14,411 |
True-up payment obligation [Roll Forward] | |||
Balance | 0 | 26,786 | 24,658 |
Change in true-up payment obligation expense | 0 | 0 | 2,128 |
Shared-loss termination settlement, liability | 0 | (26,786) | 0 |
Balance | $ 0 | $ 0 | $ 26,786 |
FDIC Shared-Loss Agreements (_2
FDIC Shared-Loss Agreements (FDIC Indemnification Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
FDIC-Assisted Acquisition [Abstract] | |||
FDIC indemnification asset, expense | $ 0 | $ 1,403 | $ (8,040) |
Change in true-up payment obligation expense | 0 | 0 | (2,128) |
Reimbursement to FDIC for recoveries | 0 | 0 | (3,413) |
Final settlement with the FDIC on commercial loans | 0 | 0 | 0 |
FDIC shared-loss expense, net | $ 0 | $ 1,403 | $ (13,581) |
Foreclosed Real Estate (Rollfor
Foreclosed Real Estate (Rollforward) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate Owned Rollforward [Line Items] | |||
Foreclosed real estate beginning balance | $ 44,174 | $ 47,520 | $ 58,176 |
Other Real Estate Owned Write Downs | (5,757) | (6,560) | (13,003) |
Other Real Estate Owned Additions | 20,011 | 23,101 | 21,633 |
Other Real Estate Owned Sales | (24,660) | (19,598) | (19,286) |
Other Real Estate Owned Other Adjustments | 0 | (289) | |
Foreclosed real estate ending balance | 33,768 | 44,174 | 47,520 |
Originated Loans [Member] | |||
Other Real Estate Owned Rollforward [Line Items] | |||
Foreclosed real estate beginning balance | 14,283 | 12,390 | 10,324 |
Other Real Estate Owned Write Downs | (1,535) | (1,913) | (1,966) |
Other Real Estate Owned Additions | 6,674 | 10,565 | 10,170 |
Other Real Estate Owned Sales | (9,851) | (6,615) | (6,138) |
Other Real Estate Owned Other Adjustments | 0 | (144) | |
Foreclosed real estate ending balance | 9,571 | 14,283 | 12,390 |
Acquired BBVAPR loans [Member] | |||
Other Real Estate Owned Rollforward [Line Items] | |||
Foreclosed real estate beginning balance | 18,347 | 21,379 | 26,757 |
Other Real Estate Owned Write Downs | (2,899) | (2,850) | (6,124) |
Other Real Estate Owned Additions | 9,832 | 9,416 | 7,872 |
Other Real Estate Owned Sales | (10,663) | (9,453) | (7,126) |
Other Real Estate Owned Other Adjustments | 0 | (145) | |
Foreclosed real estate ending balance | 14,617 | 18,347 | 21,379 |
Eurobank [Member] | |||
Other Real Estate Owned Rollforward [Line Items] | |||
Foreclosed real estate beginning balance | 11,544 | 13,751 | 21,095 |
Other Real Estate Owned Write Downs | (1,323) | (1,797) | (4,913) |
Other Real Estate Owned Additions | 3,505 | 3,120 | 3,591 |
Other Real Estate Owned Sales | (4,146) | (3,530) | (6,022) |
Other Real Estate Owned Other Adjustments | 0 | 0 | |
Foreclosed real estate ending balance | $ 9,580 | $ 11,544 | $ 13,751 |
Premises and equipment (Narrati
Premises and equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Premises and Equipment [Abstract] | |||
Depreciation | $ 8.9 | $ 9 | $ 9.4 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 133,150 | $ 135,587 |
Accumulated depreciation and amortization | (64,258) | (67,727) |
Total Premises and Equipment, net | 68,892 | 67,860 |
Land And Land Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 5,028 | 5,638 |
Land And Land Improvements | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 0 years | |
Land And Land Improvements | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 0 years | |
Building And Building Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 67,856 | 64,277 |
Building And Building Improvements | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 0 years | |
Building And Building Improvements | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 40 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 18,274 | 20,647 |
Leasehold Improvements | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 5 years | |
Leasehold Improvements | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 10 years | |
Furniture And Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 17,137 | 16,242 |
Furniture And Fixtures | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 3 years | |
Furniture And Fixtures | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 7 years | |
Software And Software Development Costs | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Gross | $ 24,855 | $ 28,783 |
Software And Software Development Costs | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 3 years | |
Software And Software Development Costs | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property Plant And Equipment Useful Life | 7 years |
Servicing Assets (Narratives) (
Servicing Assets (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Servicing Assets At Fair Value [Line Items] | ||||
Servicing Asset at Fair Value, Amount | $ 10,716 | $ 9,821 | $ 9,858 | $ 7,455 |
Servicing and other loan fees | 1,844 | 1,758 | 1,689 | |
Mortgage related servicing assets [Member] | ||||
Servicing Assets At Fair Value [Line Items] | ||||
Servicing and other loan fees | $ 4,100 | $ 3,900 | $ 3,700 |
Servicing Assets (Changes in se
Servicing Assets (Changes in serving rights at fair value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Asset At Fair Value Amount [Roll Forward] | |||
Fair value | $ 9,821 | $ 9,858 | $ 7,455 |
Servicing from mortgage securitizations or asset transfers | 1,481 | 1,658 | 2,616 |
Changes due to payments on loans | (814) | (590) | (489) |
Changes in fair value due to changes in valuation model inputs or assumptions | 228 | (1,105) | 276 |
Fair value | $ 10,716 | $ 9,821 | $ 9,858 |
Servicing Assets (Key Economic
Servicing Assets (Key Economic Assumptions) (Details) - Mortgage related servicing assets [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Minimum [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Constant prepayment rate | 4.30% | 3.94% | 4.24% |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate | 10.00% | 10.00% | 10.00% |
Maximum [Member] | |||
Servicing Assets At Fair Value [Line Items] | |||
Constant prepayment rate | 9.02% | 8.49% | 9.14% |
Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Discount Rate | 12.00% | 12.00% | 12.00% |
Servicing Assets (Sensitivity o
Servicing Assets (Sensitivity of current fair value of servicing assets) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Servicing Assets At Fair Value [Line Items] | |
Servicing Asset | $ 10,716 |
Constant Prepayment Rate - Decrease in fair value due to 10% adverse change | (207) |
Constant Prepayment Rate - Decrease in fair value due to 20% adverse change | (406) |
Discount Rate - Decrease in fair value due to 10% adverse change | (489) |
Discount Rate - Decrease in fair value due to 20% adverse change | $ (939) |
Derivative Activities (Narrativ
Derivative Activities (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Unrealized Gain Loss On Derivatives | $ 14 | $ 510 |
Derivative Assets | 347 | 771 |
Derivative Liabilities | 333 | 1,281 |
Derivative, Notional Amount | 150,900 | 152,600 |
Interest Rate Cap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 207 | 153 |
Derivative Liabilities | 207 | 153 |
Derivative, Notional Amount | 150,900 | 152,600 |
Swap [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative, Notional Amount | 12,500 | |
Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 14 | 0 |
Derivative Liabilities | 0 | 510 |
Not Designated as Hedging Instrument [Member] | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Derivative Assets | 126 | 618 |
Derivative Liabilities | $ 126 | $ 618 |
Derivative Activities (Derivati
Derivative Activities (Derivative Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | $ 347 | $ 771 |
Derivative Liabilities | 333 | 1,281 |
Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 14 | 0 |
Derivative Liabilities | 0 | 510 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 126 | 618 |
Derivative Liabilities | 126 | 618 |
Interest Rate Cap [Member] | ||
Derivative Assets (Liabilities) at Fair Value | ||
Derivative Assets | 207 | 153 |
Derivative Liabilities | $ 207 | $ 153 |
Derivative Activities (Interest
Derivative Activities (Interest rate swap and their term) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional Amount | $ 150,900 | $ 152,600 |
Swap [Member] | ||
Derivative [Line Items] | ||
Notional Amount | 12,500 | |
Interest rate swap designated as cash flow hedges - 1 Month LIBOR | ||
Derivative [Line Items] | ||
Notional Amount | 33,964 | |
Interest rate swap designated as cash flow hedges - 1 Month LIBOR | Rate 2.4210% [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 33,964 | |
Fixed rate | 0.02421% | |
Trade Date | Jul. 3, 2013 | |
Settlement Date | Jul. 3, 2013 | |
Maturity Date | Aug. 1, 2023 |
Derivative Activities (Intere_2
Derivative Activities (Interest rate swap not designated as hedging instruments and their term) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | $ 150,900 | $ 152,600 |
Swap [Member] | ||
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | 12,500 | |
Derivatives Offered to Clients - 1 Month LIBOR [Member] | Rate 5.51% [Member] | ||
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | $ 12,500 | |
Fixed rate | 5.505% | |
Settlement Date | Apr. 11, 2009 | |
Maturity Date | Apr. 11, 2019 | |
Mirror Image Derivatives - 1 Month LIBOR [Member] | Rate 5.51% [Member] | ||
Derivative [Line Items] | ||
Notional derivative not designated as an hedging instrument. | $ 12,500 | |
Fixed rate | 5.505% | |
Settlement Date | Apr. 11, 2009 | |
Maturity Date | Apr. 11, 2019 |
Accrued Interest and Other Asse
Accrued Interest and Other Assets (Narratives) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other assets [Line Items] | ||
Other prepaid expenses | $ 9,788 | $ 9,200 |
Prepaid Taxes | 5,500 | 5,700 |
Core deposit intangible | 2,500 | 3,300 |
Other repossessed assets | 2,986 | 3,548 |
Mortgage tax credits | 2,277 | 4,277 |
Customer Relationships Intangible [Member] | ||
Other assets [Line Items] | ||
Core deposit intangible | $ 888 | $ 1,400 |
Accrued Interest Receivable a_3
Accrued Interest Receivable and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other asset [Abstract] | ||
Accrued Interest Receivable On Non Acquired Loans | $ 30,409 | $ 46,936 |
Accrued Investment Income Receivable | 3,845 | 3,033 |
Total Interest Receivable | $ 34,254 | $ 49,969 |
Accrued Interest and Other As_2
Accrued Interest and Other Assets (Other assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other asset [Abstract] | ||
Other prepaid expenses | $ 9,788 | $ 9,200 |
Other repossessed assets | 2,986 | 3,548 |
Core deposit intangible and customer relationship intangibles | 3,369 | 4,687 |
Mortgage tax credits | 2,277 | 4,277 |
Investment in Statutory Trust | 1,083 | 1,083 |
Accounts receivable and other assets | 37,842 | 41,898 |
Other assets | $ 57,345 | $ 64,693 |
Deposits and Related Interest_2
Deposits and Related Interest (Narratives) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits [Abstract] | ||
Weighted Average Rate Domestic Deposit | 0.67% | 0.65% |
Time Deposits, $250,000 or More | $ 346,000,000 | $ 359,600,000 |
Public Fund Time Deposits, $250,000 or more | $ 19,600,000 | $ 3,500,000 |
Public Fund Time Deposits Weighted Average Rate, $250,000 or more | 116.40% | 0.28% |
Public funds deposit | $ 207,400,000 | $ 153,100,000 |
Public Fund Collateral Investments | 281,200,000 | 173,000,000 |
Accrued Interest, Time Deposits | 3,100,000 | |
Bank Overdrafts | 1,100 | 2,200,000 |
Brokered Certificates of Deposits | 500,800,000 | 471,600,000 |
Brokered Money Market Deposit | $ 24,300,000 | $ 46,900,000 |
Deposits and Related Interest_3
Deposits and Related Interest (Deposits by Components) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deposits, by Component, Alternative [Abstract] | ||
Noninterest-bearing demand deposit | $ 1,105,324 | $ 969,525 |
Interest-bearing saving and demand deposits | 2,274,423 | 2,274,116 |
Retail certificates of deposists | 805,712 | 827,359 |
Institutional certificates of deposits | 197,559 | 209,951 |
Total Core Deposits | 4,383,018 | 4,280,951 |
Brokered Deposists | 525,097 | 518,531 |
Deposits, Total | $ 4,908,115 | $ 4,799,482 |
Deposits and Related Interest_4
Deposits and Related Interest (Interest expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Expense Domestic Deposit Liabilities [Abstract] | |||
Demand and saving deposits | $ 12,478 | $ 11,426 | $ 12,004 |
Certificates of Deposits | 20,475 | 18,872 | 17,249 |
Total | $ 32,953 | $ 30,298 | $ 29,253 |
Deposits and Related Interest_5
Deposits and Related Interest (Maturities of Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities of Time Deposits [Abstract] | ||
Time Deposit Maturities Less Than Three Month | $ 305,088 | $ 316,382 |
Time Deposit Maturities Three To Twelve Month | 545,363 | 508,285 |
Total Time deposits | 850,451 | 824,667 |
Time Deposit Maturities, Year Two | 484,197 | 470,670 |
Time Deposit Maturities, Year Three | 89,340 | 137,016 |
Time Deposit Maturities, Year Four | 34,018 | 36,125 |
Time Deposit Maturities, Year Five | 42,998 | 38,623 |
Certificates of deposit | $ 1,501,004 | $ 1,507,101 |
Borrowings and Related Intere_3
Borrowings and Related Interest (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2003 | |
Debt Instrument [Line Items] | ||||
Other borrowings | $ 1,214 | $ 153 | ||
Subordinated Debt | $ 36,083 | 36,083 | ||
Trust redeemable preferred securities issued | $ 35,000 | |||
Debt Instrument Interest Rate Terms | 3-month LIBOR plus 295 basis points | |||
Gains Losses On Extinguishment Of Debt | $ 0 | (80) | $ (12,000) | |
Federal Home Loan Bank Advances [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans pledged as collateral to secure FHLB advances | 847,300 | 1,300,000 | ||
Additional Borrowing Capacity | $ 762,000 | $ 920,000 | ||
Weighted average period remaining maturity of FHLB advances | 26.6 months | 3.2 months | ||
Interest payable | $ 176 | $ 322 | ||
Minimum amount of qualifying collateral | 110.00% | |||
Federal Home Loan Bank Advances [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 1 day | |||
Federal Home Loan Bank Advances [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument term | 7 years | |||
Repurchase agreement | ||||
Debt Instrument [Line Items] | ||||
Interest payable | $ 785 | $ 369 | ||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 5.74% | 4.55% | ||
Face amount | $ 36,100 | |||
Debt Instrument Basis Spread On Variable Rate | 2.95% |
Borrowings and Related Intere_4
Borrowings and Related Interest (Schedule of Repurchase Agreements) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase | $ 454,723 | $ 192,500 |
Maturity Less Than 90 Days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase | 214,723 | 0 |
Maturity Over 90 days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase | $ 240,000 | $ 192,500 |
Minimum [Member] | Maturity Less Than 90 Days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase, interest rate | 2.45% | |
Minimum [Member] | Maturity Over 90 days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase, interest rate | 1.42% | 1.42% |
Maximum [Member] | Maturity Less Than 90 Days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase, interest rate | 2.95% | |
Maximum [Member] | Maturity Over 90 days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase, interest rate | 2.86% | 1.85% |
Borrowings and Related Intere_5
Borrowings and Related Interest (Schedule of Repurchase Agreement by Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase | $ 454,723 | $ 192,500 |
Maturity Less Than 90 Days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase | 214,723 | 0 |
Maturity Over 90 days [Member] | ||
Debt Instrument [Line Items] | ||
Assets sold under agreements to repurchase | $ 240,000 | $ 192,500 |
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] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Cost of Underlying Securities | $ 496,814 | $ 207,506 |
Balance of Borrowing | 454,723 | 192,500 |
Approximate Fair Value of Underlying Securities | $ 487,181 | $ 205,483 |
Weighted Average Interest Rate of Security | 3.01% | 3.03% |
FNMA and FHLMC Certificates [Member] | ||
Assets Sold Under Agreements To Repurchase [Line Items] | ||
Cost of Underlying Securities | $ 496,814 | $ 207,506 |
Balance of Borrowing | 454,723 | 192,500 |
Approximate Fair Value of Underlying Securities | $ 487,181 | $ 205,483 |
Weighted Average Interest Rate of Security | 3.01% | 3.03% |
Borrowings and Related Intere_7
Borrowings and Related Interest (Repurchased Agreements Other Significant Data) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Repurchase Agreements [Abstract] | |||
Average Daily Aggregate Balance Outstanding | $ 357,086 | $ 393,133 | $ 663,845 |
Maximum Outstanding Balance At Any Month End | $ 457,053 | $ 606,210 | $ 902,500 |
Repurchase agreement weighted average interest rate during the year | 2.17% | 1.80% | 2.83% |
Weighted average interest rate at year end | 2.49% | 1.63% | 2.47% |
Borrowings and Related Intere_8
Borrowings and Related Interest (Advances from the Federal Home Loan Bank) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 570,425,000 | $ 328,748,000 |
Thirty Four Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 33,572,000 | |
Nine Million [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 8,867,000 | |
Twelve Millions [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | 35,005,000 | |
Federal Home Loan Bank Advances [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 77,444,000 | $ 99,321,000 |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 2.61% | 1.49% |
Federal Loan Home Bank Advances Short Term Period Matured [Member] | Federal Home Loan Bank Advances [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 33,572,000 | $ 35,113,000 |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
FHLB, Weighted Average Interest Rate | 2.89% | 2.24% |
Federal Loan Home Bank Advances Long Term Period Matured [Member] | Federal Home Loan Bank Advances [Member] | ||
Advances From Federal Home Loan Banks [Line Items] | ||
Borrowings | $ 43,872,000 | $ 64,208,000 |
Offsetting Financial Assets a_3
Offsetting Financial Assets and Liabilities (Assets Offsetting) (Details) - Derivative [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | $ 347 | $ 771 |
Gross amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Assets in Statement of Financial Condition | 347 | 771 |
Financial Instruments | 2,037 | 2,010 |
Cash Collateral Received | 0 | 0 |
Net Amount | $ (1,690) | $ (1,239) |
Offsetting Financial Assets a_4
Offsetting Financial Assets and Liabilities (Liabilities Offsetting) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | $ 455,056 | $ 193,781 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 455,056 | 193,781 |
Financial Instruments | 487,181 | 205,483 |
Cash Collateral Provided | 1,980 | 1,980 |
Net Amount | (34,105) | (13,682) |
Derivative Financial Instruments, Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 333 | 1,281 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 333 | 1,281 |
Financial Instruments | 0 | 0 |
Cash Collateral Provided | 1,980 | 1,980 |
Net Amount | (1,647) | (699) |
Securities Loaned or Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Gross amount of Recognized Liabilities | 454,723 | 192,500 |
Gross amount Offset in the Statement of Financial Condition | 0 | 0 |
Net Amount of Liabilities Presented in the Statement of Financial Condition | 454,723 | 192,500 |
Financial Instruments | 487,181 | 205,483 |
Cash Collateral Provided | 0 | 0 |
Net Amount | $ (32,458) | $ (12,983) |
Employee Benefit Plan (Narrativ
Employee Benefit Plan (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Employee Benefit Plan [Abstract] | |||
Defined Contribution Plan Maximum Annual Contributions Per Employee Amount | $ 18,500 | ||
Defined Contribution Plan Cost Recognized | $ 853,000 | $ 835,000 | $ 792,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Balance | $ 28,138 | $ 29,020 | $ 31,475 |
New loans | 10,388 | 2,875 | 2,329 |
Repayments and sales | (10,006) | (3,757) | (4,784) |
Balance | 28,520 | $ 28,138 | $ 29,020 |
Professional Services [Member] | |||
Related Party Transaction [Line Items] | |||
Costs and Expenses, Related Party | $ 1,500 |
Income Taxes (Narratives) (Deta
Income Taxes (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
OtherComprehensiveIncomeLossTax | $ (1,677) | $ (564) | |
Income Tax Expense (Benefit) | 48,390 | 15,443 | $ 25,994 |
Exempt Income | 11,000 | 10,000 | $ 10,000 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 81 | $ 97 | |
Statutary tax rate | 39.00% | 39.00% | 39.00% |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 875 | $ 1,300 | |
Interest and Penalties Released Related to Unrecognized Tax Benefits | (386) | (775) | $ (135) |
Deferred tax asset, net | 150,554 | 167,300 | |
Deferred tax assets, valuation allowance | 4,629 | 3,135 | |
Benefit from change in enacted tax rate | (4,069) | 0 | 0 |
Increase in valuation allowance | 1,504 | (305) | (9) |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | $ 466 | $ 877 | $ 1,363 |
Effective tax rate | 36.44% | 22.66% | 30.51% |
Impact of recent tax legislation changes | 2.80% | ||
International Banking Entity [Member] | |||
Exempt Income | $ 5,300 | $ 9,600 | $ 10,300 |
Income Taxes (Components of inc
Income Taxes (Components of income tax expense (benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Current Income Tax Expense Benefit | $ 33,618 | $ 19,101 | $ 2,768 |
Deferred Income Tax Expense (Benefit) | 14,772 | (3,658) | 23,226 |
Total Income Tax Expense (Benefit) | $ 48,390 | $ 15,443 | $ 25,994 |
Income taxes (Effective Income
Income taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Income Tax Reconciliation State And Local Income Taxes | $ 51,792 | $ 26,555 | $ 33,220 |
Income Tax Reconciliation Tax Exempt Income | (6,645) | (9,506) | (11,178) |
Income Tax Reconciliation Disallowed net operating loss carryover | (269) | (281) | (1,406) |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance | 1,504 | (305) | (9) |
Interest and Penalties Released Related to Unrecognized Tax Benefits | (386) | (775) | (135) |
Income Tax Reconciliation Change In Enacted Tax Rate | 4,069 | 0 | 0 |
Income Tax Reconciliation Capital (gain) loss at preferential rate | (20) | (279) | 2,394 |
Income Tax Reconciliation Other Adjustments | (2,193) | (528) | 296 |
Total Income Tax Expense (Benefit) | $ 48,390 | $ 15,443 | $ 25,994 |
EffectiveIncome Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Statutary tax rate | 39.00% | 39.00% | 39.00% |
Tax effect of exempt income, net | (5.01%) | (13.96%) | (13.12%) |
Effective Income Tax Rate Disallowed Net Operating Loss Carryover | (0.20%) | (0.41%) | (1.65%) |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance | 1.13% | (0.45%) | (0.01%) |
Effective Income Tax Rate Reconciliation Tax Contingencies | (0.29%) | (1.14%) | (0.16%) |
Effect in deferred taxes due to increase or decrease in tax rates | 3.06% | 0.00% | 0.00% |
Effective Income Tax Rate Capital Loss (Gain) at Preferential Rate | (0.02%) | (0.41%) | 2.81% |
Other items, net | (1.63%) | (0.79%) | 0.34% |
Total Income Tax Expense (Benefit) | 36.44% | 22.66% | 30.51% |
Income Tax (Reconciliation of u
Income Tax (Reconciliation of unrecognized tax benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 1,260 | $ 2,040 | $ 2,175 |
Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions | 81 | 97 | 229 |
Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities | 0 | 0 | 999 |
Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations | (466) | (877) | (1,363) |
Balance at end of year | $ 875 | $ 1,260 | $ 2,040 |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Components of Deferred Tax Assets [Abstract] | ||
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts | $ 85,227 | $ 97,682 |
Deferred Tax Assets Acquired Loans And Other Real Estate Valuation Adjustments | 7,842 | 10,457 |
Deferred Tax Assets Operating Loss And Capital Net Carryforwards | 5,466 | 5,169 |
Deferred Tax Assets Tax Credit Carryforwards Alternative Minimum Tax | 14,631 | 15,672 |
Deferred tax asset acquired portfolio | 35,753 | 35,293 |
Deferred Tax Assets Indemnification Asset | 0 | 0 |
Other deferred allowance tax assets | 966 | 858 |
Deferred Tax Assets Other | 5,298 | 5,304 |
Deferred Tax Assets Gross | 155,183 | 170,435 |
Deferred Tax Assets Valuation Allowance | (4,629) | (3,135) |
Deferred Tax Assets, Net | 150,554 | 167,300 |
Components of Deferred Tax Liabilities [Abstract] | ||
Deferred Tax Liability Fdic Assisted Acquisition | (22,825) | (24,564) |
Deferred tax liabilities customer deposit and customer relationship | (1,263) | (1,828) |
Deferred tax liabilities building valuation adjusment | (8,284) | (9,069) |
Deferred Tax Liabilities Mortgage Servicing Rights | (4,018) | (3,830) |
Deferred Tax Liabilities Other | (401) | (588) |
Deferred Tax Liability Gross | (36,791) | (39,879) |
Deferred Tax Assets, Net, Total | $ 113,763 | $ 127,421 |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Group's and the Bank's actual capital amounts and ratios) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Group [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 990,499 | $ 899,258 |
Actual - Tier 1 capital | 928,577 | 842,133 |
Actual -Common equity tier 1 capital | 811,707 | 644,804 |
Actual - Tier 1 leverage capital | 928,577 | 842,133 |
Minimum Capital - Total Capital | 386,977 | 353,653 |
Minimum capital - Tier 1 capital | 290,233 | 265,240 |
Minimum capital - Common equity tier 1 capital | 217,675 | 198,930 |
Minimum capital - Tier 1 leverage capital | 261,125 | 242,057 |
Minimum to be well capitalized - Total Capital | 483,721 | 442,067 |
Minimum to be well capitalized - Tier 1 capital | 386,977 | 353,653 |
Minimum to be well capitalized - Common equity tier 1 capital | 314,419 | 287,343 |
Minimum to be well capitalized - Tier 1 leverage | $ 326,406 | $ 302,571 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 20.48% | 20.34% |
Tier One Risk Based Capital to Risk Weighted Assets | 19.20% | 19.05% |
Common Equity Tier OneTo Risk Weighted Assets | 16.78% | 14.59% |
Tier One Leverage Capital to Average Assets | 14.22% | 13.92% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 6.00% | 6.00% |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 8.00% | 8.00% |
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 | 5.00% | 5.00% |
Bank [Member] | ||
Capital [Abstract] | ||
Actual - Total capital | $ 949,596 | $ 879,648 |
Actual - Tier 1 capital | 887,918 | 822,776 |
Actual -Common equity tier 1 capital | 887,918 | 822,776 |
Actual - Tier 1 leverage capital | 887,918 | 822,776 |
Minimum Capital - Total Capital | 385,992 | 353,265 |
Minimum capital - Tier 1 capital | 289,494 | 264,949 |
Minimum capital - Common equity tier 1 capital | 217,120 | 198,712 |
Minimum capital - Tier 1 leverage capital | 259,547 | 241,417 |
Minimum to be well capitalized - Total Capital | 482,490 | 441,581 |
Minimum to be well capitalized - Tier 1 capital | 385,992 | 353,265 |
Minimum to be well capitalized - Common equity tier 1 capital | 313,618 | 287,028 |
Minimum to be well capitalized - Tier 1 leverage | $ 324,434 | $ 301,771 |
Risk Based Ratios [Abstract] | ||
Capital to Risk Weighted Assets | 19.68% | 19.92% |
Tier One Risk Based Capital to Risk Weighted Assets | 18.40% | 18.63% |
Common Equity Tier OneTo Risk Weighted Assets | 18.40% | 18.63% |
Tier One Leverage Capital to Average Assets | 13.68% | 13.63% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 6.00% | 6.00% |
Common Equity Tier One Required For Capital Adequacy To Risk Weighted Assets | 4.50% | 4.50% |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets | 8.00% | 8.00% |
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 | 5.00% | 5.00% |
Equity-based Compensation Pla_2
Equity-based Compensation Plan (Narratives) (Details) - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Arrangements To Obtain Goods And Services [Abstract] | |||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 | 1 year 9 months | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized | $ 2.3 | ||
Number of options - Options granted | 0 | 0 | 0 |
Equity-based compensation Pla_3
Equity-based compensation Plan (Equity-Based Compensation Plan) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | |||
Number of options - Beginning of period | 845,619 | 917,269 | 951,523 |
Number of options - Options granted | 0 | 0 | 0 |
Number of options - Options exercises | 101,268 | 71,150 | 24,752 |
Number of options - Options forfeited | 5,025 | 500 | 9,502 |
Number of options - End of period | 739,326 | 845,619 | 917,269 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price [Roll Forward] | |||
Weighted Average Exercise Price - Beginning of period | $ 14.14 | $ 14.08 | $ 12.45 |
Weighted Average Exercise Price - Options granted | 0 | 0 | 0 |
Weighted Average Exercise Price - Options exercises | 13.41 | 12.96 | 12.43 |
Weighted Average Exercise Price - Options forfeited | 17.05 | 15.26 | 16.65 |
Weighted Average Exercise Price - End of period | $ 14.28 | $ 14.14 | $ 14.08 |
Equity-Based Compensation (Summ
Equity-Based Compensation (Summary of the range of exercise prices and the weighted average remaining contractual life of the options) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Number of Options Outstanding | 739,326 | 845,619 | 917,269 | 951,523 |
Weighted Average Exercise Price outstanding | $ 14.28 | $ 14.14 | $ 14.08 | $ 12.45 |
Weighted Average Contract Life Remaining | 3 years 10 months 24 days | |||
Number of Options Exercisable | 623,913 | |||
Weighted Average Exercise Price | $ 13.77 | |||
Aggregated Intrinsic Value Outstanding | $ 1,767,596 | |||
Aggregate Intrinsic Value Exercisable | $ 1,754,258 | |||
Price Range One [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Prices - Lower Range | $ 5.63 | |||
Range of Exercise Prices -Upper Range | $ 8.45 | |||
Number of Options Outstanding | 3,532 | |||
Weighted Average Exercise Price outstanding | $ 8.28 | |||
Weighted Average Contract Life Remaining | 3 months 18 days | |||
Number of Options Exercisable | 3,532 | |||
Weighted Average Exercise Price | $ 8.28 | |||
Price Range Two [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Prices - Lower Range | 8.46 | |||
Range of Exercise Prices -Upper Range | $ 11.26 | |||
Number of Options Outstanding | 0 | |||
Weighted Average Exercise Price outstanding | $ 0 | |||
Number of Options Exercisable | 0 | |||
Weighted Average Exercise Price | $ 0 | |||
Price Range Three [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Prices - Lower Range | 11.27 | |||
Range of Exercise Prices -Upper Range | $ 14.08 | |||
Number of Options Outstanding | 313,394 | |||
Weighted Average Exercise Price outstanding | $ 11.81 | |||
Weighted Average Contract Life Remaining | 2 years 2 months 12 days | |||
Number of Options Exercisable | 313,394 | |||
Weighted Average Exercise Price | $ 11.81 | |||
Price Range Four [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Prices - Lower Range | 14.09 | |||
Range of Exercise Prices -Upper Range | $ 16.9 | |||
Number of Options Outstanding | 265,675 | |||
Weighted Average Exercise Price outstanding | $ 15.4 | |||
Weighted Average Contract Life Remaining | 4 years 8 months 12 days | |||
Number of Options Exercisable | 228,625 | |||
Weighted Average Exercise Price | $ 15.29 | |||
Price Range Five [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Prices - Lower Range | 16.91 | |||
Range of Exercise Prices -Upper Range | $ 19.71 | |||
Number of Options Outstanding | 156,725 | |||
Weighted Average Exercise Price outstanding | $ 17 | |||
Weighted Average Contract Life Remaining | 6 years 2 months 12 days | |||
Number of Options Exercisable | 78,362 | |||
Weighted Average Exercise Price | $ 17.44 | |||
Price Range Six [Member] | ||||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||||
Range of Exercise Prices - Lower Range | 19.72 | |||
Range of Exercise Prices -Upper Range | $ 22.53 |
Equity-based Compensation Pla_4
Equity-based Compensation Plan (Summary of the restricted units' activity under the Omnibus Plan) (Details) - OmnibusPlan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | |||
Restricted units - Beginning of period | 105,800 | 59,800 | 138,400 |
Restricted units granted | 176,250 | 83,000 | 0 |
Restricted units lapsed | (24,017) | (33,100) | (76,903) |
Restricted stock forfeited | (3,983) | (3,900) | (1,697) |
Restricted units - End of period | 254,050 | 105,800 | 59,800 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value RollForward | |||
Weighted average grant date - Beginning Of Period | $ 14.19 | $ 16.64 | $ 16.17 |
Weighted average grant date - Granted | 12.12 | 13.31 | 0 |
Weighted average grant date - Lapsed | 17.12 | 16.1 | 16.04 |
Weighted average grant date - Forfeited | 12.48 | 16.79 | 17.02 |
Weighted average grant date - End Of Period | $ 12.5 | $ 14.19 | $ 16.64 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 10 Months Ended | 12 Months Ended | |
Oct. 22, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |||
Preferred stock | $ 92,000,000 | $ 176,000,000 | |
Common stock | 59,885,000 | 52,626,000 | |
Conversion of Convertable Securities, Conversion rate, Ratio | 8642.25% | ||
Stock Repurchase Program Authorized Amount1 | 70,000,000 | ||
Stock Repurchase Program Remaining Authorized Repurchase Amount1 | $ 7,700,000 | ||
Stock repurchase program remaining number of shares authorized to be repurchased | 469,675 | ||
SharePrice | $ 16.46 | ||
legal surplus | $ 90,200,000 | 81,500,000 | |
Preferred Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Preferred Stock Issue Costs | 13,600,000 | 13,600,000 | |
Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common Stock Issuance Cost | $ 10,100,000 | $ 10,100,000 |
Stockholders' Equity (Shares re
Stockholders' Equity (Shares repurchased under the stock repurchase program) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Equity, Class of Treasury Stock [Line Items] | ||
Treasury Stock, Value | $ 103,633 | $ 104,502 |
Stockholders' Equity (Common sh
Stockholders' Equity (Common shares held in treasury, activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |||
Beginning of period | 8,678,427 | 8,711,025 | 8,757,960 |
Common shares used for exercise of restricted stock units (Shares) | (87,117) | (32,598) | (46,935) |
End of period | 8,591,310 | 8,678,427 | 8,711,025 |
Beginning of period | $ 104,502 | $ 104,860 | $ 105,379 |
Common shares used for exercise of restricted stock units (Value) | (869) | (358) | (519) |
End of period | $ 103,633 | $ 104,502 | $ 104,860 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Accumulated Comprehensive Income, net of income tax) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (Loss) income, net of tax, Total | $ (10,963) | $ (2,949) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive (Loss) income, net of tax, Total | (10,963) | (2,949) |
Accumulated Other Than Temporary Impairment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized gain on securities available-for-sale which are not other-than-temporarily impaired | (12,654) | (3,003) |
Income tax effect of unrealized gain on securities available-for-sale | 1,682 | 365 |
Net unrealized gain on securities available for sale wich are not other than temporarily impaired | (10,972) | (2,638) |
Accumulated Net Gain Loss From Designated Or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized loss on cash flow hedges | 14 | (510) |
Income tax effect of unrealized loss on cash flow hedges | (5) | 199 |
Net unrealized (loss) income on cash flow hedges | $ 9 | $ (311) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Changes in Other Comprehensive Income by Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 945,107 | $ 920,411 | |
Ending Balance | 999,877 | 945,107 | $ 920,411 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2,949) | 1,596 | 13,997 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (9,659) | (11,749) | (28,289) |
Reclassification Out Of Accumulated Other Comprehensive Income | 1,645 | 7,204 | 15,888 |
Other Comprehensive Income (Loss) Other Net Of Tax | (8,014) | (4,545) | (12,401) |
Ending Balance | (10,963) | (2,949) | 1,596 |
Net unrealized gains on securities available for sale | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2,638) | 2,209 | 16,924 |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (8,104) | (11,563) | (26,661) |
Reclassification Out Of Accumulated Other Comprehensive Income | (230) | 6,716 | 11,946 |
Other Comprehensive Income (Loss) Other Net Of Tax | (8,334) | (4,847) | (14,715) |
Ending Balance | (10,972) | (2,638) | 2,209 |
Net unrealized loss on cash flow hedges | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (311) | (613) | (2,927) |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax | (1,555) | (186) | (1,628) |
Reclassification Out Of Accumulated Other Comprehensive Income | 1,875 | 488 | 3,942 |
Other Comprehensive Income (Loss) Other Net Of Tax | 320 | 302 | 2,314 |
Ending Balance | $ 9 | $ (311) | $ (613) |
Accumulated Other Comprehensi_5
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Interest Rate Contract | $ 1,875 | $ 488 | $ 3,642 |
Tax effect from increase in capital gains tax rate, Cash flow hedges | 0 | 0 | 300 |
Gain On Sale Of Investments | 0 | 6,896 | 12,207 |
Residual tax effect from OIB's change in applicable tax rate AFS | 5 | 104 | 32 |
Tax effect from increase in capital gains tax rate AFS | (235) | (284) | (293) |
Total | $ 1,645 | $ 7,204 | $ 15,888 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |||
Stock Conversion Rate | 86.4225 | ||
Weighted average stock anti dilutive effect excluded from calculation of earnings per share | 432,522 | 932,306 | 949,134 |
Convertible Preferred Stock | $ 0 | $ 84,000 | |
Series C Convertible Preferred Stock | |||
Preferred stock, shares issued | 0 | 84,000 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings per common share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Common Share [Abstract] | |||
Net income | $ 84,410 | $ 52,646 | $ 59,186 |
Non-Convertible Preferred Stock Dividend (Series A,B and D) | (6,511) | (6,512) | (6,512) |
Convertible Preferred Stock Dividend (Series C) | (5,513) | (7,350) | (7,350) |
Income available to common shareholders | 72,386 | 38,784 | 45,324 |
Effect of assumed conversion of convertible preferred stock | 5,513 | 7,350 | 7,350 |
Income available to common sharesholders assuming conversion | $ 77,899 | $ 46,134 | $ 52,674 |
Average common shares outstanding | 45,400 | 43,939 | 43,913 |
Average potential common shares options | 142 | 19 | 37 |
Average potential common shares convertible preferred stock | 5,807 | 7,138 | 7,138 |
Average common shares outstanding and equivalents | 51,349 | 51,096 | 51,088 |
Earnings per common share - basic | $ 1.59 | $ 0.88 | $ 1.03 |
Earnings per common share - diluted | $ 1.52 | $ 0.88 | $ 1.03 |
Guarantees (Narrative) (Details
Guarantees (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Guarantee Obligations [Line Items] | |||
Acquired standby letters of credit and financial guarantees | $ 23,900 | $ 21,100 | |
Unpaid principal balance of residential subject loans subject to credit recourse | 5,400 | 6,400 | |
Repurchased GNMA | 705 | 107 | |
Liability for estimated credit losses to loans sold with credit recourse | 346 | 358 | |
Repurchased loans not subject to credit recourse provision | 7,700 | 3,100 | |
Losses from repurchased loans subject to credit recourse | 556 | 260 | $ 380 |
Losses On Repurchased Loan Not Subject To Credit Recourse | 160 | 477 | $ 1,300 |
Serviced mortgage loans for third parties | 895,600 | 864,900 | |
Funds Advanced To Investors Under Servicing Agreements | $ 706 | $ 440 |
Guarantees (Changes in liabilty
Guarantees (Changes in liabilty of estimated loss from credit recourse agreement) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement In Guaranteed Benefit Liability Gross [Roll Forward] | |||
Balance at beginning of the period | $ 358 | $ 710 | $ 439 |
Net (charge-off/terminations) recoveries | (12) | (352) | 271 |
Balance at the end of the period | $ 346 | $ 358 | $ 710 |
Commitments and Contingencies_2
Commitments and Contingencies (Narratives) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies [Abstract] | |||
Rent Expenses | $ 9,000 | $ 9,900 | $ 8,500 |
Line of credit reserve | $ 627 | $ 567 |
Commitments and Contingencies_3
Commitments and Contingencies (Summarized credit-related financial instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies [Abstract] | ||
Commitments To Extend Credit | $ 541,423 | $ 485,019 |
Commercial letters credit | 340 | 494 |
Standby letters of credit and financial guarantees | 23,889 | 21,107 |
Loans sold with recourse | $ 5,414 | $ 6,420 |
Commitments and Contingencies_4
Commitments and Contingencies (Future rental commitments under leases) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Due [Abstract] | |
2,018 | $ 5,618 |
2,019 | 4,293 |
2,020 | 3,360 |
2,021 | 2,494 |
2,022 | 1,968 |
Thereafter | 6,679 |
Total | $ 24,412 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Assets and liabilities on recurring and non-recurring basis) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | $ 841,857,000 | $ 645,797,000 | ||
Money Market Funds, at Carrying Value | 4,930,000 | 7,021,000 | ||
Trading Securities | 360,000 | 191,000 | ||
Derivative Assets | 347,000 | 771,000 | ||
Servicing Assets | 10,716,000 | 9,821,000 | $ 9,858,000 | $ 7,455,000 |
Derivative liabilities | (333,000) | (1,281,000) | ||
Total | 857,877,000 | 662,320,000 | ||
Impaired Commercial Loan | 81,976,000 | 72,285,000 | ||
Foreclosed real estate | 33,768,000 | 44,174,000 | $ 47,520,000 | $ 58,176,000 |
Other repossessed assets | 2,986,000 | 3,548,000 | ||
Total | 118,730,000 | 120,007,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 0 | 0 | ||
Money Market Funds, at Carrying Value | 4,930,000 | 7,021,000 | ||
Trading Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Total | 4,930,000 | 7,021,000 | ||
Impaired Commercial Loan | 0 | 0 | ||
Foreclosed real estate | 0 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 841,857,000 | 645,797,000 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Trading Securities | 360,000 | 191,000 | ||
Derivative Assets | 347,000 | 771,000 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | (333,000) | (1,281,000) | ||
Total | 842,231,000 | 645,478,000 | ||
Impaired Commercial Loan | 0 | 0 | ||
Foreclosed real estate | 0 | 0 | ||
Other repossessed assets | 0 | 0 | ||
Total | 0 | 0 | ||
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 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Trading Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 10,716,000 | 9,821,000 | ||
Derivative liabilities | 0 | 0 | ||
Total | 10,716,000 | 9,821,000 | ||
Impaired Commercial Loan | 81,976,000 | 72,285,000 | ||
Foreclosed real estate | 33,768,000 | 44,174,000 | ||
Other repossessed assets | 2,986,000 | 3,548,000 | ||
Total | 118,730,000 | 120,007,000 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 841,857,000 | 645,797,000 | ||
Money Market Funds, at Carrying Value | 4,930,000 | 7,021,000 | ||
Trading Securities | 360,000 | 191,000 | ||
Derivative Assets | 347,000 | 771,000 | ||
Servicing Assets | 10,716,000 | 9,821,000 | ||
Derivative liabilities | (333,000) | (1,281,000) | ||
Total | 857,877,000 | 662,320,000 | ||
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 | 0 | 0 | ||
Money Market Funds, at Carrying Value | 4,930,000 | 7,021,000 | ||
Trading Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Total | 4,930,000 | 7,021,000 | ||
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 | 841,857,000 | 645,797,000 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Trading Securities | 360,000 | 191,000 | ||
Derivative Assets | 347,000 | 771,000 | ||
Servicing Assets | 0 | 0 | ||
Derivative liabilities | (333,000) | (1,281,000) | ||
Total | 842,231,000 | 645,478,000 | ||
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 | ||
Money Market Funds, at Carrying Value | 0 | 0 | ||
Trading Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 10,716,000 | 9,821,000 | ||
Derivative liabilities | 0 | 0 | ||
Total | 10,716,000 | 9,821,000 | ||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired Commercial Loan | 81,976,000 | 72,285,000 | ||
Foreclosed real estate | 33,768,000 | 44,174,000 | ||
Other repossessed assets | 2,986,000 | 3,548,000 | ||
Total | 118,730,000 | 120,007,000 | ||
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 | 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 | 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 | 81,976,000 | 72,285,000 | ||
Foreclosed real estate | 33,768,000 | 44,174,000 | ||
Other repossessed assets | 2,986,000 | 3,548,000 | ||
Total | $ 118,730,000 | $ 120,007,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Reconciliation of assets and liabilities using significant unobservable inputs (Level 3)) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | $ 9,858 | $ 7,531 | |
Gains (losses) included in earnings | (104) | ||
New instruments acquired | 2,616 | ||
Change due to principal payments | (489) | ||
Amortization | 28 | ||
Changes in fair value of servicing assets | 276 | ||
Balance | 9,858 | ||
Derivative Financial Instruments, Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | 0 | 1,171 | |
Gains (losses) included in earnings | (1,171) | ||
New instruments acquired | 0 | ||
Change due to principal payments | 0 | ||
Amortization | 0 | ||
Changes in fair value of servicing assets | 0 | ||
Balance | 0 | ||
Servicing Assets [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | $ 9,821 | 9,858 | 7,455 |
Gains (losses) included in earnings | 0 | ||
New instruments acquired | 1,481 | 1,658 | 2,616 |
Change due to principal payments | (814) | (590) | (489) |
Amortization | 0 | ||
Changes in fair value of servicing assets | 228 | (1,105) | 276 |
Balance | $ 10,716 | 9,821 | 9,858 |
Derivative Financial Instruments, Liabilities [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Balance | $ 0 | (1,095) | |
Gains (losses) included in earnings | 1,067 | ||
New instruments acquired | 0 | ||
Change due to principal payments | 0 | ||
Amortization | 28 | ||
Changes in fair value of servicing assets | 0 | ||
Balance | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Qualitative information for assets and liabilities) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
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 reccurring basis | $ 10,716 |
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 | 4.30% |
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 | 9.02% |
Discount rate | 12.00% |
Collateral dependant impaired loan | Fair value of property or collateral [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value assets and liabilities measured on reccurring basis | $ 36,618 |
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 | 17.20% |
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 | 36.20% |
Other non-collateral dependant impaired loans [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 reccurring basis | $ 45,358 |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Discount rate | 4.25% |
Other non-collateral dependant impaired loans [Member] | Cash Flow Valuation Technique [Member] | Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Discount rate | 12.25% |
Foreclosed real estate [Member] | Fair value of property or collateral [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value assets and liabilities measured on reccurring basis | $ 33,768 |
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 | 17.20% |
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 | 36.20% |
Other repossessed assets [Member] | Fair value of property or collateral [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value assets and liabilities measured on reccurring basis | $ 2,986 |
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 | 38.00% |
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% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Estimated fair value and carrying value) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | $ 841,857 | $ 645,797 | ||
Held to maturity Fair Value | 410,353 | 497,681 | ||
Federal Home Loan Bank (FHLB) stock | 12,644 | 13,995 | ||
Other Investments | 3 | 3 | ||
Derivative Assets | 347 | 771 | ||
Servicing Assets | 10,716 | 9,821 | $ 9,858 | $ 7,455 |
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 333 | 1,281 | ||
Assets,Carrying Value [Abstract] | ||||
Restricted Cash And Cash Equivalents | 3,030 | 3,030 | ||
Trading Securities | 360 | 191 | ||
Loans, net of allowance for loan and lease losses | 4,413,486 | 4,037,362 | ||
FDIC Indemnification Asset | 0 | 0 | $ 14,411 | $ 22,599 |
Accrued interest receivable | 34,254 | 49,969 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 4,908,115 | 4,799,482 | ||
Securities Sold under Agreements to Repurchase | 455,508 | 192,869 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Accrued expenses and other liabilities | 87,665 | 86,791 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 447,033 | 485,203 | ||
Restricted Cash, at Fair Value | 3,030 | 3,030 | ||
Available-for-sale Securities | 0 | 0 | ||
Derivative Assets | 0 | 0 | ||
Servicing Assets | 0 | 0 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 0 | 0 | ||
Assets,Carrying Value [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | 447,033 | 485,203 | ||
Restricted Cash And Cash Equivalents | 3,030 | 3,030 | ||
Trading Securities | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Trading Securities | 360 | 191 | ||
Available-for-sale Securities | 841,857 | 645,797 | ||
Held to maturity Fair Value | 410,353 | 497,681 | ||
Federal Home Loan Bank (FHLB) stock | 12,644 | 13,995 | ||
Other Investments | 3 | 3 | ||
Derivative Assets | 347 | 771 | ||
Servicing Assets | 0 | 0 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Derivative Liabilities Current | 333 | 1,281 | ||
Assets,Carrying Value [Abstract] | ||||
Trading Securities | 360 | 191 | ||
Investment securities AFS , carrying value | 841,857 | 645,797 | ||
Investment held for sale, carrying amount | 424,740 | 506,064 | ||
Federal Home Loan Bank Stock at carrying value | 12,644 | 13,995 | ||
Other Investment, Carrying Value | 3 | 3 | ||
Derivative Assets, carrying value | 347 | 771 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Derivative liabilities, carrying value | 333 | 1,281 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, Fair Value Disclosure [Abstract] | ||||
Available-for-sale Securities | 0 | 0 | ||
Loans Including HFS Fair Value | 4,106,628 | 3,842,907 | ||
Derivative Assets | 0 | 0 | ||
Receivables, Fair Value Disclosure | 34,254 | 49,969 | ||
Servicing Assets | 10,716 | 9,821 | ||
Account Receivable and Other assets, Fair Value | 37,842 | 41,898 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||||
Deposits, Fair Value Disclosure | 4,881,903 | 4,782,197 | ||
Securities sold under agreements to repurchase | 453,135 | 191,104 | ||
Advances from FHLB | 78,503 | 99,509 | ||
Other Borrowings | 1,214 | 153 | ||
Subordinated capital notes | 36,184 | 33,080 | ||
Derivative Liabilities Current | 0 | 0 | ||
Accrued expenses and other liabilities | 87,665 | 86,791 | ||
Assets,Carrying Value [Abstract] | ||||
Trading Securities | 0 | 0 | ||
Loans, net of allowance for loan and lease losses | 4,431,594 | 4,056,329 | ||
Accrued interest receivable | 34,254 | 49,969 | ||
Servicing assets, carrying value | 10,716 | 9,821 | ||
Account receivable and oher assets, carrying value | 37,842 | 41,898 | ||
Liabilities,Carrying Value Disclosure [Abstract] | ||||
Deposits, Total | 4,908,115 | 4,799,482 | ||
Securities Sold under Agreements to Repurchase | 455,508 | 192,869 | ||
Advances from FHLB | 77,620 | 99,643 | ||
Other Borrowings | 1,214 | 153 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Accrued expenses and other liabilities | $ 87,665 | $ 86,791 |
Banking and Finanial Service _3
Banking and Finanial Service Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Banking service revenues: | |||
Checking accounts fees | $ 5,878 | $ 6,903 | $ 7,511 |
Savings accounts fees | 635 | 601 | 548 |
Electronic Banking Fees | 32,431 | 28,174 | 30,081 |
Credit Life Commissions | 541 | 492 | 636 |
Branch service commissions | 1,581 | 811 | 620 |
Servicing and other loan fees | 1,844 | 1,758 | 1,689 |
International fees | 718 | 712 | 528 |
Miscellaneous income | 10 | 17 | 34 |
Total Banking Service Revenues | 43,638 | 39,468 | 41,647 |
Wealth management revenues: | |||
Insurance income | 6,956 | 6,652 | 7,287 |
Broker fees | 6,996 | 7,131 | 8,385 |
Trust fees | 10,878 | 10,930 | 10,789 |
Retirement plan and administration fees | 1,095 | 1,048 | 971 |
Investment Banking Fees | 9 | 29 | 1 |
Total Wealth Management Revenue | 25,934 | 25,790 | 27,433 |
Mortgage banking activities: | |||
Servicing Fees | 5,024 | 3,865 | 6,058 |
Gain (Loss) on Sale of Mortgage Loans and Valuation | 305 | 923 | 693 |
Other | (562) | (738) | (1,730) |
Total mortgage banking activities | 4,767 | 4,050 | 5,021 |
Total banking and financial service revenues | $ 74,339 | $ 69,308 | $ 74,101 |
Business Segments (Details)
Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Total interest income | $ 360,419 | $ 345,647 | $ 356,592 |
Interest expense | (44,525) | (41,475) | (57,165) |
Net interest income | 315,894 | 304,172 | 299,427 |
Provision for Loan and Lease Losses, net | (56,108) | (113,139) | (65,076) |
Total non-interest income (loss), net | 80,095 | 78,687 | 66,819 |
Non-interest expenses | (207,081) | (201,631) | (215,990) |
Intersegment revenues | 0 | 0 | 0 |
Intersegment expenses | 0 | 0 | 0 |
Income (loss) before Income Taxes, Parent | 132,800 | 68,089 | 85,180 |
Income Tax Expense (Benefit) | 48,390 | 15,443 | 25,994 |
Net (Loss) Income Attributable to Parent | 84,410 | 52,646 | 59,186 |
Total assets | 6,583,352 | 6,189,053 | 6,501,824 |
Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 320,084 | 311,503 | 321,868 |
Interest expense | (29,746) | (26,308) | (27,838) |
Net interest income | 290,338 | 285,195 | 294,030 |
Provision for Loan and Lease Losses, net | (55,885) | (113,108) | (65,076) |
Total non-interest income (loss), net | 53,592 | 45,102 | 35,587 |
Non-interest expenses | (186,460) | (184,567) | (193,156) |
Intersegment revenues | 2,126 | 1,604 | 1,521 |
Intersegment expenses | 0 | (748) | (883) |
Income (loss) before Income Taxes, Parent | 103,711 | 33,478 | 72,023 |
Income Tax Expense (Benefit) | 40,447 | 13,057 | 28,089 |
Net (Loss) Income Attributable to Parent | 63,264 | 20,421 | 43,934 |
Total assets | 5,863,067 | 5,597,077 | 5,584,866 |
Financial Services | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 46 | 53 | 65 |
Interest expense | 0 | 0 | 0 |
Net interest income | 46 | 53 | 65 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 26,457 | 26,069 | 26,788 |
Non-interest expenses | (16,440) | (13,486) | (17,443) |
Intersegment revenues | 0 | 0 | 0 |
Intersegment expenses | (788) | (1,137) | (1,108) |
Income (loss) before Income Taxes, Parent | 9,275 | 11,499 | 8,302 |
Income Tax Expense (Benefit) | 3,617 | 4,485 | 3,238 |
Net (Loss) Income Attributable to Parent | 5,658 | 7,014 | 5,064 |
Total assets | 25,757 | 25,980 | 23,315 |
Treasury [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 40,289 | 34,091 | 34,659 |
Interest expense | (14,779) | (15,167) | (29,327) |
Net interest income | 25,510 | 18,924 | 5,332 |
Provision for Loan and Lease Losses, net | (223) | (31) | 0 |
Total non-interest income (loss), net | 46 | 7,516 | 4,444 |
Non-interest expenses | (4,181) | (3,578) | (5,391) |
Intersegment revenues | 0 | 748 | 883 |
Intersegment expenses | (1,338) | (467) | (413) |
Income (loss) before Income Taxes, Parent | 19,814 | 23,112 | 4,855 |
Income Tax Expense (Benefit) | 4,326 | (2,099) | (5,333) |
Net (Loss) Income Attributable to Parent | 15,488 | 25,211 | 10,188 |
Total assets | 1,708,455 | 1,536,417 | 1,837,514 |
Major Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 360,419 | 345,647 | 356,592 |
Interest expense | (44,525) | (41,475) | (57,165) |
Net interest income | 315,894 | 304,172 | 299,427 |
Provision for Loan and Lease Losses, net | (56,108) | (113,139) | (65,076) |
Total non-interest income (loss), net | 80,095 | 78,687 | 66,819 |
Non-interest expenses | (207,081) | (201,631) | (215,990) |
Intersegment revenues | 2,126 | 2,352 | 2,404 |
Intersegment expenses | (2,126) | (2,352) | (2,404) |
Income (loss) before Income Taxes, Parent | 132,800 | 68,089 | 85,180 |
Income Tax Expense (Benefit) | 48,390 | 15,443 | 25,994 |
Net (Loss) Income Attributable to Parent | 84,410 | 52,646 | 59,186 |
Total assets | 7,597,279 | 7,159,474 | 7,445,695 |
Intersegment Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Total interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Net interest income | 0 | 0 | 0 |
Provision for Loan and Lease Losses, net | 0 | 0 | 0 |
Total non-interest income (loss), net | 0 | 0 | 0 |
Non-interest expenses | 0 | 0 | 0 |
Intersegment revenues | (2,126) | (2,352) | (2,404) |
Intersegment expenses | 2,126 | 2,352 | 2,404 |
Income (loss) before Income Taxes, Parent | 0 | 0 | 0 |
Income Tax Expense (Benefit) | 0 | 0 | 0 |
Net (Loss) Income Attributable to Parent | 0 | 0 | 0 |
Total assets | $ (1,013,927) | $ (970,421) | $ (943,871) |
OFG Bancorp (Holding Company _3
OFG Bancorp (Holding Company Only) Financial Information (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Oriental Insurance [Member] | |||
Subsidiary Or Equity Method Investee [Line Items] | |||
Dividends And Interest Paid | $ 4,000,000 | $ 4,000,000 | $ 5,000,000 |
Oriental Financial Services [Member] | |||
Subsidiary Or Equity Method Investee [Line Items] | |||
Dividends And Interest Paid | $ 0 | $ 0 | $ 1,000,000 |
OFG Bancorp (Holding Company _4
OFG Bancorp (Holding Company Only) Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets [Abstract] | ||||
Cash and Due from Banks | $ 442,103 | $ 478,182 | ||
Deferred Tax Assets, Net | 113,763 | 127,421 | ||
Other assets | 57,345 | 64,693 | ||
Total assets | 6,583,352 | 6,189,053 | $ 6,501,824 | |
Liabilities and Stockholders' Equity [Abstract] | ||||
Accrued expenses and other liabilities | 87,665 | 86,791 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Total liabilities | 5,583,475 | 5,243,946 | ||
Stockholders' Equity | 999,877 | 945,107 | 920,411 | |
Liabilities and Stockholders' Equity, Total | 6,583,352 | 6,189,053 | ||
Parent Company [Member] | ||||
Assets [Abstract] | ||||
Cash and Due from Banks | 39,207 | 24,430 | $ 22,573 | $ 20,240 |
Investment in bank subsidiary, equity method | 983,718 | 941,198 | ||
Investment in nonbank subsidiaries, equity method | 19,341 | 20,231 | ||
Due From Bank Subsidiary | 40 | 22 | ||
Deferred Tax Assets, Net | 0 | 2,230 | ||
Other assets | 1,122 | 1,616 | ||
Total assets | 1,043,428 | 989,727 | ||
Liabilities and Stockholders' Equity [Abstract] | ||||
Dividends Payable | 5,219 | 6,504 | ||
Due to Affiliates | 14 | 0 | ||
Accrued expenses and other liabilities | 2,235 | 2,033 | ||
Subordinated capital notes | 36,083 | 36,083 | ||
Total liabilities | 43,551 | 44,620 | ||
Stockholders' Equity | 999,877 | 945,107 | ||
Liabilities and Stockholders' Equity, Total | $ 1,043,428 | $ 989,727 |
OFG Bancorp (Holding Company _5
OFG Bancorp (Holding Company Only) Financial Information (Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income: | |||
Interest and Dividend Income, Securities | $ 7,848 | $ 6,232 | $ 4,125 |
Expenses: | |||
Interest Expense | 44,525 | 41,475 | 57,165 |
Income before income taxes | 132,800 | 68,089 | 85,180 |
Income Tax Expense (Benefit) | 48,390 | 15,443 | 25,994 |
Net income | 84,410 | 52,646 | 59,186 |
Parent Company [Member] | |||
Income: | |||
Interest Income from Loans | 477 | 188 | 174 |
Gain On Sale Of Investments | 0 | 0 | 211 |
Interest and Dividend Income, Securities | 6,003 | 4,511 | 4,066 |
Total income | 6,480 | 4,699 | 4,451 |
Expenses: | |||
Interest Expense | 1,905 | 1,556 | 1,370 |
Operating Expenses | 7,980 | 6,700 | 7,179 |
Total expenses | 9,885 | 8,256 | 8,549 |
Income before income taxes | 3,405 | 3,557 | 4,098 |
Income Tax Expense (Benefit) | 2,400 | 403 | 518 |
Loss before changes in undistributed earnings of subsidiaries | (5,805) | (3,960) | (4,616) |
Net income | 84,410 | 52,646 | 59,186 |
Bank subsidiary [Member] | |||
Expenses: | |||
Loss before changes in undistributed earnings of subsidiaries | 87,128 | 51,612 | 58,580 |
Nonbank subsidiaries [Member] | |||
Expenses: | |||
Loss before changes in undistributed earnings of subsidiaries | $ 3,087 | $ 4,994 | $ 5,222 |
OFG Bancorp (Holding Company _6
OFG Bancorp (Holding Company Only) Financial Information (Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||
Net (Loss) Income Attributable to Parent | $ 84,410 | $ 52,646 | $ 59,186 |
OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract | |||
Unrealized (loss) gain on securities available-for-sale | (9,651) | 2,276 | (5,023) |
Other comprehensive (loss) income before taxes | (9,127) | (4,126) | (13,927) |
Income tax effect | 1,113 | (419) | 1,526 |
Other comprehensive (loss) income, net of tax | (8,014) | (4,545) | (12,401) |
Comprehensive income | 76,396 | 48,101 | 46,785 |
Parent Company [Member] | |||
Condensed Statement of Income Captions [Line Items] | |||
Net (Loss) Income Attributable to Parent | 84,410 | 52,646 | 59,186 |
OtherComprehensiveIncomeLossBeforeTaxPeriodIncreaseDecreaseAbstract | |||
Unrealized (loss) gain on securities available-for-sale | 0 | 0 | (204) |
Other comprehensive income (loss) from bank subsidiary | (8,014) | (4,545) | (12,238) |
Other comprehensive (loss) income before taxes | (8,014) | (4,545) | (12,442) |
Income tax effect | 0 | 0 | 41 |
Other comprehensive (loss) income, net of tax | (8,014) | (4,545) | (12,401) |
Comprehensive income | $ 76,396 | $ 48,101 | $ 46,785 |
OFG BANCORP Holding Company Onl
OFG BANCORP Holding Company Only Financial Information (Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | $ 84,410 | $ 52,646 | $ 59,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of investment securities premiums, net of accretion of discounts | 5,753 | 7,865 | 8,540 |
Stock-based compensation | 1,401 | 1,109 | 1,270 |
Employee benefit adjustment | 0 | (99) | |
Deferred income tax expense, net | 14,772 | (3,658) | 23,226 |
Net decrease (increase) in other assets | 5,486 | 13,675 | (7,941) |
Net increase (decrease) in accrued expenses and other liabilities | (2,028) | 28,431 | 4,344 |
Net cash provided by operating activities | 133,355 | 151,440 | 78,512 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Maturities and redemptions of investment securities available-for-sale | 120,709 | 105,169 | 145,512 |
Proceeds from Sale and Maturity of Available-for-sale Securities | 17,837 | 256,996 | 300,483 |
Proceeds from sales of premises and equipment | 1,668 | 569 | 48 |
Additions to premises and equipment | (11,491) | (6,469) | (5,297) |
Net cash (used in) provided by investing activities | (488,767) | 187,304 | 568,061 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Net cash provided by (used in) financing activities | 317,242 | (363,980) | (672,843) |
Cash and due from banks, parent | 478,182 | ||
Cash and due from banks, parent | 442,103 | 478,182 | |
Parent Company [Member] | |||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net income | 84,410 | 52,646 | 59,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings from subsidiary | 5,805 | 3,960 | 4,616 |
Amortization of investment securities premiums, net of accretion of discounts | 0 | 0 | 12 |
Realized gain on sale of securities | 0 | 0 | 211 |
Stock-based compensation | 1,401 | 1,109 | 1,270 |
Employee benefit adjustment | 0 | (99) | 0 |
Deferred income tax expense, net | 2,230 | 414 | 444 |
Net decrease (increase) in other assets | 372 | (205) | 42 |
Net increase (decrease) in accrued expenses and other liabilities | 203 | (1,185) | 800 |
Net cash provided by operating activities | 40,101 | 26,819 | 21,763 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Maturities and redemptions of investment securities available-for-sale | 0 | 0 | 702 |
Proceeds from Sale and Maturity of Available-for-sale Securities | 0 | 0 | 4,888 |
Proceeds from sales of premises and equipment | 200 | 0 | 324 |
Additions to premises and equipment | (97) | (19) | (381) |
Net cash (used in) provided by investing activities | (1,012) | (550) | 4,888 |
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||
Proceeds from (payments to) exercise of stock options and lapsed restricted units, net | 508 | 0 | (315) |
Dividends paid | (24,820) | (24,412) | (24,003) |
Net cash provided by (used in) financing activities | (24,312) | (24,412) | (24,318) |
Net change in cash and cash equivalents | 14,777 | 1,857 | 2,333 |
Cash and due from banks, parent | 24,430 | 22,573 | 20,240 |
Cash and due from banks, parent | 39,207 | 24,430 | 22,573 |
Bank subsidiary [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings from subsidiary | (87,128) | (51,612) | (58,580) |
Dividends from subsidiary | 37,700 | 26,743 | 17,600 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Net decrease in due from subsidiary, net | 0 | 307 | 317 |
Capital contribution to banking subsidiary | (1,105) | (788) | (894) |
Nonbank subsidiaries [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings from subsidiary | (3,087) | (4,994) | (5,222) |
Dividends from subsidiary | 4,000 | 4,002 | 6,000 |
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||
Net decrease in due from subsidiary, net | 14 | 0 | 0 |
Capital contribution to banking subsidiary | $ (24) | $ (50) | $ (68) |